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"value": "Notes to the consolidated financial statements GENERAL INFORMATION Information on Anora Anora Group Plc (the \"Company\") together with its' subsidiaries (the \"Group\", \"Anora Group\" or \"Anora\") is a leading wine and spirits brand house in the Nordic region. Anora has a broad portfolio of iconic brands, including Koskenkorva, Linie, Larsen, Skagerrak, Chill Out, Ruby Zin, Wongraven, O.P. Anderson and Falling Feather. Key brands are exported to over 30 markets globally. Together with partners Anora brings the world of drinks to the Nordics. Anora\u2019s strong partner portfolio includes noted wines, such as Masi, Laroche, Penfolds, Louis Roederer and Fumees Blanches, as well as well-known spirits brands, like Jack Daniels, Fireball, Fernet Branca, Jose Cuervo, and Underberg. Anora\u2019s business operations also include world-class industrial operations in distillation, bottling and logistics services as well as the production of technical ethanol products, neutral potable ethanol, feed components and barley starch. Anora\u2019s\u2019 customers include alcohol retail monopolies, alcoholic beverage wholesale outlets, restaurants, grocery stores, travel trade, importers in the export markets and industrial customers. Anora Group Plc, the parent company of Anora Group, is domiciled in Helsinki, Finland. Anora Group Plc is a Finnish publicly listed company. Anora\u2019s shares are listed in Nasdaq Helsinki Ltd. The registered address of the Company is Kaapeliaukio 1, FI-00180 Helsinki, Finland. Copies of the consolidated financial statements are available online at www.anora.com or at the Group's headquarters at Kaapeliaukio 1, FI-00180 Helsinki, Finland. Anora Group Plc\u2019s Board of Directors has approved these financial statements for publication in its meeting on 22 March 2023. According to the Finnish Limited Liability Companies Act, shareholders have the right to approve or reject the financial statements in the Annual General Meeting held after the publication of the financial statements. The Annual General Meeting also has the right to make a decision to amend the financial statements. Basis of preparation The consolidated financial statements for the year ended 31 December 2022 are prepared in accordance with International Financial Reporting Standards (IFRS) complying with the SIC and IFRIC interpretations in force and approved by EU on 31 December 2022. Notes to the consolidated financial statements also comply with the requirements of the Finnish Accounting Act and Limited Liability Companies Act. The consolidated financial statements for the year ended 31 December 2022 has been prepared on a historical cost basis, except equity investments and derivatives. The consolidated financial statements are presented in millions of euros. The figures are rounded to the nearest million, and therefore the sum of individual figures may deviate from the total presented. If the figure is EUR 0, it is shown as a hyphen. Altia and Arcus merged on 1 September 2021. The consolidated financial statements include Arcus\u2019s income statement from 1st of September 2021 onwards. Therefore the historical financial information of Anora does not give a comparable base for financial information of the present combined company. New and amended standards applied in the financial year ended New IFRS standards, amendments to standards and IFRIC interpretations which have entered into force on 1 January 2022 have not had any material impact on the Group. Adoption of new and amended standards and interpretations applicable in upcoming financial years New IFRS standards, amendments to standards and IFRIC interpretations effective on or after January 1, 2023, are not expected to have any material impact on the Group . Refer to the table below to see which notes and accounting principles are related. Nr. Note Accounting principle 1. Operating result Revenue recognition, operating result 1.2. Segment information Operating segments 2.9. Provisions Provisions 2.7. Employee benefit obligations Employee benefits 2.2. Property, plant and equipment Property, plant and equipment 2.3. Right-of-use assets Leases 2.4. Inventories Inventories 1.6. Other operating expenses Leases 2.2. Property, plant and equipment 2.1. Goodwill and other intangible assets Goodwill 2.1. Goodwill and other intangible assets Intangible assets 3.2.1. Financial assets Financial assets 3.2.3. Financial assets and liabilities- classification and fair value 3.2.2. Financial liabilities Financial liabilities 3.2.3. Financial assets and liabilities- classification and fair value 3.3. Derivative instruments and hedge accounting Derivative contracts and hedge accounting 5.3. Subsidiaries Consolidation principles of subsidiaries 5.3. Subsidiaries Non-controlling interest and transactions with non-controlling interest 5.4. Associated companies and joint arrangements Associates and joint ventures 6.1. Income tax expense Income and deferred taxes 119 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY Accounting policies requiring management judgement and key sources of estimation uncertainty The preparation of financial statements requires the use of accounting estimates, which by definition, seldom equal the actual results. In addition, management makes judgements in applying Anora\u2019s accounting policies. Estimates made in the preparation of the financial statements, and related assumptions, are based on the management\u2019s best knowledge at the reporting date. Consequently, the realised results can differ from the estimates. Any changes in estimates and assumptions are recognised when estimates and assumptions are corrected. The Group\u2019s most significant area in which the management has exercised judgement is related to the revenue recognition especially on estimates regarding volume- based discounts, marketing support and product returns which are based on actual sales and agreements (Note 1.1) and impairment provision of trade receivables, and useful lives of intangible assets and parameters used in impairment testing (Note 2.1.), parameters used in lease accounting and pension obligations. Other critical future assumptions and anticipated uncertainties at the reporting date, which pose a significant risk of resulting in material changes in the carrying amounts of assets and liabilities within the next financial year, are related to deferred taxes (Note 6.1.) and uncertain tax positions. The valuation of assets acquired and liabilities assumed in business combinations requires management judgement to determine the appropriate valuation techniques and inputs for fair value measurements, such as discount rate. The management believes that the used estimates and assumptions are sufficiently reasonable for determining fair values . 120 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 1. Operating result
Comparable
EBITDA
EUR
million
76.1
Net sales
EUR
million
702.7
OPERATING
RESULT
OPERATIVE
ASSETS AND
LIABILITIES
FINANCIAL
ITEMS AND
CAPITAL
STRUCTURE
FINANCIAL
AND CAPITAL
RISK
CONSOLIDATION OTHER NOTES
1.1. REVENUES FROM OPERATIONS Revenue recognition The revenue is recognized at an amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer. The transaction price may include variable considerations such as volume discounts, bonuses, marketing support, product returns etc. The variable considerations are estimated using the most likely value method if not yet realized in the end of reporting period. The revenue is further adjusted with indirect sales taxes, excise taxes, deposit and recycling fees. The wine and spirits businesses generally only sell physical products in the form of wine and spirits products. In contract services the contracts essentially include a single performance obligation, being a series of distinct services such as contract manufacturing, customer services and logistics. The revenue recognition occurs at a point in time, when the control of the goods is transferred to the customer according to the delivery terms. Revenue from the sale of services is recognised at the time of delivery of services. The revenue from warehousing services at logistics businesss is recognised over time. When logistics business act as an agent, it recognises its revenue at time of delivery of the goods. Primarily accounts receivable fall due 0-60 days after invoicing date. Transaction prices do not include any significant financing components. The most significant revenue flows are generated by the sale of own products and partner brands to Scandinavian wine and spirit monopolies, Horeca customers, wholesalers and travel retail customers. In addition, revenues are generated by contract manufacturing, sale of logistic services and the sale of industrial 1.2. SEGMENT INFORMATION Description of segments and principal activities The reportable segments of Anora in these consolidated financial statements consist of Wine, Spirits, and Industrial. The new operating model took effect on 1 January 2022. The Board of Directors of Anora has been determined as the group\u2019s chief operative decision maker being responsible for allocating resources, deciding on strategy and assessing performance of the operating segments. The reportable segments are based on Anora\u2019s operating structure and internal reporting to the CODM used to assess the performance of the segments. For internal reporting purposes, reporting on the segment profit is based on internal measures of gross profit and comparable EBITDA derived as follows: \u2022 Net sales and direct segment expenses including costs of goods sold reported within the Gross Profit and Comparable EBITDA segment profit measures are measured and reported under the same accounting principles as in the consolidated accounts. \u2022 Expenses allocated to the segments related to shared function costs or business support services expenses comprise costs such as centralized marketing costs, IT infrastructure related costs, shared support services, headquarter costs including finance and treasury, communication, legal and human resource related costs as well as certain warehousing and service fees. For internal reporting purposes these cost allocations are based on budgeted amounts and variances from budgeted amounts are presented under column \u201cGroup and allocations\u201d and can result in either incurred overruns or savings compared to budgeted amounts. These variances are not allocated to the segments for internal reporting purposes . products, such as starch, feed and technical ethanol. Adjustments to sales and obligations to repurchase certain products are taken into accoun t in the revenue recognition phase. In partner supplier agreements, which entitle Group to distribute partners\u2019 products, Anora acts as a principal towards the end customer having control over the product, discretion in establishing prices and owning the inventory. Accordingly, revenue recognised is the gross amount to which Anora is entitled to in these product sales. The revenue from warehousing services at logistics business is recognised over time. The Logistics business when it acts an agent, recognises its revenue at time of the delivery of the goods. The amount of excise tax deducted from sales revenue is significant. The amounts of sales including tax and excise taxes are presented below: EUR million 2022 2021 Sales revenues deducted with revenue adjustments 1,706.9 1,076.6 Excise tax -1,004.1 -598.4 Net sales 702.7 478.2 Tax share of sales revenues, % 58,8% 55.6% 122 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY Segment net sales and results The following tables set out the segment net sales and Comparable EBITDA as well as the reconciliation of the Comparable EBITDA to the group\u2019s operating result : \u2022 The group and allocations column represents, in addition to the budget variances, certain unallocated headquarter costs. In 2022 EUR 8,8 million of group and allocations are related to unallocated headquarter costs. The reportable segments comprise the following: Wine The Wine segment develops, markets and sells partner wines and Anora\u2019s own wine brands to customers in the Nordic monopoly markets. Spirits The Spirits segment consists of the business areas Spirits and International. The Spirits business area develops, markets and sells both Anora\u2019s own spirits brands and partner brands to customers in the Nordic monopoly markets. The International business area consists of Anora\u2019s own operations in Estonia, Latvia, Denmark and Germany, as well as global duty free and travel retail, and exports 1 Jan - 31 Dec 2022 EUR million Wine Spirits Industrial Group and allocations Eliminations Group Net sales external 309,7 233,0 160,0 0,0 0,0 702,7 Net sales internal 6,9 0,8 125,5 0,0 -133,2 0,0 Total Net Sales 316,6 233,8 285,5 0,0 -133,2 702,7 Other operating income external 0,7 0,0 10,0 0,2 0,0 10,9 Other operating income internal 2,1 0,4 6,2 37,2 -45,9 0,0 Total Other operating income 2,8 0,4 16,2 37,4 -45,9 10,9 Materials and services -225,9 -131,8 -178,2 -0,3 121,9 -414,3 Gross profit 93,5 102,4 123,5 37,1 -57,1 299,3 Other operating expenses -70,5 -66,6 -105,6 -45,9 57,1 -231,4 EBITDA 23,0 35,8 17,9 -8,8 0,0 67,9 Items affecting comparability 0,6 2,0 -0,2 5,9 0,0 8,2 Comparable EBITDA 23,5 37,8 17,7 -2,8 0,0 76,1 EBITDA 67,9 Depreciations -33,2 Operating profit 34,7 1 Jan - 31 Dec 2021 EUR million Wine Spirits Industrial Group and allocations Eliminations Group Arcus Merger Group reported Net sales external 302,5 224,6 138,0 0,2 0,00 665,0 -195.2 8.4 478.2 Net sales internal 0,4 0,3 116,8 0,0 -117,5 0,0 0.0 0.0 0.0 Total Net Sales 302,9 224,8 254,8 0,0 -117,5 665,0 -195.2 8.4 478.2 Other operating income external 0,0 4,6 6,7 -0,5 0,00 10,7 -0.2 0.0 10.5 Other operating income internal 0,6 -0,2 3,7 38,7 -42,8 0 0.0 0.0 0.0 Total Other operating income 0,6 4,4 10,4 38,2 -42,8 10,7 -0.2 0.0 10.5 Materials and services -205,7 -120,5 -148,2 0,0 107,3 -367,0 105.8 -4.9 -266.1 Gross profit 97,8 108,8 117,0 38,2 -53,0 308,7 -89.6 3.5 222.5 Other operating expenses -59,1 -60,8 -99,2 -47,4 53,0 -213,5 60.8 -7.1 -159.8 EBITDA 38,7 48,0 17,7 -9,2 0,0 95,2 -28.8 -3.6 62.9 Items affecting comparability 0,8 -0,5 0,3 5,2 0,0 5,8 -4.8 7.8 8.8 Comparable EBITDA 39,5 47,5 18,0 -4,0 0,0 101,0 -33.6 4.2 71.7 EBITDA 0,0 0,0 0,0 0,0 0,0 95,2 -28.8 -3.6 62.9 Depreciations -31,2 9.0 1.7 -20.5 Operating profit 64,0 -19.8 -1.9 42.4 1) Items affecting comparability comprise of material items outside normal business, such as net gains or losses from business and assets disposals, impairment losses, cost for closure of business operations and restructurings, major corporate projects including direct transaction costs related to business acquisitions and the merger, merger related integration costs, expenses arising from the fair valuation of inventories in connection with merger, voluntary pension plan change, and costs related to other corporate development. Gains on sale of property, plant and equipment and intangible assets are presented in Note 1.3 and employee costs related to restructuring in Note 1.5. Industrial The Industrial segment comprises Anora\u2019s industrial business \u2013 industrial products and contract manufacturing, the logistics company Vectura and supply chain operations. 12 3 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY Other entity-wide disclosures Net sales by geography Net sales broken down by the segment and country for the years ended 31 December 2022 and pro forma 31.12.2021 were as follows: EUR thousand 2022 2021 Pro forma Wine Finland 47.1 52.7 Sweden 134.7 152.3 Norway 83.7 97.5 Denmark 44.2 0.0 Wine. total 309.7 302.5 Spirits Finland 56.3 55.8 Sweden 51.3 55.9 Norway 48.5 62.1 Denmark 19.5 20.3 Other countries 57.4 30.4 Spirits. total 233.0 224.6 Industrial Finland 134.3 110.3 Norway 25.7 27.6 Industrial Total 160.0 137.9 Eliminations and allocations 0.0 Group Total 702.7 665.0 Significant customer relationships The Group has significant customer relationships with Alko in Finland. with Vinmonopolet in Norway and Systembolaget in Sweden. The total net sales from Alko were approximately EUR 88.5 million (2021: EUR 84.3 million). The total net sales from Vinmonopolet were EUR 90.9 million (2021: EUR 65.8 million). The total net sales from Systembolaget were around EUR 151.5 million (2021: EUR 115.1 million). In Industrial segment. net sales of EUR 45.7 million (2021: EUR 36.4 million) were derived from a single external customer. No other single external customer represented more than 10 per cent or more of Anora\u2019s total net sales for the years ended 31 December 2022 or 2021. Non-current assets by geography The total of non-current assets other than financial instruments and deferred tax assets broken down by the location of the assets as at 31 December 2022 and 2021 were as follows: EUR thousand 2022 2021 Finland 103.4 105.1 Sweden 49.0 52.8 Norway 384.7 408.3 Estonia 2.0 2.1 Latvia 0.4 0.4 Denmark 199.1 94.5 Other countries 7.9 8.3 NON-CURRENT ASSETS BY GEOGRAPHY. TOTAL 746.5 671.4 1.3. OTHER OPERATING INCOME Other operating income mainly includes gains on the disposal of non-current assets, income from sale of energy, water, steam and carbon dioxide, gains on sale of emission allowances, rental income and related non-core business service income and contract termination fees. EUR million 2022 2021 \"Gains on sale of property, plant and equipment and intangible assets\" 0.9 3.7 Gains on sale of emission allowances 1.2 - Rental income 1.4 1.8 Income from sale of energy, water, steam and carbon dioxide 4.2 3.4 Insurance compensations 1.1 - Other income 2.2 1.6 TOTAL 10.9 10. 5 124 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 1.4. MATERIALS AND SERVICES EUR million 2022 2021 Raw materials, consumables and goods Purchases during the period 457.6 250.7 Change in inventories -50.1 15.7 Scrapping and obsolescence and revaluation 4.0 -2.1 External services 2.9 1.8 TOTAL 414.3 266.1 Materials and services consist of cost of material, such as barley, wine, different spirit, liquids, ground water as well as other ingredients needed for a variety of different drinks, packaging materials, production costs, changes in inventories, scrapping and obsolescence costs and external services such as logistics and warehousing. 1.5. EMPLOYEE BENEFIT EXPENSES EUR million 2022 2021 Wages and salaries 74.0 52.6 Pension expenses Defined contribution plans 9.1 7.4 Defined benefit plans 0.0 0.0 Share -based payments 0.6 1.6 Other social expenses 10.1 7.9 TOTAL 93.8 69.6 In Anora, the total wages and salaries of personnel consists of fixed and variable pay, allowances, short and long-term incentives and fringe benefits. The Group has recognised the total amount of incentives EUR 0,8 millon (2021: EUR 4,3 million) in the form of cash bonuses. Employee benefit expenses include personnel related restructuring costs of EUR 0,1 million (2021: EUR 0,5 million). Average number of personnel during the period 2022 2021 Workers 538 315 Clerical employees 621 484 TOTAL 1,159 799 More information on the Group\u2019s pension plans is presented in Note 2.7. Information of management remuneration is presented in Note 6.3. related party transactions. 1.6. OTHER OPERATING EXPENSES EUR million 2022 2021 Losses on sales and disposals of property, plant and equipment and intangible assets 0.2 0.0 Short term, low value and variable lease payments 4.7 1.6 Marketing expenses 29.9 18.4 Travel and representation expenses 5.2 2.0 Outsourcing services 35.5 17.1 Repair and maintenance expenses 14.8 8.6 Cars and transport services 0.5 3.1 Energy expenses 9.8 8.3 IT expenses 12.0 8.9 Variable sales expenses 16.0 13.1 Other expenses 9.1 9.0 TOTAL 137.6 90.2 Auditor\u2019s fees included in other operating expenses 2022 2021 Audit fees 1,2 0.5 Tax consultation 0,0 - Other fees 0.3 0.2 TOTAL 1,4 0.6 The table above presents fees to Group auditor PricewaterhouseCoopers as well as other auditors of Group subsidiaries during the year. Upon the application of PricewaterhouseCoopers, The oversight office of Finnish Patent and Registration Office has granted PricewaterhouseCoopers an exemption from the maximum amount of non-audit fees referred to in chapter 5, section 4 of the Finnish Auditing Act . 125 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 1.7. DEPRECIATION, AMORTISATION AND IMPAIRMENT Depreciation and amortisation by asset categories is as follows: EUR million 2022 2021 Amortisation on intangible assets Trademarks 8,1 3,7 Software and other intangible assets 2,4 2,1 Total amortisation on intangible assets 10,6 5,9 Depreciation on property, plant and equipment Buildings 2,6 2,8 Machinery and equipment 6,9 5,3 Other tangible assets 0,0 0,0 Total depreciation on property, plant and equipment 9,5 8,1 Depreciation on right-of-use assets Buildings 9,9 4,8 Machinery 3,3 1,7 Total depreciation on right-of-use assets 13,2 6,5 TOTAL DEPRECIATION AND AMORTISATION 33,2 20,5 Group\u2019s depreciation and amortisation methods and periods are described in Note 2.1. Goodwill and other intangible assets, Note 2.2. Property, plant and equipment and Note 2.3. Leases . 1.8. RESEARCH AND DEVELOPMENT EXPENDITURES Operating result includes research and development expenditures amounting to EUR 2,2 million (2021: EUR 3,5 million). The R&D expenditures represents 0,3% of net sales in 2022 (2021: 0.7%). 126 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 2. Operative
assets and
liabilities
OPERATING
RESULT
OPERATIVE
ASSETS AND
LIABILITIES
FINANCIAL
ITEMS AND
CAPITAL
STRUCTURE
FINANCIAL
AND CAPITAL
RISK
CONSOLIDATION OTHER NOTES
2.1. GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets comprise of goodwill, marketing related intangible assets (trademarks and company brands), customer related intangible assets, software, other intangible assets and prepayments for intangible assets. Intangible assets are capitalised at cost price or fair value with deduction for accumulated depreciation and accumulated write downs in the event of non-transitory impairment. Goodwill Goodwill arising on the business acquisition is recognised as a residual value in the excess of the aggregate of the consideration transferred, the amount of non-controlling interests and any previously held equity interest in the acquiree, over the fair value of the net assets acquired. Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised but is tested annually for impairment. For the purpose of impairment testing, goodwill is allocated to the groups of cash generating units (CGU) that are expected to benefit from the business combinations in which the goodwill was generated. Marketing related intangible assets (Trademarks and company brands) Marketing related intangible assets are either arising from business acquisitions or purchased separately. Marketing related intangible assets that have been acquired in connection with business acquisitions are capitalized at fair value at the time of the business acquisition, while separately purchased marketing related intangible assets are capitalized at cost price. Critical estimates and management judgements \u2013 Useful lives of trademarks On initial recognition of marketing related intangible assets, an assessment is made on whether the asset is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the asset, the customary life cycles for the assets of this type, the stability of the sector and the business, and the probability that the Group will succeed in maintaining the asset\u2019s financial lifetime, given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of these assets in large and important markets. Marketing related intangible assets with definite useful lives are amortized by the straight-line method over the expected useful life. The capitalised value of marketing related intangible assets with indefinite lifetime is tested for impairment at least once a year, or more often if there are indications that the value of the asset has decreased. The estimated useful lives of marketing related intangible assets are as follows: Trademarks with indefinite useful life: not amortized Trademarks with definite useful life: 0\u201350 years Company Brands with definite useful life: 5 years Customer related intangible assets (Customer relations) Customer related intangible assets are arising from business acquisitions and are capitalized at fair value at the time of the business acquisition. Customer related intangible assets are amortized by the straight-line method over the expected useful life. The estimated useful lives of customer related intangible assets are as follows: Customer relations Wine: 7\u201315 years Other intangible assets Other intangible assets include software and other intangible assets in addition to prepayments for intangible assets. These other intangible assets are recognised in the balance sheet at the original cost and depreciated over their estimated useful lives. The costs related to the other intangible assets are capitalised if it can be demonstrated that the asset will generate the future economic benefits, the entity controls the asset can be measured reliably. All other expenditure is recognised as an expense when incurred. The estimated useful lives of intangible assets are as follows: IT-development and software: 3\u201310 years Expenditure on research activities is recognised in profit or loss in the period in which it is incurred. The Group has no projects related to the development activities of new products or processes qualifying for the identifiability and other criteria regarding capitalisation under IFRS. Accounting for emission allowances is described in Note 6.2. 128 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY GOODWILL AND OTHER INTANGIBLE ASSETS EUR thousand Goodwill Trademarks Software and other intangible assets Pre- payments Other intangible assets total Acquisition cost at 1 January 2022 327.3 300.0 40.6 0.8 341.4 Acquisition of subsidiaries 41.4 43.9 0.7 - 44.6 Additions - 0.1 0.3 1.7 2.1 Disposals - -0.4 -0.0 - -0.4 Effect of movement in exchange rates -15.4 -12.8 -0.5 - -13.3 Transfers between items - - 0.4 -0.4 0.0 Acquisition cost at 31 December 2022 353.3 330.9 41.5 2.1 374.4 Accumulated amortisation and impairment losses at 1 January 2022 -49.5 -109.5 -35.2 - -144.7 Acquisition of subsidiaries - - - - 0.0 Amortisation - -8.1 -2.4 - -10.6 Accumulated amortisation on disposals and transfers - 0.4 0.0 - 0.4 Effect of movement in exchange rates 6.7 5.9 0.7 - 6.5 Accumulated amortisation and impairment losses at 31 December 2022 -42.8 -111.3 -37.0 - -148.3 Carrying amount at 1 January 2022 277.8 190.6 5.4 0.8 196.7 CARRYING AMOUNT AT 31 DECEMBER 2022 310.5 219.5 4.6 2.1 226.1 Acquisition cost at 1 January 2021 123.0 124.7 25.0 1.4 151.1 Acquisition of subsidiaries 195.4 187.5 13.6 - 201.1 Additions - 0.1 0.1 0.9 1.0 Disposals - -15.4 - - -15.4 Effect of movement in exchange rates 8.9 3.2 0.3 - 3.5 Transfers between items - - 1.5 -1.5 0.0 Acquisition cost at 31 December 2021 327.3 300.0 40.6 0.8 341.4 Accumulated amortisation and impairment losses at 1 January 2021 -41.6 -109.7 -20.7 - -130.4 Acquisition of subsidiaries -2.2 -8.1 -12.1 - -20.1 Amortisation - -3.7 -2.1 - -5.9 Accumulated amortisation on disposals and transfers - 11.7 0.0 - 11.7 Effect of movement in exchange rates -5.8 0.4 -0.3 - 0.1 Accumulated amortisation and impairment losses at 31 December 2021 -49.5 -109.5 -35.2 - -144.7 Carrying amount at 1 January 2021 81.4 15.0 4.3 1.4 20.7 CARRYING AMOUNT AT 31 DECEMBER 2021 277.8 190.6 5.4 0.8 196.7 The most significant trademarks include for example, Gammel Opland, Aalborg, Gammel Dansk, Bradstad, Lysholm Linie, L\u00f8iten, Hot\u2019n Sweet, Renault, Larsen, Xant\u00e9, Blossa, Chill Out, Explorer, 1-Enkelt and Arsenitch. Software and other intangible assets are mainly computer software. I mpairment testing Book value of assets are assessed to determine whether there is any impairment at least at the end of each financial year. If any evidence of impairment emerges (a triggering event), the assets\u2019 recoverable amount is estimated. The recoverable amount is determined on the basis of value in use. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is immediately recognised in profit or loss and the estimated useful life of the asset in question is reassessed when an impairment loss is recognised. The recoverable amounts of goodwill and intangible assets not yet available for use are estimated annually. The impairment loss is reversed if there has been such a positive change in the estimates used to determine the recoverable amount of the asset or cash-generating unit that recoverable amount of the asset will increase the book value of asset. Impairment losses are only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised. An impairment loss on goodwill is never reversed . Critical estimates and management judgements \u2013 Impairment testing: The preparation of calculations for the impairment testing of goodwill requires estimates regarding the future. The management\u2019s estimates and related critical uncertainties are related to the components of the recoverable amount calculation, including the discount rate, the terminal growth rate and development of the net sales and operating result, including estimated cost levels of main raw materials and energy. The discount rates reflect current assessments of the time value of money and relevant market risk premiums 129 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY reflecting risks and uncertainties for which the future cash flow estimates have not been adjusted. The cash generating unit for impairment testing of marketing related intangible assets is the trademark itself. To determine the recoverable amount for these assets, future cash flows are calculated based \u201crelief from royalty\u201d method before tax. Impairment testing of goodwill Allocation of goodwill Goodwill is allocated to groups of cash-generating units (CGU) that represent the level on which the management monitors the goodwill. Following the Altia-Arcus merger, the Group implemented a new reporting structure and is now organized into three segments which are Wine, Spirits, and Industrial. These three segments form the cash generating units (CGU) and represent the lowest level at which goodwill is monitored for internal management purposes. The Group goodwill has been allocated to the CGUs of the new reporting structure in 2022 using the relative fair values of notional goodwill which reflect share of fair values of the cash generating units. At the end of 2022, goodwill of the Group has been allocated as follows: EUR million 2022 % 2021 % Wine 106.3 34.2% Spirits 204.2 65.8% Finland& Exports 46.6 16.8% Scandinavia 34.1 12.3% Arcus 197.0 70.9% TOTAL 310.5 100% 277.8 100% Impairment testing The key assumptions in goodwill impairment testing are operating result and discount rate. The goodwill allocated to the Group\u2019s cash-generating units is tested for impairment annually or when there is reason to assume that the carrying amount has exceeded the recoverable amount, with the carrying amount compared to the recoverable amount in the testing. The annual impairment tests have been carried out on 31 October 2022 and 31 October 2021. The cash flow estimates used are based on CGU-specific financial plans for the following year approved by the Group\u2019s management. The forecast period applied for the calculations covers five years, beyond which the cash flow projections are extrapolated using a constant market-specific growth rate estimate. The forecasted cash flows for a longer term than this have been estimated by using an annual growth rate estimate of 2.0% which is based on an assumption of inflation growth. The market-specific WACC estimates are based on external market-specific references. Management makes judgements regarding the development of assumptions other than WACC based on internal and external views of the industry\u2019s history and future. The weighted average costs of capital used as discount rates for the cash flow estimates are presented in the enclosed table: Used pre-tax discount rate % 2022 2021 Wine 8.0% Spirits 8.4% Finland & Exports 8.5% Scandinavia 8.8% Arcus 8.8% The estimated average operating margins used in the calculations are presented in the enclosed table: Projected average pre-tax operating result % 2022 2021 Wine 9.5% Spirits 13.2% Finland & Exports 11.9% Scandinavia 9.5% Arcus 13.4 % Based on the analyses prepared by the company, no reasonably possible change in any of the key assumptions would cause any of the tested unit's recoverable amount to decrease to be equal to its carrying amount. Equivalent impairment tests are made for trademarks. The recoverable amount for trademarks is calculated on the basis of relief from royalty method before taxes whereby the brand\u2019s annual royalty rate is considered to be the expected long term profit that the individual trademarks are expected to have. The forecast period applied for the calculations covers five years. The terminal value is based on an assumption of inflation growth of 2 percent. Cash flow estimates used are discounted using a discount rate. A significant proportion of the Group\u2019s trademarks are assessed not to have definite useful lives. These are not amortised on an ongoing basis but are solely subject to annual impairment testing. On initial recognition of trademarks, it is assessed whether the trademark is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the trademark, the customary life cycles for trademarks of this type, the stability of the sector and the business, and the profitability that the Group will succeed in maintaining the trademark\u2019s financial 130 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY l ife time given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of trademarks in large and important markets. At the end of 2022, all of the Group\u2019s trademarks with indefinite useful lives were related to Spirits segment. Most of the trademarks within Spirits business are trademarks that have existed for several decades and some have existed for several hundred years. If impairment tests show declining curves over time, the trademark may be written down to estimated value in use and a new assessment of the trademark\u2019s estimated useful live is performed. If it is estimated after a new assessment that the useful life is no longer indefinite, the trademark is redefined to have a definite useful life, whereby a linear depreciation term is determined for the remaining book value . 2.2. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment Property, plant and equipment mainly consist of manufacturing and warehouse buildings, land, and machinery and equipment used in alcoholic beverage industry. Property, plant and equipment are measured at historical cost less accumulated depreciation and possible impairment losses. If parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. The subsequent costs related to the items of property, plant and equipment are capitalised only if the future economic benefits exceed the originally assessed standard of performance. All other expenditure, for example ordinary maintenance and repair costs, is recognised as an expense as incurred. Depreciation is recognised on a straight-line basis over the estimated useful lives of items of property, plant and equipment. Land is not depreciated. Government grants, for example grants received from the State, are recognised in profit or loss in the same period in which the related expenses are recognised. Grants that compensate the Group for the acquisition of property, plant and equipment are deducted from the carrying amount adjusted with the grant received. Investment properties are properties held by the Group in order to earn rental income or for capital appreciation. Investment properties are measured at cost less accumulated depreciation and impairment losses. Fair values of investment properties are determined based on a valuation carried out by an external property valuator. The estimated useful lives of property, plant and equipment are as follows: Buildings and structures 10\u201340 years Machinery and equipment 3\u201320 years Other tangible assets 3\u201310 years The estimated useful lives and residual values are reviewed at each financial year-end, and if they differ substantially from the previous estimates, the depreciation periods are adjusted accordingly. Impairment loss is recognised in profit or loss to the extent the assets carrying value exceeds its recoverable amount. Gains and losses on the disposals of property, plant and equipment are included in other operating income or expenses. 131 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY PROPERTY, PLANT AND EQUIPMENT EUR million Land and water areas Buildings and structures Machinery and equipment Other tangible assets Prepayments and assets under construction Total Acquisition cost at 1 January 2022 3.0 113.4 176.7 0.8 5.3 299.3 Acquisition of subsidiaries - - 7.6 - 0.0 7.7 Additions 0.0 0.1 1.6 - 6.8 8.6 Disposals -0.0 -0.1 -0.8 - -0.0 -0.9 Effect of movement in exchange rates - -0.0 -2.6 -0.0 -0.2 -2.9 Transfers between items 0.0 1.0 2.1 - -3.2 0.0 Acquisition cost at 31 December 2022 3.0 114.4 184.7 0.8 8.8 311.7 Accumulated depreciation and impairment losses at 1 January 2022 0.0 -91.4 -136.4 -0.2 - -228.0 Depreciation - -2.6 -6.9 -0.0 - -9.5 Accumulated depreciation on disposals and transfers - 0.0 0.6 - - 0.6 Effect of movement in exchange rates - 0.0 1.8 - - 1.8 Accumulated depreciation and impairment losses at 31 December 2022 0.0 -93.9 -140.9 -0.2 - -235.0 Carrying amount at 1 January 2022 3.0 22.0 40.3 0.6 5.3 71.3 CARRYING AMOUNT AT 31 DECEMBER 2022 3.0 20.5 43.8 0.6 8.8 76.7 Acquisition cost at 1 January 2021 3.0 112.6 133.9 0.8 2.6 252.9 Acquisition of subsidiaries - - 37.1 - 3.9 41.0 Additions - 0.1 1.1 - 3.4 4.6 Disposals - - -0.2 - - -0.2 Effect of movement in exchange rates - 0.0 1.0 -0.0 0.1 1.1 Transfers between items 0.0 0.8 3.9 - -4.7 0.0 Acquisition cost at 31 December 2021 3.0 113.4 176.7 0.8 5.3 299.3 Accumulated depreciation and impairment losses at 1 January 2021 0.0 -88.7 -105.1 -0.2 - -194.0 Acquisition of subsidiaries - - -25.4 - - -25.4 Depreciation - -2.8 -5.3 -0.0 - -8.1 Accumulated depreciation on disposals and transfers - -0.0 0.1 - - 0.1 Effect of movement in exchange rates - 0.0 -0.6 - - -0.6 Accumulated depreciation and impairment losses at 31 December 2021 0.0 -91.4 -136.4 -0.2 - -228.0 Carrying amount at 1 January 2021 3.0 23.9 28.7 0.6 2.6 58.9 CARRYING AMOUNT AT 31 DECEMBER 2021 3.0 22.0 40.3 0.6 5.3 71.3 132 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 2.3. LEASES Leases Lease is a contract, or a part of a contract that conveys the right to use an asset for a period of time in exchange for consideration. A contract contains a lease if there is an identified asset and the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Anora mainly acts as the lessee. The Group\u2019s leases are related to normal business operations, such as leases on production, distribution and administration buildings, machine & equipment for production, vehicles, forklifts and office technology. The lease liability is measured by discounting the expected lease payments to the current value. Lease payments include fixed lease payments, expected payments related to residual value guarantees and the possible exercise price of the purchase option if the use of the option is reasonably certain. The lease period is the non-cancellable period of the lease. Any extension options are added to the lease period if it is reasonably certain that the Group will exercise such options. Lease payments are discounted at the internal rate of return of the lease if that rate can be readily determined. If an internal rate of return cannot be readily determined, the interest rate for additional credit is used as the discount rate. The criteria used to determine the discount rate includes the class of the underlying asset, geographical location, currency, the maturity of the risk-free interest rate and the lessee\u2019s credit risk premium. The lease liability is remeasured and adjusted against the right of used asset if the cash flow in accordance with the original terms and conditions of lease changes; for example, if the lease period changes or if the lease payments change based on a variable index or interest rate. The lease liability is divided into current and non-current liability and is presented on a separate line on the balance sheet. Right-of-use assets are measured at acquisition cost based on the amount of the initial measurement of the lease liability less payments made at or before commencement date and lease incentives received, adding initial direct costs and adjusting by estimated dismantling or site restoration costs. Right-of-use assets are depreciated over the lease period or their useful lives, depending on which is shorter. Right -of use assets related to land, buildings and other real estate are depreciated in 1\u201332 years and right-of -use assets related to machinery and equipment are depreciated in 1\u201315 years. Right-of-use assets related to tangible assets are presented on a separate line on the balance sheet. The IFRS 16 standard includes exemptions concerning leases of less than 12 months and low-value assets. Lease liabilities are not recognised for leases of less than 12 months and low-value assets and . Anora considers assets with an acquisition cost of less than EUR 5,000 to be low-value. Lease expenses related to leases included in the exemptions are recognised in equal instalments over the lease period. Lease agreements include the agreement concluded with Gjeller\u00e5sen Elendom AS on the lease of production, distribution, and administration buildings at Gjeller\u00e5sen for a term of 25 years as from 1 January 2012. The annual rent under this agreement is about 9.4 million euros as from 2020. On the relocation to Gjeller\u00e5sen in 2012, agreements were entered by former Arcus into for the lease of new machines and equipment for the production and distribution activities at Gjeller\u00e5sen. The contract partner for these agreements is Nordea Finans and agreements are subject to variable interest rates. Even though in principle, the lease agreements were entered into with a 15-year repayment and interest profile (annuity), the actual terms of the agreements are for a shorter period of time, with the option of renewal. In 2020, former Arcus and Nordea signed an addendum to the agreement with Nordea whereby the renewal options are exercised so that at the end of the year the formally agreed repayment term is also in line with the plan as it has appeared from the commencement of the agreement. The agreement runs until 2027. Other lease agreements include lease agreements for office premises, other machinery and equipment, company cars, trucks, lorries in the logistics business and lease of various office machines. 133 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY RIGHT-OF-USE ASSETS EUR million Buildings Machinery and equipment Total Acquisition cost at 1 January 2022 136.5 37.0 173.4 Acquisitions of subsidiaries 18.1 0.6 18.7 Additions 10.8 0.8 11.5 Disposals -0.5 -0.7 -1.2 Effect of movement in exchange rates -6.7 -1.7 -8.4 Acquisition cost at 31 December 2022 158.1 35.9 194.0 Accumulated depreciation at 1 January 2022 -27.6 -20.2 -47.8 Depreciation -9.9 -3.3 -13.2 Accumulated depreciation on disposals 0.5 0.4 0.9 Effect of movement in exchange rates 1.8 1.0 2.8 Accumulated depreciation at 31 December 2022 -35.2 -22.1 -57.2 Carrying amount at 1 January 2022 108.9 16.8 125.7 CARRYING AMOUNT AT 31 DECEMBER 2022 122.9 13.9 136.8 EUR million Buildings Machinery and equipment Total Acquisition cost at 1 January 2021 13.3 4.1 17.5 Acquisitions of subsidiaries 116.7 30.9 147.6 Additions 3.6 1.5 5.1 Disposals - -0.4 -0.4 Effect of movement in exchange rates 2.9 0.8 3.7 Acquisition cost at 31 December 2021 136.5 37.0 173.4 Accumulated depreciation at 1 January 2021 -5.2 -2.0 -7.2 Acquisitions of subsidiaries -17.2 -16.3 -33.5 Depreciation -4.8 -1.7 -6.5 Accumulated depreciation on disposals - 0.3 0.3 Effect of movement in exchange rates -0.4 -0.4 -0.8 Accumulated depreciation at 31 December 2021 -27.6 -20.2 -47.8 Carrying amount at 1 January 2021 8.1 2.1 10.2 CARRYING AMOUNT AT 31 DECEMBER 2021 108.9 16.8 125.7 2.4. INVENTORIES Inventories Inventories are measured at the lower of cost and net realisable value. Self-manufactured products are measured at standard prices, except cognac products, which are measured at weighted average cost. Fixed production costs are allocated to the cost of own production. Raw materials, supplies and trading goods are measured at weighted average cost. Semi-finished products are measured at weighted average cost Repacked trading goods are measured at standard cost in repacking plant. The cost of finished products and work in progress includes raw materials, direct labour costs, other direct costs as well as an allocable proportion of variable procurement and production costs and fixed overheads in case of finished products, determined based on normal operating capacity. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale . EUR million 2022 2021 Materials and supplies 82.2 47.6 Work in progress 20.1 19.6 Finished goods 52.4 47.3 Goods 31.0 25.1 Advance payments 0.6 0.1 TOTAL 186.2 139.7 Anora recognised write-downs of inventories amounting to EUR 6.3 million in 2022 (2021: EUR 2.0 million). 2.5. CONTRACT ASSETS AND LIABILITIES (CURRENT) Contract assets represent the amount which Anora has right to receive goods expected to be returned to inventory with respect to return clauses in the contracts. Contract assets are measured at the former carrying amount of the inventory less any expected costs to recover the goods and less any impairment losses. Contract liabilities represent the amount received or receivable that is expected to be returned as a refund liability . EUR million 2022 2021 Contract assets 0.2 0.2 TOTAL 0.2 0.2 Contract liabilities 0.5 0.4 TOTAL 0.5 0.4 134 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 2.6. TRADE AND OTHER RECEIVABLES (CURRENT) Trade and other receivables Trade receivables are carried at original invoiced amount less any impairment losses. An impairment loss is recognized immediately in profit and loss. Impairment provisions are recognized based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. The expected credit loss model is forward looking and expected default rates are based on historical realized credit losses. The lifetime expected credit loss provision is calculated using aging of the accounts receivable and regional portfolios. Trade receivables are written off when there is no reasonable expectation of recovery for example the failure of a debtor to engage in a repayment plan with the group. Sold trade receivables are derecognised from the balance sheet as soon as the receivable is sold and the price has been received. At the time of sale, the Group derecognises the trade receivable as the contractual rights to these cash flows expire and all the related substantial risks and rewards have been transferred outside the Group. The costs related to the sold receivables are recognised in Other finance expenses . TRADE AND OTHER RECEIVABLES EUR million 2022 2021 Trade receivables 227.3 218.2 Accrued income 10.2 8.9 Receivables on derivative instruments 5.8 2.8 Other receivables 4.1 2.9 TOTAL 247.5 232.8 At the end of the reporting period 2022 the sold trade receivables amounted to EUR 59.4 million (2021: EUR 81.4 million). Trade receivables from associated companies and joint arrangements are presented in Note 6.3. AGEING ANALYSIS OF TRADE RECEIVABLES EUR million 2022 2021 Trade receivables not past due 213.8 201.1 Trade receivables past due 1-90 days 12.4 16.8 Trade receivables past due over 90 days 1.8 1.2 Impairment losses -0.8 -0.9 TOTAL 227.3 218.2 The realized impairment losses recognized on trade receivables during the year 2022 amounted to EUR 0.3 million (2021: EUR 0.2 million). A significant share of the Group\u2019s revenue is associated with the state monopolies in the Nordic region, where there is not considered to be material credit risk. The group\u2019s credit risk is otherwise spread over a large number of small customers within the HORECA market, industrial customers as well as a small number of distributors outside the home markets. On this basis, the Group applies a simplified approach to calculation of expected credit losses. The loss allowance for trade receivables is based on the ageing of the accounts receivables, regional portfolio and experienced historic credit losses. Forward looking macro-economic information has been included in analysis . 2.7. EMPLOYEE BENEFIT OBLIGATIONS Group\u2019s pension arrangements The Group operates various pension plans in accordance with local conditions and practices in different countries. In the Finnish, Norwegian, Swedish, Danish and German companies, statutory pension obligations are arranged through pension insurance companies, when the plans are defined contribution plans and they are managed in accordance with local legislation and established practice. Up to 31 December 2008, Arcus ASA and its subsidiaries in Norway had a group defined benefit plan for their employees. These plans were terminated and plans were switched to defined contribution plans. On the transition 2009, all those who were ill or disabled remained in the defined benefit plans. There is a pension obligation of EUR 71 thousand related to five individuals and this pension obligation is secured with assets. Gift pension and unfunded pension arrangements On the transition 2009 to the defined contribution plan in Arcus ASA and its subsidiaries, there were individuals who would be disadvantaged in the event of early retirement at 65\u201367 years of age. To compensate for this, it was agreed to that a gift pension would be paid to all employees who were affected. As at 31.12.2022, this pension is linked to 86 employees and the total obligation has been recognized at EUR 1.1 million. The Group has defined benefit pension plans for supplementary pension in Altia Norway and France. In defined benefit pension plans, the amount of the pension benefit at retirement is calculated based on salary, years of service and life expectancy. The Norwegian and French pension plans cover only few employees, thus the related pension liabilities are not material for the Group. At the end of the reporting period 2022 the defined benefit plan obligation amounted to EUR 0.8 million (2021: EUR 1.0 million). 135 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 2.8. TRADE AND OTHER PAYABLES EUR million 2022 2021 Current Trade payables 103.5 96.1 Accruals for wages and salaries and social security contributions 0.7 15.8 Interest liabilities 0.2 0.3 Procurement expenses 16.0 18.6 Other accrued expenses 41.9 23.2 Excise tax 126.0 136.5 VAT liability 62.1 69.9 Other liabilities 13.7 14.0 TOTAL 364.1 374.4 2.9. PROVISIONS Provisions A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be reliably estimated. The amount recognised as provision is the management\u2019s best estimate of the costs required to settle the existing obligation at the end of the reporting period. If part of the obligation may potentially be compensated by a third party, the compensation is recognised as a separate asset when it is virtually certain that the compensation will be received. A provision for restructuring is recognised when a detailed restructuring plan has been prepared, and the implementation of the plan has either been commenced or the plan has been announced to those who are affected. The Group had no provisions at 31 December 2022 or 31 December 2021. 136 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 3. Financial items
and capital
structure
Dividend
per share
EUR
0.22
Earnings
per share
EUR
0.26
OPERATING
RESULT
OPERATIVE
ASSETS AND
LIABILITIES
FINANCIAL
ITEMS AND
CAPITAL
STRUCTURE
FINANCIAL
AND CAPITAL
RISK
CONSOLIDATION OTHER NOTES
3.1. FINANCE INCOME AND EXPENSES FINANCE INCOME EUR million 2022 2021 Interest income Loans, receivables and cash and cash equivalents 2.7 0.3 Total interest income 2.7 0.3 Foreign exchange gains Foreign exchange gains on FX-derivatives 0.0 0.0 Foreign exchange gains on I/C loans and cash pool accounts 2.3 0.6 Total foreign exchange gains 2.3 0.7 Dividend income Fair value through other comprehensive income 0.0 0.2 Total dividend income 0.0 0.2 Other financial income Other financial income 0.7 0.0 Total other financial income 0.7 0.0 TOTAL FINANCE INCOME 5.6 1.2 Foreign exchange differences arising from trade receivables and trade payables amounting to EUR -0.7 million (2021: EUR -0.3 million) and from currency derivatives amounting to EUR 1.4 million (2021: EUR 0.2 million) are included in operating result. FINANCE EXPENSES EUR million 2022 2021 Interest expenses Financial liabilities at amortised cost 6.4 1.9 Derivatives under hedge accounting (Interest rate risk) 0.3 0.4 Interest expenses on lease liabilities 5.0 1.6 Other interest expenses, pension liability 0.0 0.0 Total interest expenses 11.7 3.9 Foreign exchange losses Foreign exchange losses on FX-derivatives 0.5 -0.0 Foreign exchange losses on I/C loans and cash pool accounts 3.3 1.2 Total foreign exchange losses 3.9 1.1 Other finance expenses Other financial expenses 1.9 1.6 Total other finance expenses 1.9 1.6 TOTAL FINANCE EXPENSES 17.5 6.7 3.2. FINANCIAL ASSETS AND LIABILITIES 3.2.1 FINANCIAL ASSETS According to IFRS 9 the classification is business model driven and there are three classes: fair value through profit and loss, amortised cost and fair value through other comprehensive income. Classification is made upon initial recognition based on the purpose of use of the asset. The basis of classification is reassessed at each reporting date. All purchases and sales of financial instruments are recognised on the trade date, which is the date when the Group commits to purchase or sell a financial instrument. Financial assets are recognised in the balance sheet at original cost which equals their fair value at the acquisition date. If the asset in question is not measured at fair value through profit or loss, transaction costs are included in the original cost of the financial asset. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or the Group transfers all the substantial risks and rewards related to the financial asset outside the Group. Financial assets are included in non-current items of the balance sheet when their maturity is over 12 months. Impairment of financial assets The impairment model requires the recognition of impairment provision based on expected credit losses. The impairment provision is recognised based on lifetime expected credit losses from trade receivables and contract assets. More information on the impairment provision on trade receivables can be found in Note 2.6. Trade and other receivables (current). The impairment model does not apply to financial assets measured at fair value since those are measured at fair value which already takes into account expected credit losses . 138 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY Financial assets recognised at fair value through profit or loss This category includes financial assets held for trading purposes or otherwise designated as financial assets recognised at fair value through profit or loss by Anora Group. Sold receivables are classified in this category. Derivative instruments held for hedging purposes, but not qualifying for the criteria of hedge accounting, are classified in this category. Items in this category are initially recognised at fair value and subsequently measured at the fair value of each reporting date, which is the market bid price at the end of the reporting period determined based on public price quotations in active markets. Realised and unrealised gains and losses arising from changes in fair values are recognised in profit or loss in financial items in the period in which they are incurred if they relate to hedging of financial items. Amortised cost Loans and receivables arise when money, goods or services are delivered to a debtor, and they are included in current or non-current financial assets in accordance with their maturity. The assets in this category are held according to a business model of which objective is to collect contractual cash flows. In Anora, non-current receivables include loan receivables and other receivables with the maturity of over one year. Current receivables include trade receivables as well as cash and cash equivalents presented under current financial assets. Receivables are measured at amortised cost when the related payments are fixed or determinable and the instruments are not quoted in financial markets. The exchange rate differences of intra-group foreign currency denominated loan receivables are presented within financial items as foreign exchange differences related to loans. The exchange rate differences of foreign currency denominated trade receivables are presented in income statement as adjustments to sales. Fair value through other comprehensive income The assets measured at fair value through other comprehensive income consist of unquoted shares, that are not held for trading purposes and at initial recognition, the group has made a final choice that they belong to this category. The changes in fair values are presented in other comprehensive income. Fair value through other comprehensive income Fair value through other comprehensive income assets consisted of unquoted shares, amounting to EUR 0.7 million (2021: EUR 0.7 million). 3.2.2 FINANCIAL LIABILITIES Financial liabilities are classified as financial liabilities at fair value through profit or loss and financial liabilities at amortised cost. Financial liabilities are initially measured at fair value and recognised net of transaction costs, with the exception of items measured at fair value through profit or loss. A financial liability (or a part of it) is not derecognised until the obligation specified in the contract is discharged or cancelled or expires. A financial liability is classified as current, unless the Group has an unconditional right to defer the settlement of the liability for at least 12 months after the end of the reporting period. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include derivatives held for hedging purposes but not qualifying for hedge accounting and put options for the purchase of non- controlling interests. Derivatives held for hedging purposes but not qualifying for hedge accounting are measured at fair value, which is determined based on price quotations in active markets at the reporting date. Realised and unrealised gains or losses arising from the changes in fair values are recognised through profit or loss in the financial items as incurred. The liabilities related to options for the purchase of non-controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements . Financial liabilities at amortised cost This category includes the Group\u2019s external loans from financial institutions, loans from pension institutions, commercial paper loans as well as trade payables. These financial liabilities are measured at amortised cost using the effective interest method. When loans are paid off or refinanced, the related unamortised costs are recognised in finance expenses. Group overdrafts in use are included in current borrowings. In addition, Anora has a revolving credit facility and the related fee is amortised on a straight-line basis in other finance expenses during the term of the facility. The exchange rate differences arising from foreign currency denominated loans from financial institutions are disclosed under financial items. The exchange rate differences of intra- group foreign currency denominated loans are presented within financial items in the foreign exchange differences of the category financial liabilities at amortised cost. The fair values of loans from financial institutions and commercial paper loans are determined based on future cash flows discounted with market interest rate at the reporting date adjusted with Anoras credit risk premium. At the reporting date, the carrying amounts of the loans are not materially different from their book values . 139 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS EUR million 2022 2021 Book value at the beginning of the period 1.3 - Acquisition of subsidiaries 0.0 1.1 Changes in value during period -0.6 0.2 Interest during period 0.0 0.0 Translation differences -0.1 0.0 Book value at the end of the period 0.6 1.3 Non-current liability 0.6 1.3 Current liability - - Total liabilities through profit and loss 0.6 1.3 Options for the purchase of non-controlling interests Within the Group\u2019s wines business, the general managers of several subsidiaries have non-controlling interests. Most of the general managers have put options linked to their interests and these options can be exercised on a future date. The Group does not have control of these shares at the end of period, nor does it have control of the possible exercising of the put options. The value of put options is therefore recognized as liabilities at fair value at the end of the year. The liabilities related to options for the purchase of non- controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements discounted for the close of the financial year. The most important parameters in the pricing mechanisms were the development in the share values, measured as EBIT (operating profit) up to the estimated due date, multiplied by a fixed market based multiple. As the basis for EBIT, the underlying companies\u2019 budgets and long-term plans up until the expected due date are used. The discount rate is NIBOR or STIBOR with duration matched to the expected due date . BORROWINGS AND LEASE LIABILITIES EUR million 2022 2021 Non-current Loans from financial institutions 209.3 127.8 Loans from pension institutions 6.8 8.3 Lease liabilities 132.4 120.8 TOTAL 348.4 256.9 Current Loans from financial institutions 0.0 5.0 Loans from pension institutions 1.5 1.5 Commercial papers 30.0 20.0 Lease liabilities 12.4 11.6 TOTAL 43.9 38.1 Interest-bearing non-current loans from financial and pension institutions are measured at amortised cost using the effective interest method. All of the Group\u2019s non-current and current loans from financial and pension institutions were nominated in euro\u2019s as at 31 December 2022. (2021 in EUR 69.8 million and in SEK 750.0 million) The weighted average effective interest rate (p.a.) of the Group\u2019s loans from financial and pension institutions as at 31 December 2022 was 3.5% (2021: 1.5%). The weighted average interest rate (p.a.) of the Group\u2019s lease liabilities as at 31 December 2022 was 3,9% (2021: 3.9%). In December 2022 Anora refinanced its loan portfolio and all existing loans from financial institutions were early repaid. Group\u2019s external bank loans were combined under parent company and terms were unified. Company entered into an EUR 410 million term and revolving facilities agreement. It consists of EUR 260 million term loan and EUR 150 million revolving credit facilities. The facilities mature on December 2025 unless those are extended by optional one plus one year. Anora drew down a EUR 210 million from term loan facility. 140 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY THE NET DEBT Movements in Net debt the year ended 31 December 2022 and 2021 are presented in the following table: EUR million Cash and cash equivalents Loans from financial and pension institutions (non- current) Loans from financial and pension institutions (current) Lease liabilities (non-current) Lease liabilities (current) Total Net debt as at 1 January 2022 168.9 136.1 26.5 120.8 11.6 126.0 Cash flows -68.5 63.6 5.0 0.0 -12.0 125.1 Translation differences -9.0 0.0 0.0 0.0 0.0 9.0 Acquisitions of subsidiaries 0.0 18.0 0.0 17.3 1.4 36.6 Other non-cash movement 0.0 -1.6 0.0 -5.7 11.4 4.2 NET DEBT AS AT 31 DECEMBER 2022 91.4 216.0 31.5 132.4 12.4 300.9 Net debt as at 1 January 2021 130.7 69.6 46.5 7.0 3.7 -3.9 Cash flows 6.8 -0.0 -26.5 - -6.2 -39.6 Translation differences -1.7 -0.5 - 2.9 0.2 4.3 Acquisitions of subsidiaries 33.2 73.3 - 112.3 7.4 159.9 Other non-cash movement - -6.4 6.5 -1.4 6.6 5.3 NET DEBT AS AT 31 DECEMBER 2021 168.9 136.1 26.5 120.8 11.6 126.0 Derivative instruments Derivatives are included in financial assets and liabilities at fair value through profit or loss when they do not meet the criteria of hedge accounting pursuant to IFRS 9. These derivatives are recognised at fair value on the trade date and they are subsequently measured at fair value at the reporting date. Derivative instruments and hedge accounting are described in Note 3.3. The fair values of derivatives equal the amount that the Group would have to pay, or it would receive from the termination of the derivative contract at the reporting date. The fair values of forward exchange contracts are determined by using the market prices at the reporting date. The fair values of interest rate derivatives are determined by discounting the related future cash flows. The valuation of commodity derivatives is determined based on the fair values received from the financial markets. 141 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 3.2.3 CLASSIFICATION AND FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUES AND THE CARRYING AMOUNTS IN THE CONSOLIDATED BALANCE SHEET FOR EACH FINANCIAL INSTRUMENT BY CLASSES: 2022 EUR million Note Derivatives, hedge accounting Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amounts of items in the balance sheet Fair value Level Financial assets Non-current financial assets Investments in associates and receivables from interests in joint operations - - 7.6 - 7.6 7.6 Unquoted shares 3.2.1. - - - 0.7 0.7 0.7 3 Other non-current receivables - - 0.0 - 0.0 0.0 Current financial assets Trade and other receivables 2.6. - - 229.7 - 229.7 229.7 Derivative instruments/Interest rate derivatives 2.6. 0.0 - - - 0.0 0.0 2 Derivative instruments/Forward exchange contracts 2.6. 0.8 0.1 - - 0.9 0.9 2 Derivative instruments/Commodity derivatives 2.6. 5.4 - - - 5.4 5.4 2 Cash and cash equivalents 4.1. - - 91.4 - 91.4 91.4 TOTAL 6.2 0.1 328.7 0.7 335.7 335.7 Financial liabilities Non-current financial liabilities Borrowings 3.2.2. - - 216.0 - 216.0 216.0 2 Lease liabilities 3.2.2. - - 132.4 - 132.4 132.4 2 Non-current liabilities at fair value through profit or loss - 0.6 - - 0.6 0.6 3 Other non-current liabilities - - 0.0 - 0.0 0.0 Current financial liabilities Borrowings 3.2.2. - - 31.5 - 31.5 31.5 2 Lease liabilities 3.2.2. - - 12.4 - 12.4 12.4 2 Trade and other payables 2.8. - - 104.5 - 104.5 104.5 Derivative instruments/Interest rate derivatives 2.8. - - - - 0.0 0.0 2 Derivative instruments/Forward exchange contracts 2.8. 0.1 0.1 - - 0.2 0.2 2 TOTAL 0.1 0.7 496.9 - 497.7 497.7 142 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 2021 EUR million Note Derivatives, hedge accounting Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amounts of items in the balance sheet Fair value Level Financial assets Non-current financial assets Investments in associates and receivables from interests in joint operations - - 7.6 - 7.6 7.6 Unquoted shares 3.2.1. - - - 0.7 0.7 0.7 3 Other non-current receivables - - 0,1 - 0.0 0.0 Current financial assets Trade and other receivables 2.6. - - 220.1 - 220.1 220.1 Derivative instruments/Forward exchange contracts 2.6. 0.4 0.1 - - 0.5 0.5 2 Derivative instruments/Commodity derivatives 2.6. 2.3 - - - 2.3 2.3 2 Cash and cash equivalents 4.1. - - 168.9 - 168.9 168.9 TOTAL 2.7 0.1 396.6 0.7 400.1 400.1 Financial liabilities Non-current financial liabilities Borrowings 3.2.2. - - 136.1 - 136.1 136.1 2 Lease liabilities 3.2.2. - - 120.8 - 120.8 120.8 2 Non-current liabilities at fair value through profit or loss 1.3 1.3 1.3 3 Other non-current liabilities 0.0 0.0 0.0 Current financial liabilities Borrowings 3.2.2. - - 26.5 - 26.5 26.5 2 Lease liabilities 3.2.2. - - 11.6 - 11.6 11.6 2 Trade and other payables 2.8. - - 97.2 - 97.2 97.2 Derivative instruments/Interest rate derivatives 2.8. 0.5 - - - 0.5 0.5 2 Derivative instruments/Forward exchange contracts 2.8. 0.0 0.0 - - 0.0 0.0 2 TOTAL 0.5 1.3 392.2 - 394.1 394.1 At the reporting date due to short maturity fair value of trade receivables and other short-term receivables and liabilities equal to their value in the balance sheet. The table above presents the classification of financial instruments. The levels 1-3 of fair value hierarchy reflect the significance of inputs used in determining the fair values. In level one, fair values are based on public quotations of identical financial instruments. In level two, the inputs used in determining the fair values are based on quoted market rates and prices observable for the asset or liability in question directly (I e. price) or indirectly on discounted future cash flows. Fair values of other financial assets and liabilities in level two reflect their carrying value. In level three, the fair values of assets and liabilities are based on inputs that are not based on observable market data for all significant variables, and instead are, to a significant extent, based on management estimates and their use in generally accepted valuation techniques. The reported fair value level is based on the lowest level of input information that is significant in determining the fair value . 14 3 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 3.3. DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING When the Group applies IFRS 9 hedge accounting to foreign currency, interest rate and electricity derivatives, the effective portion of the fair value change is recognised in other comprehensive income and presented within equity in the hedge reserve. When hedge accounting is applied In Anora, cash flow hedging is applied to part of the interest rate, foreign currency and electricity derivatives based on case- by-case assessment. In cash flow hedging, the Group is hedging against changes in cash flows related to a specific asset or liability recognised in the balance sheet or to a highly probable future business transaction. Hedge accounting is a method of accounting with the purpose to allocate one or several hedging instruments so that their fair value changes offset in full or partly the changes in fair value or cash flow arising from the hedged risk in profit or loss during the period, for which the hedge is designated. In the beginning of the hedging arrangement, Anora documents the relationship between each hedging instrument and hedged item, as well as the objectives of risk management and the strategy in engaging in hedging. IFRS 9 requires that the effectiveness of hedging instruments is tested prospectively. Effectiveness means the ability of a hedging instrument to offset the changes in the fair value of the hedged item or changes in the cash flows of the hedged transaction attributable to the hedged risk. Under IFRS 9 the hedging relationship is regarded to be highly effective when there is an economic relationship between the hedged item and the hedging instrument. Hedging ratio is defined as a relationship between the quantity of the hedging instrument and the quantity of the hedged item. Hedge accounting is discontinued when the criteria for hedge accounting is no longer met. The gains and losses arising from fair value changes of derivative contracts, to which hedge accounting is applied, are presented in hedge reserve. Forward points are included to hedging relationship. The effective portion of the unrealised changes in the fair value of derivatives designated and qualifying as cash flow hedges are recognised in other comprehensive income and presented in the hedge reserve in equity. The ineffective portion is immediately recognized in finance income or expenses in profit or loss. The cumulative gain or loss in equity on derivative instruments related to commercial items is recognised in profit or loss as an adjustment to purchases or sales simultaneously with the hedged item in the period in which the hedged item affects profit or loss. Realised gain or loss on electricity derivatives is included in operating result in electricity procurement expenses. When a hedging instrument designated as a cash flow hedge no longer meets the criteria of hedge accounting, the gain or loss accumulated in equity is recognised through finance income or expenses. When hedge accounting is not applied The accounting for gains and losses arising from fair value measurement is dependent on the purpose of use of the derivative. In Anora, the changes in the fair values of derivative instruments are immediately recognised in profit or loss in finance income or expense if the derivative in question is related to hedging of commercial cash flows (purchases and sales) and hedge accounting is not applied. The fair value changes of other derivative instruments are immediately recognised in profit or loss in finance income or expense items if hedge accounting is not applied. Derivatives, to which hedge accounting is not applied, are acquired to minimise the profit and/or cash flow effects related to business operations or financing. NOMINAL VALUES OF DERIVATIVE INSTRUMENTS EUR million 2022 2021 Derivative instruments designated for cash flow hedging Interest rate derivatives 20.0 20.0 Forward exchange contracts 24.0 20.2 Commodity derivatives, electricity 2.4 2.8 0.1TWh 0.1TWh Derivative instruments, non-hedge accounting Forward exchange contracts 5.6 6.5 144 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY EFFECTS OF HEDGE ACCOUNTING ON THE FINANCIAL POSITION AND PERFORMANCE EUR million EURAUD EURUSD EURNOK EURSEK USDDKK Foreign currency forwards 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Carrying amount (asset) - 0.0 - 0.0 0.0 0.0 0.3 0.2 0.5 - Carrying amount (liability) 0.0 - 0.1 - 0.0 0.0 - - - - Notional amount 1.1 1.4 1.0 0.7 3.3 2.7 12.9 13.5 5.0 - Maturity date Feb-Dec 2023 Feb-Dec 2022 Feb-Dec 2023 Feb-Aug 2022 Feb-Dec 2023 Feb-Dec 2022 Feb-Dec 2023 Feb-Oct 2022 Feb-Dec 2023 - Hedge ratio 1:1 1:1 1:1 1:1 1:1 1:1 1:1 1:1 1:1 - Change in discounted value of outstanding hedging instruments since 1 January -0.1 0.0 -0.1 0.1 -0.1 0.1 0.0 0.8 0.5 - Change in value of hedged item used to determine hedge effectiveness 0.1 -0.0 0.1 -0.1 0.1 -0.1 0.0 -0.8 -0.5 - EUR million Interest rate swap 2022 2021 Carrying amount (asset) 0.0 - Carrying amount (liability) - 0.5 Notional amount 20.0 20.0 Maturity date 04/2023 04/2023 Hedge ratio 1:1 1:1 Change in discounted value of outstanding hedging instruments since 1 January 0.6 0.5 Change in value of hedged item used to determine hedge effectiveness -0.6 -0.5 Weighted average hedged rate for the year 2.78 % 2.12 % EUR million Commodities - Electricity 2022 2021 Carrying amount (asset) 5.4 2.3 Notional amount 2.4 2.8 TWh 0.1 0.1 Maturity date 2023-2025 2022-2024 Hedge ratio 1:1 1:1 Change in discounted value of outstanding hedging instruments since 1 January 3.1 1.7 Change in value of hedged item used to determine hedge effectiveness -3.1 -1.7 Weighted average hedged price EUR/MWh 32.29 28.04 Positive and negative fair values of unrealised derivatives and their net amount are presented below. Interest and currency derivatives are under netting agreements. The master netting agreements in respect of derivatives do not meet the criteria for offsetting in the balance sheet owing to legally enforceable right not existing currently . OFFSETTING FINANCIAL ASSETS AND LIABILITIES EUR million 2022 2021 Derivative assets: Fair value, gross 6.4 2.8 Fair value, under netting agreements -0.1 -0.0 Fair value, net 6.3 2.8 Derivative liabilities: Fair value, gross 0.2 0.6 Fair value, under netting agreements -0.1 -0.0 Fair value, net 0.0 0.5 145 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 3.4. EQUITY Share capital At the end of the reporting period, Anora Group Plc's share capital amounted to EUR 61,500,000 and the number of issued shares was 67,553,624. At 2021 as merger consideration, the shareholders of Arcus received 0.4618 new shares in Altia for each share registered as held in Arcus upon completion of the merger. Arcus\u2019 shareholders received in aggregate shares representing approximately a 46.5% ownership in Anora. The aggregate number of the new shares issued in Altia in connection with the merger was 31,413,139 shares. The share capital of Altia was increased by EUR 1,019,621.64 in connection with the registration of the execution of the merger. The merger consideration shares were registered at the Finnish Trade Register on 1 September 2021. All shares issued have been paid in full. The shares have no nominal value. Each share has one vote at the Annual General meeting and equal rights to dividend and other distribution of assets. The company does not hold its own shares. NUMBER OF SHARES EUR million 2022 2021 Number of outstanding shares in the beginning of the financial year 67,553,624 36,140,485 Shares issued as merger consideration 31,413,139 Total number of outstanding shares at the end of the financial year 67,553,624 67,553,624 Invested unrestricted equity fund The invested unrestricted equity reserve includes the subscription price of shares to the extent that it has not been recorded in share capital according to specific resolution. The increase in the invested unrestricted equity reserve in 2021 was due to the merger of Altia and Arcus. 31,413,139 new shares were issued with a closing price of EUR 10.74 of Altia share on 31 August 2021 on Nasdaq Helsinki, of which EUR 336.4 million recorded in Invested unrestricted equity reserve. Costs of EUR 0.8 million related to the share issue have been deducted from the invested unrestricted equity reserve. Fair value reserve The fair value reserve represents the change in the fair value of financial assets measured at fair value through other comprehensive income. Legal reserve Legal reserve represents statutory part of the foreign subsidiary\u2019s result. Hedge reserve The hedge reserve includes the fair value changes of derivative instruments used for cash flow hedging for effective hedges . CASH FLOW HEDGE RESERVE EUR million Currency forwards Interest rate swaps Commodities Total hedge reserves Opening balance 1 January 2021 -0.6 -0.8 0.5 -0.9 Change in fair value of hedging instrument recognised in OCI 0.8 0.7 0.2 1.6 \"Reclassified from OCI to profit or loss - included in purchases/sales adjustments\" 0.2 - - 0.2 Reclassified from OCI to financial income / expenses - -0.4 - -0.4 Reclassified from OCI to electricity purhases - - 1.6 1.6 Deferred tax -0.1 0.1 -0.5 -0.4 Closing balance 31 December 2021 0.3 -0.4 1.8 1.7 Change in fair value of hedging instrument recognised in OCI -1.9 0.8 8.4 7.3 \"Reclassified from OCI to profit or loss - included in purchases/sales adjustments\" 1.4 - - 1.4 Reclassified from OCI to financial income / expenses - -0.4 - -0.4 Reclassified from OCI to electricity purhases - - 4.8 4.8 Deferred tax 0.1 0.0 -1.1 -1.0 Closing balance 31 December 2022 -0.2 0.0 4.4 4.2 146 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY Translation differences Translation differences comprise all foreign exchange differences arising from the translation of the foreign subsidiaries\u2019 financial statements. The Group\u2019s accumulated translation differences amounted to negative EUR 33 million at 31 December 2022 (31.12.2021: negative EUR 15.0 million). Earnings per share Basic earnings per share is calculated by dividing the result for the period attributable to owners of the parent company by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share has been calculated on the same basis as basic earnings per share except that it reflects the impact of any potential commitments the Group has to issue shares in the future. Anora has not issued any dilutive instruments during the periods presented . EARNINGS PER SHARE EUR million 2022 2021 Result attributable to the shareholders of the parent company, EUR million 17,9 31,0 Weighted average number of shares outstanding basic 67,929,466 46,611,531 Weighted average number of shares outstanding diluted 67,929,466 Earnings per share (EUR) basic 0,26 0,67 Earnings per share (EUR) diluted 0,26 Dividend The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.22 per share be paid for the financial year 2022. ANORA GROUP PLC DISTRIBUTABLE FUNDS EUR million 31 Dec 2022 31 Dec 2021 Invested unrestricted equity fund 52,2 52,2 Retained earnings 65,9 86,4 Distribution of dividends -30,4 -27,1 Profit for the period 38,9 6,6 TOTAL DISTRIBUTABLE FUNDS 126,6 118,1 147 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 4. Financial and
capital risk
Gearing
62.5%
OPERATING
RESULT
OPERATIVE
ASSETS AND
LIABILITIES
FINANCIAL
ITEMS AND
CAPITAL
STRUCTURE
FINANCIAL
AND CAPITAL
RISK
CONSOLIDATION OTHER NOTES
4.1. FINANCIAL RISK MANAGEMENT Financial risk management principles The Anora Group Risk Management Policy is based on the Altia legacy risk management policy. The focus of 2022 has been the harmonization of the current risk management policies of Altia and Arcus into a common risk management policy of Anora. Hence, currently risks are managed according to the Altia and Anora legacy risk management policies. Risk management is aimed at supporting the implementation of the Group\u2019s strategy, the identification of risks and methods for reducing the probability and impacts of risks, as well as ensuring business continuity. Risks may arise from internal or external events. The Group\u2019s risk management policy has been approved by Anora Plc\u2019s Board of Directors. The aim of Anora\u2019s financial risk management is to ensure the Group\u2019s financial stability and availability of sufficient financing options in different market situations. In addition, the aim is to support the business operations to identify business-related financial risks and their management, and to limit and for some extent to hedge against without speculating material financial risk that the core business creates. The Group is exposed to various market risks. Changes in these risks affect the company\u2019s assets, liabilities and anticipated transactions. The risks are caused by changes in interest rates, currencies and commodity market prices. Selected derivative instruments can be used to manage the risks resulting from these market risks. Anora mainly hedges against risks that impact the Group\u2019s cash flow, and, if deemed appropriate, also certain foreign currency denominated items in the balance sheet. Derivatives are solely used to hedging against the above-mentioned risks. The principles of IFRS 9 hedge accounting are applied to certain interest rate, foreign exchange as well as electricity derivatives. Financial risk management is executed as part of the Group\u2019s risk management, according to the Risk Management Principles approved by the Board of Directors. Anora\u2019s principles aiming towards financial, credit and operational continuity form the basis for financial risk management. Risk management process Special process features related to financing are described below in connection with the descriptions of market, liquidity and credit risks. The financial risk exposure is regularly reported to the Audit Committee and Anora\u2019s Board of Directors. The most significant principle decisions concerning risk management are made by the company\u2019s Board of Directors. Financial risk management organisation Financial matters are reported regularly to the Group management. On a case-by-case basis, the Board of Directors processes all substantial financial matters, such as the Group\u2019s internal and external loan arrangements. Tasks and responsibilities regarding Anora\u2019s financial operations and financial risk management are described in the financial risk management principles. The Group Treasury is responsible for securing financing, identifying risks and, if required, executing hedging transactions with external counterparties. The business units and subsidiaries are responsible for managing the risks associated with their own operations and forecasting cash flows. Risk concentrations Anora carefully analyses the financial risks and risk concentrations related to its operations. Risk concentrations identified as a result of this assessment are described in connection with the descriptions of market and credit risks. Market risk Anora defines market risk as a risk where the fair values of financial instruments or future cash flows fluctuate as a result of changes in market prices. The most significant market risks for the Group are currency risk, interest rate risk and price risks for barley and electricity. 1. Currency risk Anora is exposed to currency risks as it has operations in several different countries. The objective of the Group\u2019s currency risk management is to limit the effect of exchange rate fluctuations on the Group\u2019s cash flow in EUR. The most significant currencies are NOK, SEK, USD, AUD and DKK. Transaction risk Transaction risk is caused by foreign currency denominated items in the balance sheet and future cash flows related to sales, purchases and return of capital. Foreign exchange exposures are monitored at the Business level. Some fixed sales and purchase contracts, including both future cash flows are hedged. The estimated future commercial exposures are evaluated by the Businesses, and the level of hedging is decided by the Board of Management. Hedge accounting in accordance with IFRS 9 is applied to most of the hedges. Hedging transactions are executed with forward exchange contracts or options for the following 12 months at the most, predominantly following the pricing periods of state monopolies in the Nordic region. In Finland this takes place every two months, in Norway every four months and in Sweden every six months. The two tables below present the Group\u2019s net currency position, first on the basis of financial instruments recorded on the balance sheet and secondly including on a net basis also the estimated future foreign currency net cash flows. The currency position resulting from the financial instruments in accordance with IFRS 7 consists of trade receivables, trade payables, cash and cash equivalents, the Group\u2019s internal and external loans and derivative instruments. 149 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY The net currency risk has been taken into account in the table if the transaction currency is other than the company\u2019s functional currency. TABLE 1: THE GROUP\u2019S NET CURRENCY POSITION AT 31 DECEMBER The net currency position resulting from the financial instruments in accordance with IFRS 7 EUR million 2022 2021 EUR-SEK 62,0 62.5 EUR-NOK -0,8 -2.4 EUR-USD 8,3 2.1 EUR-AUD 1,1 1.7 The Group\u2019s net currency position at 31 December including also the hedged commercial cash flows EUR million 2022 2021 EUR-SEK 124,2 52,8 EUR-NOK 58,2 55.6 EUR-USD -18,0 -11.9 EUR-AUD -1,7 -1.4 Translation risk Translation risk is mainly caused by the parent company\u2019s foreign currency denominated net investments in foreign subsidiaries, which cause a translation difference in equity in the Group\u2019s balance sheet upon consolidation. The Group Treasury regularly analyses the translation risk and reports any material issues to the management. The most significant net investments are denominated in the Swedish and Norwegian kroner. The translation risk has not been hedged. 2. Interest rate risk The objective of interest rate risk management is to minimise the impact of fluctuations arising from interest rate changes on the Group\u2019s profit. In December, Anora refinanced its existing loan portfolio and all loans from financial institutions were early repaid. At 31 December 2022 the total nominal amount of loans was amounting to EUR 218.25 million (2021: 142.9) and was divided as follows: \u2022 The EUR 210.0 million bullet loan matures in December 2025 Anora has hedged these interest payments to fixed interest rate by using an interest rate derivative amounting to EUR 20 million until 2023. \u2022 The EUR 8.25 million pension loan matures in January 2028. The interest rate is fixed for the whole loan period. The maximum amount under Anora\u2019s domestic commercial paper program is EUR 100 million. The amount of issued commercial papers at 31 December 2022 was EUR 30.0 (2021: 20.0) million. Anora\u2019s maximum limit for sale of trade receivables amounts to EUR 145 million and is approved by Board of Directors. The sold trade receivables are derecognised at the time of trade with no obligation to repurchase. The related costs are recognised in other financial expenses. The trade receivables are current receivables and the related interest rate risk is not hedged. The amount of the sold trade receivables was EUR 59.4 million at 31 December 2022 (2021: 81.4 million). 3. Price risk associated with commodities Barley In 2022, Anora consumed approximately 184.3 (208.5) million kilos of grain to produce ethanol and starch. The availability of high- quality domestic barley was ensured until the end of 2022 through contract cultivation and cooperation with farmers and grain handling companies. The market price of barley significantly fluctuates year by year as a result of several factors that affect the Finnish barley supply and demand. The price of barley is therefore considered to be a significant risk for Anora during the financial year. The price risk has not been hedged against with derivative instruments. Electricity A strong increase in the market price of electricity is a significant risk for Anora. In Finland, the risk is managed by following Anora\u2019s principles for electricity procurement and by a third-party specialist. These principles determine the hedging limits within which the electricity price risk is hedged against. The hedges are executed with the OTC-derivatives of Nasdaq OMX Oslo ASA. At the end of 2022, the hedging ratio for deliveries for the next 12 months was 78.0% (80.9%), in line with the set targets. In 2022, the average hedging ratio was 76.2% (76.6%). Cash flow hedge accounting in accordance with IFRS 9 is applied to the hedges against electricity price risk, and hedge effectiveness is tested quarterly. All hedging was effective in 2022 as it was in 2021. Anora purchases its electricity straight from the Nord Pool Spot markets as a delivery tied to the spot price of the Finnish price area. As part of electricity purchases, Anora also purchases physical electricity through bilateral fixed-price contracts. 150 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 4. Sensitivity to market risks The following table describes the sensitivity of the Group\u2019s profit and equity (before taxes) to changes in electricity prices, interest and foreign exchange rates. When Anora applies hedge accounting, the sensitivity is directed at equity. When hedge accounting is not applied, the sensitivity is recognised as a potential impact on profit or loss. The sensitivity to foreign exchange rate changes is calculated from the net currency position resulting from financial instruments. TABLE 2: SENSITIVITY ANALYSES Sensitivity of financial instruments to market risks (before taxes) in accordance with IFRS 7 2022 2021 EUR million Income statement Equity Income statement Equity +/-10% electricity - +/-0.8 - +/-0.5 +/-10% change in EUR/NOK exchange rate -/+0.1 +/-0.3 -/+0.1 +/-0.3 +/-10% change in EUR/SEK exchange rate +/-6.4 +/-1.9 -/+7.6 +/-1.4 +/-10% change in EUR/USD exchange rate -/+0.2 -/+0.6 -/+0.0 -/+0.1 +/-10% change in EUR/AUD exchange rate -/+0.0 -/+0.1 -/+0.0 -/+0.1 +1%-points parallel shift in interest rates -1.6 -0.0 -2.4 -0.0 +10 % increase in EUR/SEK exchange rate would have an EUR 6.4 million effect in income statement. Other risks with same principle. At the end of 2022 the total group floating rate liability position consists of floating rate liabilities EUR 210.0 million (2021: EUR 133.2 million) and floating leg of interest rate swap EUR 20.0 million (2021: EUR 20.0 million) which is netting the interest rate risk. Liquidity risk The Group\u2019s activities are subject to seasonal fluctuations and alcohol sales increase in periods with national celebrations and public holidays, especially at Easter and Christmas. The fourth quarter is normally the best quarter for the Group which is also reflected in cash flows. In order to manage the liquidity risk, Anora continuously maintains sufficient liquidity reserves, which at the end of 2022 comprised Group\u2019s both EUR 10 million and NOK 100 million overdraft facilities and a EUR 150 million revolving credit facility. At the end of December 2022, no revolving credit facility was in use (2021: EUR 0.0 million). The facilities mature in December 2025. More detailed information on the Group\u2019s external loans is provided in the interest rate risk section . TABLE 3: LIQUIDITY RESERVES Cash and cash equivalents and unused committed credit limits EUR million 2022 2021 Cash and cash equivalents 91.4 168.9 Overdraft facilities 19.5 90.7 Revolving credit line 150.0 60.0 TOTAL 260.9 319.6 151 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY TABLE 4: MATURITIES OF FINANCIAL LIABILITIES Contractual payments on financial liabilities 2022 Cash flows 2023 Cash flows 2024 Cash flows 2025\u2013 EUR million Total contractual cash flows Fixed rate Variable rate Re-payment Fixed rate Variable rate Re-payment Fixed rate Variable rate Re-payment Non-derivative: Loans from financial institutions 1 -233.8 0.0 -7.9 0.0 0.0 -8.0 0.0 0.0 -7.9 -210.0 Loans from pension institutions 2 -8.5 -0.1 0.0 -1.5 -0.1 0.0 -1.5 -0.1 0.0 -5.3 Lease liabilities -187.4 0.0 -5.3 -12.4 0.0 -4.9 -14.2 0.0 -32.4 -118.3 Trade payables 103.5 0.0 0.0 103.5 0.0 0.0 0.0 0.0 0.0 0.0 Derivative: Currency derivatives, hedge accounting Inflow 24.0 0.0 0.0 24.0 0.0 0.0 0.0 0.0 0.0 0.0 Outflow -23.5 0.0 0.0 -23.5 0.0 0.0 0.0 0.0 0.0 0.0 Currency derivatives, non-hedge accounting Inflow 5.7 0.0 0.0 5.7 0.0 0.0 0.0 0.0 0.0 0.0 Outflow -5.6 0.0 0.0 -5.6 0.0 0.0 0.0 0.0 0.0 0.0 Interest rate derivatives, hedge accounting 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commodity derivatives, hedge accounting -2.4 0.0 0.0 -1.2 0.0 0.0 -0.7 0.0 0.0 -0.5 TOTAL -535,2 -0,1 -13,2 -118,1 -0,1 -12,9 -16,4 -0,1 -40,3 -334,1 1 Loans from financial institutions mature 2025 2 Loans from pension institutions mature 2028 152 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY TABLE 4: MATURITIES OF FINANCIAL LIABILITIES Contractual payments on financial liabilities 2021 Cash flows 2022 Cash flows 2023 Cash flows 2024\u2013 EUR million Total contractual cash flows Fixed rate Variable rate Re-payment Fixed rate Variable rate Re-payment Fixed rate Variable rate Re-payment Non-derivative: Loans from financial institutions 1 -136.4 0.0 -1.5 -5.0 0.0 -1.5 0.0 0.0 -0.2 -128.1 Loans from pension institutions 2 -11.0 -0.1 0.0 -1.5 -0.9 0.0 -1.5 -0.2 0.0 -6.8 Lease liabilities -175.3 0.0 -4.6 -11.6 0.0 -4.3 -10.8 0.0 -34.0 -110.0 Trade payables -96.1 0.0 0.0 -96.1 0.0 0.0 0.0 0.0 0.0 0.0 Derivative: Currency derivatives, hedge accounting Inflow 20.3 0.0 0.0 20.3 0.0 0.0 0.0 0.0 0.0 0.0 Outflow -19.9 0.0 0.0 -19.9 0.0 0.0 0.0 0.0 0.0 0.0 Currency derivatives, non-hedge accounting Inflow 6.5 0 0 6.5 0 0 0 0 0 0 Outflow -6.4 0 0 -6.4 0 0 0 0 0 0 Interest rate derivatives, hedge accounting -0.5 -0.4 0 0 -0.1 0 0 0.0 0 0 Commodity derivatives, hedge accounting -2.3 0 0 -1.8 0 0 -0.4 0 0 -0.1 TOTAL -421.2 -0.5 -6.1 -115.6 -1.0 -5.9 -12.6 -0.2 -34.2 -245.0 1 Loans from financial institutions mature 2025 2 Loans from pension institutions mature 2028 153 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY Credit risk The objective of Anora\u2019s credit risk management is to minimise the losses if one of the Group\u2019s counterparties fails to meet its obligations. The principles of credit risk management are described in the Group\u2019s credit policy. Credit risks are caused by a counterparty not fulfilling its contractual payment obligations or the counterparty\u2019s credit rating changing in a manner that affects the market value of the financial instruments it has issued. The aim is to minimise credit risks by active credit management and by taking into account customers\u2019 credit rating when determining the payment term of invoices. A significant share of the Group\u2019s revenue is associated with the state monopolies in the Nordic region where there is not considered to be any credit risk. The Group\u2019s credit risk is otherwise spread over industrial customers, a large number of small customers within the HORECA market as well as a small number of distributors outside the home markets. 4.2. CAPITAL RISK MANAGEMENT The target of Anora\u2019s capital management is to secure an effective capital structure that supports the profitable growth of the operations. The Board of Directors monitors the Group\u2019s capital structure regularly. Anora monitors its capital based on total Net Debt to Comparable EBITDA. The ratio is calculated by dividing net debt by with the last 12 month\u2019s comparable EBITDA of the Group. Net debt /comparable EBITDA ratio at the end of 2022 is not comparable with prior period. Comparable EBITDA includes Globus result only from 1st of July 2022 onwards and net debt in 2022 increased by the additional funding for the transaction. During the business cycle, Group\u2019s Net debt to comparable EBITDA is likely to fluctuate, and the objective is to retain a sufficiently strong capital structure to secure the Group\u2019s financing needs. In December 2022 Anora refinanced its loan portfolio and all existing loans from financial institutions were early repaid. Group\u2019s external bank loans were combined under parent company and terms were unified. Net debt/ comparable EBITDA is a covenant used in Group\u2019s funding arrangements. Before refinancing, the covenants in place were gearing and net interest bearing debt as a ratio of adjusted EBITDA. During the financial period, the covenants were not in breach. At 31 December 2022 and 31 December 2021 the Net debt comparable/ EBITDA was as follows: TABLE 5: GEARING Net Debit / Comparable EBITDA as of 31 December, EUR million 2022 2021 Comparable EBITDA 76.1 71.7 Borrowings 247.5 162.6 Lease liabilities 144.8 132.4 Cash and cash equivalents 91.4 168.9 Net debt 300.9 126.0 Net Debt /Comparable EBITDA AT 31 DECEMBER 4.0 1.85. Consolidation
5.1. GENERAL CONSOLIDATION PRINCIPLES Consolidation Consolidation, consolidation method and classification of ownership interests depends on whether the Group has power to control or jointly control the entity or have significant influence or other interests in the entity. When the Group has power to control the entity, it is consolidated as a subsidiary according to principles described in Note 5.3. Subsidiaries. When the Group has joint control or significant influence over an entity but does not have power to control, entity is accounted for by using the principles set in Note 5.4. Associated companies, joint ventures and interests in joint operations. If the Group does not have power to control nor significant influence in the entity, its ownership interests are classified as Financial assets at fair value through other comprehensive income and accounted for according to principles described in Note 3.2.1. Non-controlling interests Non-controlling interests\u2019 share of profit after tax is shown on a separate line after Group\u2019s result for the period. Non- controlling interests\u2019s share of equity is shown on a separate line as part of the Group\u2019s total equity. In some subsidiaries with non-controlling interests, there are sales options related to the non-controlling interests, where the Group does not have control of the non-controlling interests before the options are exercised, nor does it have control of whether the options are exercised, or when this exercise may take place. The value of such options is recognised as obligations at fair value in the balance sheet and reduces the non-controlling share of equity. This means that only income statement and balance sheet items related to non-controlling interests where the minority does not have sales options related to the interests are presented in the consolidated income statement and balance sheet. Foreign currency items The consolidated financial statements are presented in euro, which is the functional and presentation currency of the parent company. Transactions in foreign currencies are translated to euro at average foreign exchange rates published by the European Central Bank on banking days. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to euro at the average exchange rates prevailing at that date. Foreign currency differences arising on translation are recognised in profit or loss. Foreign exchange gains and losses related to purchases and sales are recognised in the respective items and included in operating result. Foreign currency gains and losses arising from loans denominated in foreign currencies are recognised in finance income and expenses. Income and expenses for the statements of comprehensive income of foreign subsidiaries that operate outside the eurozone are translated using the average rates of the European Central Bank\u2019s exchange rates at the end of the month. The statements of financial position of foreign subsidiaries are translated using the average exchange rates ruling at the reporting date. Foreign currency differences arising on the translation of profit or loss for the period with different exchange rates in the statement of comprehensive income and in the balance sheet are recognised in other comprehensive income and included in translation differences in equity. Changes in translation differences are recognised in other comprehensive income. In the consolidated financial statements, exchange rate differences arising from the translation of foreign currency denominated loans to foreign subsidiaries, which form a part of net investments in foreign companies, are recognised in other comprehensive income and included in translation differences within equity. Translation differences arising from elimination of the cost of foreign subsidiaries and from translation of the foreign subsidiaries\u2019 post-acquisition profits and losses are recognised in other comprehensive income and presented as a separate item within equity. Goodwill and the fair value adjustments to the carrying amounts of assets and liabilities of foreign units are accounted for as assets and liabilities of the respective foreign units, which are translated to euro at the exchange rates prevailing at the reporting date. If these foreign units are entirely or partly disposed of, related exchange rate differences are recognised in profit or loss as part of the gain or loss on disposal . 156 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 5.2. CHANGES IN GROUP STRUCTURE
Globus Wine acquisition
On July 1, 2022 Anora has completed the acquisition of 100% of
shares of Globus Wine A/S, the leading wine company in Denmark.
As a continuation to the merger last fall, the acquisition of Globus
Wine strengthens Anora\u2019s position as the leading wine supplier in
the Nordics. With the acquisition, Anora will become the market
leader in the Danish wine market in addition to its leading position
in the other three Nordic countries. Furthermore, the acquisition
will support the expansion of Anora\u2019s partner and own wine
businesses across the Nordics. The purchase price was DKK 596.4
million (EUR 80 million) which equals an enterprise value of DKK
669.6 million (EUR 90 million). The purchase price was paid in cash
and financed with debt. The acquired business is reported as part of
Anora\u2019s Wine segment as of July 1, 2022.
The accounting of the acquisition is still provisional pending
the finalization of the valuation of the assets acquired and liabilities
assumed. The identified intangible assets relate to customer
relationships. Goodwill is attributable to market share, synergies,
workforce and future growth potential. The fair value and the gross
value of the acquired receivables do not materially differ.
The transaction costs EUR 1.0 million are included in the Group
income statement in other operating expenses.
The assets and liabilities assumed related to Globus acquisition have
changed from the previously reported to reflect new information
obtained about facts and circumstances that existed at the date
of acquisition. The value of inventory has decreased due to
an accounting error by EUR 3.6 million from EUR24.6 million to
EUR 20.9 million and therefore value of goodwill of acquisition has
increased by EUR 3.6 million from EUR 37.0 million to EUR 40.6
million.
RECOGNISED AMOUNTS OF IDENTIFIABLE ASSETS
ACQUIRED AND LIABILITIES ASSUMED
EUR million
Intangible assets 44.3
Property, plant and equipment 7.7
Right of use assets 18.7
Inventory 20.9
Trade and other receivables 15.6
Cash and cash equivalents 0.1
Total Assets 107.3
Interest bearing liabilities 36.6
Deferred tax liabilities 10.8
Trade and other payables 20.2
Total liabilities 67.7
Net assets total 39.6
Goodwill 40.6
Total consideration 80.2
ANALYSIS OF CASH FLOWS OF ACQUISITION
EUR million
Purchase consideration, cash payment -80.2
Cash and Cash equivalents, in acquired companies 0.1
Transaction costs of the acquisitions -1,0
Net cash flow from acquisitions -81.1
Net sales of the acquired business included in the Group income
statement since acquisition date were EUR 44.2 million and
operating profit for the period was EUR -0.9 million. If the business
combination had taken place at the beginning of the year, the Group
net sales would have been approximately 767.2 million and
operating profit approximately EUR 39.3 million after additional
amortization from the fair value adjustments to intangible assets.
Von Elk acquisition
Anora and Von Elk Company began their cooperation in 2019
through an agreement that made Anora the exclusive representative
of Von Elk\u2019s brands in the Nordic and Baltic countries, as well
as in travel retail. As part of the cooperation, Anora invested in
the Von Elk Company and became a minority shareholder (20%) in
the company.
Anora has acquired the remaining the shares from the founders
of Von Elk Company, known for Gl\u00f6et, the most popular sparkling
gl\u00f6gg in the Nordics. As of 1 September 2022, Anora owns 100% of
the shares in the Von Elk Company.
RECOGNISED AMOUNTS OF IDENTIFIABLE ASSETS
ACQUIRED AND LIABILITIES ASSUMED
EUR million
Intangible assets 0.3
Property, plant and equipment 0.0
Trade and other receivables 0.0
Cash and cash equivalents 0.2
Total assets 0.5
Deferred tax liabilities 0.1
Trade and other payables 0.0
Total liabilities 0.1
Net assets total 0.5
Goodwill 0.8
Remeasurement 0.3
Consideration 1.0
ANALYSIS OF CASH FLOWS OF ACQUISITION
EUR million
Purchase consideration, cash payment -1.0
Cash and Cash equivalents, in acquired companies 0.2
Transaction costs of the acquisitions 0.0
Net cash flow from acquisitions -0.8
157
Annual Report 2022
FINANCIAL STATEMENTS
GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY
5.3. SUBSIDIARIES Subsidiaries consolidation principles Consolidated financial statements of Anora include the parent company, Anora Group Plc, and all subsidiaries. Subsidiaries are all those in which the parent company exercises control. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of acquired subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. All business combinations are accounted for by using the acquisition method. The consideration transferred and the identifiable assets acquired and liabilities assumed in the acquired company are measured at fair value at the acquisition date. The amount exceeding the aggregate of the consideration transferred, the amount of non- controlling interests and any previously held equity interest in the acquiree, over the fair value of the net assets acquired is recorded as goodwill. All acquisition-related costs, with the exception of costs to issue debt or equity securities, are expensed. The consideration transferred does not include any transactions accounted for separately from the acquisition. Any contingent consideration is recognised at fair value at the acquisition date and it is classified as either liability or equity. Contingent consideration classified as a liability is measured at fair value at each reporting date and any resulting gain or loss is recognised in profit or loss. Intra-group transactions, receivables, liabilities and unrealised gains, as well as the distribution of profits within the Group are eliminated in preparing the consolidated financial statements. Unrealised losses are not eliminated if the loss in question results from impairment. Non-controlling interests\u2019 share of profit after tax is shown on a separate line after the Group\u2019s profit for the year. Non- controlling interests\u2019 share of equity is shown on a separate line as part of the Group\u2019s equity. In some subsidiaries with non- controlling interests, there are sales options related to the non- controlling interests, where the Group does not have control of the non-controlling interests before the options are exercised, nor does it have control of whether the options are exercised, or when this exercise may take place. The value of such options is recognised as obligations at fair value in the balance sheet and reduces the non-controlling share of equity. This means that only income statement and balance sheet items related to non-controlling interests where the minority does not have sales options related to the interests are presented in the consolidated income statement and balance sheet . Anora Group Plc had 72 subsidiaries at the end of the reporting period (59 subsidiaries at 31 December 2021). 158 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY Parent company\u2019s
share of ownership (%)
Group\u2019s share of
ownership (%)
Country of
incorporation
Altia Denmark A/S 100.00 100.00 Denmark
Altia Norway AS 100.00 100.00 Norway
Anora Eesti AS 100.00 100.00 Estonia
Anora Latvia SIA 100.00 100.00 Latvia
Anora Prime Brands AS - 100.00 Norway
Anora Sweden AB 100.00 100.00 Sweden
Arcus Brand Lab AS - 100.00 Norway
Arcus Co Brands AS - 100.00 Norway
Arcus Denmark A/S - 100.00 Denmark
Arcus Deutschland GmbH - 100.00 Germany
Arcus Finland Oy - 100.00 Finland
Arcus-Gruppen AS - 100.00 Norway
Arcus Holding AS 100.00 100.00 Norway
Arcus Norway AS - 100.00 Norway
Arcus Sweden AB - 100.00 Sweden
Arcus Wine Brands AS - 100.00 Norway
Arcus WineBrands Sweden AB - 100.00 Sweden
Atlungstad H\u00e5ndverksdistilleri AS - 100.00 Norway
Best Buys International AS 100.00 100.00 Norway
BevCo AS - 100.00 Norway
Bibendum AB - 100.00 Sweden
Bibendum AS 100.00 100.00 Norway
Brews4U Finland Oy - 91.00 Finland
Champagne Sigurd Wongraven AS - 100.00 Norway
Classic Wines AS - 100.00 Norway
Creative Wines AS - 100.00 Norway
Det Danske Spiritus Kompagni A/S - 100.00 Denmark
Excellars AS - 100.00 Norway
Globus Wine A/S - 100.00 Denmark
Globus Wine GmbH - 100.00 Germany
Globus Wine Germany GmbH - 100.00 Germany
Globus Wine Poland Sp.Z.o.o - 100.00 Poland
Hedoni Wines AS - 100.00 Norway
Heritage Wines Sweden AB - 93.33 Sweden
Heyday Wines AS - 90.10 Norway
Interbev AS 100.00 100.00 Norway
Parent company\u2019s
share of ownership (%)
Group\u2019s share of
ownership (%)
Country of
incorporation
Larsen SAS 100.00 100.00 France
Loiten Branderis Destillation ANS - 100.00 Norway
Lysholmske Brenneri og Destillasjonsfabrikker ANS - 100.00 Norway
Merlot HoldCo ApS 100.00 100.00 Denmark
Merlot BidCo ApS - 100.00 Denmark
New Frontier Wines AB - 79.60 Sweden
Oplandske Spritfabrik ANS - 100.00 Norway
Philipson & S\u00f6derberg AB - 100.00 Sweden
Premium Wines AS 100.00 100.00 Norway
Quaffable Wines Sweden AB - 79.60 Sweden
Siemers & Cos Destillasjon ANS - 100.00 Norway
Social Wines Oy - 100.00 Finland
South Swedish Craft Spirits AB - 100.00 Sweden
Sublime Wines AS - 100.00 Norway
Summit Wines AS - 100.00 Norway
Symposium Wines AS - 100.00 Norway
Str\u00f6m AS 100.00 100.00 Norway
Swedish Wine Mafia AB - 99.50 Sweden
Valid Wines Sweden AB - 94.54 Sweden
Vectura AS - 100.00 Norway
Vingaraget AB - 100.00 Sweden
Vingruppen AS - 100.00 Norway
Vingruppen Oy - 100.00 Finland
Vingruppen Holding Sweden AB - 100.00 Sweden
Vingruppen i Norden AB - 100.00 Sweden
Vinordia AS - 100.00 Norway
Vinum Import Oy - 98.10 Finland
Vinunic AB - 94.54 Sweden
Vinuniq AS - 100.00 Norway
Vinunic Oy - 100.00 Finland
Von Elk Company Oy 100.00 100.00 Finland
Oy Wennerco Ab 100.00 100.00 Finland
The WineAgency Sweden AB - 99.50 Sweden
Wineworld Finland Oy - 90.00 Finland
Wineworld Sweden AB - 99.50 Sweden
Wongraven Wines AS - 90.01 Norway
159
Annual Report 2022
FINANCIAL STATEMENTS
GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY
5.4. ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS Associated companies Associated companies are all entities over which the Group accompanies a shareholding of over 20% of voting rights or otherwise has significant influence, but not control. Anora has investments in an associated companies Palpa Lasi Oy, Tiffon SA, ISH and Beverage Link AS. Associated companies are consolidated by using the equity method. Under the equity method, the investment is initially recognised at cost and subsequently adjusted with the change in the net assets of the investee after the acquisition date, consistent with the ownership interest of the Group. After the acquisition the Group\u2019s share in the associated company\u2019s profit and loss for the period is separately disclosed after operating result. If the Group\u2019s share in the associated company\u2019s loss exceeds the carrying amount of the investment, the investment is recognised at zero value in the consolidated balance sheet and the loss exceeding the carrying amount is not consolidated, unless the Group has committed to fulfil the company\u2019s obligations. An investment in an associated company includes goodwill arisen on acquisition. The Group\u2019s share in changes in the associated company\u2019s other comprehensive income is recognised in consolidated other comprehensive income. Results from the transactions between the Group and its associates are recognised only to the extent of unrelated investor\u2019s interests in the associates. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. In case of such indications, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its\u2019 carrying value. The impairment is recognised in share of results in associated companies. Financial statements of associated companies have been changed where necessary to correspond with the accounting policies adopted by the Group. If financial statements for the period are not available, the share of the profit is included in the consolidated financial statements based on the preliminary financial statements or latest available information. Joint arrangements A joint arrangement is an arrangement of which two or more parties have contractually agreed joint control which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. Anora has an interest through a receivable in Roal Oy based on the contractual relationship with the other party to the joint operation. The interest in Roal Oy is accounted for as a joint operation . ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS 2022 Share of ownership % 2021 Share of ownership % Roal Oy, Finland 50.00 50.00 Palpa Lasi Oy, Finland 25.53 25.53 Von Elk Company Oy, Finland - 20.00 Tiffon SA 34.75 34.75 Vinify AS - 50.00 Beverage Link AS 45.00 45.00 ISH, Denmark 26.00 - Roal Oy engages enzyme business. The joint operation\u2019s other owner is ABF Overseas Ltd. Anora has joint control over Roal but the option right held by the other shareholder represents in substance a receivable with a fixed rate of return and Altia does not have a right to 50% of the net assets until the option lapses. Accordingly, the interest is classified as a joint operation with Anora accounting for its share of assets as a receivable with the annual minimum dividend accounted for as interest income. The receivable amounted to EUR 7.6 million as at 31 December 2021 and 31 December 2020. Palpa Lasi Oy engages in the recycling and re-use of glass beverage packages. Tiffon SA is a cognac producer and the Group buys Cognac from Tiffon SA. Beverage Link As is a jointly-owned logistics company between Vectura AS, Skandinavisk Logistik AS, log AS and Cuveco AS. ISH is Danish scale-up company in non-alcoholic spirits, wines and ready-to-drink beverages. ISH currently exports to over 15 countries with a special focus on Scandinavia, Western Europe and North America . INVESTMENTS IN ASSOCIATED COMPANIES AND JOINT VENTURES EUR million 2022 2021 At the beginning of the period 8.7 1.5 Acquisition of subsidiaries - 6.5 Additions 5.0 - Share of result for the period -0.3 0.7 Transfer to subsidiary shares -0.3 - Dividend -0.1 - Translation differences 0.1 -0.1 At the end of the reporting period 13.1 8.7 160 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY FINANCIAL SUMMARY OF ASSOCIATED COMPANIES AND JOINT VENTURES EUR million 2022 2021 Assets 45.4 46.6 Liabilities 18.7 20.4 Net assets 26.7 26.2 Net sales 26.2 29.9 Result for the period -1.9 2.0 Related party transactions with associated companies and joint arrangements are presented in Note 6.3. 161 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY 6. Other notes
OPERATING
RESULT
OPERATIVE
ASSETS AND
LIABILITIES
FINANCIAL
ITEMS AND
CAPITAL
STRUCTURE
FINANCIAL
AND CAPITAL
RISK
CONSOLIDATION OTHER NOTES
6.1. INCOME TAX EXPENSE Income tax expense The Group\u2019s income tax expense recognised through profit or loss comprises current tax based on taxable income for the period, any adjustments to tax payable in respect of previous periods and deferred taxes. Current income tax based on taxable income is calculated according to the local tax regulations of each Group company. Tax effects related to transactions or other events recognised in profit or loss are recognised in profit or loss. If the taxes relate to items of other comprehensive income or transactions or other events recognised directly in equity, income tax expense is recognised within the respective items. The Group\u2019s share of profit or loss in associated companies and joint ventures is reported as calculated from the net profit and thus including the income tax effect. Deferred tax assets and liabilities are principally recognised for all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The most significant temporary differences arise from property, plant and equipment and intangible assets, carry forward of unused tax losses and fair value allocations on business combinations. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax liabilities are recognised in full. Deferred taxes are calculated using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax is recognised for foreign subsidiaries undistributed earnings only when related tax effects are probable . Deferred tax assets and liabilities are set off when they are levied by same taxing authority and Anora has legally enforceable right to set off the balances. Critical estimates and management judgements \u2013 Deferred tax assets Judgment is required in assessing whether deferred tax assets are recognised on the balance sheet. Deferred tax assets are recognised only where it is considered more likely than not that they will be recovered, which is dependent on the generation of sufficient future taxable profits. Assumptions about the generation of future taxable profits depend on management\u2019s estimates of future cash flows. These future cash flow estimates depend on estimates of future sales volumes, price levels of main raw materials, capital expenditure and other components affecting profitability of the operations. These estimates and assumptions are subject to risk and uncertainty hence it is possible that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets recognised on the balance sheet and the amount of any other tax losses and temporary differences not yet recognised. Anora\u2019s ability to generate taxable profit is also subject to general economic, financial, competitive, legislative and regulatory factors that are beyond its control. If Anora generates lower future taxable profits than what management has assumed in determining the amounts of the recognised deferred tax assets, the assets would become impaired, either partly or in full. Accordingly, amounts recognised in balance sheet could potentially be reversed through profit and loss. Changes in circumstances may also result in recognition of deferred tax assets for tax losses not yet recognised as an asset. Uncertain tax positions The tax positions are evaluated in periodically by the management to identify the situations in which tax regulation is subject to interpretation. Based on the evaluation uncertain tax positions are recognized when it is more likely than not that certain tax position will be challenged by tax authorities. The impact of the uncertainty is measured using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the uncertainty . INCOME TAX EXPENSE EUR million 2022 2021 Current income tax expense 5.4 8.0 Adjustments to taxes for prior periods -0.3 -0.5 Deferred taxes: Origination and reversal of temporary differences 0.2 -0.1 TOTAL 5.3 7.4 163 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY The reconciliation of the tax expense recognised in profit and loss
and the tax expense calculated using Anora Group\u2019s domestic
corporate tax rate (20.0%) :
EUR million 2022 2021
Result before taxes 23.4 38.6
Income tax using the parent company\u2019s tax rate 4.7 7.7
Effect of tax rates of subsidiaries in foreign
jurisdictions 0.0 0.2
Tax-exempt income -0.3 -0.3
Non-deductible expenses 0.7 0.2
Utilisation of previously unrecognised tax losses - 0.0
Adjustments to taxes for prior periods -0.3 -0.5
Share of profit in associated companies, net of tax
0.1 -0.2
Tax arising on dividends - 0.8
Tax on undistributed earnings 0.1 -0.7
Other items 0.3 0.2
TAX EXPENSE IN PROFIT OR LOSS 5.3 7.4
INCOME TAX RECOGNISED IN OTHER
COMPREHENSIVE INCOME
2022 EUR million Before tax Tax Net of tax
Cash flow hedges 3.1 -0.7 2.4
Translation differences -16.9 - -16.9
Remeasurements of post-employment
benefit obligations 0.1 -0.0 0.1
TOTAL -13.7 -0.7 -14.4
2021 EUR million Before tax Tax Net of tax
Cash flow hedges 3.2 -0.7 2.6
Fair value through other comprehensive
income 2.5 - 2.5
Translation differences 5.6 - 5.6
Remeasurements of post-employment
benefit obligations -0.2 0.0 -0.1
TOTAL 11.2 -0.6 10.6
164
Annual Report 2022
FINANCIAL STATEMENTS
GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY
DEFERRED TAX ASSETS AND LIABILITIES
Change in deferred tax assets
and liabilities during 2022:
EUR million 1 Jan 2022
Recognised
in profit or loss
Recognised in other
comprehensive income
Acquired /disposed
businesses Exchange rate differences 31 Dec 2022
Deferred tax assets:
Tax losses 5.8 -2.0 - 0.2 -0.2 3.7
Fixed assets 1.4 0.1 - - -0.0 1.5
Pension benefits 0.7 -0.0 -0.0 - -0.0 0.6
Other temporary differences 0.6 -0.0 - 0.0 -0.0 0.5
Total deferred tax assets 8.5 -2.0 -0.0 0.2 -0.3 6.3
Offset against deferred tax liabilities -6.6 -0.2 -5.7
Net deferred tax assets 1.8 0.0 0.6
Deferred tax liabilities:
Fixed assets 3.9 -0.3 - 0.9 0.0 4.4
Recognised in hedge reserve 0.4 - 0.7 - -0.0 1.1
Fair value allocation on acquisitions 38.7 -2.0 - 9.8 -1.4 45.2
Deductable goodwill depreciation 9.8 0.0 - - -0.5 9.3
Undistributed profits of foreign subsidiaries 1.2 0.1 - - - 1.3
Other temporary differences 1.1 0.3 - 0.4 -0.2 1.7
Total deferred tax liabilities 55.1 -1.8 0.7 11.1 -2.0 63.0
Offset against deferred tax assets -6.6 -0.2 -5.7
Net deferred tax liabilities 48.4 10.9 57.3
165
Annual Report 2022
FINANCIAL STATEMENTS
GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY
DEFERRED TAX ASSETS AND LIABILITIES
Change in deferred tax assets
and liabilities during 2021:
EUR million 1 Jan 2021
Recognised
in profit or loss
Recognised in other
comprehensive income Merger
Exchange rate
differences 31 Dec 2021
Deferred tax assets:
Tax losses 0.6 -1.8 - 6.8 0.2 5.8
Fixed assets 1.3 -0.2 - 0.3 0.0 1.4
Pension benefits 0.2 -0.0 0.0 0.4 0.0 0.7
Recognised in hedge reserve 0.2 - -0.2 - 0.0 0.0
Other temporary differences 0.3 -0.4 - 0.7 0.0 0.6
Total deferred tax assets 2.7 -2.5 -0.2 8.2 0.2 8.5
Offset against deferred tax liabilities -1.3 -5.8 0.0 -6.6
Net deferred tax assets 1.4 2.4 0.0 1.8
Deferred tax liabilities:
Fixed assets 4.6 -0.8 - - 0.0 3.9
Recognised in hedge reserve 0.0 - 0.4 - - 0.4
Fair value allocation on acquisitions 1.4 -0.8 - 37.4 0.7 38.7
Deductable goodwill depreciation 9.9 0.0 - - -0.1 9.8
Undistributed profits of foreign subsidiaries 1.9 -0.7 - - - 1.2
Other temporary differences 0.2 -0.3 - 1.2 0.0 1.1
Total deferred tax liabilities 18.0 -2.6 0.4 38.6 0.6 55.1
Offset against deferred tax assets -1.3 -5,8 -6.6
Net deferred tax liabilities 16.8 32.7 48.4
At 31 December 2022, the Group had EUR 0.8 million (2021: EUR
1.6 million) of tax loss carry forwards for which no deferred tax
was recognised. EUR 0.8 million of these temporary differences
has no expiry. Anora management estimates these losses arise in
subsidiaries which have neither indication of future taxable income
nor other convincing evidence that tax losses can be utilised and
deferred tax asset be recognised in balance sheet.
Anora Group Plc\u2019s fully owned French subsidiary Larsen SAS has
been undergoing a regular audit by the local tax authorities. The
French tax authorities and Larsen SAS has entered into a settlement
agreement in 2021 and the settlement claim amounts to EUR 0.6
million relating to the mark-up used in the transfer pricing for
products sold to other Group companies.
Anora Group will proceed through the Mutual Agreement
Procedure (MAP) with the aim to eliminate a potential double
taxation related to the increased mark-up in France which is to be
deducted in the tax jurisdictions where the Anora Group companies
buying the products have been operating. Anora has recorded
a EUR 0.2 million tax receivable in respect of the potential MAP
application.
166
Annual Report 2022
FINANCIAL STATEMENTS
GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY
6.2. COLLATERALS, COMMITMENTS AND CONTINGENT ASSETS AND LIABILITIES EUR million 2022 2021 Collaterals and commitments Collaterals given on behalf of Group companies Mortgages 18.5 18.5 Guarantees 9.3 9.1 TOTAL COLLATERALS 27.8 27.6 Commitments Short-term and low value lease obligations Less than one year 0.2 0.1 Between one and five years 0.3 0.1 Total short-term and low value lease obligations 0.5 0.2 Other commitments 18.1 19.1 TOTAL COMMITMENTS 18.6 19.3 Collaterals given on behalf of Group companies all relate to commitments to authorities. Short-term and low value obligations consist mainly of laptops. Other commitments include mainly purchase obligations of wine and cognac. Emission allowances The Group participates in the European Union emission trading scheme, where it has been granted a certain number of carbon dioxide emission allowances for a certain period of time, free of charge. Anora Group Plc discloses its carbon dioxide emission allowances granted free of charge on net basis. The Group does not recognise income or expenses arising from emission allowances through profit or loss when the emission allowances granted are sufficient to cover the obligation to deliver allowances corresponding to the amount of emissions made. If the realised emissions exceed the granted emission allowances, the obligation arising from the excess emissions is recognised at fair value as a liability in the balance sheet at the reporting date. If the realised emissions fall below the granted emission allowances, the difference is not recognised in the balance sheet but it is disclosed in the notes to the financial statements, measured at fair value. Anora\u2019s actual emissions are below the emission allowances granted. The following table presents changes in allowances for financial years 2022 and 2021, as well as their fair values: Emission allowances, kilotons 2022 2021 Emission allowances received 22.6 22.6 Excess emission allowances from the previous period 13.5 10.9 Sold emission allowances -13.0 Realised emissions -21.1 -19.9 EMISSION ALLOWANCES AT 31 DECEMBER 2.0 13.5 Fair value of emission allowances at 31 December, EUR million 0.2 1.1 Anora continues to operate within the emission trading system for the trading period 2021\u20132030 . 6.3. RELATED PARTY TRANSACTIONS The Company's related parties include the subsidiaries, associated companies, joint ventures and joint operations. The subsidiaries are presented in Note 5.3 and associated companies, joint ventures and joint operations in Note 5.4. Related party transactions include such operations that are not eliminated in the Group\u00b4s consolidated financial statements. Related party also include the Board of Directors, the CEO, the members of the Executive Management Team and their family members as well as entities controlled or jointly controlled by these persons. Also, entities that are controlled or jointly controlled by, or are associates of the State, are related parties of Anora. Anora has applied the exemption to report only material transactions with the government related entities. Transactions with related parties are entered into on market terms. Anora has related party transactions on a continuous basis with its major customer Alko. Transactions with Alko have been presented below under Other companies considered related parties . 167 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY THE FOLLOWING TRANSACTIONS HAVE TAKEN PLACE
WITH RELATED PARTIES
EUR million 2022 2021
Sales of goods and services
Associates, joint ventures and joint operations 0.6 0.9
Other companies considered related parties 73.2 78.9
TOTAL 73.8 79.8
Purchases of goods and services
Associates, joint ventures and joint operations 6.4 6.5
Other companies considered related parties 4.0 3.8
TOTAL 10.5 10.2
Outstanding balances from sales and
purchases of goods and services
Receivables
Associates, joint ventures and joint operations 0.2 0.1
Other companies considered related parties 5.2 1.1
Payables
Associates, joint ventures and joint operations 1.1 1.7
Other companies considered related parties 0.5 0.5
MANAGEMENT'S SHAREHOLDINGS
# of shares on 31 Dec 2022
Pekka Tennil\u00e4 CEO 32,604
Sigmund Toth CFO 14,057
Janne Halttunen SVP, Wines 9,300
Kirsi Lehtola CHRO 5,100
Kirsi Puntila SVP, international 6,666
Henrik Bodek\u00e6r Thomsen SVP, Spirits 258
Hannu Tuominen SVP, Anora Industrial 9,600
TOTAL 77,585
% of total shares 0.11%
BOARD OF DIRECTOR'S SHAREHOLDINGS
# of shares on 31 Dec 2022
Michael Holm Johansen Chairman 80,000
Sanna Suvanto-Harsaae Vice Chairman 3,908
Kirsten \u00c6gidius Member 2,440
Ingeborg Fl\u00f8nes Member 1,900
Christer Kjos Member
Annareetta Lumme-Timonen Member
Jyrki M\u00e4ki-Kala Member 1,232
Torsten Steenholt Member 20,000
Arne Larsen Member
Jussi Mikkola Member 100
TOTAL 109,580
% of total shares 0.16%
Anora total # of shares 67,553,624
MANAGEMENT REMUNERATION
EUR million 2022 2021
CEO
Salaries and other short-term employee
benefits 0.5 0.4
Performance bonus and the bonuses from
long-term incentive plan 0,7 0.5
Pension benefits 0,1 0.1
TOTAL 1,3 1.0
Members of the Executive Management Team
(CEO not included)
Salaries and other short-term employee
benefits 1,8 2.2
Bonuses from long term incentive plan 0,6 0.0
Pension benefits 0,3 0.3
TOTAL 2,7 2.6
Members and deputy members of
the Board of Directors 0,6 0.4
No monetary loans have been granted to the CEO or the members of
the Board of Directors, nor any collaterals or commitments granted
on their behalf.
The retirement age of the CEO of the parent company is 63 years.
168
Annual Report 2022
FINANCIAL STATEMENTS
GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY
6.4. SHARE-BASED PAYMENTS The Group has share based incentive plans which are settled in shares and in cash. The granted shares are measured at fair value at the grant date and are recognized as personnel expenses over the vesting period with corresponding increase in equity. Non-market conditions are not included in fair value of share- based instruments but in the number of instruments that are expected to vest. At each reporting period closing date, the estimates about number of instruments are revised and the impact is recognized in income statement. also share based payments to be paid in cash are classified as paid equity and recognized in equity measured at fair value at grant date. The Board of Directors of Anora Group Plc has decided on the establishment of a new share-based long-term incentive scheme for the company\u2019s management and selected key employees. The incentive scheme comprises a Performance Share Plan (also PSP) as well as a share-based bridge plan to cover the transition period into the integrated business operations of Anora Group (the Bridge Plan) for the top management and other key employees. The long-term incentive scheme, in addition, comprises a Restricted Share Plan (also RSP) as a complementary long-term share-based retention plan for individually selected key employees in specific situations. The objectives of the share-based long-term incentive scheme are to align the interests of Anora Group\u2019 management and key employees with those of the company\u2019s shareholders and, thus, to promote shareholder value creation in the long term, to commit management and key employees to achieving Anora Group\u2019s strategic targets and the retention of Anora Group\u2019s key resources. Performance Share Plan The Performance Share Plan consists of annually commencing individual performance share plans, each with a three-year performance period, followed by the payment of the potential share rewards. The potential share rewards are paid in listed shares of Anora Group. The commencement of each new plan is subject to a separate decision of Anora Group\u2019s Board of Directors. The first plan, PSP 2022 \u2013 2024, commences effective as of the beginning of 2022 and the share rewards payable thereunder will be paid during H1 2025. The payment of the rewards is conditional on the achievement of the performance targets which the Board of Directors has set for the plan. The performance measures based on which the potential share reward under PSP 2022 - 2024 will be paid are revenue growth, earnings per share (EPS), the relative total shareholder return of the Company\u2019s share and a measure linked to the reduction of CO 2 emissions. Eligible for participation in PSP 2022\u20132024 are approximately 65 individuals, including the members of Anora Group\u2019s Executive Management Team. If all the performance targets set for the first plan, PSP 2022 \u2013 2024, are fully achieved, the aggregate maximum number of shares to be paid based on this plan is approximately 520,000 shares (referring to gross earning before the withholding of the applicable payroll tax). The estimated aggregate gross value of this first plan, based on the current value of Anora Group's share, is approximately EUR 4.1 million. The materialized value of the plan may deviate from this estimate as a result of share price development and the degree to which the performance targets set for the plan are achieved. Bridge Plan for the years 2022\u20132023 The Bridge Plan is established to cover specific incentive and retention needs during the transaction related transition period during which the joint businesses of Altia Plc and Arcus ASA are integrated in connection with the formation of Anora Group. The Bridge Plan is a one-off plan commencing effective as of the beginning of 2022 and its performance period covers the years 2022-2023. The potential share rewards payable based on the Bridge Plan will be paid in listed shares of Anora Group during H1 2024. The payment of the share rewards is conditional on the achievement of the performance targets which the Board of Directors has set for the plan. The performance measures set for the Bridge Plan are the same as those applied to PSP 2022\u20132024 except for the difference resulting from a shorter performance period. Eligible for participation in the Bridge Plan are approximately 40 individuals, including the members of Anora Group\u2019s Executive Management Team. If all the performance targets set for the Bridge Plan are fully achieved, the aggregate maximum number of shares to be paid based on this plan is approximately 265,000 shares (referring to gross earning before the withholding of the applicable payroll tax) . 169 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY Plan Bridge Performance Share Plan 2022 Performance Share Plan 2022 Long-term incentive Plan 2019-2024 Long-term incentive Plan 2019-2024
Type share share share share
Instrument Bridge Performance Share Plan 2022 Performance Share Plan 2022 Performance period 2020-2022 Performance period 2019-2021
Grant date 17.6.2022 17.6.2022 17.6.2022 28.2.2019
Beginning of earning period 1.1.2022 1.1.2022 1.1.2022 1.1.2019
End of the earning period 31.3.2023 31.3.2024 31.3.2022 31.12.2021
Vesting date 45,382 45,747 30.4.2022 31.1.2021
Vesting conditions Revenue, EPS, Relative TSR & ESG Revenue, EPS, Relative TSR & ESG Relative TSR and EPS Relative TSR and EPS
Maximum contractual life, years 2.25 3.25 2.30 3.10
Remaining contractual life, years 1 2 0.30 0.10
Number of persons at the end of reporting year 38 38 38 16
Payment method Equity & Cash Equity & Cash Cash Cash
Changes during period Bridge Performance Share Plan 2022 Performance Share Plan 2022 Performance period 2020-2022 Performance period 2019-2021
Outstanding in the beginning of the period 70,050 118,500
Changes during period
Granted during the period 261,400 395,000
Forfeited during the period 9,600 14,600
Awarded 70,050 118,500
Outstanding at the end of the period 251,800 380,400
Valuation parameters for instruments granted during period
Share price at grant, \u20ac 7.70
Share price at reporting period end, \u20ac 7.36
Expected dividends, \u20ac 1.24
Risk free rate, % 1.11 %
Volatility,% 22.8 %
Valuation model Monte Carlo
Fair Value 31.12., \u20ac 2,013,308
EFFECT OF SHARE -BASED INCENTIVES ON THE RESULT:
EUR thousand 2022 2021
Expenses for the financial year, share based payments paid in equity 0.6
Expenses for the financial year, share based payments paid in cash 1.6
Total 0.6 1.6
17 0
Annual Report 2022
FINANCIAL STATEMENTS
GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD
OF DIRECTORS
SUSTAINABILITY
Restricted Share Plan The Restricted Share Plan consists of annually commencing individual restricted share plans. Each plan comprises a restriction period with an overall length of three years, extending to H1 the fourth year of the individual plan. During the plan period the company may grant fixed share rewards to individually selected key employees. The granted share rewards are paid to the selected participants in one or several tranches latest by the end of the restriction period. The share rewards are paid in listed shares of Anora Group. The commencement of each new plan is subject to a separate decision of Anora Group\u2019s Board of Directors. The first plan, RSP 2022-2024, commences effective as of the beginning of 2022 The aggregate maximum number of shares payable as a reward based on RSP 2022-2024 is 52,000 shares (referring to gross earning before the withholding of the applicable payroll tax). The estimated aggregate gross value of this first plan, based on the current value of the Company's share, is approximately EUR 0.4 million. The materialized value of the plan may deviate from this estimate as a result of share price development and the amount of share grants made within the plan. No share rewards regarding the RSP plan have granted 2022. Other terms The value of the reward payable to participants based on the plans is limited by a share price development-based cutter. If the individual\u2019s employment with Anora Group terminates before the payment of the reward, the individual is, as a main rule, not entitled to any reward based on the respective plan . 171 Annual Report 2022 FINANCIAL STATEMENTS GOVERNANCE FINANCIAL STATEMENTSBUSINESS OVERVIEW REPORT BY THE BOARD OF DIRECTORS SUSTAINABILITY",
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"value": "GENERAL INFORMATION Information on Anora Anora Group Plc (the \"Company\") together with its' subsidiaries (the \"Group\", \"Anora Group\" or \"Anora\") is a leading wine and spirits brand house in the Nordic region. Anora has a broad portfolio of iconic brands, including Koskenkorva, Linie, Larsen, Skagerrak, Chill Out, Ruby Zin, Wongraven, O.P. Anderson and Falling Feather. Key brands are exported to over 30 markets globally. Together with partners Anora brings the world of drinks to the Nordics. Anora\u2019s strong partner portfolio includes noted wines, such as Masi, Laroche, Penfolds, Louis Roederer and Fumees Blanches, as well as well-known spirits brands, like Jack Daniels, Fireball, Fernet Branca, Jose Cuervo, and Underberg. Anora\u2019s business operations also include world-class industrial operations in distillation, bottling and logistics services as well as the production of technical ethanol products, neutral potable ethanol, feed components and barley starch. Anora\u2019s\u2019 customers include alcohol retail monopolies, alcoholic beverage wholesale outlets, restaurants, grocery stores, travel trade, importers in the export markets and industrial customers. Anora Group Plc, the parent company of Anora Group, is domiciled in Helsinki, Finland. Anora Group Plc is a Finnish publicly listed company. Anora\u2019s shares are listed in Nasdaq Helsinki Ltd. The registered address of the Company is Kaapeliaukio 1, FI-00180 Helsinki, Finland. Copies of the consolidated financial statements are available online at www.anora.com or at the Group's headquarters at Kaapeliaukio 1, FI-00180 Helsinki, Finland. Anora Group Plc\u2019s Board of Directors has approved these financial statements for publication in its meeting on 22 March 2023. According to the Finnish Limited Liability Companies Act, shareholders have the right to approve or reject the financial statements in the Annual General Meeting held after the publication of the financial statements. The Annual General Meeting also has the right to make a decision to amend the financial statements. Basis of preparation The consolidated financial statements for the year ended 31 December 2022 are prepared in accordance with International Financial Reporting Standards (IFRS) complying with the SIC and IFRIC interpretations in force and approved by EU on 31 December 2022. Notes to the consolidated financial statements also comply with the requirements of the Finnish Accounting Act and Limited Liability Companies Act. The consolidated financial statements for the year ended 31 December 2022 has been prepared on a historical cost basis, except equity investments and derivatives. The consolidated financial statements are presented in millions of euros. The figures are rounded to the nearest million, and therefore the sum of individual figures may deviate from the total presented. If the figure is EUR 0, it is shown as a hyphen. Altia and Arcus merged on 1 September 2021. The consolidated financial statements include Arcus\u2019s income statement from 1st of September 2021 onwards. Therefore the historical financial information of Anora does not give a comparable base for financial information of the present combined company. New and amended standards applied in the financial year ended New IFRS standards, amendments to standards and IFRIC interpretations which have entered into force on 1 January 2022 have not had any material impact on the Group. Adoption of new and amended standards and interpretations applicable in upcoming financial years New IFRS standards, amendments to standards and IFRIC interpretations effective on or after January 1, 2023, are not expected to have any material impact on the Group . Refer to the table below to see which notes and accounting principles are related. Nr. Note Accounting principle 1. Operating result Revenue recognition, operating result 1.2. Segment information Operating segments 2.9. Provisions Provisions 2.7. Employee benefit obligations Employee benefits 2.2. Property, plant and equipment Property, plant and equipment 2.3. Right-of-use assets Leases 2.4. Inventories Inventories 1.6. Other operating expenses Leases 2.2. Property, plant and equipment 2.1. Goodwill and other intangible assets Goodwill 2.1. Goodwill and other intangible assets Intangible assets 3.2.1. Financial assets Financial assets 3.2.3. Financial assets and liabilities- classification and fair value 3.2.2. Financial liabilities Financial liabilities 3.2.3. Financial assets and liabilities- classification and fair value 3.3. Derivative instruments and hedge accounting Derivative contracts and hedge accounting 5.3. Subsidiaries Consolidation principles of subsidiaries 5.3. Subsidiaries Non-controlling interest and transactions with non-controlling interest 5.4. Associated companies and joint arrangements Associates and joint ventures 6.1. Income tax expense Income and deferred taxes Accounting policies requiring management judgement and key sources of estimation uncertainty The preparation of financial statements requires the use of accounting estimates, which by definition, seldom equal the actual results. In addition, management makes judgements in applying Anora\u2019s accounting policies. Estimates made in the preparation of the financial statements, and related assumptions, are based on the management\u2019s best knowledge at the reporting date. Consequently, the realised results can differ from the estimates. Any changes in estimates and assumptions are recognised when estimates and assumptions are corrected. The Group\u2019s most significant area in which the management has exercised judgement is related to the revenue recognition especially on estimates regarding volume- based discounts, marketing support and product returns which are based on actual sales and agreements (Note 1.1) and impairment provision of trade receivables, and useful lives of intangible assets and parameters used in impairment testing (Note 2.1.), parameters used in lease accounting and pension obligations. Other critical future assumptions and anticipated uncertainties at the reporting date, which pose a significant risk of resulting in material changes in the carrying amounts of assets and liabilities within the next financial year, are related to deferred taxes (Note 6.1.) and uncertain tax positions. The valuation of assets acquired and liabilities assumed in business combinations requires management judgement to determine the appropriate valuation techniques and inputs for fair value measurements, such as discount rate. The management believes that the used estimates and assumptions are sufficiently reasonable for determining fair values . ",
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"fact-488": {
"value": "Basis of preparation The consolidated financial statements for the year ended 31 December 2022 are prepared in accordance with International Financial Reporting Standards (IFRS) complying with the SIC and IFRIC interpretations in force and approved by EU on 31 December 2022. Notes to the consolidated financial statements also comply with the requirements of the Finnish Accounting Act and Limited Liability Companies Act. The consolidated financial statements for the year ended 31 December 2022 has been prepared on a historical cost basis, except equity investments and derivatives. The consolidated financial statements are presented in millions of euros. The figures are rounded to the nearest million, and therefore the sum of individual figures may deviate from the total presented. If the figure is EUR 0, it is shown as a hyphen. Altia and Arcus merged on 1 September 2021. The consolidated financial statements include Arcus\u2019s income statement from 1st of September 2021 onwards. Therefore the historical financial information of Anora does not give a comparable base for financial information of the present combined company. New and amended standards applied in the financial year ended New IFRS standards, amendments to standards and IFRIC interpretations which have entered into force on 1 January 2022 have not had any material impact on the Group. Adoption of new and amended standards and interpretations applicable in upcoming financial years New IFRS standards, amendments to standards and IFRIC interpretations effective on or after January 1, 2023, are not expected to have any material impact on the Group . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-489": {
"value": "Basis of preparation The consolidated financial statements for the year ended 31 December 2022 are prepared in accordance with International Financial Reporting Standards (IFRS) complying with the SIC and IFRIC interpretations in force and approved by EU on 31 December 2022. Notes to the consolidated financial statements also comply with the requirements of the Finnish Accounting Act and Limited Liability Companies Act. The consolidated financial statements for the year ended 31 December 2022 has been prepared on a historical cost basis, except equity investments and derivatives. The consolidated financial statements are presented in millions of euros. The figures are rounded to the nearest million, and therefore the sum of individual figures may deviate from the total presented. If the figure is EUR 0, it is shown as a hyphen. Altia and Arcus merged on 1 September 2021. The consolidated financial statements include Arcus\u2019s income statement from 1st of September 2021 onwards. Therefore the historical financial information of Anora does not give a comparable base for financial information of the present combined company. New and amended standards applied in the financial year ended New IFRS standards, amendments to standards and IFRIC interpretations which have entered into force on 1 January 2022 have not had any material impact on the Group. Adoption of new and amended standards and interpretations applicable in upcoming financial years New IFRS standards, amendments to standards and IFRIC interpretations effective on or after January 1, 2023, are not expected to have any material impact on the Group 1.1. REVENUES FROM OPERATIONS Revenue recognition The revenue is recognized at an amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer. The transaction price may include variable considerations such as volume discounts, bonuses, marketing support, product returns etc. The variable considerations are estimated using the most likely value method if not yet realized in the end of reporting period. The revenue is further adjusted with indirect sales taxes, excise taxes, deposit and recycling fees. The wine and spirits businesses generally only sell physical products in the form of wine and spirits products. In contract services the contracts essentially include a single performance obligation, being a series of distinct services such as contract manufacturing, customer services and logistics. The revenue recognition occurs at a point in time, when the control of the goods is transferred to the customer according to the delivery terms. Revenue from the sale of services is recognised at the time of delivery of services. The revenue from warehousing services at logistics businesss is recognised over time. When logistics business act as an agent, it recognises its revenue at time of delivery of the goods. Primarily accounts receivable fall due 0-60 days after invoicing date. Transaction prices do not include any significant financing components. The most significant revenue flows are generated by the sale of own products and partner brands to Scandinavian wine and spirit monopolies, Horeca customers, wholesalers and travel retail customers. In addition, revenues are generated by contract manufacturing, sale of logistic services and the sale of industrial 1.2. SEGMENT INFORMATION Description of segments and principal activities The reportable segments of Anora in these consolidated financial statements consist of Wine, Spirits, and Industrial. The new operating model took effect on 1 January 2022. The Board of Directors of Anora has been determined as the group\u2019s chief operative decision maker being responsible for allocating resources, deciding on strategy and assessing performance of the operating segments. The reportable segments are based on Anora\u2019s operating structure and internal reporting to the CODM used to assess the performance of the segments. For internal reporting purposes, reporting on the segment profit is based on internal measures of gross profit and comparable EBITDA derived as follows: \u2022 Net sales and direct segment expenses including costs of goods sold reported within the Gross Profit and Comparable EBITDA segment profit measures are measured and reported under the same accounting principles as in the consolidated accounts. \u2022 Expenses allocated to the segments related to shared function costs or business support services expenses comprise costs such as centralized marketing costs, IT infrastructure related costs, shared support services, headquarter costs including finance and treasury, communication, legal and human resource related costs as well as certain warehousing and service fees. For internal reporting purposes these cost allocations are based on budgeted amounts and variances from budgeted amounts are presented under column \u201cGroup and allocations\u201d and can result in either incurred overruns or savings compared to budgeted amounts. These variances are not allocated to the segments for internal reporting purposes products, such as starch, feed and technical ethanol. Adjustments to sales and obligations to repurchase certain products are taken into accoun t in the revenue recognition phase. In partner supplier agreements, which entitle Group to distribute partners\u2019 products, Anora acts as a principal towards the end customer having control over the product, discretion in establishing prices and owning the inventory. Accordingly, revenue recognised is the gross amount to which Anora is entitled to in these product sales. The revenue from warehousing services at logistics business is recognised over time. The Logistics business when it acts an agent, recognises its revenue at time of the delivery of the goods. The amount of excise tax deducted from sales revenue is significant. The amounts of sales including tax and excise taxes are presented below: EUR million 2022 2021 Sales revenues deducted with revenue adjustments 1,706.9 1,076.6 Excise tax -1,004.1 -598.4 Net sales 702.7 478.2 Tax share of sales revenues, % 58,8% 55.6% The group and allocations column represents, in addition to the budget variances, certain unallocated headquarter costs. In 2022 EUR 8,8 million of group and allocations are related to unallocated headquarter costs. The reportable segments comprise the following: Wine The Wine segment develops, markets and sells partner wines and Anora\u2019s own wine brands to customers in the Nordic monopoly markets. Spirits The Spirits segment consists of the business areas Spirits and International. The Spirits business area develops, markets and sells both Anora\u2019s own spirits brands and partner brands to customers in the Nordic monopoly markets. The International business area consists of Anora\u2019s own operations in Estonia, Latvia, Denmark and Germany, as well as global duty free and travel retail, and exports 1 Jan - 31 Dec 2022 EUR million Wine Spirits Industrial Group and allocations Eliminations Group Net sales external 309,7 233,0 160,0 0,0 0,0 702,7 Net sales internal 6,9 0,8 125,5 0,0 -133,2 0,0 Total Net Sales 316,6 233,8 285,5 0,0 -133,2 702,7 Other operating income external 0,7 0,0 10,0 0,2 0,0 10,9 Other operating income internal 2,1 0,4 6,2 37,2 -45,9 0,0 Total Other operating income 2,8 0,4 16,2 37,4 -45,9 10,9 Materials and services -225,9 -131,8 -178,2 -0,3 121,9 -414,3 Gross profit 93,5 102,4 123,5 37,1 -57,1 299,3 Other operating expenses -70,5 -66,6 -105,6 -45,9 57,1 -231,4 EBITDA 23,0 35,8 17,9 -8,8 0,0 67,9 Items affecting comparability 0,6 2,0 -0,2 5,9 0,0 8,2 Comparable EBITDA 23,5 37,8 17,7 -2,8 0,0 76,1 EBITDA 67,9 Depreciations -33,2 Operating profit 34,7 1 Jan - 31 Dec 2021 EUR million Wine Spirits Industrial Group and allocations Eliminations Group Arcus Merger Group reported Net sales external 302,5 224,6 138,0 0,2 0,00 665,0 -195.2 8.4 478.2 Net sales internal 0,4 0,3 116,8 0,0 -117,5 0,0 0.0 0.0 0.0 Total Net Sales 302,9 224,8 254,8 0,0 -117,5 665,0 -195.2 8.4 478.2 Other operating income external 0,0 4,6 6,7 -0,5 0,00 10,7 -0.2 0.0 10.5 Other operating income internal 0,6 -0,2 3,7 38,7 -42,8 0 0.0 0.0 0.0 Total Other operating income 0,6 4,4 10,4 38,2 -42,8 10,7 -0.2 0.0 10.5 Materials and services -205,7 -120,5 -148,2 0,0 107,3 -367,0 105.8 -4.9 -266.1 Gross profit 97,8 108,8 117,0 38,2 -53,0 308,7 -89.6 3.5 222.5 Other operating expenses -59,1 -60,8 -99,2 -47,4 53,0 -213,5 60.8 -7.1 -159.8 EBITDA 38,7 48,0 17,7 -9,2 0,0 95,2 -28.8 -3.6 62.9 Items affecting comparability 0,8 -0,5 0,3 5,2 0,0 5,8 -4.8 7.8 8.8 Comparable EBITDA 39,5 47,5 18,0 -4,0 0,0 101,0 -33.6 4.2 71.7 EBITDA 0,0 0,0 0,0 0,0 0,0 95,2 -28.8 -3.6 62.9 Depreciations -31,2 9.0 1.7 -20.5 Operating profit 64,0 -19.8 -1.9 42.4 1) Items affecting comparability comprise of material items outside normal business, such as net gains or losses from business and assets disposals, impairment losses, cost for closure of business operations and restructurings, major corporate projects including direct transaction costs related to business acquisitions and the merger, merger related integration costs, expenses arising from the fair valuation of inventories in connection with merger, voluntary pension plan change, and costs related to other corporate development. Gains on sale of property, plant and equipment and intangible assets are presented in Note 1.3 and employee costs related to restructuring in Note 1.5Segment net sales and results
The following tables set out the segment net sales and Comparable
EBITDA as well as the reconciliation of the Comparable EBITDA to
the group\u2019s operating result :
Industrial
The Industrial segment comprises Anora\u2019s industrial business
\u2013 industrial products and contract manufacturing, the logistics
company Vectura and supply chain operations.
Other entity-wide disclosures Net sales by geography Net sales broken down by the segment and country for the years ended 31 December 2022 and pro forma 31.12.2021 were as follows: EUR thousand 2022 2021 Pro forma Wine Finland 47.1 52.7 Sweden 134.7 152.3 Norway 83.7 97.5 Denmark 44.2 0.0 Wine. total 309.7 302.5 Spirits Finland 56.3 55.8 Sweden 51.3 55.9 Norway 48.5 62.1 Denmark 19.5 20.3 Other countries 57.4 30.4 Spirits. total 233.0 224.6 Industrial Finland 134.3 110.3 Norway 25.7 27.6 Industrial Total 160.0 137.9 Eliminations and allocations 0.0 Group Total 702.7 665.0 Significant customer relationships The Group has significant customer relationships with Alko in Finland. with Vinmonopolet in Norway and Systembolaget in Sweden. The total net sales from Alko were approximately EUR 88.5 million (2021: EUR 84.3 million). The total net sales from Vinmonopolet were EUR 90.9 million (2021: EUR 65.8 million). The total net sales from Systembolaget were around EUR 151.5 million (2021: EUR 115.1 million). In Industrial segment. net sales of EUR 45.7 million (2021: EUR 36.4 million) were derived from a single external customer. No other single external customer represented more than 10 per cent or more of Anora\u2019s total net sales for the years ended 31 December 2022 or 2021. Non-current assets by geography The total of non-current assets other than financial instruments and deferred tax assets broken down by the location of the assets as at 31 December 2022 and 2021 were as follows: EUR thousand 2022 2021 Finland 103.4 105.1 Sweden 49.0 52.8 Norway 384.7 408.3 Estonia 2.0 2.1 Latvia 0.4 0.4 Denmark 199.1 94.5 Other countries 7.9 8.3 NON-CURRENT ASSETS BY GEOGRAPHY. TOTAL 746.5 671.4 1.3. OTHER OPERATING INCOME Other operating income mainly includes gains on the disposal of non-current assets, income from sale of energy, water, steam and carbon dioxide, gains on sale of emission allowances, rental income and related non-core business service income and contract termination fees. EUR million 2022 2021 \"Gains on sale of property, plant and equipment and intangible assets\" 0.9 3.7 Gains on sale of emission allowances 1.2 - Rental income 1.4 1.8 Income from sale of energy, water, steam and carbon dioxide 4.2 3.4 Insurance compensations 1.1 - Other income 2.2 1.6 TOTAL 10.9 10. 1.4. MATERIALS AND SERVICES EUR million 2022 2021 Raw materials, consumables and goods Purchases during the period 457.6 250.7 Change in inventories -50.1 15.7 Scrapping and obsolescence and revaluation 4.0 -2.1 External services 2.9 1.8 TOTAL 414.3 266.1 Materials and services consist of cost of material, such as barley, wine, different spirit, liquids, ground water as well as other ingredients needed for a variety of different drinks, packaging materials, production costs, changes in inventories, scrapping and obsolescence costs and external services such as logistics and warehousing. 1.5. EMPLOYEE BENEFIT EXPENSES EUR million 2022 2021 Wages and salaries 74.0 52.6 Pension expenses Defined contribution plans 9.1 7.4 Defined benefit plans 0.0 0.0 Share -based payments 0.6 1.6 Other social expenses 10.1 7.9 TOTAL 93.8 69.6 In Anora, the total wages and salaries of personnel consists of fixed and variable pay, allowances, short and long-term incentives and fringe benefits. The Group has recognised the total amount of incentives EUR 0,8 millon (2021: EUR 4,3 million) in the form of cash bonuses. Employee benefit expenses include personnel related restructuring costs of EUR 0,1 million (2021: EUR 0,5 million). Average number of personnel during the period 2022 2021 Workers 538 315 Clerical employees 621 484 TOTAL 1,159 799 More information on the Group\u2019s pension plans is presented in Note 2.7. Information of management remuneration is presented in Note 6.3. related party transactions. 1.6. OTHER OPERATING EXPENSES EUR million 2022 2021 Losses on sales and disposals of property, plant and equipment and intangible assets 0.2 0.0 Short term, low value and variable lease payments 4.7 1.6 Marketing expenses 29.9 18.4 Travel and representation expenses 5.2 2.0 Outsourcing services 35.5 17.1 Repair and maintenance expenses 14.8 8.6 Cars and transport services 0.5 3.1 Energy expenses 9.8 8.3 IT expenses 12.0 8.9 Variable sales expenses 16.0 13.1 Other expenses 9.1 9.0 TOTAL 137.6 90.2 Auditor\u2019s fees included in other operating expenses 2022 2021 Audit fees 1,2 0.5 Tax consultation 0,0 - Other fees 0.3 0.2 TOTAL 1,4 0.6 The table above presents fees to Group auditor PricewaterhouseCoopers as well as other auditors of Group subsidiaries during the year. Upon the application of PricewaterhouseCoopers, The oversight office of Finnish Patent and Registration Office has granted PricewaterhouseCoopers an exemption from the maximum amount of non-audit fees referred to in chapter 5, section 4 of the Finnish Auditing Act . 1.7. DEPRECIATION, AMORTISATION AND IMPAIRMENT Depreciation and amortisation by asset categories is as follows: EUR million 2022 2021 Amortisation on intangible assets Trademarks 8,1 3,7 Software and other intangible assets 2,4 2,1 Total amortisation on intangible assets 10,6 5,9 Depreciation on property, plant and equipment Buildings 2,6 2,8 Machinery and equipment 6,9 5,3 Other tangible assets 0,0 0,0 Total depreciation on property, plant and equipment 9,5 8,1 Depreciation on right-of-use assets Buildings 9,9 4,8 Machinery 3,3 1,7 Total depreciation on right-of-use assets 13,2 6,5 TOTAL DEPRECIATION AND AMORTISATION 33,2 20,5 Group\u2019s depreciation and amortisation methods and periods are described in Note 2.1. Goodwill and other intangible assets, Note 2.2. Property, plant and equipment and Note 2.3. Leases . 1.8. RESEARCH AND DEVELOPMENT EXPENDITURES Operating result includes research and development expenditures amounting to EUR 2,2 million (2021: EUR 3,5 million). The R&D expenditures represents 0,3% of net sales in 2022 (2021: 0.7%). 2.1. GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets comprise of goodwill, marketing related intangible assets (trademarks and company brands), customer related intangible assets, software, other intangible assets and prepayments for intangible assets. Intangible assets are capitalised at cost price or fair value with deduction for accumulated depreciation and accumulated write downs in the event of non-transitory impairment. Goodwill Goodwill arising on the business acquisition is recognised as a residual value in the excess of the aggregate of the consideration transferred, the amount of non-controlling interests and any previously held equity interest in the acquiree, over the fair value of the net assets acquired. Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised but is tested annually for impairment. For the purpose of impairment testing, goodwill is allocated to the groups of cash generating units (CGU) that are expected to benefit from the business combinations in which the goodwill was generated. Marketing related intangible assets (Trademarks and company brands) Marketing related intangible assets are either arising from business acquisitions or purchased separately. Marketing related intangible assets that have been acquired in connection with business acquisitions are capitalized at fair value at the time of the business acquisition, while separately purchased marketing related intangible assets are capitalized at cost price. Critical estimates and management judgements \u2013 Useful lives of trademarks On initial recognition of marketing related intangible assets, an assessment is made on whether the asset is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the asset, the customary life cycles for the assets of this type, the stability of the sector and the business, and the probability that the Group will succeed in maintaining the asset\u2019s financial lifetime, given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of these assets in large and important markets. Marketing related intangible assets with definite useful lives are amortized by the straight-line method over the expected useful life. The capitalised value of marketing related intangible assets with indefinite lifetime is tested for impairment at least once a year, or more often if there are indications that the value of the asset has decreased. The estimated useful lives of marketing related intangible assets are as follows: Trademarks with indefinite useful life: not amortized Trademarks with definite useful life: 0\u201350 years Company Brands with definite useful life: 5 years Customer related intangible assets (Customer relations) Customer related intangible assets are arising from business acquisitions and are capitalized at fair value at the time of the business acquisition. Customer related intangible assets are amortized by the straight-line method over the expected useful life. The estimated useful lives of customer related intangible assets are as follows: Customer relations Wine: 7\u201315 years Other intangible assets Other intangible assets include software and other intangible assets in addition to prepayments for intangible assets. These other intangible assets are recognised in the balance sheet at the original cost and depreciated over their estimated useful lives. The costs related to the other intangible assets are capitalised if it can be demonstrated that the asset will generate the future economic benefits, the entity controls the asset can be measured reliably. All other expenditure is recognised as an expense when incurred. The estimated useful lives of intangible assets are as follows: IT-development and software: 3\u201310 years Expenditure on research activities is recognised in profit or loss in the period in which it is incurred. The Group has no projects related to the development activities of new products or processes qualifying for the identifiability and other criteria regarding capitalisation under IFRS. Accounting for emission allowances is described in Note 6.2. mpairment testing Book value of assets are assessed to determine whether there is any impairment at least at the end of each financial year. If any evidence of impairment emerges (a triggering event), the assets\u2019 recoverable amount is estimated. The recoverable amount is determined on the basis of value in use. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is immediately recognised in profit or loss and the estimated useful life of the asset in question is reassessed when an impairment loss is recognised. The recoverable amounts of goodwill and intangible assets not yet available for use are estimated annually. The impairment loss is reversed if there has been such a positive change in the estimates used to determine the recoverable amount of the asset or cash-generating unit that recoverable amount of the asset will increase the book value of asset. Impairment losses are only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised. An impairment loss on goodwill is never reversed . Critical estimates and management judgements \u2013 Impairment testing: The preparation of calculations for the impairment testing of goodwill requires estimates regarding the future. The management\u2019s estimates and related critical uncertainties are related to the components of the recoverable amount calculation, including the discount rate, the terminal growth rate and development of the net sales and operating result, including estimated cost levels of main raw materials and energy. The discount rates reflect current assessments of the time value of money and relevant market risk premiums l ife time given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of trademarks in large and important markets. At the end of 2022, all of the Group\u2019s trademarks with indefinite useful lives were related to Spirits segment. Most of the trademarks within Spirits business are trademarks that have existed for several decades and some have existed for several hundred years. If impairment tests show declining curves over time, the trademark may be written down to estimated value in use and a new assessment of the trademark\u2019s estimated useful live is performed. If it is estimated after a new assessment that the useful life is no longer indefinite, the trademark is redefined to have a definite useful life, whereby a linear depreciation term is determined for the remaining book value . 2.2. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment Property, plant and equipment mainly consist of manufacturing and warehouse buildings, land, and machinery and equipment used in alcoholic beverage industry. Property, plant and equipment are measured at historical cost less accumulated depreciation and possible impairment losses. If parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. The subsequent costs related to the items of property, plant and equipment are capitalised only if the future economic benefits exceed the originally assessed standard of performance. All other expenditure, for example ordinary maintenance and repair costs, is recognised as an expense as incurred. Depreciation is recognised on a straight-line basis over the estimated useful lives of items of property, plant and equipment. Land is not depreciated. Government grants, for example grants received from the State, are recognised in profit or loss in the same period in which the related expenses are recognised. Grants that compensate the Group for the acquisition of property, plant and equipment are deducted from the carrying amount adjusted with the grant received. Investment properties are properties held by the Group in order to earn rental income or for capital appreciation. Investment properties are measured at cost less accumulated depreciation and impairment losses. Fair values of investment properties are determined based on a valuation carried out by an external property valuator. The estimated useful lives of property, plant and equipment are as follows: Buildings and structures 10\u201340 years Machinery and equipment 3\u201320 years Other tangible assets 3\u201310 years The estimated useful lives and residual values are reviewed at each financial year-end, and if they differ substantially from the previous estimates, the depreciation periods are adjusted accordingly. Impairment loss is recognised in profit or loss to the extent the assets carrying value exceeds its recoverable amount. Gains and losses on the disposals of property, plant and equipment are included in other operating income or expenses. Leases
Lease is a contract, or a part of a contract that conveys
the right to use an asset for a period of time in exchange
for consideration. A contract contains a lease if there is
an identified asset and the contract conveys the right to control
the use of an identified asset for a period of time in exchange
for consideration.
Anora mainly acts as the lessee. The Group\u2019s leases are
related to normal business operations, such as leases on
production, distribution and administration buildings, machine
& equipment for production, vehicles, forklifts and office
technology.
The lease liability is measured by discounting the expected
lease payments to the current value. Lease payments include
fixed lease payments, expected payments related to residual
value guarantees and the possible exercise price of the purchase
option if the use of the option is reasonably certain. The lease
period is the non-cancellable period of the lease. Any extension
options are added to the lease period if it is reasonably certain
that the Group will exercise such options.
Lease payments are discounted at the internal rate of return
of the lease if that rate can be readily determined. If an internal
rate of return cannot be readily determined, the interest
rate for additional credit is used as the discount rate. The
criteria used to determine the discount rate includes the class
of the underlying asset, geographical location, currency,
the maturity of the risk-free interest rate and the lessee\u2019s credit
risk premium.
The lease liability is remeasured and adjusted against
the right of used asset if the cash flow in accordance with
the original terms and conditions of lease changes; for example,
if the lease period changes or if the lease payments change
based on a variable index or interest rate. The lease liability is
divided into current and non-current liability and is presented
on a separate line on the balance sheet.
Right-of-use assets are measured at acquisition cost based
on the amount of the initial measurement of the lease liability
less payments made at or before commencement date and lease
incentives received, adding initial direct costs and adjusting by
estimated dismantling or site restoration costs. Right-of-use
assets are depreciated over the lease period or their useful lives,
depending on which is shorter. Right -of use assets related
to land, buildings and other real estate are depreciated in
1\u201332 years and right-of -use assets related to machinery and
equipment are depreciated in 1\u201315 years.
Right-of-use assets related to tangible assets are presented
on a separate line on the balance sheet.
The IFRS 16 standard includes exemptions concerning
leases of less than 12 months and low-value assets. Lease
liabilities are not recognised for leases of less than 12 months
and low-value assets and . Anora considers assets with
an acquisition cost of less than EUR 5,000 to be low-value.
Lease expenses related to leases included in the exemptions are
recognised in equal instalments over the lease period.
Lease agreements include the agreement concluded with Gjeller\u00e5sen
Elendom AS on the lease of production, distribution, and
administration buildings at Gjeller\u00e5sen for a term of 25 years as
from 1 January 2012. The annual rent under this agreement is about
9.4 million euros as from 2020.
On the relocation to Gjeller\u00e5sen in 2012, agreements were
entered by former Arcus into for the lease of new machines
and equipment for the production and distribution activities at
Gjeller\u00e5sen. The contract partner for these agreements is Nordea
Finans and agreements are subject to variable interest rates. Even
though in principle, the lease agreements were entered into with
a 15-year repayment and interest profile (annuity), the actual terms
of the agreements are for a shorter period of time, with the option
of renewal. In 2020, former Arcus and Nordea signed an addendum
to the agreement with Nordea whereby the renewal options
are exercised so that at the end of the year the formally agreed
repayment term is also in line with the plan as it has appeared from
the commencement of the agreement. The agreement runs until
2027.
Other lease agreements include lease agreements for office
premises, other machinery and equipment, company cars, trucks,
lorries in the logistics business and lease of various office machines.
Inventories Inventories are measured at the lower of cost and net realisable value. Self-manufactured products are measured at standard prices, except cognac products, which are measured at weighted average cost. Fixed production costs are allocated to the cost of own production. Raw materials, supplies and trading goods are measured at weighted average cost. Semi-finished products are measured at weighted average cost Repacked trading goods are measured at standard cost in repacking plant. The cost of finished products and work in progress includes raw materials, direct labour costs, other direct costs as well as an allocable proportion of variable procurement and production costs and fixed overheads in case of finished products, determined based on normal operating capacity. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale Trade and other receivables Trade receivables are carried at original invoiced amount less any impairment losses. An impairment loss is recognized immediately in profit and loss. Impairment provisions are recognized based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. The expected credit loss model is forward looking and expected default rates are based on historical realized credit losses. The lifetime expected credit loss provision is calculated using aging of the accounts receivable and regional portfolios. Trade receivables are written off when there is no reasonable expectation of recovery for example the failure of a debtor to engage in a repayment plan with the group. Sold trade receivables are derecognised from the balance sheet as soon as the receivable is sold and the price has been received. At the time of sale, the Group derecognises the trade receivable as the contractual rights to these cash flows expire and all the related substantial risks and rewards have been transferred outside the Group. The costs related to the sold receivables are recognised in Other finance expenses 2.7. EMPLOYEE BENEFIT OBLIGATIONS
Group\u2019s pension arrangements
The Group operates various pension plans in accordance with local
conditions and practices in different countries. In the Finnish,
Norwegian, Swedish, Danish and German companies, statutory
pension obligations are arranged through pension insurance
companies, when the plans are defined contribution plans and they
are managed in accordance with local legislation and established
practice.
Up to 31 December 2008, Arcus ASA and its subsidiaries in
Norway had a group defined benefit plan for their employees.
These plans were terminated and plans were switched to defined
contribution plans. On the transition 2009, all those who were ill or
disabled remained in the defined benefit plans. There is a pension
obligation of EUR 71 thousand related to five individuals and this
pension obligation is secured with assets.
Gift pension and unfunded pension arrangements
On the transition 2009 to the defined contribution plan in Arcus
ASA and its subsidiaries, there were individuals who would be
disadvantaged in the event of early retirement at 65\u201367 years of age.
To compensate for this, it was agreed to that a gift pension would
be paid to all employees who were affected. As at 31.12.2022, this
pension is linked to 86 employees and the total obligation has been
recognized at EUR 1.1 million.
The Group has defined benefit pension plans for supplementary
pension in Altia Norway and France.
In defined benefit pension plans, the amount of the pension
benefit at retirement is calculated based on salary, years of service
and life expectancy. The Norwegian and French pension plans
cover only few employees, thus the related pension liabilities are
not material for the Group. At the end of the reporting period 2022
the defined benefit plan obligation amounted to EUR 0.8 million
(2021: EUR 1.0 million).
Provisions
A provision is recognised when the Group has a present legal
or constructive obligation as a result of a past event, and it is
probable that an outflow of economic benefits will be required
to settle the obligation and the amount of the obligation can
be reliably estimated. The amount recognised as provision is
the management\u2019s best estimate of the costs required to settle
the existing obligation at the end of the reporting period. If part
of the obligation may potentially be compensated by a third
party, the compensation is recognised as a separate asset when
it is virtually certain that the compensation will be received.
A provision for restructuring is recognised when a detailed
restructuring plan has been prepared, and the implementation
of the plan has either been commenced or the plan has been
announced to those who are affected.
According to IFRS 9 the classification is business model driven and there are three classes: fair value through profit and loss, amortised cost and fair value through other comprehensive income. Classification is made upon initial recognition based on the purpose of use of the asset. The basis of classification is reassessed at each reporting date. All purchases and sales of financial instruments are recognised on the trade date, which is the date when the Group commits to purchase or sell a financial instrument. Financial assets are recognised in the balance sheet at original cost which equals their fair value at the acquisition date. If the asset in question is not measured at fair value through profit or loss, transaction costs are included in the original cost of the financial asset. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or the Group transfers all the substantial risks and rewards related to the financial asset outside the Group. Financial assets are included in non-current items of the balance sheet when their maturity is over 12 months. Impairment of financial assets The impairment model requires the recognition of impairment provision based on expected credit losses. The impairment provision is recognised based on lifetime expected credit losses from trade receivables and contract assets. More information on the impairment provision on trade receivables can be found in Note 2.6. Trade and other receivables (current). The impairment model does not apply to financial assets measured at fair value since those are measured at fair value which already takes into account expected credit losses . Financial assets recognised at fair value through profit or loss This category includes financial assets held for trading purposes or otherwise designated as financial assets recognised at fair value through profit or loss by Anora Group. Sold receivables are classified in this category. Derivative instruments held for hedging purposes, but not qualifying for the criteria of hedge accounting, are classified in this category. Items in this category are initially recognised at fair value and subsequently measured at the fair value of each reporting date, which is the market bid price at the end of the reporting period determined based on public price quotations in active markets. Realised and unrealised gains and losses arising from changes in fair values are recognised in profit or loss in financial items in the period in which they are incurred if they relate to hedging of financial items. Amortised cost Loans and receivables arise when money, goods or services are delivered to a debtor, and they are included in current or non-current financial assets in accordance with their maturity. The assets in this category are held according to a business model of which objective is to collect contractual cash flows. In Anora, non-current receivables include loan receivables and other receivables with the maturity of over one year. Current receivables include trade receivables as well as cash and cash equivalents presented under current financial assets. Receivables are measured at amortised cost when the related payments are fixed or determinable and the instruments are not quoted in financial markets. The exchange rate differences of intra-group foreign currency denominated loan receivables are presented within financial items as foreign exchange differences related to loans. The exchange rate differences of foreign currency denominated trade receivables are presented in income statement as adjustments to sales. Fair value through other comprehensive income The assets measured at fair value through other comprehensive income consist of unquoted shares, that are not held for trading purposes and at initial recognition, the group has made a final choice that they belong to this category. The changes in fair values are presented in other comprehensive income. Fair value through other comprehensive income Fair value through other comprehensive income assets consisted of unquoted shares, amounting to EUR 0.7 million (2021: EUR 0.7 million). 3.2.2 FINANCIAL LIABILITIES Financial liabilities are classified as financial liabilities at fair value through profit or loss and financial liabilities at amortised cost. Financial liabilities are initially measured at fair value and recognised net of transaction costs, with the exception of items measured at fair value through profit or loss. A financial liability (or a part of it) is not derecognised until the obligation specified in the contract is discharged or cancelled or expires. A financial liability is classified as current, unless the Group has an unconditional right to defer the settlement of the liability for at least 12 months after the end of the reporting period. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include derivatives held for hedging purposes but not qualifying for hedge accounting and put options for the purchase of non- controlling interests. Derivatives held for hedging purposes but not qualifying for hedge accounting are measured at fair value, which is determined based on price quotations in active markets at the reporting date. Realised and unrealised gains or losses arising from the changes in fair values are recognised through profit or loss in the financial items as incurred. The liabilities related to options for the purchase of non-controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements . Financial liabilities at amortised cost This category includes the Group\u2019s external loans from financial institutions, loans from pension institutions, commercial paper loans as well as trade payables. These financial liabilities are measured at amortised cost using the effective interest method. When loans are paid off or refinanced, the related unamortised costs are recognised in finance expenses. Group overdrafts in use are included in current borrowings. In addition, Anora has a revolving credit facility and the related fee is amortised on a straight-line basis in other finance expenses during the term of the facility. The exchange rate differences arising from foreign currency denominated loans from financial institutions are disclosed under financial items. The exchange rate differences of intra- group foreign currency denominated loans are presented within financial items in the foreign exchange differences of the category financial liabilities at amortised cost. The fair values of loans from financial institutions and commercial paper loans are determined based on future cash flows discounted with market interest rate at the reporting date adjusted with Anoras credit risk premium. At the reporting date, the carrying amounts of the loans are not materially different from their book values Derivative instruments Derivatives are included in financial assets and liabilities at fair value through profit or loss when they do not meet the criteria of hedge accounting pursuant to IFRS 9. These derivatives are recognised at fair value on the trade date and they are subsequently measured at fair value at the reporting date. Derivative instruments and hedge accounting are described in Note 3.3. The fair values of derivatives equal the amount that the Group would have to pay, or it would receive from the termination of the derivative contract at the reporting date. The fair values of forward exchange contracts are determined by using the market prices at the reporting date. The fair values of interest rate derivatives are determined by discounting the related future cash flows. The valuation of commodity derivatives is determined based on the fair values received from the financial markets. At the reporting date due to short maturity fair value of trade receivables and other short-term receivables and liabilities equal to their value in the balance sheet. The table above presents the classification of financial instruments. The levels 1-3 of fair value hierarchy reflect the significance of inputs used in determining the fair values. In level one, fair values are based on public quotations of identical financial instruments. In level two, the inputs used in determining the fair values are based on quoted market rates and prices observable for the asset or liability in question directly (I e. price) or indirectly on discounted future cash flows. Fair values of other financial assets and liabilities in level two reflect their carrying value. In level three, the fair values of assets and liabilities are based on inputs that are not based on observable market data for all significant variables, and instead are, to a significant extent, based on management estimates and their use in generally accepted valuation techniques. The reported fair value level is based on the lowest level of input information that is significant in determining the fair value 3.3. DERIVATIVE INSTRUMENTS
AND HEDGE ACCOUNTING
When the Group applies IFRS 9 hedge accounting to foreign
currency, interest rate and electricity derivatives, the effective portion
of the fair value change is recognised in other comprehensive income
and presented within equity in the hedge reserve.
When hedge accounting is applied
In Anora, cash flow hedging is applied to part of the interest
rate, foreign currency and electricity derivatives based on case-
by-case assessment. In cash flow hedging, the Group is hedging
against changes in cash flows related to a specific asset or
liability recognised in the balance sheet or to a highly probable
future business transaction. Hedge accounting is a method
of accounting with the purpose to allocate one or several
hedging instruments so that their fair value changes offset
in full or partly the changes in fair value or cash flow arising
from the hedged risk in profit or loss during the period, for
which the hedge is designated. In the beginning of the hedging
arrangement, Anora documents the relationship between each
hedging instrument and hedged item, as well as the objectives
of risk management and the strategy in engaging in hedging.
IFRS 9 requires that the effectiveness of hedging instruments
is tested prospectively. Effectiveness means the ability of
a hedging instrument to offset the changes in the fair value
of the hedged item or changes in the cash flows of the hedged
transaction attributable to the hedged risk. Under IFRS 9
the hedging relationship is regarded to be highly effective
when there is an economic relationship between the hedged
item and the hedging instrument. Hedging ratio is defined as
a relationship between the quantity of the hedging instrument
and the quantity of the hedged item. Hedge accounting is
discontinued when the criteria for hedge accounting is no
longer met.
The gains and losses arising from fair value changes
of derivative contracts, to which hedge accounting is
applied, are presented in hedge reserve. Forward points
are included to hedging relationship. The effective portion
of the unrealised changes in the fair value of derivatives
designated and qualifying as cash flow hedges are recognised
in other comprehensive income and presented in the hedge
reserve in equity. The ineffective portion is immediately
recognized in finance income or expenses in profit or loss. The
cumulative gain or loss in equity on derivative instruments
related to commercial items is recognised in profit or loss
as an adjustment to purchases or sales simultaneously with
the hedged item in the period in which the hedged item affects
profit or loss. Realised gain or loss on electricity derivatives
is included in operating result in electricity procurement
expenses. When a hedging instrument designated as a cash
flow hedge no longer meets the criteria of hedge accounting,
the gain or loss accumulated in equity is recognised through
finance income or expenses.
When hedge accounting is not applied
The accounting for gains and losses arising from fair
value measurement is dependent on the purpose of use of
the derivative. In Anora, the changes in the fair values of
derivative instruments are immediately recognised in profit or
loss in finance income or expense if the derivative in question
is related to hedging of commercial cash flows (purchases
and sales) and hedge accounting is not applied. The fair value
changes of other derivative instruments are immediately
recognised in profit or loss in finance income or expense items
if hedge accounting is not applied. Derivatives, to which hedge
accounting is not applied, are acquired to minimise the profit
and/or cash flow effects related to business operations or
financing.
Positive and negative fair values of unrealised derivatives and their net amount are presented below. Interest and currency derivatives are under netting agreements. The master netting agreements in respect of derivatives do not meet the criteria for offsetting in the balance sheet owing to legally enforceable right not existing currently Translation differences Translation differences comprise all foreign exchange differences arising from the translation of the foreign subsidiaries\u2019 financial statements. The Group\u2019s accumulated translation differences amounted to negative EUR 33 million at 31 December 2022 (31.12.2021: negative EUR 15.0 million). Earnings per share Basic earnings per share is calculated by dividing the result for the period attributable to owners of the parent company by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share has been calculated on the same basis as basic earnings per share except that it reflects the impact of any potential commitments the Group has to issue shares in the future. Anora has not issued any dilutive instruments during the periods presented Accounting policies requiring management judgement and key sources of estimation uncertainty The preparation of financial statements requires the use of accounting estimates, which by definition, seldom equal the actual results. In addition, management makes judgements in applying Anora\u2019s accounting policies. Estimates made in the preparation of the financial statements, and related assumptions, are based on the management\u2019s best knowledge at the reporting date. Consequently, the realised results can differ from the estimates. Any changes in estimates and assumptions are recognised when estimates and assumptions are corrected. The Group\u2019s most significant area in which the management has exercised judgement is related to the revenue recognition especially on estimates regarding volume- based discounts, marketing support and product returns which are based on actual sales and agreements (Note 1.1) and impairment provision of trade receivables, and useful lives of intangible assets and parameters used in impairment testing (Note 2.1.), parameters used in lease accounting and pension obligations. Other critical future assumptions and anticipated uncertainties at the reporting date, which pose a significant risk of resulting in material changes in the carrying amounts of assets and liabilities within the next financial year, are related to deferred taxes (Note 6.1.) and uncertain tax positions. The valuation of assets acquired and liabilities assumed in business combinations requires management judgement to determine the appropriate valuation techniques and inputs for fair value measurements, such as discount rate. The management believes that the used estimates and assumptions are sufficiently reasonable for determining fair values reflecting risks and uncertainties for which the future cash flow estimates have not been adjusted. The cash generating unit for impairment testing of marketing related intangible assets is the trademark itself. To determine the recoverable amount for these assets, future cash flows are calculated based \u201crelief from royalty\u201d method before tax. Impairment testing of goodwill Allocation of goodwill Goodwill is allocated to groups of cash-generating units (CGU) that represent the level on which the management monitors the goodwill. Following the Altia-Arcus merger, the Group implemented a new reporting structure and is now organized into three segments which are Wine, Spirits, and Industrial. These three segments form the cash generating units (CGU) and represent the lowest level at which goodwill is monitored for internal management purposes. The Group goodwill has been allocated to the CGUs of the new reporting structure in 2022 using the relative fair values of notional goodwill which reflect share of fair values of the cash generating units. At the end of 2022, goodwill of the Group has been allocated as follows: EUR million 2022 % 2021 % Wine 106.3 34.2% Spirits 204.2 65.8% Finland& Exports 46.6 16.8% Scandinavia 34.1 12.3% Arcus 197.0 70.9% TOTAL 310.5 100% 277.8 100% Impairment testing The key assumptions in goodwill impairment testing are operating result and discount rate. The goodwill allocated to the Group\u2019s cash-generating units is tested for impairment annually or when there is reason to assume that the carrying amount has exceeded the recoverable amount, with the carrying amount compared to the recoverable amount in the testing. The annual impairment tests have been carried out on 31 October 2022 and 31 October 2021. The cash flow estimates used are based on CGU-specific financial plans for the following year approved by the Group\u2019s management. The forecast period applied for the calculations covers five years, beyond which the cash flow projections are extrapolated using a constant market-specific growth rate estimate. The forecasted cash flows for a longer term than this have been estimated by using an annual growth rate estimate of 2.0% which is based on an assumption of inflation growth. The market-specific WACC estimates are based on external market-specific references. Management makes judgements regarding the development of assumptions other than WACC based on internal and external views of the industry\u2019s history and future. The weighted average costs of capital used as discount rates for the cash flow estimates are presented in the enclosed table: Used pre-tax discount rate % 2022 2021 Wine 8.0% Spirits 8.4% Finland & Exports 8.5% Scandinavia 8.8% Arcus 8.8% The estimated average operating margins used in the calculations are presented in the enclosed table: Projected average pre-tax operating result % 2022 2021 Wine 9.5% Spirits 13.2% Finland & Exports 11.9% Scandinavia 9.5% Arcus 13.4 % Based on the analyses prepared by the company, no reasonably possible change in any of the key assumptions would cause any of the tested unit's recoverable amount to decrease to be equal to its carrying amount. Equivalent impairment tests are made for trademarks. The recoverable amount for trademarks is calculated on the basis of relief from royalty method before taxes whereby the brand\u2019s annual royalty rate is considered to be the expected long term profit that the individual trademarks are expected to have. The forecast period applied for the calculations covers five years. The terminal value is based on an assumption of inflation growth of 2 percent. Cash flow estimates used are discounted using a discount rate. A significant proportion of the Group\u2019s trademarks are assessed not to have definite useful lives. These are not amortised on an ongoing basis but are solely subject to annual impairment testing. On initial recognition of trademarks, it is assessed whether the trademark is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the trademark, the customary life cycles for trademarks of this type, the stability of the sector and the business, and the profitability that the Group will succeed in maintaining the trademark\u2019s financial Contract assets represent the amount which Anora has right to receive goods expected to be returned to inventory with respect to return clauses in the contracts. Contract assets are measured at the former carrying amount of the inventory less any expected costs to recover the goods and less any impairment losses. Contract liabilities represent the amount received or receivable that is expected to be returned as a refund liability The realized impairment losses recognized on trade receivables during the year 2022 amounted to EUR 0.3 million (2021: EUR 0.2 million). A significant share of the Group\u2019s revenue is associated with the state monopolies in the Nordic region, where there is not considered to be material credit risk. The group\u2019s credit risk is otherwise spread over a large number of small customers within the HORECA market, industrial customers as well as a small number of distributors outside the home markets. On this basis, the Group applies a simplified approach to calculation of expected credit losses. The loss allowance for trade receivables is based on the ageing of the accounts receivables, regional portfolio and experienced historic credit losses. Forward looking macro-economic information has been included in analysis Options for the purchase of non-controlling interests Within the Group\u2019s wines business, the general managers of several subsidiaries have non-controlling interests. Most of the general managers have put options linked to their interests and these options can be exercised on a future date. The Group does not have control of these shares at the end of period, nor does it have control of the possible exercising of the put options. The value of put options is therefore recognized as liabilities at fair value at the end of the year. The liabilities related to options for the purchase of non- controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements discounted for the close of the financial year. The most important parameters in the pricing mechanisms were the development in the share values, measured as EBIT (operating profit) up to the estimated due date, multiplied by a fixed market based multiple. As the basis for EBIT, the underlying companies\u2019 budgets and long-term plans up until the expected due date are used. The discount rate is NIBOR or STIBOR with duration matched to the expected due date Interest-bearing non-current loans from financial and pension
institutions are measured at amortised cost using the effective
interest method.
All of the Group\u2019s non-current and current loans from financial
and pension institutions were nominated in euro\u2019s as at 31
December 2022. (2021 in EUR 69.8 million and in SEK 750.0
million)
The weighted average effective interest rate (p.a.) of the Group\u2019s
loans from financial and pension institutions as at 31 December
2022 was 3.5% (2021: 1.5%).
The weighted average interest rate (p.a.) of the Group\u2019s lease
liabilities as at 31 December 2022 was 3,9% (2021: 3.9%).
In December 2022 Anora refinanced its loan portfolio and all
existing loans from financial institutions were early repaid. Group\u2019s
external bank loans were combined under parent company and
terms were unified. Company entered into an EUR 410 million
term and revolving facilities agreement. It consists of EUR 260
million term loan and EUR 150 million revolving credit facilities.
The facilities mature on December 2025 unless those are extended
by optional one plus one year. Anora drew down a EUR 210 million
from term loan facility.
3.4. EQUITY Share capital At the end of the reporting period, Anora Group Plc's share capital amounted to EUR 61,500,000 and the number of issued shares was 67,553,624. At 2021 as merger consideration, the shareholders of Arcus received 0.4618 new shares in Altia for each share registered as held in Arcus upon completion of the merger. Arcus\u2019 shareholders received in aggregate shares representing approximately a 46.5% ownership in Anora. The aggregate number of the new shares issued in Altia in connection with the merger was 31,413,139 shares. The share capital of Altia was increased by EUR 1,019,621.64 in connection with the registration of the execution of the merger. The merger consideration shares were registered at the Finnish Trade Register on 1 September 2021. All shares issued have been paid in full. The shares have no nominal value. Each share has one vote at the Annual General meeting and equal rights to dividend and other distribution of assets. The company does not hold its own shares. Invested unrestricted equity fund The invested unrestricted equity reserve includes the subscription price of shares to the extent that it has not been recorded in share capital according to specific resolution. The increase in the invested unrestricted equity reserve in 2021 was due to the merger of Altia and Arcus. 31,413,139 new shares were issued with a closing price of EUR 10.74 of Altia share on 31 August 2021 on Nasdaq Helsinki, of which EUR 336.4 million recorded in Invested unrestricted equity reserve. Costs of EUR 0.8 million related to the share issue have been deducted from the invested unrestricted equity reserve. Fair value reserve The fair value reserve represents the change in the fair value of financial assets measured at fair value through other comprehensive income. Legal reserve Legal reserve represents statutory part of the foreign subsidiary\u2019s result. Hedge reserve The hedge reserve includes the fair value changes of derivative instruments used for cash flow hedging for effective hedges 4.1. FINANCIAL RISK MANAGEMENT Financial risk management principles The Anora Group Risk Management Policy is based on the Altia legacy risk management policy. The focus of 2022 has been the harmonization of the current risk management policies of Altia and Arcus into a common risk management policy of Anora. Hence, currently risks are managed according to the Altia and Anora legacy risk management policies. Risk management is aimed at supporting the implementation of the Group\u2019s strategy, the identification of risks and methods for reducing the probability and impacts of risks, as well as ensuring business continuity. Risks may arise from internal or external events. The Group\u2019s risk management policy has been approved by Anora Plc\u2019s Board of Directors. The aim of Anora\u2019s financial risk management is to ensure the Group\u2019s financial stability and availability of sufficient financing options in different market situations. In addition, the aim is to support the business operations to identify business-related financial risks and their management, and to limit and for some extent to hedge against without speculating material financial risk that the core business creates. The Group is exposed to various market risks. Changes in these risks affect the company\u2019s assets, liabilities and anticipated transactions. The risks are caused by changes in interest rates, currencies and commodity market prices. Selected derivative instruments can be used to manage the risks resulting from these market risks. Anora mainly hedges against risks that impact the Group\u2019s cash flow, and, if deemed appropriate, also certain foreign currency denominated items in the balance sheet. Derivatives are solely used to hedging against the above-mentioned risks. The principles of IFRS 9 hedge accounting are applied to certain interest rate, foreign exchange as well as electricity derivatives. Financial risk management is executed as part of the Group\u2019s risk management, according to the Risk Management Principles approved by the Board of Directors. Anora\u2019s principles aiming towards financial, credit and operational continuity form the basis for financial risk management. Risk management process Special process features related to financing are described below in connection with the descriptions of market, liquidity and credit risks. The financial risk exposure is regularly reported to the Audit Committee and Anora\u2019s Board of Directors. The most significant principle decisions concerning risk management are made by the company\u2019s Board of Directors. Financial risk management organisation Financial matters are reported regularly to the Group management. On a case-by-case basis, the Board of Directors processes all substantial financial matters, such as the Group\u2019s internal and external loan arrangements. Tasks and responsibilities regarding Anora\u2019s financial operations and financial risk management are described in the financial risk management principles. The Group Treasury is responsible for securing financing, identifying risks and, if required, executing hedging transactions with external counterparties. The business units and subsidiaries are responsible for managing the risks associated with their own operations and forecasting cash flows. Risk concentrations Anora carefully analyses the financial risks and risk concentrations related to its operations. Risk concentrations identified as a result of this assessment are described in connection with the descriptions of market and credit risks. Market risk Anora defines market risk as a risk where the fair values of financial instruments or future cash flows fluctuate as a result of changes in market prices. The most significant market risks for the Group are currency risk, interest rate risk and price risks for barley and electricity. 1. Currency risk Anora is exposed to currency risks as it has operations in several different countries. The objective of the Group\u2019s currency risk management is to limit the effect of exchange rate fluctuations on the Group\u2019s cash flow in EUR. The most significant currencies are NOK, SEK, USD, AUD and DKK. Transaction risk Transaction risk is caused by foreign currency denominated items in the balance sheet and future cash flows related to sales, purchases and return of capital. Foreign exchange exposures are monitored at the Business level. Some fixed sales and purchase contracts, including both future cash flows are hedged. The estimated future commercial exposures are evaluated by the Businesses, and the level of hedging is decided by the Board of Management. Hedge accounting in accordance with IFRS 9 is applied to most of the hedges. Hedging transactions are executed with forward exchange contracts or options for the following 12 months at the most, predominantly following the pricing periods of state monopolies in the Nordic region. In Finland this takes place every two months, in Norway every four months and in Sweden every six months. The two tables below present the Group\u2019s net currency position, first on the basis of financial instruments recorded on the balance sheet and secondly including on a net basis also the estimated future foreign currency net cash flows. The currency position resulting from the financial instruments in accordance with IFRS 7 consists of trade receivables, trade payables, cash and cash equivalents, the Group\u2019s internal and external loans and derivative instruments The net currency risk has been taken into account in the table if the transaction currency is other than the company\u2019s functional currencyTranslation risk
Translation risk is mainly caused by the parent company\u2019s foreign
currency denominated net investments in foreign subsidiaries,
which cause a translation difference in equity in the Group\u2019s
balance sheet upon consolidation. The Group Treasury regularly
analyses the translation risk and reports any material issues
to the management. The most significant net investments are
denominated in the Swedish and Norwegian kroner. The translation
risk has not been hedged.
2. Interest rate risk
The objective of interest rate risk management is to minimise
the impact of fluctuations arising from interest rate changes on
the Group\u2019s profit. In December, Anora refinanced its existing
loan portfolio and all loans from financial institutions were early
repaid. At 31 December 2022 the total nominal amount of loans was
amounting to EUR 218.25 million (2021: 142.9) and was divided as
follows:
\u2022 The EUR 210.0 million bullet loan matures in December 2025
Anora has hedged these interest payments to fixed interest rate
by using an interest rate derivative amounting to EUR 20 million
until 2023.
\u2022 The EUR 8.25 million pension loan matures in January 2028.
The interest rate is fixed for the whole loan period.
The maximum amount under Anora\u2019s domestic commercial paper
program is EUR 100 million. The amount of issued commercial
papers at 31 December 2022 was EUR 30.0 (2021: 20.0) million.
Anora\u2019s maximum limit for sale of trade receivables amounts
to EUR 145 million and is approved by Board of Directors. The
sold trade receivables are derecognised at the time of trade with no
obligation to repurchase. The related costs are recognised in other
financial expenses. The trade receivables are current receivables and
the related interest rate risk is not hedged. The amount of the sold
trade receivables was EUR 59.4 million at 31 December 2022 (2021:
81.4 million).
3. Price risk associated with commodities
Barley
In 2022, Anora consumed approximately 184.3 (208.5) million
kilos of grain to produce ethanol and starch. The availability of high-
quality domestic barley was ensured until the end of 2022 through
contract cultivation and cooperation with farmers and grain handling
companies. The market price of barley significantly fluctuates year
by year as a result of several factors that affect the Finnish barley
supply and demand. The price of barley is therefore considered to be
a significant risk for Anora during the financial year. The price risk
has not been hedged against with derivative instruments.
Electricity
A strong increase in the market price of electricity is a significant
risk for Anora. In Finland, the risk is managed by following Anora\u2019s
principles for electricity procurement and by a third-party specialist.
These principles determine the hedging limits within which
the electricity price risk is hedged against. The hedges are executed
with the OTC-derivatives of Nasdaq OMX Oslo ASA.
At the end of 2022, the hedging ratio for deliveries for the next
12 months was 78.0% (80.9%), in line with the set targets. In 2022,
the average hedging ratio was 76.2% (76.6%).
Cash flow hedge accounting in accordance with IFRS 9 is applied
to the hedges against electricity price risk, and hedge effectiveness is
tested quarterly. All hedging was effective in 2022 as it was in 2021.
Anora purchases its electricity straight from the Nord Pool Spot
markets as a delivery tied to the spot price of the Finnish price
area. As part of electricity purchases, Anora also purchases physical
electricity through bilateral fixed-price contracts.
4. Sensitivity to market risks The following table describes the sensitivity of the Group\u2019s profit and equity (before taxes) to changes in electricity prices, interest and foreign exchange rates. When Anora applies hedge accounting, the sensitivity is directed at equity. When hedge accounting is not applied, the sensitivity is recognised as a potential impact on profit or loss. The sensitivity to foreign exchange rate changes is calculated from the net currency position resulting from financial instruments. Liquidity risk The Group\u2019s activities are subject to seasonal fluctuations and alcohol sales increase in periods with national celebrations and public holidays, especially at Easter and Christmas. The fourth quarter is normally the best quarter for the Group which is also reflected in cash flows. In order to manage the liquidity risk, Anora continuously maintains sufficient liquidity reserves, which at the end of 2022 comprised Group\u2019s both EUR 10 million and NOK 100 million overdraft facilities and a EUR 150 million revolving credit facility. At the end of December 2022, no revolving credit facility was in use (2021: EUR 0.0 million). The facilities mature in December 2025. More detailed information on the Group\u2019s external loans is provided in the interest rate risk section Credit risk The objective of Anora\u2019s credit risk management is to minimise the losses if one of the Group\u2019s counterparties fails to meet its obligations. The principles of credit risk management are described in the Group\u2019s credit policy. Credit risks are caused by a counterparty not fulfilling its contractual payment obligations or the counterparty\u2019s credit rating changing in a manner that affects the market value of the financial instruments it has issued. The aim is to minimise credit risks by active credit management and by taking into account customers\u2019 credit rating when determining the payment term of invoices. A significant share of the Group\u2019s revenue is associated with the state monopolies in the Nordic region where there is not considered to be any credit risk. The Group\u2019s credit risk is otherwise spread over industrial customers, a large number of small customers within the HORECA market as well as a small number of distributors outside the home markets. 4.2. CAPITAL RISK MANAGEMENT The target of Anora\u2019s capital management is to secure an effective capital structure that supports the profitable growth of the operations. The Board of Directors monitors the Group\u2019s capital structure regularly. Anora monitors its capital based on total Net Debt to Comparable EBITDA. The ratio is calculated by dividing net debt by with the last 12 month\u2019s comparable EBITDA of the Group. Net debt /comparable EBITDA ratio at the end of 2022 is not comparable with prior period. Comparable EBITDA includes Globus result only from 1st of July 2022 onwards and net debt in 2022 increased by the additional funding for the transaction. During the business cycle, Group\u2019s Net debt to comparable EBITDA is likely to fluctuate, and the objective is to retain a sufficiently strong capital structure to secure the Group\u2019s financing needs. In December 2022 Anora refinanced its loan portfolio and all existing loans from financial institutions were early repaid. Group\u2019s external bank loans were combined under parent company and terms were unified. Net debt/ comparable EBITDA is a covenant used in Group\u2019s funding arrangements. Before refinancing, the covenants in place were gearing and net interest bearing debt as a ratio of adjusted EBITDA. During the financial period, the covenants were not in breach. Consolidation Consolidation, consolidation method and classification of ownership interests depends on whether the Group has power to control or jointly control the entity or have significant influence or other interests in the entity. When the Group has power to control the entity, it is consolidated as a subsidiary according to principles described in Note 5.3. Subsidiaries. When the Group has joint control or significant influence over an entity but does not have power to control, entity is accounted for by using the principles set in Note 5.4. Associated companies, joint ventures and interests in joint operations. If the Group does not have power to control nor significant influence in the entity, its ownership interests are classified as Financial assets at fair value through other comprehensive income and accounted for according to principles described in Note 3.2.1. Non-controlling interests Non-controlling interests\u2019 share of profit after tax is shown on a separate line after Group\u2019s result for the period. Non- controlling interests\u2019s share of equity is shown on a separate line as part of the Group\u2019s total equity. In some subsidiaries with non-controlling interests, there are sales options related to the non-controlling interests, where the Group does not have control of the non-controlling interests before the options are exercised, nor does it have control of whether the options are exercised, or when this exercise may take place. The value of such options is recognised as obligations at fair value in the balance sheet and reduces the non-controlling share of equity. This means that only income statement and balance sheet items related to non-controlling interests where the minority does not have sales options related to the interests are presented in the consolidated income statement and balance sheet. Foreign currency items The consolidated financial statements are presented in euro, which is the functional and presentation currency of the parent company. Transactions in foreign currencies are translated to euro at average foreign exchange rates published by the European Central Bank on banking days. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to euro at the average exchange rates prevailing at that date. Foreign currency differences arising on translation are recognised in profit or loss. Foreign exchange gains and losses related to purchases and sales are recognised in the respective items and included in operating result. Foreign currency gains and losses arising from loans denominated in foreign currencies are recognised in finance income and expenses. Income and expenses for the statements of comprehensive income of foreign subsidiaries that operate outside the eurozone are translated using the average rates of the European Central Bank\u2019s exchange rates at the end of the month. The statements of financial position of foreign subsidiaries are translated using the average exchange rates ruling at the reporting date. Foreign currency differences arising on the translation of profit or loss for the period with different exchange rates in the statement of comprehensive income and in the balance sheet are recognised in other comprehensive income and included in translation differences in equity. Changes in translation differences are recognised in other comprehensive income. In the consolidated financial statements, exchange rate differences arising from the translation of foreign currency denominated loans to foreign subsidiaries, which form a part of net investments in foreign companies, are recognised in other comprehensive income and included in translation differences within equity. Translation differences arising from elimination of the cost of foreign subsidiaries and from translation of the foreign subsidiaries\u2019 post-acquisition profits and losses are recognised in other comprehensive income and presented as a separate item within equity. Goodwill and the fair value adjustments to the carrying amounts of assets and liabilities of foreign units are accounted for as assets and liabilities of the respective foreign units, which are translated to euro at the exchange rates prevailing at the reporting date. If these foreign units are entirely or partly disposed of, related exchange rate differences are recognised in profit or loss as part of the gain or loss on disposal Subsidiaries consolidation principles Consolidated financial statements of Anora include the parent company, Anora Group Plc, and all subsidiaries. Subsidiaries are all those in which the parent company exercises control. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of acquired subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. All business combinations are accounted for by using the acquisition method. The consideration transferred and the identifiable assets acquired and liabilities assumed in the acquired company are measured at fair value at the acquisition date. The amount exceeding the aggregate of the consideration transferred, the amount of non- controlling interests and any previously held equity interest in the acquiree, over the fair value of the net assets acquired is recorded as goodwill. All acquisition-related costs, with the exception of costs to issue debt or equity securities, are expensed. The consideration transferred does not include any transactions accounted for separately from the acquisition. Any contingent consideration is recognised at fair value at the acquisition date and it is classified as either liability or equity. Contingent consideration classified as a liability is measured at fair value at each reporting date and any resulting gain or loss is recognised in profit or loss. Intra-group transactions, receivables, liabilities and unrealised gains, as well as the distribution of profits within the Group are eliminated in preparing the consolidated financial statements. Unrealised losses are not eliminated if the loss in question results from impairment. Non-controlling interests\u2019 share of profit after tax is shown on a separate line after the Group\u2019s profit for the year. Non- controlling interests\u2019 share of equity is shown on a separate line as part of the Group\u2019s equity. In some subsidiaries with non- controlling interests, there are sales options related to the non- controlling interests, where the Group does not have control of the non-controlling interests before the options are exercised, nor does it have control of whether the options are exercised, or when this exercise may take place. The value of such options is recognised as obligations at fair value in the balance sheet and reduces the non-controlling share of equity. This means that only income statement and balance sheet items related to non-controlling interests where the minority does not have sales options related to the interests are presented in the consolidated income statement and balance sheet Associated companies Associated companies are all entities over which the Group accompanies a shareholding of over 20% of voting rights or otherwise has significant influence, but not control. Anora has investments in an associated companies Palpa Lasi Oy, Tiffon SA, ISH and Beverage Link AS. Associated companies are consolidated by using the equity method. Under the equity method, the investment is initially recognised at cost and subsequently adjusted with the change in the net assets of the investee after the acquisition date, consistent with the ownership interest of the Group. After the acquisition the Group\u2019s share in the associated company\u2019s profit and loss for the period is separately disclosed after operating result. If the Group\u2019s share in the associated company\u2019s loss exceeds the carrying amount of the investment, the investment is recognised at zero value in the consolidated balance sheet and the loss exceeding the carrying amount is not consolidated, unless the Group has committed to fulfil the company\u2019s obligations. An investment in an associated company includes goodwill arisen on acquisition. The Group\u2019s share in changes in the associated company\u2019s other comprehensive income is recognised in consolidated other comprehensive income. Results from the transactions between the Group and its associates are recognised only to the extent of unrelated investor\u2019s interests in the associates. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. In case of such indications, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its\u2019 carrying value. The impairment is recognised in share of results in associated companies. Financial statements of associated companies have been changed where necessary to correspond with the accounting policies adopted by the Group. If financial statements for the period are not available, the share of the profit is included in the consolidated financial statements based on the preliminary financial statements or latest available information. Joint arrangements A joint arrangement is an arrangement of which two or more parties have contractually agreed joint control which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. Anora has an interest through a receivable in Roal Oy based on the contractual relationship with the other party to the joint operation. The interest in Roal Oy is accounted for as a joint operation Income tax expense The Group\u2019s income tax expense recognised through profit or loss comprises current tax based on taxable income for the period, any adjustments to tax payable in respect of previous periods and deferred taxes. Current income tax based on taxable income is calculated according to the local tax regulations of each Group company. Tax effects related to transactions or other events recognised in profit or loss are recognised in profit or loss. If the taxes relate to items of other comprehensive income or transactions or other events recognised directly in equity, income tax expense is recognised within the respective items. The Group\u2019s share of profit or loss in associated companies and joint ventures is reported as calculated from the net profit and thus including the income tax effect. Deferred tax assets and liabilities are principally recognised for all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The most significant temporary differences arise from property, plant and equipment and intangible assets, carry forward of unused tax losses and fair value allocations on business combinations. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax liabilities are recognised in full. Deferred taxes are calculated using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax is recognised for foreign subsidiaries undistributed earnings only when related tax effects are probable . Deferred tax assets and liabilities are set off when they are levied by same taxing authority and Anora has legally enforceable right to set off the balances. Critical estimates and management judgements \u2013 Deferred tax assets Judgment is required in assessing whether deferred tax assets are recognised on the balance sheet. Deferred tax assets are recognised only where it is considered more likely than not that they will be recovered, which is dependent on the generation of sufficient future taxable profits. Assumptions about the generation of future taxable profits depend on management\u2019s estimates of future cash flows. These future cash flow estimates depend on estimates of future sales volumes, price levels of main raw materials, capital expenditure and other components affecting profitability of the operations. These estimates and assumptions are subject to risk and uncertainty hence it is possible that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets recognised on the balance sheet and the amount of any other tax losses and temporary differences not yet recognised. Anora\u2019s ability to generate taxable profit is also subject to general economic, financial, competitive, legislative and regulatory factors that are beyond its control. If Anora generates lower future taxable profits than what management has assumed in determining the amounts of the recognised deferred tax assets, the assets would become impaired, either partly or in full. Accordingly, amounts recognised in balance sheet could potentially be reversed through profit and loss. Changes in circumstances may also result in recognition of deferred tax assets for tax losses not yet recognised as an asset. Uncertain tax positions The tax positions are evaluated in periodically by the management to identify the situations in which tax regulation is subject to interpretation. Based on the evaluation uncertain tax positions are recognized when it is more likely than not that certain tax position will be challenged by tax authorities. The impact of the uncertainty is measured using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the uncertainty Collaterals given on behalf of Group companies all relate to commitments to authorities. Short-term and low value obligations consist mainly of laptops. Other commitments include mainly purchase obligations of wine and cognac. Emission allowances The Group participates in the European Union emission trading scheme, where it has been granted a certain number of carbon dioxide emission allowances for a certain period of time, free of charge. Anora Group Plc discloses its carbon dioxide emission allowances granted free of charge on net basis. The Group does not recognise income or expenses arising from emission allowances through profit or loss when the emission allowances granted are sufficient to cover the obligation to deliver allowances corresponding to the amount of emissions made. If the realised emissions exceed the granted emission allowances, the obligation arising from the excess emissions is recognised at fair value as a liability in the balance sheet at the reporting date. If the realised emissions fall below the granted emission allowances, the difference is not recognised in the balance sheet but it is disclosed in the notes to the financial statements, measured at fair value. Anora\u2019s actual emissions are below the emission allowances granted. The following table presents changes in allowances for financial years 2022 and 2021, as well as their fair values: Emission allowances, kilotons 2022 2021 Emission allowances received 22.6 22.6 Excess emission allowances from the previous period 13.5 10.9 Sold emission allowances -13.0 Realised emissions -21.1 -19.9 EMISSION ALLOWANCES AT 31 DECEMBER 2.0 13.5 Fair value of emission allowances at 31 December, EUR million 0.2 1.1 Anora continues to operate within the emission trading system for the trading period 2021\u20132030 . 6.3. RELATED PARTY TRANSACTIONS The Company's related parties include the subsidiaries, associated companies, joint ventures and joint operations. The subsidiaries are presented in Note 5.3 and associated companies, joint ventures and joint operations in Note 5.4. Related party transactions include such operations that are not eliminated in the Group\u00b4s consolidated financial statements. Related party also include the Board of Directors, the CEO, the members of the Executive Management Team and their family members as well as entities controlled or jointly controlled by these persons. Also, entities that are controlled or jointly controlled by, or are associates of the State, are related parties of Anora. Anora has applied the exemption to report only material transactions with the government related entities. Transactions with related parties are entered into on market terms. Anora has related party transactions on a continuous basis with its major customer Alko. Transactions with Alko have been presented below under Other companies considered related parties The Group has share based incentive plans which are settled in shares and in cash. The granted shares are measured at fair value at the grant date and are recognized as personnel expenses over the vesting period with corresponding increase in equity. Non-market conditions are not included in fair value of share- based instruments but in the number of instruments that are expected to vest. At each reporting period closing date, the estimates about number of instruments are revised and the impact is recognized in income statement. also share based payments to be paid in cash are classified as paid equity and recognized in equity measured at fair value at grant date. The Board of Directors of Anora Group Plc has decided on the establishment of a new share-based long-term incentive scheme for the company\u2019s management and selected key employees. The incentive scheme comprises a Performance Share Plan (also PSP) as well as a share-based bridge plan to cover the transition period into the integrated business operations of Anora Group (the Bridge Plan) for the top management and other key employees. The long-term incentive scheme, in addition, comprises a Restricted Share Plan (also RSP) as a complementary long-term share-based retention plan for individually selected key employees in specific situations. The objectives of the share-based long-term incentive scheme are to align the interests of Anora Group\u2019 management and key employees with those of the company\u2019s shareholders and, thus, to promote shareholder value creation in the long term, to commit management and key employees to achieving Anora Group\u2019s strategic targets and the retention of Anora Group\u2019s key resources. Performance Share Plan The Performance Share Plan consists of annually commencing individual performance share plans, each with a three-year performance period, followed by the payment of the potential share rewards. The potential share rewards are paid in listed shares of Anora Group. The commencement of each new plan is subject to a separate decision of Anora Group\u2019s Board of Directors. The first plan, PSP 2022 \u2013 2024, commences effective as of the beginning of 2022 and the share rewards payable thereunder will be paid during H1 2025. The payment of the rewards is conditional on the achievement of the performance targets which the Board of Directors has set for the plan. The performance measures based on which the potential share reward under PSP 2022 - 2024 will be paid are revenue growth, earnings per share (EPS), the relative total shareholder return of the Company\u2019s share and a measure linked to the reduction of CO 2 emissions. Eligible for participation in PSP 2022\u20132024 are approximately 65 individuals, including the members of Anora Group\u2019s Executive Management Team. If all the performance targets set for the first plan, PSP 2022 \u2013 2024, are fully achieved, the aggregate maximum number of shares to be paid based on this plan is approximately 520,000 shares (referring to gross earning before the withholding of the applicable payroll tax). The estimated aggregate gross value of this first plan, based on the current value of Anora Group's share, is approximately EUR 4.1 million. The materialized value of the plan may deviate from this estimate as a result of share price development and the degree to which the performance targets set for the plan are achieved. Bridge Plan for the years 2022\u20132023 The Bridge Plan is established to cover specific incentive and retention needs during the transaction related transition period during which the joint businesses of Altia Plc and Arcus ASA are integrated in connection with the formation of Anora Group. The Bridge Plan is a one-off plan commencing effective as of the beginning of 2022 and its performance period covers the years 2022-2023. The potential share rewards payable based on the Bridge Plan will be paid in listed shares of Anora Group during H1 2024. The payment of the share rewards is conditional on the achievement of the performance targets which the Board of Directors has set for the plan. The performance measures set for the Bridge Plan are the same as those applied to PSP 2022\u20132024 except for the difference resulting from a shorter performance period. Eligible for participation in the Bridge Plan are approximately 40 individuals, including the members of Anora Group\u2019s Executive Management Team. If all the performance targets set for the Bridge Plan are fully achieved, the aggregate maximum number of shares to be paid based on this plan is approximately 265,000 shares (referring to gross earning before the withholding of the applicable payroll tax) Restricted Share Plan The Restricted Share Plan consists of annually commencing individual restricted share plans. Each plan comprises a restriction period with an overall length of three years, extending to H1 the fourth year of the individual plan. During the plan period the company may grant fixed share rewards to individually selected key employees. The granted share rewards are paid to the selected participants in one or several tranches latest by the end of the restriction period. The share rewards are paid in listed shares of Anora Group. The commencement of each new plan is subject to a separate decision of Anora Group\u2019s Board of Directors. The first plan, RSP 2022-2024, commences effective as of the beginning of 2022 The aggregate maximum number of shares payable as a reward based on RSP 2022-2024 is 52,000 shares (referring to gross earning before the withholding of the applicable payroll tax). The estimated aggregate gross value of this first plan, based on the current value of the Company's share, is approximately EUR 0.4 million. The materialized value of the plan may deviate from this estimate as a result of share price development and the amount of share grants made within the plan. No share rewards regarding the RSP plan have granted 2022. Other terms The value of the reward payable to participants based on the plans is limited by a share price development-based cutter. If the individual\u2019s employment with Anora Group terminates before the payment of the reward, the individual is, as a main rule, not entitled to any reward based on the respective plan Globus Wine acquisition On July 1, 2022 Anora has completed the acquisition of 100% of shares of Globus Wine A/S, the leading wine company in Denmark. As a continuation to the merger last fall, the acquisition of Globus Wine strengthens Anora\u2019s position as the leading wine supplier in the Nordics. With the acquisition, Anora will become the market leader in the Danish wine market in addition to its leading position in the other three Nordic countries. Furthermore, the acquisition will support the expansion of Anora\u2019s partner and own wine businesses across the Nordics. The purchase price was DKK 596.4 million (EUR 80 million) which equals an enterprise value of DKK 669.6 million (EUR 90 million). The purchase price was paid in cash and financed with debt. The acquired business is reported as part of Anora\u2019s Wine segment as of July 1, 2022. The accounting of the acquisition is still provisional pending the finalization of the valuation of the assets acquired and liabilities assumed. The identified intangible assets relate to customer relationships. Goodwill is attributable to market share, synergies, workforce and future growth potential. The fair value and the gross value of the acquired receivables do not materially differ. The transaction costs EUR 1.0 million are included in the Group income statement in other operating expenses. The assets and liabilities assumed related to Globus acquisition have changed from the previously reported to reflect new information obtained about facts and circumstances that existed at the date of acquisition. The value of inventory has decreased due to an accounting error by EUR 3.6 million from EUR24.6 million to EUR 20.9 million and therefore value of goodwill of acquisition has increased by EUR 3.6 million from EUR 37.0 million to EUR 40.6 million. Net sales of the acquired business included in the Group income statement since acquisition date were EUR 44.2 million and operating profit for the period was EUR -0.9 million. If the business combination had taken place at the beginning of the year, the Group net sales would have been approximately 767.2 million and operating profit approximately EUR 39.3 million after additional amortization from the fair value adjustments to intangible assets. Von Elk acquisition Anora and Von Elk Company began their cooperation in 2019 through an agreement that made Anora the exclusive representative of Von Elk\u2019s brands in the Nordic and Baltic countries, as well as in travel retail. As part of the cooperation, Anora invested in the Von Elk Company and became a minority shareholder (20%) in the company. Anora has acquired the remaining the shares from the founders of Von Elk Company, known for Gl\u00f6et, the most popular sparkling gl\u00f6gg in the Nordics. As of 1 September 2022, Anora owns 100% of the shares in the Von Elk Company. The reconciliation of the tax expense recognised in profit and loss and the tax expense calculated using Anora Group\u2019s domestic corporate tax rate (20.0%) At 31 December 2022, the Group had EUR 0.8 million (2021: EUR 1.6 million) of tax loss carry forwards for which no deferred tax was recognised. EUR 0.8 million of these temporary differences has no expiry. Anora management estimates these losses arise in subsidiaries which have neither indication of future taxable income nor other convincing evidence that tax losses can be utilised and deferred tax asset be recognised in balance sheet. Anora Group Plc\u2019s fully owned French subsidiary Larsen SAS has been undergoing a regular audit by the local tax authorities. The French tax authorities and Larsen SAS has entered into a settlement agreement in 2021 and the settlement claim amounts to EUR 0.6 million relating to the mark-up used in the transfer pricing for products sold to other Group companies. Anora Group will proceed through the Mutual Agreement Procedure (MAP) with the aim to eliminate a potential double taxation related to the increased mark-up in France which is to be deducted in the tax jurisdictions where the Anora Group companies buying the products have been operating. Anora has recorded a EUR 0.2 million tax receivable in respect of the potential MAP application. No monetary loans have been granted to the CEO or the members of the Board of Directors, nor any collaterals or commitments granted on their behalf. The retirement age of the CEO of the parent company is 63 years. ",
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"fact-490": {
"value": "Basis of preparation The consolidated financial statements for the year ended 31 December 2022 are prepared in accordance with International Financial Reporting Standards (IFRS) complying with the SIC and IFRIC interpretations in force and approved by EU on 31 December 2022. Notes to the consolidated financial statements also comply with the requirements of the Finnish Accounting Act and Limited Liability Companies Act. The consolidated financial statements for the year ended 31 December 2022 has been prepared on a historical cost basis, except equity investments and derivatives. The consolidated financial statements are presented in millions of euros. The figures are rounded to the nearest million, and therefore the sum of individual figures may deviate from the total presented. If the figure is EUR 0, it is shown as a hyphen. Altia and Arcus merged on 1 September 2021. The consolidated financial statements include Arcus\u2019s income statement from 1st of September 2021 onwards. Therefore the historical financial information of Anora does not give a comparable base for financial information of the present combined company. New and amended standards applied in the financial year ended New IFRS standards, amendments to standards and IFRIC interpretations which have entered into force on 1 January 2022 have not had any material impact on the Group. Adoption of new and amended standards and interpretations applicable in upcoming financial years New IFRS standards, amendments to standards and IFRIC interpretations effective on or after January 1, 2023, are not expected to have any material impact on the Group . ",
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"fact-491": {
"value": "The consolidated financial statements for the year ended 31 December 2022 are prepared in accordance with International Financial Reporting Standards (IFRS) complying with the SIC and IFRIC interpretations in force and approved by EU on 31 December 2022. Notes to the consolidated financial statements also comply with the requirements of the Finnish Accounting Act and Limited Liability Companies Act",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-492": {
"value": "Accounting policies requiring management judgement and key sources of estimation uncertainty The preparation of financial statements requires the use of accounting estimates, which by definition, seldom equal the actual results. In addition, management makes judgements in applying Anora\u2019s accounting policies. Estimates made in the preparation of the financial statements, and related assumptions, are based on the management\u2019s best knowledge at the reporting date. Consequently, the realised results can differ from the estimates. Any changes in estimates and assumptions are recognised when estimates and assumptions are corrected. The Group\u2019s most significant area in which the management has exercised judgement is related to the revenue recognition especially on estimates regarding volume- based discounts, marketing support and product returns which are based on actual sales and agreements (Note 1.1) and impairment provision of trade receivables, and useful lives of intangible assets and parameters used in impairment testing (Note 2.1.), parameters used in lease accounting and pension obligations. Other critical future assumptions and anticipated uncertainties at the reporting date, which pose a significant risk of resulting in material changes in the carrying amounts of assets and liabilities within the next financial year, are related to deferred taxes (Note 6.1.) and uncertain tax positions. The valuation of assets acquired and liabilities assumed in business combinations requires management judgement to determine the appropriate valuation techniques and inputs for fair value measurements, such as discount rate. The management believes that the used estimates and assumptions are sufficiently reasonable for determining fair values . ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-493": {
"value": "1.1. REVENUES FROM OPERATIONS Revenue recognition The revenue is recognized at an amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer. The transaction price may include variable considerations such as volume discounts, bonuses, marketing support, product returns etc. The variable considerations are estimated using the most likely value method if not yet realized in the end of reporting period. The revenue is further adjusted with indirect sales taxes, excise taxes, deposit and recycling fees. The wine and spirits businesses generally only sell physical products in the form of wine and spirits products. In contract services the contracts essentially include a single performance obligation, being a series of distinct services such as contract manufacturing, customer services and logistics. The revenue recognition occurs at a point in time, when the control of the goods is transferred to the customer according to the delivery terms. Revenue from the sale of services is recognised at the time of delivery of services. The revenue from warehousing services at logistics businesss is recognised over time. When logistics business act as an agent, it recognises its revenue at time of delivery of the goods. Primarily accounts receivable fall due 0-60 days after invoicing date. Transaction prices do not include any significant financing components. The most significant revenue flows are generated by the sale of own products and partner brands to Scandinavian wine and spirit monopolies, Horeca customers, wholesalers and travel retail customers. In addition, revenues are generated by contract manufacturing, sale of logistic services and the sale of industrial products, such as starch, feed and technical ethanol. Adjustments to sales and obligations to repurchase certain products are taken into accoun t in the revenue recognition phase. In partner supplier agreements, which entitle Group to distribute partners\u2019 products, Anora acts as a principal towards the end customer having control over the product, discretion in establishing prices and owning the inventory. Accordingly, revenue recognised is the gross amount to which Anora is entitled to in these product sales. The revenue from warehousing services at logistics business is recognised over time. The Logistics business when it acts an agent, recognises its revenue at time of the delivery of the goods. The amount of excise tax deducted from sales revenue is significant. The amounts of sales including tax and excise taxes are presented below: EUR million 2022 2021 Sales revenues deducted with revenue adjustments 1,706.9 1,076.6 Excise tax -1,004.1 -598.4 Net sales 702.7 478.2 Tax share of sales revenues, % 58,8% 55.6% ",
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"fact-494": {
"value": "1.1. REVENUES FROM OPERATIONS Revenue recognition The revenue is recognized at an amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer. The transaction price may include variable considerations such as volume discounts, bonuses, marketing support, product returns etc. The variable considerations are estimated using the most likely value method if not yet realized in the end of reporting period. The revenue is further adjusted with indirect sales taxes, excise taxes, deposit and recycling fees. The wine and spirits businesses generally only sell physical products in the form of wine and spirits products. In contract services the contracts essentially include a single performance obligation, being a series of distinct services such as contract manufacturing, customer services and logistics. The revenue recognition occurs at a point in time, when the control of the goods is transferred to the customer according to the delivery terms. Revenue from the sale of services is recognised at the time of delivery of services. The revenue from warehousing services at logistics businesss is recognised over time. When logistics business act as an agent, it recognises its revenue at time of delivery of the goods. Primarily accounts receivable fall due 0-60 days after invoicing date. Transaction prices do not include any significant financing components. The most significant revenue flows are generated by the sale of own products and partner brands to Scandinavian wine and spirit monopolies, Horeca customers, wholesalers and travel retail customers. In addition, revenues are generated by contract manufacturing, sale of logistic services and the sale of industrial 1.2. SEGMENT INFORMATION Description of segments and principal activities The reportable segments of Anora in these consolidated financial statements consist of Wine, Spirits, and Industrial. The new operating model took effect on 1 January 2022. The Board of Directors of Anora has been determined as the group\u2019s chief operative decision maker being responsible for allocating resources, deciding on strategy and assessing performance of the operating segments. The reportable segments are based on Anora\u2019s operating structure and internal reporting to the CODM used to assess the performance of the segments. For internal reporting purposes, reporting on the segment profit is based on internal measures of gross profit and comparable EBITDA derived as follows: \u2022 Net sales and direct segment expenses including costs of goods sold reported within the Gross Profit and Comparable EBITDA segment profit measures are measured and reported under the same accounting principles as in the consolidated accounts. \u2022 Expenses allocated to the segments related to shared function costs or business support services expenses comprise costs such as centralized marketing costs, IT infrastructure related costs, shared support services, headquarter costs including finance and treasury, communication, legal and human resource related costs as well as certain warehousing and service fees. For internal reporting purposes these cost allocations are based on budgeted amounts and variances from budgeted amounts are presented under column \u201cGroup and allocations\u201d and can result in either incurred overruns or savings compared to budgeted amounts. These variances are not allocated to the segments for internal reporting purposes . products, such as starch, feed and technical ethanol. Adjustments to sales and obligations to repurchase certain products are taken into accoun t in the revenue recognition phase. In partner supplier agreements, which entitle Group to distribute partners\u2019 products, Anora acts as a principal towards the end customer having control over the product, discretion in establishing prices and owning the inventory. Accordingly, revenue recognised is the gross amount to which Anora is entitled to in these product sales. The revenue from warehousing services at logistics business is recognised over time. The Logistics business when it acts an agent, recognises its revenue at time of the delivery of the goods. The amount of excise tax deducted from sales revenue is significant. The amounts of sales including tax and excise taxes are presented below: EUR million 2022 2021 Sales revenues deducted with revenue adjustments 1,706.9 1,076.6 Excise tax -1,004.1 -598.4 Net sales 702.7 478.2 Tax share of sales revenues, % 58,8% 55.6% 1.7. DEPRECIATION, AMORTISATION
AND IMPAIRMENT
Depreciation and amortisation by asset categories is as follows:
EUR million 2022 2021
Amortisation on intangible assets
Trademarks 8,1 3,7
Software and other intangible assets 2,4 2,1
Total amortisation on intangible assets 10,6 5,9
Depreciation on property, plant and equipment
Buildings 2,6 2,8
Machinery and equipment 6,9 5,3
Other tangible assets 0,0 0,0
Total depreciation on property, plant and
equipment 9,5 8,1
Depreciation on right-of-use assets
Buildings 9,9 4,8
Machinery 3,3 1,7
Total depreciation on right-of-use assets 13,2 6,5
TOTAL DEPRECIATION AND AMORTISATION 33,2 20,5
Group\u2019s depreciation and amortisation methods and periods are
described in Note 2.1. Goodwill and other intangible assets, Note 2.2.
Property, plant and equipment and Note 2.3. Leases .
1.8. RESEARCH AND DEVELOPMENT
EXPENDITURES
Operating result includes research and development expenditures
amounting to EUR 2,2 million (2021: EUR 3,5 million). The R&D
expenditures represents 0,3% of net sales in 2022 (2021: 0.7%).
1.4. MATERIALS AND SERVICES EUR million 2022 2021 Raw materials, consumables and goods Purchases during the period 457.6 250.7 Change in inventories -50.1 15.7 Scrapping and obsolescence and revaluation 4.0 -2.1 External services 2.9 1.8 TOTAL 414.3 266.1 Materials and services consist of cost of material, such as barley, wine, different spirit, liquids, ground water as well as other ingredients needed for a variety of different drinks, packaging materials, production costs, changes in inventories, scrapping and obsolescence costs and external services such as logistics and warehousing. 1.5. EMPLOYEE BENEFIT EXPENSES EUR million 2022 2021 Wages and salaries 74.0 52.6 Pension expenses Defined contribution plans 9.1 7.4 Defined benefit plans 0.0 0.0 Share -based payments 0.6 1.6 Other social expenses 10.1 7.9 TOTAL 93.8 69.6 In Anora, the total wages and salaries of personnel consists of fixed and variable pay, allowances, short and long-term incentives and fringe benefits. The Group has recognised the total amount of incentives EUR 0,8 millon (2021: EUR 4,3 million) in the form of cash bonuses. Employee benefit expenses include personnel related restructuring costs of EUR 0,1 million (2021: EUR 0,5 million). Average number of personnel during the period 2022 2021 Workers 538 315 Clerical employees 621 484 TOTAL 1,159 799 More information on the Group\u2019s pension plans is presented in Note 2.7. Information of management remuneration is presented in Note 6.3. related party transactions. 1.6. OTHER OPERATING EXPENSES EUR million 2022 2021 Losses on sales and disposals of property, plant and equipment and intangible assets 0.2 0.0 Short term, low value and variable lease payments 4.7 1.6 Marketing expenses 29.9 18.4 Travel and representation expenses 5.2 2.0 Outsourcing services 35.5 17.1 Repair and maintenance expenses 14.8 8.6 Cars and transport services 0.5 3.1 Energy expenses 9.8 8.3 IT expenses 12.0 8.9 Variable sales expenses 16.0 13.1 Other expenses 9.1 9.0 TOTAL 137.6 90.2 Auditor\u2019s fees included in other operating expenses 2022 2021 Audit fees 1,2 0.5 Tax consultation 0,0 - Other fees 0.3 0.2 TOTAL 1,4 0.6 The table above presents fees to Group auditor PricewaterhouseCoopers as well as other auditors of Group subsidiaries during the year. Upon the application of PricewaterhouseCoopers, The oversight office of Finnish Patent and Registration Office has granted PricewaterhouseCoopers an exemption from the maximum amount of non-audit fees referred to in chapter 5, section 4 of the Finnish Auditing Act Other entity-wide disclosures Net sales by geography Net sales broken down by the segment and country for the years ended 31 December 2022 and pro forma 31.12.2021 were as follows: EUR thousand 2022 2021 Pro forma Wine Finland 47.1 52.7 Sweden 134.7 152.3 Norway 83.7 97.5 Denmark 44.2 0.0 Wine. total 309.7 302.5 Spirits Finland 56.3 55.8 Sweden 51.3 55.9 Norway 48.5 62.1 Denmark 19.5 20.3 Other countries 57.4 30.4 Spirits. total 233.0 224.6 Industrial Finland 134.3 110.3 Norway 25.7 27.6 Industrial Total 160.0 137.9 Eliminations and allocations 0.0 Group Total 702.7 665.0 Significant customer relationships The Group has significant customer relationships with Alko in Finland. with Vinmonopolet in Norway and Systembolaget in Sweden. The total net sales from Alko were approximately EUR 88.5 million (2021: EUR 84.3 million). The total net sales from Vinmonopolet were EUR 90.9 million (2021: EUR 65.8 million). The total net sales from Systembolaget were around EUR 151.5 million (2021: EUR 115.1 million). In Industrial segment. net sales of EUR 45.7 million (2021: EUR 36.4 million) were derived from a single external customer. No other single external customer represented more than 10 per cent or more of Anora\u2019s total net sales for the years ended 31 December 2022 or 2021. Non-current assets by geography The total of non-current assets other than financial instruments and deferred tax assets broken down by the location of the assets as at 31 December 2022 and 2021 were as follows: EUR thousand 2022 2021 Finland 103.4 105.1 Sweden 49.0 52.8 Norway 384.7 408.3 Estonia 2.0 2.1 Latvia 0.4 0.4 Denmark 199.1 94.5 Other countries 7.9 8.3 NON-CURRENT ASSETS BY GEOGRAPHY. TOTAL 746.5 671.4 1.3. OTHER OPERATING INCOME Other operating income mainly includes gains on the disposal of non-current assets, income from sale of energy, water, steam and carbon dioxide, gains on sale of emission allowances, rental income and related non-core business service income and contract termination fees. EUR million 2022 2021 \"Gains on sale of property, plant and equipment and intangible assets\" 0.9 3.7 Gains on sale of emission allowances 1.2 - Rental income 1.4 1.8 Income from sale of energy, water, steam and carbon dioxide 4.2 3.4 Insurance compensations 1.1 - Other income 2.2 1.6 TOTAL 10.9 10. 5 \u2022 The group and allocations column represents, in addition to the budget variances, certain unallocated headquarter costs. In 2022 EUR 8,8 million of group and allocations are related to unallocated headquarter costs. The reportable segments comprise the following: Wine The Wine segment develops, markets and sells partner wines and Anora\u2019s own wine brands to customers in the Nordic monopoly markets. Spirits The Spirits segment consists of the business areas Spirits and International. The Spirits business area develops, markets and sells both Anora\u2019s own spirits brands and partner brands to customers in the Nordic monopoly markets. The International business area consists of Anora\u2019s own operations in Estonia, Latvia, Denmark and Germany, as well as global duty free and travel retail, and exports 1 Jan - 31 Dec 2022 EUR million Wine Spirits Industrial Group and allocations Eliminations Group Net sales external 309,7 233,0 160,0 0,0 0,0 702,7 Net sales internal 6,9 0,8 125,5 0,0 -133,2 0,0 Total Net Sales 316,6 233,8 285,5 0,0 -133,2 702,7 Other operating income external 0,7 0,0 10,0 0,2 0,0 10,9 Other operating income internal 2,1 0,4 6,2 37,2 -45,9 0,0 Total Other operating income 2,8 0,4 16,2 37,4 -45,9 10,9 Materials and services -225,9 -131,8 -178,2 -0,3 121,9 -414,3 Gross profit 93,5 102,4 123,5 37,1 -57,1 299,3 Other operating expenses -70,5 -66,6 -105,6 -45,9 57,1 -231,4 EBITDA 23,0 35,8 17,9 -8,8 0,0 67,9 Items affecting comparability 0,6 2,0 -0,2 5,9 0,0 8,2 Comparable EBITDA 23,5 37,8 17,7 -2,8 0,0 76,1 EBITDA 67,9 Depreciations -33,2 Operating profit 34,7 1 Jan - 31 Dec 2021 EUR million Wine Spirits Industrial Group and allocations Eliminations Group Arcus Merger Group reported Net sales external 302,5 224,6 138,0 0,2 0,00 665,0 -195.2 8.4 478.2 Net sales internal 0,4 0,3 116,8 0,0 -117,5 0,0 0.0 0.0 0.0 Total Net Sales 302,9 224,8 254,8 0,0 -117,5 665,0 -195.2 8.4 478.2 Other operating income external 0,0 4,6 6,7 -0,5 0,00 10,7 -0.2 0.0 10.5 Other operating income internal 0,6 -0,2 3,7 38,7 -42,8 0 0.0 0.0 0.0 Total Other operating income 0,6 4,4 10,4 38,2 -42,8 10,7 -0.2 0.0 10.5 Materials and services -205,7 -120,5 -148,2 0,0 107,3 -367,0 105.8 -4.9 -266.1 Gross profit 97,8 108,8 117,0 38,2 -53,0 308,7 -89.6 3.5 222.5 Other operating expenses -59,1 -60,8 -99,2 -47,4 53,0 -213,5 60.8 -7.1 -159.8 EBITDA 38,7 48,0 17,7 -9,2 0,0 95,2 -28.8 -3.6 62.9 Items affecting comparability 0,8 -0,5 0,3 5,2 0,0 5,8 -4.8 7.8 8.8 Comparable EBITDA 39,5 47,5 18,0 -4,0 0,0 101,0 -33.6 4.2 71.7 EBITDA 0,0 0,0 0,0 0,0 0,0 95,2 -28.8 -3.6 62.9 Depreciations -31,2 9.0 1.7 -20.5 Operating profit 64,0 -19.8 -1.9 42.4 1) Items affecting comparability comprise of material items outside normal business, such as net gains or losses from business and assets disposals, impairment losses, cost for closure of business operations and restructurings, major corporate projects including direct transaction costs related to business acquisitions and the merger, merger related integration costs, expenses arising from the fair valuation of inventories in connection with merger, voluntary pension plan change, and costs related to other corporate development. Gains on sale of property, plant and equipment and intangible assets are presented in Note 1.3 and Segment net sales and results The following tables set out the segment net sales and Comparable EBITDA as well as the reconciliation of the Comparable EBITDA to the group\u2019s operating result Industrial The Industrial segment comprises Anora\u2019s industrial business \u2013 industrial products and contract manufacturing, the logistics company Vectura and supply chain operations",
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"language": "en",
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"fact-495": {
"value": "Revenue recognition The revenue is recognized at an amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer. The transaction price may include variable considerations such as volume discounts, bonuses, marketing support, product returns etc. The variable considerations are estimated using the most likely value method if not yet realized in the end of reporting period. The revenue is further adjusted with indirect sales taxes, excise taxes, deposit and recycling fees. The wine and spirits businesses generally only sell physical products in the form of wine and spirits products. In contract services the contracts essentially include a single performance obligation, being a series of distinct services such as contract manufacturing, customer services and logistics. The revenue recognition occurs at a point in time, when the control of the goods is transferred to the customer according to the delivery terms. Revenue from the sale of services is recognised at the time of delivery of services. The revenue from warehousing services at logistics businesss is recognised over time. When logistics business act as an agent, it recognises its revenue at time of delivery of the goods. Primarily accounts receivable fall due 0-60 days after invoicing date. Transaction prices do not include any significant financing components. The most significant revenue flows are generated by the sale of own products and partner brands to Scandinavian wine and spirit monopolies, Horeca customers, wholesalers and travel retail customers. In addition, revenues are generated by contract manufacturing, sale of logistic services and the sale of industrial products, such as starch, feed and technical ethanol. Adjustments to sales and obligations to repurchase certain products are taken into accoun t in the revenue recognition phase. In partner supplier agreements, which entitle Group to distribute partners\u2019 products, Anora acts as a principal towards the end customer having control over the product, discretion in establishing prices and owning the inventory. Accordingly, revenue recognised is the gross amount to which Anora is entitled to in these product sales. The revenue from warehousing services at logistics business is recognised over time. The Logistics business when it acts an agent, recognises its revenue at time of the delivery of the goods. The amount of excise tax deducted from sales revenue is significant.",
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"fact-496": {
"value": "1.2. SEGMENT INFORMATION Description of segments and principal activities The reportable segments of Anora in these consolidated financial statements consist of Wine, Spirits, and Industrial. The new operating model took effect on 1 January 2022. The Board of Directors of Anora has been determined as the group\u2019s chief operative decision maker being responsible for allocating resources, deciding on strategy and assessing performance of the operating segments. The reportable segments are based on Anora\u2019s operating structure and internal reporting to the CODM used to assess the performance of the segments. For internal reporting purposes, reporting on the segment profit is based on internal measures of gross profit and comparable EBITDA derived as follows: \u2022 Net sales and direct segment expenses including costs of goods sold reported within the Gross Profit and Comparable EBITDA segment profit measures are measured and reported under the same accounting principles as in the consolidated accounts. \u2022 Expenses allocated to the segments related to shared function costs or business support services expenses comprise costs such as centralized marketing costs, IT infrastructure related costs, shared support services, headquarter costs including finance and treasury, communication, legal and human resource related costs as well as certain warehousing and service fees. For internal reporting purposes these cost allocations are based on budgeted amounts and variances from budgeted amounts are presented under column \u201cGroup and allocations\u201d and can result in either incurred overruns or savings compared to budgeted amounts. These variances are not allocated to the segments for internal reporting purposes . \u2022 The group and allocations column represents, in addition to the budget variances, certain unallocated headquarter costs. In 2022 EUR 8,8 million of group and allocations are related to unallocated headquarter costs. The reportable segments comprise the following: Wine The Wine segment develops, markets and sells partner wines and Anora\u2019s own wine brands to customers in the Nordic monopoly markets. Spirits The Spirits segment consists of the business areas Spirits and International. The Spirits business area develops, markets and sells both Anora\u2019s own spirits brands and partner brands to customers in the Nordic monopoly markets. The International business area consists of Anora\u2019s own operations in Estonia, Latvia, Denmark and Germany, as well as global duty free and travel retail, and exports Industrial The Industrial segment comprises Anora\u2019s industrial business \u2013 industrial products and contract manufacturing, the logistics company Vectura and supply chain operations. Segment net sales and results The following tables set out the segment net sales and Comparable EBITDA as well as the reconciliation of the Comparable EBITDA to the group\u2019s operating result : 1 Jan - 31 Dec 2022 EUR million Wine Spirits Industrial Group and allocations Eliminations Group Net sales external 309,7 233,0 160,0 0,0 0,0 702,7 Net sales internal 6,9 0,8 125,5 0,0 -133,2 0,0 Total Net Sales 316,6 233,8 285,5 0,0 -133,2 702,7 Other operating income external 0,7 0,0 10,0 0,2 0,0 10,9 Other operating income internal 2,1 0,4 6,2 37,2 -45,9 0,0 Total Other operating income 2,8 0,4 16,2 37,4 -45,9 10,9 Materials and services -225,9 -131,8 -178,2 -0,3 121,9 -414,3 Gross profit 93,5 102,4 123,5 37,1 -57,1 299,3 Other operating expenses -70,5 -66,6 -105,6 -45,9 57,1 -231,4 EBITDA 23,0 35,8 17,9 -8,8 0,0 67,9 Items affecting comparability 0,6 2,0 -0,2 5,9 0,0 8,2 Comparable EBITDA 23,5 37,8 17,7 -2,8 0,0 76,1 EBITDA 67,9 Depreciations -33,2 Operating profit 34,7 1 Jan - 31 Dec 2021 EUR million Wine Spirits Industrial Group and allocations Eliminations Group Arcus Merger Group reported Net sales external 302,5 224,6 138,0 0,2 0,00 665,0 -195.2 8.4 478.2 Net sales internal 0,4 0,3 116,8 0,0 -117,5 0,0 0.0 0.0 0.0 Total Net Sales 302,9 224,8 254,8 0,0 -117,5 665,0 -195.2 8.4 478.2 Other operating income external 0,0 4,6 6,7 -0,5 0,00 10,7 -0.2 0.0 10.5 Other operating income internal 0,6 -0,2 3,7 38,7 -42,8 0 0.0 0.0 0.0 Total Other operating income 0,6 4,4 10,4 38,2 -42,8 10,7 -0.2 0.0 10.5 Materials and services -205,7 -120,5 -148,2 0,0 107,3 -367,0 105.8 -4.9 -266.1 Gross profit 97,8 108,8 117,0 38,2 -53,0 308,7 -89.6 3.5 222.5 Other operating expenses -59,1 -60,8 -99,2 -47,4 53,0 -213,5 60.8 -7.1 -159.8 EBITDA 38,7 48,0 17,7 -9,2 0,0 95,2 -28.8 -3.6 62.9 Items affecting comparability 0,8 -0,5 0,3 5,2 0,0 5,8 -4.8 7.8 8.8 Comparable EBITDA 39,5 47,5 18,0 -4,0 0,0 101,0 -33.6 4.2 71.7 EBITDA 0,0 0,0 0,0 0,0 0,0 95,2 -28.8 -3.6 62.9 Depreciations -31,2 9.0 1.7 -20.5 Operating profit 64,0 -19.8 -1.9 42.4 1) Items affecting comparability comprise of material items outside normal business, such as net gains or losses from business and assets disposals, impairment losses, cost for closure of business operations and restructurings, major corporate projects including direct transaction costs related to business acquisitions and the merger, merger related integration costs, expenses arising from the fair valuation of inventories in connection with merger, voluntary pension plan change, and costs related to other corporate development. Gains on sale of property, plant and equipment and intangible assets are presented in Note 1.3 and employee costs related to restructuring in Note 1.5. 12 Other entity-wide disclosures Net sales by geography Net sales broken down by the segment and country for the years ended 31 December 2022 and pro forma 31.12.2021 were as follows: EUR thousand 2022 2021 Pro forma Wine Finland 47.1 52.7 Sweden 134.7 152.3 Norway 83.7 97.5 Denmark 44.2 0.0 Wine. total 309.7 302.5 Spirits Finland 56.3 55.8 Sweden 51.3 55.9 Norway 48.5 62.1 Denmark 19.5 20.3 Other countries 57.4 30.4 Spirits. total 233.0 224.6 Industrial Finland 134.3 110.3 Norway 25.7 27.6 Industrial Total 160.0 137.9 Eliminations and allocations 0.0 Group Total 702.7 665.0 Significant customer relationships The Group has significant customer relationships with Alko in Finland. with Vinmonopolet in Norway and Systembolaget in Sweden. The total net sales from Alko were approximately EUR 88.5 million (2021: EUR 84.3 million). The total net sales from Vinmonopolet were EUR 90.9 million (2021: EUR 65.8 million). The total net sales from Systembolaget were around EUR 151.5 million (2021: EUR 115.1 million). In Industrial segment. net sales of EUR 45.7 million (2021: EUR 36.4 million) were derived from a single external customer. No other single external customer represented more than 10 per cent or more of Anora\u2019s total net sales for the years ended 31 December 2022 or 2021. Non-current assets by geography The total of non-current assets other than financial instruments and deferred tax assets broken down by the location of the assets as at 31 December 2022 and 2021 were as follows: EUR thousand 2022 2021 Finland 103.4 105.1 Sweden 49.0 52.8 Norway 384.7 408.3 Estonia 2.0 2.1 Latvia 0.4 0.4 Denmark 199.1 94.5 Other countries 7.9 8.3 NON-CURRENT ASSETS BY GEOGRAPHY. TOTAL 746.5 671.4 ",
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"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-497": {
"value": "1.2. SEGMENT INFORMATION Description of segments and principal activities The reportable segments of Anora in these consolidated financial statements consist of Wine, Spirits, and Industrial. The new operating model took effect on 1 January 2022. The Board of Directors of Anora has been determined as the group\u2019s chief operative decision maker being responsible for allocating resources, deciding on strategy and assessing performance of the operating segments. The reportable segments are based on Anora\u2019s operating structure and internal reporting to the CODM used to assess the performance of the segments. For internal reporting purposes, reporting on the segment profit is based on internal measures of gross profit and comparable EBITDA derived as follows: \u2022 Net sales and direct segment expenses including costs of goods sold reported within the Gross Profit and Comparable EBITDA segment profit measures are measured and reported under the same accounting principles as in the consolidated accounts. \u2022 Expenses allocated to the segments related to shared function costs or business support services expenses comprise costs such as centralized marketing costs, IT infrastructure related costs, shared support services, headquarter costs including finance and treasury, communication, legal and human resource related costs as well as certain warehousing and service fees. For internal reporting purposes these cost allocations are based on budgeted amounts and variances from budgeted amounts are presented under column \u201cGroup and allocations\u201d and can result in either incurred overruns or savings compared to budgeted amounts. These variances are not allocated to the segments for internal reporting purposes . The group and allocations column represents, in addition to the budget variances, certain unallocated headquarter costs. In 2022 EUR 8,8 million of group and allocations are related to unallocated headquarter costs. ",
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"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-498": {
"value": "products, such as starch, feed and technical ethanol. Adjustments to sales and obligations to repurchase certain products are taken into accoun t in the revenue recognition phase. In partner supplier agreements, which entitle Group to distribute partners\u2019 products, Anora acts as a principal towards the end customer having control over the product, discretion in establishing prices and owning the inventory. Accordingly, revenue recognised is the gross amount to which Anora is entitled to in these product sales. The revenue from warehousing services at logistics business is recognised over time. The Logistics business when it acts an agent, recognises its revenue at time of the delivery of the goods. The amount of excise tax deducted from sales revenue is significant. The amounts of sales including tax and excise taxes are presented below: EUR million 2022 2021 Sales revenues deducted with revenue adjustments 1,706.9 1,076.6 Excise tax -1,004.1 -598.4 Net sales 702.7 478.2 Tax share of sales revenues, % 58,8% 55.6% Revenue recognition The revenue is recognized at an amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer. The transaction price may include variable considerations such as volume discounts, bonuses, marketing support, product returns etc. The variable considerations are estimated using the most likely value method if not yet realized in the end of reporting period. The revenue is further adjusted with indirect sales taxes, excise taxes, deposit and recycling fees. The wine and spirits businesses generally only sell physical products in the form of wine and spirits products. In contract services the contracts essentially include a single performance obligation, being a series of distinct services such as contract manufacturing, customer services and logistics. The revenue recognition occurs at a point in time, when the control of the goods is transferred to the customer according to the delivery terms. Revenue from the sale of services is recognised at the time of delivery of services. The revenue from warehousing services at logistics businesss is recognised over time. When logistics business act as an agent, it recognises its revenue at time of delivery of the goods. Primarily accounts receivable fall due 0-60 days after invoicing date. Transaction prices do not include any significant financing components. The most significant revenue flows are generated by the sale of own products and partner brands to Scandinavian wine and spirit monopolies, Horeca customers, wholesalers and travel retail customers. In addition, revenues are generated by contract manufacturing, sale of logistic services and the sale of industrial ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-499": {
"value": "1.3. OTHER OPERATING INCOME Other operating income mainly includes gains on the disposal of non-current assets, income from sale of energy, water, steam and carbon dioxide, gains on sale of emission allowances, rental income and related non-core business service income and contract termination fees. EUR million 2022 2021 \"Gains on sale of property, plant and equipment and intangible assets\" 0.9 3.7 Gains on sale of emission allowances 1.2 - Rental income 1.4 1.8 Income from sale of energy, water, steam and carbon dioxide 4.2 3.4 Insurance compensations 1.1 - Other income 2.2 1.6 TOTAL 10.9 10. 5 ",
"dimensions": {
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"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-500": {
"value": "1.3. OTHER OPERATING INCOME Other operating income mainly includes gains on the disposal of non-current assets, income from sale of energy, water, steam and carbon dioxide, gains on sale of emission allowances, rental income and related non-core business service income and contract termination fees. EUR million 2022 2021 \"Gains on sale of property, plant and equipment and intangible assets\" 0.9 3.7 Gains on sale of emission allowances 1.2 - Rental income 1.4 1.8 Income from sale of energy, water, steam and carbon dioxide 4.2 3.4 Insurance compensations 1.1 - Other income 2.2 1.6 TOTAL 10.9 10. 5 1.6. OTHER OPERATING EXPENSES EUR million 2022 2021 Losses on sales and disposals of property, plant and equipment and intangible assets 0.2 0.0 Short term, low value and variable lease payments 4.7 1.6 Marketing expenses 29.9 18.4 Travel and representation expenses 5.2 2.0 Outsourcing services 35.5 17.1 Repair and maintenance expenses 14.8 8.6 Cars and transport services 0.5 3.1 Energy expenses 9.8 8.3 IT expenses 12.0 8.9 Variable sales expenses 16.0 13.1 Other expenses 9.1 9.0 TOTAL 137.6 90.2 Auditor\u2019s fees included in other operating expenses 2022 2021 Audit fees 1,2 0.5 Tax consultation 0,0 - Other fees 0.3 0.2 TOTAL 1,4 0.6 The table above presents fees to Group auditor PricewaterhouseCoopers as well as other auditors of Group subsidiaries during the year. Upon the application of PricewaterhouseCoopers, The oversight office of Finnish Patent and Registration Office has granted PricewaterhouseCoopers an exemption from the maximum amount of non-audit fees referred to in chapter 5, section 4 of the Finnish Auditing Act ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-501": {
"value": "1.4. MATERIALS AND SERVICES EUR million 2022 2021 Raw materials, consumables and goods Purchases during the period 457.6 250.7 Change in inventories -50.1 15.7 Scrapping and obsolescence and revaluation 4.0 -2.1 External services 2.9 1.8 TOTAL 414.3 266.1 Materials and services consist of cost of material, such as barley, wine, different spirit, liquids, ground water as well as other ingredients needed for a variety of different drinks, packaging materials, production costs, changes in inventories, scrapping and obsolescence costs and external services such as logistics and warehousing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-502": {
"value": "1.4. MATERIALS AND SERVICES EUR million 2022 2021 Raw materials, consumables and goods Purchases during the period 457.6 250.7 Change in inventories -50.1 15.7 Scrapping and obsolescence and revaluation 4.0 -2.1 External services 2.9 1.8 TOTAL 414.3 266.1 Materials and services consist of cost of material, such as barley, wine, different spirit, liquids, ground water as well as other ingredients needed for a variety of different drinks, packaging materials, production costs, changes in inventories, scrapping and obsolescence costs and external services such as logistics and warehousing. 1.5. EMPLOYEE BENEFIT EXPENSES EUR million 2022 2021 Wages and salaries 74.0 52.6 Pension expenses Defined contribution plans 9.1 7.4 Defined benefit plans 0.0 0.0 Share -based payments 0.6 1.6 Other social expenses 10.1 7.9 TOTAL 93.8 69.6 In Anora, the total wages and salaries of personnel consists of fixed and variable pay, allowances, short and long-term incentives and fringe benefits. The Group has recognised the total amount of incentives EUR 0,8 millon (2021: EUR 4,3 million) in the form of cash bonuses. Employee benefit expenses include personnel related restructuring costs of EUR 0,1 million (2021: EUR 0,5 million). Average number of personnel during the period 2022 2021 Workers 538 315 Clerical employees 621 484 TOTAL 1,159 799 More information on the Group\u2019s pension plans is presented in Note 2.7. Information of management remuneration is presented in Note 6.3. related party transactions. 1.6. OTHER OPERATING EXPENSES EUR million 2022 2021 Losses on sales and disposals of property, plant and equipment and intangible assets 0.2 0.0 Short term, low value and variable lease payments 4.7 1.6 Marketing expenses 29.9 18.4 Travel and representation expenses 5.2 2.0 Outsourcing services 35.5 17.1 Repair and maintenance expenses 14.8 8.6 Cars and transport services 0.5 3.1 Energy expenses 9.8 8.3 IT expenses 12.0 8.9 Variable sales expenses 16.0 13.1 Other expenses 9.1 9.0 TOTAL 137.6 90.2 Auditor\u2019s fees included in other operating expenses 2022 2021 Audit fees 1,2 0.5 Tax consultation 0,0 - Other fees 0.3 0.2 TOTAL 1,4 0.6 The table above presents fees to Group auditor PricewaterhouseCoopers as well as other auditors of Group subsidiaries during the year. Upon the application of PricewaterhouseCoopers, The oversight office of Finnish Patent and Registration Office has granted PricewaterhouseCoopers an exemption from the maximum amount of non-audit fees referred to in chapter 5, section 4 of the Finnish Auditing Act 1.7. DEPRECIATION, AMORTISATION AND IMPAIRMENT Depreciation and amortisation by asset categories is as follows: EUR million 2022 2021 Amortisation on intangible assets Trademarks 8,1 3,7 Software and other intangible assets 2,4 2,1 Total amortisation on intangible assets 10,6 5,9 Depreciation on property, plant and equipment Buildings 2,6 2,8 Machinery and equipment 6,9 5,3 Other tangible assets 0,0 0,0 Total depreciation on property, plant and equipment 9,5 8,1 Depreciation on right-of-use assets Buildings 9,9 4,8 Machinery 3,3 1,7 Total depreciation on right-of-use assets 13,2 6,5 TOTAL DEPRECIATION AND AMORTISATION 33,2 20,5 Group\u2019s depreciation and amortisation methods and periods are described in Note 2.1. Goodwill and other intangible assets, Note 2.2. Property, plant and equipment and Note 2.3. Leases . 1.8. RESEARCH AND DEVELOPMENT EXPENDITURES Operating result includes research and development expenditures amounting to EUR 2,2 million (2021: EUR 3,5 million). The R&D expenditures represents 0,3% of net sales in 2022 (2021: 0.7%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-503": {
"value": "1.5. EMPLOYEE BENEFIT EXPENSES EUR million 2022 2021 Wages and salaries 74.0 52.6 Pension expenses Defined contribution plans 9.1 7.4 Defined benefit plans 0.0 0.0 Share -based payments 0.6 1.6 Other social expenses 10.1 7.9 TOTAL 93.8 69.6 In Anora, the total wages and salaries of personnel consists of fixed and variable pay, allowances, short and long-term incentives and fringe benefits. The Group has recognised the total amount of incentives EUR 0,8 millon (2021: EUR 4,3 million) in the form of cash bonuses. Employee benefit expenses include personnel related restructuring costs of EUR 0,1 million (2021: EUR 0,5 million). Average number of personnel during the period 2022 2021 Workers 538 315 Clerical employees 621 484 TOTAL 1,159 799 More information on the Group\u2019s pension plans is presented in Note 2.7. Information of management remuneration is presented in Note 6.3. related party transactions. 2.7. EMPLOYEE BENEFIT OBLIGATIONS Group\u2019s pension arrangements The Group operates various pension plans in accordance with local conditions and practices in different countries. In the Finnish, Norwegian, Swedish, Danish and German companies, statutory pension obligations are arranged through pension insurance companies, when the plans are defined contribution plans and they are managed in accordance with local legislation and established practice. Up to 31 December 2008, Arcus ASA and its subsidiaries in Norway had a group defined benefit plan for their employees. These plans were terminated and plans were switched to defined contribution plans. On the transition 2009, all those who were ill or disabled remained in the defined benefit plans. There is a pension obligation of EUR 71 thousand related to five individuals and this pension obligation is secured with assets. Gift pension and unfunded pension arrangements On the transition 2009 to the defined contribution plan in Arcus ASA and its subsidiaries, there were individuals who would be disadvantaged in the event of early retirement at 65\u201367 years of age. To compensate for this, it was agreed to that a gift pension would be paid to all employees who were affected. As at 31.12.2022, this pension is linked to 86 employees and the total obligation has been recognized at EUR 1.1 million. The Group has defined benefit pension plans for supplementary pension in Altia Norway and France. In defined benefit pension plans, the amount of the pension benefit at retirement is calculated based on salary, years of service and life expectancy. The Norwegian and French pension plans cover only few employees, thus the related pension liabilities are not material for the Group. At the end of the reporting period 2022 the defined benefit plan obligation amounted to EUR 0.8 million (2021: EUR 1.0 million). 13",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-504": {
"value": "In Anora, the total wages and salaries of personnel consists of fixed and variable pay, allowances, short and long-term incentives and fringe benefits. The Group has recognised the total amount of incentives EUR 0,8 millon (2021: EUR 4,3 million) in the form of cash bonuses. Employee benefit expenses include personnel related restructuring costs of EUR 0,1 million (2021: EUR 0,5 million). Group\u2019s pension arrangements The Group operates various pension plans in accordance with local conditions and practices in different countries. In the Finnish, Norwegian, Swedish, Danish and German companies, statutory pension obligations are arranged through pension insurance companies, when the plans are defined contribution plans and they are managed in accordance with local legislation and established practice. Up to 31 December 2008, Arcus ASA and its subsidiaries in Norway had a group defined benefit plan for their employees. These plans were terminated and plans were switched to defined contribution plans. On the transition 2009, all those who were ill or disabled remained in the defined benefit plans. There is a pension obligation of EUR 71 thousand related to five individuals and this pension obligation is secured with assets. Gift pension and unfunded pension arrangements On the transition 2009 to the defined contribution plan in Arcus ASA and its subsidiaries, there were individuals who would be disadvantaged in the event of early retirement at 65\u201367 years of age. To compensate for this, it was agreed to that a gift pension would be paid to all employees who were affected. As at 31.12.2022, this pension is linked to 86 employees and the total obligation has been recognized at EUR 1.1 million. The Group has defined benefit pension plans for supplementary pension in Altia Norway and France. In defined benefit pension plans, the amount of the pension benefit at retirement is calculated based on salary, years of service and life expectancy. The Norwegian and French pension plans cover only few employees, thus the related pension liabilities are not material for the Group. At the end of the reporting period 2022 the defined benefit plan obligation amounted to EUR 0.8 million (2021: EUR 1.0 million)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-505": {
"value": "Average number of personnel during the period 2022 2021 Workers 538 315 Clerical employees 621 484 TOTAL 1,159 799 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-506": {
"value": "1.6. OTHER OPERATING EXPENSES EUR million 2022 2021 Losses on sales and disposals of property, plant and equipment and intangible assets 0.2 0.0 Short term, low value and variable lease payments 4.7 1.6 Marketing expenses 29.9 18.4 Travel and representation expenses 5.2 2.0 Outsourcing services 35.5 17.1 Repair and maintenance expenses 14.8 8.6 Cars and transport services 0.5 3.1 Energy expenses 9.8 8.3 IT expenses 12.0 8.9 Variable sales expenses 16.0 13.1 Other expenses 9.1 9.0 TOTAL 137.6 90.2 Auditor\u2019s fees included in other operating expenses 2022 2021 Audit fees 1,2 0.5 Tax consultation 0,0 - Other fees 0.3 0.2 TOTAL 1,4 0.6 The table above presents fees to Group auditor PricewaterhouseCoopers as well as other auditors of Group subsidiaries during the year. Upon the application of PricewaterhouseCoopers, The oversight office of Finnish Patent and Registration Office has granted PricewaterhouseCoopers an exemption from the maximum amount of non-audit fees referred to in chapter 5, section 4 of the Finnish Auditing Act . 12",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-507": {
"value": "Auditor\u2019s fees included in other operating expenses 2022 2021 Audit fees 1,2 0.5 Tax consultation 0,0 - Other fees 0.3 0.2 TOTAL 1,4 0.6 The table above presents fees to Group auditor PricewaterhouseCoopers as well as other auditors of Group subsidiaries during the year. Upon the application of PricewaterhouseCoopers, The oversight office of Finnish Patent and Registration Office has granted PricewaterhouseCoopers an exemption from the maximum amount of non-audit fees referred to in chapter 5, section 4 of the Finnish Auditing Act . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-508": {
"value": "1.7. DEPRECIATION, AMORTISATION AND IMPAIRMENT Depreciation and amortisation by asset categories is as follows: EUR million 2022 2021 Amortisation on intangible assets Trademarks 8,1 3,7 Software and other intangible assets 2,4 2,1 Total amortisation on intangible assets 10,6 5,9 Depreciation on property, plant and equipment Buildings 2,6 2,8 Machinery and equipment 6,9 5,3 Other tangible assets 0,0 0,0 Total depreciation on property, plant and equipment 9,5 8,1 Depreciation on right-of-use assets Buildings 9,9 4,8 Machinery 3,3 1,7 Total depreciation on right-of-use assets 13,2 6,5 TOTAL DEPRECIATION AND AMORTISATION 33,2 20,5 Group\u2019s depreciation and amortisation methods and periods are described in Note 2.1. Goodwill and other intangible assets, Note 2.2. Property, plant and equipment and Note 2.3. Leases . 2.2. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment Property, plant and equipment mainly consist of manufacturing and warehouse buildings, land, and machinery and equipment used in alcoholic beverage industry. Property, plant and equipment are measured at historical cost less accumulated depreciation and possible impairment losses. If parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. The subsequent costs related to the items of property, plant and equipment are capitalised only if the future economic benefits exceed the originally assessed standard of performance. All other expenditure, for example ordinary maintenance and repair costs, is recognised as an expense as incurred. Depreciation is recognised on a straight-line basis over the estimated useful lives of items of property, plant and equipment. Land is not depreciated. Government grants, for example grants received from the State, are recognised in profit or loss in the same period in which the related expenses are recognised. Grants that compensate the Group for the acquisition of property, plant and equipment are deducted from the carrying amount adjusted with the grant received. Investment properties are properties held by the Group in order to earn rental income or for capital appreciation. Investment properties are measured at cost less accumulated depreciation and impairment losses. Fair values of investment properties are determined based on a valuation carried out by an external property valuator. The estimated useful lives of property, plant and equipment are as follows: Buildings and structures 10\u201340 years Machinery and equipment 3\u201320 years Other tangible assets 3\u201310 years The estimated useful lives and residual values are reviewed at each financial year-end, and if they differ substantially from the previous estimates, the depreciation periods are adjusted accordingly. Impairment loss is recognised in profit or loss to the extent the assets carrying value exceeds its recoverable amount. Gains and losses on the disposals of property, plant and equipment are included in other operating income or expenses. PROPERTY, PLANT AND EQUIPMENT EUR million Land and water areas Buildings and structures Machinery and equipment Other tangible assets Prepayments and assets under construction Total Acquisition cost at 1 January 2022 3.0 113.4 176.7 0.8 5.3 299.3 Acquisition of subsidiaries - - 7.6 - 0.0 7.7 Additions 0.0 0.1 1.6 - 6.8 8.6 Disposals -0.0 -0.1 -0.8 - -0.0 -0.9 Effect of movement in exchange rates - -0.0 -2.6 -0.0 -0.2 -2.9 Transfers between items 0.0 1.0 2.1 - -3.2 0.0 Acquisition cost at 31 December 2022 3.0 114.4 184.7 0.8 8.8 311.7 Accumulated depreciation and impairment losses at 1 January 2022 0.0 -91.4 -136.4 -0.2 - -228.0 Depreciation - -2.6 -6.9 -0.0 - -9.5 Accumulated depreciation on disposals and transfers - 0.0 0.6 - - 0.6 Effect of movement in exchange rates - 0.0 1.8 - - 1.8 Accumulated depreciation and impairment losses at 31 December 2022 0.0 -93.9 -140.9 -0.2 - -235.0 Carrying amount at 1 January 2022 3.0 22.0 40.3 0.6 5.3 71.3 CARRYING AMOUNT AT 31 DECEMBER 2022 3.0 20.5 43.8 0.6 8.8 76.7 Acquisition cost at 1 January 2021 3.0 112.6 133.9 0.8 2.6 252.9 Acquisition of subsidiaries - - 37.1 - 3.9 41.0 Additions - 0.1 1.1 - 3.4 4.6 Disposals - - -0.2 - - -0.2 Effect of movement in exchange rates - 0.0 1.0 -0.0 0.1 1.1 Transfers between items 0.0 0.8 3.9 - -4.7 0.0 Acquisition cost at 31 December 2021 3.0 113.4 176.7 0.8 5.3 299.3 Accumulated depreciation and impairment losses at 1 January 2021 0.0 -88.7 -105.1 -0.2 - -194.0 Acquisition of subsidiaries - - -25.4 - - -25.4 Depreciation - -2.8 -5.3 -0.0 - -8.1 Accumulated depreciation on disposals and transfers - -0.0 0.1 - - 0.1 Effect of movement in exchange rates - 0.0 -0.6 - - -0.6 Accumulated depreciation and impairment losses at 31 December 2021 0.0 -91.4 -136.4 -0.2 - -228.0 Carrying amount at 1 January 2021 3.0 23.9 28.7 0.6 2.6 58.9 CARRYING AMOUNT AT 31 DECEMBER 2021 3.0 22.0 40.3 0.6 5.3 71.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-509": {
"value": ".7. DEPRECIATION, AMORTISATION AND IMPAIRMENT Depreciation and amortisation by asset categories is as follows: EUR million 2022 2021 Amortisation on intangible assets Trademarks 8,1 3,7 Software and other intangible assets 2,4 2,1 Total amortisation on intangible assets 10,6 5,9 Depreciation on property, plant and equipment Buildings 2,6 2,8 Machinery and equipment 6,9 5,3 Other tangible assets 0,0 0,0 Total depreciation on property, plant and equipment 9,5 8,1 Depreciation on right-of-use assets Buildings 9,9 4,8 Machinery 3,3 1,7 Total depreciation on right-of-use assets 13,2 6,5 TOTAL DEPRECIATION AND AMORTISATION 33,2 20,5 Group\u2019s depreciation and amortisation methods and periods are described in Note 2.1. Goodwill and other intangible assets, Note 2.2. Property, plant and equipment and Note 2.3. Leases Property, plant and equipment Property, plant and equipment mainly consist of manufacturing and warehouse buildings, land, and machinery and equipment used in alcoholic beverage industry. Property, plant and equipment are measured at historical cost less accumulated depreciation and possible impairment losses. If parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. The subsequent costs related to the items of property, plant and equipment are capitalised only if the future economic benefits exceed the originally assessed standard of performance. All other expenditure, for example ordinary maintenance and repair costs, is recognised as an expense as incurred. Depreciation is recognised on a straight-line basis over the estimated useful lives of items of property, plant and equipment. Land is not depreciated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-510": {
"value": "1.8. RESEARCH AND DEVELOPMENT EXPENDITURES Operating result includes research and development expenditures amounting to EUR 2,2 million (2021: EUR 3,5 million). The R&D expenditures represents 0,3% of net sales in 2022 (2021: 0.7%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-511": {
"value": "2.1. GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets comprise of goodwill, marketing related intangible assets (trademarks and company brands), customer related intangible assets, software, other intangible assets and prepayments for intangible assets. Intangible assets are capitalised at cost price or fair value with deduction for accumulated depreciation and accumulated write downs in the event of non-transitory impairment. Goodwill Goodwill arising on the business acquisition is recognised as a residual value in the excess of the aggregate of the consideration transferred, the amount of non-controlling interests and any previously held equity interest in the acquiree, over the fair value of the net assets acquired. Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised but is tested annually for impairment. For the purpose of impairment testing, goodwill is allocated to the groups of cash generating units (CGU) that are expected to benefit from the business combinations in which the goodwill was generated. Marketing related intangible assets (Trademarks and company brands) Marketing related intangible assets are either arising from business acquisitions or purchased separately. Marketing related intangible assets that have been acquired in connection with business acquisitions are capitalized at fair value at the time of the business acquisition, while separately purchased marketing related intangible assets are capitalized at cost price. Critical estimates and management judgements \u2013 Useful lives of trademarks On initial recognition of marketing related intangible assets, an assessment is made on whether the asset is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the asset, the customary life cycles for the assets of this type, the stability of the sector and the business, and the probability that the Group will succeed in maintaining the asset\u2019s financial lifetime, given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of these assets in large and important markets. Marketing related intangible assets with definite useful lives are amortized by the straight-line method over the expected useful life. The capitalised value of marketing related intangible assets with indefinite lifetime is tested for impairment at least once a year, or more often if there are indications that the value of the asset has decreased. The estimated useful lives of marketing related intangible assets are as follows: Trademarks with indefinite useful life: not amortized Trademarks with definite useful life: 0\u201350 years Company Brands with definite useful life: 5 years Customer related intangible assets (Customer relations) Customer related intangible assets are arising from business acquisitions and are capitalized at fair value at the time of the business acquisition. Customer related intangible assets are amortized by the straight-line method over the expected useful life. The estimated useful lives of customer related intangible assets are as follows: Customer relations Wine: 7\u201315 years Other intangible assets Other intangible assets include software and other intangible assets in addition to prepayments for intangible assets. These other intangible assets are recognised in the balance sheet at the original cost and depreciated over their estimated useful lives. The costs related to the other intangible assets are capitalised if it can be demonstrated that the asset will generate the future economic benefits, the entity controls the asset can be measured reliably. All other expenditure is recognised as an expense when incurred. The estimated useful lives of intangible assets are as follows: IT-development and software: 3\u201310 years Expenditure on research activities is recognised in profit or loss in the period in which it is incurred. The Group has no projects related to the development activities of new products or processes qualifying for the identifiability and other criteria regarding capitalisation under IFRS. Accounting for emission allowances is described in Note 6.2. GOODWILL AND OTHER INTANGIBLE ASSETS EUR thousand Goodwill Trademarks Software and other intangible assets Pre- payments Other intangible assets total Acquisition cost at 1 January 2022 327.3 300.0 40.6 0.8 341.4 Acquisition of subsidiaries 41.4 43.9 0.7 - 44.6 Additions - 0.1 0.3 1.7 2.1 Disposals - -0.4 -0.0 - -0.4 Effect of movement in exchange rates -15.4 -12.8 -0.5 - -13.3 Transfers between items - - 0.4 -0.4 0.0 Acquisition cost at 31 December 2022 353.3 330.9 41.5 2.1 374.4 Accumulated amortisation and impairment losses at 1 January 2022 -49.5 -109.5 -35.2 - -144.7 Acquisition of subsidiaries - - - - 0.0 Amortisation - -8.1 -2.4 - -10.6 Accumulated amortisation on disposals and transfers - 0.4 0.0 - 0.4 Effect of movement in exchange rates 6.7 5.9 0.7 - 6.5 Accumulated amortisation and impairment losses at 31 December 2022 -42.8 -111.3 -37.0 - -148.3 Carrying amount at 1 January 2022 277.8 190.6 5.4 0.8 196.7 CARRYING AMOUNT AT 31 DECEMBER 2022 310.5 219.5 4.6 2.1 226.1 Acquisition cost at 1 January 2021 123.0 124.7 25.0 1.4 151.1 Acquisition of subsidiaries 195.4 187.5 13.6 - 201.1 Additions - 0.1 0.1 0.9 1.0 Disposals - -15.4 - - -15.4 Effect of movement in exchange rates 8.9 3.2 0.3 - 3.5 Transfers between items - - 1.5 -1.5 0.0 Acquisition cost at 31 December 2021 327.3 300.0 40.6 0.8 341.4 Accumulated amortisation and impairment losses at 1 January 2021 -41.6 -109.7 -20.7 - -130.4 Acquisition of subsidiaries -2.2 -8.1 -12.1 - -20.1 Amortisation - -3.7 -2.1 - -5.9 Accumulated amortisation on disposals and transfers - 11.7 0.0 - 11.7 Effect of movement in exchange rates -5.8 0.4 -0.3 - 0.1 Accumulated amortisation and impairment losses at 31 December 2021 -49.5 -109.5 -35.2 - -144.7 Carrying amount at 1 January 2021 81.4 15.0 4.3 1.4 20.7 CARRYING AMOUNT AT 31 DECEMBER 2021 277.8 190.6 5.4 0.8 196.7 The most significant trademarks include for example, Gammel Opland, Aalborg, Gammel Dansk, Bradstad, Lysholm Linie, L\u00f8iten, Hot\u2019n Sweet, Renault, Larsen, Xant\u00e9, Blossa, Chill Out, Explorer, 1-Enkelt and Arsenitch. Software and other intangible assets are mainly computer software. I mpairment testing Book value of assets are assessed to determine whether there is any impairment at least at the end of each financial year. If any evidence of impairment emerges (a triggering event), the assets\u2019 recoverable amount is estimated. The recoverable amount is determined on the basis of value in use. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is immediately recognised in profit or loss and the estimated useful life of the asset in question is reassessed when an impairment loss is recognised. The recoverable amounts of goodwill and intangible assets not yet available for use are estimated annually. The impairment loss is reversed if there has been such a positive change in the estimates used to determine the recoverable amount of the asset or cash-generating unit that recoverable amount of the asset will increase the book value of asset. Impairment losses are only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised. An impairment loss on goodwill is never reversed . Critical estimates and management judgements \u2013 Impairment testing: The preparation of calculations for the impairment testing of goodwill requires estimates regarding the future. The management\u2019s estimates and related critical uncertainties are related to the components of the recoverable amount calculation, including the discount rate, the terminal growth rate and development of the net sales and operating result, including estimated cost levels of main raw materials and energy. The discount rates reflect current assessments of the time value of money and relevant market risk premiums reflecting risks and uncertainties for which the future cash flow estimates have not been adjusted. The cash generating unit for impairment testing of marketing related intangible assets is the trademark itself. To determine the recoverable amount for these assets, future cash flows are calculated based \u201crelief from royalty\u201d method before tax. Impairment testing of goodwill Allocation of goodwill Goodwill is allocated to groups of cash-generating units (CGU) that represent the level on which the management monitors the goodwill. Following the Altia-Arcus merger, the Group implemented a new reporting structure and is now organized into three segments which are Wine, Spirits, and Industrial. These three segments form the cash generating units (CGU) and represent the lowest level at which goodwill is monitored for internal management purposes. The Group goodwill has been allocated to the CGUs of the new reporting structure in 2022 using the relative fair values of notional goodwill which reflect share of fair values of the cash generating units. At the end of 2022, goodwill of the Group has been allocated as follows: EUR million 2022 % 2021 % Wine 106.3 34.2% Spirits 204.2 65.8% Finland& Exports 46.6 16.8% Scandinavia 34.1 12.3% Arcus 197.0 70.9% TOTAL 310.5 100% 277.8 100% Impairment testing The key assumptions in goodwill impairment testing are operating result and discount rate. The goodwill allocated to the Group\u2019s cash-generating units is tested for impairment annually or when there is reason to assume that the carrying amount has exceeded the recoverable amount, with the carrying amount compared to the recoverable amount in the testing. The annual impairment tests have been carried out on 31 October 2022 and 31 October 2021. The cash flow estimates used are based on CGU-specific financial plans for the following year approved by the Group\u2019s management. The forecast period applied for the calculations covers five years, beyond which the cash flow projections are extrapolated using a constant market-specific growth rate estimate. The forecasted cash flows for a longer term than this have been estimated by using an annual growth rate estimate of 2.0% which is based on an assumption of inflation growth. The market-specific WACC estimates are based on external market-specific references. Management makes judgements regarding the development of assumptions other than WACC based on internal and external views of the industry\u2019s history and future. The weighted average costs of capital used as discount rates for the cash flow estimates are presented in the enclosed table: Used pre-tax discount rate % 2022 2021 Wine 8.0% Spirits 8.4% Finland & Exports 8.5% Scandinavia 8.8% Arcus 8.8% The estimated average operating margins used in the calculations are presented in the enclosed table: Projected average pre-tax operating result % 2022 2021 Wine 9.5% Spirits 13.2% Finland & Exports 11.9% Scandinavia 9.5% Arcus 13.4 % Based on the analyses prepared by the company, no reasonably possible change in any of the key assumptions would cause any of the tested unit's recoverable amount to decrease to be equal to its carrying amount. Equivalent impairment tests are made for trademarks. The recoverable amount for trademarks is calculated on the basis of relief from royalty method before taxes whereby the brand\u2019s annual royalty rate is considered to be the expected long term profit that the individual trademarks are expected to have. The forecast period applied for the calculations covers five years. The terminal value is based on an assumption of inflation growth of 2 percent. Cash flow estimates used are discounted using a discount rate. A significant proportion of the Group\u2019s trademarks are assessed not to have definite useful lives. These are not amortised on an ongoing basis but are solely subject to annual impairment testing. On initial recognition of trademarks, it is assessed whether the trademark is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the trademark, the customary life cycles for trademarks of this type, the stability of the sector and the business, and the profitability that the Group will succeed in maintaining the trademark\u2019s financial l ife time given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of trademarks in large and important markets. At the end of 2022, all of the Group\u2019s trademarks with indefinite useful lives were related to Spirits segment. Most of the trademarks within Spirits business are trademarks that have existed for several decades and some have existed for several hundred years. If impairment tests show declining curves over time, the trademark may be written down to estimated value in use and a new assessment of the trademark\u2019s estimated useful live is performed. If it is estimated after a new assessment that the useful life is no longer indefinite, the trademark is redefined to have a definite useful life, whereby a linear depreciation term is determined for the remaining book value . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-512": {
"value": "2.1. GOODWILL AND OTHER INTANGIBLE ASSETS Intangible assets comprise of goodwill, marketing related intangible assets (trademarks and company brands), customer related intangible assets, software, other intangible assets and prepayments for intangible assets. Intangible assets are capitalised at cost price or fair value with deduction for accumulated depreciation and accumulated write downs in the event of non-transitory impairment. Goodwill Goodwill arising on the business acquisition is recognised as a residual value in the excess of the aggregate of the consideration transferred, the amount of non-controlling interests and any previously held equity interest in the acquiree, over the fair value of the net assets acquired. Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised but is tested annually for impairment. For the purpose of impairment testing, goodwill is allocated to the groups of cash generating units (CGU) that are expected to benefit from the business combinations in which the goodwill was generated. Marketing related intangible assets (Trademarks and company brands) Marketing related intangible assets are either arising from business acquisitions or purchased separately. Marketing related intangible assets that have been acquired in connection with business acquisitions are capitalized at fair value at the time of the business acquisition, while separately purchased marketing related intangible assets are capitalized at cost price. Critical estimates and management judgements \u2013 Useful lives of trademarks On initial recognition of marketing related intangible assets, an assessment is made on whether the asset is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the asset, the customary life cycles for the assets of this type, the stability of the sector and the business, and the probability that the Group will succeed in maintaining the asset\u2019s financial lifetime, given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of these assets in large and important markets. Marketing related intangible assets with definite useful lives are amortized by the straight-line method over the expected useful life. The capitalised value of marketing related intangible assets with indefinite lifetime is tested for impairment at least once a year, or more often if there are indications that the value of the asset has decreased. The estimated useful lives of marketing related intangible assets are as follows: Trademarks with indefinite useful life: not amortized Trademarks with definite useful life: 0\u201350 years Company Brands with definite useful life: 5 years Customer related intangible assets (Customer relations) Customer related intangible assets are arising from business acquisitions and are capitalized at fair value at the time of the business acquisition. Customer related intangible assets are amortized by the straight-line method over the expected useful life. The estimated useful lives of customer related intangible assets are as follows: Customer relations Wine: 7\u201315 years Other intangible assets Other intangible assets include software and other intangible assets in addition to prepayments for intangible assets. These other intangible assets are recognised in the balance sheet at the original cost and depreciated over their estimated useful lives. The costs related to the other intangible assets are capitalised if it can be demonstrated that the asset will generate the future economic benefits, the entity controls the asset can be measured reliably. All other expenditure is recognised as an expense when incurred. The estimated useful lives of intangible assets are as follows: IT-development and software: 3\u201310 years Expenditure on research activities is recognised in profit or loss in the period in which it is incurred. The Group has no projects related to the development activities of new products or processes qualifying for the identifiability and other criteria regarding capitalisation under IFRS. Accounting for emission allowances is described in Note 6.2. I mpairment testing Book value of assets are assessed to determine whether there is any impairment at least at the end of each financial year. If any evidence of impairment emerges (a triggering event), the assets\u2019 recoverable amount is estimated. The recoverable amount is determined on the basis of value in use. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is immediately recognised in profit or loss and the estimated useful life of the asset in question is reassessed when an impairment loss is recognised. The recoverable amounts of goodwill and intangible assets not yet available for use are estimated annually. The impairment loss is reversed if there has been such a positive change in the estimates used to determine the recoverable amount of the asset or cash-generating unit that recoverable amount of the asset will increase the book value of asset. Impairment losses are only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised. An impairment loss on goodwill is never reversed . Critical estimates and management judgements \u2013 Impairment testing: The preparation of calculations for the impairment testing of goodwill requires estimates regarding the future. The management\u2019s estimates and related critical uncertainties are related to the components of the recoverable amount calculation, including the discount rate, the terminal growth rate and development of the net sales and operating result, including estimated cost levels of main raw materials and energy. The discount rates reflect current assessments of the time value of money and relevant market risk premiums reflecting risks and uncertainties for which the future cash flow estimates have not been adjusted. The cash generating unit for impairment testing of marketing related intangible assets is the trademark itself. To determine the recoverable amount for these assets, future cash flows are calculated based \u201crelief from royalty\u201d method before tax. Impairment testing of goodwill Allocation of goodwill Goodwill is allocated to groups of cash-generating units (CGU) that represent the level on which the management monitors the goodwill. Following the Altia-Arcus merger, the Group implemented a new reporting structure and is now organized into three segments which are Wine, Spirits, and Industrial. These three segments form the cash generating units (CGU) and represent the lowest level at which goodwill is monitored for internal management purposes. The Group goodwill has been allocated to the CGUs of the new reporting structure in 2022 using the relative fair values of notional goodwill which reflect share of fair values of the cash generating units. At the end of 2022, goodwill of the Group has been allocated as follows: EUR million 2022 % 2021 % Wine 106.3 34.2% Spirits 204.2 65.8% Finland& Exports 46.6 16.8% Scandinavia 34.1 12.3% Arcus 197.0 70.9% TOTAL 310.5 100% 277.8 100% Impairment testing The key assumptions in goodwill impairment testing are operating result and discount rate. The goodwill allocated to the Group\u2019s cash-generating units is tested for impairment annually or when there is reason to assume that the carrying amount has exceeded the recoverable amount, with the carrying amount compared to the recoverable amount in the testing. The annual impairment tests have been carried out on 31 October 2022 and 31 October 2021. The cash flow estimates used are based on CGU-specific financial plans for the following year approved by the Group\u2019s management. The forecast period applied for the calculations covers five years, beyond which the cash flow projections are extrapolated using a constant market-specific growth rate estimate. The forecasted cash flows for a longer term than this have been estimated by using an annual growth rate estimate of 2.0% which is based on an assumption of inflation growth. The market-specific WACC estimates are based on external market-specific references. Management makes judgements regarding the development of assumptions other than WACC based on internal and external views of the industry\u2019s history and future. The weighted average costs of capital used as discount rates for the cash flow estimates are presented in the enclosed table: Used pre-tax discount rate % 2022 2021 Wine 8.0% Spirits 8.4% Finland & Exports 8.5% Scandinavia 8.8% Arcus 8.8% The estimated average operating margins used in the calculations are presented in the enclosed table: Projected average pre-tax operating result % 2022 2021 Wine 9.5% Spirits 13.2% Finland & Exports 11.9% Scandinavia 9.5% Arcus 13.4 % Based on the analyses prepared by the company, no reasonably possible change in any of the key assumptions would cause any of the tested unit's recoverable amount to decrease to be equal to its carrying amount. Equivalent impairment tests are made for trademarks. The recoverable amount for trademarks is calculated on the basis of relief from royalty method before taxes whereby the brand\u2019s annual royalty rate is considered to be the expected long term profit that the individual trademarks are expected to have. The forecast period applied for the calculations covers five years. The terminal value is based on an assumption of inflation growth of 2 percent. Cash flow estimates used are discounted using a discount rate. A significant proportion of the Group\u2019s trademarks are assessed not to have definite useful lives. These are not amortised on an ongoing basis but are solely subject to annual impairment testing. On initial recognition of trademarks, it is assessed whether the trademark is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the trademark, the customary life cycles for trademarks of this type, the stability of the sector and the business, and the profitability that the Group will succeed in maintaining the trademark\u2019s financial l ife time given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of trademarks in large and important markets. At the end of 2022, all of the Group\u2019s trademarks with indefinite useful lives were related to Spirits segment. Most of the trademarks within Spirits business are trademarks that have existed for several decades and some have existed for several hundred years. If impairment tests show declining curves over time, the trademark may be written down to estimated value in use and a new assessment of the trademark\u2019s estimated useful live is performed. If it is estimated after a new assessment that the useful life is no longer indefinite, the trademark is redefined to have a definite useful life, whereby a linear depreciation term is determined for the remaining book value . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-513": {
"value": "Goodwill
Goodwill arising on the business acquisition is recognised
as a residual value in the excess of the aggregate of
the consideration transferred, the amount of non-controlling
interests and any previously held equity interest in
the acquiree, over the fair value of the net assets acquired.
Goodwill is measured at cost less accumulated impairment
losses. Goodwill is not amortised but is tested annually for
impairment.
For the purpose of impairment testing, goodwill is
allocated to the groups of cash generating units (CGU) that are
expected to benefit from the business combinations in which
the goodwill was generated.
GOODWILL AND OTHER INTANGIBLE ASSETS EUR thousand Goodwill Trademarks Software and other intangible assets Pre- payments Other intangible assets total Acquisition cost at 1 January 2022 327.3 300.0 40.6 0.8 341.4 Acquisition of subsidiaries 41.4 43.9 0.7 - 44.6 Additions - 0.1 0.3 1.7 2.1 Disposals - -0.4 -0.0 - -0.4 Effect of movement in exchange rates -15.4 -12.8 -0.5 - -13.3 Transfers between items - - 0.4 -0.4 0.0 Acquisition cost at 31 December 2022 353.3 330.9 41.5 2.1 374.4 Accumulated amortisation and impairment losses at 1 January 2022 -49.5 -109.5 -35.2 - -144.7 Acquisition of subsidiaries - - - - 0.0 Amortisation - -8.1 -2.4 - -10.6 Accumulated amortisation on disposals and transfers - 0.4 0.0 - 0.4 Effect of movement in exchange rates 6.7 5.9 0.7 - 6.5 Accumulated amortisation and impairment losses at 31 December 2022 -42.8 -111.3 -37.0 - -148.3 Carrying amount at 1 January 2022 277.8 190.6 5.4 0.8 196.7 CARRYING AMOUNT AT 31 DECEMBER 2022 310.5 219.5 4.6 2.1 226.1 Acquisition cost at 1 January 2021 123.0 124.7 25.0 1.4 151.1 Acquisition of subsidiaries 195.4 187.5 13.6 - 201.1 Additions - 0.1 0.1 0.9 1.0 Disposals - -15.4 - - -15.4 Effect of movement in exchange rates 8.9 3.2 0.3 - 3.5 Transfers between items - - 1.5 -1.5 0.0 Acquisition cost at 31 December 2021 327.3 300.0 40.6 0.8 341.4 Accumulated amortisation and impairment losses at 1 January 2021 -41.6 -109.7 -20.7 - -130.4 Acquisition of subsidiaries -2.2 -8.1 -12.1 - -20.1 Amortisation - -3.7 -2.1 - -5.9 Accumulated amortisation on disposals and transfers - 11.7 0.0 - 11.7 Effect of movement in exchange rates -5.8 0.4 -0.3 - 0.1 Accumulated amortisation and impairment losses at 31 December 2021 -49.5 -109.5 -35.2 - -144.7 Carrying amount at 1 January 2021 81.4 15.0 4.3 1.4 20.7 CARRYING AMOUNT AT 31 DECEMBER 2021 277.8 190.6 5.4 0.8 196.7 Impairment testing of goodwill Allocation of goodwill Goodwill is allocated to groups of cash-generating units (CGU) that represent the level on which the management monitors the goodwill. Following the Altia-Arcus merger, the Group implemented a new reporting structure and is now organized into three segments which are Wine, Spirits, and Industrial. These three segments form the cash generating units (CGU) and represent the lowest level at which goodwill is monitored for internal management purposes. The Group goodwill has been allocated to the CGUs of the new reporting structure in 2022 using the relative fair values of notional goodwill which reflect share of fair values of the cash generating units. At the end of 2022, goodwill of the Group has been allocated as follows: EUR million 2022 % 2021 % Wine 106.3 34.2% Spirits 204.2 65.8% Finland& Exports 46.6 16.8% Scandinavia 34.1 12.3% Arcus 197.0 70.9% TOTAL 310.5 100% 277.8 100% Impairment testing The key assumptions in goodwill impairment testing are operating result and discount rate. The goodwill allocated to the Group\u2019s cash-generating units is tested for impairment annually or when there is reason to assume that the carrying amount has exceeded the recoverable amount, with the carrying amount compared to the recoverable amount in the testing. The annual impairment tests have been carried out on 31 October 2022 and 31 October 2021. The cash flow estimates used are based on CGU-specific financial plans for the following year approved by the Group\u2019s management. The forecast period applied for the calculations covers five years, beyond which the cash flow projections are extrapolated using a constant market-specific growth rate estimate. The forecasted cash flows for a longer term than this have been estimated by using an annual growth rate estimate of 2.0% which is based on an assumption of inflation growth. The market-specific WACC estimates are based on external market-specific references. Management makes judgements regarding the development of assumptions other than WACC based on internal and external views of the industry\u2019s history and future. The weighted average costs of capital used as discount rates for the cash flow estimates are presented in the enclosed table: Used pre-tax discount rate % 2022 2021 Wine 8.0% Spirits 8.4% Finland & Exports 8.5% Scandinavia 8.8% Arcus 8.8% The estimated average operating margins used in the calculations are presented in the enclosed table: Projected average pre-tax operating result % 2022 2021 Wine 9.5% Spirits 13.2% Finland & Exports 11.9% Scandinavia 9.5% Arcus 13.4 % Based on the analyses prepared by the company, no reasonably possible change in any of the key assumptions would cause any of the tested unit's recoverable amount to decrease to be equal to its carrying amount. Equivalent impairment tests are made for trademarks. The recoverable amount for trademarks is calculated on the basis of relief from royalty method before taxes whereby the brand\u2019s annual royalty rate is considered to be the expected long term profit that the individual trademarks are expected to have. The forecast period applied for the calculations covers five years. The terminal value is based on an assumption of inflation growth of 2 percent. Cash flow estimates used are discounted using a discount rate. A significant proportion of the Group\u2019s trademarks are assessed not to have definite useful lives. These are not amortised on an ongoing basis but are solely subject to annual impairment testing. On initial recognition of trademarks, it is assessed whether the trademark is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the trademark, the customary life cycles for trademarks of this type, the stability of the sector and the business, and the profitability that the Group will succeed in maintaining the trademark\u2019s financial l ife time given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of trademarks in large and important markets. At the end of 2022, all of the Group\u2019s trademarks with indefinite useful lives were related to Spirits segment. Most of the trademarks within Spirits business are trademarks that have existed for several decades and some have existed for several hundred years. If impairment tests show declining curves over time, the trademark may be written down to estimated value in use and a new assessment of the trademark\u2019s estimated useful live is performed. If it is estimated after a new assessment that the useful life is no longer indefinite, the trademark is redefined to have a definite useful life, whereby a linear depreciation term is determined for the remaining book value ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-514": {
"value": "Goodwill Goodwill arising on the business acquisition is recognised as a residual value in the excess of the aggregate of the consideration transferred, the amount of non-controlling interests and any previously held equity interest in the acquiree, over the fair value of the net assets acquired. Goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortised but is tested annually for impairment. For the purpose of impairment testing, goodwill is allocated to the groups of cash generating units (CGU) that are expected to benefit from the business combinations in which the goodwill was generated. Impairment testing of goodwill
Allocation of goodwill
Goodwill is allocated to groups of cash-generating units (CGU) that
represent the level on which the management monitors the goodwill.
Following the Altia-Arcus merger, the Group implemented
a new reporting structure and is now organized into three segments
which are Wine, Spirits, and Industrial. These three segments form
the cash generating units (CGU) and represent the lowest level at
which goodwill is monitored for internal management purposes.
The Group goodwill has been allocated to the CGUs of the new
reporting structure in 2022 using the relative fair values of notional
goodwill which reflect share of fair values of the cash generating
units.
At the end of 2022, goodwill of the Group has been allocated as
follows:
EUR million 2022 % 2021 %
Wine 106.3 34.2%
Spirits 204.2 65.8%
Finland& Exports 46.6 16.8%
Scandinavia 34.1 12.3%
Arcus 197.0 70.9%
TOTAL 310.5 100% 277.8 100%
Impairment testing
The key assumptions in goodwill impairment testing are operating
result and discount rate.
The goodwill allocated to the Group\u2019s cash-generating units is
tested for impairment annually or when there is reason to assume
that the carrying amount has exceeded the recoverable amount,
with the carrying amount compared to the recoverable amount in
the testing. The annual impairment tests have been carried out on 31
October 2022 and 31 October 2021.
The cash flow estimates used are based on CGU-specific financial
plans for the following year approved by the Group\u2019s management.
The forecast period applied for the calculations covers five years,
beyond which the cash flow projections are extrapolated using
a constant market-specific growth rate estimate. The forecasted
cash flows for a longer term than this have been estimated by
using an annual growth rate estimate of 2.0% which is based on
an assumption of inflation growth.
The market-specific WACC estimates are based on external
market-specific references. Management makes judgements
regarding the development of assumptions other than WACC based
on internal and external views of the industry\u2019s history and future.
The weighted average costs of capital used as discount rates for
the cash flow estimates are presented in the enclosed table:
Used pre-tax discount rate % 2022 2021
Wine 8.0%
Spirits 8.4%
Finland & Exports 8.5%
Scandinavia 8.8%
Arcus 8.8%
The estimated average operating margins used in the calculations
are presented in the enclosed table:
Projected average pre-tax operating result % 2022 2021
Wine 9.5%
Spirits 13.2%
Finland & Exports 11.9%
Scandinavia 9.5%
Arcus 13.4 %
Based on the analyses prepared by the company, no reasonably
possible change in any of the key assumptions would cause any of
the tested unit's recoverable amount to decrease to be equal to its
carrying amount.
Equivalent impairment tests are made for trademarks. The
recoverable amount for trademarks is calculated on the basis of
relief from royalty method before taxes whereby the brand\u2019s annual
royalty rate is considered to be the expected long term profit that
the individual trademarks are expected to have. The forecast period
applied for the calculations covers five years. The terminal value is
based on an assumption of inflation growth of 2 percent. Cash flow
estimates used are discounted using a discount rate.
A significant proportion of the Group\u2019s trademarks are assessed
not to have definite useful lives. These are not amortised on
an ongoing basis but are solely subject to annual impairment
testing. On initial recognition of trademarks, it is assessed whether
the trademark is expected to have definite useful lives or not. In this
assessment, the Group gives particular weight to Group\u2019s expected
use of the trademark, the customary life cycles for trademarks of this
type, the stability of the sector and the business, and the profitability
that the Group will succeed in maintaining the trademark\u2019s financial
l ife time given the Group\u2019s ability to maintain value. The Group
also devotes resources to legal control of trademarks in large and
important markets.
At the end of 2022, all of the Group\u2019s trademarks with indefinite
useful lives were related to Spirits segment. Most of the trademarks
within Spirits business are trademarks that have existed for several
decades and some have existed for several hundred years. If
impairment tests show declining curves over time, the trademark
may be written down to estimated value in use and a new
assessment of the trademark\u2019s estimated useful live is performed. If
it is estimated after a new assessment that the useful life is no longer
indefinite, the trademark is redefined to have a definite useful life,
whereby a linear depreciation term is determined for the remaining
book value .
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-515": {
"value": "Marketing related intangible assets (Trademarks and company brands) Marketing related intangible assets are either arising from business acquisitions or purchased separately. Marketing related intangible assets that have been acquired in connection with business acquisitions are capitalized at fair value at the time of the business acquisition, while separately purchased marketing related intangible assets are capitalized at cost price. Critical estimates and management judgements \u2013 Useful lives of trademarks On initial recognition of marketing related intangible assets, an assessment is made on whether the asset is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the asset, the customary life cycles for the assets of this type, the stability of the sector and the business, and the probability that the Group will succeed in maintaining the asset\u2019s financial lifetime, given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of these assets in large and important markets. Marketing related intangible assets with definite useful lives are amortized by the straight-line method over the expected useful life. The capitalised value of marketing related intangible assets with indefinite lifetime is tested for impairment at least once a year, or more often if there are indications that the value of the asset has decreased. The estimated useful lives of marketing related intangible assets are as follows: Trademarks with indefinite useful life: not amortized Trademarks with definite useful life: 0\u201350 years Company Brands with definite useful life: 5 years Customer related intangible assets (Customer relations) Customer related intangible assets are arising from business acquisitions and are capitalized at fair value at the time of the business acquisition. Customer related intangible assets are amortized by the straight-line method over the expected useful life. The estimated useful lives of customer related intangible assets are as follows: Customer relations Wine: 7\u201315 years Other intangible assets Other intangible assets include software and other intangible assets in addition to prepayments for intangible assets. These other intangible assets are recognised in the balance sheet at the original cost and depreciated over their estimated useful lives. The costs related to the other intangible assets are capitalised if it can be demonstrated that the asset will generate the future economic benefits, the entity controls the asset can be measured reliably. All other expenditure is recognised as an expense when incurred. The estimated useful lives of intangible assets are as follows: IT-development and software: 3\u201310 years Expenditure on research activities is recognised in profit or loss in the period in which it is incurred. The Group has no projects related to the development activities of new products or processes qualifying for the identifiability and other criteria regarding capitalisation under IFRS. Accounting for emission allowances is described in Note 6.2. I mpairment testing Book value of assets are assessed to determine whether there is any impairment at least at the end of each financial year. If any evidence of impairment emerges (a triggering event), the assets\u2019 recoverable amount is estimated. The recoverable amount is determined on the basis of value in use. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is immediately recognised in profit or loss and the estimated useful life of the asset in question is reassessed when an impairment loss is recognised. The recoverable amounts of goodwill and intangible assets not yet available for use are estimated annually. The impairment loss is reversed if there has been such a positive change in the estimates used to determine the recoverable amount of the asset or cash-generating unit that recoverable amount of the asset will increase the book value of asset. Impairment losses are only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised. An impairment loss on goodwill is never reversed . Critical estimates and management judgements \u2013 Impairment testing: The preparation of calculations for the impairment testing of goodwill requires estimates regarding the future. The management\u2019s estimates and related critical uncertainties are related to the components of the recoverable amount calculation, including the discount rate, the terminal growth rate and development of the net sales and operating result, including estimated cost levels of main raw materials and energy. The discount rates reflect current assessments of the time value of money and relevant market risk premiums reflecting risks and uncertainties for which the future cash flow estimates have not been adjusted. The cash generating unit for impairment testing of marketing related intangible assets is the trademark itself. To determine the recoverable amount for these assets, future cash flows are calculated based \u201crelief from royalty\u201d method before tax. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-516": {
"value": "Critical estimates and management judgements \u2013 Useful lives of trademarks On initial recognition of marketing related intangible assets, an assessment is made on whether the asset is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the asset, the customary life cycles for the assets of this type, the stability of the sector and the business, and the probability that the Group will succeed in maintaining the asset\u2019s financial lifetime, given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of these assets in large and important markets. Marketing related intangible assets with definite useful lives are amortized by the straight-line method over the expected useful life. The capitalised value of marketing related intangible assets with indefinite lifetime is tested for impairment at least once a year, or more often if there are indications that the value of the asset has decreased. The estimated useful lives of marketing related intangible assets are as follows: Trademarks with indefinite useful life: not amortized Trademarks with definite useful life: 0\u201350 years Company Brands with definite useful life: 5 years Customer related intangible assets (Customer relations) Customer related intangible assets are arising from business acquisitions and are capitalized at fair value at the time of the business acquisition. Customer related intangible assets are amortized by the straight-line method over the expected useful life. The estimated useful lives of customer related intangible assets are as follows: Customer relations Wine: 7\u201315 years GOODWILL AND OTHER INTANGIBLE ASSETS EUR thousand Goodwill Trademarks Software and other intangible assets Pre- payments Other intangible assets total Acquisition cost at 1 January 2022 327.3 300.0 40.6 0.8 341.4 Acquisition of subsidiaries 41.4 43.9 0.7 - 44.6 Additions - 0.1 0.3 1.7 2.1 Disposals - -0.4 -0.0 - -0.4 Effect of movement in exchange rates -15.4 -12.8 -0.5 - -13.3 Transfers between items - - 0.4 -0.4 0.0 Acquisition cost at 31 December 2022 353.3 330.9 41.5 2.1 374.4 Accumulated amortisation and impairment losses at 1 January 2022 -49.5 -109.5 -35.2 - -144.7 Acquisition of subsidiaries - - - - 0.0 Amortisation - -8.1 -2.4 - -10.6 Accumulated amortisation on disposals and transfers - 0.4 0.0 - 0.4 Effect of movement in exchange rates 6.7 5.9 0.7 - 6.5 Accumulated amortisation and impairment losses at 31 December 2022 -42.8 -111.3 -37.0 - -148.3 Carrying amount at 1 January 2022 277.8 190.6 5.4 0.8 196.7 CARRYING AMOUNT AT 31 DECEMBER 2022 310.5 219.5 4.6 2.1 226.1 Acquisition cost at 1 January 2021 123.0 124.7 25.0 1.4 151.1 Acquisition of subsidiaries 195.4 187.5 13.6 - 201.1 Additions - 0.1 0.1 0.9 1.0 Disposals - -15.4 - - -15.4 Effect of movement in exchange rates 8.9 3.2 0.3 - 3.5 Transfers between items - - 1.5 -1.5 0.0 Acquisition cost at 31 December 2021 327.3 300.0 40.6 0.8 341.4 Accumulated amortisation and impairment losses at 1 January 2021 -41.6 -109.7 -20.7 - -130.4 Acquisition of subsidiaries -2.2 -8.1 -12.1 - -20.1 Amortisation - -3.7 -2.1 - -5.9 Accumulated amortisation on disposals and transfers - 11.7 0.0 - 11.7 Effect of movement in exchange rates -5.8 0.4 -0.3 - 0.1 Accumulated amortisation and impairment losses at 31 December 2021 -49.5 -109.5 -35.2 - -144.7 Carrying amount at 1 January 2021 81.4 15.0 4.3 1.4 20.7 CARRYING AMOUNT AT 31 DECEMBER 2021 277.8 190.6 5.4 0.8 196.7 The most significant trademarks include for example, Gammel Opland, Aalborg, Gammel Dansk, Bradstad, Lysholm Linie, L\u00f8iten, Hot\u2019n Sweet, Renault, Larsen, Xant\u00e9, Blossa, Chill Out, Explorer, 1-Enkelt and Arsenitch. Software and other intangible assets are mainly computer software. mpairment testing Book value of assets are assessed to determine whether there is any impairment at least at the end of each financial year. If any evidence of impairment emerges (a triggering event), the assets\u2019 recoverable amount is estimated. The recoverable amount is determined on the basis of value in use. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is immediately recognised in profit or loss and the estimated useful life of the asset in question is reassessed when an impairment loss is recognised. The recoverable amounts of goodwill and intangible assets not yet available for use are estimated annually. The impairment loss is reversed if there has been such a positive change in the estimates used to determine the recoverable amount of the asset or cash-generating unit that recoverable amount of the asset will increase the book value of asset. Impairment losses are only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised. An impairment loss on goodwill is never reversed Marketing related intangible assets (Trademarks and company brands) Marketing related intangible assets are either arising from business acquisitions or purchased separately. Marketing related intangible assets that have been acquired in connection with business acquisitions are capitalized at fair value at the time of the business acquisition, while separately purchased marketing related intangible assets are capitalized at cost price",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-517": {
"value": "Critical estimates and management judgements \u2013 Useful lives of trademarks On initial recognition of marketing related intangible assets, an assessment is made on whether the asset is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the asset, the customary life cycles for the assets of this type, the stability of the sector and the business, and the probability that the Group will succeed in maintaining the asset\u2019s financial lifetime, given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of these assets in large and important markets. Marketing related intangible assets with definite useful lives are amortized by the straight-line method over the expected useful life. The capitalised value of marketing related intangible assets with indefinite lifetime is tested for impairment at least once a year, or more often if there are indications that the value of the asset has decreased. The estimated useful lives of marketing related intangible assets are as follows: Trademarks with indefinite useful life: not amortized Trademarks with definite useful life: 0\u201350 years Company Brands with definite useful life: 5 yearThe estimated useful lives of property, plant and equipment are as follows: Buildings and structures 10\u201340 years Machinery and equipment 3\u201320 years Other tangible assets 3\u201310 years Investment properties are properties held by the Group in order to earn rental income or for capital appreciation. Investment properties are measured at cost less accumulated depreciation and impairment losses. Fair values of investment properties are determined based on a valuation carried out by an external property valuator. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-518": {
"value": "The estimated useful lives of marketing related intangible assets are as follows: Trademarks with indefinite useful life: not amortized Trademarks with definite useful life: 0\u201350 years Company Brands with definite useful life: 5 years The estimated useful lives of customer related intangible assets are as follows: Customer relations Wine: 7\u201315 years The estimated useful lives of intangible assets are as follows: IT-development and software: 3\u201310 years The estimated useful lives of property, plant and equipment are as follows: Buildings and structures 10\u201340 years Machinery and equipment 3\u201320 years Other tangible assets 3\u201310 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-519": {
"value": "Expenditure on research activities is recognised in profit or loss in the period in which it is incurred. The Group has no projects related to the development activities of new products or processes qualifying for the identifiability and other criteria regarding capitalisation under IFRS. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-520": {
"value": "I mpairment testing
Book value of assets are assessed to determine whether
there is any impairment at least at the end of each financial
year. If any evidence of impairment emerges (a triggering
event), the assets\u2019 recoverable amount is estimated. The
recoverable amount is determined on the basis of value in use.
An impairment loss is recognised if the carrying amount of
an asset exceeds its recoverable amount. The impairment loss
is immediately recognised in profit or loss and the estimated
useful life of the asset in question is reassessed when
an impairment loss is recognised. The recoverable amounts
of goodwill and intangible assets not yet available for use are
estimated annually.
The impairment loss is reversed if there has been
such a positive change in the estimates used to determine
the recoverable amount of the asset or cash-generating unit
that recoverable amount of the asset will increase the book
value of asset. Impairment losses are only reversed to
the extent that the asset\u2019s carrying amount does not exceed
the carrying amount that would have been determined if no
impairment loss had been recognised. An impairment loss on
goodwill is never reversed .
Critical estimates and management judgements \u2013
Impairment testing:
The preparation of calculations for the impairment testing
of goodwill requires estimates regarding the future. The
management\u2019s estimates and related critical uncertainties
are related to the components of the recoverable amount
calculation, including the discount rate, the terminal growth
rate and development of the net sales and operating result,
including estimated cost levels of main raw materials and
energy. The discount rates reflect current assessments of
the time value of money and relevant market risk premiums
reflecting risks and uncertainties for which the future cash flow estimates have not been adjusted. The cash generating unit for impairment testing of marketing related intangible assets is the trademark itself. To determine the recoverable amount for these assets, future cash flows are calculated based \u201crelief from royalty\u201d method before tax. Impairment testing of goodwill Allocation of goodwill Goodwill is allocated to groups of cash-generating units (CGU) that represent the level on which the management monitors the goodwill. Following the Altia-Arcus merger, the Group implemented a new reporting structure and is now organized into three segments which are Wine, Spirits, and Industrial. These three segments form the cash generating units (CGU) and represent the lowest level at which goodwill is monitored for internal management purposes. The Group goodwill has been allocated to the CGUs of the new reporting structure in 2022 using the relative fair values of notional goodwill which reflect share of fair values of the cash generating units. At the end of 2022, goodwill of the Group has been allocated as follows: EUR million 2022 % 2021 % Wine 106.3 34.2% Spirits 204.2 65.8% Finland& Exports 46.6 16.8% Scandinavia 34.1 12.3% Arcus 197.0 70.9% TOTAL 310.5 100% 277.8 100% Impairment testing The key assumptions in goodwill impairment testing are operating result and discount rate. The goodwill allocated to the Group\u2019s cash-generating units is tested for impairment annually or when there is reason to assume that the carrying amount has exceeded the recoverable amount, with the carrying amount compared to the recoverable amount in the testing. The annual impairment tests have been carried out on 31 October 2022 and 31 October 2021. The cash flow estimates used are based on CGU-specific financial plans for the following year approved by the Group\u2019s management. The forecast period applied for the calculations covers five years, beyond which the cash flow projections are extrapolated using a constant market-specific growth rate estimate. The forecasted cash flows for a longer term than this have been estimated by using an annual growth rate estimate of 2.0% which is based on an assumption of inflation growth. The market-specific WACC estimates are based on external market-specific references. Management makes judgements regarding the development of assumptions other than WACC based on internal and external views of the industry\u2019s history and future. The weighted average costs of capital used as discount rates for the cash flow estimates are presented in the enclosed table: Used pre-tax discount rate % 2022 2021 Wine 8.0% Spirits 8.4% Finland & Exports 8.5% Scandinavia 8.8% Arcus 8.8% The estimated average operating margins used in the calculations are presented in the enclosed table: Projected average pre-tax operating result % 2022 2021 Wine 9.5% Spirits 13.2% Finland & Exports 11.9% Scandinavia 9.5% Arcus 13.4 % Based on the analyses prepared by the company, no reasonably possible change in any of the key assumptions would cause any of the tested unit's recoverable amount to decrease to be equal to its carrying amount. Equivalent impairment tests are made for trademarks. The recoverable amount for trademarks is calculated on the basis of relief from royalty method before taxes whereby the brand\u2019s annual royalty rate is considered to be the expected long term profit that the individual trademarks are expected to have. The forecast period applied for the calculations covers five years. The terminal value is based on an assumption of inflation growth of 2 percent. Cash flow estimates used are discounted using a discount rate. A significant proportion of the Group\u2019s trademarks are assessed not to have definite useful lives. These are not amortised on an ongoing basis but are solely subject to annual impairment testing. On initial recognition of trademarks, it is assessed whether the trademark is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the trademark, the customary life cycles for trademarks of this type, the stability of the sector and the business, and the profitability that the Group will succeed in maintaining the trademark\u2019s financial l ife time given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of trademarks in large and important markets. At the end of 2022, all of the Group\u2019s trademarks with indefinite useful lives were related to Spirits segment. Most of the trademarks within Spirits business are trademarks that have existed for several decades and some have existed for several hundred years. If impairment tests show declining curves over time, the trademark may be written down to estimated value in use and a new assessment of the trademark\u2019s estimated useful live is performed. If it is estimated after a new assessment that the useful life is no longer indefinite, the trademark is redefined to have a definite useful life, whereby a linear depreciation term is determined for the remaining book value . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-521": {
"value": "I mpairment testing Book value of assets are assessed to determine whether there is any impairment at least at the end of each financial year. If any evidence of impairment emerges (a triggering event), the assets\u2019 recoverable amount is estimated. The recoverable amount is determined on the basis of value in use. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is immediately recognised in profit or loss and the estimated useful life of the asset in question is reassessed when an impairment loss is recognised. The recoverable amounts of goodwill and intangible assets not yet available for use are estimated annually. The impairment loss is reversed if there has been such a positive change in the estimates used to determine the recoverable amount of the asset or cash-generating unit that recoverable amount of the asset will increase the book value of asset. Impairment losses are only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised. An impairment loss on goodwill is never reversed . Critical estimates and management judgements \u2013 Impairment testing: The preparation of calculations for the impairment testing of goodwill requires estimates regarding the future. The management\u2019s estimates and related critical uncertainties are related to the components of the recoverable amount calculation, including the discount rate, the terminal growth rate and development of the net sales and operating result, including estimated cost levels of main raw materials and energy. The discount rates reflect current assessments of the time value of money and relevant market risk premiums reflecting risks and uncertainties for which the future cash flow estimates have not been adjusted. The cash generating unit for impairment testing of marketing related intangible assets is the trademark itself. To determine the recoverable amount for these assets, future cash flows are calculated based \u201crelief from royalty\u201d method before tax. Impairment testing of goodwill Allocation of goodwill Goodwill is allocated to groups of cash-generating units (CGU) that represent the level on which the management monitors the goodwill. Following the Altia-Arcus merger, the Group implemented a new reporting structure and is now organized into three segments which are Wine, Spirits, and Industrial. These three segments form the cash generating units (CGU) and represent the lowest level at which goodwill is monitored for internal management purposes. The Group goodwill has been allocated to the CGUs of the new reporting structure in 2022 using the relative fair values of notional goodwill which reflect share of fair values of the cash generating units. At the end of 2022, goodwill of the Group has been allocated as follows: EUR million 2022 % 2021 % Wine 106.3 34.2% Spirits 204.2 65.8% Finland& Exports 46.6 16.8% Scandinavia 34.1 12.3% Arcus 197.0 70.9% TOTAL 310.5 100% 277.8 100% Impairment testing The key assumptions in goodwill impairment testing are operating result and discount rate. The goodwill allocated to the Group\u2019s cash-generating units is tested for impairment annually or when there is reason to assume that the carrying amount has exceeded the recoverable amount, with the carrying amount compared to the recoverable amount in the testing. The annual impairment tests have been carried out on 31 October 2022 and 31 October 2021. The cash flow estimates used are based on CGU-specific financial plans for the following year approved by the Group\u2019s management. The forecast period applied for the calculations covers five years, beyond which the cash flow projections are extrapolated using a constant market-specific growth rate estimate. The forecasted cash flows for a longer term than this have been estimated by using an annual growth rate estimate of 2.0% which is based on an assumption of inflation growth. The market-specific WACC estimates are based on external market-specific references. Management makes judgements regarding the development of assumptions other than WACC based on internal and external views of the industry\u2019s history and future. The weighted average costs of capital used as discount rates for the cash flow estimates are presented in the enclosed table: Used pre-tax discount rate % 2022 2021 Wine 8.0% Spirits 8.4% Finland & Exports 8.5% Scandinavia 8.8% Arcus 8.8% The estimated average operating margins used in the calculations are presented in the enclosed table: Projected average pre-tax operating result % 2022 2021 Wine 9.5% Spirits 13.2% Finland & Exports 11.9% Scandinavia 9.5% Arcus 13.4 % Based on the analyses prepared by the company, no reasonably possible change in any of the key assumptions would cause any of the tested unit's recoverable amount to decrease to be equal to its carrying amount. Equivalent impairment tests are made for trademarks. The recoverable amount for trademarks is calculated on the basis of relief from royalty method before taxes whereby the brand\u2019s annual royalty rate is considered to be the expected long term profit that the individual trademarks are expected to have. The forecast period applied for the calculations covers five years. The terminal value is based on an assumption of inflation growth of 2 percent. Cash flow estimates used are discounted using a discount rate. A significant proportion of the Group\u2019s trademarks are assessed not to have definite useful lives. These are not amortised on an ongoing basis but are solely subject to annual impairment testing. On initial recognition of trademarks, it is assessed whether the trademark is expected to have definite useful lives or not. In this assessment, the Group gives particular weight to Group\u2019s expected use of the trademark, the customary life cycles for trademarks of this type, the stability of the sector and the business, and the profitability that the Group will succeed in maintaining the trademark\u2019s financial ife time given the Group\u2019s ability to maintain value. The Group also devotes resources to legal control of trademarks in large and important markets. At the end of 2022, all of the Group\u2019s trademarks with indefinite useful lives were related to Spirits segment. Most of the trademarks within Spirits business are trademarks that have existed for several decades and some have existed for several hundred years. If impairment tests show declining curves over time, the trademark may be written down to estimated value in use and a new assessment of the trademark\u2019s estimated useful live is performed. If it is estimated after a new assessment that the useful life is no longer indefinite, the trademark is redefined to have a definite useful life, whereby a linear depreciation term is determined for the remaining book value ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-522": {
"value": "Property, plant and equipment Property, plant and equipment mainly consist of manufacturing and warehouse buildings, land, and machinery and equipment used in alcoholic beverage industry. Property, plant and equipment are measured at historical cost less accumulated depreciation and possible impairment losses. If parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items. The subsequent costs related to the items of property, plant and equipment are capitalised only if the future economic benefits exceed the originally assessed standard of performance. All other expenditure, for example ordinary maintenance and repair costs, is recognised as an expense as incurred. Depreciation is recognised on a straight-line basis over the estimated useful lives of items of property, plant and equipment. Land is not depreciated. Government grants, for example grants received from the State, are recognised in profit or loss in the same period in which the related expenses are recognised. Grants that compensate the Group for the acquisition of property, plant and equipment are deducted from the carrying amount adjusted with the grant received. Investment properties are properties held by the Group in order to earn rental income or for capital appreciation. Investment properties are measured at cost less accumulated depreciation and impairment losses. Fair values of investment properties are determined based on a valuation carried out by an external property valuator. The estimated useful lives of property, plant and equipment are as follows: Buildings and structures 10\u201340 years Machinery and equipment 3\u201320 years Other tangible assets 3\u201310 years The estimated useful lives and residual values are reviewed at each financial year-end, and if they differ substantially from the previous estimates, the depreciation periods are adjusted accordingly. Impairment loss is recognised in profit or loss to the extent the assets carrying value exceeds its recoverable amount. Gains and losses on the disposals of property, plant and equipment are included in other operating income or expenses",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-523": {
"value": "All other expenditure, for example ordinary maintenance and repair costs, is recognised as an expense as incurred. Depreciation is recognised on a straight-line basis over the estimated useful lives of items of property, plant and equipment. Land is not depreciated",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-524": {
"value": "Government grants, for example grants received from the State, are recognised in profit or loss in the same period in which the related expenses are recognised. Grants that compensate the Group for the acquisition of property, plant and equipment are deducted from the carrying amount adjusted with the grant received. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-525": {
"value": "Government grants, for example grants received from the State, are recognised in profit or loss in the same period in which the related expenses are recognised. Grants that compensate the Group for the acquisition of property, plant and equipment are deducted from the carrying amount adjusted with the grant received. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-526": {
"value": "2.3. LEASES Leases Lease is a contract, or a part of a contract that conveys the right to use an asset for a period of time in exchange for consideration. A contract contains a lease if there is an identified asset and the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Anora mainly acts as the lessee. The Group\u2019s leases are related to normal business operations, such as leases on production, distribution and administration buildings, machine & equipment for production, vehicles, forklifts and office technology. The lease liability is measured by discounting the expected lease payments to the current value. Lease payments include fixed lease payments, expected payments related to residual value guarantees and the possible exercise price of the purchase option if the use of the option is reasonably certain. The lease period is the non-cancellable period of the lease. Any extension options are added to the lease period if it is reasonably certain that the Group will exercise such options. Lease payments are discounted at the internal rate of return of the lease if that rate can be readily determined. If an internal rate of return cannot be readily determined, the interest rate for additional credit is used as the discount rate. The criteria used to determine the discount rate includes the class of the underlying asset, geographical location, currency, the maturity of the risk-free interest rate and the lessee\u2019s credit risk premium. The lease liability is remeasured and adjusted against the right of used asset if the cash flow in accordance with the original terms and conditions of lease changes; for example, if the lease period changes or if the lease payments change based on a variable index or interest rate. The lease liability is divided into current and non-current liability and is presented on a separate line on the balance sheet. Right-of-use assets are measured at acquisition cost based on the amount of the initial measurement of the lease liability less payments made at or before commencement date and lease incentives received, adding initial direct costs and adjusting by estimated dismantling or site restoration costs. Right-of-use assets are depreciated over the lease period or their useful lives, depending on which is shorter. Right -of use assets related to land, buildings and other real estate are depreciated in 1\u201332 years and right-of -use assets related to machinery and equipment are depreciated in 1\u201315 years. Right-of-use assets related to tangible assets are presented on a separate line on the balance sheet. The IFRS 16 standard includes exemptions concerning leases of less than 12 months and low-value assets. Lease liabilities are not recognised for leases of less than 12 months and low-value assets and . Anora considers assets with an acquisition cost of less than EUR 5,000 to be low-value. Lease expenses related to leases included in the exemptions are recognised in equal instalments over the lease period. Lease agreements include the agreement concluded with Gjeller\u00e5sen Elendom AS on the lease of production, distribution, and administration buildings at Gjeller\u00e5sen for a term of 25 years as from 1 January 2012. The annual rent under this agreement is about 9.4 million euros as from 2020. On the relocation to Gjeller\u00e5sen in 2012, agreements were entered by former Arcus into for the lease of new machines and equipment for the production and distribution activities at Gjeller\u00e5sen. The contract partner for these agreements is Nordea Finans and agreements are subject to variable interest rates. Even though in principle, the lease agreements were entered into with a 15-year repayment and interest profile (annuity), the actual terms of the agreements are for a shorter period of time, with the option of renewal. In 2020, former Arcus and Nordea signed an addendum to the agreement with Nordea whereby the renewal options are exercised so that at the end of the year the formally agreed repayment term is also in line with the plan as it has appeared from the commencement of the agreement. The agreement runs until 2027. Other lease agreements include lease agreements for office premises, other machinery and equipment, company cars, trucks, lorries in the logistics business and lease of various office machines. RIGHT-OF-USE ASSETS EUR million Buildings Machinery and equipment Total Acquisition cost at 1 January 2022 136.5 37.0 173.4 Acquisitions of subsidiaries 18.1 0.6 18.7 Additions 10.8 0.8 11.5 Disposals -0.5 -0.7 -1.2 Effect of movement in exchange rates -6.7 -1.7 -8.4 Acquisition cost at 31 December 2022 158.1 35.9 194.0 Accumulated depreciation at 1 January 2022 -27.6 -20.2 -47.8 Depreciation -9.9 -3.3 -13.2 Accumulated depreciation on disposals 0.5 0.4 0.9 Effect of movement in exchange rates 1.8 1.0 2.8 Accumulated depreciation at 31 December 2022 -35.2 -22.1 -57.2 Carrying amount at 1 January 2022 108.9 16.8 125.7 CARRYING AMOUNT AT 31 DECEMBER 2022 122.9 13.9 136.8 EUR million Buildings Machinery and equipment Total Acquisition cost at 1 January 2021 13.3 4.1 17.5 Acquisitions of subsidiaries 116.7 30.9 147.6 Additions 3.6 1.5 5.1 Disposals - -0.4 -0.4 Effect of movement in exchange rates 2.9 0.8 3.7 Acquisition cost at 31 December 2021 136.5 37.0 173.4 Accumulated depreciation at 1 January 2021 -5.2 -2.0 -7.2 Acquisitions of subsidiaries -17.2 -16.3 -33.5 Depreciation -4.8 -1.7 -6.5 Accumulated depreciation on disposals - 0.3 0.3 Effect of movement in exchange rates -0.4 -0.4 -0.8 Accumulated depreciation at 31 December 2021 -27.6 -20.2 -47.8 Carrying amount at 1 January 2021 8.1 2.1 10.2 CARRYING AMOUNT AT 31 DECEMBER 2021 108.9 16.8 125.7 Annual Report 2022 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-527": {
"value": "Leases Lease is a contract, or a part of a contract that conveys the right to use an asset for a period of time in exchange for consideration. A contract contains a lease if there is an identified asset and the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Anora mainly acts as the lessee. The Group\u2019s leases are related to normal business operations, such as leases on production, distribution and administration buildings, machine & equipment for production, vehicles, forklifts and office technology. The lease liability is measured by discounting the expected lease payments to the current value. Lease payments include fixed lease payments, expected payments related to residual value guarantees and the possible exercise price of the purchase option if the use of the option is reasonably certain. The lease period is the non-cancellable period of the lease. Any extension options are added to the lease period if it is reasonably certain that the Group will exercise such options. Lease payments are discounted at the internal rate of return of the lease if that rate can be readily determined. If an internal rate of return cannot be readily determined, the interest rate for additional credit is used as the discount rate. The criteria used to determine the discount rate includes the class of the underlying asset, geographical location, currency, the maturity of the risk-free interest rate and the lessee\u2019s credit risk premium. The lease liability is remeasured and adjusted against the right of used asset if the cash flow in accordance with the original terms and conditions of lease changes; for example, if the lease period changes or if the lease payments change based on a variable index or interest rate. The lease liability is divided into current and non-current liability and is presented on a separate line on the balance sheet. Right-of-use assets are measured at acquisition cost based on the amount of the initial measurement of the lease liability less payments made at or before commencement date and lease incentives received, adding initial direct costs and adjusting by estimated dismantling or site restoration costs. Right-of-use assets are depreciated over the lease period or their useful lives, depending on which is shorter. Right -of use assets related to land, buildings and other real estate are depreciated in 1\u201332 years and right-of -use assets related to machinery and equipment are depreciated in 1\u201315 years. Right-of-use assets related to tangible assets are presented on a separate line on the balance sheet. The IFRS 16 standard includes exemptions concerning leases of less than 12 months and low-value assets. Lease liabilities are not recognised for leases of less than 12 months and low-value assets and . Anora considers assets with an acquisition cost of less than EUR 5,000 to be low-value. Lease expenses related to leases included in the exemptions are recognised in equal instalments over the lease period. Lease agreements include the agreement concluded with Gjeller\u00e5sen Elendom AS on the lease of production, distribution, and administration buildings at Gjeller\u00e5sen for a term of 25 years as from 1 January 2012. The annual rent under this agreement is about 9.4 million euros as from 2020. On the relocation to Gjeller\u00e5sen in 2012, agreements were entered by former Arcus into for the lease of new machines and equipment for the production and distribution activities at Gjeller\u00e5sen. The contract partner for these agreements is Nordea Finans and agreements are subject to variable interest rates. Even though in principle, the lease agreements were entered into with a 15-year repayment and interest profile (annuity), the actual terms of the agreements are for a shorter period of time, with the option of renewal. In 2020, former Arcus and Nordea signed an addendum to the agreement with Nordea whereby the renewal options are exercised so that at the end of the year the formally agreed repayment term is also in line with the plan as it has appeared from the commencement of the agreement. The agreement runs until 2027. Other lease agreements include lease agreements for office premises, other machinery and equipment, company cars, trucks, lorries in the logistics business and lease of various office machines",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-528": {
"value": "2.4. INVENTORIES Inventories Inventories are measured at the lower of cost and net realisable value. Self-manufactured products are measured at standard prices, except cognac products, which are measured at weighted average cost. Fixed production costs are allocated to the cost of own production. Raw materials, supplies and trading goods are measured at weighted average cost. Semi-finished products are measured at weighted average cost Repacked trading goods are measured at standard cost in repacking plant. The cost of finished products and work in progress includes raw materials, direct labour costs, other direct costs as well as an allocable proportion of variable procurement and production costs and fixed overheads in case of finished products, determined based on normal operating capacity. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale . EUR million 2022 2021 Materials and supplies 82.2 47.6 Work in progress 20.1 19.6 Finished goods 52.4 47.3 Goods 31.0 25.1 Advance payments 0.6 0.1 TOTAL 186.2 139.7 Anora recognised write-downs of inventories amounting to EUR 6.3 million in 2022 (2021: EUR 2.0 million). 2.5. CONTRACT ASSETS AND LIABILITIES (CURRENT) Contract assets represent the amount which Anora has right to receive goods expected to be returned to inventory with respect to return clauses in the contracts. Contract assets are measured at the former carrying amount of the inventory less any expected costs to recover the goods and less any impairment losses. Contract liabilities represent the amount received or receivable that is expected to be returned as a refund liability . EUR million 2022 2021 Contract assets 0.2 0.2 TOTAL 0.2 0.2 Contract liabilities 0.5 0.4 TOTAL 0.5 0.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-529": {
"value": "Inventories Inventories are measured at the lower of cost and net realisable value. Self-manufactured products are measured at standard prices, except cognac products, which are measured at weighted average cost. Fixed production costs are allocated to the cost of own production. Raw materials, supplies and trading goods are measured at weighted average cost. Semi-finished products are measured at weighted average cost Repacked trading goods are measured at standard cost in repacking plant. The cost of finished products and work in progress includes raw materials, direct labour costs, other direct costs as well as an allocable proportion of variable procurement and production costs and fixed overheads in case of finished products, determined based on normal operating capacity. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-530": {
"value": "2.6. TRADE AND OTHER RECEIVABLES (CURRENT) Trade and other receivables Trade receivables are carried at original invoiced amount less any impairment losses. An impairment loss is recognized immediately in profit and loss. Impairment provisions are recognized based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. The expected credit loss model is forward looking and expected default rates are based on historical realized credit losses. The lifetime expected credit loss provision is calculated using aging of the accounts receivable and regional portfolios. Trade receivables are written off when there is no reasonable expectation of recovery for example the failure of a debtor to engage in a repayment plan with the group. Sold trade receivables are derecognised from the balance sheet as soon as the receivable is sold and the price has been received. At the time of sale, the Group derecognises the trade receivable as the contractual rights to these cash flows expire and all the related substantial risks and rewards have been transferred outside the Group. The costs related to the sold receivables are recognised in Other finance expenses . TRADE AND OTHER RECEIVABLES EUR million 2022 2021 Trade receivables 227.3 218.2 Accrued income 10.2 8.9 Receivables on derivative instruments 5.8 2.8 Other receivables 4.1 2.9 TOTAL 247.5 232.8 At the end of the reporting period 2022 the sold trade receivables amounted to EUR 59.4 million (2021: EUR 81.4 million). Trade receivables from associated companies and joint arrangements are presented in Note 6.3. AGEING ANALYSIS OF TRADE RECEIVABLES EUR million 2022 2021 Trade receivables not past due 213.8 201.1 Trade receivables past due 1-90 days 12.4 16.8 Trade receivables past due over 90 days 1.8 1.2 Impairment losses -0.8 -0.9 TOTAL 227.3 218.2 The realized impairment losses recognized on trade receivables during the year 2022 amounted to EUR 0.3 million (2021: EUR 0.2 million). A significant share of the Group\u2019s revenue is associated with the state monopolies in the Nordic region, where there is not considered to be material credit risk. The group\u2019s credit risk is otherwise spread over a large number of small customers within the HORECA market, industrial customers as well as a small number of distributors outside the home markets. On this basis, the Group applies a simplified approach to calculation of expected credit losses. The loss allowance for trade receivables is based on the ageing of the accounts receivables, regional portfolio and experienced historic credit losses. Forward looking macro-economic information has been included in analysis . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-531": {
"value": "2.6. TRADE AND OTHER RECEIVABLES (CURRENT) Trade and other receivables Trade receivables are carried at original invoiced amount less any impairment losses. An impairment loss is recognized immediately in profit and loss. Impairment provisions are recognized based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. The expected credit loss model is forward looking and expected default rates are based on historical realized credit losses. The lifetime expected credit loss provision is calculated using aging of the accounts receivable and regional portfolios. Trade receivables are written off when there is no reasonable expectation of recovery for example the failure of a debtor to engage in a repayment plan with the group. Sold trade receivables are derecognised from the balance sheet as soon as the receivable is sold and the price has been received. At the time of sale, the Group derecognises the trade receivable as the contractual rights to these cash flows expire and all the related substantial risks and rewards have been transferred outside the Group. The costs related to the sold receivables are recognised in Other finance expenses . TRADE AND OTHER RECEIVABLES EUR million 2022 2021 Trade receivables 227.3 218.2 Accrued income 10.2 8.9 Receivables on derivative instruments 5.8 2.8 Other receivables 4.1 2.9 TOTAL 247.5 232.8 At the end of the reporting period 2022 the sold trade receivables amounted to EUR 59.4 million (2021: EUR 81.4 million). Trade receivables from associated companies and joint arrangements are presented in Note 6.3. AGEING ANALYSIS OF TRADE RECEIVABLES EUR million 2022 2021 Trade receivables not past due 213.8 201.1 Trade receivables past due 1-90 days 12.4 16.8 Trade receivables past due over 90 days 1.8 1.2 Impairment losses -0.8 -0.9 TOTAL 227.3 218.2 The realized impairment losses recognized on trade receivables during the year 2022 amounted to EUR 0.3 million (2021: EUR 0.2 million). A significant share of the Group\u2019s revenue is associated with the state monopolies in the Nordic region, where there is not considered to be material credit risk. The group\u2019s credit risk is otherwise spread over a large number of small customers within the HORECA market, industrial customers as well as a small number of distributors outside the home markets. On this basis, the Group applies a simplified approach to calculation of expected credit losses. The loss allowance for trade receivables is based on the ageing of the accounts receivables, regional portfolio and experienced historic credit losses. Forward looking macro-economic information has been included in analysis ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-532": {
"value": "2.6. TRADE AND OTHER RECEIVABLES (CURRENT) Trade and other receivables Trade receivables are carried at original invoiced amount less any impairment losses. An impairment loss is recognized immediately in profit and loss. Impairment provisions are recognized based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. The expected credit loss model is forward looking and expected default rates are based on historical realized credit losses. The lifetime expected credit loss provision is calculated using aging of the accounts receivable and regional portfolios. Trade receivables are written off when there is no reasonable expectation of recovery for example the failure of a debtor to engage in a repayment plan with the group. Sold trade receivables are derecognised from the balance sheet as soon as the receivable is sold and the price has been received. At the time of sale, the Group derecognises the trade receivable as the contractual rights to these cash flows expire and all the related substantial risks and rewards have been transferred outside the Group. The costs related to the sold receivables are recognised in Other finance expenses . TRADE AND OTHER RECEIVABLES EUR million 2022 2021 Trade receivables 227.3 218.2 Accrued income 10.2 8.9 Receivables on derivative instruments 5.8 2.8 Other receivables 4.1 2.9 TOTAL 247.5 232.8 At the end of the reporting period 2022 the sold trade receivables amounted to EUR 59.4 million (2021: EUR 81.4 million). Trade Annual Report 2022 receivables from associated companies and joint arrangements are presented in Note 6.3. AGEING ANALYSIS OF TRADE RECEIVABLES EUR million 2022 2021 Trade receivables not past due 213.8 201.1 Trade receivables past due 1-90 days 12.4 16.8 Trade receivables past due over 90 days 1.8 1.2 Impairment losses -0.8 -0.9 TOTAL 227.3 218.2 The realized impairment losses recognized on trade receivables during the year 2022 amounted to EUR 0.3 million (2021: EUR 0.2 million). A significant share of the Group\u2019s revenue is associated with the state monopolies in the Nordic region, where there is not considered to be material credit risk. The group\u2019s credit risk is otherwise spread over a large number of small customers within the HORECA market, industrial customers as well as a small number of distributors outside the home markets. On this basis, the Group applies a simplified approach to calculation of expected credit losses. The loss allowance for trade receivables is based on the ageing of the accounts receivables, regional portfolio and experienced historic credit losses. Forward looking macro-economic information has been included in analysis . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-533": {
"value": "Trade and other receivables Trade receivables are carried at original invoiced amount less any impairment losses. An impairment loss is recognized immediately in profit and loss. Impairment provisions are recognized based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. The expected credit loss model is forward looking and expected default rates are based on historical realized credit losses. The lifetime expected credit loss provision is calculated using aging of the accounts receivable and regional portfolios. Trade receivables are written off when there is no reasonable expectation of recovery for example the failure of a debtor to engage in a repayment plan with the group. Sold trade receivables are derecognised from the balance sheet as soon as the receivable is sold and the price has been received. At the time of sale, the Group derecognises the trade receivable as the contractual rights to these cash flows expire and all the related substantial risks and rewards have been transferred outside the Group. The costs related to the sold receivables are recognised in Other finance expenses . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-534": {
"value": "TRADE AND OTHER RECEIVABLES EUR million 2022 2021 Trade receivables 227.3 218.2 Accrued income 10.2 8.9 Receivables on derivative instruments 5.8 2.8 Other receivables 4.1 2.9 TOTAL 247.5 232.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-535": {
"value": "AGEING ANALYSIS OF TRADE RECEIVABLES EUR million 2022 2021 Trade receivables not past due 213.8 201.1 Trade receivables past due 1-90 days 12.4 16.8 Trade receivables past due over 90 days 1.8 1.2 Impairment losses -0.8 -0.9 TOTAL 227.3 218.2 The realized impairment losses recognized on trade receivables during the year 2022 amounted to EUR 0.3 million (2021: EUR 0.2 million). A significant share of the Group\u2019s revenue is associated with the state monopolies in the Nordic region, where there is not considered to be material credit risk. The group\u2019s credit risk is otherwise spread over a large number of small customers within the HORECA market, industrial customers as well as a small number of distributors outside the home markets. On this basis, the Group applies a simplified approach to calculation of expected credit losses. The loss allowance for trade receivables is based on the ageing of the accounts receivables, regional portfolio and experienced historic credit losses. Forward looking macro-economic information has been included in analysis ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-536": {
"value": "2.8. TRADE AND OTHER PAYABLES EUR million 2022 2021 Current Trade payables 103.5 96.1 Accruals for wages and salaries and social security contributions 0.7 15.8 Interest liabilities 0.2 0.3 Procurement expenses 16.0 18.6 Other accrued expenses 41.9 23.2 Excise tax 126.0 136.5 VAT liability 62.1 69.9 Other liabilities 13.7 14.0 TOTAL 364.1 374.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-537": {
"value": "2.8. TRADE AND OTHER PAYABLES EUR million 2022 2021 Current Trade payables 103.5 96.1 Accruals for wages and salaries and social security contributions 0.7 15.8 Interest liabilities 0.2 0.3 Procurement expenses 16.0 18.6 Other accrued expenses 41.9 23.2 Excise tax 126.0 136.5 VAT liability 62.1 69.9 Other liabilities 13.7 14.0 TOTAL 364.1 374.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-538": {
"value": "2.8. TRADE AND OTHER PAYABLES EUR million 2022 2021 Current Trade payables 103.5 96.1 Accruals for wages and salaries and social security contributions 0.7 15.8 Interest liabilities 0.2 0.3 Procurement expenses 16.0 18.6 Other accrued expenses 41.9 23.2 Excise tax 126.0 136.5 VAT liability 62.1 69.9 Other liabilities 13.7 14.0 TOTAL 364.1 374.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-539": {
"value": "2.8. TRADE AND OTHER PAYABLES EUR million 2022 2021 Current Trade payables 103.5 96.1 Accruals for wages and salaries and social security contributions 0.7 15.8 Interest liabilities 0.2 0.3 Procurement expenses 16.0 18.6 Other accrued expenses 41.9 23.2 Excise tax 126.0 136.5 VAT liability 62.1 69.9 Other liabilities 13.7 14.0 TOTAL 364.1 374.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-540": {
"value": "2.9. PROVISIONS Provisions A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be reliably estimated. The amount recognised as provision is the management\u2019s best estimate of the costs required to settle the existing obligation at the end of the reporting period. If part of the obligation may potentially be compensated by a third party, the compensation is recognised as a separate asset when it is virtually certain that the compensation will be received. A provision for restructuring is recognised when a detailed restructuring plan has been prepared, and the implementation of the plan has either been commenced or the plan has been announced to those who are affected. The Group had no provisions at 31 December 2022 or 31 December 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-541": {
"value": "Provisions A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be reliably estimated. The amount recognised as provision is the management\u2019s best estimate of the costs required to settle the existing obligation at the end of the reporting period. If part of the obligation may potentially be compensated by a third party, the compensation is recognised as a separate asset when it is virtually certain that the compensation will be received. A provision for restructuring is recognised when a detailed restructuring plan has been prepared, and the implementation of the plan has either been commenced or the plan has been announced to those who are affected",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-542": {
"value": "3.1. FINANCE INCOME AND EXPENSES FINANCE INCOME EUR million 2022 2021 Interest income Loans, receivables and cash and cash equivalents 2.7 0.3 Total interest income 2.7 0.3 Foreign exchange gains Foreign exchange gains on FX-derivatives 0.0 0.0 Foreign exchange gains on I/C loans and cash pool accounts 2.3 0.6 Total foreign exchange gains 2.3 0.7 Dividend income Fair value through other comprehensive income 0.0 0.2 Total dividend income 0.0 0.2 Other financial income Other financial income 0.7 0.0 Total other financial income 0.7 0.0 TOTAL FINANCE INCOME 5.6 1.2 Foreign exchange differences arising from trade receivables and trade payables amounting to EUR -0.7 million (2021: EUR -0.3 million) and from currency derivatives amounting to EUR 1.4 million (2021: EUR 0.2 million) are included in operating result. FINANCE EXPENSES EUR million 2022 2021 Interest expenses Financial liabilities at amortised cost 6.4 1.9 Derivatives under hedge accounting (Interest rate risk) 0.3 0.4 Interest expenses on lease liabilities 5.0 1.6 Other interest expenses, pension liability 0.0 0.0 Total interest expenses 11.7 3.9 Foreign exchange losses Foreign exchange losses on FX-derivatives 0.5 -0.0 Foreign exchange losses on I/C loans and cash pool accounts 3.3 1.2 Total foreign exchange losses 3.9 1.1 Other finance expenses Other financial expenses 1.9 1.6 Total other finance expenses 1.9 1.6 TOTAL FINANCE EXPENSES 17.5 6.7 3.2. FINANCIAL ASSETS AND LIABILITIES 3.2.1 FINANCIAL ASSETS According to IFRS 9 the classification is business model driven and there are three classes: fair value through profit and loss, amortised cost and fair value through other comprehensive income. Classification is made upon initial recognition based on the purpose of use of the asset. The basis of classification is reassessed at each reporting date. All purchases and sales of financial instruments are recognised on the trade date, which is the date when the Group commits to purchase or sell a financial instrument. Financial assets are recognised in the balance sheet at original cost which equals their fair value at the acquisition date. If the asset in question is not measured at fair value through profit or loss, transaction costs are included in the original cost of the financial asset. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or the Group transfers all the substantial risks and rewards related to the financial asset outside the Group. Financial assets are included in non-current items of the balance sheet when their maturity is over 12 months. Impairment of financial assets The impairment model requires the recognition of impairment provision based on expected credit losses. The impairment provision is recognised based on lifetime expected credit losses from trade receivables and contract assets. More information on the impairment provision on trade receivables can be found in Note 2.6. Trade and other receivables (current). The impairment model does not apply to financial assets measured at fair value since those are measured at fair value which already takes into account expected credit losses . Financial assets recognised at fair value through profit or loss This category includes financial assets held for trading purposes or otherwise designated as financial assets recognised at fair value through profit or loss by Anora Group. Sold receivables are classified in this category. Derivative instruments held for hedging purposes, but not qualifying for the criteria of hedge accounting, are classified in this category. Items in this category are initially recognised at fair value and subsequently measured at the fair value of each reporting date, which is the market bid price at the end of the reporting period determined based on public price quotations in active markets. Realised and unrealised gains and losses arising from changes in fair values are recognised in profit or loss in financial items in the period in which they are incurred if they relate to hedging of financial items. Amortised cost Loans and receivables arise when money, goods or services are delivered to a debtor, and they are included in current or non-current financial assets in accordance with their maturity. The assets in this category are held according to a business model of which objective is to collect contractual cash flows. In Anora, non-current receivables include loan receivables and other receivables with the maturity of over one year. Current receivables include trade receivables as well as cash and cash equivalents presented under current financial assets. Receivables are measured at amortised cost when the related payments are fixed or determinable and the instruments are not quoted in financial markets. The exchange rate differences of intra-group foreign currency denominated loan receivables are presented within financial items as foreign exchange differences related to loans. The exchange rate differences of foreign currency denominated trade receivables are presented in income statement as adjustments to sales. Fair value through other comprehensive income The assets measured at fair value through other comprehensive income consist of unquoted shares, that are not held for trading purposes and at initial recognition, the group has made a final choice that they belong to this category. The changes in fair values are presented in other comprehensive income. Fair value through other comprehensive income Fair value through other comprehensive income assets consisted of unquoted shares, amounting to EUR 0.7 million (2021: EUR 0.7 million). 3.2.2 FINANCIAL LIABILITIES Financial liabilities are classified as financial liabilities at fair value through profit or loss and financial liabilities at amortised cost. Financial liabilities are initially measured at fair value and recognised net of transaction costs, with the exception of items measured at fair value through profit or loss. A financial liability (or a part of it) is not derecognised until the obligation specified in the contract is discharged or cancelled or expires. A financial liability is classified as current, unless the Group has an unconditional right to defer the settlement of the liability for at least 12 months after the end of the reporting period. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include derivatives held for hedging purposes but not qualifying for hedge accounting and put options for the purchase of non- controlling interests. Derivatives held for hedging purposes but not qualifying for hedge accounting are measured at fair value, which is determined based on price quotations in active markets at the reporting date. Realised and unrealised gains or losses arising from the changes in fair values are recognised through profit or loss in the financial items as incurred. The liabilities related to options for the purchase of non-controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements . Financial liabilities at amortised cost This category includes the Group\u2019s external loans from financial institutions, loans from pension institutions, commercial paper loans as well as trade payables. These financial liabilities are measured at amortised cost using the effective interest method. When loans are paid off or refinanced, the related unamortised costs are recognised in finance expenses. Group overdrafts in use are included in current borrowings. In addition, Anora has a revolving credit facility and the related fee is amortised on a straight-line basis in other finance expenses during the term of the facility. The exchange rate differences arising from foreign currency denominated loans from financial institutions are disclosed under financial items. The exchange rate differences of intra- group foreign currency denominated loans are presented within financial items in the foreign exchange differences of the category financial liabilities at amortised cost. The fair values of loans from financial institutions and commercial paper loans are determined based on future cash flows discounted with market interest rate at the reporting date adjusted with Anoras credit risk premium. At the reporting date, the carrying amounts of the loans are not materially different from their book values . LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS EUR million 2022 2021 Book value at the beginning of the period 1.3 - Acquisition of subsidiaries 0.0 1.1 Changes in value during period -0.6 0.2 Interest during period 0.0 0.0 Translation differences -0.1 0.0 Book value at the end of the period 0.6 1.3 Non-current liability 0.6 1.3 Current liability - - Total liabilities through profit and loss 0.6 1.3 Options for the purchase of non-controlling interests Within the Group\u2019s wines business, the general managers of several subsidiaries have non-controlling interests. Most of the general managers have put options linked to their interests and these options can be exercised on a future date. The Group does not have control of these shares at the end of period, nor does it have control of the possible exercising of the put options. The value of put options is therefore recognized as liabilities at fair value at the end of the year. The liabilities related to options for the purchase of non- controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements discounted for the close of the financial year. The most important parameters in the pricing mechanisms were the development in the share values, measured as EBIT (operating profit) up to the estimated due date, multiplied by a fixed market based multiple. As the basis for EBIT, the underlying companies\u2019 budgets and long-term plans up until the expected due date are used. The discount rate is NIBOR or STIBOR with duration matched to the expected due date . BORROWINGS AND LEASE LIABILITIES EUR million 2022 2021 Non-current Loans from financial institutions 209.3 127.8 Loans from pension institutions 6.8 8.3 Lease liabilities 132.4 120.8 TOTAL 348.4 256.9 Current Loans from financial institutions 0.0 5.0 Loans from pension institutions 1.5 1.5 Commercial papers 30.0 20.0 Lease liabilities 12.4 11.6 TOTAL 43.9 38.1 Interest-bearing non-current loans from financial and pension institutions are measured at amortised cost using the effective interest method. All of the Group\u2019s non-current and current loans from financial and pension institutions were nominated in euro\u2019s as at 31 December 2022. (2021 in EUR 69.8 million and in SEK 750.0 million) The weighted average effective interest rate (p.a.) of the Group\u2019s loans from financial and pension institutions as at 31 December 2022 was 3.5% (2021: 1.5%). The weighted average interest rate (p.a.) of the Group\u2019s lease liabilities as at 31 December 2022 was 3,9% (2021: 3.9%). In December 2022 Anora refinanced its loan portfolio and all existing loans from financial institutions were early repaid. Group\u2019s external bank loans were combined under parent company and terms were unified. Company entered into an EUR 410 million term and revolving facilities agreement. It consists of EUR 260 million term loan and EUR 150 million revolving credit facilities. The facilities mature on December 2025 unless those are extended by optional one plus one year. Anora drew down a EUR 210 million from term loan facility.THE NET DEBT Movements in Net debt the year ended 31 December 2022 and 2021 are presented in the following table: EUR million Cash and cash equivalents Loans from financial and pension institutions (non- current) Loans from financial and pension institutions (current) Lease liabilities (non-current) Lease liabilities (current) Total Net debt as at 1 January 2022 168.9 136.1 26.5 120.8 11.6 126.0 Cash flows -68.5 63.6 5.0 0.0 -12.0 125.1 Translation differences -9.0 0.0 0.0 0.0 0.0 9.0 Acquisitions of subsidiaries 0.0 18.0 0.0 17.3 1.4 36.6 Other non-cash movement 0.0 -1.6 0.0 -5.7 11.4 4.2 NET DEBT AS AT 31 DECEMBER 2022 91.4 216.0 31.5 132.4 12.4 300.9 Net debt as at 1 January 2021 130.7 69.6 46.5 7.0 3.7 -3.9 Cash flows 6.8 -0.0 -26.5 - -6.2 -39.6 Translation differences -1.7 -0.5 - 2.9 0.2 4.3 Acquisitions of subsidiaries 33.2 73.3 - 112.3 7.4 159.9 Other non-cash movement - -6.4 6.5 -1.4 6.6 5.3 NET DEBT AS AT 31 DECEMBER 2021 168.9 136.1 26.5 120.8 11.6 126.0 Derivative instruments Derivatives are included in financial assets and liabilities at fair value through profit or loss when they do not meet the criteria of hedge accounting pursuant to IFRS 9. These derivatives are recognised at fair value on the trade date and they are subsequently measured at fair value at the reporting date. Derivative instruments and hedge accounting are described in Note 3.3. The fair values of derivatives equal the amount that the Group would have to pay, or it would receive from the termination of the derivative contract at the reporting date. The fair values of forward exchange contracts are determined by using the market prices at the reporting date. The fair values of interest rate derivatives are determined by discounting the related future cash flows. The valuation of commodity derivatives is determined based on the fair values received from the financial markets. 3.2.3 CLASSIFICATION AND FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUES AND THE CARRYING AMOUNTS IN THE CONSOLIDATED BALANCE SHEET FOR EACH FINANCIAL INSTRUMENT BY CLASSES: 2022 EUR million Note Derivatives, hedge accounting Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amounts of items in the balance sheet Fair value Level Financial assets Non-current financial assets Investments in associates and receivables from interests in joint operations - - 7.6 - 7.6 7.6 Unquoted shares 3.2.1. - - - 0.7 0.7 0.7 3 Other non-current receivables - - 0.0 - 0.0 0.0 Current financial assets Trade and other receivables 2.6. - - 229.7 - 229.7 229.7 Derivative instruments/Interest rate derivatives 2.6. 0.0 - - - 0.0 0.0 2 Derivative instruments/Forward exchange contracts 2.6. 0.8 0.1 - - 0.9 0.9 2 Derivative instruments/Commodity derivatives 2.6. 5.4 - - - 5.4 5.4 2 Cash and cash equivalents 4.1. - - 91.4 - 91.4 91.4 TOTAL 6.2 0.1 328.7 0.7 335.7 335.7 Financial liabilities Non-current financial liabilities Borrowings 3.2.2. - - 216.0 - 216.0 216.0 2 Lease liabilities 3.2.2. - - 132.4 - 132.4 132.4 2 Non-current liabilities at fair value through profit or loss - 0.6 - - 0.6 0.6 3 Other non-current liabilities - - 0.0 - 0.0 0.0 Current financial liabilities Borrowings 3.2.2. - - 31.5 - 31.5 31.5 2 Lease liabilities 3.2.2. - - 12.4 - 12.4 12.4 2 Trade and other payables 2.8. - - 104.5 - 104.5 104.5 Derivative instruments/Interest rate derivatives 2.8. - - - - 0.0 0.0 2 Derivative instruments/Forward exchange contracts 2.8. 0.1 0.1 - - 0.2 0.2 2 TOTAL 0.1 0.7 496.9 - 497.7 497.7 2021 EUR million Financial assets Non-current financial assets Investments in associates and receivables from interests in joint operations Unquoted shares Other non-current receivables Current financial assets Trade and other receivables Derivative instruments/Forward exchange contracts Derivative instruments/Commodity derivatives Cash and cash equivalents TOTAL Financial liabilities Non-current financial liabilities Borrowings Lease liabilities Non-current liabilities at fair value through profit or loss Other non-current liabilities Current financial liabilities Borrowings Lease liabilities Trade and other payables Derivative instruments/Interest rate derivatives Derivative instruments/Forward exchange contracts TOTAL At the reporting date due to short maturity fair value of trade receivables and other short-term receivables and liabilities equal to their value in the balance sheet. The table above presents the classification of financial instruments. The levels 1-3 of fair value hierarchy reflect the significance of inputs used in determining the fair values. In level one, fair values are based on public quotations of identical financial instruments. In level two, the inputs used in determining the fair values are based on quoted market rates and prices observable for the asset or liability in question directly (I e. price) or indirectly on discounted future cash flows. Fair values of other financial assets and liabilities in level two reflect their carrying value. In level three, the fair values of assets and liabilities are based on inputs that are not based on observable market data for all significant variables, and instead are, to a significant extent, based on management estimates and their use in generally accepted valuation techniques. The reported fair value level is based on the lowest level of input information that is significant in determining the fair value . 14 3.4. EQUITY Share capital At the end of the reporting period, Anora Group Plc's share capital amounted to EUR 61,500,000 and the number of issued shares was 67,553,624. At 2021 as merger consideration, the shareholders of Arcus received 0.4618 new shares in Altia for each share registered as held in Arcus upon completion of the merger. Arcus\u2019 shareholders received in aggregate shares representing approximately a 46.5% ownership in Anora. The aggregate number of the new shares issued in Altia in connection with the merger was 31,413,139 shares. The share capital of Altia was increased by EUR 1,019,621.64 in connection with the registration of the execution of the merger. The merger consideration shares were registered at the Finnish Trade Register on 1 September 2021. All shares issued have been paid in full. The shares have no nominal value. Each share has one vote at the Annual General meeting and equal rights to dividend and other distribution of assets. The company does not hold its own shares. NUMBER OF SHARES EUR million 2022 2021 Number of outstanding shares in the beginning of the financial year 67,553,624 36,140,485 Shares issued as merger consideration 31,413,139 Total number of outstanding shares at the end of the financial year 67,553,624 67,553,624 Invested unrestricted equity fund The invested unrestricted equity reserve includes the subscription price of shares to the extent that it has not been recorded in share capital according to specific resolution. The increase in the invested unrestricted equity reserve in 2021 was due to the merger of Altia and Arcus. 31,413,139 new shares were issued with a closing price of EUR 10.74 of Altia share on 31 August 2021 on Nasdaq Helsinki, of which EUR 336.4 million recorded in Invested unrestricted equity reserve. Costs of EUR 0.8 million related to the share issue have been deducted from the invested unrestricted equity reserve. Fair value reserve The fair value reserve represents the change in the fair value of financial assets measured at fair value through other comprehensive income. CASH FLOW HEDGE RESERVE Legal reserve Legal reserve represents statutory part of the foreign subsidiary\u2019s result. Hedge reserve The hedge reserve includes the fair value changes of derivative instruments used for cash flow hedging for effective hedges . Translation differences Translation differences comprise all foreign exchange differences arising from the translation of the foreign subsidiaries\u2019 financial statements. The Group\u2019s accumulated translation differences amounted to negative EUR 33 million at 31 December 2022 (31.12.2021: negative EUR 15.0 million). Earnings per share Basic earnings per share is calculated by dividing the result for the period attributable to owners of the parent company by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share has been calculated on the same basis as basic earnings per share except that it reflects the impact of any potential commitments the Group has to issue shares in the future. Anora has not issued any dilutive instruments during the periods presented . EARNINGS PER SHARE EUR million 2022 2021 Result attributable to the shareholders of the parent company, EUR million 17,9 31,0 Weighted average number of shares outstanding basic 67,929,466 46,611,531 Weighted average number of shares outstanding diluted 67,929,466 Earnings per share (EUR) basic 0,26 0,67 Earnings per share (EUR) diluted 0,26 Dividend The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.22 per share be paid for the financial year 2022. ANORA GROUP PLC DISTRIBUTABLE FUNDS EUR million 31 Dec 2022 31 Dec 2021 Invested unrestricted equity fund 52,2 52,2 Retained earnings 65,9 86,4 Distribution of dividends -30,4 -27,1 Profit for the period 38,9 6,6 TOTAL DISTRIBUTABLE FUNDS 126,6 118,1 ",
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"fact-543": {
"value": "3.1. FINANCE INCOME AND EXPENSES FINANCE INCOME EUR million 2022 2021 Interest income Loans, receivables and cash and cash equivalents 2.7 0.3 Total interest income 2.7 0.3 Foreign exchange gains Foreign exchange gains on FX-derivatives 0.0 0.0 Foreign exchange gains on I/C loans and cash pool accounts 2.3 0.6 Total foreign exchange gains 2.3 0.7 Dividend income Fair value through other comprehensive income 0.0 0.2 Total dividend income 0.0 0.2 Other financial income Other financial income 0.7 0.0 Total other financial income 0.7 0.0 TOTAL FINANCE INCOME 5.6 1.2 Foreign exchange differences arising from trade receivables and trade payables amounting to EUR -0.7 million (2021: EUR -0.3 million) and from currency derivatives amounting to EUR 1.4 million (2021: EUR 0.2 million) are included in operating result. FINANCE EXPENSES EUR million 2022 2021 Interest expenses Financial liabilities at amortised cost 6.4 1.9 Derivatives under hedge accounting (Interest rate risk) 0.3 0.4 Interest expenses on lease liabilities 5.0 1.6 Other interest expenses, pension liability 0.0 0.0 Total interest expenses 11.7 3.9 Foreign exchange losses Foreign exchange losses on FX-derivatives 0.5 -0.0 Foreign exchange losses on I/C loans and cash pool accounts 3.3 1.2 Total foreign exchange losses 3.9 1.1 Other finance expenses Other financial expenses 1.9 1.6 Total other finance expenses 1.9 1.6 TOTAL FINANCE EXPENSES 17.5 6.7 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-544": {
"value": "FINANCE INCOME EUR million 2022 2021 Interest income Loans, receivables and cash and cash equivalents 2.7 0.3 Total interest income 2.7 0.3 Foreign exchange gains Foreign exchange gains on FX-derivatives 0.0 0.0 Foreign exchange gains on I/C loans and cash pool accounts 2.3 0.6 Total foreign exchange gains 2.3 0.7 Dividend income Fair value through other comprehensive income 0.0 0.2 Total dividend income 0.0 0.2 Other financial income Other financial income 0.7 0.0 Total other financial income 0.7 0.0 TOTAL FINANCE INCOME 5.6 1.2 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-545": {
"value": "FINANCE INCOME EUR million 2022 2021 Interest income Loans, receivables and cash and cash equivalents 2.7 0.3 Total interest income 2.7 0.3 Foreign exchange gains Foreign exchange gains on FX-derivatives 0.0 0.0 Foreign exchange gains on I/C loans and cash pool accounts 2.3 0.6 Total foreign exchange gains 2.3 0.7 Dividend income Fair value through other comprehensive income 0.0 0.2 Total dividend income 0.0 0.2 Other financial income Other financial income 0.7 0.0 Total other financial income 0.7 0.0 TOTAL FINANCE INCOME 5.6 1.2 Foreign exchange differences arising from trade receivables and trade payables amounting to EUR -0.7 million (2021: EUR -0.3 million) and from currency derivatives amounting to EUR 1.4 million (2021: EUR 0.2 million) are included in operating result. FINANCE EXPENSES EUR million 2022 2021 Interest expenses Financial liabilities at amortised cost 6.4 1.9 Derivatives under hedge accounting (Interest rate risk) 0.3 0.4 Interest expenses on lease liabilities 5.0 1.6 Other interest expenses, pension liability 0.0 0.0 Total interest expenses 11.7 3.9 Foreign exchange losses Foreign exchange losses on FX-derivatives 0.5 -0.0 Foreign exchange losses on I/C loans and cash pool accounts 3.3 1.2 Total foreign exchange losses 3.9 1.1 Other finance expenses Other financial expenses 1.9 1.6 Total other finance expenses 1.9 1.6 TOTAL FINANCE EXPENSES 17.5 6.7 1. Currency risk Anora is exposed to currency risks as it has operations in several different countries. The objective of the Group\u2019s currency risk management is to limit the effect of exchange rate fluctuations on the Group\u2019s cash flow in EUR. The most significant currencies are NOK, SEK, USD, AUD and DKK. Transaction risk Transaction risk is caused by foreign currency denominated items in the balance sheet and future cash flows related to sales, purchases and return of capital. Foreign exchange exposures are monitored at the Business level. Some fixed sales and purchase contracts, including both future cash flows are hedged. The estimated future commercial exposures are evaluated by the Businesses, and the level of hedging is decided by the Board of Management. Hedge accounting in accordance with IFRS 9 is applied to most of the hedges. Hedging transactions are executed with forward exchange contracts or options for the following 12 months at the most, predominantly following the pricing periods of state monopolies in the Nordic region. In Finland this takes place every two months, in Norway every four months and in Sweden every six months. The two tables below present the Group\u2019s net currency position, first on the basis of financial instruments recorded on the balance sheet and secondly including on a net basis also the estimated future foreign currency net cash flows. The currency position resulting from the financial instruments in accordance with IFRS 7 consists of trade receivables, trade payables, cash and cash equivalents, the Group\u2019s internal and external loans and derivative instruments. ",
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"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-546": {
"value": "FINANCE INCOME EUR million 2022 2021 Interest income Loans, receivables and cash and cash equivalents 2.7 0.3 Total interest income 2.7 0.3 Foreign exchange gains Foreign exchange gains on FX-derivatives 0.0 0.0 Foreign exchange gains on I/C loans and cash pool accounts 2.3 0.6 Total foreign exchange gains 2.3 0.7 Dividend income Fair value through other comprehensive income 0.0 0.2 Total dividend income 0.0 0.2 Other financial income Other financial income 0.7 0.0 Total other financial income 0.7 0.0 TOTAL FINANCE INCOME 5.6 1.2 Foreign exchange differences arising from trade receivables and trade payables amounting to EUR -0.7 million (2021: EUR -0.3 million) and from currency derivatives amounting to EUR 1.4 million (2021: EUR 0.2 million) are included in operating result. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-547": {
"value": "FINANCE INCOME EUR million 2022 2021 Interest income Loans, receivables and cash and cash equivalents 2.7 0.3 Total interest income 2.7 0.3 Foreign exchange gains Foreign exchange gains on FX-derivatives 0.0 0.0 Foreign exchange gains on I/C loans and cash pool accounts 2.3 0.6 Total foreign exchange gains 2.3 0.7 Dividend income Fair value through other comprehensive income 0.0 0.2 Total dividend income 0.0 0.2 Other financial income Other financial income 0.7 0.0 Total other financial income 0.7 0.0 TOTAL FINANCE INCOME 5.6 1.2 Foreign exchange differences arising from trade receivables and trade payables amounting to EUR -0.7 million (2021: EUR -0.3 million) and from currency derivatives amounting to EUR 1.4 million (2021: EUR 0.2 million) are included in operating result. FINANCE EXPENSES EUR million 2022 2021 Interest expenses Financial liabilities at amortised cost 6.4 1.9 Derivatives under hedge accounting (Interest rate risk) 0.3 0.4 Interest expenses on lease liabilities 5.0 1.6 Other interest expenses, pension liability 0.0 0.0 Total interest expenses 11.7 3.9 Foreign exchange losses Foreign exchange losses on FX-derivatives 0.5 -0.0 Foreign exchange losses on I/C loans and cash pool accounts 3.3 1.2 Total foreign exchange losses 3.9 1.1 Other finance expenses Other financial expenses 1.9 1.6 Total other finance expenses 1.9 1.6 TOTAL FINANCE EXPENSES 17.5 6.7 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "FINANCE EXPENSES EUR million 2022 2021 Interest expenses Financial liabilities at amortised cost 6.4 1.9 Derivatives under hedge accounting (Interest rate risk) 0.3 0.4 Interest expenses on lease liabilities 5.0 1.6 Other interest expenses, pension liability 0.0 0.0 Total interest expenses 11.7 3.9 Foreign exchange losses Foreign exchange losses on FX-derivatives 0.5 -0.0 Foreign exchange losses on I/C loans and cash pool accounts 3.3 1.2 Total foreign exchange losses 3.9 1.1 Other finance expenses Other financial expenses 1.9 1.6 Total other finance expenses 1.9 1.6 TOTAL FINANCE EXPENSES 17.5 6.7 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-549": {
"value": "FINANCE EXPENSES EUR million 2022 2021 Interest expenses Financial liabilities at amortised cost 6.4 1.9 Derivatives under hedge accounting (Interest rate risk) 0.3 0.4 Interest expenses on lease liabilities 5.0 1.6 Other interest expenses, pension liability 0.0 0.0 Total interest expenses 11.7 3.9 Foreign exchange losses Foreign exchange losses on FX-derivatives 0.5 -0.0 Foreign exchange losses on I/C loans and cash pool accounts 3.3 1.2 Total foreign exchange losses 3.9 1.1 Other finance expenses Other financial expenses 1.9 1.6 Total other finance expenses 1.9 1.6 TOTAL FINANCE EXPENSES 17.5 6.7 ",
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"fact-550": {
"value": "3.2.1 FINANCIAL ASSETS According to IFRS 9 the classification is business model driven and there are three classes: fair value through profit and loss, amortised cost and fair value through other comprehensive income. Classification is made upon initial recognition based on the purpose of use of the asset. The basis of classification is reassessed at each reporting date. All purchases and sales of financial instruments are recognised on the trade date, which is the date when the Group commits to purchase or sell a financial instrument. Financial assets are recognised in the balance sheet at original cost which equals their fair value at the acquisition date. If the asset in question is not measured at fair value through profit or loss, transaction costs are included in the original cost of the financial asset. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or the Group transfers all the substantial risks and rewards related to the financial asset outside the Group. Financial assets are included in non-current items of the balance sheet when their maturity is over 12 months. Impairment of financial assets The impairment model requires the recognition of impairment provision based on expected credit losses. The impairment provision is recognised based on lifetime expected credit losses from trade receivables and contract assets. More information on the impairment provision on trade receivables can be found in Note 2.6. Trade and other receivables (current). The impairment model does not apply to financial assets measured at fair value since those are measured at fair value which already takes into account expected credit losses Financial assets recognised at fair value through profit or loss This category includes financial assets held for trading purposes or otherwise designated as financial assets recognised at fair value through profit or loss by Anora Group. Sold receivables are classified in this category. Derivative instruments held for hedging purposes, but not qualifying for the criteria of hedge accounting, are classified in this category. Items in this category are initially recognised at fair value and subsequently measured at the fair value of each reporting date, which is the market bid price at the end of the reporting period determined based on public price quotations in active markets. Realised and unrealised gains and losses arising from changes in fair values are recognised in profit or loss in financial items in the period in which they are incurred if they relate to hedging of financial items. Amortised cost Loans and receivables arise when money, goods or services are delivered to a debtor, and they are included in current or non-current financial assets in accordance with their maturity. The assets in this category are held according to a business model of which objective is to collect contractual cash flows. In Anora, non-current receivables include loan receivables and other receivables with the maturity of over one year. Current receivables include trade receivables as well as cash and cash equivalents presented under current financial assets. Receivables are measured at amortised cost when the related payments are fixed or determinable and the instruments are not quoted in financial markets. The exchange rate differences of intra-group foreign currency denominated loan receivables are presented within financial items as foreign exchange differences related to loans. The exchange rate differences of foreign currency denominated trade receivables are presented in income statement as adjustments to sales. Fair value through other comprehensive income The assets measured at fair value through other comprehensive income consist of unquoted shares, that are not held for trading purposes and at initial recognition, the group has made a final choice that they belong to this category. The changes in fair values are presented in other comprehensive income. Fair value through other comprehensive income Fair value through other comprehensive income assets consisted of unquoted shares, amounting to EUR 0.7 million (2021: EUR 0.7 million).",
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"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-551": {
"value": "According to IFRS 9 the classification is business model driven and there are three classes: fair value through profit and loss, amortised cost and fair value through other comprehensive income. Classification is made upon initial recognition based on the purpose of use of the asset. The basis of classification is reassessed at each reporting date. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-552": {
"value": "According to IFRS 9 the classification is business model driven and there are three classes: fair value through profit and loss, amortised cost and fair value through other comprehensive income. Classification is made upon initial recognition based on the purpose of use of the asset. The basis of classification is reassessed at each reporting date. All purchases and sales of financial instruments are recognised on the trade date, which is the date when the Group commits to purchase or sell a financial instrument. Financial assets are recognised in the balance sheet at original cost which equals their fair value at the acquisition date. If the asset in question is not measured at fair value through profit or loss, transaction costs are included in the original cost of the financial asset. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or the Group transfers all the substantial risks and rewards related to the financial asset outside the Group. Financial assets are included in non-current items of the balance sheet when their maturity is over 12 months. Impairment of financial assets The impairment model requires the recognition of impairment provision based on expected credit losses. The impairment provision is recognised based on lifetime expected credit losses from trade receivables and contract assets. More information on the impairment provision on trade receivables can be found in Note 2.6. Trade and other receivables (current). The impairment model does not apply to financial assets measured at fair value since those are measured at fair value which already takes into account expected credit losses Financial assets recognised at fair value through profit or loss This category includes financial assets held for trading purposes or otherwise designated as financial assets recognised at fair value through profit or loss by Anora Group. Sold receivables are classified in this category. Derivative instruments held for hedging purposes, but not qualifying for the criteria of hedge accounting, are classified in this category. Items in this category are initially recognised at fair value and subsequently measured at the fair value of each reporting date, which is the market bid price at the end of the reporting period determined based on public price quotations in active markets. Realised and unrealised gains and losses arising from changes in fair values are recognised in profit or loss in financial items in the period in which they are incurred if they relate to hedging of financial items. Amortised cost Loans and receivables arise when money, goods or services are delivered to a debtor, and they are included in current or non-current financial assets in accordance with their maturity. The assets in this category are held according to a business model of which objective is to collect contractual cash flows. In Anora, non-current receivables include loan receivables and other receivables with the maturity of over one year. Current receivables include trade receivables as well as cash and cash equivalents presented under current financial assets. Receivables are measured at amortised cost when the related payments are fixed or determinable and the instruments are not quoted in financial markets. The exchange rate differences of intra-group foreign currency denominated loan receivables are presented within financial items as foreign exchange differences related to loans. The exchange rate differences of foreign currency denominated trade receivables are presented in income statement as adjustments to sales. Fair value through other comprehensive income The assets measured at fair value through other comprehensive income consist of unquoted shares, that are not held for trading purposes and at initial recognition, the group has made a final choice that they belong to this category. The changes in fair values are presented in other comprehensive income. Fair value through other comprehensive income Fair value through other comprehensive income assets consisted of unquoted shares, amounting to EUR 0.7 million (2021: EUR 0.7 million).",
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"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-553": {
"value": "The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or the Group transfers all the substantial risks and rewards related to the financial asset outside the Group. Financial assets are included in non-current items of the balance sheet when their maturity is over 12 months",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-554": {
"value": "Impairment of financial assets The impairment model requires the recognition of impairment provision based on expected credit losses. The impairment provision is recognised based on lifetime expected credit losses from trade receivables and contract assets. More information on the impairment provision on trade receivables can be found in Note 2.6. Trade and other receivables (current). The impairment model does not apply to financial assets measured at fair value since those are measured at fair value which already takes into account expected credit losses . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-555": {
"value": "Financial assets recognised at fair value through profit or loss This category includes financial assets held for trading purposes or otherwise designated as financial assets recognised at fair value through profit or loss by Anora Group. Sold receivables are classified in this category. Derivative instruments held for hedging purposes, but not qualifying for the criteria of hedge accounting, are classified in this category. Items in this category are initially recognised at fair value and subsequently measured at the fair value of each reporting date, which is the market bid price at the end of the reporting period determined based on public price quotations in active markets. Realised and unrealised gains and losses arising from changes in fair values are recognised in profit or loss in financial items in the period in which they are incurred if they relate to hedging of financial items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-556": {
"value": "Financial assets recognised at fair value through profit or loss This category includes financial assets held for trading purposes or otherwise designated as financial assets recognised at fair value through profit or loss by Anora Group. Sold receivables are classified in this category. Derivative instruments held for hedging purposes, but not qualifying for the criteria of hedge accounting, are classified in this category. Items in this category are initially recognised at fair value and subsequently measured at the fair value of each reporting date, which is the market bid price at the end of the reporting period determined based on public price quotations in active markets. Realised and unrealised gains and losses arising from changes in fair values are recognised in profit or loss in financial items in the period in which they are incurred if they relate to hedging of financial items. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include derivatives held for hedging purposes but not qualifying for hedge accounting and put options for the purchase of non- controlling interests. Derivatives held for hedging purposes but not qualifying for hedge accounting are measured at fair value, which is determined based on price quotations in active markets at the reporting date. Realised and unrealised gains or losses arising from the changes in fair values are recognised through profit or loss in the financial items as incurred. The liabilities related to options for the purchase of non-controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-557": {
"value": "Financial assets recognised at fair value through profit or loss This category includes financial assets held for trading purposes or otherwise designated as financial assets recognised at fair value through profit or loss by Anora Group. Sold receivables are classified in this category. Derivative instruments held for hedging purposes, but not qualifying for the criteria of hedge accounting, are classified in this category. Items in this category are initially recognised at fair value and subsequently measured at the fair value of each reporting date, which is the market bid price at the end of the reporting period determined based on public price quotations in active markets. Realised and unrealised gains and losses arising from changes in fair values are recognised in profit or loss in financial items in the period in which they are incurred if they relate to hedging of financial items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-558": {
"value": "Financial assets recognised at fair value through profit or loss This category includes financial assets held for trading purposes or otherwise designated as financial assets recognised at fair value through profit or loss by Anora Group. Sold receivables are classified in this category. Derivative instruments held for hedging purposes, but not qualifying for the criteria of hedge accounting, are classified in this category. Items in this category are initially recognised at fair value and subsequently measured at the fair value of each reporting date, which is the market bid price at the end of the reporting period determined based on public price quotations in active markets. Realised and unrealised gains and losses arising from changes in fair values are recognised in profit or loss in financial items in the period in which they are incurred if they relate to hedging of financial itemsFinancial liabilities are classified as financial liabilities at fair value through profit or loss and financial liabilities at amortised cost. Financial liabilities are initially measured at fair value and recognised net of transaction costs, with the exception of items measured at fair value through profit or loss. A financial liability (or a part of it) is not derecognised until the obligation specified in the contract is discharged or cancelled or expires. A financial liability is classified as current, unless the Group has an unconditional right to defer the settlement of the liability for at least 12 months after the end of the reporting period. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include derivatives held for hedging purposes but not qualifying for hedge accounting and put options for the purchase of non- controlling interests. Derivatives held for hedging purposes but not qualifying for hedge accounting are measured at fair value, which is determined based on price quotations in active markets at the reporting date. Realised and unrealised gains or losses arising from the changes in fair values are recognised through profit or loss in the financial items as incurred. The liabilities related to options for the purchase of non-controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements . LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS EUR million 2022 2021 Book value at the beginning of the period 1.3 - Acquisition of subsidiaries 0.0 1.1 Changes in value during period -0.6 0.2 Interest during period 0.0 0.0 Translation differences -0.1 0.0 Book value at the end of the period 0.6 1.3 Non-current liability 0.6 1.3 Current liability - - Total liabilities through profit and loss 0.6 1.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-559": {
"value": "Amortised cost Loans and receivables arise when money, goods or services are delivered to a debtor, and they are included in current or non-current financial assets in accordance with their maturity. The assets in this category are held according to a business model of which objective is to collect contractual cash flows. In Anora, non-current receivables include loan receivables and other receivables with the maturity of over one year. Current receivables include trade receivables as well as cash and cash equivalents presented under current financial assets. Receivables are measured at amortised cost when the related payments are fixed or determinable and the instruments are not quoted in financial markets. The exchange rate differences of intra-group foreign currency denominated loan receivables are presented within financial items as foreign exchange differences related to loans. The exchange rate differences of foreign currency denominated trade receivables are presented in income statement as adjustments to sales. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-560": {
"value": "Amortised cost Loans and receivables arise when money, goods or services are delivered to a debtor, and they are included in current or non-current financial assets in accordance with their maturity. The assets in this category are held according to a business model of which objective is to collect contractual cash flows. In Anora, non-current receivables include loan receivables and other receivables with the maturity of over one year. Current receivables include trade receivables as well as cash and cash equivalents presented under current financial assets. Receivables are measured at amortised cost when the related payments are fixed or determinable and the instruments are not quoted in financial markets. The exchange rate differences of intra-group foreign currency denominated loan receivables are presented within financial items as foreign exchange differences related to loans. The exchange rate differences of foreign currency denominated trade receivables are presented in income statement as adjustments to sales",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-561": {
"value": "3.2.2 FINANCIAL LIABILITIES Financial liabilities are classified as financial liabilities at fair value through profit or loss and financial liabilities at amortised cost. Financial liabilities are initially measured at fair value and recognised net of transaction costs, with the exception of items measured at fair value through profit or loss. A financial liability (or a part of it) is not derecognised until the obligation specified in the contract is discharged or cancelled or expires. A financial liability is classified as current, unless the Group has an unconditional right to defer the settlement of the liability for at least 12 months after the end of the reporting period. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include derivatives held for hedging purposes but not qualifying for hedge accounting and put options for the purchase of non- controlling interests. Derivatives held for hedging purposes but not qualifying for hedge accounting are measured at fair value, which is determined based on price quotations in active markets at the reporting date. Realised and unrealised gains or losses arising from the changes in fair values are recognised through profit or loss in the financial items as incurred. The liabilities related to options for the purchase of non-controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements . Financial liabilities at amortised cost This category includes the Group\u2019s external loans from financial institutions, loans from pension institutions, commercial paper loans as well as trade payables. These financial liabilities are measured at amortised cost using the effective interest method. When loans are paid off or refinanced, the related unamortised costs are recognised in finance expenses. Group overdrafts in use are included in current borrowings. In addition, Anora has a revolving credit facility and the related fee is amortised on a straight-line basis in other finance expenses during the term of the facility. The exchange rate differences arising from foreign currency denominated loans from financial institutions are disclosed under financial items. The exchange rate differences of intra- group foreign currency denominated loans are presented within financial items in the foreign exchange differences of the category financial liabilities at amortised cost. The fair values of loans from financial institutions and commercial paper loans are determined based on future cash flows discounted with market interest rate at the reporting date adjusted with Anoras credit risk premium. At the reporting date, the carrying amounts of the loans are not materially different from their book values LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS EUR million 2022 2021 Book value at the beginning of the period 1.3 - Acquisition of subsidiaries 0.0 1.1 Changes in value during period -0.6 0.2 Interest during period 0.0 0.0 Translation differences -0.1 0.0 Book value at the end of the period 0.6 1.3 Non-current liability 0.6 1.3 Current liability - - Total liabilities through profit and loss 0.6 1.3 Options for the purchase of non-controlling interests Within the Group\u2019s wines business, the general managers of several subsidiaries have non-controlling interests. Most of the general managers have put options linked to their interests and these options can be exercised on a future date. The Group does not have control of these shares at the end of period, nor does it have control of the possible exercising of the put options. The value of put options is therefore recognized as liabilities at fair value at the end of the year. The liabilities related to options for the purchase of non- controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements discounted for the close of the financial year. The most important parameters in the pricing mechanisms were the development in the share values, measured as EBIT (operating profit) up to the estimated due date, multiplied by a fixed market based multiple. As the basis for EBIT, the underlying companies\u2019 budgets and long-term plans up until the expected due date are used. The discount rate is NIBOR or STIBOR with duration matched to the expected due date . BORROWINGS AND LEASE LIABILITIES EUR million 2022 2021 Non-current Loans from financial institutions 209.3 127.8 Loans from pension institutions 6.8 8.3 Lease liabilities 132.4 120.8 TOTAL 348.4 256.9 Current Loans from financial institutions 0.0 5.0 Loans from pension institutions 1.5 1.5 Commercial papers 30.0 20.0 Lease liabilities 12.4 11.6 TOTAL 43.9 38.1 Interest-bearing non-current loans from financial and pension institutions are measured at amortised cost using the effective interest method. All of the Group\u2019s non-current and current loans from financial and pension institutions were nominated in euro\u2019s as at 31 December 2022. (2021 in EUR 69.8 million and in SEK 750.0 million) The weighted average effective interest rate (p.a.) of the Group\u2019s loans from financial and pension institutions as at 31 December 2022 was 3.5% (2021: 1.5%). The weighted average interest rate (p.a.) of the Group\u2019s lease liabilities as at 31 December 2022 was 3,9% (2021: 3.9%). In December 2022 Anora refinanced its loan portfolio and all existing loans from financial institutions were early repaid. Group\u2019s external bank loans were combined under parent company and terms were unified. Company entered into an EUR 410 million term and revolving facilities agreement. It consists of EUR 260 million term loan and EUR 150 million revolving credit facilities. The facilities mature on December 2025 unless those are extended by optional one plus one year. Anora drew down a EUR 210 million from term loan facilityTHE NET DEBT Movements in Net debt the year ended 31 December 2022 and 2021 are presented in the following table: EUR million Cash and cash equivalents Loans from financial and pension institutions (non- current) Loans from financial and pension institutions (current) Lease liabilities (non-current) Lease liabilities (current) Total Net debt as at 1 January 2022 168.9 136.1 26.5 120.8 11.6 126.0 Cash flows -68.5 63.6 5.0 0.0 -12.0 125.1 Translation differences -9.0 0.0 0.0 0.0 0.0 9.0 Acquisitions of subsidiaries 0.0 18.0 0.0 17.3 1.4 36.6 Other non-cash movement 0.0 -1.6 0.0 -5.7 11.4 4.2 NET DEBT AS AT 31 DECEMBER 2022 91.4 216.0 31.5 132.4 12.4 300.9 Net debt as at 1 January 2021 130.7 69.6 46.5 7.0 3.7 -3.9 Cash flows 6.8 -0.0 -26.5 - -6.2 -39.6 Translation differences -1.7 -0.5 - 2.9 0.2 4.3 Acquisitions of subsidiaries 33.2 73.3 - 112.3 7.4 159.9 Other non-cash movement - -6.4 6.5 -1.4 6.6 5.3 NET DEBT AS AT 31 DECEMBER 2021 168.9 136.1 26.5 120.8 11.6 126.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-562": {
"value": "Financial liabilities are classified as financial liabilities at fair value through profit or loss and financial liabilities at amortised cost. Financial liabilities are initially measured at fair value and recognised net of transaction costs, with the exception of items measured at fair value through profit or loss. A financial liability (or a part of it) is not derecognised until the obligation specified in the contract is discharged or cancelled or expires. A financial liability is classified as current, unless the Group has an unconditional right to defer the settlement of the liability for at least 12 months after the end of the reporting period. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include derivatives held for hedging purposes but not qualifying for hedge accounting and put options for the purchase of non- controlling interests. Derivatives held for hedging purposes but not qualifying for hedge accounting are measured at fair value, which is determined based on price quotations in active markets at the reporting date. Realised and unrealised gains or losses arising from the changes in fair values are recognised through profit or loss in the financial items as incurred. The liabilities related to options for the purchase of non-controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements . Financial liabilities at amortised cost This category includes the Group\u2019s external loans from financial institutions, loans from pension institutions, commercial paper loans as well as trade payables. These financial liabilities are measured at amortised cost using the effective interest method. When loans are paid off or refinanced, the related unamortised costs are recognised in finance expenses. Group overdrafts in use are included in current borrowings. In addition, Anora has a revolving credit facility and the related fee is amortised on a straight-line basis in other finance expenses during the term of the facility. The exchange rate differences arising from foreign currency denominated loans from financial institutions are disclosed under financial items. The exchange rate differences of intra- group foreign currency denominated loans are presented within financial items in the foreign exchange differences of the category financial liabilities at amortised cost. The fair values of loans from financial institutions and commercial paper loans are determined based on future cash flows discounted with market interest rate at the reporting date adjusted with Anoras credit risk premium. At the reporting date, the carrying amounts of the loans are not materially different from their book values . LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS EUR million 2022 2021 Book value at the beginning of the period 1.3 - Acquisition of subsidiaries 0.0 1.1 Changes in value during period -0.6 0.2 Interest during period 0.0 0.0 Translation differences -0.1 0.0 Book value at the end of the period 0.6 1.3 Non-current liability 0.6 1.3 Current liability - - Total liabilities through profit and loss 0.6 1.3 Options for the purchase of non-controlling interests Within the Group\u2019s wines business, the general managers of several subsidiaries have non-controlling interests. Most of the general managers have put options linked to their interests and these options can be exercised on a future date. The Group does not have control of these shares at the end of period, nor does it have control of the possible exercising of the put options. The value of put options is therefore recognized as liabilities at fair value at the end of the year. The liabilities related to options for the purchase of non- controlling interests are estimated on the basis of pricing mechanisms applied in the shareholder agreements discounted for the close of the financial year. The most important parameters in the pricing mechanisms were the development in the share values, measured as EBIT (operating profit) up to the estimated due date, multiplied by a fixed market based multiple. As the basis for EBIT, the underlying companies\u2019 budgets and long-term plans up until the expected due date are used. The discount rate is NIBOR or STIBOR with duration matched to the expected due date . BORROWINGS AND LEASE LIABILITIES EUR million 2022 2021 Non-current Loans from financial institutions 209.3 127.8 Loans from pension institutions 6.8 8.3 Lease liabilities 132.4 120.8 TOTAL 348.4 256.9 Current Loans from financial institutions 0.0 5.0 Loans from pension institutions 1.5 1.5 Commercial papers 30.0 20.0 Lease liabilities 12.4 11.6 TOTAL 43.9 38.1 Interest-bearing non-current loans from financial and pension institutions are measured at amortised cost using the effective interest method. All of the Group\u2019s non-current and current loans from financial and pension institutions were nominated in euro\u2019s as at 31 December 2022. (2021 in EUR 69.8 million and in SEK 750.0 million) The weighted average effective interest rate (p.a.) of the Group\u2019s loans from financial and pension institutions as at 31 December 2022 was 3.5% (2021: 1.5%). The weighted average interest rate (p.a.) of the Group\u2019s lease liabilities as at 31 December 2022 was 3,9% (2021: 3.9%). In December 2022 Anora refinanced its loan portfolio and all existing loans from financial institutions were early repaid. Group\u2019s external bank loans were combined under parent company and terms were unified. Company entered into an EUR 410 million term and revolving facilities agreement. It consists of EUR 260 million term loan and EUR 150 million revolving credit facilities. The facilities mature on December 2025 unless those are extended by optional one plus one year. Anora drew down a EUR 210 million from term loan facility.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-563": {
"value": "Financial liabilities at amortised cost This category includes the Group\u2019s external loans from financial institutions, loans from pension institutions, commercial paper loans as well as trade payables. These financial liabilities are measured at amortised cost using the effective interest method. When loans are paid off or refinanced, the related unamortised costs are recognised in finance expenses. Group overdrafts in use are included in current borrowings. In addition, Anora has a revolving credit facility and the related fee is amortised on a straight-line basis in other finance expenses during the term of the facility. The exchange rate differences arising from foreign currency denominated loans from financial institutions are disclosed under financial items. The exchange rate differences of intra- group foreign currency denominated loans are presented within financial items in the foreign exchange differences of the category financial liabilities at amortised cost. The fair values of loans from financial institutions and commercial paper loans are determined based on future cash flows discounted with market interest rate at the reporting date adjusted with Anoras credit risk premium. At the reporting date, the carrying amounts of the loans are not materially different from their book values . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-564": {
"value": "Financial liabilities at amortised cost This category includes the Group\u2019s external loans from financial institutions, loans from pension institutions, commercial paper loans as well as trade payables. These financial liabilities are measured at amortised cost using the effective interest method. When loans are paid off or refinanced, the related unamortised costs are recognised in finance expenses. Group overdrafts in use are included in current borrowings. In addition, Anora has a revolving credit facility and the related fee is amortised on a straight-line basis in other finance expenses during the term of the facility. The exchange rate differences arising from foreign currency denominated loans from financial institutions are disclosed under financial items. The exchange rate differences of intra- group foreign currency denominated loans are presented within financial items in the foreign exchange differences of the category financial liabilities at amortised cost. The fair values of loans from financial institutions and commercial paper loans are determined based on future cash flows discounted with market interest rate at the reporting date adjusted with Anoras credit risk premium. At the reporting date, the carrying amounts of the loans are not materially different from their book values ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-565": {
"value": "Financial liabilities at amortised cost This category includes the Group\u2019s external loans from financial institutions, loans from pension institutions, commercial paper loans as well as trade payables. These financial liabilities are measured at amortised cost using the effective interest method. When loans are paid off or refinanced, the related unamortised costs are recognised in finance expenses. Group overdrafts in use are included in current borrowings. In addition, Anora has a revolving credit facility and the related fee is amortised on a straight-line basis in other finance expenses during the term of the facility. The exchange rate differences arising from foreign currency denominated loans from financial institutions are disclosed under financial items. The exchange rate differences of intra- group foreign currency denominated loans are presented within financial items in the foreign exchange differences of the category financial liabilities at amortised cost. The fair values of loans from financial institutions and commercial paper loans are determined based on future cash flows discounted with market interest rate at the reporting date adjusted with Anoras credit risk premium. At the reporting date, the carrying amounts of the loans are not materially different from their book values . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-566": {
"value": "Derivative instruments Derivatives are included in financial assets and liabilities at fair value through profit or loss when they do not meet the criteria of hedge accounting pursuant to IFRS 9. These derivatives are recognised at fair value on the trade date and they are subsequently measured at fair value at the reporting date. Derivative instruments and hedge accounting are described in Note 3.3. The fair values of derivatives equal the amount that the Group would have to pay, or it would receive from the termination of the derivative contract at the reporting date. The fair values of forward exchange contracts are determined by using the market prices at the reporting date. The fair values of interest rate derivatives are determined by discounting the related future cash flows. The valuation of commodity derivatives is determined based on the fair values received from the financial markets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-567": {
"value": "3.2.3 CLASSIFICATION AND FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUES AND THE CARRYING AMOUNTS IN THE CONSOLIDATED BALANCE SHEET FOR EACH FINANCIAL INSTRUMENT BY CLASSES: 2022 EUR million Note Derivatives, hedge accounting Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amounts of items in the balance sheet Fair value Level Financial assets Non-current financial assets Investments in associates and receivables from interests in joint operations - - 7.6 - 7.6 7.6 Unquoted shares 3.2.1. - - - 0.7 0.7 0.7 3 Other non-current receivables - - 0.0 - 0.0 0.0 Current financial assets Trade and other receivables 2.6. - - 229.7 - 229.7 229.7 Derivative instruments/Interest rate derivatives 2.6. 0.0 - - - 0.0 0.0 2 Derivative instruments/Forward exchange contracts 2.6. 0.8 0.1 - - 0.9 0.9 2 Derivative instruments/Commodity derivatives 2.6. 5.4 - - - 5.4 5.4 2 Cash and cash equivalents 4.1. - - 91.4 - 91.4 91.4 TOTAL 6.2 0.1 328.7 0.7 335.7 335.7 Financial liabilities Non-current financial liabilities Borrowings 3.2.2. - - 216.0 - 216.0 216.0 2 Lease liabilities 3.2.2. - - 132.4 - 132.4 132.4 2 Non-current liabilities at fair value through profit or loss - 0.6 - - 0.6 0.6 3 Other non-current liabilities - - 0.0 - 0.0 0.0 Current financial liabilities Borrowings 3.2.2. - - 31.5 - 31.5 31.5 2 Lease liabilities 3.2.2. - - 12.4 - 12.4 12.4 2 Trade and other payables 2.8. - - 104.5 - 104.5 104.5 Derivative instruments/Interest rate derivatives 2.8. - - - - 0.0 0.0 2 Derivative instruments/Forward exchange contracts 2.8. 0.1 0.1 - - 0.2 0.2 2 TOTAL 0.1 0.7 496.9 - 497.7 497.7 2021 EUR million Note Derivatives, hedge accounting Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amounts of items in the balance sheet Fair value Level Financial assets Non-current financial assets Investments in associates and receivables from interests in joint operations - - 7.6 - 7.6 7.6 Unquoted shares 3.2.1. - - - 0.7 0.7 0.7 3 Other non-current receivables - - 0,1 - 0.0 0.0 Current financial assets Trade and other receivables 2.6. - - 220.1 - 220.1 220.1 Derivative instruments/Forward exchange contracts 2.6. 0.4 0.1 - - 0.5 0.5 2 Derivative instruments/Commodity derivatives 2.6. 2.3 - - - 2.3 2.3 2 Cash and cash equivalents 4.1. - - 168.9 - 168.9 168.9 TOTAL 2.7 0.1 396.6 0.7 400.1 400.1 Financial liabilities Non-current financial liabilities Borrowings 3.2.2. - - 136.1 - 136.1 136.1 2 Lease liabilities 3.2.2. - - 120.8 - 120.8 120.8 2 Non-current liabilities at fair value through profit or loss 1.3 1.3 1.3 3 Other non-current liabilities 0.0 0.0 0.0 Current financial liabilities Borrowings 3.2.2. - - 26.5 - 26.5 26.5 2 Lease liabilities 3.2.2. - - 11.6 - 11.6 11.6 2 Trade and other payables 2.8. - - 97.2 - 97.2 97.2 Derivative instruments/Interest rate derivatives 2.8. 0.5 - - - 0.5 0.5 2 Derivative instruments/Forward exchange contracts 2.8. 0.0 0.0 - - 0.0 0.0 2 TOTAL 0.5 1.3 392.2 - 394.1 394.1 At the reporting date due to short maturity fair value of trade receivables and other short-term receivables and liabilities equal to their value in the balance sheet. The table above presents the classification of financial instruments. The levels 1-3 of fair value hierarchy reflect the significance of inputs used in determining the fair values. In level one, fair values are based on public quotations of identical financial instruments. In level two, the inputs used in determining the fair values are based on quoted market rates and prices observable for the asset or liability in question directly (I e. price) or indirectly on discounted future cash flows. Fair values of other financial assets and liabilities in level two reflect their carrying value. In level three, the fair values of assets and liabilities are based on inputs that are not based on observable market data for all significant variables, and instead are, to a significant extent, based on management estimates and their use in generally accepted valuation techniques. The reported fair value level is based on the lowest level of input information that is significant in determining the fair value ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-568": {
"value": "3.2.3 CLASSIFICATION AND FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUES AND THE CARRYING AMOUNTS IN THE CONSOLIDATED BALANCE SHEET FOR EACH FINANCIAL INSTRUMENT BY CLASSES: 2022 EUR million Note Derivatives, hedge accounting Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amounts of items in the balance sheet Fair value Level Financial assets Non-current financial assets Investments in associates and receivables from interests in joint operations - - 7.6 - 7.6 7.6 Unquoted shares 3.2.1. - - - 0.7 0.7 0.7 3 Other non-current receivables - - 0.0 - 0.0 0.0 Current financial assets Trade and other receivables 2.6. - - 229.7 - 229.7 229.7 Derivative instruments/Interest rate derivatives 2.6. 0.0 - - - 0.0 0.0 2 Derivative instruments/Forward exchange contracts 2.6. 0.8 0.1 - - 0.9 0.9 2 Derivative instruments/Commodity derivatives 2.6. 5.4 - - - 5.4 5.4 2 Cash and cash equivalents 4.1. - - 91.4 - 91.4 91.4 TOTAL 6.2 0.1 328.7 0.7 335.7 335.7 Financial liabilities Non-current financial liabilities Borrowings 3.2.2. - - 216.0 - 216.0 216.0 2 Lease liabilities 3.2.2. - - 132.4 - 132.4 132.4 2 Non-current liabilities at fair value through profit or loss - 0.6 - - 0.6 0.6 3 Other non-current liabilities - - 0.0 - 0.0 0.0 Current financial liabilities Borrowings 3.2.2. - - 31.5 - 31.5 31.5 2 Lease liabilities 3.2.2. - - 12.4 - 12.4 12.4 2 Trade and other payables 2.8. - - 104.5 - 104.5 104.5 Derivative instruments/Interest rate derivatives 2.8. - - - - 0.0 0.0 2 Derivative instruments/Forward exchange contracts 2.8. 0.1 0.1 - - 0.2 0.2 2 TOTAL 0.1 0.7 496.9 - 497.7 497.7 021 EUR million Note Derivatives, hedge accounting Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amounts of items in the balance sheet Fair value Level Financial assets Non-current financial assets Investments in associates and receivables from interests in joint operations - - 7.6 - 7.6 7.6 Unquoted shares 3.2.1. - - - 0.7 0.7 0.7 3 Other non-current receivables - - 0,1 - 0.0 0.0 Current financial assets Trade and other receivables 2.6. - - 220.1 - 220.1 220.1 Derivative instruments/Forward exchange contracts 2.6. 0.4 0.1 - - 0.5 0.5 2 Derivative instruments/Commodity derivatives 2.6. 2.3 - - - 2.3 2.3 2 Cash and cash equivalents 4.1. - - 168.9 - 168.9 168.9 TOTAL 2.7 0.1 396.6 0.7 400.1 400.1 Financial liabilities Non-current financial liabilities Borrowings 3.2.2. - - 136.1 - 136.1 136.1 2 Lease liabilities 3.2.2. - - 120.8 - 120.8 120.8 2 Non-current liabilities at fair value through profit or loss 1.3 1.3 1.3 3 Other non-current liabilities Current financial liabilities Borrowings 3.2.2. - - 26.5 - 26.5 26.5 2 Lease liabilities 3.2.2. - - 11.6 - 11.6 11.6 2 Trade and other payables 2.8. - - 97.2 - 97.2 97.2 Derivative instruments/Interest rate derivatives 2.8. 0.5 - - - 0.5 0.5 2 Derivative instruments/Forward exchange contracts 2.8. 0.0 0.0 - - 0.0 0.0 2 TOTAL 0.5 1.3 392.2 - 394.1 394.1 At the reporting date due to short maturity fair value of trade receivables and other short-term receivables and liabilities equal to their value in the balance sheet. The table above presents the classification of financial instruments. The levels 1-3 of fair value hierarchy reflect the significance of inputs used in determining the fair values. In level one, fair values are based on public quotations of identical financial instruments. In level two, the inputs used in determining the fair values are based on quoted market rates and prices observable for the asset or liability in question directly (I e. price) or indirectly on discounted future cash flows. Fair values of other financial assets and liabilities in level two reflect their carrying value. In level three, the fair values of assets and liabilities are based on inputs that are not based on observable market data for all significant variables, and instead are, to a significant extent, based on management estimates and their use in generally accepted valuation techniques. The reported ignificant in determining the fair value air value level is based on the lowest level of input information that is ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-569": {
"value": "At the reporting date due to short maturity fair value of trade receivables and other short-term receivables and liabilities equal to their value in the balance sheet. The table above presents the classification of financial instruments. The levels 1-3 of fair value hierarchy reflect the significance of inputs used in determining the fair values. In level one, fair values are based on public quotations of identical financial instruments. In level two, the inputs used in determining the fair values are based on quoted market rates and prices observable for the asset or liability in question directly (I e. price) or indirectly on discounted future cash flows. Fair values of other financial assets and liabilities in level two reflect their carrying value. In level three, the fair values of assets and liabilities are based on inputs that are not based on observable market data for all significant variables, and instead are, to a significant extent, based on management estimates and their use in generally accepted valuation techniques. The reported fair value level is based on the lowest level of input information that is significant in determining the fair value . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-570": {
"value": "3.3. DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING When the Group applies IFRS 9 hedge accounting to foreign currency, interest rate and electricity derivatives, the effective portion of the fair value change is recognised in other comprehensive income and presented within equity in the hedge reserve. When hedge accounting is applied In Anora, cash flow hedging is applied to part of the interest rate, foreign currency and electricity derivatives based on case- by-case assessment. In cash flow hedging, the Group is hedging against changes in cash flows related to a specific asset or liability recognised in the balance sheet or to a highly probable future business transaction. Hedge accounting is a method of accounting with the purpose to allocate one or several hedging instruments so that their fair value changes offset in full or partly the changes in fair value or cash flow arising from the hedged risk in profit or loss during the period, for which the hedge is designated. In the beginning of the hedging arrangement, Anora documents the relationship between each hedging instrument and hedged item, as well as the objectives of risk management and the strategy in engaging in hedging. IFRS 9 requires that the effectiveness of hedging instruments is tested prospectively. Effectiveness means the ability of a hedging instrument to offset the changes in the fair value of the hedged item or changes in the cash flows of the hedged transaction attributable to the hedged risk. Under IFRS 9 the hedging relationship is regarded to be highly effective when there is an economic relationship between the hedged item and the hedging instrument. Hedging ratio is defined as a relationship between the quantity of the hedging instrument and the quantity of the hedged item. Hedge accounting is discontinued when the criteria for hedge accounting is no longer met. The gains and losses arising from fair value changes of derivative contracts, to which hedge accounting is applied, are presented in hedge reserve. Forward points are included to hedging relationship. The effective portion of the unrealised changes in the fair value of derivatives designated and qualifying as cash flow hedges are recognised in other comprehensive income and presented in the hedge reserve in equity. The ineffective portion is immediately recognized in finance income or expenses in profit or loss. The cumulative gain or loss in equity on derivative instruments related to commercial items is recognised in profit or loss as an adjustment to purchases or sales simultaneously with the hedged item in the period in which the hedged item affects profit or loss. Realised gain or loss on electricity derivatives is included in operating result in electricity procurement expenses. When a hedging instrument designated as a cash flow hedge no longer meets the criteria of hedge accounting, the gain or loss accumulated in equity is recognised through finance income or expenses. When hedge accounting is not applied The accounting for gains and losses arising from fair value measurement is dependent on the purpose of use of the derivative. In Anora, the changes in the fair values of derivative instruments are immediately recognised in profit or loss in finance income or expense if the derivative in question is related to hedging of commercial cash flows (purchases and sales) and hedge accounting is not applied. The fair value changes of other derivative instruments are immediately recognised in profit or loss in finance income or expense items if hedge accounting is not applied. Derivatives, to which hedge accounting is not applied, are acquired to minimise the profit and/or cash flow effects related to business operations or financing. NOMINAL VALUES OF DERIVATIVE INSTRUMENTS EUR million 2022 2021 Derivative instruments designated for cash flow hedging Interest rate derivatives 20.0 20.0 Forward exchange contracts 24.0 20.2 Commodity derivatives, electricity 2.4 2.8 0.1TWh 0.1TWh Derivative instruments, non-hedge accounting Forward exchange contracts 5.6 6.5 EFFECTS OF HEDGE ACCOUNTING ON THE FINANCIAL POSITION AND PERFORMANCE EUR million EURAUD EURUSD EURNOK EURSEK USDDKK Foreign currency forwards 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Carrying amount (asset) - 0.0 - 0.0 0.0 0.0 0.3 0.2 0.5 - Carrying amount (liability) 0.0 - 0.1 - 0.0 0.0 - - - - Notional amount 1.1 1.4 1.0 0.7 3.3 2.7 12.9 13.5 5.0 - Maturity date Feb-Dec 2023 Feb-Dec 2022 Feb-Dec 2023 Feb-Aug 2022 Feb-Dec 2023 Feb-Dec 2022 Feb-Dec 2023 Feb-Oct 2022 Feb-Dec 2023 - Hedge ratio 1:1 1:1 1:1 1:1 1:1 1:1 1:1 1:1 1:1 - Change in discounted value of outstanding hedging instruments since 1 January -0.1 0.0 -0.1 0.1 -0.1 0.1 0.0 0.8 0.5 - Change in value of hedged item used to determine hedge effectiveness 0.1 -0.0 0.1 -0.1 0.1 -0.1 0.0 -0.8 -0.5 - EUR million Interest rate swap 2022 2021 Carrying amount (asset) 0.0 - Carrying amount (liability) - 0.5 Notional amount 20.0 20.0 Maturity date 04/2023 04/2023 Hedge ratio 1:1 1:1 Change in discounted value of outstanding hedging instruments since 1 January 0.6 0.5 Change in value of hedged item used to determine hedge effectiveness -0.6 -0.5 Weighted average hedged rate for the year 2.78 % 2.12 % EUR million Commodities - Electricity 2022 2021 Carrying amount (asset) 5.4 2.3 Notional amount 2.4 2.8 TWh 0.1 0.1 Maturity date 2023-2025 2022-2024 Hedge ratio 1:1 1:1 Change in discounted value of outstanding hedging instruments since 1 January 3.1 1.7 Change in value of hedged item used to determine hedge effectiveness -3.1 -1.7 Weighted average hedged price EUR/MWh 32.29 28.04 Positive and negative fair values of unrealised derivatives and their net amount are presented below. Interest and currency derivatives are under netting agreements. The master netting agreements in respect of derivatives do not meet the criteria for offsetting in the balance sheet owing to legally enforceable right not existing currently . OFFSETTING FINANCIAL ASSETS AND LIABILITIES EUR million 2022 2021 Derivative assets: Fair value, gross 6.4 2.8 Fair value, under netting agreements -0.1 -0.0 Fair value, net 6.3 2.8 Derivative liabilities: Fair value, gross 0.2 0.6 Fair value, under netting agreements -0.1 -0.0 Fair value, net 0.0 0.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-571": {
"value": "When hedge accounting is applied In Anora, cash flow hedging is applied to part of the interest rate, foreign currency and electricity derivatives based on case- by-case assessment. In cash flow hedging, the Group is hedging against changes in cash flows related to a specific asset or liability recognised in the balance sheet or to a highly probable future business transaction. Hedge accounting is a method of accounting with the purpose to allocate one or several hedging instruments so that their fair value changes offset in full or partly the changes in fair value or cash flow arising from the hedged risk in profit or loss during the period, for which the hedge is designated. In the beginning of the hedging arrangement, Anora documents the relationship between each hedging instrument and hedged item, as well as the objectives of risk management and the strategy in engaging in hedging. IFRS 9 requires that the effectiveness of hedging instruments is tested prospectively. Effectiveness means the ability of a hedging instrument to offset the changes in the fair value of the hedged item or changes in the cash flows of the hedged transaction attributable to the hedged risk. Under IFRS 9 the hedging relationship is regarded to be highly effective when there is an economic relationship between the hedged item and the hedging instrument. Hedging ratio is defined as a relationship between the quantity of the hedging instrument and the quantity of the hedged item. Hedge accounting is discontinued when the criteria for hedge accounting is no longer met. The gains and losses arising from fair value changes of derivative contracts, to which hedge accounting is applied, are presented in hedge reserve. Forward points are included to hedging relationship. The effective portion of the unrealised changes in the fair value of derivatives designated and qualifying as cash flow hedges are recognised in other comprehensive income and presented in the hedge reserve in equity. The ineffective portion is immediately recognized in finance income or expenses in profit or loss. The cumulative gain or loss in equity on derivative instruments related to commercial items is recognised in profit or loss as an adjustment to purchases or sales simultaneously with the hedged item in the period in which the hedged item affects profit or loss. Realised gain or loss on electricity derivatives is included in operating result in electricity procurement expenses. When a hedging instrument designated as a cash flow hedge no longer meets the criteria of hedge accounting, the gain or loss accumulated in equity is recognised through finance income or expenses",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-572": {
"value": "When hedge accounting is applied In Anora, cash flow hedging is applied to part of the interest rate, foreign currency and electricity derivatives based on case- by-case assessment. In cash flow hedging, the Group is hedging against changes in cash flows related to a specific asset or liability recognised in the balance sheet or to a highly probable future business transaction. Hedge accounting is a method of accounting with the purpose to allocate one or several hedging instruments so that their fair value changes offset in full or partly the changes in fair value or cash flow arising from the hedged risk in profit or loss during the period, for which the hedge is designated. In the beginning of the hedging arrangement, Anora documents the relationship between each hedging instrument and hedged item, as well as the objectives of risk management and the strategy in engaging in hedging. IFRS 9 requires that the effectiveness of hedging instruments is tested prospectively. Effectiveness means the ability of a hedging instrument to offset the changes in the fair value of the hedged item or changes in the cash flows of the hedged transaction attributable to the hedged risk. Under IFRS 9 the hedging relationship is regarded to be highly effective when there is an economic relationship between the hedged item and the hedging instrument. Hedging ratio is defined as a relationship between the quantity of the hedging instrument and the quantity of the hedged item. Hedge accounting is discontinued when the criteria for hedge accounting is no longer met. The gains and losses arising from fair value changes of derivative contracts, to which hedge accounting is applied, are presented in hedge reserve. Forward points are included to hedging relationship. The effective portion of the unrealised changes in the fair value of derivatives designated and qualifying as cash flow hedges are recognised in other comprehensive income and presented in the hedge reserve in equity. The ineffective portion is immediately recognized in finance income or expenses in profit or loss. The cumulative gain or loss in equity on derivative instruments related to commercial items is recognised in profit or loss as an adjustment to purchases or sales simultaneously with the hedged item in the period in which the hedged item affects profit or loss. Realised gain or loss on electricity derivatives is included in operating result in electricity procurement expenses. When a hedging instrument designated as a cash flow hedge no longer meets the criteria of hedge accounting, the gain or loss accumulated in equity is recognised through finance income or expenses. When hedge accounting is not applied The accounting for gains and losses arising from fair value measurement is dependent on the purpose of use of the derivative. In Anora, the changes in the fair values of derivative instruments are immediately recognised in profit or loss in finance income or expense if the derivative in question is related to hedging of commercial cash flows (purchases and sales) and hedge accounting is not applied. The fair value changes of other derivative instruments are immediately recognised in profit or loss in finance income or expense items if hedge accounting is not applied. Derivatives, to which hedge accounting is not applied, are acquired to minimise the profit and/or cash flow effects related to business operations or financing",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-573": {
"value": "Positive and negative fair values of unrealised derivatives and their net amount are presented below. Interest and currency derivatives are under netting agreements. The master netting agreements in respect of derivatives do not meet the criteria for offsetting in the balance sheet owing to legally enforceable right not existing currentl",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-574": {
"value": "3.4. EQUITY Share capital At the end of the reporting period, Anora Group Plc's share capital amounted to EUR 61,500,000 and the number of issued shares was 67,553,624. At 2021 as merger consideration, the shareholders of Arcus received 0.4618 new shares in Altia for each share registered as held in Arcus upon completion of the merger. Arcus\u2019 shareholders received in aggregate shares representing approximately a 46.5% ownership in Anora. The aggregate number of the new shares issued in Altia in connection with the merger was 31,413,139 shares. The share capital of Altia was increased by EUR 1,019,621.64 in connection with the registration of the execution of the merger. The merger consideration shares were registered at the Finnish Trade Register on 1 September 2021. All shares issued have been paid in full. The shares have no nominal value. Each share has one vote at the Annual General meeting and equal rights to dividend and other distribution of assets. The company does not hold its own shares. NUMBER OF SHARES EUR million 2022 2021 Number of outstanding shares in the beginning of the financial year 67,553,624 36,140,485 Shares issued as merger consideration 31,413,139 Total number of outstanding shares at the end of the financial year 67,553,624 67,553,624 Invested unrestricted equity fund The invested unrestricted equity reserve includes the subscription price of shares to the extent that it has not been recorded in share capital according to specific resolution. The increase in the invested unrestricted equity reserve in 2021 was due to the merger of Altia and Arcus. 31,413,139 new shares were issued with a closing price of EUR 10.74 of Altia share on 31 August 2021 on Nasdaq Helsinki, of which EUR 336.4 million recorded in Invested unrestricted equity reserve. Costs of EUR 0.8 million related to the share issue have been deducted from the invested unrestricted equity reserve. Fair value reserve The fair value reserve represents the change in the fair value of financial assets measured at fair value through other comprehensive income. Legal reserve Legal reserve represents statutory part of the foreign subsidiary\u2019s result. Hedge reserve The hedge reserve includes the fair value changes of derivative instruments used for cash flow hedging for effective hedges . CASH FLOW HEDGE RESERVE EUR million Currency forwards Interest rate swaps Commodities Total hedge reserves Opening balance 1 January 2021 -0.6 -0.8 0.5 -0.9 Change in fair value of hedging instrument recognised in OCI 0.8 0.7 0.2 1.6 \"Reclassified from OCI to profit or loss - included in purchases/sales adjustments\" 0.2 - - 0.2 Reclassified from OCI to financial income / expenses - -0.4 - -0.4 Reclassified from OCI to electricity purhases - - 1.6 1.6 Deferred tax -0.1 0.1 -0.5 -0.4 Closing balance 31 December 2021 0.3 -0.4 1.8 1.7 Change in fair value of hedging instrument recognised in OCI -1.9 0.8 8.4 7.3 \"Reclassified from OCI to profit or loss - included in purchases/sales adjustments\" 1.4 - - 1.4 Reclassified from OCI to financial income / expenses - -0.4 - -0.4 Reclassified from OCI to electricity purhases - - 4.8 4.8 Deferred tax 0.1 0.0 -1.1 -1.0 Closing balance 31 December 2022 -0.2 0.0 4.4 4.2 Translation differences Translation differences comprise all foreign exchange differences arising from the translation of the foreign subsidiaries\u2019 financial statements. The Group\u2019s accumulated translation differences amounted to negative EUR 33 million at 31 December 2022 (31.12.2021: negative EUR 15.0 million). Earnings per share Basic earnings per share is calculated by dividing the result for the period attributable to owners of the parent company by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share has been calculated on the same basis as basic earnings per share except that it reflects the impact of any potential commitments the Group has to issue shares in the future. Anora has not issued any dilutive instruments during the periods presented . EARNINGS PER SHARE EUR million 2022 2021 Result attributable to the shareholders of the parent company, EUR million 17,9 31,0 Weighted average number of shares outstanding basic 67,929,466 46,611,531 Weighted average number of shares outstanding diluted 67,929,466 Earnings per share (EUR) basic 0,26 0,67 Earnings per share (EUR) diluted 0,26 Dividend The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.22 per share be paid for the financial year 2022. ANORA GROUP PLC DISTRIBUTABLE FUNDS EUR million 31 Dec 2022 31 Dec 2021 Invested unrestricted equity fund 52,2 52,2 Retained earnings 65,9 86,4 Distribution of dividends -30,4 -27,1 Profit for the period 38,9 6,6 TOTAL DISTRIBUTABLE FUNDS 126,6 118,1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-575": {
"value": "Share capital At the end of the reporting period, Anora Group Plc's share capital amounted to EUR 61,500,000 and the number of issued shares was 67,553,624. At 2021 as merger consideration, the shareholders of Arcus received 0.4618 new shares in Altia for each share registered as held in Arcus upon completion of the merger. Arcus\u2019 shareholders received in aggregate shares representing approximately a 46.5% ownership in Anora. The aggregate number of the new shares issued in Altia in connection with the merger was 31,413,139 shares. The share capital of Altia was increased by EUR 1,019,621.64 in connection with the registration of the execution of the merger. The merger consideration shares were registered at the Finnish Trade Register on 1 September 2021. All shares issued have been paid in full. The shares have no nominal value. Each share has one vote at the Annual General meeting and equal rights to dividend and other distribution of assets. The company does not hold its own shares. NUMBER OF SHARES EUR million 2022 2021 Number of outstanding shares in the beginning of the financial year 67,553,624 36,140,485 Shares issued as merger consideration 31,413,139 Total number of outstanding shares at the end of the financial year 67,553,624 67,553,624 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-576": {
"value": "Invested unrestricted equity fund The invested unrestricted equity reserve includes the subscription price of shares to the extent that it has not been recorded in share capital according to specific resolution. The increase in the invested unrestricted equity reserve in 2021 was due to the merger of Altia and Arcus. 31,413,139 new shares were issued with a closing price of EUR 10.74 of Altia share on 31 August 2021 on Nasdaq Helsinki, of which EUR 336.4 million recorded in Invested unrestricted equity reserve. Costs of EUR 0.8 million related to the share issue have been deducted from the invested unrestricted equity reserve. Fair value reserve The fair value reserve represents the change in the fair value of financial assets measured at fair value through other comprehensive income. CASH FLOW HEDGE RESERVE EUR million Currency forwards Interest rate swaps Commodities Total hedge reserves Opening balance 1 January 2021 -0.6 -0.8 0.5 -0.9 Change in fair value of hedging instrument recognised in OCI 0.8 0.7 0.2 1.6 \"Reclassified from OCI to profit or loss - included in purchases/sales adjustments\" 0.2 - - 0.2 Reclassified from OCI to financial income / expenses - -0.4 - -0.4 Reclassified from OCI to electricity purhases - - 1.6 1.6 Deferred tax -0.1 0.1 -0.5 -0.4 Closing balance 31 December 2021 0.3 -0.4 1.8 1.7 Change in fair value of hedging instrument recognised in OCI -1.9 0.8 8.4 7.3 \"Reclassified from OCI to profit or loss - included in purchases/sales adjustments\" 1.4 - - 1.4 Reclassified from OCI to financial income / expenses - -0.4 - -0.4 Reclassified from OCI to electricity purhases - - 4.8 4.8 Deferred tax 0.1 0.0 -1.1 -1.0 Closing balance 31 December 2022 -0.2 0.0 4.4 4.2 Legal reserve Legal reserve represents statutory part of the foreign subsidiary\u2019s result. Hedge reserve The hedge reserve includes the fair value changes of derivative instruments used for cash flow hedging for effective hedges . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-577": {
"value": "Earnings per share Basic earnings per share is calculated by dividing the result for the period attributable to owners of the parent company by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share has been calculated on the same basis as basic earnings per share except that it reflects the impact of any potential commitments the Group has to issue shares in the future. Anora has not issued any dilutive instruments during the periods presented . EARNINGS PER SHARE EUR million 2022 2021 Result attributable to the shareholders of the parent company, EUR million 17,9 31,0 Weighted average number of shares outstanding basic 67,929,466 46,611,531 Weighted average number of shares outstanding diluted 67,929,466 Earnings per share (EUR) basic 0,26 0,67 Earnings per share (EUR) diluted 0,26 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-578": {
"value": "Earnings per share Basic earnings per share is calculated by dividing the result for the period attributable to owners of the parent company by the weighted average number of shares outstanding during the reporting period. Diluted earnings per share has been calculated on the same basis as basic earnings per share except that it reflects the impact of any potential commitments the Group has to issue shares in the future. Anora has not issued any dilutive instruments during the periods presented ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-579": {
"value": "Dividend The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.22 per share be paid for the financial year 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-580": {
"value": "0.22",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"fact-581": {
"value": "4.1. FINANCIAL RISK MANAGEMENT Financial risk management principles The Anora Group Risk Management Policy is based on the Altia legacy risk management policy. The focus of 2022 has been the harmonization of the current risk management policies of Altia and Arcus into a common risk management policy of Anora. Hence, currently risks are managed according to the Altia and Anora legacy risk management policies. Risk management is aimed at supporting the implementation of the Group\u2019s strategy, the identification of risks and methods for reducing the probability and impacts of risks, as well as ensuring business continuity. Risks may arise from internal or external events. The Group\u2019s risk management policy has been approved by Anora Plc\u2019s Board of Directors. The aim of Anora\u2019s financial risk management is to ensure the Group\u2019s financial stability and availability of sufficient financing options in different market situations. In addition, the aim is to support the business operations to identify business-related financial risks and their management, and to limit and for some extent to hedge against without speculating material financial risk that the core business creates. The Group is exposed to various market risks. Changes in these risks affect the company\u2019s assets, liabilities and anticipated transactions. The risks are caused by changes in interest rates, currencies and commodity market prices. Selected derivative instruments can be used to manage the risks resulting from these market risks. Anora mainly hedges against risks that impact the Group\u2019s cash flow, and, if deemed appropriate, also certain foreign currency denominated items in the balance sheet. Derivatives are solely used to hedging against the above-mentioned risks. The principles of IFRS 9 hedge accounting are applied to certain interest rate, foreign exchange as well as electricity derivatives. Financial risk management is executed as part of the Group\u2019s risk management, according to the Risk Management Principles approved by the Board of Directors. Anora\u2019s principles aiming towards financial, credit and operational continuity form the basis for financial risk management. Risk management process Special process features related to financing are described below in connection with the descriptions of market, liquidity and credit risks. The financial risk exposure is regularly reported to the Audit Committee and Anora\u2019s Board of Directors. The most significant principle decisions concerning risk management are made by the company\u2019s Board of Directors. Financial risk management organisation Financial matters are reported regularly to the Group management. On a case-by-case basis, the Board of Directors processes all substantial financial matters, such as the Group\u2019s internal and external loan arrangements. Tasks and responsibilities regarding Anora\u2019s financial operations and financial risk management are described in the financial risk management principles. The Group Treasury is responsible for securing financing, identifying risks and, if required, executing hedging transactions with external counterparties. The business units and subsidiaries are responsible for managing the risks associated with their own operations and forecasting cash flows. Risk concentrations Anora carefully analyses the financial risks and risk concentrations related to its operations. Risk concentrations identified as a result of this assessment are described in connection with the descriptions of market and credit risks. Market risk Anora defines market risk as a risk where the fair values of financial instruments or future cash flows fluctuate as a result of changes in market prices. The most significant market risks for the Group are currency risk, interest rate risk and price risks for barley and electricity. 1. Currency risk Anora is exposed to currency risks as it has operations in several different countries. The objective of the Group\u2019s currency risk management is to limit the effect of exchange rate fluctuations on the Group\u2019s cash flow in EUR. The most significant currencies are NOK, SEK, USD, AUD and DKK. Transaction risk Transaction risk is caused by foreign currency denominated items in the balance sheet and future cash flows related to sales, purchases and return of capital. Foreign exchange exposures are monitored at the Business level. Some fixed sales and purchase contracts, including both future cash flows are hedged. The estimated future commercial exposures are evaluated by the Businesses, and the level of hedging is decided by the Board of Management. Hedge accounting in accordance with IFRS 9 is applied to most of the hedges. Hedging transactions are executed with forward exchange contracts or options for the following 12 months at the most, predominantly following the pricing periods of state monopolies in the Nordic region. In Finland this takes place every two months, in Norway every four months and in Sweden every six months. The two tables below present the Group\u2019s net currency position, first on the basis of financial instruments recorded on the balance sheet and secondly including on a net basis also the estimated future foreign currency net cash flows. The currency position resulting from the financial instruments in accordance with IFRS 7 consists of trade receivables, trade payables, cash and cash equivalents, the Group\u2019s internal and external loans and derivative instruments. The net currency risk has been taken into account in the table if the transaction currency is other than the company\u2019s functional currency. TABLE 1: THE GROUP\u2019S NET CURRENCY POSITION AT 31 DECEMBER The net currency position resulting from the financial instruments in accordance with IFRS 7 EUR million 2022 2021 EUR-SEK 62,0 62.5 EUR-NOK -0,8 -2.4 EUR-USD 8,3 2.1 EUR-AUD 1,1 1.7 The Group\u2019s net currency position at 31 December including also the hedged commercial cash flows EUR million 2022 2021 EUR-SEK 124,2 52,8 EUR-NOK 58,2 55.6 EUR-USD -18,0 -11.9 EUR-AUD -1,7 -1.4 Translation risk Translation risk is mainly caused by the parent company\u2019s foreign currency denominated net investments in foreign subsidiaries, which cause a translation difference in equity in the Group\u2019s balance sheet upon consolidation. The Group Treasury regularly analyses the translation risk and reports any material issues to the management. The most significant net investments are denominated in the Swedish and Norwegian kroner. The translation risk has not been hedged. 2. Interest rate risk The objective of interest rate risk management is to minimise the impact of fluctuations arising from interest rate changes on the Group\u2019s profit. In December, Anora refinanced its existing loan portfolio and all loans from financial institutions were early repaid. At 31 December 2022 the total nominal amount of loans was amounting to EUR 218.25 million (2021: 142.9) and was divided as follows: \u2022 The EUR 210.0 million bullet loan matures in December 2025 Anora has hedged these interest payments to fixed interest rate by using an interest rate derivative amounting to EUR 20 million until 2023. \u2022 The EUR 8.25 million pension loan matures in January 2028. The interest rate is fixed for the whole loan period. The maximum amount under Anora\u2019s domestic commercial paper program is EUR 100 million. The amount of issued commercial papers at 31 December 2022 was EUR 30.0 (2021: 20.0) million. Anora\u2019s maximum limit for sale of trade receivables amounts to EUR 145 million and is approved by Board of Directors. The sold trade receivables are derecognised at the time of trade with no obligation to repurchase. The related costs are recognised in other financial expenses. The trade receivables are current receivables and the related interest rate risk is not hedged. The amount of the sold trade receivables was EUR 59.4 million at 31 December 2022 (2021: 81.4 million). 3. Price risk associated with commodities Barley In 2022, Anora consumed approximately 184.3 (208.5) million kilos of grain to produce ethanol and starch. The availability of high- quality domestic barley was ensured until the end of 2022 through contract cultivation and cooperation with farmers and grain handling companies. The market price of barley significantly fluctuates year by year as a result of several factors that affect the Finnish barley supply and demand. The price of barley is therefore considered to be a significant risk for Anora during the financial year. The price risk has not been hedged against with derivative instruments. Electricity A strong increase in the market price of electricity is a significant risk for Anora. In Finland, the risk is managed by following Anora\u2019s principles for electricity procurement and by a third-party specialist. These principles determine the hedging limits within which the electricity price risk is hedged against. The hedges are executed with the OTC-derivatives of Nasdaq OMX Oslo ASA. At the end of 2022, the hedging ratio for deliveries for the next 12 months was 78.0% (80.9%), in line with the set targets. In 2022, the average hedging ratio was 76.2% (76.6%). Cash flow hedge accounting in accordance with IFRS 9 is applied to the hedges against electricity price risk, and hedge effectiveness is tested quarterly. All hedging was effective in 2022 as it was in 2021. Anora purchases its electricity straight from the Nord Pool Spot markets as a delivery tied to the spot price of the Finnish price area. As part of electricity purchases, Anora also purchases physical electricity through bilateral fixed-price contracts. 4. Sensitivity to market risks The following table describes the sensitivity of the Group\u2019s profit and equity (before taxes) to changes in electricity prices, interest and foreign exchange rates. When Anora applies hedge accounting, the sensitivity is directed at equity. When hedge accounting is not applied, the sensitivity is recognised as a potential impact on profit or loss. The sensitivity to foreign exchange rate changes is calculated from the net currency position resulting from financial instruments. TABLE 2: SENSITIVITY ANALYSES Sensitivity of financial instruments to market risks (before taxes) in accordance with IFRS 7 2022 2021 EUR million Income statement Equity Income statement Equity +/-10% electricity - +/-0.8 - +/-0.5 +/-10% change in EUR/NOK exchange rate -/+0.1 +/-0.3 -/+0.1 +/-0.3 +/-10% change in EUR/SEK exchange rate +/-6.4 +/-1.9 -/+7.6 +/-1.4 +/-10% change in EUR/USD exchange rate -/+0.2 -/+0.6 -/+0.0 -/+0.1 +/-10% change in EUR/AUD exchange rate -/+0.0 -/+0.1 -/+0.0 -/+0.1 +1%-points parallel shift in interest rates -1.6 -0.0 -2.4 -0.0 +10 % increase in EUR/SEK exchange rate would have an EUR 6.4 million effect in income statement. Other risks with same principle. At the end of 2022 the total group floating rate liability position consists of floating rate liabilities EUR 210.0 million (2021: EUR 133.2 million) and floating leg of interest rate swap EUR 20.0 million (2021: EUR 20.0 million) which is netting the interest rate risk. Liquidity risk The Group\u2019s activities are subject to seasonal fluctuations and alcohol sales increase in periods with national celebrations and public holidays, especially at Easter and Christmas. The fourth quarter is normally the best quarter for the Group which is also reflected in cash flows. In order to manage the liquidity risk, Anora continuously maintains sufficient liquidity reserves, which at the end of 2022 comprised Group\u2019s both EUR 10 million and NOK 100 million overdraft facilities and a EUR 150 million revolving credit facility. At the end of December 2022, no revolving credit facility was in use (2021: EUR 0.0 million). The facilities mature in December 2025. More detailed information on the Group\u2019s external loans is provided in the interest rate risk section . TABLE 3: LIQUIDITY RESERVES Cash and cash equivalents and unused committed credit limits EUR million 2022 2021 Cash and cash equivalents 91.4 168.9 Overdraft facilities 19.5 90.7 Revolving credit line 150.0 60.0 TOTAL 260.9 319.6 TABLE 4: MATURITIES OF FINANCIAL LIABILITIES Contractual payments on financial liabilities 2022 Cash flows 2023 Cash flows 2024 Cash flows 2025\u2013 EUR million Total contractual cash flows Fixed rate Variable rate Re-payment Fixed rate Variable rate Re-payment Fixed rate Variable rate Re-payment Non-derivative: Loans from financial institutions 1 -233.8 0.0 -7.9 0.0 0.0 -8.0 0.0 0.0 -7.9 -210.0 Loans from pension institutions 2 -8.5 -0.1 0.0 -1.5 -0.1 0.0 -1.5 -0.1 0.0 -5.3 Lease liabilities -187.4 0.0 -5.3 -12.4 0.0 -4.9 -14.2 0.0 -32.4 -118.3 Trade payables 103.5 0.0 0.0 103.5 0.0 0.0 0.0 0.0 0.0 0.0 Derivative: Currency derivatives, hedge accounting Inflow 24.0 0.0 0.0 24.0 0.0 0.0 0.0 0.0 0.0 0.0 Outflow -23.5 0.0 0.0 -23.5 0.0 0.0 0.0 0.0 0.0 0.0 Currency derivatives, non-hedge accounting Inflow 5.7 0.0 0.0 5.7 0.0 0.0 0.0 0.0 0.0 0.0 Outflow -5.6 0.0 0.0 -5.6 0.0 0.0 0.0 0.0 0.0 0.0 Interest rate derivatives, hedge accounting 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commodity derivatives, hedge accounting -2.4 0.0 0.0 -1.2 0.0 0.0 -0.7 0.0 0.0 -0.5 TOTAL -535,2 -0,1 -13,2 -118,1 -0,1 -12,9 -16,4 -0,1 -40,3 -334,1 1 Loans from financial institutions mature 2025 2 Loans from pension institutions mature 2028 TABLE 4: MATURITIES OF FINANCIAL LIABILITIES Contractual payments on financial liabilities 2021 Cash flows 2022 Cash flows 2023 Cash flows 2024\u2013 EUR million Total contractual cash flows Fixed rate Variable rate Re-payment Fixed rate Variable rate Re-payment Fixed rate Variable rate Re-payment Non-derivative: Loans from financial institutions 1 -136.4 0.0 -1.5 -5.0 0.0 -1.5 0.0 0.0 -0.2 -128.1 Loans from pension institutions 2 -11.0 -0.1 0.0 -1.5 -0.9 0.0 -1.5 -0.2 0.0 -6.8 Lease liabilities -175.3 0.0 -4.6 -11.6 0.0 -4.3 -10.8 0.0 -34.0 -110.0 Trade payables -96.1 0.0 0.0 -96.1 0.0 0.0 0.0 0.0 0.0 0.0 Derivative: Currency derivatives, hedge accounting Inflow 20.3 0.0 0.0 20.3 0.0 0.0 0.0 0.0 0.0 0.0 Outflow -19.9 0.0 0.0 -19.9 0.0 0.0 0.0 0.0 0.0 0.0 Currency derivatives, non-hedge accounting Inflow 6.5 0 0 6.5 0 0 0 0 0 0 Outflow -6.4 0 0 -6.4 0 0 0 0 0 0 Interest rate derivatives, hedge accounting -0.5 -0.4 0 0 -0.1 0 0 0.0 0 0 Commodity derivatives, hedge accounting -2.3 0 0 -1.8 0 0 -0.4 0 0 -0.1 TOTAL -421.2 -0.5 -6.1 -115.6 -1.0 -5.9 -12.6 -0.2 -34.2 -245.0 1 Loans from financial institutions mature 2025 2 Loans from pension institutions mature 2028 Credit risk The objective of Anora\u2019s credit risk management is to minimise the losses if one of the Group\u2019s counterparties fails to meet its obligations. The principles of credit risk management are described in the Group\u2019s credit policy. Credit risks are caused by a counterparty not fulfilling its contractual payment obligations or the counterparty\u2019s credit rating changing in a manner that affects the market value of the financial instruments it has issued. The aim is to minimise credit risks by active credit management and by taking into account customers\u2019 credit rating when determining the payment term of invoices. A significant share of the Group\u2019s revenue is associated with the state monopolies in the Nordic region where there is not considered to be any credit risk. The Group\u2019s credit risk is otherwise spread over industrial customers, a large number of small customers within the HORECA market as well as a small number of distributors outside the home markets. ",
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"fact-582": {
"value": "Market risk Anora defines market risk as a risk where the fair values of financial instruments or future cash flows fluctuate as a result of changes in market prices. The most significant market risks for the Group are currency risk, interest rate risk and price risks for barley and electricity. 1. Currency risk Anora is exposed to currency risks as it has operations in several different countries. The objective of the Group\u2019s currency risk management is to limit the effect of exchange rate fluctuations on the Group\u2019s cash flow in EUR. The most significant currencies are NOK, SEK, USD, AUD and DKK. Transaction risk Transaction risk is caused by foreign currency denominated items in the balance sheet and future cash flows related to sales, purchases and return of capital. Foreign exchange exposures are monitored at the Business level. Some fixed sales and purchase contracts, including both future cash flows are hedged. The estimated future commercial exposures are evaluated by the Businesses, and the level of hedging is decided by the Board of Management. Hedge accounting in accordance with IFRS 9 is applied to most of the hedges. Hedging transactions are executed with forward exchange contracts or options for the following 12 months at the most, predominantly following the pricing periods of state monopolies in the Nordic region. In Finland this takes place every two months, in Norway every four months and in Sweden every six months. The two tables below present the Group\u2019s net currency position, first on the basis of financial instruments recorded on the balance sheet and secondly including on a net basis also the estimated future foreign currency net cash flows. The currency position resulting from the financial instruments in accordance with IFRS 7 consists of trade receivables, trade payables, cash and cash equivalents, the Group\u2019s internal and external loans and derivative instruments. 4. Sensitivity to market risks The following table describes the sensitivity of the Group\u2019s profit and equity (before taxes) to changes in electricity prices, interest and foreign exchange rates. When Anora applies hedge accounting, the sensitivity is directed at equity. When hedge accounting is not applied, the sensitivity is recognised as a potential impact on profit or loss. The sensitivity to foreign exchange rate changes is calculated from the net currency position resulting from financial instruments. TABLE 2: SENSITIVITY ANALYSES Sensitivity of financial instruments to market risks (before taxes) in accordance with IFRS 7 2022 2021 EUR million Income statement Equity Income statement Equity +/-10% electricity - +/-0.8 - +/-0.5 +/-10% change in EUR/NOK exchange rate -/+0.1 +/-0.3 -/+0.1 +/-0.3 +/-10% change in EUR/SEK exchange rate +/-6.4 +/-1.9 -/+7.6 +/-1.4 +/-10% change in EUR/USD exchange rate -/+0.2 -/+0.6 -/+0.0 -/+0.1 +/-10% change in EUR/AUD exchange rate -/+0.0 -/+0.1 -/+0.0 -/+0.1 +1%-points parallel shift in interest rates -1.6 -0.0 -2.4 -0.0 +10 % increase in EUR/SEK exchange rate would have an EUR 6.4 million effect in income statement. Other risks with same principle. At the end of 2022 the total group floating rate liability position consists of floating rate liabilities EUR 210.0 million (2021: EUR 133.2 million) and floating leg of interest rate swap EUR 20.0 million (2021: EUR 20.0 million) which is netting the interest rate risk. The net currency risk has been taken into account in the table if the transaction currency is other than the company\u2019s functional currency. TABLE 1: THE GROUP\u2019S NET CURRENCY POSITION AT 31 DECEMBER The net currency position resulting from the financial instruments in accordance with IFRS 7 EUR million 2022 2021 EUR-SEK 62,0 62.5 EUR-NOK -0,8 -2.4 EUR-USD 8,3 2.1 EUR-AUD 1,1 1.7 The Group\u2019s net currency position at 31 December including also the hedged commercial cash flows EUR million 2022 2021 EUR-SEK 124,2 52,8 EUR-NOK 58,2 55.6 EUR-USD -18,0 -11.9 EUR-AUD -1,7 -1.4 Translation risk Translation risk is mainly caused by the parent company\u2019s foreign currency denominated net investments in foreign subsidiaries, which cause a translation difference in equity in the Group\u2019s balance sheet upon consolidation. The Group Treasury regularly analyses the translation risk and reports any material issues to the management. The most significant net investments are denominated in the Swedish and Norwegian kroner. The translation risk has not been hedged. 2. Interest rate risk The objective of interest rate risk management is to minimise the impact of fluctuations arising from interest rate changes on the Group\u2019s profit. In December, Anora refinanced its existing loan portfolio and all loans from financial institutions were early repaid. At 31 December 2022 the total nominal amount of loans was amounting to EUR 218.25 million (2021: 142.9) and was divided as follows: \u2022 The EUR 210.0 million bullet loan matures in December 2025 Anora has hedged these interest payments to fixed interest rate by using an interest rate derivative amounting to EUR 20 million until 2023. \u2022 The EUR 8.25 million pension loan matures in January 2028. The interest rate is fixed for the whole loan period. The maximum amount under Anora\u2019s domestic commercial paper program is EUR 100 million. The amount of issued commercial papers at 31 December 2022 was EUR 30.0 (2021: 20.0) million. Anora\u2019s maximum limit for sale of trade receivables amounts to EUR 145 million and is approved by Board of Directors. The sold trade receivables are derecognised at the time of trade with no obligation to repurchase. The related costs are recognised in other financial expenses. The trade receivables are current receivables and the related interest rate risk is not hedged. The amount of the sold trade receivables was EUR 59.4 million at 31 December 2022 (2021: 81.4 million). 3. Price risk associated with commodities Barley In 2022, Anora consumed approximately 184.3 (208.5) million kilos of grain to produce ethanol and starch. The availability of high- quality domestic barley was ensured until the end of 2022 through contract cultivation and cooperation with farmers and grain handling companies. The market price of barley significantly fluctuates year by year as a result of several factors that affect the Finnish barley supply and demand. The price of barley is therefore considered to be a significant risk for Anora during the financial year. The price risk has not been hedged against with derivative instruments. Electricity A strong increase in the market price of electricity is a significant risk for Anora. In Finland, the risk is managed by following Anora\u2019s principles for electricity procurement and by a third-party specialist. These principles determine the hedging limits within which the electricity price risk is hedged against. The hedges are executed with the OTC-derivatives of Nasdaq OMX Oslo ASA. At the end of 2022, the hedging ratio for deliveries for the next 12 months was 78.0% (80.9%), in line with the set targets. In 2022, the average hedging ratio was 76.2% (76.6%). Cash flow hedge accounting in accordance with IFRS 9 is applied to the hedges against electricity price risk, and hedge effectiveness is tested quarterly. All hedging was effective in 2022 as it was in 2021. Anora purchases its electricity straight from the Nord Pool Spot markets as a delivery tied to the spot price of the Finnish price area. As part of electricity purchases, Anora also purchases physical electricity through bilateral fixed-price contracts. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-583": {
"value": "Liquidity risk The Group\u2019s activities are subject to seasonal fluctuations and alcohol sales increase in periods with national celebrations and public holidays, especially at Easter and Christmas. The fourth quarter is normally the best quarter for the Group which is also reflected in cash flows. In order to manage the liquidity risk, Anora continuously maintains sufficient liquidity reserves, which at the end of 2022 comprised Group\u2019s both EUR 10 million and NOK 100 million overdraft facilities and a EUR 150 million revolving credit facility. At the end of December 2022, no revolving credit facility was in use (2021: EUR 0.0 million). The facilities mature in December 2025. More detailed information on the Group\u2019s external loans is provided in the interest rate risk section . TABLE 3: LIQUIDITY RESERVES Cash and cash equivalents and unused committed credit limits EUR million 2022 2021 Cash and cash equivalents 91.4 168.9 Overdraft facilities 19.5 90.7 Revolving credit line 150.0 60.0 TOTAL 260.9 319.6 ",
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"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-584": {
"value": "TABLE 3: LIQUIDITY RESERVES Cash and cash equivalents and unused committed credit limits EUR million 2022 2021 Cash and cash equivalents 91.4 168.9 Overdraft facilities 19.5 90.7 Revolving credit line 150.0 60.0 TOTAL 260.9 319.6 ",
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"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-585": {
"value": "Credit risk The objective of Anora\u2019s credit risk management is to minimise the losses if one of the Group\u2019s counterparties fails to meet its obligations. The principles of credit risk management are described in the Group\u2019s credit policy. Credit risks are caused by a counterparty not fulfilling its contractual payment obligations or the counterparty\u2019s credit rating changing in a manner that affects the market value of the financial instruments it has issued. The aim is to minimise credit risks by active credit management and by taking into account customers\u2019 credit rating when determining the payment term of invoices. A significant share of the Group\u2019s revenue is associated with the state monopolies in the Nordic region where there is not considered to be any credit risk. The Group\u2019s credit risk is otherwise spread over industrial customers, a large number of small customers within the HORECA market as well as a small number of distributors outside the home markets. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-586": {
"value": "4.2. CAPITAL RISK MANAGEMENT The target of Anora\u2019s capital management is to secure an effective capital structure that supports the profitable growth of the operations. The Board of Directors monitors the Group\u2019s capital structure regularly. Anora monitors its capital based on total Net Debt to Comparable EBITDA. The ratio is calculated by dividing net debt by with the last 12 month\u2019s comparable EBITDA of the Group. Net debt /comparable EBITDA ratio at the end of 2022 is not comparable with prior period. Comparable EBITDA includes Globus result only from 1st of July 2022 onwards and net debt in 2022 increased by the additional funding for the transaction. During the business cycle, Group\u2019s Net debt to comparable EBITDA is likely to fluctuate, and the objective is to retain a sufficiently strong capital structure to secure the Group\u2019s financing needs. In December 2022 Anora refinanced its loan portfolio and all existing loans from financial institutions were early repaid. Group\u2019s external bank loans were combined under parent company and terms were unified. Net debt/ comparable EBITDA is a covenant used in Group\u2019s funding arrangements. Before refinancing, the covenants in place were gearing and net interest bearing debt as a ratio of adjusted EBITDA. During the financial period, the covenants were not in breach. At 31 December 2022 and 31 December 2021 the Net debt comparable/ EBITDA was as follows: TABLE 5: GEARING Net Debit / Comparable EBITDA as of 31 December, EUR million 2022 2021 Comparable EBITDA 76.1 71.7 Borrowings 247.5 162.6 Lease liabilities 144.8 132.4 Cash and cash equivalents 91.4 168.9 Net debt 300.9 126.0 Net Debt /Comparable EBITDA AT 31 DECEMBER 4.0 1.8",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-588": {
"value": "5.1. GENERAL CONSOLIDATION PRINCIPLES Consolidation Consolidation, consolidation method and classification of ownership interests depends on whether the Group has power to control or jointly control the entity or have significant influence or other interests in the entity. When the Group has power to control the entity, it is consolidated as a subsidiary according to principles described in Note 5.3. Subsidiaries. When the Group has joint control or significant influence over an entity but does not have power to control, entity is accounted for by using the principles set in Note 5.4. Associated companies, joint ventures and interests in joint operations. If the Group does not have power to control nor significant influence in the entity, its ownership interests are classified as Financial assets at fair value through other comprehensive income and accounted for according to principles described in Note 3.2.1. Non-controlling interests Non-controlling interests\u2019 share of profit after tax is shown on a separate line after Group\u2019s result for the period. Non- controlling interests\u2019s share of equity is shown on a separate line as part of the Group\u2019s total equity. In some subsidiaries with non-controlling interests, there are sales options related to the non-controlling interests, where the Group does not have control of the non-controlling interests before the options are exercised, nor does it have control of whether the options are exercised, or when this exercise may take place. The value of such options is recognised as obligations at fair value in the balance sheet and reduces the non-controlling share of equity. This means that only income statement and balance sheet items related to non-controlling interests where the minority does not have sales options related to the interests are presented in the consolidated income statement and balance sheet. Foreign currency items The consolidated financial statements are presented in euro, which is the functional and presentation currency of the parent company. Transactions in foreign currencies are translated to euro at average foreign exchange rates published by the European Central Bank on banking days. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to euro at the average exchange rates prevailing at that date. Foreign currency differences arising on translation are recognised in profit or loss. Foreign exchange gains and losses related to purchases and sales are recognised in the respective items and included in operating result. Foreign currency gains and losses arising from loans denominated in foreign currencies are recognised in finance income and expenses. Income and expenses for the statements of comprehensive income of foreign subsidiaries that operate outside the eurozone are translated using the average rates of the European Central Bank\u2019s exchange rates at the end of the month. The statements of financial position of foreign subsidiaries are translated using the average exchange rates ruling at the reporting date. Foreign currency differences arising on the translation of profit or loss for the period with different exchange rates in the statement of comprehensive income and in the balance sheet are recognised in other comprehensive income and included in translation differences in equity. Changes in translation differences are recognised in other comprehensive income. In the consolidated financial statements, exchange rate differences arising from the translation of foreign currency denominated loans to foreign subsidiaries, which form a part of net investments in foreign companies, are recognised in other comprehensive income and included in translation differences within equity. Translation differences arising from elimination of the cost of foreign subsidiaries and from translation of the foreign subsidiaries\u2019 post-acquisition profits and losses are recognised in other comprehensive income and presented as a separate item within equity. Goodwill and the fair value adjustments to the carrying amounts of assets and liabilities of foreign units are accounted for as assets and liabilities of the respective foreign units, which are translated to euro at the exchange rates prevailing at the reporting date. If these foreign units are entirely or partly disposed of, related exchange rate differences are recognised in profit or loss as part of the gain or loss on disposal ",
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"fact-590": {
"value": "Non-controlling interests Non-controlling interests\u2019 share of profit after tax is shown on a separate line after Group\u2019s result for the period. Non- controlling interests\u2019s share of equity is shown on a separate line as part of the Group\u2019s total equity. In some subsidiaries with non-controlling interests, there are sales options related to the non-controlling interests, where the Group does not have control of the non-controlling interests before the options are exercised, nor does it have control of whether the options are exercised, or when this exercise may take place. The value of such options is recognised as obligations at fair value in the balance sheet and reduces the non-controlling share of equity. This means that only income statement and balance sheet items related to non-controlling interests where the minority does not have sales options related to the interests are presented in the consolidated income statement and balance sheet",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-591": {
"value": "Foreign currency items The consolidated financial statements are presented in euro, which is the functional and presentation currency of the parent company. Transactions in foreign currencies are translated to euro at average foreign exchange rates published by the European Central Bank on banking days. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to euro at the average exchange rates prevailing at that date. Foreign currency differences arising on translation are recognised in profit or loss. Foreign exchange gains and losses related to purchases and sales are recognised in the respective items and included in operating result. Foreign currency gains and losses arising from loans denominated in foreign currencies are recognised in finance income and expenses. Income and expenses for the statements of comprehensive income of foreign subsidiaries that operate outside the eurozone are translated using the average rates of the European Central Bank\u2019s exchange rates at the end of the month. The statements of financial position of foreign subsidiaries are translated using the average exchange rates ruling at the reporting date. Foreign currency differences arising on the translation of profit or loss for the period with different exchange rates in the statement of comprehensive income and in the balance sheet are recognised in other comprehensive income and included in translation differences in equity. Changes in translation differences are recognised in other comprehensive income. In the consolidated financial statements, exchange rate differences arising from the translation of foreign currency denominated loans to foreign subsidiaries, which form a part of net investments in foreign companies, are recognised in other comprehensive income and included in translation differences within equity. Translation differences arising from elimination of the cost of foreign subsidiaries and from translation of the foreign subsidiaries\u2019 post-acquisition profits and losses are recognised in other comprehensive income and presented as a separate item within equity. Goodwill and the fair value adjustments to the carrying amounts of assets and liabilities of foreign units are accounted for as assets and liabilities of the respective foreign units, which are translated to euro at the exchange rates prevailing at the reporting date. If these foreign units are entirely or partly disposed of, related exchange rate differences are recognised in profit or loss as part of the gain or loss on disposal . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-592": {
"value": "Foreign currency items The consolidated financial statements are presented in euro, which is the functional and presentation currency of the parent company. Transactions in foreign currencies are translated to euro at average foreign exchange rates published by the European Central Bank on banking days. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to euro at the average exchange rates prevailing at that date. Foreign currency differences arising on translation are recognised in profit or loss. Foreign exchange gains and losses related to purchases and sales are recognised in the respective items and included in operating result. Foreign currency gains and losses arising from loans denominated in foreign currencies are recognised in finance income and expenses. Income and expenses for the statements of comprehensive income of foreign subsidiaries that operate outside the eurozone are translated using the average rates of the European Central Bank\u2019s exchange rates at the end of the month. The statements of financial position of foreign subsidiaries are translated using the average exchange rates ruling at the reporting date. Foreign currency differences arising on the translation of profit or loss for the period with different exchange rates in the statement of comprehensive income and in the balance sheet are recognised in other comprehensive income and included in translation differences in equity. Changes in translation differences are recognised in other comprehensive income. In the consolidated financial statements, exchange rate differences arising from the translation of foreign currency denominated loans to foreign subsidiaries, which form a part of net investments in foreign companies, are recognised in other comprehensive income and included in translation differences within equity. Translation differences arising from elimination of the cost of foreign subsidiaries and from translation of the foreign subsidiaries\u2019 post-acquisition profits and losses are recognised in other comprehensive income and presented as a separate item within equity. Goodwill and the fair value adjustments to the carrying amounts of assets and liabilities of foreign units are accounted for as assets and liabilities of the respective foreign units, which are translated to euro at the exchange rates prevailing at the reporting date. If these foreign units are entirely or partly disposed of, related exchange rate differences are recognised in profit or loss as part of the gain or loss on disposal . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-593": {
"value": "5.2. CHANGES IN GROUP STRUCTURE Globus Wine acquisition On July 1, 2022 Anora has completed the acquisition of 100% of shares of Globus Wine A/S, the leading wine company in Denmark. As a continuation to the merger last fall, the acquisition of Globus Wine strengthens Anora\u2019s position as the leading wine supplier in the Nordics. With the acquisition, Anora will become the market leader in the Danish wine market in addition to its leading position in the other three Nordic countries. Furthermore, the acquisition will support the expansion of Anora\u2019s partner and own wine businesses across the Nordics. The purchase price was DKK 596.4 million (EUR 80 million) which equals an enterprise value of DKK 669.6 million (EUR 90 million). The purchase price was paid in cash and financed with debt. The acquired business is reported as part of Anora\u2019s Wine segment as of July 1, 2022. The accounting of the acquisition is still provisional pending the finalization of the valuation of the assets acquired and liabilities assumed. The identified intangible assets relate to customer relationships. Goodwill is attributable to market share, synergies, workforce and future growth potential. The fair value and the gross value of the acquired receivables do not materially differ. The transaction costs EUR 1.0 million are included in the Group income statement in other operating expenses. The assets and liabilities assumed related to Globus acquisition have changed from the previously reported to reflect new information obtained about facts and circumstances that existed at the date of acquisition. The value of inventory has decreased due to an accounting error by EUR 3.6 million from EUR24.6 million to EUR 20.9 million and therefore value of goodwill of acquisition has increased by EUR 3.6 million from EUR 37.0 million to EUR 40.6 million. RECOGNISED AMOUNTS OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED EUR million Intangible assets 44.3 Property, plant and equipment 7.7 Right of use assets 18.7 Inventory 20.9 Trade and other receivables 15.6 Cash and cash equivalents 0.1 Total Assets 107.3 Interest bearing liabilities 36.6 Deferred tax liabilities 10.8 Trade and other payables 20.2 Total liabilities 67.7 Net assets total 39.6 Goodwill 40.6 Total consideration 80.2 ANALYSIS OF CASH FLOWS OF ACQUISITION EUR million Purchase consideration, cash payment -80.2 Cash and Cash equivalents, in acquired companies 0.1 Transaction costs of the acquisitions -1,0 Net cash flow from acquisitions -81.1 Net sales of the acquired business included in the Group income statement since acquisition date were EUR 44.2 million and operating profit for the period was EUR -0.9 million. If the business combination had taken place at the beginning of the year, the Group net sales would have been approximately 767.2 million and operating profit approximately EUR 39.3 million after additional amortization from the fair value adjustments to intangible assets. Von Elk acquisition Anora and Von Elk Company began their cooperation in 2019 through an agreement that made Anora the exclusive representative of Von Elk\u2019s brands in the Nordic and Baltic countries, as well as in travel retail. As part of the cooperation, Anora invested in the Von Elk Company and became a minority shareholder (20%) in the company. Anora has acquired the remaining the shares from the founders of Von Elk Company, known for Gl\u00f6et, the most popular sparkling gl\u00f6gg in the Nordics. As of 1 September 2022, Anora owns 100% of the shares in the Von Elk Company. RECOGNISED AMOUNTS OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED EUR million Intangible assets 0.3 Property, plant and equipment 0.0 Trade and other receivables 0.0 Cash and cash equivalents 0.2 Total assets 0.5 Deferred tax liabilities 0.1 Trade and other payables 0.0 Total liabilities 0.1 Net assets total 0.5 Goodwill 0.8 Remeasurement 0.3 Consideration 1.0 ANALYSIS OF CASH FLOWS OF ACQUISITION EUR million Purchase consideration, cash payment -1.0 Cash and Cash equivalents, in acquired companies 0.2 Transaction costs of the acquisitions 0.0 Net cash flow from acquisitions -0.8 15",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-594": {
"value": "5.3. SUBSIDIARIES Subsidiaries consolidation principles Consolidated financial statements of Anora include the parent company, Anora Group Plc, and all subsidiaries. Subsidiaries are all those in which the parent company exercises control. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of acquired subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. All business combinations are accounted for by using the acquisition method. The consideration transferred and the identifiable assets acquired and liabilities assumed in the acquired company are measured at fair value at the acquisition date. The amount exceeding the aggregate of the consideration transferred, the amount of non- controlling interests and any previously held equity interest in the acquiree, over the fair value of the net assets acquired is recorded as goodwill. All acquisition-related costs, with the exception of costs to issue debt or equity securities, are expensed. The consideration transferred does not include any transactions accounted for separately from the acquisition. Any contingent consideration is recognised at fair value at the acquisition date and it is classified as either liability or equity. Contingent consideration classified as a liability is measured at fair value at each reporting date and any resulting gain or loss is recognised in profit or loss. Intra-group transactions, receivables, liabilities and unrealised gains, as well as the distribution of profits within the Group are eliminated in preparing the consolidated financial statements. Unrealised losses are not eliminated if the loss in question results from impairment. Non-controlling interests\u2019 share of profit after tax is shown on a separate line after the Group\u2019s profit for the year. Non- controlling interests\u2019 share of equity is shown on a separate line as part of the Group\u2019s equity. In some subsidiaries with non- controlling interests, there are sales options related to the non- controlling interests, where the Group does not have control of the non-controlling interests before the options are exercised, nor does it have control of whether the options are exercised, or when this exercise may take place. The value of such options is recognised as obligations at fair value in the balance sheet and reduces the non-controlling share of equity. This means that only income statement and balance sheet items related to non-controlling interests where the minority does not have sales options related to the interests are presented in the consolidated income statement and balance sheet . Anora Group Plc had 72 subsidiaries at the end of the reporting period (59 subsidiaries at 31 December 2021). Parent company\u2019s share of ownership (%) Group\u2019s share of ownership (%) Country of incorporation Altia Denmark A/S 100.00 100.00 Denmark Altia Norway AS 100.00 100.00 Norway Anora Eesti AS 100.00 100.00 Estonia Anora Latvia SIA 100.00 100.00 Latvia Anora Prime Brands AS - 100.00 Norway Anora Sweden AB 100.00 100.00 Sweden Arcus Brand Lab AS - 100.00 Norway Arcus Co Brands AS - 100.00 Norway Arcus Denmark A/S - 100.00 Denmark Arcus Deutschland GmbH - 100.00 Germany Arcus Finland Oy - 100.00 Finland Arcus-Gruppen AS - 100.00 Norway Arcus Holding AS 100.00 100.00 Norway Arcus Norway AS - 100.00 Norway Arcus Sweden AB - 100.00 Sweden Arcus Wine Brands AS - 100.00 Norway Arcus WineBrands Sweden AB - 100.00 Sweden Atlungstad H\u00e5ndverksdistilleri AS - 100.00 Norway Best Buys International AS 100.00 100.00 Norway BevCo AS - 100.00 Norway Bibendum AB - 100.00 Sweden Bibendum AS 100.00 100.00 Norway Brews4U Finland Oy - 91.00 Finland Champagne Sigurd Wongraven AS - 100.00 Norway Classic Wines AS - 100.00 Norway Creative Wines AS - 100.00 Norway Det Danske Spiritus Kompagni A/S - 100.00 Denmark Excellars AS - 100.00 Norway Globus Wine A/S - 100.00 Denmark Globus Wine GmbH - 100.00 Germany Globus Wine Germany GmbH - 100.00 Germany Globus Wine Poland Sp.Z.o.o - 100.00 Poland Hedoni Wines AS - 100.00 Norway Heritage Wines Sweden AB - 93.33 Sweden Heyday Wines AS - 90.10 Norway Interbev AS 100.00 100.00 Norway Parent company\u2019s share of ownership (%) Group\u2019s share of ownership (%) Country of incorporation Larsen SAS 100.00 100.00 France Loiten Branderis Destillation ANS - 100.00 Norway Lysholmske Brenneri og Destillasjonsfabrikker ANS - 100.00 Norway Merlot HoldCo ApS 100.00 100.00 Denmark Merlot BidCo ApS - 100.00 Denmark New Frontier Wines AB - 79.60 Sweden Oplandske Spritfabrik ANS - 100.00 Norway Philipson & S\u00f6derberg AB - 100.00 Sweden Premium Wines AS 100.00 100.00 Norway Quaffable Wines Sweden AB - 79.60 Sweden Siemers & Cos Destillasjon ANS - 100.00 Norway Social Wines Oy - 100.00 Finland South Swedish Craft Spirits AB - 100.00 Sweden Sublime Wines AS - 100.00 Norway Summit Wines AS - 100.00 Norway Symposium Wines AS - 100.00 Norway Str\u00f6m AS 100.00 100.00 Norway Swedish Wine Mafia AB - 99.50 Sweden Valid Wines Sweden AB - 94.54 Sweden Vectura AS - 100.00 Norway Vingaraget AB - 100.00 Sweden Vingruppen AS - 100.00 Norway Vingruppen Oy - 100.00 Finland Vingruppen Holding Sweden AB - 100.00 Sweden Vingruppen i Norden AB - 100.00 Sweden Vinordia AS - 100.00 Norway Vinum Import Oy - 98.10 Finland Vinunic AB - 94.54 Sweden Vinuniq AS - 100.00 Norway Vinunic Oy - 100.00 Finland Von Elk Company Oy 100.00 100.00 Finland Oy Wennerco Ab 100.00 100.00 Finland The WineAgency Sweden AB - 99.50 Sweden Wineworld Finland Oy - 90.00 Finland Wineworld Sweden AB - 99.50 Sweden Wongraven Wines AS - 90.01 Norway ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-595": {
"value": "Subsidiaries consolidation principles Consolidated financial statements of Anora include the parent company, Anora Group Plc, and all subsidiaries. Subsidiaries are all those in which the parent company exercises control. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of acquired subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. All business combinations are accounted for by using the acquisition method. The consideration transferred and the identifiable assets acquired and liabilities assumed in the acquired company are measured at fair value at the acquisition date. The amount exceeding the aggregate of the consideration transferred, the amount of non- controlling interests and any previously held equity interest in the acquiree, over the fair value of the net assets acquired is recorded as goodwill. All acquisition-related costs, with the exception of costs to issue debt or equity securities, are expensed. The consideration transferred does not include any transactions accounted for separately from the acquisition. Any contingent consideration is recognised at fair value at the acquisition date and it is classified as either liability or equity. Contingent consideration classified as a liability is measured at fair value at each reporting date and any resulting gain or loss is recognised in profit or loss. Intra-group transactions, receivables, liabilities and unrealised gains, as well as the distribution of profits within the Group are eliminated in preparing the consolidated financial statements. Unrealised losses are not eliminated if the loss in question results from impairment. Non-controlling interests\u2019 share of profit after tax is shown on a separate line after the Group\u2019s profit for the year. Non- controlling interests\u2019 share of equity is shown on a separate line as part of the Group\u2019s equity. In some subsidiaries with non- controlling interests, there are sales options related to the non- controlling interests, where the Group does not have control of the non-controlling interests before the options are exercised, nor does it have control of whether the options are exercised, or when this exercise may take place. The value of such options is recognised as obligations at fair value in the balance sheet and reduces the non-controlling share of equity. This means that only income statement and balance sheet items related to non-controlling interests where the minority does not have sales options related to the interests are presented in the consolidated income statement and balance sheet . Anora Group Plc had 72 subsidiaries at the end of the reporting period (59 subsidiaries at 31 December 2021). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-596": {
"value": "All business combinations are accounted for by using the acquisition method. The consideration transferred and the identifiable assets acquired and liabilities assumed in the acquired company are measured at fair value at the acquisition date. The amount exceeding the aggregate of the consideration transferred, the amount of non- controlling interests and any previously held equity interest in the acquiree, over the fair value of the net assets acquired is recorded as goodwill. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-597": {
"value": "All business combinations are accounted for by using the acquisition method. The consideration transferred and the identifiable assets acquired and liabilities assumed in the acquired company are measured at fair value at the acquisition date. The amount exceeding the aggregate of the consideration transferred, the amount of non- controlling interests and any previously held equity interest in the acquiree, over the fair value of the net assets acquired is recorded as goodwill. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-598": {
"value": "5.4. ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS Associated companies Associated companies are all entities over which the Group accompanies a shareholding of over 20% of voting rights or otherwise has significant influence, but not control. Anora has investments in an associated companies Palpa Lasi Oy, Tiffon SA, ISH and Beverage Link AS. Associated companies are consolidated by using the equity method. Under the equity method, the investment is initially recognised at cost and subsequently adjusted with the change in the net assets of the investee after the acquisition date, consistent with the ownership interest of the Group. After the acquisition the Group\u2019s share in the associated company\u2019s profit and loss for the period is separately disclosed after operating result. If the Group\u2019s share in the associated company\u2019s loss exceeds the carrying amount of the investment, the investment is recognised at zero value in the consolidated balance sheet and the loss exceeding the carrying amount is not consolidated, unless the Group has committed to fulfil the company\u2019s obligations. An investment in an associated company includes goodwill arisen on acquisition. The Group\u2019s share in changes in the associated company\u2019s other comprehensive income is recognised in consolidated other comprehensive income. Results from the transactions between the Group and its associates are recognised only to the extent of unrelated investor\u2019s interests in the associates. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. In case of such indications, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its\u2019 carrying value. The impairment is recognised in share of results in associated companies. Financial statements of associated companies have been changed where necessary to correspond with the accounting policies adopted by the Group. If financial statements for the period are not available, the share of the profit is included in the consolidated financial statements based on the preliminary financial statements or latest available information. Joint arrangements A joint arrangement is an arrangement of which two or more parties have contractually agreed joint control which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. Anora has an interest through a receivable in Roal Oy based on the contractual relationship with the other party to the joint operation. The interest in Roal Oy is accounted for as a joint operation . ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS 2022 Share of ownership % 2021 Share of ownership % Roal Oy, Finland 50.00 50.00 Palpa Lasi Oy, Finland 25.53 25.53 Von Elk Company Oy, Finland - 20.00 Tiffon SA 34.75 34.75 Vinify AS - 50.00 Beverage Link AS 45.00 45.00 ISH, Denmark 26.00 - Roal Oy engages enzyme business. The joint operation\u2019s other owner is ABF Overseas Ltd. Anora has joint control over Roal but the option right held by the other shareholder represents in substance a receivable with a fixed rate of return and Altia does not have a right to 50% of the net assets until the option lapses. Accordingly, the interest is classified as a joint operation with Anora accounting for its share of assets as a receivable with the annual minimum dividend accounted for as interest income. The receivable amounted to EUR 7.6 million as at 31 December 2021 and 31 December 2020. Palpa Lasi Oy engages in the recycling and re-use of glass beverage packages. Tiffon SA is a cognac producer and the Group buys Cognac from Tiffon SA. Beverage Link As is a jointly-owned logistics company between Vectura AS, Skandinavisk Logistik AS, log AS and Cuveco AS. ISH is Danish scale-up company in non-alcoholic spirits, wines and ready-to-drink beverages. ISH currently exports to over 15 countries with a special focus on Scandinavia, Western Europe and North America . INVESTMENTS IN ASSOCIATED COMPANIES AND JOINT VENTURES EUR million 2022 2021 At the beginning of the period 8.7 1.5 Acquisition of subsidiaries - 6.5 Additions 5.0 - Share of result for the period -0.3 0.7 Transfer to subsidiary shares -0.3 - Dividend -0.1 - Translation differences 0.1 -0.1 At the end of the reporting period 13.1 8.7 FINANCIAL SUMMARY OF ASSOCIATED COMPANIES AND JOINT VENTURES EUR million 2022 2021 Assets 45.4 46.6 Liabilities 18.7 20.4 Net assets 26.7 26.2 Net sales 26.2 29.9 Result for the period -1.9 2.0 Related party transactions with associated companies and joint arrangements are presented in Note 6.3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-599": {
"value": "5.4. ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS Associated companies Associated companies are all entities over which the Group accompanies a shareholding of over 20% of voting rights or otherwise has significant influence, but not control. Anora has investments in an associated companies Palpa Lasi Oy, Tiffon SA, ISH and Beverage Link AS. Associated companies are consolidated by using the equity method. Under the equity method, the investment is initially recognised at cost and subsequently adjusted with the change in the net assets of the investee after the acquisition date, consistent with the ownership interest of the Group. After the acquisition the Group\u2019s share in the associated company\u2019s profit and loss for the period is separately disclosed after operating result. If the Group\u2019s share in the associated company\u2019s loss exceeds the carrying amount of the investment, the investment is recognised at zero value in the consolidated balance sheet and the loss exceeding the carrying amount is not consolidated, unless the Group has committed to fulfil the company\u2019s obligations. An investment in an associated company includes goodwill arisen on acquisition. The Group\u2019s share in changes in the associated company\u2019s other comprehensive income is recognised in consolidated other comprehensive income. Results from the transactions between the Group and its associates are recognised only to the extent of unrelated investor\u2019s interests in the associates. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. In case of such indications, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its\u2019 carrying value. The impairment is recognised in share of results in associated companies. Financial statements of associated companies have been changed where necessary to correspond with the accounting policies adopted by the Group. If financial statements for the period are not available, the share of the profit is included in the consolidated financial statements based on the preliminary financial statements or latest available information. Joint arrangements A joint arrangement is an arrangement of which two or more parties have contractually agreed joint control which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. Anora has an interest through a receivable in Roal Oy based on the contractual relationship with the other party to the joint operation. The interest in Roal Oy is accounted for as a joint operation . ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS 2022 Share of ownership % 2021 Share of ownership % Roal Oy, Finland 50.00 50.00 Palpa Lasi Oy, Finland 25.53 25.53 Von Elk Company Oy, Finland - 20.00 Tiffon SA 34.75 34.75 Vinify AS - 50.00 Beverage Link AS 45.00 45.00 ISH, Denmark 26.00 - Roal Oy engages enzyme business. The joint operation\u2019s other owner is ABF Overseas Ltd. Anora has joint control over Roal but the option right held by the other shareholder represents in substance a receivable with a fixed rate of return and Altia does not have a right to 50% of the net assets until the option lapses. Accordingly, the interest is classified as a joint operation with Anora accounting for its share of assets as a receivable with the annual minimum dividend accounted for as interest income. The receivable amounted to EUR 7.6 million as at 31 December 2021 and 31 December 2020. Palpa Lasi Oy engages in the recycling and re-use of glass beverage packages. Tiffon SA is a cognac producer and the Group buys Cognac from Tiffon SA. Beverage Link As is a jointly-owned logistics company between Vectura AS, Skandinavisk Logistik AS, log AS and Cuveco AS. ISH is Danish scale-up company in non-alcoholic spirits, wines and ready-to-drink beverages. ISH currently exports to over 15 countries with a special focus on Scandinavia, Western Europe and North America . INVESTMENTS IN ASSOCIATED COMPANIES AND JOINT VENTURES EUR million 2022 2021 At the beginning of the period 8.7 1.5 Acquisition of subsidiaries - 6.5 Additions 5.0 - Share of result for the period -0.3 0.7 Transfer to subsidiary shares -0.3 - Dividend -0.1 - Translation differences 0.1 -0.1 At the end of the reporting period 13.1 8.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-600": {
"value": "5.4. ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS Associated companies Associated companies are all entities over which the Group accompanies a shareholding of over 20% of voting rights or otherwise has significant influence, but not control. Anora has investments in an associated companies Palpa Lasi Oy, Tiffon SA, ISH and Beverage Link AS. Associated companies are consolidated by using the equity method. Under the equity method, the investment is initially recognised at cost and subsequently adjusted with the change in the net assets of the investee after the acquisition date, consistent with the ownership interest of the Group. After the acquisition the Group\u2019s share in the associated company\u2019s profit and loss for the period is separately disclosed after operating result. If the Group\u2019s share in the associated company\u2019s loss exceeds the carrying amount of the investment, the investment is recognised at zero value in the consolidated balance sheet and the loss exceeding the carrying amount is not consolidated, unless the Group has committed to fulfil the company\u2019s obligations. An investment in an associated company includes goodwill arisen on acquisition. The Group\u2019s share in changes in the associated company\u2019s other comprehensive income is recognised in consolidated other comprehensive income. Results from the transactions between the Group and its associates are recognised only to the extent of unrelated investor\u2019s interests in the associates. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. In case of such indications, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its\u2019 carrying value. The impairment is recognised in share of results in associated companies. Financial statements of associated companies have been changed where necessary to correspond with the accounting policies adopted by the Group. If financial statements for the period are not available, the share of the profit is included in the consolidated financial statements based on the preliminary financial statements or latest available information. Joint arrangements A joint arrangement is an arrangement of which two or more parties have contractually agreed joint control which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. Anora has an interest through a receivable in Roal Oy based on the contractual relationship with the other party to the joint operation. The interest in Roal Oy is accounted for as a joint operation . ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS 2022 Share of ownership % 2021 Share of ownership % Roal Oy, Finland 50.00 50.00 Palpa Lasi Oy, Finland 25.53 25.53 Von Elk Company Oy, Finland - 20.00 Tiffon SA 34.75 34.75 Vinify AS - 50.00 Beverage Link AS 45.00 45.00 ISH, Denmark 26.00 - Roal Oy engages enzyme business. The joint operation\u2019s other owner is ABF Overseas Ltd. Anora has joint control over Roal but the option right held by the other shareholder represents in substance a receivable with a fixed rate of return and Altia does not have a right to 50% of the net assets until the option lapses. Accordingly, the interest is classified as a joint operation with Anora accounting for its share of assets as a receivable with the annual minimum dividend accounted for as interest income. The receivable amounted to EUR 7.6 million as at 31 December 2021 and 31 December 2020. Palpa Lasi Oy engages in the recycling and re-use of glass beverage packages. Tiffon SA is a cognac producer and the Group buys Cognac from Tiffon SA. Beverage Link As is a jointly-owned logistics company between Vectura AS, Skandinavisk Logistik AS, log AS and Cuveco AS. ISH is Danish scale-up company in non-alcoholic spirits, wines and ready-to-drink beverages. ISH currently exports to over 15 countries with a special focus on Scandinavia, Western Europe and North America . INVESTMENTS IN ASSOCIATED COMPANIES AND JOINT VENTURES EUR million 2022 2021 At the beginning of the period 8.7 1.5 Acquisition of subsidiaries - 6.5 Additions 5.0 - Share of result for the period -0.3 0.7 Transfer to subsidiary shares -0.3 - Dividend -0.1 - Translation differences 0.1 -0.1 At the end of the reporting period 13.1 8.7 FINANCIAL SUMMARY OF ASSOCIATED COMPANIES AND JOINT VENTURES EUR million 2022 2021 Assets 45.4 46.6 Liabilities 18.7 20.4 Net assets 26.7 26.2 Net sales 26.2 29.9 Result for the period -1.9 2.0 Related party transactions with associated companies and joint arrangements are presented in Note 6.3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-601": {
"value": "Associated companies Associated companies are all entities over which the Group accompanies a shareholding of over 20% of voting rights or otherwise has significant influence, but not control. Anora has investments in an associated companies Palpa Lasi Oy, Tiffon SA, ISH and Beverage Link AS. Associated companies are consolidated by using the equity method. Under the equity method, the investment is initially recognised at cost and subsequently adjusted with the change in the net assets of the investee after the acquisition date, consistent with the ownership interest of the Group. After the acquisition the Group\u2019s share in the associated company\u2019s profit and loss for the period is separately disclosed after operating result. If the Group\u2019s share in the associated company\u2019s loss exceeds the carrying amount of the investment, the investment is recognised at zero value in the consolidated balance sheet and the loss exceeding the carrying amount is not consolidated, unless the Group has committed to fulfil the company\u2019s obligations. An investment in an associated company includes goodwill arisen on acquisition. The Group\u2019s share in changes in the associated company\u2019s other comprehensive income is recognised in consolidated other comprehensive income. Results from the transactions between the Group and its associates are recognised only to the extent of unrelated investor\u2019s interests in the associates. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. In case of such indications, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its\u2019 carrying value. The impairment is recognised in share of results in associated companies. Financial statements of associated companies have been changed where necessary to correspond with the accounting policies adopted by the Group. If financial statements for the period are not available, the share of the profit is included in the consolidated financial statements based on the preliminary financial statements or latest available information. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-602": {
"value": "Associated companies Associated companies are all entities over which the Group accompanies a shareholding of over 20% of voting rights or otherwise has significant influence, but not control. Anora has investments in an associated companies Palpa Lasi Oy, Tiffon SA, ISH and Beverage Link AS. Associated companies are consolidated by using the equity method. Under the equity method, the investment is initially recognised at cost and subsequently adjusted with the change in the net assets of the investee after the acquisition date, consistent with the ownership interest of the Group. After the acquisition the Group\u2019s share in the associated company\u2019s profit and loss for the period is separately disclosed after operating result. If the Group\u2019s share in the associated company\u2019s loss exceeds the carrying amount of the investment, the investment is recognised at zero value in the consolidated balance sheet and the loss exceeding the carrying amount is not consolidated, unless the Group has committed to fulfil the company\u2019s obligations. An investment in an associated company includes goodwill arisen on acquisition. The Group\u2019s share in changes in the associated company\u2019s other comprehensive income is recognised in consolidated other comprehensive income. Results from the transactions between the Group and its associates are recognised only to the extent of unrelated investor\u2019s interests in the associates. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. In case of such indications, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its\u2019 carrying value. The impairment is recognised in share of results in associated companies. Financial statements of associated companies have been changed where necessary to correspond with the accounting policies adopted by the Group. If financial statements for the period are not available, the share of the profit is included in the consolidated financial statements based on the preliminary financial statements or latest available information. Joint arrangements A joint arrangement is an arrangement of which two or more parties have contractually agreed joint control which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. Anora has an interest through a receivable in Roal Oy based on the contractual relationship with the other party to the joint operation. The interest in Roal Oy is accounted for as a joint operation ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-603": {
"value": "Joint arrangements A joint arrangement is an arrangement of which two or more parties have contractually agreed joint control which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. Anora has an interest through a receivable in Roal Oy based on the contractual relationship with the other party to the joint operation. The interest in Roal Oy is accounted for as a joint operation . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-604": {
"value": "ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS 2022 Share of ownership % 2021 Share of ownership % Roal Oy, Finland 50.00 50.00 Palpa Lasi Oy, Finland 25.53 25.53 Von Elk Company Oy, Finland - 20.00 Tiffon SA 34.75 34.75 Vinify AS - 50.00 Beverage Link AS 45.00 45.00 ISH, Denmark 26.00 - Roal Oy engages enzyme business. The joint operation\u2019s other owner is ABF Overseas Ltd. Anora has joint control over Roal but the option right held by the other shareholder represents in substance a receivable with a fixed rate of return and Altia does not have a right to 50% of the net assets until the option lapses. Accordingly, the interest is classified as a joint operation with Anora accounting for its share of assets as a receivable with the annual minimum dividend accounted for as interest income. The receivable amounted to EUR 7.6 million as at 31 December 2021 and 31 December 2020. Palpa Lasi Oy engages in the recycling and re-use of glass beverage packages. Tiffon SA is a cognac producer and the Group buys Cognac from Tiffon SA. Beverage Link As is a jointly-owned logistics company between Vectura AS, Skandinavisk Logistik AS, log AS and Cuveco AS. ISH is Danish scale-up company in non-alcoholic spirits, wines and ready-to-drink beverages. ISH currently exports to over 15 countries with a special focus on Scandinavia, Western Europe and North America FINANCIAL SUMMARY OF ASSOCIATED COMPANIES AND JOINT VENTURES EUR million 2022 2021 Assets 45.4 46.6 Liabilities 18.7 20.4 Net assets 26.7 26.2 Net sales 26.2 29.9 Result for the period -1.9 2.0 Related party transactions with associated companies and joint arrangements are presented in Note 6.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-605": {
"value": "6.1. INCOME TAX EXPENSE Income tax expense The Group\u2019s income tax expense recognised through profit or loss comprises current tax based on taxable income for the period, any adjustments to tax payable in respect of previous periods and deferred taxes. Current income tax based on taxable income is calculated according to the local tax regulations of each Group company. Tax effects related to transactions or other events recognised in profit or loss are recognised in profit or loss. If the taxes relate to items of other comprehensive income or transactions or other events recognised directly in equity, income tax expense is recognised within the respective items. The Group\u2019s share of profit or loss in associated companies and joint ventures is reported as calculated from the net profit and thus including the income tax effect. Deferred tax assets and liabilities are principally recognised for all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The most significant temporary differences arise from property, plant and equipment and intangible assets, carry forward of unused tax losses and fair value allocations on business combinations. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax liabilities are recognised in full. Deferred taxes are calculated using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax is recognised for foreign subsidiaries undistributed earnings only when related tax effects are probable . Deferred tax assets and liabilities are set off when they are levied by same taxing authority and Anora has legally enforceable right to set off the balances. Critical estimates and management judgements \u2013 Deferred tax assets Judgment is required in assessing whether deferred tax assets are recognised on the balance sheet. Deferred tax assets are recognised only where it is considered more likely than not that they will be recovered, which is dependent on the generation of sufficient future taxable profits. Assumptions about the generation of future taxable profits depend on management\u2019s estimates of future cash flows. These future cash flow estimates depend on estimates of future sales volumes, price levels of main raw materials, capital expenditure and other components affecting profitability of the operations. These estimates and assumptions are subject to risk and uncertainty hence it is possible that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets recognised on the balance sheet and the amount of any other tax losses and temporary differences not yet recognised. Anora\u2019s ability to generate taxable profit is also subject to general economic, financial, competitive, legislative and regulatory factors that are beyond its control. If Anora generates lower future taxable profits than what management has assumed in determining the amounts of the recognised deferred tax assets, the assets would become impaired, either partly or in full. Accordingly, amounts recognised in balance sheet could potentially be reversed through profit and loss. Changes in circumstances may also result in recognition of deferred tax assets for tax losses not yet recognised as an asset. Uncertain tax positions The tax positions are evaluated in periodically by the management to identify the situations in which tax regulation is subject to interpretation. Based on the evaluation uncertain tax positions are recognized when it is more likely than not that certain tax position will be challenged by tax authorities. The impact of the uncertainty is measured using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the uncertainty . INCOME TAX EXPENSE EUR million 2022 2021 Current income tax expense 5.4 8.0 Adjustments to taxes for prior periods -0.3 -0.5 Deferred taxes: Origination and reversal of temporary differences 0.2 -0.1 TOTAL 5.3 7.4 The reconciliation of the tax expense recognised in profit and loss and the tax expense calculated using Anora Group\u2019s domestic corporate tax rate (20.0%) : EUR million 2022 2021 Result before taxes 23.4 38.6 Income tax using the parent company\u2019s tax rate 4.7 7.7 Effect of tax rates of subsidiaries in foreign jurisdictions 0.0 0.2 Tax-exempt income -0.3 -0.3 Non-deductible expenses 0.7 0.2 Utilisation of previously unrecognised tax losses - 0.0 Adjustments to taxes for prior periods -0.3 -0.5 Share of profit in associated companies, net of tax 0.1 -0.2 Tax arising on dividends - 0.8 Tax on undistributed earnings 0.1 -0.7 Other items 0.3 0.2 TAX EXPENSE IN PROFIT OR LOSS 5.3 7.4 INCOME TAX RECOGNISED IN OTHER COMPREHENSIVE INCOME 2022 EUR million Before tax Tax Net of tax Cash flow hedges 3.1 -0.7 2.4 Translation differences -16.9 - -16.9 Remeasurements of post-employment benefit obligations 0.1 -0.0 0.1 TOTAL -13.7 -0.7 -14.4 2021 EUR million Before tax Tax Net of tax Cash flow hedges 3.2 -0.7 2.6 Fair value through other comprehensive income 2.5 - 2.5 Translation differences 5.6 - 5.6 Remeasurements of post-employment benefit obligations -0.2 0.0 -0.1 TOTAL 11.2 -0.6 10.6 DEFERRED TAX ASSETS AND LIABILITIES Change in deferred tax assets and liabilities during 2022: EUR million 1 Jan 2022 Recognised in profit or loss Recognised in other comprehensive income Acquired /disposed businesses Exchange rate differences 31 Dec 2022 Deferred tax assets: Tax losses 5.8 -2.0 - 0.2 -0.2 3.7 Fixed assets 1.4 0.1 - - -0.0 1.5 Pension benefits 0.7 -0.0 -0.0 - -0.0 0.6 Other temporary differences 0.6 -0.0 - 0.0 -0.0 0.5 Total deferred tax assets 8.5 -2.0 -0.0 0.2 -0.3 6.3 Offset against deferred tax liabilities -6.6 -0.2 -5.7 Net deferred tax assets 1.8 0.0 0.6 Deferred tax liabilities: Fixed assets 3.9 -0.3 - 0.9 0.0 4.4 Recognised in hedge reserve 0.4 - 0.7 - -0.0 1.1 Fair value allocation on acquisitions 38.7 -2.0 - 9.8 -1.4 45.2 Deductable goodwill depreciation 9.8 0.0 - - -0.5 9.3 Undistributed profits of foreign subsidiaries 1.2 0.1 - - - 1.3 Other temporary differences 1.1 0.3 - 0.4 -0.2 1.7 Total deferred tax liabilities 55.1 -1.8 0.7 11.1 -2.0 63.0 Offset against deferred tax assets -6.6 -0.2 -5.7 Net deferred tax liabilities 48.4 10.9 57.3 DEFERRED TAX ASSETS AND LIABILITIES Change in deferred tax assets and liabilities during 2021: EUR million 1 Jan 2021 Recognised in profit or loss Recognised in other comprehensive income Merger Exchange rate differences 31 Dec 2021 Deferred tax assets: Tax losses 0.6 -1.8 - 6.8 0.2 5.8 Fixed assets 1.3 -0.2 - 0.3 0.0 1.4 Pension benefits 0.2 -0.0 0.0 0.4 0.0 0.7 Recognised in hedge reserve 0.2 - -0.2 - 0.0 0.0 Other temporary differences 0.3 -0.4 - 0.7 0.0 0.6 Total deferred tax assets 2.7 -2.5 -0.2 8.2 0.2 8.5 Offset against deferred tax liabilities -1.3 -5.8 0.0 -6.6 Net deferred tax assets 1.4 2.4 0.0 1.8 Deferred tax liabilities: Fixed assets 4.6 -0.8 - - 0.0 3.9 Recognised in hedge reserve 0.0 - 0.4 - - 0.4 Fair value allocation on acquisitions 1.4 -0.8 - 37.4 0.7 38.7 Deductable goodwill depreciation 9.9 0.0 - - -0.1 9.8 Undistributed profits of foreign subsidiaries 1.9 -0.7 - - - 1.2 Other temporary differences 0.2 -0.3 - 1.2 0.0 1.1 Total deferred tax liabilities 18.0 -2.6 0.4 38.6 0.6 55.1 Offset against deferred tax assets -1.3 -5,8 -6.6 Net deferred tax liabilities 16.8 32.7 48.4 At 31 December 2022, the Group had EUR 0.8 million (2021: EUR 1.6 million) of tax loss carry forwards for which no deferred tax was recognised. EUR 0.8 million of these temporary differences has no expiry. Anora management estimates these losses arise in subsidiaries which have neither indication of future taxable income nor other convincing evidence that tax losses can be utilised and deferred tax asset be recognised in balance sheet. Anora Group Plc\u2019s fully owned French subsidiary Larsen SAS has been undergoing a regular audit by the local tax authorities. The French tax authorities and Larsen SAS has entered into a settlement agreement in 2021 and the settlement claim amounts to EUR 0.6 million relating to the mark-up used in the transfer pricing for products sold to other Group companies. Anora Group will proceed through the Mutual Agreement Procedure (MAP) with the aim to eliminate a potential double taxation related to the increased mark-up in France which is to be deducted in the tax jurisdictions where the Anora Group companies buying the products have been operating. Anora has recorded a EUR 0.2 million tax receivable in respect of the potential MAP application. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-606": {
"value": "Income tax expense The Group\u2019s income tax expense recognised through profit or loss comprises current tax based on taxable income for the period, any adjustments to tax payable in respect of previous periods and deferred taxes. Current income tax based on taxable income is calculated according to the local tax regulations of each Group company. Tax effects related to transactions or other events recognised in profit or loss are recognised in profit or loss. If the taxes relate to items of other comprehensive income or transactions or other events recognised directly in equity, income tax expense is recognised within the respective items. The Group\u2019s share of profit or loss in associated companies and joint ventures is reported as calculated from the net profit and thus including the income tax effect. Deferred tax assets and liabilities are principally recognised for all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The most significant temporary differences arise from property, plant and equipment and intangible assets, carry forward of unused tax losses and fair value allocations on business combinations. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax liabilities are recognised in full. Deferred taxes are calculated using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax is recognised for foreign subsidiaries undistributed earnings only when related tax effects are probable . Deferred tax assets and liabilities are set off when they are levied by same taxing authority and Anora has legally enforceable right to set off the balances. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-607": {
"value": "Deferred tax assets and liabilities are principally recognised for all temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The most significant temporary differences arise from property, plant and equipment and intangible assets, carry forward of unused tax losses and fair value allocations on business combinations. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax liabilities are recognised in full. Deferred taxes are calculated using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax is recognised for foreign subsidiaries undistributed earnings only when related tax effects are probable ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-608": {
"value": "DEFERRED TAX ASSETS AND LIABILITIES Change in deferred tax assets and liabilities during 2022: EUR million 1 Jan 2022 Recognised in profit or loss Recognised in other comprehensive income Acquired /disposed businesses Exchange rate differences 31 Dec 2022 Deferred tax assets: Tax losses 5.8 -2.0 - 0.2 -0.2 3.7 Fixed assets 1.4 0.1 - - -0.0 1.5 Pension benefits 0.7 -0.0 -0.0 - -0.0 0.6 Other temporary differences 0.6 -0.0 - 0.0 -0.0 0.5 Total deferred tax assets 8.5 -2.0 -0.0 0.2 -0.3 6.3 Offset against deferred tax liabilities -6.6 -0.2 -5.7 Net deferred tax assets 1.8 0.0 0.6 Deferred tax liabilities: Fixed assets 3.9 -0.3 - 0.9 0.0 4.4 Recognised in hedge reserve 0.4 - 0.7 - -0.0 1.1 Fair value allocation on acquisitions 38.7 -2.0 - 9.8 -1.4 45.2 Deductable goodwill depreciation 9.8 0.0 - - -0.5 9.3 Undistributed profits of foreign subsidiaries 1.2 0.1 - - - 1.3 Other temporary differences 1.1 0.3 - 0.4 -0.2 1.7 Total deferred tax liabilities 55.1 -1.8 0.7 11.1 -2.0 63.0 Offset against deferred tax assets -6.6 -0.2 -5.7 Net deferred tax liabilities 48.4 10.9 57.3 DEFERRED TAX ASSETS AND LIABILITIES Change in deferred tax assets and liabilities during 2021: EUR million 1 Jan 2021 Recognised in profit or loss Recognised in other comprehensive income Merger Exchange rate differences 31 Dec 2021 Deferred tax assets: Tax losses 0.6 -1.8 - 6.8 0.2 5.8 Fixed assets 1.3 -0.2 - 0.3 0.0 1.4 Pension benefits 0.2 -0.0 0.0 0.4 0.0 0.7 Recognised in hedge reserve 0.2 - -0.2 - 0.0 0.0 Other temporary differences 0.3 -0.4 - 0.7 0.0 0.6 Total deferred tax assets 2.7 -2.5 -0.2 8.2 0.2 8.5 Offset against deferred tax liabilities -1.3 -5.8 0.0 -6.6 Net deferred tax assets 1.4 2.4 0.0 1.8 Deferred tax liabilities: Fixed assets 4.6 -0.8 - - 0.0 3.9 Recognised in hedge reserve 0.0 - 0.4 - - 0.4 Fair value allocation on acquisitions 1.4 -0.8 - 37.4 0.7 38.7 Deductable goodwill depreciation 9.9 0.0 - - -0.1 9.8 Undistributed profits of foreign subsidiaries 1.9 -0.7 - - - 1.2 Other temporary differences 0.2 -0.3 - 1.2 0.0 1.1 Total deferred tax liabilities 18.0 -2.6 0.4 38.6 0.6 55.1 Offset against deferred tax assets -1.3 -5,8 -6.6 Net deferred tax liabilities 16.8 32.7 48.4 At 31 December 2022, the Group had EUR 0.8 million (2021: EUR 1.6 million) of tax loss carry forwards for which no deferred tax was recognised. EUR 0.8 million of these temporary differences has no expiry. Anora management estimates these losses arise in subsidiaries which have neither indication of future taxable income nor other convincing evidence that tax losses can be utilised and deferred tax asset be recognised in balance sheet. Anora Group Plc\u2019s fully owned French subsidiary Larsen SAS has been undergoing a regular audit by the local tax authorities. The French tax authorities and Larsen SAS has entered into a settlement agreement in 2021 and the settlement claim amounts to EUR 0.6 million relating to the mark-up used in the transfer pricing for products sold to other Group companies. Anora Group will proceed through the Mutual Agreement Procedure (MAP) with the aim to eliminate a potential double taxation related to the increased mark-up in France which is to be deducted in the tax jurisdictions where the Anora Group companies buying the products have been operating. Anora has recorded a EUR 0.2 million tax receivable in respect of the potential MAP application. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-609": {
"value": "6.2. COLLATERALS, COMMITMENTS AND CONTINGENT ASSETS AND LIABILITIES EUR million 2022 2021 Collaterals and commitments Collaterals given on behalf of Group companies Mortgages 18.5 18.5 Guarantees 9.3 9.1 TOTAL COLLATERALS 27.8 27.6 Commitments Short-term and low value lease obligations Less than one year 0.2 0.1 Between one and five years 0.3 0.1 Total short-term and low value lease obligations 0.5 0.2 Other commitments 18.1 19.1 TOTAL COMMITMENTS 18.6 19.3 Collaterals given on behalf of Group companies all relate to commitments to authorities. Short-term and low value obligations consist mainly of laptops. Other commitments include mainly purchase obligations of wine and cognac. Emission allowances The Group participates in the European Union emission trading scheme, where it has been granted a certain number of carbon dioxide emission allowances for a certain period of time, free of charge. Anora Group Plc discloses its carbon dioxide emission allowances granted free of charge on net basis. The Group does not recognise income or expenses arising from emission allowances through profit or loss when the emission allowances granted are sufficient to cover the obligation to deliver allowances corresponding to the amount of emissions made. If the realised emissions exceed the granted emission allowances, the obligation arising from the excess emissions is recognised at fair value as a liability in the balance sheet at the reporting date. If the realised emissions fall below the granted emission allowances, the difference is not recognised in the balance sheet but it is disclosed in the notes to the financial statements, measured at fair value. Anora\u2019s actual emissions are below the emission allowances granted. The following table presents changes in allowances for financial years 2022 and 2021, as well as their fair values: Emission allowances, kilotons 2022 2021 Emission allowances received 22.6 22.6 Excess emission allowances from the previous period 13.5 10.9 Sold emission allowances -13.0 Realised emissions -21.1 -19.9 EMISSION ALLOWANCES AT 31 DECEMBER 2.0 13.5 Fair value of emission allowances at 31 December, EUR million 0.2 1.1 Anora continues to operate within the emission trading system for the trading period 2021\u20132030 . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-610": {
"value": "6.2. COLLATERALS, COMMITMENTS AND CONTINGENT ASSETS AND LIABILITIES EUR million 2022 2021 Collaterals and commitments Collaterals given on behalf of Group companies Mortgages 18.5 18.5 Guarantees 9.3 9.1 TOTAL COLLATERALS 27.8 27.6 Commitments Short-term and low value lease obligations Less than one year 0.2 0.1 Between one and five years 0.3 0.1 Total short-term and low value lease obligations 0.5 0.2 Other commitments 18.1 19.1 TOTAL COMMITMENTS 18.6 19.3 Collaterals given on behalf of Group companies all relate to commitments to authorities. Short-term and low value obligations consist mainly of laptops. Other commitments include mainly purchase obligations of wine and cognac. Emission allowances The Group participates in the European Union emission trading scheme, where it has been granted a certain number of carbon dioxide emission allowances for a certain period of time, free of charge. Anora Group Plc discloses its carbon dioxide emission allowances granted free of charge on net basis. The Group does not recognise income or expenses arising from emission allowances through profit or loss when the emission allowances granted are sufficient to cover the obligation to deliver allowances corresponding to the amount of emissions made. If the realised emissions exceed the granted emission allowances, the obligation arising from the excess emissions is recognised at fair value as a liability in the balance sheet at the reporting date. If the realised emissions fall below the granted emission allowances, the difference is not recognised in the balance sheet but it is disclosed in the notes to the financial statements, measured at fair value. Anora\u2019s actual emissions are below the emission allowances granted. The following table presents changes in allowances for financial years 2022 and 2021, as well as their fair values: Emission allowances, kilotons 2022 2021 Emission allowances received 22.6 22.6 Excess emission allowances from the previous period 13.5 10.9 Sold emission allowances -13.0 Realised emissions -21.1 -19.9 EMISSION ALLOWANCES AT 31 DECEMBER 2.0 13.5 Fair value of emission allowances at 31 December, EUR million 0.2 1.1 Anora continues to operate within the emission trading system for the trading period 2021\u20132030 ",
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"fact-611": {
"value": "6.2. COLLATERALS, COMMITMENTS AND CONTINGENT ASSETS AND LIABILITIES EUR million 2022 2021 Collaterals and commitments Collaterals given on behalf of Group companies Mortgages 18.5 18.5 Guarantees 9.3 9.1 TOTAL COLLATERALS 27.8 27.6 Commitments Short-term and low value lease obligations Less than one year 0.2 0.1 Between one and five years 0.3 0.1 Total short-term and low value lease obligations 0.5 0.2 Other commitments 18.1 19.1 TOTAL COMMITMENTS 18.6 19.3 Collaterals given on behalf of Group companies all relate to commitments to authorities. Short-term and low value obligations consist mainly of laptops. Other commitments include mainly purchase obligations of wine and cognac. Emission allowances The Group participates in the European Union emission trading scheme, where it has been granted a certain number of carbon dioxide emission allowances for a certain period of time, free of charge. Anora Group Plc discloses its carbon dioxide emission allowances granted free of charge on net basis. The Group does not recognise income or expenses arising from emission allowances through profit or loss when the emission allowances granted are sufficient to cover the obligation to deliver allowances corresponding to the amount of emissions made. If the realised emissions exceed the granted emission allowances, the obligation arising from the excess emissions is recognised at fair value as a liability in the balance sheet at the reporting date. If the realised emissions fall below the granted emission allowances, the difference is not recognised in the balance sheet but it is disclosed in the notes to the financial statements, measured at fair value. Anora\u2019s actual emissions are below the emission allowances granted. The following table presents changes in allowances for financial years 2022 and 2021, as well as their fair values: Emission allowances, kilotons 2022 2021 Emission allowances received 22.6 22.6 Excess emission allowances from the previous period 13.5 10.9 Sold emission allowances -13.0 Realised emissions -21.1 -19.9 EMISSION ALLOWANCES AT 31 DECEMBER 2.0 13.5 Fair value of emission allowances at 31 December, EUR million 0.2 1.1 Anora continues to operate within the emission trading system for the trading period 2021\u20132030 . ",
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"fact-612": {
"value": "6.2. COLLATERALS, COMMITMENTS AND CONTINGENT ASSETS AND LIABILITIES EUR million 2022 2021 Collaterals and commitments Collaterals given on behalf of Group companies Mortgages 18.5 18.5 Guarantees 9.3 9.1 TOTAL COLLATERALS 27.8 27.6 Commitments Short-term and low value lease obligations Less than one year 0.2 0.1 Between one and five years 0.3 0.1 Total short-term and low value lease obligations 0.5 0.2 Other commitments 18.1 19.1 TOTAL COMMITMENTS 18.6 19.3 Collaterals given on behalf of Group companies all relate to commitments to authorities. Short-term and low value obligations consist mainly of laptops. Other commitments include mainly purchase obligations of wine and cognac",
"dimensions": {
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"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-613": {
"value": "Emission allowances The Group participates in the European Union emission trading scheme, where it has been granted a certain number of carbon dioxide emission allowances for a certain period of time, free of charge. Anora Group Plc discloses its carbon dioxide emission allowances granted free of charge on net basis. The Group does not recognise income or expenses arising from emission allowances through profit or loss when the emission allowances granted are sufficient to cover the obligation to deliver allowances corresponding to the amount of emissions made. If the realised emissions exceed the granted emission allowances, the obligation arising from the excess emissions is recognised at fair value as a liability in the balance sheet at the reporting date. If the realised emissions fall below the granted emission allowances, the difference is not recognised in the balance sheet but it is disclosed in the notes to the financial statements, measured at fair value. ",
"dimensions": {
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"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-614": {
"value": "6.3. RELATED PARTY TRANSACTIONS The Company's related parties include the subsidiaries, associated companies, joint ventures and joint operations. The subsidiaries are presented in Note 5.3 and associated companies, joint ventures and joint operations in Note 5.4. Related party transactions include such operations that are not eliminated in the Group\u00b4s consolidated financial statements. Related party also include the Board of Directors, the CEO, the members of the Executive Management Team and their family members as well as entities controlled or jointly controlled by these persons. Also, entities that are controlled or jointly controlled by, or are associates of the State, are related parties of Anora. Anora has applied the exemption to report only material transactions with the government related entities. Transactions with related parties are entered into on market terms. Anora has related party transactions on a continuous basis with its major customer Alko. Transactions with Alko have been presented below under Other companies considered related parties . THE FOLLOWING TRANSACTIONS HAVE TAKEN PLACE WITH RELATED PARTIES EUR million 2022 2021 Sales of goods and services Associates, joint ventures and joint operations 0.6 0.9 Other companies considered related parties 73.2 78.9 TOTAL 73.8 79.8 Purchases of goods and services Associates, joint ventures and joint operations 6.4 6.5 Other companies considered related parties 4.0 3.8 TOTAL 10.5 10.2 Outstanding balances from sales and purchases of goods and services Receivables Associates, joint ventures and joint operations 0.2 0.1 Other companies considered related parties 5.2 1.1 Payables Associates, joint ventures and joint operations 1.1 1.7 Other companies considered related parties 0.5 0.5 MANAGEMENT'S SHAREHOLDINGS # of shares on 31 Dec 2022 Pekka Tennil\u00e4 CEO 32,604 Sigmund Toth CFO 14,057 Janne Halttunen SVP, Wines 9,300 Kirsi Lehtola CHRO 5,100 Kirsi Puntila SVP, international 6,666 Henrik Bodek\u00e6r Thomsen SVP, Spirits 258 Hannu Tuominen SVP, Anora Industrial 9,600 TOTAL 77,585 % of total shares 0.11% BOARD OF DIRECTOR'S SHAREHOLDINGS # of shares on 31 Dec 2022 Michael Holm Johansen Chairman 80,000 Sanna Suvanto-Harsaae Vice Chairman 3,908 Kirsten \u00c6gidius Member 2,440 Ingeborg Fl\u00f8nes Member 1,900 Christer Kjos Member Annareetta Lumme-Timonen Member Jyrki M\u00e4ki-Kala Member 1,232 Torsten Steenholt Member 20,000 Arne Larsen Member Jussi Mikkola Member 100 TOTAL 109,580 % of total shares 0.16% Anora total # of shares 67,553,624 MANAGEMENT REMUNERATION EUR million 2022 2021 CEO Salaries and other short-term employee benefits 0.5 0.4 Performance bonus and the bonuses from long-term incentive plan 0,7 0.5 Pension benefits 0,1 0.1 TOTAL 1,3 1.0 Members of the Executive Management Team (CEO not included) Salaries and other short-term employee benefits 1,8 2.2 Bonuses from long term incentive plan 0,6 0.0 Pension benefits 0,3 0.3 TOTAL 2,7 2.6 Members and deputy members of the Board of Directors 0,6 0.4 No monetary loans have been granted to the CEO or the members of the Board of Directors, nor any collaterals or commitments granted on their behalf. The retirement age of the CEO of the parent company is 63 years",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-615": {
"value": "6.3. RELATED PARTY TRANSACTIONS The Company's related parties include the subsidiaries, associated companies, joint ventures and joint operations. The subsidiaries are presented in Note 5.3 and associated companies, joint ventures and joint operations in Note 5.4. Related party transactions include such operations that are not eliminated in the Group\u00b4s consolidated financial statements. Related party also include the Board of Directors, the CEO, the members of the Executive Management Team and their family members as well as entities controlled or jointly controlled by these persons. Also, entities that are controlled or jointly controlled by, or are associates of the State, are related parties of Anora. Anora has applied the exemption to report only material transactions with the government related entities. Transactions with related parties are entered into on market terms. Anora has related party transactions on a continuous basis with its major customer Alko. Transactions with Alko have been presented below under Other companies considered related parties . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-616": {
"value": "MANAGEMENT'S SHAREHOLDINGS # of shares on 31 Dec 2022 Pekka Tennil\u00e4 CEO 32,604 Sigmund Toth CFO 14,057 Janne Halttunen SVP, Wines 9,300 Kirsi Lehtola CHRO 5,100 Kirsi Puntila SVP, international 6,666 Henrik Bodek\u00e6r Thomsen SVP, Spirits 258 Hannu Tuominen SVP, Anora Industrial 9,600 TOTAL 77,585 % of total shares 0.11% BOARD OF DIRECTOR'S SHAREHOLDINGS # of shares on 31 Dec 2022 Michael Holm Johansen Chairman 80,000 Sanna Suvanto-Harsaae Vice Chairman 3,908 Kirsten \u00c6gidius Member 2,440 Ingeborg Fl\u00f8nes Member 1,900 Christer Kjos Member Annareetta Lumme-Timonen Member Jyrki M\u00e4ki-Kala Member 1,232 Torsten Steenholt Member 20,000 Arne Larsen Member Jussi Mikkola Member 100 TOTAL 109,580 % of total shares 0.16% Anora total # of shares 67,553,624 ",
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"entity": "scheme:52990007AXNSS4PNX352",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-617": {
"value": "6.4. SHARE-BASED PAYMENTS The Group has share based incentive plans which are settled in shares and in cash. The granted shares are measured at fair value at the grant date and are recognized as personnel expenses over the vesting period with corresponding increase in equity. Non-market conditions are not included in fair value of share- based instruments but in the number of instruments that are expected to vest. At each reporting period closing date, the estimates about number of instruments are revised and the impact is recognized in income statement. also share based payments to be paid in cash are classified as paid equity and recognized in equity measured at fair value at grant date. The Board of Directors of Anora Group Plc has decided on the establishment of a new share-based long-term incentive scheme for the company\u2019s management and selected key employees. The incentive scheme comprises a Performance Share Plan (also PSP) as well as a share-based bridge plan to cover the transition period into the integrated business operations of Anora Group (the Bridge Plan) for the top management and other key employees. The long-term incentive scheme, in addition, comprises a Restricted Share Plan (also RSP) as a complementary long-term share-based retention plan for individually selected key employees in specific situations. The objectives of the share-based long-term incentive scheme are to align the interests of Anora Group\u2019 management and key employees with those of the company\u2019s shareholders and, thus, to promote shareholder value creation in the long term, to commit management and key employees to achieving Anora Group\u2019s strategic targets and the retention of Anora Group\u2019s key resources. Performance Share Plan The Performance Share Plan consists of annually commencing individual performance share plans, each with a three-year performance period, followed by the payment of the potential share rewards. The potential share rewards are paid in listed shares of Anora Group. The commencement of each new plan is subject to a separate decision of Anora Group\u2019s Board of Directors. The first plan, PSP 2022 \u2013 2024, commences effective as of the beginning of 2022 and the share rewards payable thereunder will be paid during H1 2025. The payment of the rewards is conditional on the achievement of the performance targets which the Board of Directors has set for the plan. The performance measures based on which the potential share reward under PSP 2022 - 2024 will be paid are revenue growth, earnings per share (EPS), the relative total shareholder return of the Company\u2019s share and a measure linked to the reduction of CO 2 emissions. Eligible for participation in PSP 2022\u20132024 are approximately 65 individuals, including the members of Anora Group\u2019s Executive Management Team. If all the performance targets set for the first plan, PSP 2022 \u2013 2024, are fully achieved, the aggregate maximum number of shares to be paid based on this plan is approximately 520,000 shares (referring to gross earning before the withholding of the applicable payroll tax). The estimated aggregate gross value of this first plan, based on the current value of Anora Group's share, is approximately EUR 4.1 million. The materialized value of the plan may deviate from this estimate as a result of share price development and the degree to which the performance targets set for the plan are achieved. Bridge Plan for the years 2022\u20132023 The Bridge Plan is established to cover specific incentive and retention needs during the transaction related transition period during which the joint businesses of Altia Plc and Arcus ASA are integrated in connection with the formation of Anora Group. The Bridge Plan is a one-off plan commencing effective as of the beginning of 2022 and its performance period covers the years 2022-2023. The potential share rewards payable based on the Bridge Plan will be paid in listed shares of Anora Group during H1 2024. The payment of the share rewards is conditional on the achievement of the performance targets which the Board of Directors has set for the plan. The performance measures set for the Bridge Plan are the same as those applied to PSP 2022\u20132024 except for the difference resulting from a shorter performance period. Eligible for participation in the Bridge Plan are approximately 40 individuals, including the members of Anora Group\u2019s Executive Management Team. If all the performance targets set for the Bridge Plan are fully achieved, the aggregate maximum number of shares to be paid based on this plan is approximately 265,000 shares (referring to gross earning before the withholding of the applicable payroll tax) . Restricted Share Plan The Restricted Share Plan consists of annually commencing individual restricted share plans. Each plan comprises a restriction period with an overall length of three years, extending to H1 the fourth year of the individual plan. During the plan period the company may grant fixed share rewards to individually selected key employees. The granted share rewards are paid to the selected participants in one or several tranches latest by the end of the restriction period. The share rewards are paid in listed shares of Anora Group. The commencement of each new plan is subject to a separate decision of Anora Group\u2019s Board of Directors. The first plan, RSP 2022-2024, commences effective as of the beginning of 2022 The aggregate maximum number of shares payable as a reward based on RSP 2022-2024 is 52,000 shares (referring to gross earning before the withholding of the applicable payroll tax). The estimated aggregate gross value of this first plan, based on the current value of the Company's share, is approximately EUR 0.4 million. The materialized value of the plan may deviate from this estimate as a result of share price development and the amount of share grants made within the plan. No share rewards regarding the RSP plan have granted 2022. Other terms The value of the reward payable to participants based on the plans is limited by a share price development-based cutter. If the individual\u2019s employment with Anora Group terminates before the payment of the reward, the individual is, as a main rule, not entitled to any reward based on the respective plan . ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-618": {
"value": "6.4. SHARE-BASED PAYMENTS The Group has share based incentive plans which are settled in shares and in cash. The granted shares are measured at fair value at the grant date and are recognized as personnel expenses over the vesting period with corresponding increase in equity. Non-market conditions are not included in fair value of share- based instruments but in the number of instruments that are expected to vest. At each reporting period closing date, the estimates about number of instruments are revised and the impact is recognized in income statement. also share based payments to be paid in cash are classified as paid equity and recognized in equity measured at fair value at grant date. The Board of Directors of Anora Group Plc has decided on the establishment of a new share-based long-term incentive scheme for the company\u2019s management and selected key employees. The incentive scheme comprises a Performance Share Plan (also PSP) as well as a share-based bridge plan to cover the transition period into the integrated business operations of Anora Group (the Bridge Plan) for the top management and other key employees. The long-term incentive scheme, in addition, comprises a Restricted Share Plan (also RSP) as a complementary long-term share-based retention plan for individually selected key employees in specific situations. The objectives of the share-based long-term incentive scheme are to align the interests of Anora Group\u2019 management and key employees with those of the company\u2019s shareholders and, thus, to promote shareholder value creation in the long term, to commit management and key employees to achieving Anora Group\u2019s strategic targets and the retention of Anora Group\u2019s key resources. Performance Share Plan The Performance Share Plan consists of annually commencing individual performance share plans, each with a three-year performance period, followed by the payment of the potential share rewards. The potential share rewards are paid in listed shares of Anora Group. The commencement of each new plan is subject to a separate decision of Anora Group\u2019s Board of Directors. The first plan, PSP 2022 \u2013 2024, commences effective as of the beginning of 2022 and the share rewards payable thereunder will be paid during H1 2025. The payment of the rewards is conditional on the achievement of the performance targets which the Board of Directors has set for the plan. The performance measures based on which the potential share reward under PSP 2022 - 2024 will be paid are revenue growth, earnings per share (EPS), the relative total shareholder return of the Company\u2019s share and a measure linked to the reduction of CO 2 emissions. Eligible for participation in PSP 2022\u20132024 are approximately 65 individuals, including the members of Anora Group\u2019s Executive Management Team. If all the performance targets set for the first plan, PSP 2022 \u2013 2024, are fully achieved, the aggregate maximum number of shares to be paid based on this plan is approximately 520,000 shares (referring to gross earning before the withholding of the applicable payroll tax). The estimated aggregate gross value of this first plan, based on the current value of Anora Group's share, is approximately EUR 4.1 million. The materialized value of the plan may deviate from this estimate as a result of share price development and the degree to which the performance targets set for the plan are achieved. Bridge Plan for the years 2022\u20132023 The Bridge Plan is established to cover specific incentive and retention needs during the transaction related transition period during which the joint businesses of Altia Plc and Arcus ASA are integrated in connection with the formation of Anora Group. The Bridge Plan is a one-off plan commencing effective as of the beginning of 2022 and its performance period covers the years 2022-2023. The potential share rewards payable based on the Bridge Plan will be paid in listed shares of Anora Group during H1 2024. The payment of the share rewards is conditional on the achievement of the performance targets which the Board of Directors has set for the plan. The performance measures set for the Bridge Plan are the same as those applied to PSP 2022\u20132024 except for the difference resulting from a shorter performance period. Eligible for participation in the Bridge Plan are approximately 40 individuals, including the members of Anora Group\u2019s Executive Management Team. If all the performance targets set for the Bridge Plan are fully achieved, the aggregate maximum number of shares to be paid based on this plan is approximately 265,000 shares (referring to gross earning before the withholding of the applicable payroll tax) . Plan Bridge Performance Share Plan 2022 Performance Share Plan 2022 Long-term incentive Plan 2019-2024 Long-term incentive Plan 2019-2024 Type share share share share Instrument Bridge Performance Share Plan 2022 Performance Share Plan 2022 Performance period 2020-2022 Performance period 2019-2021 Grant date 17.6.2022 17.6.2022 17.6.2022 28.2.2019 Beginning of earning period 1.1.2022 1.1.2022 1.1.2022 1.1.2019 End of the earning period 31.3.2023 31.3.2024 31.3.2022 31.12.2021 Vesting date 45,382 45,747 30.4.2022 31.1.2021 Vesting conditions Revenue, EPS, Relative TSR & ESG Revenue, EPS, Relative TSR & ESG Relative TSR and EPS Relative TSR and EPS Maximum contractual life, years 2.25 3.25 2.30 3.10 Remaining contractual life, years 1 2 0.30 0.10 Number of persons at the end of reporting year 38 38 38 16 Payment method Equity & Cash Equity & Cash Cash Cash Changes during period Bridge Performance Share Plan 2022 Performance Share Plan 2022 Performance period 2020-2022 Performance period 2019-2021 Outstanding in the beginning of the period 70,050 118,500 Changes during period Granted during the period 261,400 395,000 Forfeited during the period 9,600 14,600 Awarded 70,050 118,500 Outstanding at the end of the period 251,800 380,400 Valuation parameters for instruments granted during period Share price at grant, \u20ac 7.70 Share price at reporting period end, \u20ac 7.36 Expected dividends, \u20ac 1.24 Risk free rate, % 1.11 % Volatility,% 22.8 % Valuation model Monte Carlo Fair Value 31.12., \u20ac 2,013,308 EFFECT OF SHARE -BASED INCENTIVES ON THE RESULT: EUR thousand 2022 2021 Expenses for the financial year, share based payments paid in equity 0.6 Expenses for the financial year, share based payments paid in cash 1.6 Total 0.6 1.6 17 Annual Report 2022 Restricted Share Plan The Restricted Share Plan consists of annually commencing individual restricted share plans. Each plan comprises a restriction period with an overall length of three years, extending to H1 the fourth year of the individual plan. During the plan period the company may grant fixed share rewards to individually selected key employees. The granted share rewards are paid to the selected participants in one or several tranches latest by the end of the restriction period. The share rewards are paid in listed shares of Anora Group. The commencement of each new plan is subject to a separate decision of Anora Group\u2019s Board of Directors. The first plan, RSP 2022-2024, commences effective as of the beginning of 2022 The aggregate maximum number of shares payable as a reward based on RSP 2022-2024 is 52,000 shares (referring to gross earning before the withholding of the applicable payroll tax). The estimated aggregate gross value of this first plan, based on the current value of the Company's share, is approximately EUR 0.4 million. The materialized value of the plan may deviate from this estimate as a result of share price development and the amount of share grants made within the plan. No share rewards regarding the RSP plan have granted 2022. Other terms The value of the reward payable to participants based on the plans is limited by a share price development-based cutter. If the individual\u2019s employment with Anora Group terminates before the payment of the reward, the individual is, as a main rule, not entitled to any reward based on the respective plan . ",
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}