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"value": "The Consolidated Financial Statements of Scandinavian Tobacco Group have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union (EU) and additional Danish disclosure requirements for listed companies andfurther requirements in the Danish Financial Statements Act.RECOGNITION AND MEASUREMENTThe Consolidated Financial Statements have been pre- pared under the historical cost basis except when IFRS explicitly require the use of fair value. Danish kroner is the Group\u2019s presentation currency and the functional cur-rency of the parent company. The principal accounting policies set out below have been applied consistent- ly in the preparation of the Consolidated Financial State-ments for all the years presented.PRINCIPAL ACCOUNTING POLICIESThe Group\u2019s accounting policies are described in relationto the individual notes to the Consolidated Financial Statements. Considering all the accounting policies applied in the preparation of the Consolidated Financial Statements, Executive Management regards the followingas the most significant accounting policies for the recognition and measurement of reported amounts as well as relevant to an understanding of the Consolidated Financial Statements:\u2022 Gross profit (net sales and cost of goods sold) (note 2.1)\u2022 Income and deferred income taxes (note 2.6)\u2022 Intangible assets and property, plant and equipment including impairment (notes 3.1 and 3.2)\u2022 Inventories (note 3.4)IMPACT OF NEW ACCOUNTING STANDARDSBased on an assessment of new or amended andrevised accounting standards and interpretations(\u2018IFRS\u2019) issued by the International AccountingStandards Board (IASB) and IFRS endorsed by theEuropean Union effective on or after 1 January 2022, ithas been assessed that the application of these newIFRS has not had a material impact on the ConsolidatedFinancial Statements in 2022, and the Group doesnot anticipate any significant impact on future periodsfrom the adoption of these new IFRS. The Group hasadopted all new, amended and revised standards andinterpretations.NEW OR AMENDED IFRS THAT HAVE BEEN ISSUEDBUT HAVE NOT YET COME INTO EFFECT AND HAVENOT BEEN EARLY ADOPTEDThe IASB has issued a number of new or amended andrevised accounting standards and interpretations thathave not yet come into effect. It has been assessed thatthe application of these new IFRS will not have a materiaimpact on future reporting periods.SUBTOTALS AND ALTERNATIVE PERFORMANCE MEASURESIn the Annual Report the Group presents certain financiaperformance measures such as subtotals and key ratios which are not required or defined under IFRS. It is con-sidered that these alternative measures provide relevantsupplementary information for the stakeholders of the Group. Significant income and expenses which, by their nature, are assessed not to be related to the Group\u2019s coreperformance are presented in the Income statement in aseparate line item called \u2018Special items incl. impairment,net costs\u2019 in order to distinguish these items from other income statement items. Please refer to note 2.5 for moredetails on Special items. The Income statement includes the subtotals \u201cGross profit before special items\u201d, \u201cEarnings before interest, taxdepreciation, amortisation and special items (EBITDA before special items)\u201d, \u201cEarnings before interest, tax, am-ortisation and special items (EBITA before special items)\u201dand \u201cEarnings before interest, tax and special items (EBITbefore special items)\u201d as these are assessed to provide a more transparent and comparable view of the Group\u2019s recurring earnings. In note 2.5 it is disclosed how the line items in the Income statement would have been affectedif \u201cSpecial items\u201d had not been presented in a separate line item.For definitions of key ratios please refer to \u201cfive-year summary\u201d and note 5.8.Subsidiaries are all entities (including structured entities)which the Group controls. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entitiy. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associated companies. At consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company\u2019s investments in the consolidatedsubsidiaries are set off against the Parent Company\u2019sshare of the net asset value of subsidiaries stated at thetime of consolidation.On the acquisition of subsidiaries, the difference betweencost and net asset value of the enterprise acquired is determined at the date of acquisition after the individual assets and liabilities have been adjusted to fair value (the acquisition method). Transaction costs relating to the acquisition of subsidiaries are not included in the value ofthe acquired assets. All acquisition-related costs are ex-pensed in the period in which they incur. Any remaining positive differences are recognised as goodwill in intangi-ble assets in the balance sheet. Goodwill is not amortised,but instead tested for impairment on an annual basis andwhen there is an indication of impairment.Positive and negative differences from enterprisesacquired may, due to changes to the recognition andmeasurement of net assets, be adjusted until one yearfrom the acquisition date. These adjustments are alsoreflected in the value of goodwill.TRANSLATION POLICIESTransactions in foreign currencies are translated at theexchange rates at the dates of transaction. Gains andlosses arising due to differences between the transactiondate rates and the rates at the dates of paymentare recognised in financial income and expenses in theincome statement.Receivables, payables and other monetary items in for-eign currencies that have not been settled at thebalance sheet date are translated at the exchange ratesat the balance sheet date. Any differences between theexchange rates at the balance sheet date and the trans-action date rates are recognised in financial income and expenses in the income statement.Income statements of foreign subsidiaries and associatedcompanies are translated at transaction date ratesor approximated average exchange rates. Balance sheetitems are translated at the exchange rates at the balance sheet date. Exchange adjustments arising fromthe translation of the opening equity and exchangeadjustments arising from the translation of the incomestatements at the exchange rates at the balance sheetdate are recognised directly in equity.OTHER EXTERNAL COSTSOther external costs comprise expenses for premises,sales, marketing, distribution and bad debt allowanceas well as office expenses, fee to statutory auditor, etcOTHER INCOMEOther income consists mainly of items of a secondarynature to the core activities, including gains on the saleof intangible assets, property, plant and equipment.EQUITYProposed dividend is recognised as a liability at the time of approval by the general meeting. Dividend which is ex-pected to be distributed for the year is disclosed in note 4.5.The reserve for currency translation in the ConsolidatedFinancial Statements comprises foreign exchange differ-ences arising from translation of financial statements of foreign enterprises from their functional currencies tothe presentation currency of the Group (Danish kroner). When there is full or partial disposal of the net investmentthe foreign exchange adjustments are recognised in the income statement. The reserve for hedges includes the accumulated net change in the fair value of hedging transactions qualifyingfor hedge accounting.Cost of acquisition and proceeds from sale of treasury shares are recognised in reserve for treasury shares.Dividends received in relation to treasury shares arerecognised in retained earnings.CASH FLOW STATEMENTThe cash flow statement shows the Group\u2019s cash flowsfor the year broken down by operating, investing andfinancing activities, changes for the year in cash andcash equivalents as well as the Group\u2019s cash and cashequivalents at the beginning and end of the year.Cash flow from operating activities is determined asthe net profit/loss for the year adjusted for changes inworking capital and non-cash operating items such asdepreciation, amortisation and impairment losses andprovisions. Working capital comprises current assetsless current liabilities excluding items included in cashand cash equivalents, prepaid tax, assets classified asheld for sale, other provisions, lease liabilities andcorporate tax liabilities.Cash flow from investing activities comprises cash flows from addition and disposals of intangible assets, property, plant and equipment, fixed asset investments, acquisition of entities, as well as dividends from associated companies.Cash flow from financing activities comprises cashflows from repayment of lease liabilities, other financ-ing, the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalents comprises \u2018Cash at bankand in hand\u2019.The cash flow statement cannot be derived directlyfrom the Consolidated Financial Statements.REPORTING UNDER ESEF REGULATIONThe Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Reg-ulation) has introduced a single electronic reporting format for the annual reports of issuers with securitieslisted on the EU regulated markets.The single electronic reporting format combines a XHTML format with iXBRL tags, which makes the annual financial reports readable by both humans and machines, thus enhancing accessibility, analysis and comparability of the information included in the annual financial reports. The Group\u2019s iXBRL tags have been prepared in accor-dancewith the ESEF taxonomy, which is part of the ESEF Regulation and developed based on the IFRS taxonomy, published by the IFRS Foundation.The line items in the consolidated financial statement have been tagged to elements in the ESEF taxonomy. For financial statement line items, that are not directlydefined in the ESEF taxonomy, an extension to the tax-onomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The annual report submitted to the Danish Financial Supervisory Authority (The Officially Appointed Mecha-nisms) consists of the XHTML document together with thetechnical files, all included in the ZIP-file named; 5299003KG4JS99TRML67-2022-12-31-en.zip.When preparing the Group\u2019s Consolidated Financial Statements, Management makes various accountingestimates, judgements and assumptions which form thebasis of presentation, recognition and measurementof the Group\u2019s assets and liabilities. Accounting esti-mates and underlying assumptions are reviewed onan ongoing basis. In some circumstances a change inthe estimates may be necessary because of changes inthe underlying assumptions.ESTIMATION UNCERTAINTYDetermining the carrying amount of some assets andliabilities requires judgements, estimates and assump-tions concerning future events.The judgements, estimates and assumptions made arebased on historical experience and other factors whichManagement assesses to be reliable, but which by theirvery nature are associated with uncertainty and unpre-dictability. These assumptions may prove incomplete or incorrect, and unexpected events or circumstances may arise.The Group is also subject to risks and uncertaintieswhich may lead to actual results differing from theseestimates, both positively and negatively. Assumptionsabout the future and estimation uncertainty on thebalance sheet date are described in the notes if there isa significant risk of changes that could result in materialadjustments to the carrying amount of assets or liabili-ties within the next financial year.Executive Management regards the following areas toinclude the key accounting estimates and assumptionsused in the preparation of the Consolidated FinancialStatements:\u2022 Income and deferred income taxes (note 2.6)\u2022 Goodwill (note 3.1)\u2022 Trademarks (note 3.1)\u2022 Property, plant and equipment (note 3.2)\u2022 Inventories (note 3.4)\u2022 Pension obligations (note 3.9)\u2022 Business combinations (note 5.1)Please refer to the specific notes for further informationon the key accounting estimates and assumptionsapplied.DEFINING MATERIALITYThe Consolidated Financial Statements are a result ofprocessing large numbers of transactions and aggregat-ing those transactions into classes according to theirnature or function. When aggregated, the transactionsare presented in classes of similar items in the Consoli-dated Financial Statements. If a line item is not individually material, it is aggregated with other items of asimilar nature in the Consolidated Financial Statementsor in the notes. There are substantial disclosure require-ments throughout the IFRS. Management providesspecific disclosures required by the IFRS unless theinformation is considered immaterial to the economicdecisionmaking of the users of these financialstatements or not applicable.2022NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,778.0 3,193.9 2,790.3 - 8,762.2Cost of goods sold -1,679.8 -1,495.9 -1,279.2 - -4,454.9Gross profit before special items 1,098.2 1,698.0 1,511.1 - 4,307.3Staff and other external costs -695.0 -472.2 -739.0 -131.1 -2,037.3Other income - - - - EBITDA before special items 403.2 1,225.8 772.1 -131.1 2,270.0Depreciation and impairment - - - -183.8 -183.8Amortisation and impairment - - - -168.5 -168.5EBIT before special items - - - -483.4 1,917.7Special items incl. impairment, net costs - - - 35.3 35.3EBIT - - - -448.1 1,953.0Share of profit of associatedcompanies, net of tax - - - 40.4 40.4Financial income - - - 197.3 197.3Financial costs - - - -334.2 -334.2Profit before tax - - - -544.6 1,856.5NET SALES PER DIVISION (DKK million) NET SALES PER REGION (DKK million)2022202220212021 North America Online & Retail 2,778 Americas 4,715 North America Branded & RoW 3,194 Europe 3,418 Europe Branded 2,790 Rest of world 6292021NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,620.4 2,877.2 2,735.1 - 8,232.7Cost of goods sold -1,570.2 -1,315.0 -1,234.4 - -4,119.6Gross profit before special items 1,050.2 1,562.2 1,500.7 - 4,113.1Staff and other external costs -580.6 -458.1 -746.3 -126.3 -1,911.3Other income - 31.0 - - 31.0EBITDA before special items 469.6 1,135.1 754.4 -126.3 2,232.8Depreciation and impairment - - - -202.7 -202.7Amortisation and impairment - - - -161.2 -161.2EBIT before special items - - - -490.2 1,868.9Special items incl. impairment, net costs - - - -54.7 -54.7EBIT - - - 544.9 1,814.2Share of profit of associatedcompanies, net of tax - - - 31.5 31.5Financial income - - - 75.0 75.0Financial costs - - - -152.2 -152.2Profit before tax - - - 590.6 1,768.5DKK million 2022 2021Category split, net sales Handmade cigars 3,302.2 3,035.0Machine-rolled cigars 3,009.8 2,918.9Smoking tobacco 1,279.5 1,206.2Accessories and Contract Manufacturing 1,170.7 1,072.6Total net sales 8,762.2 8,232.7Licence income and other sales of DKK 64.5 million (DKK 50.1 million) are included in the category \u02bbAccessories andContract Manufacturing\u02bc.DKK million 2022 2021Geographical split, net salesAmericas 4,715.3 4,328.2Europe 3,418.2 3,445.4Rest of world 628.7 459.1Total net sales 8,762.2 8,232.7GEOGRAPHIC INFORMATIONIn the table above, sales to external customers areattributable to the country of the customers\u2019 domicile,and in the table non-current assets are based on thecountry of the entities\u2019 domicile.The Group is domiciled in Denmark. Net sales fromexternal customers in Denmark amount to DKK 166.5million (DKK 183.1 million), and net sales from externalcustomers outside Denmark amount to DKK 8,595.7million (DKK 8,049.6 million). Individual, materialcountry (>10% of total net sales) are the US DKK 4,27million (DKK 3,937.1 million).Individual, material countries (>10% of total non-currassets) are the US DKK 4,627.4 million (DKK 4,153.4million) and the Netherlands DKK 2,898.6 million (DKK2,928.0 million). DKK million 2022 20211Non-current assetsDenmark 1,847.9 1,809.9Americas 4,873.0 4,394.3Europe 3,883.5 3,867.7Rest of world 48.9 58.3Total non-current assets 10,653.3 10,130.21. Non-current assets other than deferred income tax.Net SalesThe Group derives revenue from the transfer of goods at a point in time. Revenue is measured at the fair value of the consideration received or receivable and is recognised exclusive of VAT, excise and net of discounts/rebates relating to the sale.Revenue from our retail activities includes excise. Revenue from external customers come from the sale of goods on the basis of wholesale, retail, online & catalogue and business to business.Revenue from the sale of goods is recognised in the incomestatement when the control of the goods has been transferredto the customer.The Group does not have any contracts where the period be-tween the transfer of the goods to the customer and paymentby the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for thetime value of money.Cost of Goods SoldCost of goods sold comprises costs incurred to achieverevenue for the year. Cost comprises raw materials, consum-ables, direct labour costs and indirect production costs such asmaintenance as well as operation, administration andmanagement of factories.SegmentsThe segment reporting is prepared in a manner consistent with the Group\u2019s internal management and reporting struc-ture, thus our reportable segments are equal to our three commercial divisions, which are generally managed based ongeographical areas combined with type of sales/customers. Segment performance is evaluated on the basis of EBITDA before special items consistent with the Consolidated FinancialStatements.The Executive Board is considered to be the chief operatingdecision maker.Division North America Online & Retail includes direct toconsumer sales of all product categories sold via the online,catalogue and retail channel in North America.Division North America Branded & Rest of World includes sales of all product categories to wholesalers and distributorsthat supply retail in the US, Canada, Australia, New Zealand, International Sales (Norway, Finland, Switzerland and Israel),Asia, Global Travel Retail and contract manufacturingfor third parties.Division Europe Branded includes sales of all product categories to wholesalers and distributors that supply retail inGermany, Denmark, Sweden, France, Italy, Belgium, the Neth-erlands, Luxembourg, Spain, Portugal, as well as the UKand Ireland.Operating expenses that are not directly inherent in the divi-sions are to some extent allocated to the divisions based onallocation keys defined by activities or other relevant compo-nents. Certain costs relating to Group functions are managed on Group level. These items are not included in the reportabledivisions and therefore reported as \u02bbGroup costs\u02bc.Depreciation, amortisation, impairment costs, special items, share of profit of associated companies, net of tax and finan-cial items are not allocated to the different segments.No operating segments have been aggregated to form thereported business segments.No assets and liabilities are allocated to segments in theinternal reporting.DKK million 2022 2021Wages and salaries 1,449.3 1,384.7Pensions - defined contribution plans 57.3 59.5Pensions - defined benefit plans 12.9 13.5Social security costs 168.8 167.5Total staff costs for the year 1,688.3 1,625.2Staff cost included in intangible assets -5.2 -2.0Change in employee costs included in inventories 12.8 2.3Total staff costs expensed to the income statement 1,695.8 1,625.5DKK million 2022 2021Included in the income statement:Cost of goods sold 784.9 767.1Staff costs 910.9 858.4Total included in the income statement 1,695.8 1,625.5Average number of employees in the Group 10,098 10,275EMPLOYEES PER REGION (%)20222021 Americas 54% Europe 16% Rest of world 30%REMUNERATION OF THE BOARD OF DIRECTORSAND EXECUTIVE BOARDTotal fees to the Board of Directors and Executive Boardamounted to DKK 51.8 million (DKK 64.4 million).Executive BoardThe members of the Executive Management are subjecto a notice period of 12-24 months and other ExecutiveBoard members to 6-12 months notice.Remuneration of the members of the Executive Man-agementcomplies with the principles of the Company\u2019sRemuneration Policy.For the year 2022, the total cost of remuneration for theExecutive Board amounts to DKK 45.3 million (DKK 56.7million).Staff costs comprise wages and salaries as well as payrollexpenses other than production wages, and staff costs capitalisted on assets.EXECUTIVE BOARD 2022ExtraordinaryremunerationShare-basedSalary and/stay-on andincentiveDKK millionbenefits Bonus Pensionloyalty bonusprogramme TotaNiels Frederiksen 7.6 0.1 - 2.0 6.6 16.3Marianne R\u00f8rslev Bock 4.7 0.0 - - 3.0 7.7Total Executive Management 12.3 0.1 - 2.0 9.6 24.0Other key management 14.6 0.2 1.3 - 5.2 21.3Total Executive Board 26.9 0.3 1.3 2.0 14.8 45.3EXECUTIVE BOARD 2021ExtraordinaryremunerationShare-basedSalary and/stay-on andincentiveDKK millionbenefits Bonus Pensionloyalty bonusprogramme TotaNiels Frederiksen 7.6 3.7 - 2.0 6.9 20.2Marianne R\u00f8rslev Bock 4.6 2.2 - - 3.0 9.8Total Executive Management 12.2 5.9 - 2.0 9.9 30.0Other key management 13.7 7.7 1.1 - 4.2 26.7Total Executive Board 25.9 13.6 1.1 2.0 14.1 56.7BOARD OF DIRECTORSMembers of the Board of Directors receive fixed annualfees. Remuneration of the members of the Board of Di-rectors may not include any incentive element. Ordinarymembers receive a fixed annual fee while the Chairmanreceives multiples thereof. Board members who are also members of a board committee as chairperson or ordinary committee member receive an additional fixedfee reflecting the additional work and responsibility thafollows from being on a committee.In 2022, members of the Board of Directors and the board committees received fixed annual fees in the aggregate amount of DKK 6.4 million (DKK 7.2 million)DKK 0.2 million (DKK 0.5 million) was paid during 2022related to social security taxes and similar taxes im-posed by non-Danish authorities in relation to theremuneration.BOARD OF DIRECTORSJoined theLeft theDKK thousand PositionBoardBoard Board Committees Other TotaHenrik Brandt Chairman Apr 2017 1,210 192-1,402Nigel Northridge Chairman Apr 2016 Mar 2022 330 56-386Marlene Forsell Board member Apr 2019 440 330-770Dianne Neal Blixt Board member Feb 2016 440 247-687Luc Missorten Board member Feb 2016 Mar 2022 110 69-179Anders Obel Board member Apr 2018 440 124-564Claus Gregersen Board member Apr 2019 440 110-550Henrik Amsinck Board member Apr 2021 440 -55495Hanne Malling Employee-elected Oct 2010 440 --440Lindy Larsen Employee-elected Jul 2016 440 --440Mogens Olsen Employee-elected Jul 2017 440 --440Total 2022 5,170 1,128556,353Total 2021 6,033 1,210-7,243Social security taxes and similar taxesIn addition to the above remuneration to the Board of Directors, the Company may pay social security taxes and similataxes imposed by non-Danish authorities in relation to the remuneration. In 2022 the Company paid DKK 192 thousandcompared to DKK 464 thousand in 2021.VALUE OF THE PROGRAMMES AND IMPACT ON THE INCOME STATEMENTLTIP 2019 LTIP 2020 LTIP 2021 LTIP 2022Total PSUs granted 168,720 158,684 96,719 93,458Fair value of PSUs expected to vest at grant date, DKK million 10.8 12.6 10.6 13.0Fair value of PSUs expected to vest at 31 December 2022, DKK million - 22.9 11.9 13.7Recognised in the income statement in 2022, DKK million* - 14.4 5.2 3.4Not yet recognised in respect of PSUs expected to vest, DKK million - - 3.8 8.5* DKK 23.0 million (DKK 23.7 million) was recognised in staff costs.Executive BoardLTIP 2019NielsMarianneOther KeySenior(number of PSUs)FrederiksenR\u00f8rslev BockManagementManagement TotaBOCKOutstanding at 1 January 2021 38,944 16,146 54,367 35,927 145,384Transferred - - 4,628 -4,628 Granted 2,149 891 3,255 1,729 8,024Adjustment 41,093 17,037 62,250 33,028 153,408Outstanding at 31 December 2021 82,186 34,074 124,500 66,056 306,816Outstanding at 1 January 2022 82,186 34,074 124,500 66,056 306,816Vested -82,186 -34,074 -124,500 -66,056 -306,816Outstanding at 31 December 2022 - - - - Executive BoardLTIP 2020NielsMarianneOther KeySenior(number of PSUs)FrederiksenR\u00f8rslev BockManagementManagement TotaBOCKOutstanding at 1 January 2021 35,592 16,028 38,801 39,546 129,967Transferred - - 3,131 -3,131 Granted 1,964 884 2,314 2,013 7,175Cancelled - - - -398 -398Outstanding at 31 December 2021 37,556 16,912 44,246 38,030 136,744Outstanding at 1 January 2022 37,556 16,912 44,246 38,030 136,744Granted 2,027 913 2,387 2,053 7,380Adjustment 24,146 10,873 28,446 24,451 87,916Outstanding at 31 December 2022 63,729 28,698 75,079 64,534 232,040Executive BoardLTIP 2021NielsMarianneOther KeySenior(number of PSUs)FrederiksenR\u00f8rslev BockManagementManagement TotaBOCKOutstanding at 1 January 2021 - - - - -Granted 25,115 11,337 27,420 27,930 91,802Cancelled - - - -715 -715Outstanding at 31 December 2021 25,115 11,337 27,420 27,215 91,087Outstanding at 1 January 2022 25,115 11,337 27,420 27,215 91,087Granted 1,356 612 1,480 1,469 4,917Outstanding at 31 December 2022 26,471 11,949 28,900 28,684 96,004Executive BoardLTIP 2022NielsMarianneOther KeySenior(number of PSUs)FrederiksenR\u00f8rslev BockManagementManagement TotaOutstanding at 1 January 2022 - - - - Granted 25,215 12,158 26,627 29,458 93,458Outstanding at 31 December 2022 25,215 12,158 26,627 29,458 93,458All of the outstanding PSUs at 31 December 2022 are hedged by treasury shares.Scandinavian Tobacco Group operates a number of equity-settled, share-based compensation plans.The value of services received in exchange for grantedperformance-based share units (PSUs) is measured at fair val-ue at the grant date and recognised in the income statementunder staff costs over the vesting period with a correspondingincrease in equity.The fair value of granted PSUs is measured at the share priceat grant date.On initial recognition, an estimate is made of the number ofPSUs expected to vest. The estimated number is subsequentlyrevised for changes in the number of PSUs expected to vestdue to non-market based vesting conditions.Share-based incentive programmesScandinavian Tobacco Group has a long-term incentiveprogramme (LTIP) for members of the Executive Boardand members of senior management.Upon vesting, each PSU entitles the holder to receive oneshare in Scandinavian Tobacco Group at no cost. The actual number of shares vesting may range between 0 and200% of the grant and is determined by a service period of 3years and the achievement of certain performance indicatorswhich for LTIP 2019, LTIP 2020 and LTIP 2021 are organic EBITDA growth and cash conversion and for LTIP 2022 organicEBITDA growth, ROIC growth, EPS growth and ESG scorecard.In March 2022, PSUs granted under the LTIP 2019 were vestedand the participants received shares in Scandinavian TobaccoGroup A/S at no cost. The shares received corresponded to200% of the grant, based on the actual achieved performanceConsequently the programme has lapsed.Under the LTIP programme, new PSUs were granted to participants in 2022. This was the seventh grant following theIPO in 2016.Prior to vesting, holders of PSUs are not entitled to any of therights which shareholders hold, except from the right todividends which will be converted into additional PSUs (bothordinary and extraordinary dividends).APPLIED ASSUMPTIONS AT THE TIME OF GRANTLTIP 2022 LTIP 2021 LTIP 2020 LTIP 201978.65/78.80Share price (DKK) 146.9 122.70 94.8080.40At theAdditionsDisposalsMarkebeginning ofduring theduring theAt the endvalue1 DKKManagement\u2019s Holdings of Sharesthe yearyearyearof the yearmillionHenrik Brandt112,670 -- 112,670 13.8Marlene Forsell3,250- - 3,250 0.4Dianne Neal Blixt1,700 -- 1,700 0.2Anders Obel20,270 --11,700 8,570 1.0Claus Gregersen15,928- - 15,928 1.9Henrik Amsinck500500 - 1,000 0.1Lindy Larsen242 -- 242 0.0Hanne Malling250 -- 250 0.0Mogens Olsen3,450 -- 3,450 0.4Board of Directors in total 158,260 500 -11,700 147,060 17.8Niels Frederiksen 180,450 82,186 -262,636 32.1Marianne R\u00f8rslev Bock 8,600 34,074 -42,674 5.2Sarah Santos 5,877 8,392 -14,269 1.7Hanne Berg 5,128 8,316 -8,4055,039 0.6Yulia Lyusina - 1,850 -1,850 0.2Jurjan Klep 11,030 7,830 -18,860 2.3R\u00e9gis Broersma 12,760 3,170 -15,930 1.9Graham Cunningham - 7,182 -7,182 0.9Executive Board in total 223,845 153,000 -8,405368,440 44.9Total Board of Directors and Executive Board 382,105 153,500 -20,105515,500 62.71) Calculation of market value is based on the quoted share price of DKK 122.10 at the end of the year.Special items are used in connection with the presentation oprofit or loss for the year to distinguish consolidated EBITDAand EBIT from special items, which by their nature are notrelated to the Group\u2019s core performance.Special items are by nature of a significant character andcomprise restructuring costs from larger structural and M&areorganisations, M&A transaction costs, impairment losses,gains or losses from sale of assets and other non-recurringitems.DKK million 2022 2021Integration and transactions costs (Agio Cigars) 13.3 22.1Fuelling the Growth programme 1.1 1.7Production footprint, incl. sale of building -118.0 13.9OneProcess 68.3 19.4Impairment intangible assets - 58.5Reversal of impairments - -60.9Total special items incl. impairment, net costs -35.3 54.7DKK million 2022 2021Specified by line items in the consolidated income statementCost of goods sold 35.5 24.7Other income -139.3 -18.3Other external costs 53.6 39.8Staff costs 14.9 10.9Depreciation and impairment - -60.9Amortisation and impairment - 58.5Total special items incl. impairment, net costs -35.3 54.7DKK million 2022 2021Tax expenseCurrent income tax 406.8 332.7Deferred income tax -1.3 51.4Total 405.5 384.1Tax is allocated as followsTax in the income statement 380.2 377.9Tax in equity - share-based payments -2.9 -0.7Tax on other comprehensive income related toHedging instruments 1.9 2.2Actuarial gains and losses on pension obligations 26.3 4.7Total 405.5 384.1Income tax receivable/payable (net) - in the balance sheetCorporate tax receivables 21.4 69.5Corporate tax payables 207.4 102.4Total (net) 186.0 32.9DKK million 2022 2021Income tax receivable/payable (net)Balance at 1 January 32.9 64.5Currency adjustments -0.1 9.9Prior-year tax adjustment 11.8 37.7Tax paid on account in current year -301.4 -331.6Received regarding previous years 88.5 63.9Paid regarding previous years -40.7 -106.5Current income tax 395.0 295.0Balance at 31 December 186.0 32.9Deferred tax (net) \u2013 in the balance sheetDeferred income tax assets 104.6 130.2Deferred income tax liabilities 673.5 698.9Deferred income tax liabilities (net) 568.9 568.7Deferred tax (net)Balance 1 January 568.7 498.9Currency adjustments 1.5 1.1Acquisition of entities - 17.3Change in deferred tax charge -1.3 51.4Balance at 31 December 568.9 568.7Breakdown of deferred income tax liabilities (net)Intangible assets 733.9 725.8Property, plant and equipment 19.6 26.0Inventories -49.0 -44.4Receivables -3.3 -3.5Pensions -35.9 -60.2Other liabilities -20.8 -24.3Tax losses to be carried forward -35.4 -28.5Other -40.2 -22.2Total (net) 568.9 568.7DKK million 2022 2021Breakdown of tax in the income statementTax calculated at 22.0% of profit before tax 408.4 389.1Tax according to income statement 380.2 377.9Variance -28.2 -11.2Tax effect ofNon-deductable costs 7.2 8.0Income from associated companies -8.9 -6.9Non-taxable income -16.4 -0.7Prior-year adjustments -5.3 7.6Other tax percentages 5.2 -4.9Effect of enacted changes of tax rates* 0.6 12.7Other -10.6 -27.0Total -28.2 -11.2* Effect of enacted change of tax rates in 2021 related to the Dutch corporate tax rate which late December 2021 was eneacted to increase to 25.8% with effect from 1 Janaury 2022. At 31 December 2022 the Group has no unrecognised tax assets (DKK 0.0 million).UNCERTAIN TAX POSITIONSAs an international business the Group is exposed touncertain tax positions and changes in legislation in thejurisdictions in which it operates. The Group\u2019s uncertaintax positions relate to cross-border transfer pricing,interpretation of new or complex tax legislation and taxarising on the valuation of assets. The assessment ofuncertain tax positions is subjective and significantmanagement judgement is required. This judgement isbased on interpretation of legislation, managementexperience and professional advice.Uncertain tax positions are considered separately andthe most likely amount is the basis for the calculatedprovision. The judgements, methods and assumptionsare unchanged from the previous year.Provisions arising from uncertain tax positions reflectedin the calculation of tax assets and liabilities areincluded in current corporate tax liabilities.It is possible that amounts paid will be different fromthe amounts provided.Income taxesThe tax expense for the period comprises current and deferredtax including adjustments to previous years and changes inliability for uncertain tax positions. Tax is recognised in theincome statement, except to the extent that it relates to itemsrecognised in other comprehensive income.Any changes in deferred tax due to changes in tax rates arerecognised in the income statement or in other comprehensiveincome depending on the original recognition.Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in thebalance sheet at the amount calculated on the basis of theexpected taxable income for the year and prior yearadjustments. Tax receivables and liabilities are offset if there isa legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differ-ences between the carrying amount and the tax base of assetsand liabilities.Deferred tax is measured on the basis of the tax rules and taxrates that will be effective under the legislation at the balancesheet date when the deferred tax is expected to crystallise ascurrent tax. In cases where the computation of the tax basemay be made according to alternative tax rules, deferred tax ismeasured on the basis of the intended use of the asset andsettlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss car-ryforwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Management has made estimates in determining the liabilitiesfor uncertain tax positions, deferred tax assets and deferred tax liabilities and the extent to which deferred tax assets arerecognised. The Group recognises only deferred tax assets ifthese tax assets can be offset against positive taxable income in the foreseeable future. The estimates are made on the basisof business plans for the forthcoming years.2022Other Intangible Trade-intangibleassets under DKK million Goodwillmarks IT softwareassetsconstruction* TotaAccumulated cost at 1 January 5,143.4 4,705.8 401.6 472.7 54.7 10,778.2Exchange rate adjustment 178.2 74.2 4.9 13.2 0.1 270.6Acquisition 10.8 - - - - 10.8Additions - 17.6 0.4 0.1 107.3 125.4Disposals - - -14.9 -0.6 -1.3 -16.8Transfers - - 35.4 - -35.4 Accumulated cost at 31 December 5,332.4 4,797.6 427.4 485.4 125.4 11,168.2Accumulated amortisation and impairment at 1 January 0.9 1,661.2 367.9 253.8 - 2,283.8Exchange rate adjustment - 30.5 4.5 5.6 - 40.6Amortisation - 118.3 19.2 31.0 - 168.5Impairment - - - - - Disposals - - -14.7 -0.1 - -14.8Accumulated amortisation and impairment at 31 December 0.9 1,810.0 376.9 290.3 - 2,478.1Carrying amount at 31 December 5,331.5 2,987.6 50.5 195.1 125.4 8,690.1* By the end of 2022 capitalised internal resources amounts to DKK 7.2 million (DKK 2.0 million).Impairment of intangible assetsThe carrying amounts of intangible assets are reviewed on anannual basis to determine whether there is any indication ofimpairment other than that expressed by amortisation. If so,an impairment test is carried out to determine whether therecoverable amount is lower than the carrying amount and theasset is written down to its lower recoverable amount. The impairment test includes significant judgments made byManagement, such as assumption of projected future cashflows used in the valuation of the intangible assets. Futureevents could cause Management to conclude that impairmentindicators exist and that intangible assets are impaired. Anyresulting impairment loss could have a material impact on thefinancial condition and on the result of operations.2021Other Intangible Trade-intangibleassets under DKK million Goodwillmarks IT softwareassets construction TotaAccumulated cost at 1 January 4,896.0 4,523.0 387.1 462.9 34.5 10,303.5Exchange rate adjustment 236.5 107.0 6.5 16.2 0.8 367.0Acquisition 10.9 75.8 0.1 0.7 - 87.5Additions - - 2.1 - 26.7 28.8Disposals - - -1.5 -7.1 - -8.6Transfers - - 7.3 - -7.3 Accumulated cost at 31 December 5,143.4 4,705.8 401.6 472.7 54.7 10,778.2Accumulated amortisation and impairment at 1 January 0.9 1,455.5 343.7 223.7 - 2,023.8Exchange rate adjustment - 35.0 6.0 6.8 - 47.8Amortisation - 112.2 18.9 29.9 - 161.0Impairment - 58.5 0.2 - - 58.7Disposals - - -0.9 -6.6 - -7.5Accumulated amortisation and impairment at 31 December 0.9 1,661.2 367.9 253.8 - 2,283.8Carrying amount at 31 December 5,142.5 3,044.6 33.7 218.9 54.7 8,494.4GoodwillGoodwill represents any cost in excess of identifiable net assets, measured at fair value, in the acquired company. Goodwill is valuedat acquisition value less any accumulated impairment losses. Good-will is tested annually, or upon indication, for impairment.TrademarksTrademarks are measured at cost less accumulated amortisation and less any accumulated impairment losses. Strategic trademarkswith indefinite lives are not amortised, but are reviewed annually for impairment. Strategic trademarks are defined as trademarks of asizeable significance measured on contribution and the trade-marks potential to grow across geographies. Other trademarks are amortised on a straight-line basis over the estimated useful lives determined on the basis of Management\u2019s experience with the individual trademarks. The amortisation period is typically in the range of 5\u201325 years.IT softwareIT software is measured at cost less accumulated amortisation and less any accumulated impairment losses. Cost comprises payments for the IT software and other directly attributable expenses of prepar-ing the software for its intended use. Amortisation is calculated on a straight-line basis over the expected useful lives of the assets, which are 5-10 years.Other intangible assets Other intangible assets are measured at cost less accumulated amor-tisation and less any accumulated impairment losses. Amortisation iscalculated on a straight-line basis over the expected useful lives of theassets, which are 5\u201320 years.Intangible assets under constructionIntangible assets under construction comprise IT software in progressand are measured at cost less any accumulated impairment losses. Cost comprises payments for the IT software and other directly attributable expenses of preparing the IT software for its intended use. When the IT software is finalised, it is amortised on a straight-linebasis as IT software. GOODWILLThe main part of the Group\u2019s goodwill is attributable tothe merger between Scandinavian Tobacco Group andSwedish Match in 2010, and the subsequent acquisitionsof Lane Ltd. (2011), Verellen N.V. (2014), ThompsonCigar (2018), Agio Cigars (2020) and Moderno Opificio del Sigaro Italiano (2021).Goodwill is tested for impairment annually and whenevethere is an indication of impairment.The carrying amount of goodwill at 31 December 2022amounted to DKK 5,331.5 million (DKK 5,142.5 million).As per 31 December the carrying amount of goodwill wasallocated to the reportable segments as follows: North AmericaNorth AmericaDKK millionOnline & RetailBranded & RoW Europe Branded Tota2022 1,740.4 1,463.5 2,127.6 5,331.52021 1,643.9 1,382.0 2,116.6 5,142.5When carrying out the impairment test for goodwill, theGroup is seen as several cash generating units splitaccording to the internal segment reporting. Thecarrying values of the individual cash generating unitsare compared to the values in use (discounted value of future cash flows). If the carrying values are higher, thedifference is charged to the income statement. The values in use are calculated using a valuationmodel based on discounted expected future cash flows(DCF-model covering a five-year budget period) basedon Management\u2019s projections.When goodwill was tested for impairment in 2022 (and2021), the value in use exceeded the carrying value forthe individual cash generating units and no basis forimpairment was found.When performing sensitivity analysis by increasing thediscount rate by 1 percentage point or lowering theterminal growth by 1 percentage point, the value in usestill exceeded the carrying value per segment.EBITDA growth in the budget period, terminal growthand discount rate constitute the key assumptions incalculating the value in use. The applied keyassumptions, both overall as well as for each individualcash generating unit, are described in the following.2022 APPLIED KEY ASSUMPTIONSNorth AmericaNorth America\u2013 Goodwill impairment testOnline & RetailBranded & RoW Europe BrandedEBITDA GrowthAn average growth rate of 4.2% in the five-year budget period has been appliedfor EBITDA for the overall Group (accumulated for the three cash generating units). The growth projection is expected to be reached through volume growthin North America, also coming from opening of new super stores in US, market share gains in Europe Branded, price increases in all divisions, as well as cost saving initiatives.Terminal growth (based on adjusted historical development taking into account expected future development) 1.0% 0.0% 0.0%Discount rate after-tax (%) 8.5% 8.5% 7.9%Discount rate pre-tax (%) 10.5% 10.8% 9.8%2021 APPLIED KEY ASSUMPTIONSNorth AmericaNorth America\u2013 Goodwill impairment testOnline & RetailBranded & RoW Europe BrandedEBITDA GrowthAn average growth rate of 4.7% in the five-year budget period has been appliedfor EBITDA for the overall Group (accumulated for the three cash generating units). The growth projection is expected to be reached through volume growthin North America, market share gains in Europe Branded, price increases in all divisions, a positive impact from the integration of Agio, cost prices and OPEX development in line with current inflation level adjusted for savings coming from the Integration of Agio and other saving initiatives.Terminal growth (based on adjusted historical development taking into account expected future development) 1.0% 0.0% 0.0%Discount rate after-tax (%) 7.7% 7.7% 7.8%Discount rate pre-tax (%) 9.5% 9.7% 9.7%Impairment test of goodwillIn the annual impairment test of goodwill, an estimate is madeto determine how the enterprise will be able to generate sufficient positive net cash flow in the future to support the value of goodwill,trademarks and other net assets of the enterprise in question. For the purpose of the annual impairment test of goodwill, the costs and income in segment note 2.1 have been allocated to each cash generating unit based on either direct allocation or by using rele-vant allocation keys. The estimates of the anticipated future net cash flow are based on budgets, business plans as well as Manage-ment\u2019s projections for the coming years. Contribution expectationsare based upon projections made on the development in volume, average sales and cost prices as well as operating cost develop-ment for each market in each of the defined cash generating units.TRADEMARKSThe main part of the Group\u2019s trademarks is attributableto the merger between Scandinavian Tobacco Groupand Swedish Match in 2010, the acquisition of LaneLtd. in 2011 and Agio Cigars in 2020. In connection withthe merger and the acquisitions, intangible assets wereidentified and measured at fair value at the date of themerger/acquisition. Strategic trademarks with indefiniteuseful lives are not amortised but are reviewedannually for impairment.Other trademarks are amortised in a straight line overthe expected useful lives.The carrying amount of trademarks at 31 December2022 amounted to DKK 2,987.6 million (DKK 3,044.6million).Carrying amountDKK million2022 2021Trademarks indefinite lives 2,091.0 2,050.9Other trademarks(definite useful lives) 896.6 993.7Total 2,987.6 3,044.6Trademarks with the highest carrying amounts are listed below.Carrying amountIndefinite trademarksRemaining amortisationDKK millionallocated to segment*period 2022 2021Captain Black and Bugler 1,2,3 Indefinite / 8 years 728.1 711.2Caf\u00e9 Cr\u00e8me/Signature 1,2,3 Indefinite 482.4 482.4Mehari\u2019s 1,2,3 Indefinite 356.0 356.0Tiedemanns 2,3 13 years 125.6 144.3Mercator 3 5 years 139.4 168.7La Paz 2,3 Indefinite 215.2 215.2Other trademarks 1,2,3 Indefinite / 1-19 years 940.9 966.8Total 2,987.6 3,044.6* 1) North America Online & Retail, 2) North America Branded & Rest of World , 3) Europe BrandedAs per 31 December the carrying amount of trademarks with indefinite useful lives was allocated to the reportablesegments as follows:North AmericaNorth AmericaDKK millionOnline & RetailBranded & RoW Europe Branded Tota2022 148.1 978.6 964.3 2,091.02021 134.0 952.6 964.3 2,050.9Trademarks with indefinite useful lives are tested forimpairment annually and whenever there is an indication of impairment.When carrying out the impairment test for trademarks with indefinite useful lives, each trademark is seen as a separate asset capable of generating cash flow. The carry-ing value of each trademark is compared to the values in use (discounted value of future cash flows). If the carrying value is higher, the difference is charged to the income statement. The value in use for each trademark is calculated by using a valuation model based on discounted expected future cash flows (Multi-period Excess Earnings-Method (\u201cMEEM\u201d) in an adapted form, covering a five-year budget period) based on Management\u2019s projections.When trademarks with indefinite useful lives were tested for impairment in 2022 (and 2021), the value in use exceed-ed the carrying value for each of the individual trademarksand no basis for impairment was found. When performing sensitivity analysis by increasing the discount rate by 1 percentage point or lowering the terminal growth by 1 percentage point, the value in use still exceed-ed the carrying value for each individual trademark.EBITDA growth in the budget period, terminal growth anddiscount rate constitute the key assumptions in calculat-ing the value in use.Management has used a discount rate (WACC after tax) be-tween 7.9% and 8.5% (pre-tax WACC between 10.1% and 10.4%). Terminal growth in EBITDA is set between 0.0% and 1.0% and is based on adjusted historical developmentaking into account expected future development.Impairment test \u2013 trademarks with indefinite useful livesIn the annual impairment test of trademarks with indefinite useful lives, an estimate is made to determine how the trademarks will be able to generate sufficient positive net cash flow in the future to support the value of the trademark in question. The estimates of the anticipated future net cash flow are based on Management\u2019s projec-tions for the coming years. Contribution expectations are based uponprojections made on the development in volume, average sales and cost prices for each trademark.Other trademarks (definite useful lives) Acquired trademarks that have been deemed to have definite useful lives are in general amortised over a period of 5\u201325 years. Trademarksare tested for impairment when circumstances indicate that the valueof a trademark is impaired.In 2022, Management did not identify any indications of impairment. In 2021, impairment costs of DKK 58.5 million were recognised in the income statement related to simplification of the Group\u2019s brand portofolio.IT softwareSoftware comprises expenses for acquired software and expenses related to internally developed software.In 2022, Management did not identify any indications of impairment. In 2021, impairment costs of DKK 0.2 million were recognised in the income statement.Other intangible assets Other intangible assets mainly comprise acquired name rights, customer relations and distribution rights. During 2022, Managementdid not identify any indications of impairment (same in 2021).Intangible assets under construction Intangible assets under construction comprise expenses for acquiredIT software and expenses related to preparing the software for its intended use, being both external expenses and internal resources. During 2022 Management did not identify any indications of impair-ment (same in 2021). 2022Equipment,LeaseholdConstruc-Land andPlant andtools andimprove-tion inDKK millionbuildingsmachineryfixturesmentsprogress TotaAccumulated cost at 1 January 802.6 746.2 240.6 75.7 214.4 2,079.5Exchange rate adjustment 9.1 -4.3 4.9 4.5 3.7 17.9Acquisition - - - - - Additions 0.1 18.9 6.1 4.3 234.7 264.1Assets classified as held for sale andother disposals -3.1 -109.7 -74.1 -2.8 -0.6 -190.3Transfers 49.0 61.6 8.7 -1.4 -117.9 Accumulated cost at 31 December 857.7 712.7 186.2 80.3 334.3 2,171.2Accumulated depreciation andimpairment at 1 January 206.3 365.2 187.0 59.3 0.6 818.4Exchange rate adjustment 1.1 -0.6 1.5 3.6 - 5.6Depreciation 32.0 58.8 16.4 3.5 - 110.7Assets classified as held for sale and other disposals -3.1 -108.9 -74.0 -2.7 -0.3 -189.0Impairment - 0.1 - - - 0.1Reversal of impairment - - - - - Accumulated amortisation and impairment at 31 December 236.3 314.6 130.9 63.7 0.3 745.8Carrying amount at 31 December 621.4 398.1 55.3 16.6 334.0 1,425.4IMPAIRMENTIn 2022, impairment costs of DKK 0.1 million were recognised in the income statement. Management didnot identify any other indications of impairment. 2021Equipment,LeaseholdConstruc-Land andPlant andtools andimprove-tion inDKK millionbuildingsmachineryfixturesmentsprogress TotaAccumulated cost at 1 January 969.5 730.4 275.6 69.3 75.6 2,120.4Exchange rate adjustment 14.8 12.9 8.9 5.2 5.9 47.7Acquisition 4.6 5.5 1.1 - - 11.2Additions 0.6 0.8 1.0 0.2 209.0 211.6Assets classified as held for sale andother disposals -190.5 -54.4 -51.8 - -14.7 -311.4Transfers 3.6 51.0 5.8 1.0 -61.4 Accumulated cost at 31 December 802.6 746.2 240.6 75.7 214.4 2,079.5Accumulated depreciation andimpairment at 1 January 297.3 365.7 200.5 41.0 15.1 919.6Exchange rate adjustment 0.7 7.4 7.1 3.7 - 18.9Depreciation 34.6 62.1 24.4 14.6 - 135.7Assets classified as held for sale and other disposals -100.9 -53.4 -33.1 - -14.7 -202.1Impairment 4.5 - - - 0.2 4.7Reversal of impairment -29.9 -16.6 -11.9 - - -58.4Accumulated amortisation and impairment at 31 December 206.3 365.2 187.0 59.3 0.6 818.4Carrying amount at 31 December 596.3 381.0 53.6 16.4 213.8 1,261.1IMPAIRMENTIn 2021, impairment costs of DKK 5 million were rec-ognised in the income statement. These costs are mainly related to land and buildings in Cofradia, Honduras.In 2021, a partly reversal of the impairment costs from 2020 was recognised in the income statement as the potential to sell land and buildings improved significantlyas well as the utilisation of the machinery improved. Reversal of impairment cost are recognised in \u2018Special items\u2019 in the income statement.DEPRECIATIONAll depreciations are recognised in the income statement in2022 and in 2021.Property, plant and equipment are measured at cost lessaccumulated depreciation and less any accumulatedimpairment losses.Cost comprises the cost of acquisition and expenses directlyrelated to the acquisition up until the asset is ready for use.In the case of assets of own construction, cost comprisesdirect and indirect expenses for labour, materials, componentsand sub-suppliers.Depreciation based on cost reduced by any residual value iscalculated on a straight-line basis over the expected usefullives of the assets, which are:Buildings 10\u201340 yearsPlant and machinery 12\u201320 yearsEquipment, tools and fixtures 3\u201310 yearsLeasehold improvements 1\u201310 yearsAssessment of residual value and useful life is performedannually for assets under property, plant and equipment.Impairment of property, plant and equipmentThe carrying amounts of property, plant and equipment arereviewed on an annual basis to determine whether there isany indication of impairment other than that expressed bydepreciation. If so, an impairment test is carried out todetermine whether the recoverable amount is lower than thecarrying amount and the asset is written down to its lowerrecoverable amount. The impairment test includes significanjudgments made by Management, such as assumption ofprojected future cash flows used in the valuation.THE GROUP AS A LESSEEThe Group has entered into lease contracts for land,offices, warehouses, motor vehicles and other equipmentutilised across the entire Group. Leases of land have leaseterms up to 20 years, offices and warehouses generally have lease terms between three and ten years, while motor vehicles and other equipment generally have leaseterms between three and five years. Lease contracts that include extension and termination options are recognisedbased on the outcome of the lease term that is consideredreasonably certain at the commencement date.Information on the corresponding lease liabilities isincluded in note 4.2 financial instruments and risks.2022Land, buildings,offices andMotorOtherDKK millionwarehousesvehiclesequipment TotaCarrying amount at 1 January 145.4 37.8 4.0 187.2Exchange rate adjustment 8.0 0.3 0.0 8.3Additions 170.0 23.8 1.9 195.7Disposals -1.2 -2.8 - -4.0Depreciation and impairment -47.6 -23.3 -2.1 -73.0Carrying amount at 31 December 274.6 35.8 3.8 314.22021Land, buildings,offices andMotorOtherDKK millionwarehousesvehiclesequipment TotaCarrying amount at 1 January 163.9 37.7 3.1 204.7Exchange rate adjustment 7.8 0.6 - 8.4Acquisition 1.2 1.4 2.0 4.6Additions 9.8 21.1 0.3 31.2Disposals -0.8 -1.1 - -1.9Depreciation and impairment -36.5 -21.9 -1.4 -59.8Carrying amount at 31 December 145.4 37.8 4.0 187.2The following amounts are recognised in the income statement:DKK million 2022 2021Depreciation expense of right-of-use assets 73.0 62.3Special items, impairment (reversal) - -2.5Interest expense on lease liabilities 11.8 6.4Expense relating to short-term leases 3.6 5.1Expense relating to leases of low-value assets 0.1 0.1Variable lease payments 0.2 0.2Total amount recognised in the income statement 88.7 71.6In 2022, the Group had total cash outflows for leases of DKK 83.1 million (DKK 70.6 million). The Group has enteredinto lease contracts at a value of DKK 0.4 million (DKK 152.6 million) that have not yet commenced. The Group hasextension options of a total value of DKK 24.9 million (DKK 24.6 million) that are not included in the recognised leases, as it is not considered reasonable certain that the Group will exercise the options.At the inception of a contract, the Group assesses whether thecontract is, or contains, a lease. Based on the contract theright-of-use asset and the lease liability are recognised atcommencement of the lease. The initial measurement of theright-of-use asset is at cost and comprises the initial value ofthe lease liability and lease payments made at or before thecommencement date. The right-of-use assets are depreciatedon a straight-line basis over the shorter period of the lease term or the useful life of the underlying asset.The lease liabilities are initially measured at the present valueof lease payments that are not paid at the commencementdate. Lease payments include fixed payments and variablepayments that depend on an index such as an inflation indexas well as lease payments from an extension option that theGroup considers reasonably certain to be exercised.Extension and termination options exist for a number of leases,particular for offices and warehouses. In determining leaseterms, all facts and circumstances offering economic incentives for exercising extension options or not exercising termination options are taken into account. Lease terms can be subject to changes following the occurrence of significant events or circumstances.The Group applies the recognition exemption to short-termleases and low-value leases.Impairment of right-of-use assetsThe carrying amounts are reviewed on an annual basis todetermine whether there is any indication of impairment othethan that expressed by depreciation. If so, an impairment test is carried out to determine whether the recoverable amount islower than the carrying amount and the right-of-use asset iswritten down to its lower recoverable amount.Inventories at 31 December, net of allowances for obsolescence, comprise the following items:DKK million 2022 2021Raw materials and consumables 1,464.6 1,273.0Work in progress 348.0 372.0Finished goods, goods for resale and excise stamps 1,436.3 1,290.9Total 3,248.9 2,935.9Movements in the Group provision for obsolete stock are as follows:Provision for obsolete stock 1 January -97.6 -102.9Additions for the year -74.1 -52.0Reversal for the year 15.7 14.7Write-downs during the year 59.2 46.4Effect of exchange rate adjustments 0.6 -3.8Total provision at 31 December -96.2 -97.6The net movement in the year in respect of inventory provision is included in \u2018cost of goods sold\u2019. The cost of inventoriesrecognised as cost and included in \u2018cost of goods sold\u2019 amounted to DKK 3,670.0 million (DKK 3,352.5 million).Inventories are measured at the lower of cost under the FIFOmethod and net realisable value. The net realisable value ofinventories is calculated at the amount expected to be generated by sale in the process of normal operations with deduction of selling expenses and costs of completion. The netrealisable value is determined allowing for marketability, obsolescence and development in expected sales prices.The cost of goods for resale, raw materials and consumablesequals landed cost.The cost of finished goods and work in progress comprises thecost of raw materials, consumables and direct labour withaddition of indirect production costs. Indirect production costscomprise the cost of labour, maintenance and depreciation othe machinery, factory buildings, equipment and right-of-useassets used in the manufacturing process as well as costs offactory administration and management.Inventories are measured at the lower of cost price under theFIFO method and net realisable value.The estimated uncertainty in inventories is related to the write-down to net realisable value. Inventories are written down in accordance with Group policy, including individual assessment oinventories for possible losses due to obsolescence.DKK million 2022 2021Trade receivables (net) at31 December comprise the following:Trade receivables (gross) 899,0 872.3Provision for bad debt -14.4 -19.9Trade receivables (net) 884.6 852.4Movements in the Groupprovision for bad debt areas follows:Provision for bad debt at 1 January -19.9 -15.6Additions for the year -2.6 -6.0Reversal for the year 6.4 2.1Confirmed losses 2.0 0.2Effect of exchange rateadjustments -0.3 -0.6Total provision at31 December -14.4 -19.9WW2022Receivables,Loss rate,ProvisionImpairment of trade receivables can be specified as followsDKK million%DKK millionCurrent 725.8 0.1% -1.1Overdue < 30 days 107.3 0.3% -Overdue 31 - 60 days 19.6 6.2% -1.2Overdue 61 - 90 days 7.7 18.2% -1.4Overdue 91 - 180 days 18.8 19.6% -3.6Overdue > 180 days 19.8 34.1% -Total 899.0 -14.42021Receivables,Loss rate,ProvisionImpairment of trade receivables can be specified as followsDKK million%DKK millionCurrent 647.8 0.1% -0.7Overdue < 30 days 129.9 0.3% -Overdue 31 - 60 days 41.0 4.7% -1.9Overdue 61 - 90 days 20.0 9.2% -1.8Overdue 91 - 180 days 14.3 16.5% -2.4Overdue > 180 days 19.3 65.7% -1Total 872.3 -19.9Trade receivables are measured in the balance sheet atamortised cost less provisions for expected credit losses.Expected credit losses are determined by using the simplifiedexpected credit loss model (ECL), which has the approach ofassessing the lifetime expected credit loss.The ECLs on trade receivables are estimated by using a matrixbased on aging of customers, and includes both historicalas well as forward-looking information. The estimation takesinto account geography, past default experience, analysis of the debtor\u2019s current financial position, factors that are specificto the debtors, general economic conditions in which the debtors operate and an assessment of the forecast direction odevelopments at the reporting date.Prepayments are measured at cost and comprise prepaid costsconcerning licences, insurance premiums, subscriptions, etc.Non-current assets held for saleDKK million 2022 2021Land and buildings - 108.5Total - 108.5WLand and buildings held for sale In 2021 Management decided to sell the land andbuildings in Eersel and Duizel, The Netherlands, as theclose-down of production at these sites were completed.The sales were completed in November 2022. A gain of DKK 139 million was realised, and recognised as \u2018Special items\u2019 in the income statement. Please refer to note 2.5 (part of \u2018Production footprint\u2019).No assets are classified as held for sale by the end of 2022.DKK million 2022 2021Balance at 1 January 82.2 231.2Exchange rate adjustment -0.4 0.2Discounting cost 0.0 0.0Addition during the year 10.8 0.3Utilised during the year -46.2 -136.4Reversed provision unused -8.7 -13.1Carrying amount at 31 December 37.7 82.2Non-current 17.9 17.9Current 19.8 64.3Total 37.7 82.2Other provisions mainly consist of restructuring costs in relation to the integration of Agio and the changes in produc-tion footprint. The restructuring costs are primarily related to redundancy payments expected to take place in 2023. The amounts and timing of the restructurings depend on negotiations with the affected employees.Provisions are recognised when \u2013 in consequence of an eventoccurred before or on the balance sheet date \u2013 the Group has alegal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Provisionsare measured at the present value of the anticipated expen-diture for settlement of the legal or constructive obligation based on Management\u2019s best estimate. If considered materialthe anticipated future expenditure is discounted, using a pretax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as interest expense.Post-employment defined benefit \u2013 recognised in the balance sheetDKK million 2022 2021Present value of funded obligations 280.8 338.8Fair value of plan assets -180.8 -189.5Deficit (+) / surplus (-) 100.0 149.3Present value of unfunded obligations 104.7 158.1Net asset (-) / liability (+) in the balance sheet 204.7 307.4Amounts in the balance sheetLiabilities 204.7 307.4Assets - Net asset (-) / liability (+) in the balance sheet 204.7 307.4DKK million 2022 2021Movement during the period in the net asset (-)/ liability (+)Balance at 1 January 307.4 289.3Acquisitions - 2.1Recognised in the income statement19.8 20.7Actuarial gain recognised in other comprehensive income, financial assumptions -96.8 -14.0Actuarial gain recognised in other comprehensive income, demographic assumptions 0.0 7.9Benefit payments to employees -14.2 -13.8Employer contributions -10.9 -11.4Other 0.0 18.8Exchange rate adjustment -0.6 7.7Balance at 31 December 204.7 307.4Actuarial assumptionsActuarial assumptions used for valuation (expressed as weighted averages and in %) 2022 2021Discount rate 3.8 2.0Future salary increases 3.1 3.5Significant actuarial assumptions regarding thedetermination of the pension obligation are thediscount rate and future salary increase. The sensitivityanalysis below has been determined based on likelychanges in the discount rate and future salary increaseoccuring at the end of the period.2022 20211%-point1%-point1%-point1%-pointDKK millionincreasedecreaseincreasedecreaseDiscount rate -28.1 35.9 -44.7 49.1Future salary increases 30.7 -19.4 39.4 -28.9DKK million 2022 2021CHANGE IN THE DEFINED BENEFIT OBLIGATIONS AND PLAN ASSETSDefined benefit obligations \u2013 movementsBalance at 1 January 496.9 444.6Acquisitions - 2.1Current service costs 25.2 24.1Interest cost 8.4 8.0Change in plan provisions -14.3 -10.8Actuarial losses (+)/gains (-) -91.4 -5.3Benefits paid -40.7 -20.7Curtailments 0.0 -1.1Settlements 1.9 1.2Other - 47.3Exchange rate adjustment -0.6 7.6Balance at 31 December 385.4 496.9DKK million 2022 2021Plan assets \u2013 movements in fair valueBalance at 1 January 189.5 155.3Interest income 1.5 0.5Actuarial losses (-)/gains (+) 5.4 0.8Employer contributions 14.2 14.4Benefits paid -29.8 -10.0Other - 28.5Exchange rate adjustment 0.0 -0.1Balance at 31 December 180.8 189.5The actual return on plan assets in 2022 was a gain of DKK 6.9 million (DKK 1.3 million).Categories of plan assets:DKK million 2022 2021Other* 180.8 189.5Total 180.8 189.5* Plan assets primarily relates to pension plans in Belgium and Germany. The pension plans, including plan assets, are administrated by different insurance companies and funded via Group insurance contracts and life insurance contracts why no further information can be given on categories of plan assets.The weighted average duration of the defined benefit obligation is 10.8 years (11.5 years)DKK million 2022 2021Post-employment benefit plans recognised in income statementCurrent service costs 25.2 24.1Interest on net obligation 6.9 7.5Change in plan provisions -14.2 -10.8Curtailments 0.0 -1.1Settlements 1.9 1.2Recognised net actuarial gain/loss 0.0 -0.2Net income (-)/expense (+) reported in the income statement 19.8 20.7DKK million 2022 2021The income/expenses for defined benefit plans are reported under the following headings in the income statement:Staff costs 12.9 13.5Special items incl. impairment, net costs - -0.3Financial costs 6.9 7.5Net income (-)/expense (+) reported in the income statement 19.8 20.7Amounts recognised in other comprehensive incomeFor the post-employement defined benefit plans all actuarial gains and losses are recognised in other comprehensive income as they occur in accordance with the year-end valuation.Net actuarial losses (+)/ gains (-) -96.8 -5.9EXPECTED CONTRIBUTION NEXT YEARExpected contributions to post-employment benefitplans for the year ending 31 December 2023 amount toDKK 25.5 million.DEFINED CONTRIBUTION PLANSThe Group has certain obligations under definedcontributions plans. Contributions to these plans aredetermined by provisions in the respective plans. Costsfor defined contribution plans charged to the incomestatement for the year amount to DKK 57.3 million (DKK59.5 million).DEFINED BENEFIT PLANS IN PRIMARILY BELGIUM,GERMANY, FRANCE, INDONESIA, THE DOMINICANREPUBLIC AND THE USThe Group operates a number of defined contributionplans throughout the world. In a few countries, theGroup also operates defined benefit plans, which areeffective in primarily Belgium, Germany, France, Indo-nesia, the Dominican Republic and the US. The defined benefit plans for Belgium total six different step-rate plans covering both blue and white collar employees andone offset defined benefit plan for Managers. Further-more, a number of defined contribution plans with minimum guarantee (imposed by law) exists. These plansare insured but the guarantee given by the insurance company does not cover the full guarantee required under the pension law, why these are considered and treated as defined benefit plans. The defined benefit plans for Germany cover employees who entered servicebefore August 1991 and have since then been closed for new employees. Further, a defined benefit plan exist for former Agio employees in Germany, where all employeesof the company on 1 April 2003 qualify for benefits.The defined benefit plan in France is mandatory for allemployees and has no minimum requirements foryears of service with the company. The defined benefitplans for Indonesia cover all employees in the form ofseverance and gratuity in accordance with labour regu-lation (Labour Law 11/2020). The defined benefit plans for the Dominican Republic are enacted by law and cover all employees with at least three months of service. The defined benefit plans in the US are non-qualified plans thacover a small group of inactive employee benefits which are paid out of corporate assets.Under a defined benefit plan, the amount of retirement benefit that will be received by an employee is defined with respect to period of service and final salary. The amount recognised in the balance sheet is the difference between the present value of the defined benefit obligation at the balance sheet date and the fair value of the scheme assets.The defined benefit obligation is calculated annually byindependent actuaries using the projected unit credit method.The present value of the defined benefit obligation is determinedby discounting the estimated future cash outflows.The service cost of providing retirement benefits to employeesduring the year is charged to operating profit. The costs for theyear for defined benefit plans are determined using the projectedunit credit method.Past service costs are recognised immediately in the incomestatement.All actuarial gains and losses are recognised immediately in full in the statement of other comprehensive income for the period inwhich they arise. Pension assets are only recognised to the extent that the Group is able to derive future economic benefits such as refunds from the plan or reductions of future contributions. The Group\u2019s most significant defined benefit pension plans are financed by paymentfrom Group companies and by employees to funds which are independent of the Group.Contributions for defined contribution plans are reported asexpenses in the income statement when they occur.Post-employment employee benefitsThe Group has defined benefit pension plans in a number ofsubsidiaries, through which the employees are entitled topost-employment benefits based on their pensionable incomeand the number of years of service.Provisions for post-employment defined benefit plans arereported based on actuarial valuations. The Group recognisesthe full amount of actuarial gains and losses in othercomprehensive income, i.e. the net pension liability in thebalance sheet includes all cumulative actuarial gains and lossesThe Group does not plan for any new defined benefit plans.Actuarial assumptionsThe discount rate is set per country with reference to highquality corporate bond yields of appropriate duration orgovernment bond yields for countries where a deep market ohigh quality corporate bonds is not available.DKK million 2022 2021Borrowings are recognised in the balance sheet as follows:Non-current liabilities 3,101.1 2,918.0Total 3,101.1 2,918.0The Group has the following external borrowings at 31 December:Carrying amountFixed/Term/revolvingMaturity Currencyfloatingcredit facility date 2022 2021USD Floating RCF 19/03/2027 871.5 688.9EUR Floating Term Multiple 11.3 15.3EUR Fixed Bond 24/09/2025 2,218.3 2,213.8Total 3,101.1 2,918.0Fixed interest swap contracts related to USD loan balance matured on 30 September 2022 and have not been renewed. Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently at amortised cost usingthe effective interest method.Any difference between the proceeds initially received and thenominal value is recognised in financial costs over the term ofthe loan.After 5 Fair valueFair valueCarryingMaturity at 31 december 2022 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 56.1 1,044.4 - 1,100.5 - 882.8 882.8Bonds 31.1 2,292.8 - 2,323.9 2,021.0 - 2,218.3Trade payables 506.8 - - 506.8 - - 506.8Lease liabilities 67.1 150.4 139.0 356.5 - - 331.4Other liabilities 635.9 74.6 - 710.5 - - 704.1Total 1,297.0 3,562.2 139.0 4,998.2 2,021.0 882.8 4,643.4Recognised at fair valueInterest rate swaps - - - - - - Currency swaps 13.8 - - 13.8 - 13.8 13.8Total 13.8 - - 13.8 - 13.8 13.8Total financial liabilities 1,310.8 3,562.2 139.0 5,012.0 2,021.0 896.6 4,657.2Recognised at amortised costCash and cash equivalents 22.2 - - 22.2 - - 22.2Trade receivables 884.6 - - 884.6 - - 884.6Other receivables 86.4 - - 86.4 - - 86.4Total 993.2 - - 993.2 - - 993.2Recognised at fair valueCurrency swaps - - - - - - Total - - - - - - -Total financial assets 993.2 - - 993.2 - - 993.2* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.After 5 Fair valueFair valueCarryingMaturity at 31 december 2021 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 14.1 727.5 - 741.6 - 704.2 704.2Bonds 31.1 2,316.1 - 2,347.2 2,266.9 - 2,213.8Trade payables 504.5 - - 504.5 - - 504.5Lease liabilities 52.5 101.0 62.0 215.5 - - 197.9Other liabilities 727.7 74.6 - 802.3 - - 786.1Total 1,329.9 3,219.2 62.0 4,611.1 2,266.9 704.2 4,406.5Recognised at fair valueInterest rate swaps 19.0 - - 19.0 - 18.5 18.5Currency swaps - - - - - - Total 19.0 - - 19.0 - 18.5 18.5Total financial liabilities 1,348.9 3,219.2 62.0 4,630.1 2,266.9 722.7 4,425.0Recognised at amortised costCash and cash equivalents 173.6 - - 173.6 - - 173.6Trade receivables 852.4 - - 852.4 - - 852.4Other receivables 96.8 - - 96.8 - - 96.8Total 1,122.8 - - 1,122.8 - - 1,122.8Recognised at fair valueCurrency swaps 2.0 - - 2.0 - 2.0 2.0Total 2.0 - - 2.0 - 2.0 2.0Total financial assets 1,124.8 - - 1,124.8 - 2.0 1,124.8* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.FINANCIAL RISKSFINANCIAL RISK MANAGEMENT POLICY ANDSTRATEGYThe Group has centralised the management of financiarisks. The overall objectives and policies for the Group\u2019sfinancial risk management are outlined in the TreasuryPolicy approved by the Board of Directors.The Group do not engage in financial transactions ormanage risk exposures that are not related to theunderlying business driven risks, and consequently, theGroup does not enter into any speculative transactions.The Group\u2019s financial risks is managed with theaim of protecting the value and financial stability of theGroup, taking into consideration the cost and account-ing consequences of such transactions.The main financial risks that the Group is exposed toinclude foreign exchange risk, credit risk, interest raterisk and liquidity risk.FOREIGN EXCHANGE RISKFluctuating currency rates influence the Group\u2019sreported income statement, balance sheet and value offuture cash flows denominated in foreign currencies.The Group closely monitors the foreign exchange riskmainly related to USD, NOK, GBP, CAD and AUD.The Group considers both DKK and EUR as basecurrencies due to the fixed currency band between DKKand EUR.Key currenciesMovement of exchange rates against DKKExchange rate DKK 2022 2021USDAverage 707.68 628.71Year-end 697.22 656.12Average change 12.6% -3.9%NOKAverage 73.75 73.19Year-end 70.73 74.59Average change 0.8% 5.2%GBPAverage 872.88 864.86Year-end 838.45 886.04Average change 0.9% 3.1%CADAverage 543.64 501.52Year-end 514.99 513.53Average change 8.4% 2.8%AUDAverage 490.47 472.36Year-end 473.87 476.88Average change 3.8% 4.8%Foreign exchange exposure in the Group consists of twotypes of risk (a) translation risk and (b) transaction risk.TRANSLATION RISKTranslation risk arises from the translation of subsidiaies\u2019 income statement and net assets into DKK. Thesingle most significant currency is USD.The Group does not hedge with financial contracts againsttranslation effects, although borrowings in currencies other than DKK are used to partly mitigate translation risk.Sensitivity Analysis on Exchange2022Change inDKK millionexchange rate Net sales EBITDAUSD 5% 221.5 45.2NOK 5% 11.9 11.9GBP 5% 14.1 13.3CAD 5% 12.8 8.1AUD 5% 13.6 10.42021Change inDKK millionexchange rate Net sales EBITDAUSD 5% 202.8 51.0NOK 5% 13.4 13.4GBP 5% 14.1 13.6CAD 5% 12.4 8.0AUD 5% 12.3 5.6TRANSACTION RISKTransaction risk arises from cash flows in currenciesother than the functional currencies of the Group\u2019ssubsidiaries. Transaction risk is not hedged withfinancial contracts as the impact from transaction riskis considered to be within the Group\u2019s risk appetite.The sensitivity analysis below shows the gain/loss onnet profit for the year and other comprehensiveincome of a 5% percent increase in the specifiedcurrencies towards DKK.The sensitivity analysis does not include financial assetsand liabilities in the functional currency of the Group\u2019ssubsidiaries or translation risk from consolidation of income statement.31 December 2022OtherChange inNet comprehensiveDKK millionexchange rateprofitincomeUSD 5% 2.2 CAD 5% -0.1 AUD 5% -1.2 GBP 5% -2.9 NOK 5% -0.9 31 December 2021OtherChange inNet comprehensiveDKK millionexchange rateprofitincomeUSD 5% 2.2 0.4CAD 5% 0.1 AUD 5% 0.7 GBP 5% 0.9 NOK 5% 0.1 INTEREST RATE RISKThe Group\u2019s interest-bearing assets / liabilities consist ofcash & cash equivalents, bank loans, revolving creditfacility (RCF) at floating rate and EUR bond issued atfixed rate.The Group had Interest Rate Swaps (IRS) which maturedin September 2022. As of 31 December 2022, the Group has 72% of the total debt with fixed interest rate. An increase in relevant interest rates of 1%-point would have decreased net profit by DKK 9 million. The estimatewas based on the Group\u2019s average floating rate loans andborrowings, i.e. disregarding cash and cash equivalents. The analysis assumes that all other variables remain constant.CREDIT RISKThe Group\u2019s credit risk is primarily related to receivables, bank deposits and derivative financial instruments and can be divided into two main risk types.OPERATIONAL CREDIT RISKThe Group\u2019s balance sheet at 31 December 2022 includedtrade receivables with a net book value of DKK 884.6 mil-lion (DKK 852.4 million), representing a gross receivable balance of DKK 899.0 million (DKK 872.3 million) and a provision for expected credit losses of DKK 14.4 million (DKK 19.9 million), based on the expected credit loss model (ECL). The ECLs on trade receivables are estimatedby using a matrix based on aging of customers, and includes both historical as well as forward-looking infor-mation. The estimation takes into account geography, past default experience, analysis of the debtor\u2019s current financial position, factors that are specific to the debtors,general economic conditions in which the debtors operate and an assessment of the forecast direction of developments at the reporting date.The Group\u2019s net sales primarily comprise sales of tobacco to different distributors, retailers and direct to consumers. The Group has historically experienced limited risk with re-gard to the solvency of its customers. As part of the Group\u2019sinternal procedures regarding risk management, the oper-ational credit risk relating to customers is monitored on a monthly basis. The Group has no significant concentrationof credit exposure as the exposure has been spread on a large number of creditworthy trading partners.FINANCIAL CREDIT RISKFinancial credit risk management has the objective of minimising financial loss through a financial distress or the default of a financial counterparty whether due to the financial insolvency of the counterparty, the inability of the counterparty to perform due to changed national legislation or any other circumstance.The Group\u2019s exposure to counterparty risk is managed by establishing approved counterparty limits detailing the maximum exposure that the Group is prepared to accept with respect to the individual counterparty. In the event of bankruptcy among the lending banks, the Group has in accordance with the Danish Bankruptcy Act the right to offset cash deposits in the counterparty bank debt totallingDKK 0.0 million at 31 December 2022 (DKK 0.0 million).LIQUIDITY RISKThe Group ensures the availability of the requiredliquidity through a combination of cash managementand uncommitted as well as committed credit facilities.To centralise and optimise liquidity the Group utilizescash pooling, currency swaps, intercompany lendingand borrowing.The Group ensures diversification of debt portfolio,maturity dates and lenders to reduce refinancing risk.The Group has a committed revolving credit facility ofEUR 450.0 million (EUR 450.0 million) maturing in 2027equally split between providers. The undrawn amountof the credit facility at 31 December 2022 was EUR 332.8million (EUR 357.6 million).In addition, the Group has issued a rated bond of EUR300 million maturing in 2025.Financial instruments measured at fair value are brokendown according to the following measuring hierarchy:Level 1: Observable market prices of identical instruments.Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments.Level 3: Valuation models primarily based on non-observable prices.The fair value of the Group\u2019s financial instruments(interest rate and currency swaps) are considered alevel 2 fair value measurement as the fair value isdetermined directly based on the published exchangerates, quoted swap and forward rates on the balancesheet date. There are no financial instruments in level 3(none).HEDGING TRANSACTIONSThe Group had engaged in Interest Rate Swaps (IRS) topartially offset the risk arising from floating interest rateon the RCF. The Interest Rate Swaps matured in September 2022 and the below table show the 2021 comparisonnumbers of the Group\u2019s outstanding interest swaps at the balance sheet date:2022 2021ContractContractMaturityamount atFair value atamount atFair value aDKK milliondateyear-endyear-endyear-endyear-endEUR 150 million interest rate swap 30/09/2022 - - 1,115.5 -9.9USD 100 million interest rate swap 30/09/2022 - - 656.1 -8.6Total - - 1,771.6 -18.5Recognised in the income statement - -9.9Recognised in other comprehensive income - -8.6OTHER TRANSACTIONSThe Group uses financial transactions which do notqualify as hedge accounting according to the IFRS.The Group uses currency swaps to manage and cen-tralise liquidity. These swaps are in USD, AUD, NOK, CAD, SEK, GBP to DKK and are actively managed. As of 31 December, the fair value of outstanding currencyswaps was as stated below.2022DKK million (fair value) Nominal Fair valueCurrency swaps, USD 44.0 -5.4Currency swaps, NOK 32.0 -0.1Currency swaps, CAD 47.0 -8.2Currency swaps, SEK 3.0 -0.1Total -13.82021DKK million (fair value) Nominal Fair valueCurrency swaps, AUD 10.0 0.2Currency swaps, NOK 31.0 0.1Currency swaps, CAD 29.0 1.4Currency swaps, GBP 8.6 0.3Total 2.0Derivative financial instrumentsDerivative financial instruments are initially recognised in thebalance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of deriva-tive financial instruments are classified as other receivables/financial fixed assets and other liabilities, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivativefinancial instrument is designated and qualifies as hedgeaccounting, see below.Hedge accountingChanges in the fair values of financial instruments that aredesignated and qualify as fair value hedges of a recognisedasset or a recognised liability are recognised in the incomestatement like changes in the fair value of the hedged asset orthe hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised directly in other comprehensive income as regards the effective portion of the hedge. The in-effective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amoundeferred in other comprehensive income is transferred from other comprehensive income and recognised in the cost of theasset or the liability, respectively. If the hedged transaction re-sults in an income or an expense, the amount deferred in othercomprehensive income is transferred from other comprehen-sive income to the income statement in the period in which thehedged transaction is recognised. The amount is recognised inthe same item as the hedged transaction.2022Investments inDKK millionassociated companiesCost at 1 January 92.6Accumulated cost at 31 December 92.6Accumulated revaluation and impairment at 1 January 94.9Dividends -15.6Currency translation 11.3Profit after tax 40.4Accumulated revaluation and impairment at 31 December 131.0Carrying amount at 31 December 223.62021Investments inDKK millionassociated companiesCost at 1 January 92.6Accumulated cost at 31 December 92.6Accumulated revaluation and impairment at 1 January 59.4Dividends -9.6Currency translation 13.6Profit after tax 31.5Accumulated revaluation and impairment at 31 December 94.9Carrying amount at 31 December 187.5NAME AND COUNTRY OF INCORPORATION Caribbean Cigar Holdings Group Co. S.A., PanamaDKK million 2022 2021Profit or lossRevenue 709.2 573.1Profit for the year 200.1 151.3Total comprehensive income 200.1 151.3Financial positionNon-current assets 79.6 60.1Current assets 872.7 706.2Non-current liabilities 5.2 5.6Current liabilities 86.1 63.0% Interest held 20% 20%The financial information stated above is based on estimates.Reconciliation carrying amountScandinavian Tobacco Group\u2019s share of Caribbean Cigar Holdings Group\u2019s equity 172.2 139.5Goodwill concerning Caribbean Cigar Holdings Group 57.6 54.2Elimination of internal profit -6.2 -6.2Carrying amount at 31 December 223.6 187.5Investments in associated companies are recognised and measured under the equity method.The item \u2018Investments in associated companies\u2019 in the balancesheet includes the proportionate ownership share of the net asset value of the enterprises with deduction or addition of unrealised intercompany profits or losses and with addition of any remaining value of positive differences (goodwill) and deduction of any remaining value of negative differences (neg-ative goodwill) calculated on the basis of the fair values of identifiable net assets at the time of acquisition.The item \u2018Share of profit of associated companies, net of tax\u2019 inthe income statement includes the proportionate share of the profit after tax for the year regarding the associated companieDKK million 2022 2021FINANCIAL INCOMEInterest on deposits in financial institutions etc. 1.7 0.6Exchange gains 185.6 58.1Other financial income 10.0 16.3Total 197.3 75.0DKK million 2022 2021FINANCIAL COSTSInterest on borrowings 96.2 86.4Interest part of pension cost 6.9 7.5Exchange losses 189.1 37.8Lease interest costs 11.8 6.4Other financial costs 30.2 14.1Total 334.2 152.2Interest on debt to financial institutions etc. includes realisation of previously deferred losses from interest rate swaps of DKK 8.8 million(DKK 9.7 million). Effective interest expenses on financial liabilities measured at amortised cost amounted to DKK 108 million (DKK 92.8million). Ineffectiveness of interest rate swaps of DKK 9.9 million included in other financial income (DKK 15.6 million included in other financial income).Financial income and costs comprise interests, realised andunrealised exchange adjustments, hedging costs, interest part of pension costs, lease interest costs and other financiaincome and costs.Development in share capitalDKK million2018-2020 100.02021 reduction -2.5At the beginning of the year 97.52022 reduction -4.5At the end of the year 93.0At the Annual General Meeting on 31 March 2022, it was decided to reduce the share capital by DKK 4,500,000. Thereduction of the share capital was effectuated 4 May 2022. At 31 December 2022 the share capital consists of93,000,000 shares of a nominal value of DKK 1. No shares carry any special rights.Treasury shares Number ofNominal valuesharesPurchase price% of share(DKK million)(in thousands)(DKK million)capitalTreasury shares at 1 January 2022 4.5 4,526 570.5 4.6Addition 6.0 5,984 776.7 6.1Settlement of vested PSUs -0.3 -259 -29.6 -0.3Share capital reduction -4.5 -4,500 -569.5 -4.6Treasury shares at 31 December 2022 5.8 5,751 748.1 6.2The market value of treasury shares at 31 December 2022 was DKK 702.1 million (DKK 621.4 million). Treasury shares are acquired for the purpose of adjusting the Company\u2019s capital structure and to hedge the Group\u2019s share-based incentive programmes.According to the authorisation granted by the General Meeting, the Board of Directors may allow the Company to acquiretreasury shares up to a total holding of 10% of the nomimal share capital at a price quoted on Nasdaq Copenhagen at thetime of acquisition with a deviation of up to 10%. In addition, the Board of Directors is authorised to increase the share capital by up to 10%. The authorisation granted to the Board of Directors is in effect until 26 March 2025.Dividend Per shareDKK million DKK2018 (proposed dividend in 2017 Annual Report) 575.0 5.82019 (proposed dividend in 2018 Annual Report) 600.0 6.02020 (proposed dividend in 2019 Annual Report) 610.0 6.12021 (proposed dividend in 2020 Annual Report) 650.0 6.52022 (proposed dividend in 2021 Annual Report) 731.3 7.5Retained earnings end of 2022 include proposed dividend of DKK 767 million (DKK 8.25 per share).Earnings per share:Earnings per share are presented as both basic and diluted earnings per share. Basic earnings per share are calculatedas net profit divided by the average number of shares outstanding. Diluted earnings per share are calculated as net profit divided by the sum of average number of shares outstanding, including the dilutive effect of outstanding share bonus programmes. Please refer to note 5.8 \u2018Explanation of financial ratios\u2019 for a description of the calculation of basicand diluted earnings per share.DKK million 2022 2021Net profit for the year 1,476.3 1,390.6Average number of shares outstanding (in 1,000 shares) 94,516 98,212Average number of treasury shares (in 1,000 shares) -3,950 -2,910Average number of shares - basic (in 1,000 shares) 90,566 95,302Dilutive effect of outstanding PSUs (in 1,000 shares) 285 387Average number of shares outstanding, including dilutive effect of PSUs (in 1,000 shares) 90.851 95,689Basic earnings per share (DKK) 16.3 14.6Diluted earnings per share (DKK) 16.2 14.5DKK million 2022 2021Change in receivables -26.9 -9.4Change in inventories -228.1 41.5Change in liabilities -108.9 -38.3Total -363.9 -6.2Working capital is defined as current assets less current liabilities. It measures how much in liquid assets the Group hasavailable for the business.DKK million 2022 2021Interest-bearing liabilities, net 3,446.2 3,132.4Pensions 204.7 307.4Cash equivalents -22.2 -173.6Total 3,628.7 3,266.2FINANCIAL POLICYAccording to the financial policy, the Group has a leverageratio target of 2.5 (measured as net interest-bearingdebt divided by EBITDA before special items) whilemaintaining flexibility to increase leverage temporarily,for example to pursue acquisitions. At 31 December 2022the ratio was 1.6 (1.5).DKK million 2022 2021Balance at 1 January 3,115.9 3,079.3Acquisition - 43.6Lease liabilities 124.8 -30.0New external funding 138.3 Repayment bank loans -4.0 Other financing 4.4 -38.0Exchange rate adjustment 53.1 61.0Carrying amount at 31 December 3,432.5 3,115.9With effect from 1 March 2023, Scandinavian Tobacco Group A/S acquired, substantially all assets of Alec Bradley Cigar Distributors Inc. and associated companies (\u201cAlec Bradley\u201d). The total consideration of USD 72.5 million was paid in cash. Due to the timing of the acquisition no provisional figures are disclosed and in compliance with IFRS 3 net assets will be recorded based on provisional figures, which are subject to adjustments within a 12 months period of the acquisition date. The provisional figures can be changed up until 29 February 2024.Alec BradleyAlec Bradley is a family-owned business established in 1996 by entrepreneur Alan Rubin and is based in Fort Lauderdale, Florida. The business model is asset-light with outsourcing of the cigar production and with approximately 30 full-time employees in the US and Canada. Alec Bradley reported annual net sales in 2021 of USD 25 million and an EBITDA margin before special items of 24%. Both net sales and EBITDA margin improved during 2022 where Alec Bradley sold almost 10 million cigars \u2013 an increase of 5% versus 2021 \u2013 primarily in the US and Canada, but also in international markets. Brands within the Alec Bradley portfolio include among others Prensado, Kintsugi, Alec Bradley Double Broad-leaf, Fine and Rare and Black Market.Impact on Consolidated Income StatementThe Financial Statements for 2022 do not include net sales or net profit from the acquisition. On a profor-ma basis, if the acquisition had been effective from 1 January 2022 the business of Alec Bradley would in 2022have contributed approximately DKK 139 million to net sales (gross DKK 184 million offset by Alec Bradleys salesto STG) and DKK 38 million on net profit.Transaction costsTotal transaction costs related to the acquisition is con-sidered immaterial and therefore not disclosed.2022There has been no significant business combinations during 2022.2021In November 2021, the Group acquired a majority stakein Moderno Opificio del Sigaro Italiano (MOSI).Net sales of MOSI constitute less than 1 per cent of theGroup\u2019s net sales and total assets of MOSI constitute 1per cent of the Group\u2019s total assets.Given the financial insignificance of the acquisition, noinformation according to IFRS 3 Business Combinationhas been disclosed.The most significant assets acquired generally comprise goodwill, trademarks, tradenames, customer relations and inventories. As no active market exists for the majority of acquired assets, the fair value is based on Management\u2019s projections and estimates. The methods applied are based onthe present value of future cash flows related to the specific asset. Estimates of fair value are associated with uncertainty and may be adjusted subsequently.Business combinations are accounted for using the acquisitionmethod. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measued at acquisition date fair value.Acquisition-related costs are expensed as incurred and included in \u201cSpecial items\u201d in the Income statement.Any contingent consideration to be transferred by the acquireris recognised at fair value at the acquisition date. If uncertainties exist at the acquisition date regarding identification ormeasurement of identifiable assets, liabilities and contingentliabilities or regarding the consideration transferred, initial recog-nition will take place on the basis of provisionally determined fairvalues. If identifiable assets, liabilities and contingent liabilities are subsequently determined to have a different fair value at the acquisition date from that first assumed, goodwill is adjusted up until 12 months after the acquisition date. Thereafter no adjustments are made to goodwill, and changes in estimates of contingent consideration relating to business combinations are recognised under \u201cOther income and costs\u201d.Goodwill is initially measured at cost. If the fair value of the netassets acquired is in excess of the aggregate considerationtransferred, the Group reassesses whether it has correctlyidentified all assets acquired and all liabilities assumed, and the Group reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over theaggregate consideration transferred, the gain is recognised in theincome statement. After initial recognition, goodwill is measuredat cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in abusiness combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected tobenefit from the combination.For the purpose of presenting the cash flow statement,non-cash items with effect on the income statementmust be reversed to identify the actual cash flow effectfrom the income statement. The adjustments arespecified as follows:DKK million 2022 2021Financial items 136.9 77.2Share of profit of associated companies, net of tax -40.4 -31.5Income taxes 380.2 377.9(Gains)/losses from sale of fixed assets -139.5 -18.3Special items, paid 140.8 219.1Other provisions movement -44.5 -149.0Bad debt allowance and provision for obselete stock movements -6.9 -1.0Other adjustments 1.8 23.8Total 428.4 498.2GUARANTEE OBLIGATIONSThe Group has (via 3rd parties) issued guaranteestotalling DKK 734.1 million (DKK 608.6 million), whichare primarily issued towards local tax authorities inrelation to excise and tax stamps.LAWSUITS ETC.From time to time the Group faces legal claims anddisputes as part of the ordinary course of business,mainly related to employees and trademarks.Management continuously assesses the risks associatedwith the legal claims and disputes and their likelyoutcome. It is the opinion of Management that, apartfrom items recognised in the financial statements, theoutcome of any of these legal claims and disputes ishighly uncertain and/or cannot be reliably estimated interms of amount or timing. The Group does not expectany of the pending claims or disputes to have amaterial impact on the consolidated financialstatements.DISCLOSURE REGARDING CHANGE OF CONTROLThe Group\u2019s loan facilities at financial institutions andissued bonds are subject to change of control clauses.The Group\u2019s investments in associated companies aresubject to change of control clauses.The Group has had the following transactions withrelated parties, income/expense (+/-):DKK million 2022 2021Caribbean Cigar Holdings Group Co. S.A. (associated company)Purchase of products byScandinavian Tobacco Group-104.0 -81.5The Group has the following balances withrelated parties, receivables/payables (+/-):DKK million 2022 2021Caribbean Cigar Holdings Group Co. S.A. (associated company)Payables for products toScandinavian Tobacco Group -5.7 -6.2Related parties comprise companies controlled by theAugustinus Foundation, key management and Caribbean Cigar Holdings Group Co. S.A. Key management isScandinavian Tobacco Group A/S\u2019 Board of Directorsand Executive Board as well as management in thecontrolling companies.For information on remuneration to the Managementof Scandinavian Tobacco Group A/S, please refer tonote 2.2 and note 2.3. For an overview of Groupcompanies, please refer to note 5.7. There have notbeen and there are no loans to key managementpersonnel in 2022 or 2021.Dividends to shareholders have not been included inthe above overview. For further information around dividends received from associated companies, pleaserefer to note 4.3.OWNERSHIP AND CONSOLIDATED FINANCIAL STATEMENTSFor information concerning major shareholders, pleaserefer to Shareholder information in the ManagementReport, page 47. No major shareholders havecontrolling influence on the Group.On 22 February 2023 Scandinavian Tobacco Group A/S agreed on the terms and conditions for the acquisition of substantially all assets of Alec Bradley Cigar Distributors Inc. and associated companies (\u201cAlec Bradley\u201d). The ac-quisition was closed with effect from 1 March 2023. Pleaserefer to note 5.1 for more information on the acquisition.The Group has not experienced any other significant events after 31 December 2022 which have an impact on the Annual Report.DKK million 2022 2021Statutory audit 6.4 6.2Audit-related services 0.1 0.1Tax advisory services 0.1 0.4Other services 5.5 0.2Total 12.1 6.9Fees for other services in addition to the statutory auditof the financial statements, which were provided byPricewaterhouseCoopers StatsautoriseretRevisionspartnerselskab to the Group amounted toDKK 2.3 million. Non-audit services in addition to thestatutory audit of the financial statements compriseservices relating to ESG strategy and reporting and M&Aactivities.ActivityCompany Country OwnershipPARENT COMPANYScandinavian Tobacco Group A/S Denmark \u2013SUBSIDIARIES BY REGIONEUROPEAgio Cigars Belgium N.V. Belgium 100%Scandinavian Tobacco Group Belux N.V. Belgium 100%Scandinavian Tobacco Group Lummen N.V. Belgium 100%Scandinavian Tobacco Group Belgium Services N.V. Belgium 100%Scandinavian Tobacco Group Assens A/S Denmark 100%Scandinavian Tobacco Group Denmark A/S Denmark 100%STG Finans ApS Denmark 100%Insurgent Ventures II A/S Denmark 100%Peter Stokkebye Tobaksfabrik A/S Denmark 100%Scandinavian Tobacco Group France S.A.S France 100%Scandinavian Tobacco Group Deutschland GmbH Germany 100%Scandinavian Tobacco Group Italy S.R.L. Italy 100%Moderno Opificio del Sigaro Italiano S.r.l. ** Italy 65%Scandinavian Tobacco Group Norway AS Norway 100%STG Portugal S.A. Portugal 100%Scandinavian Tobacco Group Spain S.A.U. Spain 100%STG Sweden AB Sweden 100%ActivityCompany Country OwnershipAgio Beheer B.V The Netherlands 100%Agio Sigarenfabrieken N.V. The Netherlands 100%P.G.C. Hajenius B.V. The Netherlands 100%Scandinavian Tobacco Group Eersel B.V. The Netherlands 100%Scandinavian Tobacco Group Nederland B.V. The Netherlands 100%ST Cigar Group Holding B.V. The Netherlands 100%STG Global Finance B.V. The Netherlands 100%Scandinavian Tobacco Group Bethlehem Sales B.V. The Netherlands 100%Scandinavian Tobacco Group United Kingdom Limited United Kingdom 100%ASIAScandinavian Tobacco Group Hong Kong Limited Hong Kong 100%PT Scandinavian Tobacco Group Indonesia Indonesia 100%Agio Tobacco Processing Company Ltd. Sri Lanka 100%AUSTRALIA AND NEW ZEALANDScandinavian Tobacco Group Australia Pty Ltd Australia 100%AMERICAAgio Caribbean Tobacco Company Ltd.* British Virgin 100%IslandsScandinavian Tobacco Group Canada Holding Inc. Canada 100%Scandinavian Tobacco Group Canada Inc. Canada 100%ActivityCompany Country OwnershipGeneral Cigar Dominicana S.A.S. The Dominican100%RepublicHonduras American Tabaco SA de CV Honduras 100%Scandinavian Tobacco Group Danli S.A. Honduras 100%Scandinavian Tobacco Group Esteli, S.A. Nicaragua 100%Scandinavian Tobacco Group Moca, S.A.* Panama 100%Scandinavian Tobacco Group US Holding, Inc. United States 100%General Cigar Co., Inc. United States 100%Cigar Masters Inc. United States 100%GCMM Co., Inc. United States 100%Club Macanudo (Chicago), Inc. United States 100%Club Macanudo, Inc. United States 100%Henri Wintermans Cigars USA, Inc. United States 100%M&D Wholesale Distributors, Inc. United States 100%Bethlehem Shared Services, LLC United States 100%Bethlehem Sales, LLC United States 100%Specialty Cigars, LLC United States 100%BPA Sales, LP United States 100%Bethlehem IP Holdings, LLC United States 100%LVPenn Sales, LLC United States 100%Scandinavian Tobacco Group Lane Holding, Inc. United States 100%Scandinavian Tobacco Group Lane Ltd United States 100%Cigar Smokers Restaurant Holdings, Inc. United States 100%Cigars International Ohio, LLC United States 100%Cigars International Texas, LLC United States 100%Bethlehem Restaurant Corporation, Inc. United States 100%CI Hamburg Superstore Lounge, LLC United States 100%ActivityCompany Country OwnershipCI Florida, LLC United States 100%Lilly Online, LLC United States 100%Insurgent Ventures Holdings, Inc. United States 100%Insurgent Ventures, Inc. United States 100%Royal Agio Cigars USA Inc. United States 100%* Doing business in the Dominican Republic.** The non-controlling shareholder holds a put option which is accounted for as if the put option has already been exercised. Accordingly, the subsidiary is consolidated with no non-controlling interest.Gross profit beforeGROSS MARGINspecial itemsEQUITYEquityDILUTEDNet profitBEFORE SPECIALRATIOEARNINGSBASIC EARNINGSNet profitTotal assetsAverage number of sharesITEMSNet salesPER SHAREPER SHAREAverage number ofoutstanding + dilutive shares outstandingeffect of the outstanding performance stock units (PSUs)EBITROICEBIT12 months averageEBIT MARGINNet salesinvested capital*PAY-OUTProposed and interim dividendProposed andRATIONet profitinterim dividendDIVIDEND PER SHARENumber of sharesCFFO before interest EBITissuedROIC EX.ORGANIC NET SALES GROWTH: is defined asand tax, excluding GOODWILL12 months averagegrowth in net sales before special items andpayment of special invested capital* impact from currencies, acquisitions anditems \u2013 Maintenanceex. goodwillchanges in accounting policiesCASHCAPEXCONVERSIONAdjusted operatingEBITDA beforeprofit (EBITA beforeEBITDA MARGINspecial itemsspecial items)BEFORE SPECIALORGANIC EBITDA GROWTH: is defined as Net salesITEMSgrowth in EBITDA before special items and im-Net profit adjusted forpact from currencies, acquisitions and changes special items and fairin accounting policiesvalue adjustments andInterest-bearingcurrency gains/losses,ADJUSTEDliabilites andnet of taxNET EARNINGS* Average invested capital comprises intangible assets, property, pensions less cashTaxplant and equipment, right-of-use assets, inventories, receiv-INTEREST- TAXPER SHAREAverage number ofequivalents andables (excluding receivables recognised at fair value) BEARINGPERCENTAGEProfit before taxshares outstandinginterest-bearingand prepayments less trade creditors, provisions and other DEBTliabilities (excluding other liabilities recognised at fair value).receivables",
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"value": "The Consolidated Financial Statements of Scandinavian Tobacco Group have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union (EU) and additional Danish disclosure requirements for listed companies andfurther requirements in the Danish Financial Statements Act.RECOGNITION AND MEASUREMENTThe Consolidated Financial Statements have been pre- pared under the historical cost basis except when IFRS explicitly require the use of fair value. Danish kroner is the Group\u2019s presentation currency and the functional cur-rency of the parent company. The principal accounting policies set out below have been applied consistent- ly in the preparation of the Consolidated Financial State-ments for all the years presented.PRINCIPAL ACCOUNTING POLICIESThe Group\u2019s accounting policies are described in relationto the individual notes to the Consolidated Financial Statements. Considering all the accounting policies applied in the preparation of the Consolidated Financial Statements, Executive Management regards the followingas the most significant accounting policies for the recognition and measurement of reported amounts as well as relevant to an understanding of the Consolidated Financial Statements:\u2022 Gross profit (net sales and cost of goods sold) (note 2.1)\u2022 Income and deferred income taxes (note 2.6)\u2022 Intangible assets and property, plant and equipment including impairment (notes 3.1 and 3.2)\u2022 Inventories (note 3.4)SUBTOTALS AND ALTERNATIVE PERFORMANCE MEASURESIn the Annual Report the Group presents certain financiaperformance measures such as subtotals and key ratios which are not required or defined under IFRS. It is con-sidered that these alternative measures provide relevantsupplementary information for the stakeholders of the Group. Significant income and expenses which, by their nature, are assessed not to be related to the Group\u2019s coreperformance are presented in the Income statement in aseparate line item called \u2018Special items incl. impairment,net costs\u2019 in order to distinguish these items from other income statement items. Please refer to note 2.5 for moredetails on Special items. The Income statement includes the subtotals \u201cGross profit before special items\u201d, \u201cEarnings before interest, taxdepreciation, amortisation and special items (EBITDA before special items)\u201d, \u201cEarnings before interest, tax, am-ortisation and special items (EBITA before special items)\u201dand \u201cEarnings before interest, tax and special items (EBITbefore special items)\u201d as these are assessed to provide a more transparent and comparable view of the Group\u2019s recurring earnings. In note 2.5 it is disclosed how the line items in the Income statement would have been affectedif \u201cSpecial items\u201d had not been presented in a separate line item.For definitions of key ratios please refer to \u201cfive-year summary\u201d and note 5.8.The reserve for currency translation in the ConsolidatedFinancial Statements comprises foreign exchange differ-ences arising from translation of financial statements of foreign enterprises from their functional currencies tothe presentation currency of the Group (Danish kroner). When there is full or partial disposal of the net investmentthe foreign exchange adjustments are recognised in the income statement. The reserve for hedges includes the accumulated net change in the fair value of hedging transactions qualifyingfor hedge accounting.Cost of acquisition and proceeds from sale of treasury shares are recognised in reserve for treasury shares.Dividends received in relation to treasury shares arerecognised in retained earnings.",
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"value": "The Consolidated Financial Statements of Scandinavian Tobacco Group have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union (EU) and additional Danish disclosure requirements for listed companies andfurther requirements in the Danish Financial Statements Act.RECOGNITION AND MEASUREMENTThe Consolidated Financial Statements have been pre- pared under the historical cost basis except when IFRS explicitly require the use of fair value. Danish kroner is the Group\u2019s presentation currency and the functional cur-rency of the parent company. The principal accounting policies set out below have been applied consistent- ly in the preparation of the Consolidated Financial State-ments for all the years presented.PRINCIPAL ACCOUNTING POLICIESThe Group\u2019s accounting policies are described in relationto the individual notes to the Consolidated Financial Statements. Considering all the accounting policies applied in the preparation of the Consolidated Financial Statements, Executive Management regards the followingas the most significant accounting policies for the recognition and measurement of reported amounts as well as relevant to an understanding of the Consolidated Financial Statements:\u2022 Gross profit (net sales and cost of goods sold) (note 2.1)\u2022 Income and deferred income taxes (note 2.6)\u2022 Intangible assets and property, plant and equipment including impairment (notes 3.1 and 3.2)\u2022 Inventories (note 3.4)SUBTOTALS AND ALTERNATIVE PERFORMANCE MEASURESIn the Annual Report the Group presents certain financiaperformance measures such as subtotals and key ratios which are not required or defined under IFRS. It is con-sidered that these alternative measures provide relevantsupplementary information for the stakeholders of the Group. Significant income and expenses which, by their nature, are assessed not to be related to the Group\u2019s coreperformance are presented in the Income statement in aseparate line item called \u2018Special items incl. impairment,net costs\u2019 in order to distinguish these items from other income statement items. Please refer to note 2.5 for moredetails on Special items. The Income statement includes the subtotals \u201cGross profit before special items\u201d, \u201cEarnings before interest, taxdepreciation, amortisation and special items (EBITDA before special items)\u201d, \u201cEarnings before interest, tax, am-ortisation and special items (EBITA before special items)\u201dand \u201cEarnings before interest, tax and special items (EBITbefore special items)\u201d as these are assessed to provide a more transparent and comparable view of the Group\u2019s recurring earnings. In note 2.5 it is disclosed how the line items in the Income statement would have been affectedif \u201cSpecial items\u201d had not been presented in a separate line item.For definitions of key ratios please refer to \u201cfive-year summary\u201d and note 5.8.The reserve for currency translation in the ConsolidatedFinancial Statements comprises foreign exchange differ-ences arising from translation of financial statements of foreign enterprises from their functional currencies tothe presentation currency of the Group (Danish kroner). When there is full or partial disposal of the net investmentthe foreign exchange adjustments are recognised in the income statement. The reserve for hedges includes the accumulated net change in the fair value of hedging transactions qualifyingfor hedge accounting.Cost of acquisition and proceeds from sale of treasury shares are recognised in reserve for treasury shares.Dividends received in relation to treasury shares arerecognised in retained earnings.",
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"value": "The Consolidated Financial Statements of Scandinavian Tobacco Group have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union (EU) and additional Danish disclosure requirements for listed companies andfurther requirements in the Danish Financial Statements Act.RECOGNITION AND MEASUREMENTThe Consolidated Financial Statements have been pre- pared under the historical cost basis except when IFRS explicitly require the use of fair value. Danish kroner is the Group\u2019s presentation currency and the functional cur-rency of the parent company. The principal accounting policies set out below have been applied consistent- ly in the preparation of the Consolidated Financial State-ments for all the years presented.PRINCIPAL ACCOUNTING POLICIESThe Group\u2019s accounting policies are described in relationto the individual notes to the Consolidated Financial Statements. Considering all the accounting policies applied in the preparation of the Consolidated Financial Statements, Executive Management regards the followingas the most significant accounting policies for the recognition and measurement of reported amounts as well as relevant to an understanding of the Consolidated Financial Statements:\u2022 Gross profit (net sales and cost of goods sold) (note 2.1)\u2022 Income and deferred income taxes (note 2.6)\u2022 Intangible assets and property, plant and equipment including impairment (notes 3.1 and 3.2)\u2022 Inventories (note 3.4)IMPACT OF NEW ACCOUNTING STANDARDSBased on an assessment of new or amended andrevised accounting standards and interpretations(\u2018IFRS\u2019) issued by the International AccountingStandards Board (IASB) and IFRS endorsed by theEuropean Union effective on or after 1 January 2022, ithas been assessed that the application of these newIFRS has not had a material impact on the ConsolidatedFinancial Statements in 2022, and the Group doesnot anticipate any significant impact on future periodsfrom the adoption of these new IFRS. The Group hasadopted all new, amended and revised standards andinterpretations.NEW OR AMENDED IFRS THAT HAVE BEEN ISSUEDBUT HAVE NOT YET COME INTO EFFECT AND HAVENOT BEEN EARLY ADOPTEDThe IASB has issued a number of new or amended andrevised accounting standards and interpretations thathave not yet come into effect. It has been assessed thatthe application of these new IFRS will not have a materiaimpact on future reporting periods.SUBTOTALS AND ALTERNATIVE PERFORMANCE MEASURESIn the Annual Report the Group presents certain financiaperformance measures such as subtotals and key ratios which are not required or defined under IFRS. It is con-sidered that these alternative measures provide relevantsupplementary information for the stakeholders of the Group. Significant income and expenses which, by their nature, are assessed not to be related to the Group\u2019s coreperformance are presented in the Income statement in aseparate line item called \u2018Special items incl. impairment,net costs\u2019 in order to distinguish these items from other income statement items. Please refer to note 2.5 for moredetails on Special items. The Income statement includes the subtotals \u201cGross profit before special items\u201d, \u201cEarnings before interest, taxdepreciation, amortisation and special items (EBITDA before special items)\u201d, \u201cEarnings before interest, tax, am-ortisation and special items (EBITA before special items)\u201dand \u201cEarnings before interest, tax and special items (EBITbefore special items)\u201d as these are assessed to provide a more transparent and comparable view of the Group\u2019s recurring earnings. In note 2.5 it is disclosed how the line items in the Income statement would have been affectedif \u201cSpecial items\u201d had not been presented in a separate line item.For definitions of key ratios please refer to \u201cfive-year summary\u201d and note 5.8.Subsidiaries are all entities (including structured entities)which the Group controls. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entitiy. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associated companies. At consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company\u2019s investments in the consolidatedsubsidiaries are set off against the Parent Company\u2019sshare of the net asset value of subsidiaries stated at thetime of consolidation.On the acquisition of subsidiaries, the difference betweencost and net asset value of the enterprise acquired is determined at the date of acquisition after the individual assets and liabilities have been adjusted to fair value (the acquisition method). Transaction costs relating to the acquisition of subsidiaries are not included in the value ofthe acquired assets. All acquisition-related costs are ex-pensed in the period in which they incur. Any remaining positive differences are recognised as goodwill in intangi-ble assets in the balance sheet. Goodwill is not amortised,but instead tested for impairment on an annual basis andwhen there is an indication of impairment.Positive and negative differences from enterprisesacquired may, due to changes to the recognition andmeasurement of net assets, be adjusted until one yearfrom the acquisition date. These adjustments are alsoreflected in the value of goodwill.TRANSLATION POLICIESTransactions in foreign currencies are translated at theexchange rates at the dates of transaction. Gains andlosses arising due to differences between the transactiondate rates and the rates at the dates of paymentare recognised in financial income and expenses in theincome statement.Receivables, payables and other monetary items in for-eign currencies that have not been settled at thebalance sheet date are translated at the exchange ratesat the balance sheet date. Any differences between theexchange rates at the balance sheet date and the trans-action date rates are recognised in financial income and expenses in the income statement.Income statements of foreign subsidiaries and associatedcompanies are translated at transaction date ratesor approximated average exchange rates. Balance sheetitems are translated at the exchange rates at the balance sheet date. Exchange adjustments arising fromthe translation of the opening equity and exchangeadjustments arising from the translation of the incomestatements at the exchange rates at the balance sheetdate are recognised directly in equity.OTHER EXTERNAL COSTSOther external costs comprise expenses for premises,sales, marketing, distribution and bad debt allowanceas well as office expenses, fee to statutory auditor, etcOTHER INCOMEOther income consists mainly of items of a secondarynature to the core activities, including gains on the saleof intangible assets, property, plant and equipment.EQUITYProposed dividend is recognised as a liability at the time of approval by the general meeting. Dividend which is ex-pected to be distributed for the year is disclosed in note 4.5.The reserve for currency translation in the ConsolidatedFinancial Statements comprises foreign exchange differ-ences arising from translation of financial statements of foreign enterprises from their functional currencies tothe presentation currency of the Group (Danish kroner). When there is full or partial disposal of the net investmentthe foreign exchange adjustments are recognised in the income statement. The reserve for hedges includes the accumulated net change in the fair value of hedging transactions qualifyingfor hedge accounting.Cost of acquisition and proceeds from sale of treasury shares are recognised in reserve for treasury shares.Dividends received in relation to treasury shares arerecognised in retained earnings.CASH FLOW STATEMENTThe cash flow statement shows the Group\u2019s cash flowsfor the year broken down by operating, investing andfinancing activities, changes for the year in cash andcash equivalents as well as the Group\u2019s cash and cashequivalents at the beginning and end of the year.Cash flow from operating activities is determined asthe net profit/loss for the year adjusted for changes inworking capital and non-cash operating items such asdepreciation, amortisation and impairment losses andprovisions. Working capital comprises current assetsless current liabilities excluding items included in cashand cash equivalents, prepaid tax, assets classified asheld for sale, other provisions, lease liabilities andcorporate tax liabilities.Cash flow from investing activities comprises cash flows from addition and disposals of intangible assets, property, plant and equipment, fixed asset investments, acquisition of entities, as well as dividends from associated companies.Cash flow from financing activities comprises cashflows from repayment of lease liabilities, other financ-ing, the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalents comprises \u2018Cash at bankand in hand\u2019.The cash flow statement cannot be derived directlyfrom the Consolidated Financial Statements.REPORTING UNDER ESEF REGULATIONThe Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Reg-ulation) has introduced a single electronic reporting format for the annual reports of issuers with securitieslisted on the EU regulated markets.The single electronic reporting format combines a XHTML format with iXBRL tags, which makes the annual financial reports readable by both humans and machines, thus enhancing accessibility, analysis and comparability of the information included in the annual financial reports. The Group\u2019s iXBRL tags have been prepared in accor-dancewith the ESEF taxonomy, which is part of the ESEF Regulation and developed based on the IFRS taxonomy, published by the IFRS Foundation.The line items in the consolidated financial statement have been tagged to elements in the ESEF taxonomy. For financial statement line items, that are not directlydefined in the ESEF taxonomy, an extension to the tax-onomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The annual report submitted to the Danish Financial Supervisory Authority (The Officially Appointed Mecha-nisms) consists of the XHTML document together with thetechnical files, all included in the ZIP-file named; 5299003KG4JS99TRML67-2022-12-31-en.zip.Cost of Goods SoldCost of goods sold comprises costs incurred to achieverevenue for the year. Cost comprises raw materials, consum-ables, direct labour costs and indirect production costs such asmaintenance as well as operation, administration andmanagement of factories.Working capital is defined as current assets less current liabilities. It measures how much in liquid assets the Group hasavailable for the business.Gross profit beforeGROSS MARGINspecial itemsEQUITYEquityDILUTEDNet profitBEFORE SPECIALRATIOEARNINGSBASIC EARNINGSNet profitTotal assetsAverage number of sharesITEMSNet salesPER SHAREPER SHAREAverage number ofoutstanding + dilutive shares outstandingeffect of the outstanding performance stock units (PSUs)EBITROICEBIT12 months averageEBIT MARGINNet salesinvested capital*PAY-OUTProposed and interim dividendProposed andRATIONet profitinterim dividendDIVIDEND PER SHARENumber of sharesCFFO before interest EBITissuedROIC EX.ORGANIC NET SALES GROWTH: is defined asand tax, excluding GOODWILL12 months averagegrowth in net sales before special items andpayment of special invested capital* impact from currencies, acquisitions anditems \u2013 Maintenanceex. goodwillchanges in accounting policiesCASHCAPEXCONVERSIONAdjusted operatingEBITDA beforeprofit (EBITA beforeEBITDA MARGINspecial itemsspecial items)BEFORE SPECIALORGANIC EBITDA GROWTH: is defined as Net salesITEMSgrowth in EBITDA before special items and im-Net profit adjusted forpact from currencies, acquisitions and changes special items and fairin accounting policiesvalue adjustments andInterest-bearingcurrency gains/losses,ADJUSTEDliabilites andnet of taxNET EARNINGS* Average invested capital comprises intangible assets, property, pensions less cashTaxplant and equipment, right-of-use assets, inventories, receiv-INTEREST- TAXPER SHAREAverage number ofequivalents andables (excluding receivables recognised at fair value) BEARINGPERCENTAGEProfit before taxshares outstandinginterest-bearingand prepayments less trade creditors, provisions and other DEBTliabilities (excluding other liabilities recognised at fair value).receivables",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-8-5": {
"value": "RECOGNITION AND MEASUREMENTThe Consolidated Financial Statements have been pre- pared under the historical cost basis except when IFRS explicitly require the use of fair value. Danish kroner is the Group\u2019s presentation currency and the functional cur-rency of the parent company. The principal accounting policies set out below have been applied consistent- ly in the preparation of the Consolidated Financial State-ments for all the years presented.PRINCIPAL ACCOUNTING POLICIESThe Group\u2019s accounting policies are described in relationto the individual notes to the Consolidated Financial Statements. Considering all the accounting policies applied in the preparation of the Consolidated Financial Statements, Executive Management regards the followingas the most significant accounting policies for the recognition and measurement of reported amounts as well as relevant to an understanding of the Consolidated Financial Statements:\u2022 Gross profit (net sales and cost of goods sold) (note 2.1)\u2022 Income and deferred income taxes (note 2.6)\u2022 Intangible assets and property, plant and equipment including impairment (notes 3.1 and 3.2)\u2022 Inventories (note 3.4)IMPACT OF NEW ACCOUNTING STANDARDSBased on an assessment of new or amended andrevised accounting standards and interpretations(\u2018IFRS\u2019) issued by the International AccountingStandards Board (IASB) and IFRS endorsed by theEuropean Union effective on or after 1 January 2022, ithas been assessed that the application of these newIFRS has not had a material impact on the ConsolidatedFinancial Statements in 2022, and the Group doesnot anticipate any significant impact on future periodsfrom the adoption of these new IFRS. The Group hasadopted all new, amended and revised standards andinterpretations.SUBTOTALS AND ALTERNATIVE PERFORMANCE MEASURESIn the Annual Report the Group presents certain financiaperformance measures such as subtotals and key ratios which are not required or defined under IFRS. It is con-sidered that these alternative measures provide relevantsupplementary information for the stakeholders of the Group. Significant income and expenses which, by their nature, are assessed not to be related to the Group\u2019s coreperformance are presented in the Income statement in aseparate line item called \u2018Special items incl. impairment,net costs\u2019 in order to distinguish these items from other income statement items. Please refer to note 2.5 for moredetails on Special items. The Income statement includes the subtotals \u201cGross profit before special items\u201d, \u201cEarnings before interest, taxdepreciation, amortisation and special items (EBITDA before special items)\u201d, \u201cEarnings before interest, tax, am-ortisation and special items (EBITA before special items)\u201dand \u201cEarnings before interest, tax and special items (EBITbefore special items)\u201d as these are assessed to provide a more transparent and comparable view of the Group\u2019s recurring earnings. In note 2.5 it is disclosed how the line items in the Income statement would have been affectedif \u201cSpecial items\u201d had not been presented in a separate line item.For definitions of key ratios please refer to \u201cfive-year summary\u201d and note 5.8.Subsidiaries are all entities (including structured entities)which the Group controls. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entitiy. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associated companies. At consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company\u2019s investments in the consolidatedsubsidiaries are set off against the Parent Company\u2019sshare of the net asset value of subsidiaries stated at thetime of consolidation.On the acquisition of subsidiaries, the difference betweencost and net asset value of the enterprise acquired is determined at the date of acquisition after the individual assets and liabilities have been adjusted to fair value (the acquisition method). Transaction costs relating to the acquisition of subsidiaries are not included in the value ofthe acquired assets. All acquisition-related costs are ex-pensed in the period in which they incur. Any remaining positive differences are recognised as goodwill in intangi-ble assets in the balance sheet. Goodwill is not amortised,but instead tested for impairment on an annual basis andwhen there is an indication of impairment.Positive and negative differences from enterprisesacquired may, due to changes to the recognition andmeasurement of net assets, be adjusted until one yearfrom the acquisition date. These adjustments are alsoreflected in the value of goodwill.TRANSLATION POLICIESTransactions in foreign currencies are translated at theexchange rates at the dates of transaction. Gains andlosses arising due to differences between the transactiondate rates and the rates at the dates of paymentare recognised in financial income and expenses in theincome statement.Receivables, payables and other monetary items in for-eign currencies that have not been settled at thebalance sheet date are translated at the exchange ratesat the balance sheet date. Any differences between theexchange rates at the balance sheet date and the trans-action date rates are recognised in financial income and expenses in the income statement.Income statements of foreign subsidiaries and associatedcompanies are translated at transaction date ratesor approximated average exchange rates. Balance sheetitems are translated at the exchange rates at the balance sheet date. Exchange adjustments arising fromthe translation of the opening equity and exchangeadjustments arising from the translation of the incomestatements at the exchange rates at the balance sheetdate are recognised directly in equity.OTHER EXTERNAL COSTSOther external costs comprise expenses for premises,sales, marketing, distribution and bad debt allowanceas well as office expenses, fee to statutory auditor, etcOTHER INCOMEOther income consists mainly of items of a secondarynature to the core activities, including gains on the saleof intangible assets, property, plant and equipment.EQUITYProposed dividend is recognised as a liability at the time of approval by the general meeting. Dividend which is ex-pected to be distributed for the year is disclosed in note 4.5.The reserve for currency translation in the ConsolidatedFinancial Statements comprises foreign exchange differ-ences arising from translation of financial statements of foreign enterprises from their functional currencies tothe presentation currency of the Group (Danish kroner). When there is full or partial disposal of the net investmentthe foreign exchange adjustments are recognised in the income statement. The reserve for hedges includes the accumulated net change in the fair value of hedging transactions qualifyingfor hedge accounting.Cost of acquisition and proceeds from sale of treasury shares are recognised in reserve for treasury shares.Dividends received in relation to treasury shares arerecognised in retained earnings.CASH FLOW STATEMENTThe cash flow statement shows the Group\u2019s cash flowsfor the year broken down by operating, investing andfinancing activities, changes for the year in cash andcash equivalents as well as the Group\u2019s cash and cashequivalents at the beginning and end of the year.Cash flow from operating activities is determined asthe net profit/loss for the year adjusted for changes inworking capital and non-cash operating items such asdepreciation, amortisation and impairment losses andprovisions. Working capital comprises current assetsless current liabilities excluding items included in cashand cash equivalents, prepaid tax, assets classified asheld for sale, other provisions, lease liabilities andcorporate tax liabilities.Cash flow from investing activities comprises cash flows from addition and disposals of intangible assets, property, plant and equipment, fixed asset investments, acquisition of entities, as well as dividends from associated companies.Cash flow from financing activities comprises cashflows from repayment of lease liabilities, other financ-ing, the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalents comprises \u2018Cash at bankand in hand\u2019.The cash flow statement cannot be derived directlyfrom the Consolidated Financial Statements.REPORTING UNDER ESEF REGULATIONThe Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Reg-ulation) has introduced a single electronic reporting format for the annual reports of issuers with securitieslisted on the EU regulated markets.The single electronic reporting format combines a XHTML format with iXBRL tags, which makes the annual financial reports readable by both humans and machines, thus enhancing accessibility, analysis and comparability of the information included in the annual financial reports. The Group\u2019s iXBRL tags have been prepared in accor-dancewith the ESEF taxonomy, which is part of the ESEF Regulation and developed based on the IFRS taxonomy, published by the IFRS Foundation.The line items in the consolidated financial statement have been tagged to elements in the ESEF taxonomy. For financial statement line items, that are not directlydefined in the ESEF taxonomy, an extension to the tax-onomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The annual report submitted to the Danish Financial Supervisory Authority (The Officially Appointed Mecha-nisms) consists of the XHTML document together with thetechnical files, all included in the ZIP-file named; 5299003KG4JS99TRML67-2022-12-31-en.zip.Net SalesThe Group derives revenue from the transfer of goods at a point in time. Revenue is measured at the fair value of the consideration received or receivable and is recognised exclusive of VAT, excise and net of discounts/rebates relating to the sale.Revenue from our retail activities includes excise. Revenue from external customers come from the sale of goods on the basis of wholesale, retail, online & catalogue and business to business.Revenue from the sale of goods is recognised in the incomestatement when the control of the goods has been transferredto the customer.The Group does not have any contracts where the period be-tween the transfer of the goods to the customer and paymentby the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for thetime value of money.Cost of Goods SoldCost of goods sold comprises costs incurred to achieverevenue for the year. Cost comprises raw materials, consum-ables, direct labour costs and indirect production costs such asmaintenance as well as operation, administration andmanagement of factories.SegmentsThe segment reporting is prepared in a manner consistent with the Group\u2019s internal management and reporting struc-ture, thus our reportable segments are equal to our three commercial divisions, which are generally managed based ongeographical areas combined with type of sales/customers. Segment performance is evaluated on the basis of EBITDA before special items consistent with the Consolidated FinancialStatements.The Executive Board is considered to be the chief operatingdecision maker.Division North America Online & Retail includes direct toconsumer sales of all product categories sold via the online,catalogue and retail channel in North America.Division North America Branded & Rest of World includes sales of all product categories to wholesalers and distributorsthat supply retail in the US, Canada, Australia, New Zealand, International Sales (Norway, Finland, Switzerland and Israel),Asia, Global Travel Retail and contract manufacturingfor third parties.Division Europe Branded includes sales of all product categories to wholesalers and distributors that supply retail inGermany, Denmark, Sweden, France, Italy, Belgium, the Neth-erlands, Luxembourg, Spain, Portugal, as well as the UKand Ireland.Operating expenses that are not directly inherent in the divi-sions are to some extent allocated to the divisions based onallocation keys defined by activities or other relevant compo-nents. Certain costs relating to Group functions are managed on Group level. These items are not included in the reportabledivisions and therefore reported as \u02bbGroup costs\u02bc.Depreciation, amortisation, impairment costs, special items, share of profit of associated companies, net of tax and finan-cial items are not allocated to the different segments.No operating segments have been aggregated to form thereported business segments.No assets and liabilities are allocated to segments in theinternal reporting.Staff costs comprise wages and salaries as well as payrollexpenses other than production wages, and staff costs capitalisted on assets.Scandinavian Tobacco Group operates a number of equity-settled, share-based compensation plans.The value of services received in exchange for grantedperformance-based share units (PSUs) is measured at fair val-ue at the grant date and recognised in the income statementunder staff costs over the vesting period with a correspondingincrease in equity.The fair value of granted PSUs is measured at the share priceat grant date.On initial recognition, an estimate is made of the number ofPSUs expected to vest. The estimated number is subsequentlyrevised for changes in the number of PSUs expected to vestdue to non-market based vesting conditions.Share-based incentive programmesScandinavian Tobacco Group has a long-term incentiveprogramme (LTIP) for members of the Executive Boardand members of senior management.Upon vesting, each PSU entitles the holder to receive oneshare in Scandinavian Tobacco Group at no cost. The actual number of shares vesting may range between 0 and200% of the grant and is determined by a service period of 3years and the achievement of certain performance indicatorswhich for LTIP 2019, LTIP 2020 and LTIP 2021 are organic EBITDA growth and cash conversion and for LTIP 2022 organicEBITDA growth, ROIC growth, EPS growth and ESG scorecard.In March 2022, PSUs granted under the LTIP 2019 were vestedand the participants received shares in Scandinavian TobaccoGroup A/S at no cost. The shares received corresponded to200% of the grant, based on the actual achieved performanceConsequently the programme has lapsed.Under the LTIP programme, new PSUs were granted to participants in 2022. This was the seventh grant following theIPO in 2016.Prior to vesting, holders of PSUs are not entitled to any of therights which shareholders hold, except from the right todividends which will be converted into additional PSUs (bothordinary and extraordinary dividends).Special items are used in connection with the presentation oprofit or loss for the year to distinguish consolidated EBITDAand EBIT from special items, which by their nature are notrelated to the Group\u2019s core performance.Special items are by nature of a significant character andcomprise restructuring costs from larger structural and M&areorganisations, M&A transaction costs, impairment losses,gains or losses from sale of assets and other non-recurringitems.Income taxesThe tax expense for the period comprises current and deferredtax including adjustments to previous years and changes inliability for uncertain tax positions. Tax is recognised in theincome statement, except to the extent that it relates to itemsrecognised in other comprehensive income.Any changes in deferred tax due to changes in tax rates arerecognised in the income statement or in other comprehensiveincome depending on the original recognition.Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in thebalance sheet at the amount calculated on the basis of theexpected taxable income for the year and prior yearadjustments. Tax receivables and liabilities are offset if there isa legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differ-ences between the carrying amount and the tax base of assetsand liabilities.Deferred tax is measured on the basis of the tax rules and taxrates that will be effective under the legislation at the balancesheet date when the deferred tax is expected to crystallise ascurrent tax. In cases where the computation of the tax basemay be made according to alternative tax rules, deferred tax ismeasured on the basis of the intended use of the asset andsettlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss car-ryforwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.GoodwillGoodwill represents any cost in excess of identifiable net assets, measured at fair value, in the acquired company. Goodwill is valuedat acquisition value less any accumulated impairment losses. Good-will is tested annually, or upon indication, for impairment.TrademarksTrademarks are measured at cost less accumulated amortisation and less any accumulated impairment losses. Strategic trademarkswith indefinite lives are not amortised, but are reviewed annually for impairment. Strategic trademarks are defined as trademarks of asizeable significance measured on contribution and the trade-marks potential to grow across geographies. Other trademarks are amortised on a straight-line basis over the estimated useful lives determined on the basis of Management\u2019s experience with the individual trademarks. The amortisation period is typically in the range of 5\u201325 years.IT softwareIT software is measured at cost less accumulated amortisation and less any accumulated impairment losses. Cost comprises payments for the IT software and other directly attributable expenses of prepar-ing the software for its intended use. Amortisation is calculated on a straight-line basis over the expected useful lives of the assets, which are 5-10 years.Other intangible assets Other intangible assets are measured at cost less accumulated amor-tisation and less any accumulated impairment losses. Amortisation iscalculated on a straight-line basis over the expected useful lives of theassets, which are 5\u201320 years.Intangible assets under constructionIntangible assets under construction comprise IT software in progressand are measured at cost less any accumulated impairment losses. Cost comprises payments for the IT software and other directly attributable expenses of preparing the IT software for its intended use. When the IT software is finalised, it is amortised on a straight-linebasis as IT software. Property, plant and equipment are measured at cost lessaccumulated depreciation and less any accumulatedimpairment losses.Cost comprises the cost of acquisition and expenses directlyrelated to the acquisition up until the asset is ready for use.In the case of assets of own construction, cost comprisesdirect and indirect expenses for labour, materials, componentsand sub-suppliers.Depreciation based on cost reduced by any residual value iscalculated on a straight-line basis over the expected usefullives of the assets, which are:Buildings 10\u201340 yearsPlant and machinery 12\u201320 yearsEquipment, tools and fixtures 3\u201310 yearsLeasehold improvements 1\u201310 yearsAssessment of residual value and useful life is performedannually for assets under property, plant and equipment.At the inception of a contract, the Group assesses whether thecontract is, or contains, a lease. Based on the contract theright-of-use asset and the lease liability are recognised atcommencement of the lease. The initial measurement of theright-of-use asset is at cost and comprises the initial value ofthe lease liability and lease payments made at or before thecommencement date. The right-of-use assets are depreciatedon a straight-line basis over the shorter period of the lease term or the useful life of the underlying asset.The lease liabilities are initially measured at the present valueof lease payments that are not paid at the commencementdate. Lease payments include fixed payments and variablepayments that depend on an index such as an inflation indexas well as lease payments from an extension option that theGroup considers reasonably certain to be exercised.Extension and termination options exist for a number of leases,particular for offices and warehouses. In determining leaseterms, all facts and circumstances offering economic incentives for exercising extension options or not exercising termination options are taken into account. Lease terms can be subject to changes following the occurrence of significant events or circumstances.The Group applies the recognition exemption to short-termleases and low-value leases.Impairment of right-of-use assetsThe carrying amounts are reviewed on an annual basis todetermine whether there is any indication of impairment othethan that expressed by depreciation. If so, an impairment test is carried out to determine whether the recoverable amount islower than the carrying amount and the right-of-use asset iswritten down to its lower recoverable amount.Inventories are measured at the lower of cost under the FIFOmethod and net realisable value. The net realisable value ofinventories is calculated at the amount expected to be generated by sale in the process of normal operations with deduction of selling expenses and costs of completion. The netrealisable value is determined allowing for marketability, obsolescence and development in expected sales prices.The cost of goods for resale, raw materials and consumablesequals landed cost.The cost of finished goods and work in progress comprises thecost of raw materials, consumables and direct labour withaddition of indirect production costs. Indirect production costscomprise the cost of labour, maintenance and depreciation othe machinery, factory buildings, equipment and right-of-useassets used in the manufacturing process as well as costs offactory administration and management.Trade receivables are measured in the balance sheet atamortised cost less provisions for expected credit losses.Expected credit losses are determined by using the simplifiedexpected credit loss model (ECL), which has the approach ofassessing the lifetime expected credit loss.The ECLs on trade receivables are estimated by using a matrixbased on aging of customers, and includes both historicalas well as forward-looking information. The estimation takesinto account geography, past default experience, analysis of the debtor\u2019s current financial position, factors that are specificto the debtors, general economic conditions in which the debtors operate and an assessment of the forecast direction odevelopments at the reporting date.Prepayments are measured at cost and comprise prepaid costsconcerning licences, insurance premiums, subscriptions, etc.Provisions are recognised when \u2013 in consequence of an eventoccurred before or on the balance sheet date \u2013 the Group has alegal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Provisionsare measured at the present value of the anticipated expen-diture for settlement of the legal or constructive obligation based on Management\u2019s best estimate. If considered materialthe anticipated future expenditure is discounted, using a pretax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as interest expense.Under a defined benefit plan, the amount of retirement benefit that will be received by an employee is defined with respect to period of service and final salary. The amount recognised in the balance sheet is the difference between the present value of the defined benefit obligation at the balance sheet date and the fair value of the scheme assets.The defined benefit obligation is calculated annually byindependent actuaries using the projected unit credit method.The present value of the defined benefit obligation is determinedby discounting the estimated future cash outflows.The service cost of providing retirement benefits to employeesduring the year is charged to operating profit. The costs for theyear for defined benefit plans are determined using the projectedunit credit method.Past service costs are recognised immediately in the incomestatement.All actuarial gains and losses are recognised immediately in full in the statement of other comprehensive income for the period inwhich they arise. Pension assets are only recognised to the extent that the Group is able to derive future economic benefits such as refunds from the plan or reductions of future contributions. The Group\u2019s most significant defined benefit pension plans are financed by paymentfrom Group companies and by employees to funds which are independent of the Group.Contributions for defined contribution plans are reported asexpenses in the income statement when they occur.Post-employment employee benefitsThe Group has defined benefit pension plans in a number ofsubsidiaries, through which the employees are entitled topost-employment benefits based on their pensionable incomeand the number of years of service.Provisions for post-employment defined benefit plans arereported based on actuarial valuations. The Group recognisesthe full amount of actuarial gains and losses in othercomprehensive income, i.e. the net pension liability in thebalance sheet includes all cumulative actuarial gains and lossesThe Group does not plan for any new defined benefit plans.Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently at amortised cost usingthe effective interest method.Any difference between the proceeds initially received and thenominal value is recognised in financial costs over the term ofthe loan.Derivative financial instrumentsDerivative financial instruments are initially recognised in thebalance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of deriva-tive financial instruments are classified as other receivables/financial fixed assets and other liabilities, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivativefinancial instrument is designated and qualifies as hedgeaccounting, see below.Hedge accountingChanges in the fair values of financial instruments that aredesignated and qualify as fair value hedges of a recognisedasset or a recognised liability are recognised in the incomestatement like changes in the fair value of the hedged asset orthe hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised directly in other comprehensive income as regards the effective portion of the hedge. The in-effective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amoundeferred in other comprehensive income is transferred from other comprehensive income and recognised in the cost of theasset or the liability, respectively. If the hedged transaction re-sults in an income or an expense, the amount deferred in othercomprehensive income is transferred from other comprehen-sive income to the income statement in the period in which thehedged transaction is recognised. The amount is recognised inthe same item as the hedged transaction.Investments in associated companies are recognised and measured under the equity method.The item \u2018Investments in associated companies\u2019 in the balancesheet includes the proportionate ownership share of the net asset value of the enterprises with deduction or addition of unrealised intercompany profits or losses and with addition of any remaining value of positive differences (goodwill) and deduction of any remaining value of negative differences (neg-ative goodwill) calculated on the basis of the fair values of identifiable net assets at the time of acquisition.The item \u2018Share of profit of associated companies, net of tax\u2019 inthe income statement includes the proportionate share of the profit after tax for the year regarding the associated companieFinancial income and costs comprise interests, realised andunrealised exchange adjustments, hedging costs, interest part of pension costs, lease interest costs and other financiaincome and costs.Working capital is defined as current assets less current liabilities. It measures how much in liquid assets the Group hasavailable for the business.Business combinations are accounted for using the acquisitionmethod. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measued at acquisition date fair value.Acquisition-related costs are expensed as incurred and included in \u201cSpecial items\u201d in the Income statement.Any contingent consideration to be transferred by the acquireris recognised at fair value at the acquisition date. If uncertainties exist at the acquisition date regarding identification ormeasurement of identifiable assets, liabilities and contingentliabilities or regarding the consideration transferred, initial recog-nition will take place on the basis of provisionally determined fairvalues. If identifiable assets, liabilities and contingent liabilities are subsequently determined to have a different fair value at the acquisition date from that first assumed, goodwill is adjusted up until 12 months after the acquisition date. Thereafter no adjustments are made to goodwill, and changes in estimates of contingent consideration relating to business combinations are recognised under \u201cOther income and costs\u201d.Goodwill is initially measured at cost. If the fair value of the netassets acquired is in excess of the aggregate considerationtransferred, the Group reassesses whether it has correctlyidentified all assets acquired and all liabilities assumed, and the Group reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over theaggregate consideration transferred, the gain is recognised in theincome statement. After initial recognition, goodwill is measuredat cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in abusiness combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected tobenefit from the combination.Gross profit beforeGROSS MARGINspecial itemsEQUITYEquityDILUTEDNet profitBEFORE SPECIALRATIOEARNINGSBASIC EARNINGSNet profitTotal assetsAverage number of sharesITEMSNet salesPER SHAREPER SHAREAverage number ofoutstanding + dilutive shares outstandingeffect of the outstanding performance stock units (PSUs)EBITROICEBIT12 months averageEBIT MARGINNet salesinvested capital*PAY-OUTProposed and interim dividendProposed andRATIONet profitinterim dividendDIVIDEND PER SHARENumber of sharesCFFO before interest EBITissuedROIC EX.ORGANIC NET SALES GROWTH: is defined asand tax, excluding GOODWILL12 months averagegrowth in net sales before special items andpayment of special invested capital* impact from currencies, acquisitions anditems \u2013 Maintenanceex. goodwillchanges in accounting policiesCASHCAPEXCONVERSIONAdjusted operatingEBITDA beforeprofit (EBITA beforeEBITDA MARGINspecial itemsspecial items)BEFORE SPECIALORGANIC EBITDA GROWTH: is defined as Net salesITEMSgrowth in EBITDA before special items and im-Net profit adjusted forpact from currencies, acquisitions and changes special items and fairin accounting policiesvalue adjustments andInterest-bearingcurrency gains/losses,ADJUSTEDliabilites andnet of taxNET EARNINGS* Average invested capital comprises intangible assets, property, pensions less cashTaxplant and equipment, right-of-use assets, inventories, receiv-INTEREST- TAXPER SHAREAverage number ofequivalents andables (excluding receivables recognised at fair value) BEARINGPERCENTAGEProfit before taxshares outstandinginterest-bearingand prepayments less trade creditors, provisions and other DEBTliabilities (excluding other liabilities recognised at fair value).receivables",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-3": {
"value": "IMPACT OF NEW ACCOUNTING STANDARDSBased on an assessment of new or amended andrevised accounting standards and interpretations(\u2018IFRS\u2019) issued by the International AccountingStandards Board (IASB) and IFRS endorsed by theEuropean Union effective on or after 1 January 2022, ithas been assessed that the application of these newIFRS has not had a material impact on the ConsolidatedFinancial Statements in 2022, and the Group doesnot anticipate any significant impact on future periodsfrom the adoption of these new IFRS. The Group hasadopted all new, amended and revised standards andinterpretations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-4": {
"value": "IMPACT OF NEW ACCOUNTING STANDARDSBased on an assessment of new or amended andrevised accounting standards and interpretations(\u2018IFRS\u2019) issued by the International AccountingStandards Board (IASB) and IFRS endorsed by theEuropean Union effective on or after 1 January 2022, ithas been assessed that the application of these newIFRS has not had a material impact on the ConsolidatedFinancial Statements in 2022, and the Group doesnot anticipate any significant impact on future periodsfrom the adoption of these new IFRS. The Group hasadopted all new, amended and revised standards andinterpretations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-10-3": {
"value": "NEW OR AMENDED IFRS THAT HAVE BEEN ISSUEDBUT HAVE NOT YET COME INTO EFFECT AND HAVENOT BEEN EARLY ADOPTEDThe IASB has issued a number of new or amended andrevised accounting standards and interpretations thathave not yet come into effect. It has been assessed thatthe application of these new IFRS will not have a materiaimpact on future reporting periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-3": {
"value": "Subsidiaries are all entities (including structured entities)which the Group controls. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entitiy. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associated companies. At consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company\u2019s investments in the consolidatedsubsidiaries are set off against the Parent Company\u2019sshare of the net asset value of subsidiaries stated at thetime of consolidation.On the acquisition of subsidiaries, the difference betweencost and net asset value of the enterprise acquired is determined at the date of acquisition after the individual assets and liabilities have been adjusted to fair value (the acquisition method). Transaction costs relating to the acquisition of subsidiaries are not included in the value ofthe acquired assets. All acquisition-related costs are ex-pensed in the period in which they incur. Any remaining positive differences are recognised as goodwill in intangi-ble assets in the balance sheet. Goodwill is not amortised,but instead tested for impairment on an annual basis andwhen there is an indication of impairment.Positive and negative differences from enterprisesacquired may, due to changes to the recognition andmeasurement of net assets, be adjusted until one yearfrom the acquisition date. These adjustments are alsoreflected in the value of goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-4": {
"value": "TRANSLATION POLICIESTransactions in foreign currencies are translated at theexchange rates at the dates of transaction. Gains andlosses arising due to differences between the transactiondate rates and the rates at the dates of paymentare recognised in financial income and expenses in theincome statement.Receivables, payables and other monetary items in for-eign currencies that have not been settled at thebalance sheet date are translated at the exchange ratesat the balance sheet date. Any differences between theexchange rates at the balance sheet date and the trans-action date rates are recognised in financial income and expenses in the income statement.Income statements of foreign subsidiaries and associatedcompanies are translated at transaction date ratesor approximated average exchange rates. Balance sheetitems are translated at the exchange rates at the balance sheet date. Exchange adjustments arising fromthe translation of the opening equity and exchangeadjustments arising from the translation of the incomestatements at the exchange rates at the balance sheetdate are recognised directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-17-4": {
"value": "OTHER EXTERNAL COSTSOther external costs comprise expenses for premises,sales, marketing, distribution and bad debt allowanceas well as office expenses, fee to statutory auditor, etcCost of Goods SoldCost of goods sold comprises costs incurred to achieverevenue for the year. Cost comprises raw materials, consum-ables, direct labour costs and indirect production costs such asmaintenance as well as operation, administration andmanagement of factories.Property, plant and equipment are measured at cost lessaccumulated depreciation and less any accumulatedimpairment losses.Cost comprises the cost of acquisition and expenses directlyrelated to the acquisition up until the asset is ready for use.In the case of assets of own construction, cost comprisesdirect and indirect expenses for labour, materials, componentsand sub-suppliers.Depreciation based on cost reduced by any residual value iscalculated on a straight-line basis over the expected usefullives of the assets, which are:Buildings 10\u201340 yearsPlant and machinery 12\u201320 yearsEquipment, tools and fixtures 3\u201310 yearsLeasehold improvements 1\u201310 yearsAssessment of residual value and useful life is performedannually for assets under property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-4": {
"value": "OTHER INCOMEOther income consists mainly of items of a secondarynature to the core activities, including gains on the saleof intangible assets, property, plant and equipment.REPORTING UNDER ESEF REGULATIONThe Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Reg-ulation) has introduced a single electronic reporting format for the annual reports of issuers with securitieslisted on the EU regulated markets.The single electronic reporting format combines a XHTML format with iXBRL tags, which makes the annual financial reports readable by both humans and machines, thus enhancing accessibility, analysis and comparability of the information included in the annual financial reports. The Group\u2019s iXBRL tags have been prepared in accor-dancewith the ESEF taxonomy, which is part of the ESEF Regulation and developed based on the IFRS taxonomy, published by the IFRS Foundation.The line items in the consolidated financial statement have been tagged to elements in the ESEF taxonomy. For financial statement line items, that are not directlydefined in the ESEF taxonomy, an extension to the tax-onomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The annual report submitted to the Danish Financial Supervisory Authority (The Officially Appointed Mecha-nisms) consists of the XHTML document together with thetechnical files, all included in the ZIP-file named; 5299003KG4JS99TRML67-2022-12-31-en.zip.Gross profit beforeGROSS MARGINspecial itemsEQUITYEquityDILUTEDNet profitBEFORE SPECIALRATIOEARNINGSBASIC EARNINGSNet profitTotal assetsAverage number of sharesITEMSNet salesPER SHAREPER SHAREAverage number ofoutstanding + dilutive shares outstandingeffect of the outstanding performance stock units (PSUs)EBITROICEBIT12 months averageEBIT MARGINNet salesinvested capital*PAY-OUTProposed and interim dividendProposed andRATIONet profitinterim dividendDIVIDEND PER SHARENumber of sharesCFFO before interest EBITissuedROIC EX.ORGANIC NET SALES GROWTH: is defined asand tax, excluding GOODWILL12 months averagegrowth in net sales before special items andpayment of special invested capital* impact from currencies, acquisitions anditems \u2013 Maintenanceex. goodwillchanges in accounting policiesCASHCAPEXCONVERSIONAdjusted operatingEBITDA beforeprofit (EBITA beforeEBITDA MARGINspecial itemsspecial items)BEFORE SPECIALORGANIC EBITDA GROWTH: is defined as Net salesITEMSgrowth in EBITDA before special items and im-Net profit adjusted forpact from currencies, acquisitions and changes special items and fairin accounting policiesvalue adjustments andInterest-bearingcurrency gains/losses,ADJUSTEDliabilites andnet of taxNET EARNINGS* Average invested capital comprises intangible assets, property, pensions less cashTaxplant and equipment, right-of-use assets, inventories, receiv-INTEREST- TAXPER SHAREAverage number ofequivalents andables (excluding receivables recognised at fair value) BEARINGPERCENTAGEProfit before taxshares outstandinginterest-bearingand prepayments less trade creditors, provisions and other DEBTliabilities (excluding other liabilities recognised at fair value).receivables",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-4": {
"value": "EQUITYProposed dividend is recognised as a liability at the time of approval by the general meeting. Dividend which is ex-pected to be distributed for the year is disclosed in note 4.5.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "CASH FLOW STATEMENTThe cash flow statement shows the Group\u2019s cash flowsfor the year broken down by operating, investing andfinancing activities, changes for the year in cash andcash equivalents as well as the Group\u2019s cash and cashequivalents at the beginning and end of the year.Cash flow from operating activities is determined asthe net profit/loss for the year adjusted for changes inworking capital and non-cash operating items such asdepreciation, amortisation and impairment losses andprovisions. Working capital comprises current assetsless current liabilities excluding items included in cashand cash equivalents, prepaid tax, assets classified asheld for sale, other provisions, lease liabilities andcorporate tax liabilities.Cash flow from investing activities comprises cash flows from addition and disposals of intangible assets, property, plant and equipment, fixed asset investments, acquisition of entities, as well as dividends from associated companies.Cash flow from financing activities comprises cashflows from repayment of lease liabilities, other financ-ing, the raising and repayment of long-term debt as well as payments to and from shareholders.The cash flow statement cannot be derived directlyfrom the Consolidated Financial Statements.DKK million 2022 2021Change in receivables -26.9 -9.4Change in inventories -228.1 41.5Change in liabilities -108.9 -38.3Total -363.9 -6.2Working capital is defined as current assets less current liabilities. It measures how much in liquid assets the Group hasavailable for the business.For the purpose of presenting the cash flow statement,non-cash items with effect on the income statementmust be reversed to identify the actual cash flow effectfrom the income statement. The adjustments arespecified as follows:DKK million 2022 2021Financial items 136.9 77.2Share of profit of associated companies, net of tax -40.4 -31.5Income taxes 380.2 377.9(Gains)/losses from sale of fixed assets -139.5 -18.3Special items, paid 140.8 219.1Other provisions movement -44.5 -149.0Bad debt allowance and provision for obselete stock movements -6.9 -1.0Other adjustments 1.8 23.8Total 428.4 498.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-5": {
"value": "CASH FLOW STATEMENTThe cash flow statement shows the Group\u2019s cash flowsfor the year broken down by operating, investing andfinancing activities, changes for the year in cash andcash equivalents as well as the Group\u2019s cash and cashequivalents at the beginning and end of the year.Cash flow from operating activities is determined asthe net profit/loss for the year adjusted for changes inworking capital and non-cash operating items such asdepreciation, amortisation and impairment losses andprovisions. Working capital comprises current assetsless current liabilities excluding items included in cashand cash equivalents, prepaid tax, assets classified asheld for sale, other provisions, lease liabilities andcorporate tax liabilities.Cash flow from investing activities comprises cash flows from addition and disposals of intangible assets, property, plant and equipment, fixed asset investments, acquisition of entities, as well as dividends from associated companies.Cash flow from financing activities comprises cashflows from repayment of lease liabilities, other financ-ing, the raising and repayment of long-term debt as well as payments to and from shareholders.The cash flow statement cannot be derived directlyfrom the Consolidated Financial Statements.Working capital is defined as current assets less current liabilities. It measures how much in liquid assets the Group hasavailable for the business.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-4": {
"value": "Cash and cash equivalents comprises \u2018Cash at bankand in hand\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-26-2": {
"value": "When preparing the Group\u2019s Consolidated Financial Statements, Management makes various accountingestimates, judgements and assumptions which form thebasis of presentation, recognition and measurementof the Group\u2019s assets and liabilities. Accounting esti-mates and underlying assumptions are reviewed onan ongoing basis. In some circumstances a change inthe estimates may be necessary because of changes inthe underlying assumptions.ESTIMATION UNCERTAINTYDetermining the carrying amount of some assets andliabilities requires judgements, estimates and assump-tions concerning future events.The judgements, estimates and assumptions made arebased on historical experience and other factors whichManagement assesses to be reliable, but which by theirvery nature are associated with uncertainty and unpre-dictability. These assumptions may prove incomplete or incorrect, and unexpected events or circumstances may arise.The Group is also subject to risks and uncertaintieswhich may lead to actual results differing from theseestimates, both positively and negatively. Assumptionsabout the future and estimation uncertainty on thebalance sheet date are described in the notes if there isa significant risk of changes that could result in materialadjustments to the carrying amount of assets or liabili-ties within the next financial year.Executive Management regards the following areas toinclude the key accounting estimates and assumptionsused in the preparation of the Consolidated FinancialStatements:\u2022 Income and deferred income taxes (note 2.6)\u2022 Goodwill (note 3.1)\u2022 Trademarks (note 3.1)\u2022 Property, plant and equipment (note 3.2)\u2022 Inventories (note 3.4)\u2022 Pension obligations (note 3.9)\u2022 Business combinations (note 5.1)Please refer to the specific notes for further informationon the key accounting estimates and assumptionsapplied.DEFINING MATERIALITYThe Consolidated Financial Statements are a result ofprocessing large numbers of transactions and aggregat-ing those transactions into classes according to theirnature or function. When aggregated, the transactionsare presented in classes of similar items in the Consoli-dated Financial Statements. If a line item is not individually material, it is aggregated with other items of asimilar nature in the Consolidated Financial Statementsor in the notes. There are substantial disclosure require-ments throughout the IFRS. Management providesspecific disclosures required by the IFRS unless theinformation is considered immaterial to the economicdecisionmaking of the users of these financialstatements or not applicable.Management has made estimates in determining the liabilitiesfor uncertain tax positions, deferred tax assets and deferred tax liabilities and the extent to which deferred tax assets arerecognised. The Group recognises only deferred tax assets ifthese tax assets can be offset against positive taxable income in the foreseeable future. The estimates are made on the basisof business plans for the forthcoming years.Impairment of intangible assetsThe carrying amounts of intangible assets are reviewed on anannual basis to determine whether there is any indication ofimpairment other than that expressed by amortisation. If so,an impairment test is carried out to determine whether therecoverable amount is lower than the carrying amount and theasset is written down to its lower recoverable amount. The impairment test includes significant judgments made byManagement, such as assumption of projected future cashflows used in the valuation of the intangible assets. Futureevents could cause Management to conclude that impairmentindicators exist and that intangible assets are impaired. Anyresulting impairment loss could have a material impact on thefinancial condition and on the result of operations.Impairment test of goodwillIn the annual impairment test of goodwill, an estimate is madeto determine how the enterprise will be able to generate sufficient positive net cash flow in the future to support the value of goodwill,trademarks and other net assets of the enterprise in question. For the purpose of the annual impairment test of goodwill, the costs and income in segment note 2.1 have been allocated to each cash generating unit based on either direct allocation or by using rele-vant allocation keys. The estimates of the anticipated future net cash flow are based on budgets, business plans as well as Manage-ment\u2019s projections for the coming years. Contribution expectationsare based upon projections made on the development in volume, average sales and cost prices as well as operating cost develop-ment for each market in each of the defined cash generating units.Impairment test \u2013 trademarks with indefinite useful livesIn the annual impairment test of trademarks with indefinite useful lives, an estimate is made to determine how the trademarks will be able to generate sufficient positive net cash flow in the future to support the value of the trademark in question. The estimates of the anticipated future net cash flow are based on Management\u2019s projec-tions for the coming years. Contribution expectations are based uponprojections made on the development in volume, average sales and cost prices for each trademark.Other trademarks (definite useful lives) Acquired trademarks that have been deemed to have definite useful lives are in general amortised over a period of 5\u201325 years. Trademarksare tested for impairment when circumstances indicate that the valueof a trademark is impaired.In 2022, Management did not identify any indications of impairment. In 2021, impairment costs of DKK 58.5 million were recognised in the income statement related to simplification of the Group\u2019s brand portofolio.IT softwareSoftware comprises expenses for acquired software and expenses related to internally developed software.In 2022, Management did not identify any indications of impairment. In 2021, impairment costs of DKK 0.2 million were recognised in the income statement.Other intangible assets Other intangible assets mainly comprise acquired name rights, customer relations and distribution rights. During 2022, Managementdid not identify any indications of impairment (same in 2021).Intangible assets under construction Intangible assets under construction comprise expenses for acquiredIT software and expenses related to preparing the software for its intended use, being both external expenses and internal resources. During 2022 Management did not identify any indications of impair-ment (same in 2021). Impairment of property, plant and equipmentThe carrying amounts of property, plant and equipment arereviewed on an annual basis to determine whether there isany indication of impairment other than that expressed bydepreciation. If so, an impairment test is carried out todetermine whether the recoverable amount is lower than thecarrying amount and the asset is written down to its lowerrecoverable amount. The impairment test includes significanjudgments made by Management, such as assumption ofprojected future cash flows used in the valuation.Inventories are measured at the lower of cost price under theFIFO method and net realisable value.The estimated uncertainty in inventories is related to the write-down to net realisable value. Inventories are written down in accordance with Group policy, including individual assessment oinventories for possible losses due to obsolescence.Actuarial assumptionsThe discount rate is set per country with reference to highquality corporate bond yields of appropriate duration orgovernment bond yields for countries where a deep market ohigh quality corporate bonds is not available.The most significant assets acquired generally comprise goodwill, trademarks, tradenames, customer relations and inventories. As no active market exists for the majority of acquired assets, the fair value is based on Management\u2019s projections and estimates. The methods applied are based onthe present value of future cash flows related to the specific asset. Estimates of fair value are associated with uncertainty and may be adjusted subsequently.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-2": {
"value": "2022NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,778.0 3,193.9 2,790.3 - 8,762.2Cost of goods sold -1,679.8 -1,495.9 -1,279.2 - -4,454.9Gross profit before special items 1,098.2 1,698.0 1,511.1 - 4,307.3Staff and other external costs -695.0 -472.2 -739.0 -131.1 -2,037.3Other income - - - - EBITDA before special items 403.2 1,225.8 772.1 -131.1 2,270.0Depreciation and impairment - - - -183.8 -183.8Amortisation and impairment - - - -168.5 -168.5EBIT before special items - - - -483.4 1,917.7Special items incl. impairment, net costs - - - 35.3 35.3EBIT - - - -448.1 1,953.0Share of profit of associatedcompanies, net of tax - - - 40.4 40.4Financial income - - - 197.3 197.3Financial costs - - - -334.2 -334.2Profit before tax - - - -544.6 1,856.5NET SALES PER DIVISION (DKK million) NET SALES PER REGION (DKK million)2022202220212021 North America Online & Retail 2,778 Americas 4,715 North America Branded & RoW 3,194 Europe 3,418 Europe Branded 2,790 Rest of world 6292021NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,620.4 2,877.2 2,735.1 - 8,232.7Cost of goods sold -1,570.2 -1,315.0 -1,234.4 - -4,119.6Gross profit before special items 1,050.2 1,562.2 1,500.7 - 4,113.1Staff and other external costs -580.6 -458.1 -746.3 -126.3 -1,911.3Other income - 31.0 - - 31.0EBITDA before special items 469.6 1,135.1 754.4 -126.3 2,232.8Depreciation and impairment - - - -202.7 -202.7Amortisation and impairment - - - -161.2 -161.2EBIT before special items - - - -490.2 1,868.9Special items incl. impairment, net costs - - - -54.7 -54.7EBIT - - - 544.9 1,814.2Share of profit of associatedcompanies, net of tax - - - 31.5 31.5Financial income - - - 75.0 75.0Financial costs - - - -152.2 -152.2Profit before tax - - - 590.6 1,768.5DKK million 2022 2021Category split, net sales Handmade cigars 3,302.2 3,035.0Machine-rolled cigars 3,009.8 2,918.9Smoking tobacco 1,279.5 1,206.2Accessories and Contract Manufacturing 1,170.7 1,072.6Total net sales 8,762.2 8,232.7Licence income and other sales of DKK 64.5 million (DKK 50.1 million) are included in the category \u02bbAccessories andContract Manufacturing\u02bc.DKK million 2022 2021Geographical split, net salesAmericas 4,715.3 4,328.2Europe 3,418.2 3,445.4Rest of world 628.7 459.1Total net sales 8,762.2 8,232.7GEOGRAPHIC INFORMATIONIn the table above, sales to external customers areattributable to the country of the customers\u2019 domicile,and in the table non-current assets are based on thecountry of the entities\u2019 domicile.The Group is domiciled in Denmark. Net sales fromexternal customers in Denmark amount to DKK 166.5million (DKK 183.1 million), and net sales from externalcustomers outside Denmark amount to DKK 8,595.7million (DKK 8,049.6 million). Individual, materialcountry (>10% of total net sales) are the US DKK 4,27million (DKK 3,937.1 million).SegmentsThe segment reporting is prepared in a manner consistent with the Group\u2019s internal management and reporting struc-ture, thus our reportable segments are equal to our three commercial divisions, which are generally managed based ongeographical areas combined with type of sales/customers. Segment performance is evaluated on the basis of EBITDA before special items consistent with the Consolidated FinancialStatements.The Executive Board is considered to be the chief operatingdecision maker.Division North America Online & Retail includes direct toconsumer sales of all product categories sold via the online,catalogue and retail channel in North America.Division North America Branded & Rest of World includes sales of all product categories to wholesalers and distributorsthat supply retail in the US, Canada, Australia, New Zealand, International Sales (Norway, Finland, Switzerland and Israel),Asia, Global Travel Retail and contract manufacturingfor third parties.Division Europe Branded includes sales of all product categories to wholesalers and distributors that supply retail inGermany, Denmark, Sweden, France, Italy, Belgium, the Neth-erlands, Luxembourg, Spain, Portugal, as well as the UKand Ireland.Operating expenses that are not directly inherent in the divi-sions are to some extent allocated to the divisions based onallocation keys defined by activities or other relevant compo-nents. Certain costs relating to Group functions are managed on Group level. These items are not included in the reportabledivisions and therefore reported as \u02bbGroup costs\u02bc.Depreciation, amortisation, impairment costs, special items, share of profit of associated companies, net of tax and finan-cial items are not allocated to the different segments.No operating segments have been aggregated to form thereported business segments.No assets and liabilities are allocated to segments in theinternal reporting.",
"dimensions": {
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"entity": "scheme:5299003KG4JS99TRML67",
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"pp-value-28-3": {
"value": "2022NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,778.0 3,193.9 2,790.3 - 8,762.2Cost of goods sold -1,679.8 -1,495.9 -1,279.2 - -4,454.9Gross profit before special items 1,098.2 1,698.0 1,511.1 - 4,307.3Staff and other external costs -695.0 -472.2 -739.0 -131.1 -2,037.3Other income - - - - EBITDA before special items 403.2 1,225.8 772.1 -131.1 2,270.0Depreciation and impairment - - - -183.8 -183.8Amortisation and impairment - - - -168.5 -168.5EBIT before special items - - - -483.4 1,917.7Special items incl. impairment, net costs - - - 35.3 35.3EBIT - - - -448.1 1,953.0Share of profit of associatedcompanies, net of tax - - - 40.4 40.4Financial income - - - 197.3 197.3Financial costs - - - -334.2 -334.2Profit before tax - - - -544.6 1,856.52021NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,620.4 2,877.2 2,735.1 - 8,232.7Cost of goods sold -1,570.2 -1,315.0 -1,234.4 - -4,119.6Gross profit before special items 1,050.2 1,562.2 1,500.7 - 4,113.1Staff and other external costs -580.6 -458.1 -746.3 -126.3 -1,911.3Other income - 31.0 - - 31.0EBITDA before special items 469.6 1,135.1 754.4 -126.3 2,232.8Depreciation and impairment - - - -202.7 -202.7Amortisation and impairment - - - -161.2 -161.2EBIT before special items - - - -490.2 1,868.9Special items incl. impairment, net costs - - - -54.7 -54.7EBIT - - - 544.9 1,814.2Share of profit of associatedcompanies, net of tax - - - 31.5 31.5Financial income - - - 75.0 75.0Financial costs - - - -152.2 -152.2Profit before tax - - - 590.6 1,768.5",
"dimensions": {
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"pp-value-28-4": {
"value": "2022NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,778.0 3,193.9 2,790.3 - 8,762.2Cost of goods sold -1,679.8 -1,495.9 -1,279.2 - -4,454.9Gross profit before special items 1,098.2 1,698.0 1,511.1 - 4,307.3Staff and other external costs -695.0 -472.2 -739.0 -131.1 -2,037.3Other income - - - - EBITDA before special items 403.2 1,225.8 772.1 -131.1 2,270.0Depreciation and impairment - - - -183.8 -183.8Amortisation and impairment - - - -168.5 -168.5EBIT before special items - - - -483.4 1,917.7Special items incl. impairment, net costs - - - 35.3 35.3EBIT - - - -448.1 1,953.0Share of profit of associatedcompanies, net of tax - - - 40.4 40.4Financial income - - - 197.3 197.3Financial costs - - - -334.2 -334.2Profit before tax - - - -544.6 1,856.5NET SALES PER DIVISION (DKK million) NET SALES PER REGION (DKK million)2022202220212021 North America Online & Retail 2,778 Americas 4,715 North America Branded & RoW 3,194 Europe 3,418 Europe Branded 2,790 Rest of world 6292021NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,620.4 2,877.2 2,735.1 - 8,232.7Cost of goods sold -1,570.2 -1,315.0 -1,234.4 - -4,119.6Gross profit before special items 1,050.2 1,562.2 1,500.7 - 4,113.1Staff and other external costs -580.6 -458.1 -746.3 -126.3 -1,911.3Other income - 31.0 - - 31.0EBITDA before special items 469.6 1,135.1 754.4 -126.3 2,232.8Depreciation and impairment - - - -202.7 -202.7Amortisation and impairment - - - -161.2 -161.2EBIT before special items - - - -490.2 1,868.9Special items incl. impairment, net costs - - - -54.7 -54.7EBIT - - - 544.9 1,814.2Share of profit of associatedcompanies, net of tax - - - 31.5 31.5Financial income - - - 75.0 75.0Financial costs - - - -152.2 -152.2Profit before tax - - - 590.6 1,768.5DKK million 2022 2021Category split, net sales Handmade cigars 3,302.2 3,035.0Machine-rolled cigars 3,009.8 2,918.9Smoking tobacco 1,279.5 1,206.2Accessories and Contract Manufacturing 1,170.7 1,072.6Total net sales 8,762.2 8,232.7Licence income and other sales of DKK 64.5 million (DKK 50.1 million) are included in the category \u02bbAccessories andContract Manufacturing\u02bc.DKK million 2022 2021Geographical split, net salesAmericas 4,715.3 4,328.2Europe 3,418.2 3,445.4Rest of world 628.7 459.1Total net sales 8,762.2 8,232.7GEOGRAPHIC INFORMATIONIn the table above, sales to external customers areattributable to the country of the customers\u2019 domicile,and in the table non-current assets are based on thecountry of the entities\u2019 domicile.The Group is domiciled in Denmark. Net sales fromexternal customers in Denmark amount to DKK 166.5million (DKK 183.1 million), and net sales from externalcustomers outside Denmark amount to DKK 8,595.7million (DKK 8,049.6 million). Individual, materialcountry (>10% of total net sales) are the US DKK 4,27million (DKK 3,937.1 million).Net SalesThe Group derives revenue from the transfer of goods at a point in time. Revenue is measured at the fair value of the consideration received or receivable and is recognised exclusive of VAT, excise and net of discounts/rebates relating to the sale.Revenue from our retail activities includes excise. Revenue from external customers come from the sale of goods on the basis of wholesale, retail, online & catalogue and business to business.Revenue from the sale of goods is recognised in the incomestatement when the control of the goods has been transferredto the customer.The Group does not have any contracts where the period be-tween the transfer of the goods to the customer and paymentby the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for thetime value of money.",
"dimensions": {
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"pp-value-28-5": {
"value": "2022NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,778.0 3,193.9 2,790.3 - 8,762.2Cost of goods sold -1,679.8 -1,495.9 -1,279.2 - -4,454.9Gross profit before special items 1,098.2 1,698.0 1,511.1 - 4,307.3Staff and other external costs -695.0 -472.2 -739.0 -131.1 -2,037.3Other income - - - - EBITDA before special items 403.2 1,225.8 772.1 -131.1 2,270.0Depreciation and impairment - - - -183.8 -183.8Amortisation and impairment - - - -168.5 -168.5EBIT before special items - - - -483.4 1,917.7Special items incl. impairment, net costs - - - 35.3 35.3EBIT - - - -448.1 1,953.0Share of profit of associatedcompanies, net of tax - - - 40.4 40.4Financial income - - - 197.3 197.3Financial costs - - - -334.2 -334.2Profit before tax - - - -544.6 1,856.5NET SALES PER DIVISION (DKK million) NET SALES PER REGION (DKK million)2022202220212021 North America Online & Retail 2,778 Americas 4,715 North America Branded & RoW 3,194 Europe 3,418 Europe Branded 2,790 Rest of world 6292021NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,620.4 2,877.2 2,735.1 - 8,232.7Cost of goods sold -1,570.2 -1,315.0 -1,234.4 - -4,119.6Gross profit before special items 1,050.2 1,562.2 1,500.7 - 4,113.1Staff and other external costs -580.6 -458.1 -746.3 -126.3 -1,911.3Other income - 31.0 - - 31.0EBITDA before special items 469.6 1,135.1 754.4 -126.3 2,232.8Depreciation and impairment - - - -202.7 -202.7Amortisation and impairment - - - -161.2 -161.2EBIT before special items - - - -490.2 1,868.9Special items incl. impairment, net costs - - - -54.7 -54.7EBIT - - - 544.9 1,814.2Share of profit of associatedcompanies, net of tax - - - 31.5 31.5Financial income - - - 75.0 75.0Financial costs - - - -152.2 -152.2Profit before tax - - - 590.6 1,768.5DKK million 2022 2021Category split, net sales Handmade cigars 3,302.2 3,035.0Machine-rolled cigars 3,009.8 2,918.9Smoking tobacco 1,279.5 1,206.2Accessories and Contract Manufacturing 1,170.7 1,072.6Total net sales 8,762.2 8,232.7Licence income and other sales of DKK 64.5 million (DKK 50.1 million) are included in the category \u02bbAccessories andContract Manufacturing\u02bc.DKK million 2022 2021Geographical split, net salesAmericas 4,715.3 4,328.2Europe 3,418.2 3,445.4Rest of world 628.7 459.1Total net sales 8,762.2 8,232.7GEOGRAPHIC INFORMATIONIn the table above, sales to external customers areattributable to the country of the customers\u2019 domicile,and in the table non-current assets are based on thecountry of the entities\u2019 domicile.The Group is domiciled in Denmark. Net sales fromexternal customers in Denmark amount to DKK 166.5million (DKK 183.1 million), and net sales from externalcustomers outside Denmark amount to DKK 8,595.7million (DKK 8,049.6 million). Individual, materialcountry (>10% of total net sales) are the US DKK 4,27million (DKK 3,937.1 million).Net SalesThe Group derives revenue from the transfer of goods at a point in time. Revenue is measured at the fair value of the consideration received or receivable and is recognised exclusive of VAT, excise and net of discounts/rebates relating to the sale.Revenue from our retail activities includes excise. Revenue from external customers come from the sale of goods on the basis of wholesale, retail, online & catalogue and business to business.Revenue from the sale of goods is recognised in the incomestatement when the control of the goods has been transferredto the customer.The Group does not have any contracts where the period be-tween the transfer of the goods to the customer and paymentby the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for thetime value of money.",
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},
"pp-value-28-6": {
"value": "2022NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,778.0 3,193.9 2,790.3 - 8,762.2Cost of goods sold -1,679.8 -1,495.9 -1,279.2 - -4,454.9Gross profit before special items 1,098.2 1,698.0 1,511.1 - 4,307.3Staff and other external costs -695.0 -472.2 -739.0 -131.1 -2,037.3Other income - - - - EBITDA before special items 403.2 1,225.8 772.1 -131.1 2,270.0Depreciation and impairment - - - -183.8 -183.8Amortisation and impairment - - - -168.5 -168.5EBIT before special items - - - -483.4 1,917.7Special items incl. impairment, net costs - - - 35.3 35.3EBIT - - - -448.1 1,953.0Share of profit of associatedcompanies, net of tax - - - 40.4 40.4Financial income - - - 197.3 197.3Financial costs - - - -334.2 -334.2Profit before tax - - - -544.6 1,856.52021NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,620.4 2,877.2 2,735.1 - 8,232.7Cost of goods sold -1,570.2 -1,315.0 -1,234.4 - -4,119.6Gross profit before special items 1,050.2 1,562.2 1,500.7 - 4,113.1Staff and other external costs -580.6 -458.1 -746.3 -126.3 -1,911.3Other income - 31.0 - - 31.0EBITDA before special items 469.6 1,135.1 754.4 -126.3 2,232.8Depreciation and impairment - - - -202.7 -202.7Amortisation and impairment - - - -161.2 -161.2EBIT before special items - - - -490.2 1,868.9Special items incl. impairment, net costs - - - -54.7 -54.7EBIT - - - 544.9 1,814.2Share of profit of associatedcompanies, net of tax - - - 31.5 31.5Financial income - - - 75.0 75.0Financial costs - - - -152.2 -152.2Profit before tax - - - 590.6 1,768.5",
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"pp-value-28-7": {
"value": "2022NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,778.0 3,193.9 2,790.3 - 8,762.2Cost of goods sold -1,679.8 -1,495.9 -1,279.2 - -4,454.9Gross profit before special items 1,098.2 1,698.0 1,511.1 - 4,307.3Staff and other external costs -695.0 -472.2 -739.0 -131.1 -2,037.3Other income - - - - EBITDA before special items 403.2 1,225.8 772.1 -131.1 2,270.0Depreciation and impairment - - - -183.8 -183.8Amortisation and impairment - - - -168.5 -168.5EBIT before special items - - - -483.4 1,917.7Special items incl. impairment, net costs - - - 35.3 35.3EBIT - - - -448.1 1,953.0Share of profit of associatedcompanies, net of tax - - - 40.4 40.4Financial income - - - 197.3 197.3Financial costs - - - -334.2 -334.2Profit before tax - - - -544.6 1,856.52021NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,620.4 2,877.2 2,735.1 - 8,232.7Cost of goods sold -1,570.2 -1,315.0 -1,234.4 - -4,119.6Gross profit before special items 1,050.2 1,562.2 1,500.7 - 4,113.1Staff and other external costs -580.6 -458.1 -746.3 -126.3 -1,911.3Other income - 31.0 - - 31.0EBITDA before special items 469.6 1,135.1 754.4 -126.3 2,232.8Depreciation and impairment - - - -202.7 -202.7Amortisation and impairment - - - -161.2 -161.2EBIT before special items - - - -490.2 1,868.9Special items incl. impairment, net costs - - - -54.7 -54.7EBIT - - - 544.9 1,814.2Share of profit of associatedcompanies, net of tax - - - 31.5 31.5Financial income - - - 75.0 75.0Financial costs - - - -152.2 -152.2Profit before tax - - - 590.6 1,768.5DKK million 2022 2021Wages and salaries 1,449.3 1,384.7Pensions - defined contribution plans 57.3 59.5Pensions - defined benefit plans 12.9 13.5Social security costs 168.8 167.5Total staff costs for the year 1,688.3 1,625.2Staff cost included in intangible assets -5.2 -2.0Change in employee costs included in inventories 12.8 2.3Total staff costs expensed to the income statement 1,695.8 1,625.5DKK million 2022 2021Included in the income statement:Cost of goods sold 784.9 767.1Staff costs 910.9 858.4Total included in the income statement 1,695.8 1,625.5Average number of employees in the Group 10,098 10,275EMPLOYEES PER REGION (%)20222021 Americas 54% Europe 16% Rest of world 30%REMUNERATION OF THE BOARD OF DIRECTORSAND EXECUTIVE BOARDTotal fees to the Board of Directors and Executive Boardamounted to DKK 51.8 million (DKK 64.4 million).Executive BoardThe members of the Executive Management are subjecto a notice period of 12-24 months and other ExecutiveBoard members to 6-12 months notice.Remuneration of the members of the Executive Man-agementcomplies with the principles of the Company\u2019sRemuneration Policy.For the year 2022, the total cost of remuneration for theExecutive Board amounts to DKK 45.3 million (DKK 56.7million).EXECUTIVE BOARD 2022ExtraordinaryremunerationShare-basedSalary and/stay-on andincentiveDKK millionbenefits Bonus Pensionloyalty bonusprogramme TotaNiels Frederiksen 7.6 0.1 - 2.0 6.6 16.3Marianne R\u00f8rslev Bock 4.7 0.0 - - 3.0 7.7Total Executive Management 12.3 0.1 - 2.0 9.6 24.0Other key management 14.6 0.2 1.3 - 5.2 21.3Total Executive Board 26.9 0.3 1.3 2.0 14.8 45.3EXECUTIVE BOARD 2021ExtraordinaryremunerationShare-basedSalary and/stay-on andincentiveDKK millionbenefits Bonus Pensionloyalty bonusprogramme TotaNiels Frederiksen 7.6 3.7 - 2.0 6.9 20.2Marianne R\u00f8rslev Bock 4.6 2.2 - - 3.0 9.8Total Executive Management 12.2 5.9 - 2.0 9.9 30.0Other key management 13.7 7.7 1.1 - 4.2 26.7Total Executive Board 25.9 13.6 1.1 2.0 14.1 56.7BOARD OF DIRECTORSMembers of the Board of Directors receive fixed annualfees. Remuneration of the members of the Board of Di-rectors may not include any incentive element. Ordinarymembers receive a fixed annual fee while the Chairmanreceives multiples thereof. Board members who are also members of a board committee as chairperson or ordinary committee member receive an additional fixedfee reflecting the additional work and responsibility thafollows from being on a committee.In 2022, members of the Board of Directors and the board committees received fixed annual fees in the aggregate amount of DKK 6.4 million (DKK 7.2 million)DKK 0.2 million (DKK 0.5 million) was paid during 2022related to social security taxes and similar taxes im-posed by non-Danish authorities in relation to theremuneration.BOARD OF DIRECTORSJoined theLeft theDKK thousand PositionBoardBoard Board Committees Other TotaHenrik Brandt Chairman Apr 2017 1,210 192-1,402Nigel Northridge Chairman Apr 2016 Mar 2022 330 56-386Marlene Forsell Board member Apr 2019 440 330-770Dianne Neal Blixt Board member Feb 2016 440 247-687Luc Missorten Board member Feb 2016 Mar 2022 110 69-179Anders Obel Board member Apr 2018 440 124-564Claus Gregersen Board member Apr 2019 440 110-550Henrik Amsinck Board member Apr 2021 440 -55495Hanne Malling Employee-elected Oct 2010 440 --440Lindy Larsen Employee-elected Jul 2016 440 --440Mogens Olsen Employee-elected Jul 2017 440 --440Total 2022 5,170 1,128556,353Total 2021 6,033 1,210-7,243Social security taxes and similar taxesIn addition to the above remuneration to the Board of Directors, the Company may pay social security taxes and similataxes imposed by non-Danish authorities in relation to the remuneration. In 2022 the Company paid DKK 192 thousandcompared to DKK 464 thousand in 2021.",
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},
"pp-value-28-8": {
"value": "2022NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,778.0 3,193.9 2,790.3 - 8,762.2Cost of goods sold -1,679.8 -1,495.9 -1,279.2 - -4,454.9Gross profit before special items 1,098.2 1,698.0 1,511.1 - 4,307.3Staff and other external costs -695.0 -472.2 -739.0 -131.1 -2,037.3Other income - - - - EBITDA before special items 403.2 1,225.8 772.1 -131.1 2,270.0Depreciation and impairment - - - -183.8 -183.8Amortisation and impairment - - - -168.5 -168.5EBIT before special items - - - -483.4 1,917.7Special items incl. impairment, net costs - - - 35.3 35.3EBIT - - - -448.1 1,953.0Share of profit of associatedcompanies, net of tax - - - 40.4 40.4Financial income - - - 197.3 197.3Financial costs - - - -334.2 -334.2Profit before tax - - - -544.6 1,856.52021NorthNorthAmericaAmericaGroupOnline &BrandedEuropecosts / notDKK millionRetail& RoWBrandedallocated TotaNet sales 2,620.4 2,877.2 2,735.1 - 8,232.7Cost of goods sold -1,570.2 -1,315.0 -1,234.4 - -4,119.6Gross profit before special items 1,050.2 1,562.2 1,500.7 - 4,113.1Staff and other external costs -580.6 -458.1 -746.3 -126.3 -1,911.3Other income - 31.0 - - 31.0EBITDA before special items 469.6 1,135.1 754.4 -126.3 2,232.8Depreciation and impairment - - - -202.7 -202.7Amortisation and impairment - - - -161.2 -161.2EBIT before special items - - - -490.2 1,868.9Special items incl. impairment, net costs - - - -54.7 -54.7EBIT - - - 544.9 1,814.2Share of profit of associatedcompanies, net of tax - - - 31.5 31.5Financial income - - - 75.0 75.0Financial costs - - - -152.2 -152.2Profit before tax - - - 590.6 1,768.52022Equipment,LeaseholdConstruc-Land andPlant andtools andimprove-tion inDKK millionbuildingsmachineryfixturesmentsprogress TotaAccumulated cost at 1 January 802.6 746.2 240.6 75.7 214.4 2,079.5Exchange rate adjustment 9.1 -4.3 4.9 4.5 3.7 17.9Acquisition - - - - - Additions 0.1 18.9 6.1 4.3 234.7 264.1Assets classified as held for sale andother disposals -3.1 -109.7 -74.1 -2.8 -0.6 -190.3Transfers 49.0 61.6 8.7 -1.4 -117.9 Accumulated cost at 31 December 857.7 712.7 186.2 80.3 334.3 2,171.2Accumulated depreciation andimpairment at 1 January 206.3 365.2 187.0 59.3 0.6 818.4Exchange rate adjustment 1.1 -0.6 1.5 3.6 - 5.6Depreciation 32.0 58.8 16.4 3.5 - 110.7Assets classified as held for sale and other disposals -3.1 -108.9 -74.0 -2.7 -0.3 -189.0Impairment - 0.1 - - - 0.1Reversal of impairment - - - - - Accumulated amortisation and impairment at 31 December 236.3 314.6 130.9 63.7 0.3 745.8Carrying amount at 31 December 621.4 398.1 55.3 16.6 334.0 1,425.4IMPAIRMENTIn 2022, impairment costs of DKK 0.1 million were recognised in the income statement. Management didnot identify any other indications of impairment. 2021Equipment,LeaseholdConstruc-Land andPlant andtools andimprove-tion inDKK millionbuildingsmachineryfixturesmentsprogress TotaAccumulated cost at 1 January 969.5 730.4 275.6 69.3 75.6 2,120.4Exchange rate adjustment 14.8 12.9 8.9 5.2 5.9 47.7Acquisition 4.6 5.5 1.1 - - 11.2Additions 0.6 0.8 1.0 0.2 209.0 211.6Assets classified as held for sale andother disposals -190.5 -54.4 -51.8 - -14.7 -311.4Transfers 3.6 51.0 5.8 1.0 -61.4 Accumulated cost at 31 December 802.6 746.2 240.6 75.7 214.4 2,079.5Accumulated depreciation andimpairment at 1 January 297.3 365.7 200.5 41.0 15.1 919.6Exchange rate adjustment 0.7 7.4 7.1 3.7 - 18.9Depreciation 34.6 62.1 24.4 14.6 - 135.7Assets classified as held for sale and other disposals -100.9 -53.4 -33.1 - -14.7 -202.1Impairment 4.5 - - - 0.2 4.7Reversal of impairment -29.9 -16.6 -11.9 - - -58.4Accumulated amortisation and impairment at 31 December 206.3 365.2 187.0 59.3 0.6 818.4Carrying amount at 31 December 596.3 381.0 53.6 16.4 213.8 1,261.1IMPAIRMENTIn 2021, impairment costs of DKK 5 million were rec-ognised in the income statement. These costs are mainly related to land and buildings in Cofradia, Honduras.In 2021, a partly reversal of the impairment costs from 2020 was recognised in the income statement as the potential to sell land and buildings improved significantlyas well as the utilisation of the machinery improved. Reversal of impairment cost are recognised in \u2018Special items\u2019 in the income statement.DEPRECIATIONAll depreciations are recognised in the income statement in2022 and in 2021.Property, plant and equipment are measured at cost lessaccumulated depreciation and less any accumulatedimpairment losses.Cost comprises the cost of acquisition and expenses directlyrelated to the acquisition up until the asset is ready for use.In the case of assets of own construction, cost comprisesdirect and indirect expenses for labour, materials, componentsand sub-suppliers.Depreciation based on cost reduced by any residual value iscalculated on a straight-line basis over the expected usefullives of the assets, which are:Buildings 10\u201340 yearsPlant and machinery 12\u201320 yearsEquipment, tools and fixtures 3\u201310 yearsLeasehold improvements 1\u201310 yearsAssessment of residual value and useful life is performedannually for assets under property, plant and equipment.THE GROUP AS A LESSEEThe Group has entered into lease contracts for land,offices, warehouses, motor vehicles and other equipmentutilised across the entire Group. Leases of land have leaseterms up to 20 years, offices and warehouses generally have lease terms between three and ten years, while motor vehicles and other equipment generally have leaseterms between three and five years. Lease contracts that include extension and termination options are recognisedbased on the outcome of the lease term that is consideredreasonably certain at the commencement date.Information on the corresponding lease liabilities isincluded in note 4.2 financial instruments and risks.2022Land, buildings,offices andMotorOtherDKK millionwarehousesvehiclesequipment TotaCarrying amount at 1 January 145.4 37.8 4.0 187.2Exchange rate adjustment 8.0 0.3 0.0 8.3Additions 170.0 23.8 1.9 195.7Disposals -1.2 -2.8 - -4.0Depreciation and impairment -47.6 -23.3 -2.1 -73.0Carrying amount at 31 December 274.6 35.8 3.8 314.22021Land, buildings,offices andMotorOtherDKK millionwarehousesvehiclesequipment TotaCarrying amount at 1 January 163.9 37.7 3.1 204.7Exchange rate adjustment 7.8 0.6 - 8.4Acquisition 1.2 1.4 2.0 4.6Additions 9.8 21.1 0.3 31.2Disposals -0.8 -1.1 - -1.9Depreciation and impairment -36.5 -21.9 -1.4 -59.8Carrying amount at 31 December 145.4 37.8 4.0 187.2The following amounts are recognised in the income statement:DKK million 2022 2021Depreciation expense of right-of-use assets 73.0 62.3Special items, impairment (reversal) - -2.5Interest expense on lease liabilities 11.8 6.4Expense relating to short-term leases 3.6 5.1Expense relating to leases of low-value assets 0.1 0.1Variable lease payments 0.2 0.2Total amount recognised in the income statement 88.7 71.6In 2022, the Group had total cash outflows for leases of DKK 83.1 million (DKK 70.6 million). The Group has enteredinto lease contracts at a value of DKK 0.4 million (DKK 152.6 million) that have not yet commenced. The Group hasextension options of a total value of DKK 24.9 million (DKK 24.6 million) that are not included in the recognised leases, as it is not considered reasonable certain that the Group will exercise the options.",
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"pp-value-34-2": {
"value": "Individual, material countries (>10% of total non-currassets) are the US DKK 4,627.4 million (DKK 4,153.4million) and the Netherlands DKK 2,898.6 million (DKK2,928.0 million). DKK million 2022 20211Non-current assetsDenmark 1,847.9 1,809.9Americas 4,873.0 4,394.3Europe 3,883.5 3,867.7Rest of world 48.9 58.3Total non-current assets 10,653.3 10,130.21. Non-current assets other than deferred income tax.2022Other Intangible Trade-intangibleassets under DKK million Goodwillmarks IT softwareassetsconstruction* TotaAccumulated cost at 1 January 5,143.4 4,705.8 401.6 472.7 54.7 10,778.2Exchange rate adjustment 178.2 74.2 4.9 13.2 0.1 270.6Acquisition 10.8 - - - - 10.8Additions - 17.6 0.4 0.1 107.3 125.4Disposals - - -14.9 -0.6 -1.3 -16.8Transfers - - 35.4 - -35.4 Accumulated cost at 31 December 5,332.4 4,797.6 427.4 485.4 125.4 11,168.2Accumulated amortisation and impairment at 1 January 0.9 1,661.2 367.9 253.8 - 2,283.8Exchange rate adjustment - 30.5 4.5 5.6 - 40.6Amortisation - 118.3 19.2 31.0 - 168.5Impairment - - - - - Disposals - - -14.7 -0.1 - -14.8Accumulated amortisation and impairment at 31 December 0.9 1,810.0 376.9 290.3 - 2,478.1Carrying amount at 31 December 5,331.5 2,987.6 50.5 195.1 125.4 8,690.1* By the end of 2022 capitalised internal resources amounts to DKK 7.2 million (DKK 2.0 million).Impairment of intangible assetsThe carrying amounts of intangible assets are reviewed on anannual basis to determine whether there is any indication ofimpairment other than that expressed by amortisation. If so,an impairment test is carried out to determine whether therecoverable amount is lower than the carrying amount and theasset is written down to its lower recoverable amount. The impairment test includes significant judgments made byManagement, such as assumption of projected future cashflows used in the valuation of the intangible assets. Futureevents could cause Management to conclude that impairmentindicators exist and that intangible assets are impaired. Anyresulting impairment loss could have a material impact on thefinancial condition and on the result of operations.2021Other Intangible Trade-intangibleassets under DKK million Goodwillmarks IT softwareassets construction TotaAccumulated cost at 1 January 4,896.0 4,523.0 387.1 462.9 34.5 10,303.5Exchange rate adjustment 236.5 107.0 6.5 16.2 0.8 367.0Acquisition 10.9 75.8 0.1 0.7 - 87.5Additions - - 2.1 - 26.7 28.8Disposals - - -1.5 -7.1 - -8.6Transfers - - 7.3 - -7.3 Accumulated cost at 31 December 5,143.4 4,705.8 401.6 472.7 54.7 10,778.2Accumulated amortisation and impairment at 1 January 0.9 1,455.5 343.7 223.7 - 2,023.8Exchange rate adjustment - 35.0 6.0 6.8 - 47.8Amortisation - 112.2 18.9 29.9 - 161.0Impairment - 58.5 0.2 - - 58.7Disposals - - -0.9 -6.6 - -7.5Accumulated amortisation and impairment at 31 December 0.9 1,661.2 367.9 253.8 - 2,283.8Carrying amount at 31 December 5,142.5 3,044.6 33.7 218.9 54.7 8,494.4GoodwillGoodwill represents any cost in excess of identifiable net assets, measured at fair value, in the acquired company. Goodwill is valuedat acquisition value less any accumulated impairment losses. Good-will is tested annually, or upon indication, for impairment.TrademarksTrademarks are measured at cost less accumulated amortisation and less any accumulated impairment losses. Strategic trademarkswith indefinite lives are not amortised, but are reviewed annually for impairment. Strategic trademarks are defined as trademarks of asizeable significance measured on contribution and the trade-marks potential to grow across geographies. Other trademarks are amortised on a straight-line basis over the estimated useful lives determined on the basis of Management\u2019s experience with the individual trademarks. The amortisation period is typically in the range of 5\u201325 years.IT softwareIT software is measured at cost less accumulated amortisation and less any accumulated impairment losses. Cost comprises payments for the IT software and other directly attributable expenses of prepar-ing the software for its intended use. Amortisation is calculated on a straight-line basis over the expected useful lives of the assets, which are 5-10 years.Other intangible assets Other intangible assets are measured at cost less accumulated amor-tisation and less any accumulated impairment losses. Amortisation iscalculated on a straight-line basis over the expected useful lives of theassets, which are 5\u201320 years.Intangible assets under constructionIntangible assets under construction comprise IT software in progressand are measured at cost less any accumulated impairment losses. Cost comprises payments for the IT software and other directly attributable expenses of preparing the IT software for its intended use. When the IT software is finalised, it is amortised on a straight-linebasis as IT software. GOODWILLThe main part of the Group\u2019s goodwill is attributable tothe merger between Scandinavian Tobacco Group andSwedish Match in 2010, and the subsequent acquisitionsof Lane Ltd. (2011), Verellen N.V. (2014), ThompsonCigar (2018), Agio Cigars (2020) and Moderno Opificio del Sigaro Italiano (2021).Goodwill is tested for impairment annually and whenevethere is an indication of impairment.The carrying amount of goodwill at 31 December 2022amounted to DKK 5,331.5 million (DKK 5,142.5 million).As per 31 December the carrying amount of goodwill wasallocated to the reportable segments as follows: North AmericaNorth AmericaDKK millionOnline & RetailBranded & RoW Europe Branded Tota2022 1,740.4 1,463.5 2,127.6 5,331.52021 1,643.9 1,382.0 2,116.6 5,142.5When carrying out the impairment test for goodwill, theGroup is seen as several cash generating units splitaccording to the internal segment reporting. Thecarrying values of the individual cash generating unitsare compared to the values in use (discounted value of future cash flows). If the carrying values are higher, thedifference is charged to the income statement. The values in use are calculated using a valuationmodel based on discounted expected future cash flows(DCF-model covering a five-year budget period) basedon Management\u2019s projections.When goodwill was tested for impairment in 2022 (and2021), the value in use exceeded the carrying value forthe individual cash generating units and no basis forimpairment was found.When performing sensitivity analysis by increasing thediscount rate by 1 percentage point or lowering theterminal growth by 1 percentage point, the value in usestill exceeded the carrying value per segment.EBITDA growth in the budget period, terminal growthand discount rate constitute the key assumptions incalculating the value in use. The applied keyassumptions, both overall as well as for each individualcash generating unit, are described in the following.2022 APPLIED KEY ASSUMPTIONSNorth AmericaNorth America\u2013 Goodwill impairment testOnline & RetailBranded & RoW Europe BrandedEBITDA GrowthAn average growth rate of 4.2% in the five-year budget period has been appliedfor EBITDA for the overall Group (accumulated for the three cash generating units). The growth projection is expected to be reached through volume growthin North America, also coming from opening of new super stores in US, market share gains in Europe Branded, price increases in all divisions, as well as cost saving initiatives.Terminal growth (based on adjusted historical development taking into account expected future development) 1.0% 0.0% 0.0%Discount rate after-tax (%) 8.5% 8.5% 7.9%Discount rate pre-tax (%) 10.5% 10.8% 9.8%2021 APPLIED KEY ASSUMPTIONSNorth AmericaNorth America\u2013 Goodwill impairment testOnline & RetailBranded & RoW Europe BrandedEBITDA GrowthAn average growth rate of 4.7% in the five-year budget period has been appliedfor EBITDA for the overall Group (accumulated for the three cash generating units). The growth projection is expected to be reached through volume growthin North America, market share gains in Europe Branded, price increases in all divisions, a positive impact from the integration of Agio, cost prices and OPEX development in line with current inflation level adjusted for savings coming from the Integration of Agio and other saving initiatives.Terminal growth (based on adjusted historical development taking into account expected future development) 1.0% 0.0% 0.0%Discount rate after-tax (%) 7.7% 7.7% 7.8%Discount rate pre-tax (%) 9.5% 9.7% 9.7%Impairment test of goodwillIn the annual impairment test of goodwill, an estimate is madeto determine how the enterprise will be able to generate sufficient positive net cash flow in the future to support the value of goodwill,trademarks and other net assets of the enterprise in question. For the purpose of the annual impairment test of goodwill, the costs and income in segment note 2.1 have been allocated to each cash generating unit based on either direct allocation or by using rele-vant allocation keys. The estimates of the anticipated future net cash flow are based on budgets, business plans as well as Manage-ment\u2019s projections for the coming years. Contribution expectationsare based upon projections made on the development in volume, average sales and cost prices as well as operating cost develop-ment for each market in each of the defined cash generating units.TRADEMARKSThe main part of the Group\u2019s trademarks is attributableto the merger between Scandinavian Tobacco Groupand Swedish Match in 2010, the acquisition of LaneLtd. in 2011 and Agio Cigars in 2020. In connection withthe merger and the acquisitions, intangible assets wereidentified and measured at fair value at the date of themerger/acquisition. Strategic trademarks with indefiniteuseful lives are not amortised but are reviewedannually for impairment.Other trademarks are amortised in a straight line overthe expected useful lives.The carrying amount of trademarks at 31 December2022 amounted to DKK 2,987.6 million (DKK 3,044.6million).Carrying amountDKK million2022 2021Trademarks indefinite lives 2,091.0 2,050.9Other trademarks(definite useful lives) 896.6 993.7Total 2,987.6 3,044.6Trademarks with the highest carrying amounts are listed below.Carrying amountIndefinite trademarksRemaining amortisationDKK millionallocated to segment*period 2022 2021Captain Black and Bugler 1,2,3 Indefinite / 8 years 728.1 711.2Caf\u00e9 Cr\u00e8me/Signature 1,2,3 Indefinite 482.4 482.4Mehari\u2019s 1,2,3 Indefinite 356.0 356.0Tiedemanns 2,3 13 years 125.6 144.3Mercator 3 5 years 139.4 168.7La Paz 2,3 Indefinite 215.2 215.2Other trademarks 1,2,3 Indefinite / 1-19 years 940.9 966.8Total 2,987.6 3,044.6* 1) North America Online & Retail, 2) North America Branded & Rest of World , 3) Europe BrandedAs per 31 December the carrying amount of trademarks with indefinite useful lives was allocated to the reportablesegments as follows:North AmericaNorth AmericaDKK millionOnline & RetailBranded & RoW Europe Branded Tota2022 148.1 978.6 964.3 2,091.02021 134.0 952.6 964.3 2,050.9Trademarks with indefinite useful lives are tested forimpairment annually and whenever there is an indication of impairment.When carrying out the impairment test for trademarks with indefinite useful lives, each trademark is seen as a separate asset capable of generating cash flow. The carry-ing value of each trademark is compared to the values in use (discounted value of future cash flows). If the carrying value is higher, the difference is charged to the income statement. The value in use for each trademark is calculated by using a valuation model based on discounted expected future cash flows (Multi-period Excess Earnings-Method (\u201cMEEM\u201d) in an adapted form, covering a five-year budget period) based on Management\u2019s projections.When trademarks with indefinite useful lives were tested for impairment in 2022 (and 2021), the value in use exceed-ed the carrying value for each of the individual trademarksand no basis for impairment was found. When performing sensitivity analysis by increasing the discount rate by 1 percentage point or lowering the terminal growth by 1 percentage point, the value in use still exceed-ed the carrying value for each individual trademark.EBITDA growth in the budget period, terminal growth anddiscount rate constitute the key assumptions in calculat-ing the value in use.Management has used a discount rate (WACC after tax) be-tween 7.9% and 8.5% (pre-tax WACC between 10.1% and 10.4%). Terminal growth in EBITDA is set between 0.0% and 1.0% and is based on adjusted historical developmentaking into account expected future development.Impairment test \u2013 trademarks with indefinite useful livesIn the annual impairment test of trademarks with indefinite useful lives, an estimate is made to determine how the trademarks will be able to generate sufficient positive net cash flow in the future to support the value of the trademark in question. The estimates of the anticipated future net cash flow are based on Management\u2019s projec-tions for the coming years. Contribution expectations are based uponprojections made on the development in volume, average sales and cost prices for each trademark.Other trademarks (definite useful lives) Acquired trademarks that have been deemed to have definite useful lives are in general amortised over a period of 5\u201325 years. Trademarksare tested for impairment when circumstances indicate that the valueof a trademark is impaired.In 2022, Management did not identify any indications of impairment. In 2021, impairment costs of DKK 58.5 million were recognised in the income statement related to simplification of the Group\u2019s brand portofolio.IT softwareSoftware comprises expenses for acquired software and expenses related to internally developed software.In 2022, Management did not identify any indications of impairment. In 2021, impairment costs of DKK 0.2 million were recognised in the income statement.Other intangible assets Other intangible assets mainly comprise acquired name rights, customer relations and distribution rights. During 2022, Managementdid not identify any indications of impairment (same in 2021).Intangible assets under construction Intangible assets under construction comprise expenses for acquiredIT software and expenses related to preparing the software for its intended use, being both external expenses and internal resources. During 2022 Management did not identify any indications of impair-ment (same in 2021). ",
"dimensions": {
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"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-36-5": {
"value": "Net SalesThe Group derives revenue from the transfer of goods at a point in time. Revenue is measured at the fair value of the consideration received or receivable and is recognised exclusive of VAT, excise and net of discounts/rebates relating to the sale.Revenue from our retail activities includes excise. Revenue from external customers come from the sale of goods on the basis of wholesale, retail, online & catalogue and business to business.Revenue from the sale of goods is recognised in the incomestatement when the control of the goods has been transferredto the customer.The Group does not have any contracts where the period be-tween the transfer of the goods to the customer and paymentby the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for thetime value of money.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-36-6": {
"value": "Net SalesThe Group derives revenue from the transfer of goods at a point in time. Revenue is measured at the fair value of the consideration received or receivable and is recognised exclusive of VAT, excise and net of discounts/rebates relating to the sale.Revenue from our retail activities includes excise. Revenue from external customers come from the sale of goods on the basis of wholesale, retail, online & catalogue and business to business.Revenue from the sale of goods is recognised in the incomestatement when the control of the goods has been transferredto the customer.The Group does not have any contracts where the period be-tween the transfer of the goods to the customer and paymentby the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for thetime value of money.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-38-4": {
"value": "SegmentsThe segment reporting is prepared in a manner consistent with the Group\u2019s internal management and reporting struc-ture, thus our reportable segments are equal to our three commercial divisions, which are generally managed based ongeographical areas combined with type of sales/customers. Segment performance is evaluated on the basis of EBITDA before special items consistent with the Consolidated FinancialStatements.The Executive Board is considered to be the chief operatingdecision maker.Division North America Online & Retail includes direct toconsumer sales of all product categories sold via the online,catalogue and retail channel in North America.Division North America Branded & Rest of World includes sales of all product categories to wholesalers and distributorsthat supply retail in the US, Canada, Australia, New Zealand, International Sales (Norway, Finland, Switzerland and Israel),Asia, Global Travel Retail and contract manufacturingfor third parties.Division Europe Branded includes sales of all product categories to wholesalers and distributors that supply retail inGermany, Denmark, Sweden, France, Italy, Belgium, the Neth-erlands, Luxembourg, Spain, Portugal, as well as the UKand Ireland.Operating expenses that are not directly inherent in the divi-sions are to some extent allocated to the divisions based onallocation keys defined by activities or other relevant compo-nents. Certain costs relating to Group functions are managed on Group level. These items are not included in the reportabledivisions and therefore reported as \u02bbGroup costs\u02bc.Depreciation, amortisation, impairment costs, special items, share of profit of associated companies, net of tax and finan-cial items are not allocated to the different segments.No operating segments have been aggregated to form thereported business segments.No assets and liabilities are allocated to segments in theinternal reporting.",
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"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-43-4": {
"value": "REMUNERATION OF THE BOARD OF DIRECTORSAND EXECUTIVE BOARDTotal fees to the Board of Directors and Executive Boardamounted to DKK 51.8 million (DKK 64.4 million).Executive BoardThe members of the Executive Management are subjecto a notice period of 12-24 months and other ExecutiveBoard members to 6-12 months notice.Remuneration of the members of the Executive Man-agementcomplies with the principles of the Company\u2019sRemuneration Policy.For the year 2022, the total cost of remuneration for theExecutive Board amounts to DKK 45.3 million (DKK 56.7million).EXECUTIVE BOARD 2022ExtraordinaryremunerationShare-basedSalary and/stay-on andincentiveDKK millionbenefits Bonus Pensionloyalty bonusprogramme TotaNiels Frederiksen 7.6 0.1 - 2.0 6.6 16.3Marianne R\u00f8rslev Bock 4.7 0.0 - - 3.0 7.7Total Executive Management 12.3 0.1 - 2.0 9.6 24.0Other key management 14.6 0.2 1.3 - 5.2 21.3Total Executive Board 26.9 0.3 1.3 2.0 14.8 45.3EXECUTIVE BOARD 2021ExtraordinaryremunerationShare-basedSalary and/stay-on andincentiveDKK millionbenefits Bonus Pensionloyalty bonusprogramme TotaNiels Frederiksen 7.6 3.7 - 2.0 6.9 20.2Marianne R\u00f8rslev Bock 4.6 2.2 - - 3.0 9.8Total Executive Management 12.2 5.9 - 2.0 9.9 30.0Other key management 13.7 7.7 1.1 - 4.2 26.7Total Executive Board 25.9 13.6 1.1 2.0 14.1 56.7BOARD OF DIRECTORSMembers of the Board of Directors receive fixed annualfees. Remuneration of the members of the Board of Di-rectors may not include any incentive element. Ordinarymembers receive a fixed annual fee while the Chairmanreceives multiples thereof. Board members who are also members of a board committee as chairperson or ordinary committee member receive an additional fixedfee reflecting the additional work and responsibility thafollows from being on a committee.In 2022, members of the Board of Directors and the board committees received fixed annual fees in the aggregate amount of DKK 6.4 million (DKK 7.2 million)DKK 0.2 million (DKK 0.5 million) was paid during 2022related to social security taxes and similar taxes im-posed by non-Danish authorities in relation to theremuneration.BOARD OF DIRECTORSJoined theLeft theDKK thousand PositionBoardBoard Board Committees Other TotaHenrik Brandt Chairman Apr 2017 1,210 192-1,402Nigel Northridge Chairman Apr 2016 Mar 2022 330 56-386Marlene Forsell Board member Apr 2019 440 330-770Dianne Neal Blixt Board member Feb 2016 440 247-687Luc Missorten Board member Feb 2016 Mar 2022 110 69-179Anders Obel Board member Apr 2018 440 124-564Claus Gregersen Board member Apr 2019 440 110-550Henrik Amsinck Board member Apr 2021 440 -55495Hanne Malling Employee-elected Oct 2010 440 --440Lindy Larsen Employee-elected Jul 2016 440 --440Mogens Olsen Employee-elected Jul 2017 440 --440Total 2022 5,170 1,128556,353Total 2021 6,033 1,210-7,243Social security taxes and similar taxesIn addition to the above remuneration to the Board of Directors, the Company may pay social security taxes and similataxes imposed by non-Danish authorities in relation to the remuneration. In 2022 the Company paid DKK 192 thousandcompared to DKK 464 thousand in 2021.At theAdditionsDisposalsMarkebeginning ofduring theduring theAt the endvalue1 DKKManagement\u2019s Holdings of Sharesthe yearyearyearof the yearmillionHenrik Brandt112,670 -- 112,670 13.8Marlene Forsell3,250- - 3,250 0.4Dianne Neal Blixt1,700 -- 1,700 0.2Anders Obel20,270 --11,700 8,570 1.0Claus Gregersen15,928- - 15,928 1.9Henrik Amsinck500500 - 1,000 0.1Lindy Larsen242 -- 242 0.0Hanne Malling250 -- 250 0.0Mogens Olsen3,450 -- 3,450 0.4Board of Directors in total 158,260 500 -11,700 147,060 17.8Niels Frederiksen 180,450 82,186 -262,636 32.1Marianne R\u00f8rslev Bock 8,600 34,074 -42,674 5.2Sarah Santos 5,877 8,392 -14,269 1.7Hanne Berg 5,128 8,316 -8,4055,039 0.6Yulia Lyusina - 1,850 -1,850 0.2Jurjan Klep 11,030 7,830 -18,860 2.3R\u00e9gis Broersma 12,760 3,170 -15,930 1.9Graham Cunningham - 7,182 -7,182 0.9Executive Board in total 223,845 153,000 -8,405368,440 44.9Total Board of Directors and Executive Board 382,105 153,500 -20,105515,500 62.71) Calculation of market value is based on the quoted share price of DKK 122.10 at the end of the year.",
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"pp-value-43-5": {
"value": "REMUNERATION OF THE BOARD OF DIRECTORSAND EXECUTIVE BOARDTotal fees to the Board of Directors and Executive Boardamounted to DKK 51.8 million (DKK 64.4 million).Executive BoardThe members of the Executive Management are subjecto a notice period of 12-24 months and other ExecutiveBoard members to 6-12 months notice.Remuneration of the members of the Executive Man-agementcomplies with the principles of the Company\u2019sRemuneration Policy.For the year 2022, the total cost of remuneration for theExecutive Board amounts to DKK 45.3 million (DKK 56.7million).EXECUTIVE BOARD 2022ExtraordinaryremunerationShare-basedSalary and/stay-on andincentiveDKK millionbenefits Bonus Pensionloyalty bonusprogramme TotaNiels Frederiksen 7.6 0.1 - 2.0 6.6 16.3Marianne R\u00f8rslev Bock 4.7 0.0 - - 3.0 7.7Total Executive Management 12.3 0.1 - 2.0 9.6 24.0Other key management 14.6 0.2 1.3 - 5.2 21.3Total Executive Board 26.9 0.3 1.3 2.0 14.8 45.3EXECUTIVE BOARD 2021ExtraordinaryremunerationShare-basedSalary and/stay-on andincentiveDKK millionbenefits Bonus Pensionloyalty bonusprogramme TotaNiels Frederiksen 7.6 3.7 - 2.0 6.9 20.2Marianne R\u00f8rslev Bock 4.6 2.2 - - 3.0 9.8Total Executive Management 12.2 5.9 - 2.0 9.9 30.0Other key management 13.7 7.7 1.1 - 4.2 26.7Total Executive Board 25.9 13.6 1.1 2.0 14.1 56.7BOARD OF DIRECTORSMembers of the Board of Directors receive fixed annualfees. Remuneration of the members of the Board of Di-rectors may not include any incentive element. Ordinarymembers receive a fixed annual fee while the Chairmanreceives multiples thereof. Board members who are also members of a board committee as chairperson or ordinary committee member receive an additional fixedfee reflecting the additional work and responsibility thafollows from being on a committee.In 2022, members of the Board of Directors and the board committees received fixed annual fees in the aggregate amount of DKK 6.4 million (DKK 7.2 million)DKK 0.2 million (DKK 0.5 million) was paid during 2022related to social security taxes and similar taxes im-posed by non-Danish authorities in relation to theremuneration.BOARD OF DIRECTORSJoined theLeft theDKK thousand PositionBoardBoard Board Committees Other TotaHenrik Brandt Chairman Apr 2017 1,210 192-1,402Nigel Northridge Chairman Apr 2016 Mar 2022 330 56-386Marlene Forsell Board member Apr 2019 440 330-770Dianne Neal Blixt Board member Feb 2016 440 247-687Luc Missorten Board member Feb 2016 Mar 2022 110 69-179Anders Obel Board member Apr 2018 440 124-564Claus Gregersen Board member Apr 2019 440 110-550Henrik Amsinck Board member Apr 2021 440 -55495Hanne Malling Employee-elected Oct 2010 440 --440Lindy Larsen Employee-elected Jul 2016 440 --440Mogens Olsen Employee-elected Jul 2017 440 --440Total 2022 5,170 1,128556,353Total 2021 6,033 1,210-7,243Social security taxes and similar taxesIn addition to the above remuneration to the Board of Directors, the Company may pay social security taxes and similataxes imposed by non-Danish authorities in relation to the remuneration. In 2022 the Company paid DKK 192 thousandcompared to DKK 464 thousand in 2021.At theAdditionsDisposalsMarkebeginning ofduring theduring theAt the endvalue1 DKKManagement\u2019s Holdings of Sharesthe yearyearyearof the yearmillionHenrik Brandt112,670 -- 112,670 13.8Marlene Forsell3,250- - 3,250 0.4Dianne Neal Blixt1,700 -- 1,700 0.2Anders Obel20,270 --11,700 8,570 1.0Claus Gregersen15,928- - 15,928 1.9Henrik Amsinck500500 - 1,000 0.1Lindy Larsen242 -- 242 0.0Hanne Malling250 -- 250 0.0Mogens Olsen3,450 -- 3,450 0.4Board of Directors in total 158,260 500 -11,700 147,060 17.8Niels Frederiksen 180,450 82,186 -262,636 32.1Marianne R\u00f8rslev Bock 8,600 34,074 -42,674 5.2Sarah Santos 5,877 8,392 -14,269 1.7Hanne Berg 5,128 8,316 -8,4055,039 0.6Yulia Lyusina - 1,850 -1,850 0.2Jurjan Klep 11,030 7,830 -18,860 2.3R\u00e9gis Broersma 12,760 3,170 -15,930 1.9Graham Cunningham - 7,182 -7,182 0.9Executive Board in total 223,845 153,000 -8,405368,440 44.9Total Board of Directors and Executive Board 382,105 153,500 -20,105515,500 62.71) Calculation of market value is based on the quoted share price of DKK 122.10 at the end of the year.The Group has had the following transactions withrelated parties, income/expense (+/-):DKK million 2022 2021Caribbean Cigar Holdings Group Co. S.A. (associated company)Purchase of products byScandinavian Tobacco Group-104.0 -81.5The Group has the following balances withrelated parties, receivables/payables (+/-):DKK million 2022 2021Caribbean Cigar Holdings Group Co. S.A. (associated company)Payables for products toScandinavian Tobacco Group -5.7 -6.2Related parties comprise companies controlled by theAugustinus Foundation, key management and Caribbean Cigar Holdings Group Co. S.A. Key management isScandinavian Tobacco Group A/S\u2019 Board of Directorsand Executive Board as well as management in thecontrolling companies.For information on remuneration to the Managementof Scandinavian Tobacco Group A/S, please refer tonote 2.2 and note 2.3. For an overview of Groupcompanies, please refer to note 5.7. There have notbeen and there are no loans to key managementpersonnel in 2022 or 2021.Dividends to shareholders have not been included inthe above overview. For further information around dividends received from associated companies, pleaserefer to note 4.3.OWNERSHIP AND CONSOLIDATED FINANCIAL STATEMENTSFor information concerning major shareholders, pleaserefer to Shareholder information in the ManagementReport, page 47. No major shareholders havecontrolling influence on the Group.",
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"value": "DKK million 2022 2021Wages and salaries 1,449.3 1,384.7Pensions - defined contribution plans 57.3 59.5Pensions - defined benefit plans 12.9 13.5Social security costs 168.8 167.5Total staff costs for the year 1,688.3 1,625.2Staff cost included in intangible assets -5.2 -2.0Change in employee costs included in inventories 12.8 2.3Total staff costs expensed to the income statement 1,695.8 1,625.5DKK million 2022 2021Included in the income statement:Cost of goods sold 784.9 767.1Staff costs 910.9 858.4Total included in the income statement 1,695.8 1,625.5Average number of employees in the Group 10,098 10,275EMPLOYEES PER REGION (%)20222021 Americas 54% Europe 16% Rest of world 30%",
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"value": "DKK million 2022 2021Wages and salaries 1,449.3 1,384.7Pensions - defined contribution plans 57.3 59.5Pensions - defined benefit plans 12.9 13.5Social security costs 168.8 167.5Total staff costs for the year 1,688.3 1,625.2Staff cost included in intangible assets -5.2 -2.0Change in employee costs included in inventories 12.8 2.3Total staff costs expensed to the income statement 1,695.8 1,625.5DKK million 2022 2021Included in the income statement:Cost of goods sold 784.9 767.1Staff costs 910.9 858.4Total included in the income statement 1,695.8 1,625.5Average number of employees in the Group 10,098 10,275EMPLOYEES PER REGION (%)20222021 Americas 54% Europe 16% Rest of world 30%REMUNERATION OF THE BOARD OF DIRECTORSAND EXECUTIVE BOARDTotal fees to the Board of Directors and Executive Boardamounted to DKK 51.8 million (DKK 64.4 million).Executive BoardThe members of the Executive Management are subjecto a notice period of 12-24 months and other ExecutiveBoard members to 6-12 months notice.Remuneration of the members of the Executive Man-agementcomplies with the principles of the Company\u2019sRemuneration Policy.For the year 2022, the total cost of remuneration for theExecutive Board amounts to DKK 45.3 million (DKK 56.7million).Staff costs comprise wages and salaries as well as payrollexpenses other than production wages, and staff costs capitalisted on assets.EXECUTIVE BOARD 2022ExtraordinaryremunerationShare-basedSalary and/stay-on andincentiveDKK millionbenefits Bonus Pensionloyalty bonusprogramme TotaNiels Frederiksen 7.6 0.1 - 2.0 6.6 16.3Marianne R\u00f8rslev Bock 4.7 0.0 - - 3.0 7.7Total Executive Management 12.3 0.1 - 2.0 9.6 24.0Other key management 14.6 0.2 1.3 - 5.2 21.3Total Executive Board 26.9 0.3 1.3 2.0 14.8 45.3EXECUTIVE BOARD 2021ExtraordinaryremunerationShare-basedSalary and/stay-on andincentiveDKK millionbenefits Bonus Pensionloyalty bonusprogramme TotaNiels Frederiksen 7.6 3.7 - 2.0 6.9 20.2Marianne R\u00f8rslev Bock 4.6 2.2 - - 3.0 9.8Total Executive Management 12.2 5.9 - 2.0 9.9 30.0Other key management 13.7 7.7 1.1 - 4.2 26.7Total Executive Board 25.9 13.6 1.1 2.0 14.1 56.7BOARD OF DIRECTORSMembers of the Board of Directors receive fixed annualfees. Remuneration of the members of the Board of Di-rectors may not include any incentive element. Ordinarymembers receive a fixed annual fee while the Chairmanreceives multiples thereof. Board members who are also members of a board committee as chairperson or ordinary committee member receive an additional fixedfee reflecting the additional work and responsibility thafollows from being on a committee.In 2022, members of the Board of Directors and the board committees received fixed annual fees in the aggregate amount of DKK 6.4 million (DKK 7.2 million)DKK 0.2 million (DKK 0.5 million) was paid during 2022related to social security taxes and similar taxes im-posed by non-Danish authorities in relation to theremuneration.BOARD OF DIRECTORSJoined theLeft theDKK thousand PositionBoardBoard Board Committees Other TotaHenrik Brandt Chairman Apr 2017 1,210 192-1,402Nigel Northridge Chairman Apr 2016 Mar 2022 330 56-386Marlene Forsell Board member Apr 2019 440 330-770Dianne Neal Blixt Board member Feb 2016 440 247-687Luc Missorten Board member Feb 2016 Mar 2022 110 69-179Anders Obel Board member Apr 2018 440 124-564Claus Gregersen Board member Apr 2019 440 110-550Henrik Amsinck Board member Apr 2021 440 -55495Hanne Malling Employee-elected Oct 2010 440 --440Lindy Larsen Employee-elected Jul 2016 440 --440Mogens Olsen Employee-elected Jul 2017 440 --440Total 2022 5,170 1,128556,353Total 2021 6,033 1,210-7,243Social security taxes and similar taxesIn addition to the above remuneration to the Board of Directors, the Company may pay social security taxes and similataxes imposed by non-Danish authorities in relation to the remuneration. In 2022 the Company paid DKK 192 thousandcompared to DKK 464 thousand in 2021.Post-employment defined benefit \u2013 recognised in the balance sheetDKK million 2022 2021Present value of funded obligations 280.8 338.8Fair value of plan assets -180.8 -189.5Deficit (+) / surplus (-) 100.0 149.3Present value of unfunded obligations 104.7 158.1Net asset (-) / liability (+) in the balance sheet 204.7 307.4Amounts in the balance sheetLiabilities 204.7 307.4Assets - Net asset (-) / liability (+) in the balance sheet 204.7 307.4DKK million 2022 2021Movement during the period in the net asset (-)/ liability (+)Balance at 1 January 307.4 289.3Acquisitions - 2.1Recognised in the income statement19.8 20.7Actuarial gain recognised in other comprehensive income, financial assumptions -96.8 -14.0Actuarial gain recognised in other comprehensive income, demographic assumptions 0.0 7.9Benefit payments to employees -14.2 -13.8Employer contributions -10.9 -11.4Other 0.0 18.8Exchange rate adjustment -0.6 7.7Balance at 31 December 204.7 307.4Actuarial assumptionsActuarial assumptions used for valuation (expressed as weighted averages and in %) 2022 2021Discount rate 3.8 2.0Future salary increases 3.1 3.5Significant actuarial assumptions regarding thedetermination of the pension obligation are thediscount rate and future salary increase. The sensitivityanalysis below has been determined based on likelychanges in the discount rate and future salary increaseoccuring at the end of the period.2022 20211%-point1%-point1%-point1%-pointDKK millionincreasedecreaseincreasedecreaseDiscount rate -28.1 35.9 -44.7 49.1Future salary increases 30.7 -19.4 39.4 -28.9DKK million 2022 2021CHANGE IN THE DEFINED BENEFIT OBLIGATIONS AND PLAN ASSETSDefined benefit obligations \u2013 movementsBalance at 1 January 496.9 444.6Acquisitions - 2.1Current service costs 25.2 24.1Interest cost 8.4 8.0Change in plan provisions -14.3 -10.8Actuarial losses (+)/gains (-) -91.4 -5.3Benefits paid -40.7 -20.7Curtailments 0.0 -1.1Settlements 1.9 1.2Other - 47.3Exchange rate adjustment -0.6 7.6Balance at 31 December 385.4 496.9DKK million 2022 2021Plan assets \u2013 movements in fair valueBalance at 1 January 189.5 155.3Interest income 1.5 0.5Actuarial losses (-)/gains (+) 5.4 0.8Employer contributions 14.2 14.4Benefits paid -29.8 -10.0Other - 28.5Exchange rate adjustment 0.0 -0.1Balance at 31 December 180.8 189.5The actual return on plan assets in 2022 was a gain of DKK 6.9 million (DKK 1.3 million).Categories of plan assets:DKK million 2022 2021Other* 180.8 189.5Total 180.8 189.5* Plan assets primarily relates to pension plans in Belgium and Germany. The pension plans, including plan assets, are administrated by different insurance companies and funded via Group insurance contracts and life insurance contracts why no further information can be given on categories of plan assets.The weighted average duration of the defined benefit obligation is 10.8 years (11.5 years)DKK million 2022 2021Post-employment benefit plans recognised in income statementCurrent service costs 25.2 24.1Interest on net obligation 6.9 7.5Change in plan provisions -14.2 -10.8Curtailments 0.0 -1.1Settlements 1.9 1.2Recognised net actuarial gain/loss 0.0 -0.2Net income (-)/expense (+) reported in the income statement 19.8 20.7DKK million 2022 2021The income/expenses for defined benefit plans are reported under the following headings in the income statement:Staff costs 12.9 13.5Special items incl. impairment, net costs - -0.3Financial costs 6.9 7.5Net income (-)/expense (+) reported in the income statement 19.8 20.7Amounts recognised in other comprehensive incomeFor the post-employement defined benefit plans all actuarial gains and losses are recognised in other comprehensive income as they occur in accordance with the year-end valuation.Net actuarial losses (+)/ gains (-) -96.8 -5.9EXPECTED CONTRIBUTION NEXT YEARExpected contributions to post-employment benefitplans for the year ending 31 December 2023 amount toDKK 25.5 million.DEFINED CONTRIBUTION PLANSThe Group has certain obligations under definedcontributions plans. Contributions to these plans aredetermined by provisions in the respective plans. Costsfor defined contribution plans charged to the incomestatement for the year amount to DKK 57.3 million (DKK59.5 million).DEFINED BENEFIT PLANS IN PRIMARILY BELGIUM,GERMANY, FRANCE, INDONESIA, THE DOMINICANREPUBLIC AND THE USThe Group operates a number of defined contributionplans throughout the world. In a few countries, theGroup also operates defined benefit plans, which areeffective in primarily Belgium, Germany, France, Indo-nesia, the Dominican Republic and the US. The defined benefit plans for Belgium total six different step-rate plans covering both blue and white collar employees andone offset defined benefit plan for Managers. Further-more, a number of defined contribution plans with minimum guarantee (imposed by law) exists. These plansare insured but the guarantee given by the insurance company does not cover the full guarantee required under the pension law, why these are considered and treated as defined benefit plans. The defined benefit plans for Germany cover employees who entered servicebefore August 1991 and have since then been closed for new employees. Further, a defined benefit plan exist for former Agio employees in Germany, where all employeesof the company on 1 April 2003 qualify for benefits.The defined benefit plan in France is mandatory for allemployees and has no minimum requirements foryears of service with the company. The defined benefitplans for Indonesia cover all employees in the form ofseverance and gratuity in accordance with labour regu-lation (Labour Law 11/2020). The defined benefit plans for the Dominican Republic are enacted by law and cover all employees with at least three months of service. The defined benefit plans in the US are non-qualified plans thacover a small group of inactive employee benefits which are paid out of corporate assets.Under a defined benefit plan, the amount of retirement benefit that will be received by an employee is defined with respect to period of service and final salary. The amount recognised in the balance sheet is the difference between the present value of the defined benefit obligation at the balance sheet date and the fair value of the scheme assets.The defined benefit obligation is calculated annually byindependent actuaries using the projected unit credit method.The present value of the defined benefit obligation is determinedby discounting the estimated future cash outflows.The service cost of providing retirement benefits to employeesduring the year is charged to operating profit. The costs for theyear for defined benefit plans are determined using the projectedunit credit method.Past service costs are recognised immediately in the incomestatement.All actuarial gains and losses are recognised immediately in full in the statement of other comprehensive income for the period inwhich they arise. Pension assets are only recognised to the extent that the Group is able to derive future economic benefits such as refunds from the plan or reductions of future contributions. The Group\u2019s most significant defined benefit pension plans are financed by paymentfrom Group companies and by employees to funds which are independent of the Group.Contributions for defined contribution plans are reported asexpenses in the income statement when they occur.Post-employment employee benefitsThe Group has defined benefit pension plans in a number ofsubsidiaries, through which the employees are entitled topost-employment benefits based on their pensionable incomeand the number of years of service.Provisions for post-employment defined benefit plans arereported based on actuarial valuations. The Group recognisesthe full amount of actuarial gains and losses in othercomprehensive income, i.e. the net pension liability in thebalance sheet includes all cumulative actuarial gains and lossesThe Group does not plan for any new defined benefit plans.Actuarial assumptionsThe discount rate is set per country with reference to highquality corporate bond yields of appropriate duration orgovernment bond yields for countries where a deep market ohigh quality corporate bonds is not available.",
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"value": "Staff costs comprise wages and salaries as well as payrollexpenses other than production wages, and staff costs capitalisted on assets.Under a defined benefit plan, the amount of retirement benefit that will be received by an employee is defined with respect to period of service and final salary. The amount recognised in the balance sheet is the difference between the present value of the defined benefit obligation at the balance sheet date and the fair value of the scheme assets.The defined benefit obligation is calculated annually byindependent actuaries using the projected unit credit method.The present value of the defined benefit obligation is determinedby discounting the estimated future cash outflows.The service cost of providing retirement benefits to employeesduring the year is charged to operating profit. The costs for theyear for defined benefit plans are determined using the projectedunit credit method.Past service costs are recognised immediately in the incomestatement.All actuarial gains and losses are recognised immediately in full in the statement of other comprehensive income for the period inwhich they arise. Pension assets are only recognised to the extent that the Group is able to derive future economic benefits such as refunds from the plan or reductions of future contributions. The Group\u2019s most significant defined benefit pension plans are financed by paymentfrom Group companies and by employees to funds which are independent of the Group.Contributions for defined contribution plans are reported asexpenses in the income statement when they occur.Post-employment employee benefitsThe Group has defined benefit pension plans in a number ofsubsidiaries, through which the employees are entitled topost-employment benefits based on their pensionable incomeand the number of years of service.Provisions for post-employment defined benefit plans arereported based on actuarial valuations. The Group recognisesthe full amount of actuarial gains and losses in othercomprehensive income, i.e. the net pension liability in thebalance sheet includes all cumulative actuarial gains and lossesThe Group does not plan for any new defined benefit plans.",
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"pp-value-51-2": {
"value": "VALUE OF THE PROGRAMMES AND IMPACT ON THE INCOME STATEMENTLTIP 2019 LTIP 2020 LTIP 2021 LTIP 2022Total PSUs granted 168,720 158,684 96,719 93,458Fair value of PSUs expected to vest at grant date, DKK million 10.8 12.6 10.6 13.0Fair value of PSUs expected to vest at 31 December 2022, DKK million - 22.9 11.9 13.7Recognised in the income statement in 2022, DKK million* - 14.4 5.2 3.4Not yet recognised in respect of PSUs expected to vest, DKK million - - 3.8 8.5* DKK 23.0 million (DKK 23.7 million) was recognised in staff costs.Executive BoardLTIP 2019NielsMarianneOther KeySenior(number of PSUs)FrederiksenR\u00f8rslev BockManagementManagement TotaBOCKOutstanding at 1 January 2021 38,944 16,146 54,367 35,927 145,384Transferred - - 4,628 -4,628 Granted 2,149 891 3,255 1,729 8,024Adjustment 41,093 17,037 62,250 33,028 153,408Outstanding at 31 December 2021 82,186 34,074 124,500 66,056 306,816Outstanding at 1 January 2022 82,186 34,074 124,500 66,056 306,816Vested -82,186 -34,074 -124,500 -66,056 -306,816Outstanding at 31 December 2022 - - - - Executive BoardLTIP 2020NielsMarianneOther KeySenior(number of PSUs)FrederiksenR\u00f8rslev BockManagementManagement TotaBOCKOutstanding at 1 January 2021 35,592 16,028 38,801 39,546 129,967Transferred - - 3,131 -3,131 Granted 1,964 884 2,314 2,013 7,175Cancelled - - - -398 -398Outstanding at 31 December 2021 37,556 16,912 44,246 38,030 136,744Outstanding at 1 January 2022 37,556 16,912 44,246 38,030 136,744Granted 2,027 913 2,387 2,053 7,380Adjustment 24,146 10,873 28,446 24,451 87,916Outstanding at 31 December 2022 63,729 28,698 75,079 64,534 232,040Executive BoardLTIP 2021NielsMarianneOther KeySenior(number of PSUs)FrederiksenR\u00f8rslev BockManagementManagement TotaBOCKOutstanding at 1 January 2021 - - - - -Granted 25,115 11,337 27,420 27,930 91,802Cancelled - - - -715 -715Outstanding at 31 December 2021 25,115 11,337 27,420 27,215 91,087Outstanding at 1 January 2022 25,115 11,337 27,420 27,215 91,087Granted 1,356 612 1,480 1,469 4,917Outstanding at 31 December 2022 26,471 11,949 28,900 28,684 96,004Executive BoardLTIP 2022NielsMarianneOther KeySenior(number of PSUs)FrederiksenR\u00f8rslev BockManagementManagement TotaOutstanding at 1 January 2022 - - - - Granted 25,215 12,158 26,627 29,458 93,458Outstanding at 31 December 2022 25,215 12,158 26,627 29,458 93,458All of the outstanding PSUs at 31 December 2022 are hedged by treasury shares.Scandinavian Tobacco Group operates a number of equity-settled, share-based compensation plans.The value of services received in exchange for grantedperformance-based share units (PSUs) is measured at fair val-ue at the grant date and recognised in the income statementunder staff costs over the vesting period with a correspondingincrease in equity.The fair value of granted PSUs is measured at the share priceat grant date.On initial recognition, an estimate is made of the number ofPSUs expected to vest. The estimated number is subsequentlyrevised for changes in the number of PSUs expected to vestdue to non-market based vesting conditions.Share-based incentive programmesScandinavian Tobacco Group has a long-term incentiveprogramme (LTIP) for members of the Executive Boardand members of senior management.Upon vesting, each PSU entitles the holder to receive oneshare in Scandinavian Tobacco Group at no cost. The actual number of shares vesting may range between 0 and200% of the grant and is determined by a service period of 3years and the achievement of certain performance indicatorswhich for LTIP 2019, LTIP 2020 and LTIP 2021 are organic EBITDA growth and cash conversion and for LTIP 2022 organicEBITDA growth, ROIC growth, EPS growth and ESG scorecard.In March 2022, PSUs granted under the LTIP 2019 were vestedand the participants received shares in Scandinavian TobaccoGroup A/S at no cost. The shares received corresponded to200% of the grant, based on the actual achieved performanceConsequently the programme has lapsed.Under the LTIP programme, new PSUs were granted to participants in 2022. This was the seventh grant following theIPO in 2016.Prior to vesting, holders of PSUs are not entitled to any of therights which shareholders hold, except from the right todividends which will be converted into additional PSUs (bothordinary and extraordinary dividends).APPLIED ASSUMPTIONS AT THE TIME OF GRANTLTIP 2022 LTIP 2021 LTIP 2020 LTIP 201978.65/78.80Share price (DKK) 146.9 122.70 94.8080.40",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-4": {
"value": "Scandinavian Tobacco Group operates a number of equity-settled, share-based compensation plans.The value of services received in exchange for grantedperformance-based share units (PSUs) is measured at fair val-ue at the grant date and recognised in the income statementunder staff costs over the vesting period with a correspondingincrease in equity.The fair value of granted PSUs is measured at the share priceat grant date.On initial recognition, an estimate is made of the number ofPSUs expected to vest. The estimated number is subsequentlyrevised for changes in the number of PSUs expected to vestdue to non-market based vesting conditions.Share-based incentive programmesScandinavian Tobacco Group has a long-term incentiveprogramme (LTIP) for members of the Executive Boardand members of senior management.Upon vesting, each PSU entitles the holder to receive oneshare in Scandinavian Tobacco Group at no cost. The actual number of shares vesting may range between 0 and200% of the grant and is determined by a service period of 3years and the achievement of certain performance indicatorswhich for LTIP 2019, LTIP 2020 and LTIP 2021 are organic EBITDA growth and cash conversion and for LTIP 2022 organicEBITDA growth, ROIC growth, EPS growth and ESG scorecard.In March 2022, PSUs granted under the LTIP 2019 were vestedand the participants received shares in Scandinavian TobaccoGroup A/S at no cost. The shares received corresponded to200% of the grant, based on the actual achieved performanceConsequently the programme has lapsed.Under the LTIP programme, new PSUs were granted to participants in 2022. This was the seventh grant following theIPO in 2016.Prior to vesting, holders of PSUs are not entitled to any of therights which shareholders hold, except from the right todividends which will be converted into additional PSUs (bothordinary and extraordinary dividends).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-4": {
"value": "At theAdditionsDisposalsMarkebeginning ofduring theduring theAt the endvalue1 DKKManagement\u2019s Holdings of Sharesthe yearyearyearof the yearmillionHenrik Brandt112,670 -- 112,670 13.8Marlene Forsell3,250- - 3,250 0.4Dianne Neal Blixt1,700 -- 1,700 0.2Anders Obel20,270 --11,700 8,570 1.0Claus Gregersen15,928- - 15,928 1.9Henrik Amsinck500500 - 1,000 0.1Lindy Larsen242 -- 242 0.0Hanne Malling250 -- 250 0.0Mogens Olsen3,450 -- 3,450 0.4Board of Directors in total 158,260 500 -11,700 147,060 17.8Niels Frederiksen 180,450 82,186 -262,636 32.1Marianne R\u00f8rslev Bock 8,600 34,074 -42,674 5.2Sarah Santos 5,877 8,392 -14,269 1.7Hanne Berg 5,128 8,316 -8,4055,039 0.6Yulia Lyusina - 1,850 -1,850 0.2Jurjan Klep 11,030 7,830 -18,860 2.3R\u00e9gis Broersma 12,760 3,170 -15,930 1.9Graham Cunningham - 7,182 -7,182 0.9Executive Board in total 223,845 153,000 -8,405368,440 44.9Total Board of Directors and Executive Board 382,105 153,500 -20,105515,500 62.71) Calculation of market value is based on the quoted share price of DKK 122.10 at the end of the year.Development in share capitalDKK million2018-2020 100.02021 reduction -2.5At the beginning of the year 97.52022 reduction -4.5At the end of the year 93.0At the Annual General Meeting on 31 March 2022, it was decided to reduce the share capital by DKK 4,500,000. Thereduction of the share capital was effectuated 4 May 2022. At 31 December 2022 the share capital consists of93,000,000 shares of a nominal value of DKK 1. No shares carry any special rights.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-5": {
"value": "At theAdditionsDisposalsMarkebeginning ofduring theduring theAt the endvalue1 DKKManagement\u2019s Holdings of Sharesthe yearyearyearof the yearmillionHenrik Brandt112,670 -- 112,670 13.8Marlene Forsell3,250- - 3,250 0.4Dianne Neal Blixt1,700 -- 1,700 0.2Anders Obel20,270 --11,700 8,570 1.0Claus Gregersen15,928- - 15,928 1.9Henrik Amsinck500500 - 1,000 0.1Lindy Larsen242 -- 242 0.0Hanne Malling250 -- 250 0.0Mogens Olsen3,450 -- 3,450 0.4Board of Directors in total 158,260 500 -11,700 147,060 17.8Niels Frederiksen 180,450 82,186 -262,636 32.1Marianne R\u00f8rslev Bock 8,600 34,074 -42,674 5.2Sarah Santos 5,877 8,392 -14,269 1.7Hanne Berg 5,128 8,316 -8,4055,039 0.6Yulia Lyusina - 1,850 -1,850 0.2Jurjan Klep 11,030 7,830 -18,860 2.3R\u00e9gis Broersma 12,760 3,170 -15,930 1.9Graham Cunningham - 7,182 -7,182 0.9Executive Board in total 223,845 153,000 -8,405368,440 44.9Total Board of Directors and Executive Board 382,105 153,500 -20,105515,500 62.71) Calculation of market value is based on the quoted share price of DKK 122.10 at the end of the year.Development in share capitalDKK million2018-2020 100.02021 reduction -2.5At the beginning of the year 97.52022 reduction -4.5At the end of the year 93.0At the Annual General Meeting on 31 March 2022, it was decided to reduce the share capital by DKK 4,500,000. Thereduction of the share capital was effectuated 4 May 2022. At 31 December 2022 the share capital consists of93,000,000 shares of a nominal value of DKK 1. No shares carry any special rights.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-2": {
"value": "DKK million 2022 2021Integration and transactions costs (Agio Cigars) 13.3 22.1Fuelling the Growth programme 1.1 1.7Production footprint, incl. sale of building -118.0 13.9OneProcess 68.3 19.4Impairment intangible assets - 58.5Reversal of impairments - -60.9Total special items incl. impairment, net costs -35.3 54.7DKK million 2022 2021Specified by line items in the consolidated income statementCost of goods sold 35.5 24.7Other income -139.3 -18.3Other external costs 53.6 39.8Staff costs 14.9 10.9Depreciation and impairment - -60.9Amortisation and impairment - 58.5Total special items incl. impairment, net costs -35.3 54.7",
"dimensions": {
"concept": "SCA:DisclosureOfSpecialItems",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-2": {
"value": "DKK million 2022 2021Tax expenseCurrent income tax 406.8 332.7Deferred income tax -1.3 51.4Total 405.5 384.1Tax is allocated as followsTax in the income statement 380.2 377.9Tax in equity - share-based payments -2.9 -0.7Tax on other comprehensive income related toHedging instruments 1.9 2.2Actuarial gains and losses on pension obligations 26.3 4.7Total 405.5 384.1Income tax receivable/payable (net) - in the balance sheetCorporate tax receivables 21.4 69.5Corporate tax payables 207.4 102.4Total (net) 186.0 32.9DKK million 2022 2021Income tax receivable/payable (net)Balance at 1 January 32.9 64.5Currency adjustments -0.1 9.9Prior-year tax adjustment 11.8 37.7Tax paid on account in current year -301.4 -331.6Received regarding previous years 88.5 63.9Paid regarding previous years -40.7 -106.5Current income tax 395.0 295.0Balance at 31 December 186.0 32.9DKK million 2022 2021Breakdown of tax in the income statementTax calculated at 22.0% of profit before tax 408.4 389.1Tax according to income statement 380.2 377.9Variance -28.2 -11.2Tax effect ofNon-deductable costs 7.2 8.0Income from associated companies -8.9 -6.9Non-taxable income -16.4 -0.7Prior-year adjustments -5.3 7.6Other tax percentages 5.2 -4.9Effect of enacted changes of tax rates* 0.6 12.7Other -10.6 -27.0Total -28.2 -11.2* Effect of enacted change of tax rates in 2021 related to the Dutch corporate tax rate which late December 2021 was eneacted to increase to 25.8% with effect from 1 Janaury 2022. At 31 December 2022 the Group has no unrecognised tax assets (DKK 0.0 million).UNCERTAIN TAX POSITIONSAs an international business the Group is exposed touncertain tax positions and changes in legislation in thejurisdictions in which it operates. The Group\u2019s uncertaintax positions relate to cross-border transfer pricing,interpretation of new or complex tax legislation and taxarising on the valuation of assets. The assessment ofuncertain tax positions is subjective and significantmanagement judgement is required. This judgement isbased on interpretation of legislation, managementexperience and professional advice.Uncertain tax positions are considered separately andthe most likely amount is the basis for the calculatedprovision. The judgements, methods and assumptionsare unchanged from the previous year.Provisions arising from uncertain tax positions reflectedin the calculation of tax assets and liabilities areincluded in current corporate tax liabilities.It is possible that amounts paid will be different fromthe amounts provided.Income taxesThe tax expense for the period comprises current and deferredtax including adjustments to previous years and changes inliability for uncertain tax positions. Tax is recognised in theincome statement, except to the extent that it relates to itemsrecognised in other comprehensive income.Any changes in deferred tax due to changes in tax rates arerecognised in the income statement or in other comprehensiveincome depending on the original recognition.Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in thebalance sheet at the amount calculated on the basis of theexpected taxable income for the year and prior yearadjustments. Tax receivables and liabilities are offset if there isa legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differ-ences between the carrying amount and the tax base of assetsand liabilities.Deferred tax is measured on the basis of the tax rules and taxrates that will be effective under the legislation at the balancesheet date when the deferred tax is expected to crystallise ascurrent tax. In cases where the computation of the tax basemay be made according to alternative tax rules, deferred tax ismeasured on the basis of the intended use of the asset andsettlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss car-ryforwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Management has made estimates in determining the liabilitiesfor uncertain tax positions, deferred tax assets and deferred tax liabilities and the extent to which deferred tax assets arerecognised. The Group recognises only deferred tax assets ifthese tax assets can be offset against positive taxable income in the foreseeable future. The estimates are made on the basisof business plans for the forthcoming years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-3": {
"value": "DKK million 2022 2021Tax expenseCurrent income tax 406.8 332.7Deferred income tax -1.3 51.4Total 405.5 384.1Tax is allocated as followsTax in the income statement 380.2 377.9Tax in equity - share-based payments -2.9 -0.7Tax on other comprehensive income related toHedging instruments 1.9 2.2Actuarial gains and losses on pension obligations 26.3 4.7Total 405.5 384.1Income tax receivable/payable (net) - in the balance sheetCorporate tax receivables 21.4 69.5Corporate tax payables 207.4 102.4Total (net) 186.0 32.9DKK million 2022 2021Income tax receivable/payable (net)Balance at 1 January 32.9 64.5Currency adjustments -0.1 9.9Prior-year tax adjustment 11.8 37.7Tax paid on account in current year -301.4 -331.6Received regarding previous years 88.5 63.9Paid regarding previous years -40.7 -106.5Current income tax 395.0 295.0Balance at 31 December 186.0 32.9DKK million 2022 2021Breakdown of tax in the income statementTax calculated at 22.0% of profit before tax 408.4 389.1Tax according to income statement 380.2 377.9Variance -28.2 -11.2Tax effect ofNon-deductable costs 7.2 8.0Income from associated companies -8.9 -6.9Non-taxable income -16.4 -0.7Prior-year adjustments -5.3 7.6Other tax percentages 5.2 -4.9Effect of enacted changes of tax rates* 0.6 12.7Other -10.6 -27.0Total -28.2 -11.2* Effect of enacted change of tax rates in 2021 related to the Dutch corporate tax rate which late December 2021 was eneacted to increase to 25.8% with effect from 1 Janaury 2022. At 31 December 2022 the Group has no unrecognised tax assets (DKK 0.0 million).UNCERTAIN TAX POSITIONSAs an international business the Group is exposed touncertain tax positions and changes in legislation in thejurisdictions in which it operates. The Group\u2019s uncertaintax positions relate to cross-border transfer pricing,interpretation of new or complex tax legislation and taxarising on the valuation of assets. The assessment ofuncertain tax positions is subjective and significantmanagement judgement is required. This judgement isbased on interpretation of legislation, managementexperience and professional advice.Uncertain tax positions are considered separately andthe most likely amount is the basis for the calculatedprovision. The judgements, methods and assumptionsare unchanged from the previous year.Provisions arising from uncertain tax positions reflectedin the calculation of tax assets and liabilities areincluded in current corporate tax liabilities.It is possible that amounts paid will be different fromthe amounts provided.Income taxesThe tax expense for the period comprises current and deferredtax including adjustments to previous years and changes inliability for uncertain tax positions. Tax is recognised in theincome statement, except to the extent that it relates to itemsrecognised in other comprehensive income.Any changes in deferred tax due to changes in tax rates arerecognised in the income statement or in other comprehensiveincome depending on the original recognition.Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in thebalance sheet at the amount calculated on the basis of theexpected taxable income for the year and prior yearadjustments. Tax receivables and liabilities are offset if there isa legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differ-ences between the carrying amount and the tax base of assetsand liabilities.Deferred tax is measured on the basis of the tax rules and taxrates that will be effective under the legislation at the balancesheet date when the deferred tax is expected to crystallise ascurrent tax. In cases where the computation of the tax basemay be made according to alternative tax rules, deferred tax ismeasured on the basis of the intended use of the asset andsettlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss car-ryforwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Management has made estimates in determining the liabilitiesfor uncertain tax positions, deferred tax assets and deferred tax liabilities and the extent to which deferred tax assets arerecognised. The Group recognises only deferred tax assets ifthese tax assets can be offset against positive taxable income in the foreseeable future. The estimates are made on the basisof business plans for the forthcoming years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-2": {
"value": "Special items are used in connection with the presentation oprofit or loss for the year to distinguish consolidated EBITDAand EBIT from special items, which by their nature are notrelated to the Group\u2019s core performance.Special items are by nature of a significant character andcomprise restructuring costs from larger structural and M&areorganisations, M&A transaction costs, impairment losses,gains or losses from sale of assets and other non-recurringitems.",
"dimensions": {
"concept": "SCA:DescriptionOfAccountingPolicyForSpecialItems",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-2": {
"value": "Deferred tax (net) \u2013 in the balance sheetDeferred income tax assets 104.6 130.2Deferred income tax liabilities 673.5 698.9Deferred income tax liabilities (net) 568.9 568.7Deferred tax (net)Balance 1 January 568.7 498.9Currency adjustments 1.5 1.1Acquisition of entities - 17.3Change in deferred tax charge -1.3 51.4Balance at 31 December 568.9 568.7Breakdown of deferred income tax liabilities (net)Intangible assets 733.9 725.8Property, plant and equipment 19.6 26.0Inventories -49.0 -44.4Receivables -3.3 -3.5Pensions -35.9 -60.2Other liabilities -20.8 -24.3Tax losses to be carried forward -35.4 -28.5Other -40.2 -22.2Total (net) 568.9 568.7Income taxesThe tax expense for the period comprises current and deferredtax including adjustments to previous years and changes inliability for uncertain tax positions. Tax is recognised in theincome statement, except to the extent that it relates to itemsrecognised in other comprehensive income.Any changes in deferred tax due to changes in tax rates arerecognised in the income statement or in other comprehensiveincome depending on the original recognition.Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in thebalance sheet at the amount calculated on the basis of theexpected taxable income for the year and prior yearadjustments. Tax receivables and liabilities are offset if there isa legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differ-ences between the carrying amount and the tax base of assetsand liabilities.Deferred tax is measured on the basis of the tax rules and taxrates that will be effective under the legislation at the balancesheet date when the deferred tax is expected to crystallise ascurrent tax. In cases where the computation of the tax basemay be made according to alternative tax rules, deferred tax ismeasured on the basis of the intended use of the asset andsettlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss car-ryforwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Management has made estimates in determining the liabilitiesfor uncertain tax positions, deferred tax assets and deferred tax liabilities and the extent to which deferred tax assets arerecognised. The Group recognises only deferred tax assets ifthese tax assets can be offset against positive taxable income in the foreseeable future. The estimates are made on the basisof business plans for the forthcoming years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-6": {
"value": "Income taxesThe tax expense for the period comprises current and deferredtax including adjustments to previous years and changes inliability for uncertain tax positions. Tax is recognised in theincome statement, except to the extent that it relates to itemsrecognised in other comprehensive income.Any changes in deferred tax due to changes in tax rates arerecognised in the income statement or in other comprehensiveincome depending on the original recognition.Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in thebalance sheet at the amount calculated on the basis of theexpected taxable income for the year and prior yearadjustments. Tax receivables and liabilities are offset if there isa legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differ-ences between the carrying amount and the tax base of assetsand liabilities.Deferred tax is measured on the basis of the tax rules and taxrates that will be effective under the legislation at the balancesheet date when the deferred tax is expected to crystallise ascurrent tax. In cases where the computation of the tax basemay be made according to alternative tax rules, deferred tax ismeasured on the basis of the intended use of the asset andsettlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss car-ryforwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-7": {
"value": "Income taxesThe tax expense for the period comprises current and deferredtax including adjustments to previous years and changes inliability for uncertain tax positions. Tax is recognised in theincome statement, except to the extent that it relates to itemsrecognised in other comprehensive income.Any changes in deferred tax due to changes in tax rates arerecognised in the income statement or in other comprehensiveincome depending on the original recognition.Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in thebalance sheet at the amount calculated on the basis of theexpected taxable income for the year and prior yearadjustments. Tax receivables and liabilities are offset if there isa legally enforceable right of set-off and an intention to settle on a net basis or simultaneously.Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differ-ences between the carrying amount and the tax base of assetsand liabilities.Deferred tax is measured on the basis of the tax rules and taxrates that will be effective under the legislation at the balancesheet date when the deferred tax is expected to crystallise ascurrent tax. In cases where the computation of the tax basemay be made according to alternative tax rules, deferred tax ismeasured on the basis of the intended use of the asset andsettlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss car-ryforwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-6": {
"value": "Management has made estimates in determining the liabilitiesfor uncertain tax positions, deferred tax assets and deferred tax liabilities and the extent to which deferred tax assets arerecognised. The Group recognises only deferred tax assets ifthese tax assets can be offset against positive taxable income in the foreseeable future. The estimates are made on the basisof business plans for the forthcoming years.Impairment of intangible assetsThe carrying amounts of intangible assets are reviewed on anannual basis to determine whether there is any indication ofimpairment other than that expressed by amortisation. If so,an impairment test is carried out to determine whether therecoverable amount is lower than the carrying amount and theasset is written down to its lower recoverable amount. The impairment test includes significant judgments made byManagement, such as assumption of projected future cashflows used in the valuation of the intangible assets. Futureevents could cause Management to conclude that impairmentindicators exist and that intangible assets are impaired. Anyresulting impairment loss could have a material impact on thefinancial condition and on the result of operations.Impairment test of goodwillIn the annual impairment test of goodwill, an estimate is madeto determine how the enterprise will be able to generate sufficient positive net cash flow in the future to support the value of goodwill,trademarks and other net assets of the enterprise in question. For the purpose of the annual impairment test of goodwill, the costs and income in segment note 2.1 have been allocated to each cash generating unit based on either direct allocation or by using rele-vant allocation keys. The estimates of the anticipated future net cash flow are based on budgets, business plans as well as Manage-ment\u2019s projections for the coming years. Contribution expectationsare based upon projections made on the development in volume, average sales and cost prices as well as operating cost develop-ment for each market in each of the defined cash generating units.Impairment test \u2013 trademarks with indefinite useful livesIn the annual impairment test of trademarks with indefinite useful lives, an estimate is made to determine how the trademarks will be able to generate sufficient positive net cash flow in the future to support the value of the trademark in question. The estimates of the anticipated future net cash flow are based on Management\u2019s projec-tions for the coming years. Contribution expectations are based uponprojections made on the development in volume, average sales and cost prices for each trademark.Other trademarks (definite useful lives) Acquired trademarks that have been deemed to have definite useful lives are in general amortised over a period of 5\u201325 years. Trademarksare tested for impairment when circumstances indicate that the valueof a trademark is impaired.In 2022, Management did not identify any indications of impairment. In 2021, impairment costs of DKK 58.5 million were recognised in the income statement related to simplification of the Group\u2019s brand portofolio.IT softwareSoftware comprises expenses for acquired software and expenses related to internally developed software.In 2022, Management did not identify any indications of impairment. In 2021, impairment costs of DKK 0.2 million were recognised in the income statement.Other intangible assets Other intangible assets mainly comprise acquired name rights, customer relations and distribution rights. During 2022, Managementdid not identify any indications of impairment (same in 2021).Intangible assets under construction Intangible assets under construction comprise expenses for acquiredIT software and expenses related to preparing the software for its intended use, being both external expenses and internal resources. During 2022 Management did not identify any indications of impair-ment (same in 2021). Impairment of property, plant and equipmentThe carrying amounts of property, plant and equipment arereviewed on an annual basis to determine whether there isany indication of impairment other than that expressed bydepreciation. If so, an impairment test is carried out todetermine whether the recoverable amount is lower than thecarrying amount and the asset is written down to its lowerrecoverable amount. The impairment test includes significanjudgments made by Management, such as assumption ofprojected future cash flows used in the valuation.Inventories are measured at the lower of cost price under theFIFO method and net realisable value.The estimated uncertainty in inventories is related to the write-down to net realisable value. Inventories are written down in accordance with Group policy, including individual assessment oinventories for possible losses due to obsolescence.Actuarial assumptionsThe discount rate is set per country with reference to highquality corporate bond yields of appropriate duration orgovernment bond yields for countries where a deep market ohigh quality corporate bonds is not available.The most significant assets acquired generally comprise goodwill, trademarks, tradenames, customer relations and inventories. As no active market exists for the majority of acquired assets, the fair value is based on Management\u2019s projections and estimates. The methods applied are based onthe present value of future cash flows related to the specific asset. Estimates of fair value are associated with uncertainty and may be adjusted subsequently.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-5": {
"value": "Impairment of intangible assetsThe carrying amounts of intangible assets are reviewed on anannual basis to determine whether there is any indication ofimpairment other than that expressed by amortisation. If so,an impairment test is carried out to determine whether therecoverable amount is lower than the carrying amount and theasset is written down to its lower recoverable amount. The impairment test includes significant judgments made byManagement, such as assumption of projected future cashflows used in the valuation of the intangible assets. Futureevents could cause Management to conclude that impairmentindicators exist and that intangible assets are impaired. Anyresulting impairment loss could have a material impact on thefinancial condition and on the result of operations.GOODWILLThe main part of the Group\u2019s goodwill is attributable tothe merger between Scandinavian Tobacco Group andSwedish Match in 2010, and the subsequent acquisitionsof Lane Ltd. (2011), Verellen N.V. (2014), ThompsonCigar (2018), Agio Cigars (2020) and Moderno Opificio del Sigaro Italiano (2021).Goodwill is tested for impairment annually and whenevethere is an indication of impairment.The carrying amount of goodwill at 31 December 2022amounted to DKK 5,331.5 million (DKK 5,142.5 million).As per 31 December the carrying amount of goodwill wasallocated to the reportable segments as follows: North AmericaNorth AmericaDKK millionOnline & RetailBranded & RoW Europe Branded Tota2022 1,740.4 1,463.5 2,127.6 5,331.52021 1,643.9 1,382.0 2,116.6 5,142.5When carrying out the impairment test for goodwill, theGroup is seen as several cash generating units splitaccording to the internal segment reporting. Thecarrying values of the individual cash generating unitsare compared to the values in use (discounted value of future cash flows). If the carrying values are higher, thedifference is charged to the income statement. The values in use are calculated using a valuationmodel based on discounted expected future cash flows(DCF-model covering a five-year budget period) basedon Management\u2019s projections.When goodwill was tested for impairment in 2022 (and2021), the value in use exceeded the carrying value forthe individual cash generating units and no basis forimpairment was found.When performing sensitivity analysis by increasing thediscount rate by 1 percentage point or lowering theterminal growth by 1 percentage point, the value in usestill exceeded the carrying value per segment.EBITDA growth in the budget period, terminal growthand discount rate constitute the key assumptions incalculating the value in use. The applied keyassumptions, both overall as well as for each individualcash generating unit, are described in the following.2022 APPLIED KEY ASSUMPTIONSNorth AmericaNorth America\u2013 Goodwill impairment testOnline & RetailBranded & RoW Europe BrandedEBITDA GrowthAn average growth rate of 4.2% in the five-year budget period has been appliedfor EBITDA for the overall Group (accumulated for the three cash generating units). The growth projection is expected to be reached through volume growthin North America, also coming from opening of new super stores in US, market share gains in Europe Branded, price increases in all divisions, as well as cost saving initiatives.Terminal growth (based on adjusted historical development taking into account expected future development) 1.0% 0.0% 0.0%Discount rate after-tax (%) 8.5% 8.5% 7.9%Discount rate pre-tax (%) 10.5% 10.8% 9.8%2021 APPLIED KEY ASSUMPTIONSNorth AmericaNorth America\u2013 Goodwill impairment testOnline & RetailBranded & RoW Europe BrandedEBITDA GrowthAn average growth rate of 4.7% in the five-year budget period has been appliedfor EBITDA for the overall Group (accumulated for the three cash generating units). The growth projection is expected to be reached through volume growthin North America, market share gains in Europe Branded, price increases in all divisions, a positive impact from the integration of Agio, cost prices and OPEX development in line with current inflation level adjusted for savings coming from the Integration of Agio and other saving initiatives.Terminal growth (based on adjusted historical development taking into account expected future development) 1.0% 0.0% 0.0%Discount rate after-tax (%) 7.7% 7.7% 7.8%Discount rate pre-tax (%) 9.5% 9.7% 9.7%Impairment test of goodwillIn the annual impairment test of goodwill, an estimate is madeto determine how the enterprise will be able to generate sufficient positive net cash flow in the future to support the value of goodwill,trademarks and other net assets of the enterprise in question. For the purpose of the annual impairment test of goodwill, the costs and income in segment note 2.1 have been allocated to each cash generating unit based on either direct allocation or by using rele-vant allocation keys. The estimates of the anticipated future net cash flow are based on budgets, business plans as well as Manage-ment\u2019s projections for the coming years. Contribution expectationsare based upon projections made on the development in volume, average sales and cost prices as well as operating cost develop-ment for each market in each of the defined cash generating units.TRADEMARKSThe main part of the Group\u2019s trademarks is attributableto the merger between Scandinavian Tobacco Groupand Swedish Match in 2010, the acquisition of LaneLtd. in 2011 and Agio Cigars in 2020. In connection withthe merger and the acquisitions, intangible assets wereidentified and measured at fair value at the date of themerger/acquisition. Strategic trademarks with indefiniteuseful lives are not amortised but are reviewedannually for impairment.Other trademarks are amortised in a straight line overthe expected useful lives.The carrying amount of trademarks at 31 December2022 amounted to DKK 2,987.6 million (DKK 3,044.6million).Carrying amountDKK million2022 2021Trademarks indefinite lives 2,091.0 2,050.9Other trademarks(definite useful lives) 896.6 993.7Total 2,987.6 3,044.6Trademarks with the highest carrying amounts are listed below.Carrying amountIndefinite trademarksRemaining amortisationDKK millionallocated to segment*period 2022 2021Captain Black and Bugler 1,2,3 Indefinite / 8 years 728.1 711.2Caf\u00e9 Cr\u00e8me/Signature 1,2,3 Indefinite 482.4 482.4Mehari\u2019s 1,2,3 Indefinite 356.0 356.0Tiedemanns 2,3 13 years 125.6 144.3Mercator 3 5 years 139.4 168.7La Paz 2,3 Indefinite 215.2 215.2Other trademarks 1,2,3 Indefinite / 1-19 years 940.9 966.8Total 2,987.6 3,044.6* 1) North America Online & Retail, 2) North America Branded & Rest of World , 3) Europe BrandedAs per 31 December the carrying amount of trademarks with indefinite useful lives was allocated to the reportablesegments as follows:North AmericaNorth AmericaDKK millionOnline & RetailBranded & RoW Europe Branded Tota2022 148.1 978.6 964.3 2,091.02021 134.0 952.6 964.3 2,050.9Trademarks with indefinite useful lives are tested forimpairment annually and whenever there is an indication of impairment.When carrying out the impairment test for trademarks with indefinite useful lives, each trademark is seen as a separate asset capable of generating cash flow. The carry-ing value of each trademark is compared to the values in use (discounted value of future cash flows). If the carrying value is higher, the difference is charged to the income statement. The value in use for each trademark is calculated by using a valuation model based on discounted expected future cash flows (Multi-period Excess Earnings-Method (\u201cMEEM\u201d) in an adapted form, covering a five-year budget period) based on Management\u2019s projections.When trademarks with indefinite useful lives were tested for impairment in 2022 (and 2021), the value in use exceed-ed the carrying value for each of the individual trademarksand no basis for impairment was found. When performing sensitivity analysis by increasing the discount rate by 1 percentage point or lowering the terminal growth by 1 percentage point, the value in use still exceed-ed the carrying value for each individual trademark.EBITDA growth in the budget period, terminal growth anddiscount rate constitute the key assumptions in calculat-ing the value in use.Management has used a discount rate (WACC after tax) be-tween 7.9% and 8.5% (pre-tax WACC between 10.1% and 10.4%). Terminal growth in EBITDA is set between 0.0% and 1.0% and is based on adjusted historical developmentaking into account expected future development.Impairment test \u2013 trademarks with indefinite useful livesIn the annual impairment test of trademarks with indefinite useful lives, an estimate is made to determine how the trademarks will be able to generate sufficient positive net cash flow in the future to support the value of the trademark in question. The estimates of the anticipated future net cash flow are based on Management\u2019s projec-tions for the coming years. Contribution expectations are based uponprojections made on the development in volume, average sales and cost prices for each trademark.Other trademarks (definite useful lives) Acquired trademarks that have been deemed to have definite useful lives are in general amortised over a period of 5\u201325 years. Trademarksare tested for impairment when circumstances indicate that the valueof a trademark is impaired.In 2022, Management did not identify any indications of impairment. In 2021, impairment costs of DKK 58.5 million were recognised in the income statement related to simplification of the Group\u2019s brand portofolio.IT softwareSoftware comprises expenses for acquired software and expenses related to internally developed software.In 2022, Management did not identify any indications of impairment. In 2021, impairment costs of DKK 0.2 million were recognised in the income statement.Other intangible assets Other intangible assets mainly comprise acquired name rights, customer relations and distribution rights. During 2022, Managementdid not identify any indications of impairment (same in 2021).Intangible assets under construction Intangible assets under construction comprise expenses for acquiredIT software and expenses related to preparing the software for its intended use, being both external expenses and internal resources. During 2022 Management did not identify any indications of impair-ment (same in 2021). 2022Equipment,LeaseholdConstruc-Land andPlant andtools andimprove-tion inDKK millionbuildingsmachineryfixturesmentsprogress TotaAccumulated cost at 1 January 802.6 746.2 240.6 75.7 214.4 2,079.5Exchange rate adjustment 9.1 -4.3 4.9 4.5 3.7 17.9Acquisition - - - - - Additions 0.1 18.9 6.1 4.3 234.7 264.1Assets classified as held for sale andother disposals -3.1 -109.7 -74.1 -2.8 -0.6 -190.3Transfers 49.0 61.6 8.7 -1.4 -117.9 Accumulated cost at 31 December 857.7 712.7 186.2 80.3 334.3 2,171.2Accumulated depreciation andimpairment at 1 January 206.3 365.2 187.0 59.3 0.6 818.4Exchange rate adjustment 1.1 -0.6 1.5 3.6 - 5.6Depreciation 32.0 58.8 16.4 3.5 - 110.7Assets classified as held for sale and other disposals -3.1 -108.9 -74.0 -2.7 -0.3 -189.0Impairment - 0.1 - - - 0.1Reversal of impairment - - - - - Accumulated amortisation and impairment at 31 December 236.3 314.6 130.9 63.7 0.3 745.8Carrying amount at 31 December 621.4 398.1 55.3 16.6 334.0 1,425.4IMPAIRMENTIn 2022, impairment costs of DKK 0.1 million were recognised in the income statement. Management didnot identify any other indications of impairment. 2021Equipment,LeaseholdConstruc-Land andPlant andtools andimprove-tion inDKK millionbuildingsmachineryfixturesmentsprogress TotaAccumulated cost at 1 January 969.5 730.4 275.6 69.3 75.6 2,120.4Exchange rate adjustment 14.8 12.9 8.9 5.2 5.9 47.7Acquisition 4.6 5.5 1.1 - - 11.2Additions 0.6 0.8 1.0 0.2 209.0 211.6Assets classified as held for sale andother disposals -190.5 -54.4 -51.8 - -14.7 -311.4Transfers 3.6 51.0 5.8 1.0 -61.4 Accumulated cost at 31 December 802.6 746.2 240.6 75.7 214.4 2,079.5Accumulated depreciation andimpairment at 1 January 297.3 365.7 200.5 41.0 15.1 919.6Exchange rate adjustment 0.7 7.4 7.1 3.7 - 18.9Depreciation 34.6 62.1 24.4 14.6 - 135.7Assets classified as held for sale and other disposals -100.9 -53.4 -33.1 - -14.7 -202.1Impairment 4.5 - - - 0.2 4.7Reversal of impairment -29.9 -16.6 -11.9 - - -58.4Accumulated amortisation and impairment at 31 December 206.3 365.2 187.0 59.3 0.6 818.4Carrying amount at 31 December 596.3 381.0 53.6 16.4 213.8 1,261.1IMPAIRMENTIn 2021, impairment costs of DKK 5 million were rec-ognised in the income statement. These costs are mainly related to land and buildings in Cofradia, Honduras.In 2021, a partly reversal of the impairment costs from 2020 was recognised in the income statement as the potential to sell land and buildings improved significantlyas well as the utilisation of the machinery improved. Reversal of impairment cost are recognised in \u2018Special items\u2019 in the income statement.DEPRECIATIONAll depreciations are recognised in the income statement in2022 and in 2021.Impairment of property, plant and equipmentThe carrying amounts of property, plant and equipment arereviewed on an annual basis to determine whether there isany indication of impairment other than that expressed bydepreciation. If so, an impairment test is carried out todetermine whether the recoverable amount is lower than thecarrying amount and the asset is written down to its lowerrecoverable amount. The impairment test includes significanjudgments made by Management, such as assumption ofprojected future cash flows used in the valuation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-77-4": {
"value": "GoodwillGoodwill represents any cost in excess of identifiable net assets, measured at fair value, in the acquired company. Goodwill is valuedat acquisition value less any accumulated impairment losses. Good-will is tested annually, or upon indication, for impairment.TrademarksTrademarks are measured at cost less accumulated amortisation and less any accumulated impairment losses. Strategic trademarkswith indefinite lives are not amortised, but are reviewed annually for impairment. Strategic trademarks are defined as trademarks of asizeable significance measured on contribution and the trade-marks potential to grow across geographies. Other trademarks are amortised on a straight-line basis over the estimated useful lives determined on the basis of Management\u2019s experience with the individual trademarks. The amortisation period is typically in the range of 5\u201325 years.IT softwareIT software is measured at cost less accumulated amortisation and less any accumulated impairment losses. Cost comprises payments for the IT software and other directly attributable expenses of prepar-ing the software for its intended use. Amortisation is calculated on a straight-line basis over the expected useful lives of the assets, which are 5-10 years.Other intangible assets Other intangible assets are measured at cost less accumulated amor-tisation and less any accumulated impairment losses. Amortisation iscalculated on a straight-line basis over the expected useful lives of theassets, which are 5\u201320 years.Intangible assets under constructionIntangible assets under construction comprise IT software in progressand are measured at cost less any accumulated impairment losses. Cost comprises payments for the IT software and other directly attributable expenses of preparing the IT software for its intended use. When the IT software is finalised, it is amortised on a straight-linebasis as IT software. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-77-5": {
"value": "GoodwillGoodwill represents any cost in excess of identifiable net assets, measured at fair value, in the acquired company. Goodwill is valuedat acquisition value less any accumulated impairment losses. Good-will is tested annually, or upon indication, for impairment.TrademarksTrademarks are measured at cost less accumulated amortisation and less any accumulated impairment losses. Strategic trademarkswith indefinite lives are not amortised, but are reviewed annually for impairment. Strategic trademarks are defined as trademarks of asizeable significance measured on contribution and the trade-marks potential to grow across geographies. Other trademarks are amortised on a straight-line basis over the estimated useful lives determined on the basis of Management\u2019s experience with the individual trademarks. The amortisation period is typically in the range of 5\u201325 years.IT softwareIT software is measured at cost less accumulated amortisation and less any accumulated impairment losses. Cost comprises payments for the IT software and other directly attributable expenses of prepar-ing the software for its intended use. Amortisation is calculated on a straight-line basis over the expected useful lives of the assets, which are 5-10 years.Other intangible assets Other intangible assets are measured at cost less accumulated amor-tisation and less any accumulated impairment losses. Amortisation iscalculated on a straight-line basis over the expected useful lives of theassets, which are 5\u201320 years.Intangible assets under constructionIntangible assets under construction comprise IT software in progressand are measured at cost less any accumulated impairment losses. Cost comprises payments for the IT software and other directly attributable expenses of preparing the IT software for its intended use. When the IT software is finalised, it is amortised on a straight-linebasis as IT software. Impairment of right-of-use assetsThe carrying amounts are reviewed on an annual basis todetermine whether there is any indication of impairment othethan that expressed by depreciation. If so, an impairment test is carried out to determine whether the recoverable amount islower than the carrying amount and the right-of-use asset iswritten down to its lower recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-4": {
"value": "GOODWILLThe main part of the Group\u2019s goodwill is attributable tothe merger between Scandinavian Tobacco Group andSwedish Match in 2010, and the subsequent acquisitionsof Lane Ltd. (2011), Verellen N.V. (2014), ThompsonCigar (2018), Agio Cigars (2020) and Moderno Opificio del Sigaro Italiano (2021).Goodwill is tested for impairment annually and whenevethere is an indication of impairment.The carrying amount of goodwill at 31 December 2022amounted to DKK 5,331.5 million (DKK 5,142.5 million).As per 31 December the carrying amount of goodwill wasallocated to the reportable segments as follows: North AmericaNorth AmericaDKK millionOnline & RetailBranded & RoW Europe Branded Tota2022 1,740.4 1,463.5 2,127.6 5,331.52021 1,643.9 1,382.0 2,116.6 5,142.5When carrying out the impairment test for goodwill, theGroup is seen as several cash generating units splitaccording to the internal segment reporting. Thecarrying values of the individual cash generating unitsare compared to the values in use (discounted value of future cash flows). If the carrying values are higher, thedifference is charged to the income statement. The values in use are calculated using a valuationmodel based on discounted expected future cash flows(DCF-model covering a five-year budget period) basedon Management\u2019s projections.When goodwill was tested for impairment in 2022 (and2021), the value in use exceeded the carrying value forthe individual cash generating units and no basis forimpairment was found.When performing sensitivity analysis by increasing thediscount rate by 1 percentage point or lowering theterminal growth by 1 percentage point, the value in usestill exceeded the carrying value per segment.EBITDA growth in the budget period, terminal growthand discount rate constitute the key assumptions incalculating the value in use. The applied keyassumptions, both overall as well as for each individualcash generating unit, are described in the following.2022 APPLIED KEY ASSUMPTIONSNorth AmericaNorth America\u2013 Goodwill impairment testOnline & RetailBranded & RoW Europe BrandedEBITDA GrowthAn average growth rate of 4.2% in the five-year budget period has been appliedfor EBITDA for the overall Group (accumulated for the three cash generating units). The growth projection is expected to be reached through volume growthin North America, also coming from opening of new super stores in US, market share gains in Europe Branded, price increases in all divisions, as well as cost saving initiatives.Terminal growth (based on adjusted historical development taking into account expected future development) 1.0% 0.0% 0.0%Discount rate after-tax (%) 8.5% 8.5% 7.9%Discount rate pre-tax (%) 10.5% 10.8% 9.8%2021 APPLIED KEY ASSUMPTIONSNorth AmericaNorth America\u2013 Goodwill impairment testOnline & RetailBranded & RoW Europe BrandedEBITDA GrowthAn average growth rate of 4.7% in the five-year budget period has been appliedfor EBITDA for the overall Group (accumulated for the three cash generating units). The growth projection is expected to be reached through volume growthin North America, market share gains in Europe Branded, price increases in all divisions, a positive impact from the integration of Agio, cost prices and OPEX development in line with current inflation level adjusted for savings coming from the Integration of Agio and other saving initiatives.Terminal growth (based on adjusted historical development taking into account expected future development) 1.0% 0.0% 0.0%Discount rate after-tax (%) 7.7% 7.7% 7.8%Discount rate pre-tax (%) 9.5% 9.7% 9.7%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-4": {
"value": "TRADEMARKSThe main part of the Group\u2019s trademarks is attributableto the merger between Scandinavian Tobacco Groupand Swedish Match in 2010, the acquisition of LaneLtd. in 2011 and Agio Cigars in 2020. In connection withthe merger and the acquisitions, intangible assets wereidentified and measured at fair value at the date of themerger/acquisition. Strategic trademarks with indefiniteuseful lives are not amortised but are reviewedannually for impairment.Other trademarks are amortised in a straight line overthe expected useful lives.The carrying amount of trademarks at 31 December2022 amounted to DKK 2,987.6 million (DKK 3,044.6million).Carrying amountDKK million2022 2021Trademarks indefinite lives 2,091.0 2,050.9Other trademarks(definite useful lives) 896.6 993.7Total 2,987.6 3,044.6Trademarks with the highest carrying amounts are listed below.Carrying amountIndefinite trademarksRemaining amortisationDKK millionallocated to segment*period 2022 2021Captain Black and Bugler 1,2,3 Indefinite / 8 years 728.1 711.2Caf\u00e9 Cr\u00e8me/Signature 1,2,3 Indefinite 482.4 482.4Mehari\u2019s 1,2,3 Indefinite 356.0 356.0Tiedemanns 2,3 13 years 125.6 144.3Mercator 3 5 years 139.4 168.7La Paz 2,3 Indefinite 215.2 215.2Other trademarks 1,2,3 Indefinite / 1-19 years 940.9 966.8Total 2,987.6 3,044.6* 1) North America Online & Retail, 2) North America Branded & Rest of World , 3) Europe BrandedAs per 31 December the carrying amount of trademarks with indefinite useful lives was allocated to the reportablesegments as follows:North AmericaNorth AmericaDKK millionOnline & RetailBranded & RoW Europe Branded Tota2022 148.1 978.6 964.3 2,091.02021 134.0 952.6 964.3 2,050.9Trademarks with indefinite useful lives are tested forimpairment annually and whenever there is an indication of impairment.When carrying out the impairment test for trademarks with indefinite useful lives, each trademark is seen as a separate asset capable of generating cash flow. The carry-ing value of each trademark is compared to the values in use (discounted value of future cash flows). If the carrying value is higher, the difference is charged to the income statement. The value in use for each trademark is calculated by using a valuation model based on discounted expected future cash flows (Multi-period Excess Earnings-Method (\u201cMEEM\u201d) in an adapted form, covering a five-year budget period) based on Management\u2019s projections.When trademarks with indefinite useful lives were tested for impairment in 2022 (and 2021), the value in use exceed-ed the carrying value for each of the individual trademarksand no basis for impairment was found. When performing sensitivity analysis by increasing the discount rate by 1 percentage point or lowering the terminal growth by 1 percentage point, the value in use still exceed-ed the carrying value for each individual trademark.EBITDA growth in the budget period, terminal growth anddiscount rate constitute the key assumptions in calculat-ing the value in use.Management has used a discount rate (WACC after tax) be-tween 7.9% and 8.5% (pre-tax WACC between 10.1% and 10.4%). Terminal growth in EBITDA is set between 0.0% and 1.0% and is based on adjusted historical developmentaking into account expected future development.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-4": {
"value": "2022Equipment,LeaseholdConstruc-Land andPlant andtools andimprove-tion inDKK millionbuildingsmachineryfixturesmentsprogress TotaAccumulated cost at 1 January 802.6 746.2 240.6 75.7 214.4 2,079.5Exchange rate adjustment 9.1 -4.3 4.9 4.5 3.7 17.9Acquisition - - - - - Additions 0.1 18.9 6.1 4.3 234.7 264.1Assets classified as held for sale andother disposals -3.1 -109.7 -74.1 -2.8 -0.6 -190.3Transfers 49.0 61.6 8.7 -1.4 -117.9 Accumulated cost at 31 December 857.7 712.7 186.2 80.3 334.3 2,171.2Accumulated depreciation andimpairment at 1 January 206.3 365.2 187.0 59.3 0.6 818.4Exchange rate adjustment 1.1 -0.6 1.5 3.6 - 5.6Depreciation 32.0 58.8 16.4 3.5 - 110.7Assets classified as held for sale and other disposals -3.1 -108.9 -74.0 -2.7 -0.3 -189.0Impairment - 0.1 - - - 0.1Reversal of impairment - - - - - Accumulated amortisation and impairment at 31 December 236.3 314.6 130.9 63.7 0.3 745.8Carrying amount at 31 December 621.4 398.1 55.3 16.6 334.0 1,425.4IMPAIRMENTIn 2022, impairment costs of DKK 0.1 million were recognised in the income statement. Management didnot identify any other indications of impairment. 2021Equipment,LeaseholdConstruc-Land andPlant andtools andimprove-tion inDKK millionbuildingsmachineryfixturesmentsprogress TotaAccumulated cost at 1 January 969.5 730.4 275.6 69.3 75.6 2,120.4Exchange rate adjustment 14.8 12.9 8.9 5.2 5.9 47.7Acquisition 4.6 5.5 1.1 - - 11.2Additions 0.6 0.8 1.0 0.2 209.0 211.6Assets classified as held for sale andother disposals -190.5 -54.4 -51.8 - -14.7 -311.4Transfers 3.6 51.0 5.8 1.0 -61.4 Accumulated cost at 31 December 802.6 746.2 240.6 75.7 214.4 2,079.5Accumulated depreciation andimpairment at 1 January 297.3 365.7 200.5 41.0 15.1 919.6Exchange rate adjustment 0.7 7.4 7.1 3.7 - 18.9Depreciation 34.6 62.1 24.4 14.6 - 135.7Assets classified as held for sale and other disposals -100.9 -53.4 -33.1 - -14.7 -202.1Impairment 4.5 - - - 0.2 4.7Reversal of impairment -29.9 -16.6 -11.9 - - -58.4Accumulated amortisation and impairment at 31 December 206.3 365.2 187.0 59.3 0.6 818.4Carrying amount at 31 December 596.3 381.0 53.6 16.4 213.8 1,261.1IMPAIRMENTIn 2021, impairment costs of DKK 5 million were rec-ognised in the income statement. These costs are mainly related to land and buildings in Cofradia, Honduras.In 2021, a partly reversal of the impairment costs from 2020 was recognised in the income statement as the potential to sell land and buildings improved significantlyas well as the utilisation of the machinery improved. Reversal of impairment cost are recognised in \u2018Special items\u2019 in the income statement.DEPRECIATIONAll depreciations are recognised in the income statement in2022 and in 2021.Property, plant and equipment are measured at cost lessaccumulated depreciation and less any accumulatedimpairment losses.Cost comprises the cost of acquisition and expenses directlyrelated to the acquisition up until the asset is ready for use.In the case of assets of own construction, cost comprisesdirect and indirect expenses for labour, materials, componentsand sub-suppliers.Depreciation based on cost reduced by any residual value iscalculated on a straight-line basis over the expected usefullives of the assets, which are:Buildings 10\u201340 yearsPlant and machinery 12\u201320 yearsEquipment, tools and fixtures 3\u201310 yearsLeasehold improvements 1\u201310 yearsAssessment of residual value and useful life is performedannually for assets under property, plant and equipment.Impairment of property, plant and equipmentThe carrying amounts of property, plant and equipment arereviewed on an annual basis to determine whether there isany indication of impairment other than that expressed bydepreciation. If so, an impairment test is carried out todetermine whether the recoverable amount is lower than thecarrying amount and the asset is written down to its lowerrecoverable amount. The impairment test includes significanjudgments made by Management, such as assumption ofprojected future cash flows used in the valuation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-6": {
"value": "Property, plant and equipment are measured at cost lessaccumulated depreciation and less any accumulatedimpairment losses.Cost comprises the cost of acquisition and expenses directlyrelated to the acquisition up until the asset is ready for use.In the case of assets of own construction, cost comprisesdirect and indirect expenses for labour, materials, componentsand sub-suppliers.Depreciation based on cost reduced by any residual value iscalculated on a straight-line basis over the expected usefullives of the assets, which are:Buildings 10\u201340 yearsPlant and machinery 12\u201320 yearsEquipment, tools and fixtures 3\u201310 yearsLeasehold improvements 1\u201310 yearsAssessment of residual value and useful life is performedannually for assets under property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-7": {
"value": "Property, plant and equipment are measured at cost lessaccumulated depreciation and less any accumulatedimpairment losses.Cost comprises the cost of acquisition and expenses directlyrelated to the acquisition up until the asset is ready for use.In the case of assets of own construction, cost comprisesdirect and indirect expenses for labour, materials, componentsand sub-suppliers.Depreciation based on cost reduced by any residual value iscalculated on a straight-line basis over the expected usefullives of the assets, which are:Buildings 10\u201340 yearsPlant and machinery 12\u201320 yearsEquipment, tools and fixtures 3\u201310 yearsLeasehold improvements 1\u201310 yearsAssessment of residual value and useful life is performedannually for assets under property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-3": {
"value": "THE GROUP AS A LESSEEThe Group has entered into lease contracts for land,offices, warehouses, motor vehicles and other equipmentutilised across the entire Group. Leases of land have leaseterms up to 20 years, offices and warehouses generally have lease terms between three and ten years, while motor vehicles and other equipment generally have leaseterms between three and five years. Lease contracts that include extension and termination options are recognisedbased on the outcome of the lease term that is consideredreasonably certain at the commencement date.Information on the corresponding lease liabilities isincluded in note 4.2 financial instruments and risks.2022Land, buildings,offices andMotorOtherDKK millionwarehousesvehiclesequipment TotaCarrying amount at 1 January 145.4 37.8 4.0 187.2Exchange rate adjustment 8.0 0.3 0.0 8.3Additions 170.0 23.8 1.9 195.7Disposals -1.2 -2.8 - -4.0Depreciation and impairment -47.6 -23.3 -2.1 -73.0Carrying amount at 31 December 274.6 35.8 3.8 314.22021Land, buildings,offices andMotorOtherDKK millionwarehousesvehiclesequipment TotaCarrying amount at 1 January 163.9 37.7 3.1 204.7Exchange rate adjustment 7.8 0.6 - 8.4Acquisition 1.2 1.4 2.0 4.6Additions 9.8 21.1 0.3 31.2Disposals -0.8 -1.1 - -1.9Depreciation and impairment -36.5 -21.9 -1.4 -59.8Carrying amount at 31 December 145.4 37.8 4.0 187.2The following amounts are recognised in the income statement:DKK million 2022 2021Depreciation expense of right-of-use assets 73.0 62.3Special items, impairment (reversal) - -2.5Interest expense on lease liabilities 11.8 6.4Expense relating to short-term leases 3.6 5.1Expense relating to leases of low-value assets 0.1 0.1Variable lease payments 0.2 0.2Total amount recognised in the income statement 88.7 71.6In 2022, the Group had total cash outflows for leases of DKK 83.1 million (DKK 70.6 million). The Group has enteredinto lease contracts at a value of DKK 0.4 million (DKK 152.6 million) that have not yet commenced. The Group hasextension options of a total value of DKK 24.9 million (DKK 24.6 million) that are not included in the recognised leases, as it is not considered reasonable certain that the Group will exercise the options.At the inception of a contract, the Group assesses whether thecontract is, or contains, a lease. Based on the contract theright-of-use asset and the lease liability are recognised atcommencement of the lease. The initial measurement of theright-of-use asset is at cost and comprises the initial value ofthe lease liability and lease payments made at or before thecommencement date. The right-of-use assets are depreciatedon a straight-line basis over the shorter period of the lease term or the useful life of the underlying asset.The lease liabilities are initially measured at the present valueof lease payments that are not paid at the commencementdate. Lease payments include fixed payments and variablepayments that depend on an index such as an inflation indexas well as lease payments from an extension option that theGroup considers reasonably certain to be exercised.Extension and termination options exist for a number of leases,particular for offices and warehouses. In determining leaseterms, all facts and circumstances offering economic incentives for exercising extension options or not exercising termination options are taken into account. Lease terms can be subject to changes following the occurrence of significant events or circumstances.The Group applies the recognition exemption to short-termleases and low-value leases.Impairment of right-of-use assetsThe carrying amounts are reviewed on an annual basis todetermine whether there is any indication of impairment othethan that expressed by depreciation. If so, an impairment test is carried out to determine whether the recoverable amount islower than the carrying amount and the right-of-use asset iswritten down to its lower recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-4": {
"value": "THE GROUP AS A LESSEEThe Group has entered into lease contracts for land,offices, warehouses, motor vehicles and other equipmentutilised across the entire Group. Leases of land have leaseterms up to 20 years, offices and warehouses generally have lease terms between three and ten years, while motor vehicles and other equipment generally have leaseterms between three and five years. Lease contracts that include extension and termination options are recognisedbased on the outcome of the lease term that is consideredreasonably certain at the commencement date.Information on the corresponding lease liabilities isincluded in note 4.2 financial instruments and risks.2022Land, buildings,offices andMotorOtherDKK millionwarehousesvehiclesequipment TotaCarrying amount at 1 January 145.4 37.8 4.0 187.2Exchange rate adjustment 8.0 0.3 0.0 8.3Additions 170.0 23.8 1.9 195.7Disposals -1.2 -2.8 - -4.0Depreciation and impairment -47.6 -23.3 -2.1 -73.0Carrying amount at 31 December 274.6 35.8 3.8 314.22021Land, buildings,offices andMotorOtherDKK millionwarehousesvehiclesequipment TotaCarrying amount at 1 January 163.9 37.7 3.1 204.7Exchange rate adjustment 7.8 0.6 - 8.4Acquisition 1.2 1.4 2.0 4.6Additions 9.8 21.1 0.3 31.2Disposals -0.8 -1.1 - -1.9Depreciation and impairment -36.5 -21.9 -1.4 -59.8Carrying amount at 31 December 145.4 37.8 4.0 187.2The following amounts are recognised in the income statement:DKK million 2022 2021Depreciation expense of right-of-use assets 73.0 62.3Special items, impairment (reversal) - -2.5Interest expense on lease liabilities 11.8 6.4Expense relating to short-term leases 3.6 5.1Expense relating to leases of low-value assets 0.1 0.1Variable lease payments 0.2 0.2Total amount recognised in the income statement 88.7 71.6In 2022, the Group had total cash outflows for leases of DKK 83.1 million (DKK 70.6 million). The Group has enteredinto lease contracts at a value of DKK 0.4 million (DKK 152.6 million) that have not yet commenced. The Group hasextension options of a total value of DKK 24.9 million (DKK 24.6 million) that are not included in the recognised leases, as it is not considered reasonable certain that the Group will exercise the options.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-4": {
"value": "At the inception of a contract, the Group assesses whether thecontract is, or contains, a lease. Based on the contract theright-of-use asset and the lease liability are recognised atcommencement of the lease. The initial measurement of theright-of-use asset is at cost and comprises the initial value ofthe lease liability and lease payments made at or before thecommencement date. The right-of-use assets are depreciatedon a straight-line basis over the shorter period of the lease term or the useful life of the underlying asset.The lease liabilities are initially measured at the present valueof lease payments that are not paid at the commencementdate. Lease payments include fixed payments and variablepayments that depend on an index such as an inflation indexas well as lease payments from an extension option that theGroup considers reasonably certain to be exercised.Extension and termination options exist for a number of leases,particular for offices and warehouses. In determining leaseterms, all facts and circumstances offering economic incentives for exercising extension options or not exercising termination options are taken into account. Lease terms can be subject to changes following the occurrence of significant events or circumstances.The Group applies the recognition exemption to short-termleases and low-value leases.Impairment of right-of-use assetsThe carrying amounts are reviewed on an annual basis todetermine whether there is any indication of impairment othethan that expressed by depreciation. If so, an impairment test is carried out to determine whether the recoverable amount islower than the carrying amount and the right-of-use asset iswritten down to its lower recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-6": {
"value": "Impairment of right-of-use assetsThe carrying amounts are reviewed on an annual basis todetermine whether there is any indication of impairment othethan that expressed by depreciation. If so, an impairment test is carried out to determine whether the recoverable amount islower than the carrying amount and the right-of-use asset iswritten down to its lower recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-2": {
"value": "Inventories at 31 December, net of allowances for obsolescence, comprise the following items:DKK million 2022 2021Raw materials and consumables 1,464.6 1,273.0Work in progress 348.0 372.0Finished goods, goods for resale and excise stamps 1,436.3 1,290.9Total 3,248.9 2,935.9Movements in the Group provision for obsolete stock are as follows:Provision for obsolete stock 1 January -97.6 -102.9Additions for the year -74.1 -52.0Reversal for the year 15.7 14.7Write-downs during the year 59.2 46.4Effect of exchange rate adjustments 0.6 -3.8Total provision at 31 December -96.2 -97.6The net movement in the year in respect of inventory provision is included in \u2018cost of goods sold\u2019. The cost of inventoriesrecognised as cost and included in \u2018cost of goods sold\u2019 amounted to DKK 3,670.0 million (DKK 3,352.5 million).Inventories are measured at the lower of cost under the FIFOmethod and net realisable value. The net realisable value ofinventories is calculated at the amount expected to be generated by sale in the process of normal operations with deduction of selling expenses and costs of completion. The netrealisable value is determined allowing for marketability, obsolescence and development in expected sales prices.The cost of goods for resale, raw materials and consumablesequals landed cost.The cost of finished goods and work in progress comprises thecost of raw materials, consumables and direct labour withaddition of indirect production costs. Indirect production costscomprise the cost of labour, maintenance and depreciation othe machinery, factory buildings, equipment and right-of-useassets used in the manufacturing process as well as costs offactory administration and management.Inventories are measured at the lower of cost price under theFIFO method and net realisable value.The estimated uncertainty in inventories is related to the write-down to net realisable value. Inventories are written down in accordance with Group policy, including individual assessment oinventories for possible losses due to obsolescence.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-110-4": {
"value": "Inventories are measured at the lower of cost under the FIFOmethod and net realisable value. The net realisable value ofinventories is calculated at the amount expected to be generated by sale in the process of normal operations with deduction of selling expenses and costs of completion. The netrealisable value is determined allowing for marketability, obsolescence and development in expected sales prices.The cost of goods for resale, raw materials and consumablesequals landed cost.The cost of finished goods and work in progress comprises thecost of raw materials, consumables and direct labour withaddition of indirect production costs. Indirect production costscomprise the cost of labour, maintenance and depreciation othe machinery, factory buildings, equipment and right-of-useassets used in the manufacturing process as well as costs offactory administration and management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-2": {
"value": "DKK million 2022 2021Trade receivables (net) at31 December comprise the following:Trade receivables (gross) 899,0 872.3Provision for bad debt -14.4 -19.9Trade receivables (net) 884.6 852.4Movements in the Groupprovision for bad debt areas follows:Provision for bad debt at 1 January -19.9 -15.6Additions for the year -2.6 -6.0Reversal for the year 6.4 2.1Confirmed losses 2.0 0.2Effect of exchange rateadjustments -0.3 -0.6Total provision at31 December -14.4 -19.9WW2022Receivables,Loss rate,ProvisionImpairment of trade receivables can be specified as followsDKK million%DKK millionCurrent 725.8 0.1% -1.1Overdue < 30 days 107.3 0.3% -Overdue 31 - 60 days 19.6 6.2% -1.2Overdue 61 - 90 days 7.7 18.2% -1.4Overdue 91 - 180 days 18.8 19.6% -3.6Overdue > 180 days 19.8 34.1% -Total 899.0 -14.42021Receivables,Loss rate,ProvisionImpairment of trade receivables can be specified as followsDKK million%DKK millionCurrent 647.8 0.1% -0.7Overdue < 30 days 129.9 0.3% -Overdue 31 - 60 days 41.0 4.7% -1.9Overdue 61 - 90 days 20.0 9.2% -1.8Overdue 91 - 180 days 14.3 16.5% -2.4Overdue > 180 days 19.3 65.7% -1Total 872.3 -19.9Trade receivables are measured in the balance sheet atamortised cost less provisions for expected credit losses.Expected credit losses are determined by using the simplifiedexpected credit loss model (ECL), which has the approach ofassessing the lifetime expected credit loss.The ECLs on trade receivables are estimated by using a matrixbased on aging of customers, and includes both historicalas well as forward-looking information. The estimation takesinto account geography, past default experience, analysis of the debtor\u2019s current financial position, factors that are specificto the debtors, general economic conditions in which the debtors operate and an assessment of the forecast direction odevelopments at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-3": {
"value": "DKK million 2022 2021Trade receivables (net) at31 December comprise the following:Trade receivables (gross) 899,0 872.3Provision for bad debt -14.4 -19.9Trade receivables (net) 884.6 852.4Movements in the Groupprovision for bad debt areas follows:Provision for bad debt at 1 January -19.9 -15.6Additions for the year -2.6 -6.0Reversal for the year 6.4 2.1Confirmed losses 2.0 0.2Effect of exchange rateadjustments -0.3 -0.6Total provision at31 December -14.4 -19.9WW2022Receivables,Loss rate,ProvisionImpairment of trade receivables can be specified as followsDKK million%DKK millionCurrent 725.8 0.1% -1.1Overdue < 30 days 107.3 0.3% -Overdue 31 - 60 days 19.6 6.2% -1.2Overdue 61 - 90 days 7.7 18.2% -1.4Overdue 91 - 180 days 18.8 19.6% -3.6Overdue > 180 days 19.8 34.1% -Total 899.0 -14.42021Receivables,Loss rate,ProvisionImpairment of trade receivables can be specified as followsDKK million%DKK millionCurrent 647.8 0.1% -0.7Overdue < 30 days 129.9 0.3% -Overdue 31 - 60 days 41.0 4.7% -1.9Overdue 61 - 90 days 20.0 9.2% -1.8Overdue 91 - 180 days 14.3 16.5% -2.4Overdue > 180 days 19.3 65.7% -1Total 872.3 -19.9Trade receivables are measured in the balance sheet atamortised cost less provisions for expected credit losses.Expected credit losses are determined by using the simplifiedexpected credit loss model (ECL), which has the approach ofassessing the lifetime expected credit loss.The ECLs on trade receivables are estimated by using a matrixbased on aging of customers, and includes both historicalas well as forward-looking information. The estimation takesinto account geography, past default experience, analysis of the debtor\u2019s current financial position, factors that are specificto the debtors, general economic conditions in which the debtors operate and an assessment of the forecast direction odevelopments at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-4": {
"value": "DKK million 2022 2021Trade receivables (net) at31 December comprise the following:Trade receivables (gross) 899,0 872.3Provision for bad debt -14.4 -19.9Trade receivables (net) 884.6 852.4Movements in the Groupprovision for bad debt areas follows:Provision for bad debt at 1 January -19.9 -15.6Additions for the year -2.6 -6.0Reversal for the year 6.4 2.1Confirmed losses 2.0 0.2Effect of exchange rateadjustments -0.3 -0.6Total provision at31 December -14.4 -19.9WW2022Receivables,Loss rate,ProvisionImpairment of trade receivables can be specified as followsDKK million%DKK millionCurrent 725.8 0.1% -1.1Overdue < 30 days 107.3 0.3% -Overdue 31 - 60 days 19.6 6.2% -1.2Overdue 61 - 90 days 7.7 18.2% -1.4Overdue 91 - 180 days 18.8 19.6% -3.6Overdue > 180 days 19.8 34.1% -Total 899.0 -14.42021Receivables,Loss rate,ProvisionImpairment of trade receivables can be specified as followsDKK million%DKK millionCurrent 647.8 0.1% -0.7Overdue < 30 days 129.9 0.3% -Overdue 31 - 60 days 41.0 4.7% -1.9Overdue 61 - 90 days 20.0 9.2% -1.8Overdue 91 - 180 days 14.3 16.5% -2.4Overdue > 180 days 19.3 65.7% -1Total 872.3 -19.9CREDIT RISKThe Group\u2019s credit risk is primarily related to receivables, bank deposits and derivative financial instruments and can be divided into two main risk types.OPERATIONAL CREDIT RISKThe Group\u2019s balance sheet at 31 December 2022 includedtrade receivables with a net book value of DKK 884.6 mil-lion (DKK 852.4 million), representing a gross receivable balance of DKK 899.0 million (DKK 872.3 million) and a provision for expected credit losses of DKK 14.4 million (DKK 19.9 million), based on the expected credit loss model (ECL). The ECLs on trade receivables are estimatedby using a matrix based on aging of customers, and includes both historical as well as forward-looking infor-mation. The estimation takes into account geography, past default experience, analysis of the debtor\u2019s current financial position, factors that are specific to the debtors,general economic conditions in which the debtors operate and an assessment of the forecast direction of developments at the reporting date.The Group\u2019s net sales primarily comprise sales of tobacco to different distributors, retailers and direct to consumers. The Group has historically experienced limited risk with re-gard to the solvency of its customers. As part of the Group\u2019sinternal procedures regarding risk management, the oper-ational credit risk relating to customers is monitored on a monthly basis. The Group has no significant concentrationof credit exposure as the exposure has been spread on a large number of creditworthy trading partners.FINANCIAL CREDIT RISKFinancial credit risk management has the objective of minimising financial loss through a financial distress or the default of a financial counterparty whether due to the financial insolvency of the counterparty, the inability of the counterparty to perform due to changed national legislation or any other circumstance.The Group\u2019s exposure to counterparty risk is managed by establishing approved counterparty limits detailing the maximum exposure that the Group is prepared to accept with respect to the individual counterparty. In the event of bankruptcy among the lending banks, the Group has in accordance with the Danish Bankruptcy Act the right to offset cash deposits in the counterparty bank debt totallingDKK 0.0 million at 31 December 2022 (DKK 0.0 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-117-5": {
"value": "Trade receivables are measured in the balance sheet atamortised cost less provisions for expected credit losses.Expected credit losses are determined by using the simplifiedexpected credit loss model (ECL), which has the approach ofassessing the lifetime expected credit loss.The ECLs on trade receivables are estimated by using a matrixbased on aging of customers, and includes both historicalas well as forward-looking information. The estimation takesinto account geography, past default experience, analysis of the debtor\u2019s current financial position, factors that are specificto the debtors, general economic conditions in which the debtors operate and an assessment of the forecast direction odevelopments at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-119-2": {
"value": "Prepayments are measured at cost and comprise prepaid costsconcerning licences, insurance premiums, subscriptions, etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-2": {
"value": "Non-current assets held for saleDKK million 2022 2021Land and buildings - 108.5Total - 108.5WLand and buildings held for sale In 2021 Management decided to sell the land andbuildings in Eersel and Duizel, The Netherlands, as theclose-down of production at these sites were completed.The sales were completed in November 2022. A gain of DKK 139 million was realised, and recognised as \u2018Special items\u2019 in the income statement. Please refer to note 2.5 (part of \u2018Production footprint\u2019).No assets are classified as held for sale by the end of 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-2": {
"value": "DKK million 2022 2021Balance at 1 January 82.2 231.2Exchange rate adjustment -0.4 0.2Discounting cost 0.0 0.0Addition during the year 10.8 0.3Utilised during the year -46.2 -136.4Reversed provision unused -8.7 -13.1Carrying amount at 31 December 37.7 82.2Non-current 17.9 17.9Current 19.8 64.3Total 37.7 82.2Other provisions mainly consist of restructuring costs in relation to the integration of Agio and the changes in produc-tion footprint. The restructuring costs are primarily related to redundancy payments expected to take place in 2023. The amounts and timing of the restructurings depend on negotiations with the affected employees.Provisions are recognised when \u2013 in consequence of an eventoccurred before or on the balance sheet date \u2013 the Group has alegal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Provisionsare measured at the present value of the anticipated expen-diture for settlement of the legal or constructive obligation based on Management\u2019s best estimate. If considered materialthe anticipated future expenditure is discounted, using a pretax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as interest expense.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-4": {
"value": "Provisions are recognised when \u2013 in consequence of an eventoccurred before or on the balance sheet date \u2013 the Group has alegal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Provisionsare measured at the present value of the anticipated expen-diture for settlement of the legal or constructive obligation based on Management\u2019s best estimate. If considered materialthe anticipated future expenditure is discounted, using a pretax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as interest expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-145-4": {
"value": "Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently at amortised cost usingthe effective interest method.Any difference between the proceeds initially received and thenominal value is recognised in financial costs over the term ofthe loan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-2": {
"value": "DKK million 2022 2021Borrowings are recognised in the balance sheet as follows:Non-current liabilities 3,101.1 2,918.0Total 3,101.1 2,918.0The Group has the following external borrowings at 31 December:Carrying amountFixed/Term/revolvingMaturity Currencyfloatingcredit facility date 2022 2021USD Floating RCF 19/03/2027 871.5 688.9EUR Floating Term Multiple 11.3 15.3EUR Fixed Bond 24/09/2025 2,218.3 2,213.8Total 3,101.1 2,918.0Fixed interest swap contracts related to USD loan balance matured on 30 September 2022 and have not been renewed. Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently at amortised cost usingthe effective interest method.Any difference between the proceeds initially received and thenominal value is recognised in financial costs over the term ofthe loan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-2": {
"value": "After 5 Fair valueFair valueCarryingMaturity at 31 december 2022 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 56.1 1,044.4 - 1,100.5 - 882.8 882.8Bonds 31.1 2,292.8 - 2,323.9 2,021.0 - 2,218.3Trade payables 506.8 - - 506.8 - - 506.8Lease liabilities 67.1 150.4 139.0 356.5 - - 331.4Other liabilities 635.9 74.6 - 710.5 - - 704.1Total 1,297.0 3,562.2 139.0 4,998.2 2,021.0 882.8 4,643.4Recognised at fair valueInterest rate swaps - - - - - - Currency swaps 13.8 - - 13.8 - 13.8 13.8Total 13.8 - - 13.8 - 13.8 13.8Total financial liabilities 1,310.8 3,562.2 139.0 5,012.0 2,021.0 896.6 4,657.2Recognised at amortised costCash and cash equivalents 22.2 - - 22.2 - - 22.2Trade receivables 884.6 - - 884.6 - - 884.6Other receivables 86.4 - - 86.4 - - 86.4Total 993.2 - - 993.2 - - 993.2Recognised at fair valueCurrency swaps - - - - - - Total - - - - - - -Total financial assets 993.2 - - 993.2 - - 993.2* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.After 5 Fair valueFair valueCarryingMaturity at 31 december 2021 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 14.1 727.5 - 741.6 - 704.2 704.2Bonds 31.1 2,316.1 - 2,347.2 2,266.9 - 2,213.8Trade payables 504.5 - - 504.5 - - 504.5Lease liabilities 52.5 101.0 62.0 215.5 - - 197.9Other liabilities 727.7 74.6 - 802.3 - - 786.1Total 1,329.9 3,219.2 62.0 4,611.1 2,266.9 704.2 4,406.5Recognised at fair valueInterest rate swaps 19.0 - - 19.0 - 18.5 18.5Currency swaps - - - - - - Total 19.0 - - 19.0 - 18.5 18.5Total financial liabilities 1,348.9 3,219.2 62.0 4,630.1 2,266.9 722.7 4,425.0Recognised at amortised costCash and cash equivalents 173.6 - - 173.6 - - 173.6Trade receivables 852.4 - - 852.4 - - 852.4Other receivables 96.8 - - 96.8 - - 96.8Total 1,122.8 - - 1,122.8 - - 1,122.8Recognised at fair valueCurrency swaps 2.0 - - 2.0 - 2.0 2.0Total 2.0 - - 2.0 - 2.0 2.0Total financial assets 1,124.8 - - 1,124.8 - 2.0 1,124.8* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.HEDGING TRANSACTIONSThe Group had engaged in Interest Rate Swaps (IRS) topartially offset the risk arising from floating interest rateon the RCF. The Interest Rate Swaps matured in September 2022 and the below table show the 2021 comparisonnumbers of the Group\u2019s outstanding interest swaps at the balance sheet date:2022 2021ContractContractMaturityamount atFair value atamount atFair value aDKK milliondateyear-endyear-endyear-endyear-endEUR 150 million interest rate swap 30/09/2022 - - 1,115.5 -9.9USD 100 million interest rate swap 30/09/2022 - - 656.1 -8.6Total - - 1,771.6 -18.5Recognised in the income statement - -9.9Recognised in other comprehensive income - -8.6OTHER TRANSACTIONSThe Group uses financial transactions which do notqualify as hedge accounting according to the IFRS.The Group uses currency swaps to manage and cen-tralise liquidity. These swaps are in USD, AUD, NOK, CAD, SEK, GBP to DKK and are actively managed. As of 31 December, the fair value of outstanding currencyswaps was as stated below.2022DKK million (fair value) Nominal Fair valueCurrency swaps, USD 44.0 -5.4Currency swaps, NOK 32.0 -0.1Currency swaps, CAD 47.0 -8.2Currency swaps, SEK 3.0 -0.1Total -13.82021DKK million (fair value) Nominal Fair valueCurrency swaps, AUD 10.0 0.2Currency swaps, NOK 31.0 0.1Currency swaps, CAD 29.0 1.4Currency swaps, GBP 8.6 0.3Total 2.0Derivative financial instrumentsDerivative financial instruments are initially recognised in thebalance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of deriva-tive financial instruments are classified as other receivables/financial fixed assets and other liabilities, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivativefinancial instrument is designated and qualifies as hedgeaccounting, see below.Hedge accountingChanges in the fair values of financial instruments that aredesignated and qualify as fair value hedges of a recognisedasset or a recognised liability are recognised in the incomestatement like changes in the fair value of the hedged asset orthe hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised directly in other comprehensive income as regards the effective portion of the hedge. The in-effective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amoundeferred in other comprehensive income is transferred from other comprehensive income and recognised in the cost of theasset or the liability, respectively. If the hedged transaction re-sults in an income or an expense, the amount deferred in othercomprehensive income is transferred from other comprehen-sive income to the income statement in the period in which thehedged transaction is recognised. The amount is recognised inthe same item as the hedged transaction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-3": {
"value": "After 5 Fair valueFair valueCarryingMaturity at 31 december 2022 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 56.1 1,044.4 - 1,100.5 - 882.8 882.8Bonds 31.1 2,292.8 - 2,323.9 2,021.0 - 2,218.3Trade payables 506.8 - - 506.8 - - 506.8Lease liabilities 67.1 150.4 139.0 356.5 - - 331.4Other liabilities 635.9 74.6 - 710.5 - - 704.1Total 1,297.0 3,562.2 139.0 4,998.2 2,021.0 882.8 4,643.4Recognised at fair valueInterest rate swaps - - - - - - Currency swaps 13.8 - - 13.8 - 13.8 13.8Total 13.8 - - 13.8 - 13.8 13.8Total financial liabilities 1,310.8 3,562.2 139.0 5,012.0 2,021.0 896.6 4,657.2Recognised at amortised costCash and cash equivalents 22.2 - - 22.2 - - 22.2Trade receivables 884.6 - - 884.6 - - 884.6Other receivables 86.4 - - 86.4 - - 86.4Total 993.2 - - 993.2 - - 993.2Recognised at fair valueCurrency swaps - - - - - - Total - - - - - - -Total financial assets 993.2 - - 993.2 - - 993.2* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.After 5 Fair valueFair valueCarryingMaturity at 31 december 2021 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 14.1 727.5 - 741.6 - 704.2 704.2Bonds 31.1 2,316.1 - 2,347.2 2,266.9 - 2,213.8Trade payables 504.5 - - 504.5 - - 504.5Lease liabilities 52.5 101.0 62.0 215.5 - - 197.9Other liabilities 727.7 74.6 - 802.3 - - 786.1Total 1,329.9 3,219.2 62.0 4,611.1 2,266.9 704.2 4,406.5Recognised at fair valueInterest rate swaps 19.0 - - 19.0 - 18.5 18.5Currency swaps - - - - - - Total 19.0 - - 19.0 - 18.5 18.5Total financial liabilities 1,348.9 3,219.2 62.0 4,630.1 2,266.9 722.7 4,425.0Recognised at amortised costCash and cash equivalents 173.6 - - 173.6 - - 173.6Trade receivables 852.4 - - 852.4 - - 852.4Other receivables 96.8 - - 96.8 - - 96.8Total 1,122.8 - - 1,122.8 - - 1,122.8Recognised at fair valueCurrency swaps 2.0 - - 2.0 - 2.0 2.0Total 2.0 - - 2.0 - 2.0 2.0Total financial assets 1,124.8 - - 1,124.8 - 2.0 1,124.8* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.The Group ensures diversification of debt portfolio,maturity dates and lenders to reduce refinancing risk.The Group has a committed revolving credit facility ofEUR 450.0 million (EUR 450.0 million) maturing in 2027equally split between providers. The undrawn amountof the credit facility at 31 December 2022 was EUR 332.8million (EUR 357.6 million).In addition, the Group has issued a rated bond of EUR300 million maturing in 2025.Financial instruments measured at fair value are brokendown according to the following measuring hierarchy:Level 1: Observable market prices of identical instruments.Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments.Level 3: Valuation models primarily based on non-observable prices.The fair value of the Group\u2019s financial instruments(interest rate and currency swaps) are considered alevel 2 fair value measurement as the fair value isdetermined directly based on the published exchangerates, quoted swap and forward rates on the balancesheet date. There are no financial instruments in level 3(none).HEDGING TRANSACTIONSThe Group had engaged in Interest Rate Swaps (IRS) topartially offset the risk arising from floating interest rateon the RCF. The Interest Rate Swaps matured in September 2022 and the below table show the 2021 comparisonnumbers of the Group\u2019s outstanding interest swaps at the balance sheet date:2022 2021ContractContractMaturityamount atFair value atamount atFair value aDKK milliondateyear-endyear-endyear-endyear-endEUR 150 million interest rate swap 30/09/2022 - - 1,115.5 -9.9USD 100 million interest rate swap 30/09/2022 - - 656.1 -8.6Total - - 1,771.6 -18.5Recognised in the income statement - -9.9Recognised in other comprehensive income - -8.6OTHER TRANSACTIONSThe Group uses financial transactions which do notqualify as hedge accounting according to the IFRS.The Group uses currency swaps to manage and cen-tralise liquidity. These swaps are in USD, AUD, NOK, CAD, SEK, GBP to DKK and are actively managed. As of 31 December, the fair value of outstanding currencyswaps was as stated below.2022DKK million (fair value) Nominal Fair valueCurrency swaps, USD 44.0 -5.4Currency swaps, NOK 32.0 -0.1Currency swaps, CAD 47.0 -8.2Currency swaps, SEK 3.0 -0.1Total -13.82021DKK million (fair value) Nominal Fair valueCurrency swaps, AUD 10.0 0.2Currency swaps, NOK 31.0 0.1Currency swaps, CAD 29.0 1.4Currency swaps, GBP 8.6 0.3Total 2.0Derivative financial instrumentsDerivative financial instruments are initially recognised in thebalance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of deriva-tive financial instruments are classified as other receivables/financial fixed assets and other liabilities, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivativefinancial instrument is designated and qualifies as hedgeaccounting, see below.Hedge accountingChanges in the fair values of financial instruments that aredesignated and qualify as fair value hedges of a recognisedasset or a recognised liability are recognised in the incomestatement like changes in the fair value of the hedged asset orthe hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised directly in other comprehensive income as regards the effective portion of the hedge. The in-effective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amoundeferred in other comprehensive income is transferred from other comprehensive income and recognised in the cost of theasset or the liability, respectively. If the hedged transaction re-sults in an income or an expense, the amount deferred in othercomprehensive income is transferred from other comprehen-sive income to the income statement in the period in which thehedged transaction is recognised. The amount is recognised inthe same item as the hedged transaction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-4": {
"value": "After 5 Fair valueFair valueCarryingMaturity at 31 december 2022 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 56.1 1,044.4 - 1,100.5 - 882.8 882.8Bonds 31.1 2,292.8 - 2,323.9 2,021.0 - 2,218.3Trade payables 506.8 - - 506.8 - - 506.8Lease liabilities 67.1 150.4 139.0 356.5 - - 331.4Other liabilities 635.9 74.6 - 710.5 - - 704.1Total 1,297.0 3,562.2 139.0 4,998.2 2,021.0 882.8 4,643.4Recognised at fair valueInterest rate swaps - - - - - - Currency swaps 13.8 - - 13.8 - 13.8 13.8Total 13.8 - - 13.8 - 13.8 13.8Total financial liabilities 1,310.8 3,562.2 139.0 5,012.0 2,021.0 896.6 4,657.2Recognised at amortised costCash and cash equivalents 22.2 - - 22.2 - - 22.2Trade receivables 884.6 - - 884.6 - - 884.6Other receivables 86.4 - - 86.4 - - 86.4Total 993.2 - - 993.2 - - 993.2Recognised at fair valueCurrency swaps - - - - - - Total - - - - - - -Total financial assets 993.2 - - 993.2 - - 993.2* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.After 5 Fair valueFair valueCarryingMaturity at 31 december 2021 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 14.1 727.5 - 741.6 - 704.2 704.2Bonds 31.1 2,316.1 - 2,347.2 2,266.9 - 2,213.8Trade payables 504.5 - - 504.5 - - 504.5Lease liabilities 52.5 101.0 62.0 215.5 - - 197.9Other liabilities 727.7 74.6 - 802.3 - - 786.1Total 1,329.9 3,219.2 62.0 4,611.1 2,266.9 704.2 4,406.5Recognised at fair valueInterest rate swaps 19.0 - - 19.0 - 18.5 18.5Currency swaps - - - - - - Total 19.0 - - 19.0 - 18.5 18.5Total financial liabilities 1,348.9 3,219.2 62.0 4,630.1 2,266.9 722.7 4,425.0Recognised at amortised costCash and cash equivalents 173.6 - - 173.6 - - 173.6Trade receivables 852.4 - - 852.4 - - 852.4Other receivables 96.8 - - 96.8 - - 96.8Total 1,122.8 - - 1,122.8 - - 1,122.8Recognised at fair valueCurrency swaps 2.0 - - 2.0 - 2.0 2.0Total 2.0 - - 2.0 - 2.0 2.0Total financial assets 1,124.8 - - 1,124.8 - 2.0 1,124.8* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.HEDGING TRANSACTIONSThe Group had engaged in Interest Rate Swaps (IRS) topartially offset the risk arising from floating interest rateon the RCF. The Interest Rate Swaps matured in September 2022 and the below table show the 2021 comparisonnumbers of the Group\u2019s outstanding interest swaps at the balance sheet date:2022 2021ContractContractMaturityamount atFair value atamount atFair value aDKK milliondateyear-endyear-endyear-endyear-endEUR 150 million interest rate swap 30/09/2022 - - 1,115.5 -9.9USD 100 million interest rate swap 30/09/2022 - - 656.1 -8.6Total - - 1,771.6 -18.5Recognised in the income statement - -9.9Recognised in other comprehensive income - -8.6OTHER TRANSACTIONSThe Group uses financial transactions which do notqualify as hedge accounting according to the IFRS.The Group uses currency swaps to manage and cen-tralise liquidity. These swaps are in USD, AUD, NOK, CAD, SEK, GBP to DKK and are actively managed. As of 31 December, the fair value of outstanding currencyswaps was as stated below.2022DKK million (fair value) Nominal Fair valueCurrency swaps, USD 44.0 -5.4Currency swaps, NOK 32.0 -0.1Currency swaps, CAD 47.0 -8.2Currency swaps, SEK 3.0 -0.1Total -13.82021DKK million (fair value) Nominal Fair valueCurrency swaps, AUD 10.0 0.2Currency swaps, NOK 31.0 0.1Currency swaps, CAD 29.0 1.4Currency swaps, GBP 8.6 0.3Total 2.0Derivative financial instrumentsDerivative financial instruments are initially recognised in thebalance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of deriva-tive financial instruments are classified as other receivables/financial fixed assets and other liabilities, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivativefinancial instrument is designated and qualifies as hedgeaccounting, see below.Hedge accountingChanges in the fair values of financial instruments that aredesignated and qualify as fair value hedges of a recognisedasset or a recognised liability are recognised in the incomestatement like changes in the fair value of the hedged asset orthe hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised directly in other comprehensive income as regards the effective portion of the hedge. The in-effective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amoundeferred in other comprehensive income is transferred from other comprehensive income and recognised in the cost of theasset or the liability, respectively. If the hedged transaction re-sults in an income or an expense, the amount deferred in othercomprehensive income is transferred from other comprehen-sive income to the income statement in the period in which thehedged transaction is recognised. The amount is recognised inthe same item as the hedged transaction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-5": {
"value": "After 5 Fair valueFair valueCarryingMaturity at 31 december 2022 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 56.1 1,044.4 - 1,100.5 - 882.8 882.8Bonds 31.1 2,292.8 - 2,323.9 2,021.0 - 2,218.3Trade payables 506.8 - - 506.8 - - 506.8Lease liabilities 67.1 150.4 139.0 356.5 - - 331.4Other liabilities 635.9 74.6 - 710.5 - - 704.1Total 1,297.0 3,562.2 139.0 4,998.2 2,021.0 882.8 4,643.4Recognised at fair valueInterest rate swaps - - - - - - Currency swaps 13.8 - - 13.8 - 13.8 13.8Total 13.8 - - 13.8 - 13.8 13.8Total financial liabilities 1,310.8 3,562.2 139.0 5,012.0 2,021.0 896.6 4,657.2Recognised at amortised costCash and cash equivalents 22.2 - - 22.2 - - 22.2Trade receivables 884.6 - - 884.6 - - 884.6Other receivables 86.4 - - 86.4 - - 86.4Total 993.2 - - 993.2 - - 993.2Recognised at fair valueCurrency swaps - - - - - - Total - - - - - - -Total financial assets 993.2 - - 993.2 - - 993.2* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.After 5 Fair valueFair valueCarryingMaturity at 31 december 2021 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 14.1 727.5 - 741.6 - 704.2 704.2Bonds 31.1 2,316.1 - 2,347.2 2,266.9 - 2,213.8Trade payables 504.5 - - 504.5 - - 504.5Lease liabilities 52.5 101.0 62.0 215.5 - - 197.9Other liabilities 727.7 74.6 - 802.3 - - 786.1Total 1,329.9 3,219.2 62.0 4,611.1 2,266.9 704.2 4,406.5Recognised at fair valueInterest rate swaps 19.0 - - 19.0 - 18.5 18.5Currency swaps - - - - - - Total 19.0 - - 19.0 - 18.5 18.5Total financial liabilities 1,348.9 3,219.2 62.0 4,630.1 2,266.9 722.7 4,425.0Recognised at amortised costCash and cash equivalents 173.6 - - 173.6 - - 173.6Trade receivables 852.4 - - 852.4 - - 852.4Other receivables 96.8 - - 96.8 - - 96.8Total 1,122.8 - - 1,122.8 - - 1,122.8Recognised at fair valueCurrency swaps 2.0 - - 2.0 - 2.0 2.0Total 2.0 - - 2.0 - 2.0 2.0Total financial assets 1,124.8 - - 1,124.8 - 2.0 1,124.8* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.FINANCIAL RISKSFINANCIAL RISK MANAGEMENT POLICY ANDSTRATEGYThe Group has centralised the management of financiarisks. The overall objectives and policies for the Group\u2019sfinancial risk management are outlined in the TreasuryPolicy approved by the Board of Directors.The Group do not engage in financial transactions ormanage risk exposures that are not related to theunderlying business driven risks, and consequently, theGroup does not enter into any speculative transactions.The Group\u2019s financial risks is managed with theaim of protecting the value and financial stability of theGroup, taking into consideration the cost and account-ing consequences of such transactions.The main financial risks that the Group is exposed toinclude foreign exchange risk, credit risk, interest raterisk and liquidity risk.FOREIGN EXCHANGE RISKFluctuating currency rates influence the Group\u2019sreported income statement, balance sheet and value offuture cash flows denominated in foreign currencies.The Group closely monitors the foreign exchange riskmainly related to USD, NOK, GBP, CAD and AUD.The Group considers both DKK and EUR as basecurrencies due to the fixed currency band between DKKand EUR.Key currenciesMovement of exchange rates against DKKExchange rate DKK 2022 2021USDAverage 707.68 628.71Year-end 697.22 656.12Average change 12.6% -3.9%NOKAverage 73.75 73.19Year-end 70.73 74.59Average change 0.8% 5.2%GBPAverage 872.88 864.86Year-end 838.45 886.04Average change 0.9% 3.1%CADAverage 543.64 501.52Year-end 514.99 513.53Average change 8.4% 2.8%AUDAverage 490.47 472.36Year-end 473.87 476.88Average change 3.8% 4.8%Foreign exchange exposure in the Group consists of twotypes of risk (a) translation risk and (b) transaction risk.TRANSLATION RISKTranslation risk arises from the translation of subsidiaies\u2019 income statement and net assets into DKK. Thesingle most significant currency is USD.The Group does not hedge with financial contracts againsttranslation effects, although borrowings in currencies other than DKK are used to partly mitigate translation risk.Sensitivity Analysis on Exchange2022Change inDKK millionexchange rate Net sales EBITDAUSD 5% 221.5 45.2NOK 5% 11.9 11.9GBP 5% 14.1 13.3CAD 5% 12.8 8.1AUD 5% 13.6 10.42021Change inDKK millionexchange rate Net sales EBITDAUSD 5% 202.8 51.0NOK 5% 13.4 13.4GBP 5% 14.1 13.6CAD 5% 12.4 8.0AUD 5% 12.3 5.6TRANSACTION RISKTransaction risk arises from cash flows in currenciesother than the functional currencies of the Group\u2019ssubsidiaries. Transaction risk is not hedged withfinancial contracts as the impact from transaction riskis considered to be within the Group\u2019s risk appetite.The sensitivity analysis below shows the gain/loss onnet profit for the year and other comprehensiveincome of a 5% percent increase in the specifiedcurrencies towards DKK.The sensitivity analysis does not include financial assetsand liabilities in the functional currency of the Group\u2019ssubsidiaries or translation risk from consolidation of income statement.31 December 2022OtherChange inNet comprehensiveDKK millionexchange rateprofitincomeUSD 5% 2.2 CAD 5% -0.1 AUD 5% -1.2 GBP 5% -2.9 NOK 5% -0.9 31 December 2021OtherChange inNet comprehensiveDKK millionexchange rateprofitincomeUSD 5% 2.2 0.4CAD 5% 0.1 AUD 5% 0.7 GBP 5% 0.9 NOK 5% 0.1 INTEREST RATE RISKThe Group\u2019s interest-bearing assets / liabilities consist ofcash & cash equivalents, bank loans, revolving creditfacility (RCF) at floating rate and EUR bond issued atfixed rate.The Group had Interest Rate Swaps (IRS) which maturedin September 2022. As of 31 December 2022, the Group has 72% of the total debt with fixed interest rate. An increase in relevant interest rates of 1%-point would have decreased net profit by DKK 9 million. The estimatewas based on the Group\u2019s average floating rate loans andborrowings, i.e. disregarding cash and cash equivalents. The analysis assumes that all other variables remain constant.CREDIT RISKThe Group\u2019s credit risk is primarily related to receivables, bank deposits and derivative financial instruments and can be divided into two main risk types.OPERATIONAL CREDIT RISKThe Group\u2019s balance sheet at 31 December 2022 includedtrade receivables with a net book value of DKK 884.6 mil-lion (DKK 852.4 million), representing a gross receivable balance of DKK 899.0 million (DKK 872.3 million) and a provision for expected credit losses of DKK 14.4 million (DKK 19.9 million), based on the expected credit loss model (ECL). The ECLs on trade receivables are estimatedby using a matrix based on aging of customers, and includes both historical as well as forward-looking infor-mation. The estimation takes into account geography, past default experience, analysis of the debtor\u2019s current financial position, factors that are specific to the debtors,general economic conditions in which the debtors operate and an assessment of the forecast direction of developments at the reporting date.The Group\u2019s net sales primarily comprise sales of tobacco to different distributors, retailers and direct to consumers. The Group has historically experienced limited risk with re-gard to the solvency of its customers. As part of the Group\u2019sinternal procedures regarding risk management, the oper-ational credit risk relating to customers is monitored on a monthly basis. The Group has no significant concentrationof credit exposure as the exposure has been spread on a large number of creditworthy trading partners.FINANCIAL CREDIT RISKFinancial credit risk management has the objective of minimising financial loss through a financial distress or the default of a financial counterparty whether due to the financial insolvency of the counterparty, the inability of the counterparty to perform due to changed national legislation or any other circumstance.The Group\u2019s exposure to counterparty risk is managed by establishing approved counterparty limits detailing the maximum exposure that the Group is prepared to accept with respect to the individual counterparty. In the event of bankruptcy among the lending banks, the Group has in accordance with the Danish Bankruptcy Act the right to offset cash deposits in the counterparty bank debt totallingDKK 0.0 million at 31 December 2022 (DKK 0.0 million).LIQUIDITY RISKThe Group ensures the availability of the requiredliquidity through a combination of cash managementand uncommitted as well as committed credit facilities.To centralise and optimise liquidity the Group utilizescash pooling, currency swaps, intercompany lendingand borrowing.HEDGING TRANSACTIONSThe Group had engaged in Interest Rate Swaps (IRS) topartially offset the risk arising from floating interest rateon the RCF. The Interest Rate Swaps matured in September 2022 and the below table show the 2021 comparisonnumbers of the Group\u2019s outstanding interest swaps at the balance sheet date:2022 2021ContractContractMaturityamount atFair value atamount atFair value aDKK milliondateyear-endyear-endyear-endyear-endEUR 150 million interest rate swap 30/09/2022 - - 1,115.5 -9.9USD 100 million interest rate swap 30/09/2022 - - 656.1 -8.6Total - - 1,771.6 -18.5Recognised in the income statement - -9.9Recognised in other comprehensive income - -8.6OTHER TRANSACTIONSThe Group uses financial transactions which do notqualify as hedge accounting according to the IFRS.The Group uses currency swaps to manage and cen-tralise liquidity. These swaps are in USD, AUD, NOK, CAD, SEK, GBP to DKK and are actively managed. As of 31 December, the fair value of outstanding currencyswaps was as stated below.2022DKK million (fair value) Nominal Fair valueCurrency swaps, USD 44.0 -5.4Currency swaps, NOK 32.0 -0.1Currency swaps, CAD 47.0 -8.2Currency swaps, SEK 3.0 -0.1Total -13.82021DKK million (fair value) Nominal Fair valueCurrency swaps, AUD 10.0 0.2Currency swaps, NOK 31.0 0.1Currency swaps, CAD 29.0 1.4Currency swaps, GBP 8.6 0.3Total 2.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-6": {
"value": "After 5 Fair valueFair valueCarryingMaturity at 31 december 2022 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 56.1 1,044.4 - 1,100.5 - 882.8 882.8Bonds 31.1 2,292.8 - 2,323.9 2,021.0 - 2,218.3Trade payables 506.8 - - 506.8 - - 506.8Lease liabilities 67.1 150.4 139.0 356.5 - - 331.4Other liabilities 635.9 74.6 - 710.5 - - 704.1Total 1,297.0 3,562.2 139.0 4,998.2 2,021.0 882.8 4,643.4Recognised at fair valueInterest rate swaps - - - - - - Currency swaps 13.8 - - 13.8 - 13.8 13.8Total 13.8 - - 13.8 - 13.8 13.8Total financial liabilities 1,310.8 3,562.2 139.0 5,012.0 2,021.0 896.6 4,657.2Recognised at amortised costCash and cash equivalents 22.2 - - 22.2 - - 22.2Trade receivables 884.6 - - 884.6 - - 884.6Other receivables 86.4 - - 86.4 - - 86.4Total 993.2 - - 993.2 - - 993.2Recognised at fair valueCurrency swaps - - - - - - Total - - - - - - -Total financial assets 993.2 - - 993.2 - - 993.2* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.After 5 Fair valueFair valueCarryingMaturity at 31 december 2021 0-1 Year 2-5 Yearsyears Total*level 1level 2**amounLIQUIDITYRecognised at amortised costFinancial institutions 14.1 727.5 - 741.6 - 704.2 704.2Bonds 31.1 2,316.1 - 2,347.2 2,266.9 - 2,213.8Trade payables 504.5 - - 504.5 - - 504.5Lease liabilities 52.5 101.0 62.0 215.5 - - 197.9Other liabilities 727.7 74.6 - 802.3 - - 786.1Total 1,329.9 3,219.2 62.0 4,611.1 2,266.9 704.2 4,406.5Recognised at fair valueInterest rate swaps 19.0 - - 19.0 - 18.5 18.5Currency swaps - - - - - - Total 19.0 - - 19.0 - 18.5 18.5Total financial liabilities 1,348.9 3,219.2 62.0 4,630.1 2,266.9 722.7 4,425.0Recognised at amortised costCash and cash equivalents 173.6 - - 173.6 - - 173.6Trade receivables 852.4 - - 852.4 - - 852.4Other receivables 96.8 - - 96.8 - - 96.8Total 1,122.8 - - 1,122.8 - - 1,122.8Recognised at fair valueCurrency swaps 2.0 - - 2.0 - 2.0 2.0Total 2.0 - - 2.0 - 2.0 2.0Total financial assets 1,124.8 - - 1,124.8 - 2.0 1,124.8* All cash flows are non-discounted and include all liabilities according to contracts. The DKK values of future interest and principal of loansin foreign currencies are calculated based on the rates at the balance sheet date.** The fair value of the financial liabilities is the present value of the expected future instalments and interest payments except for trade payables, other liabilities, trade receivables and other receivables which are stated at the net carrying amount at year-end.LIQUIDITY RISKThe Group ensures the availability of the requiredliquidity through a combination of cash managementand uncommitted as well as committed credit facilities.To centralise and optimise liquidity the Group utilizescash pooling, currency swaps, intercompany lendingand borrowing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-3": {
"value": "FINANCIAL RISKSFINANCIAL RISK MANAGEMENT POLICY ANDSTRATEGYThe Group has centralised the management of financiarisks. The overall objectives and policies for the Group\u2019sfinancial risk management are outlined in the TreasuryPolicy approved by the Board of Directors.The Group do not engage in financial transactions ormanage risk exposures that are not related to theunderlying business driven risks, and consequently, theGroup does not enter into any speculative transactions.The Group\u2019s financial risks is managed with theaim of protecting the value and financial stability of theGroup, taking into consideration the cost and account-ing consequences of such transactions.The main financial risks that the Group is exposed toinclude foreign exchange risk, credit risk, interest raterisk and liquidity risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-149-3": {
"value": "FOREIGN EXCHANGE RISKFluctuating currency rates influence the Group\u2019sreported income statement, balance sheet and value offuture cash flows denominated in foreign currencies.The Group closely monitors the foreign exchange riskmainly related to USD, NOK, GBP, CAD and AUD.The Group considers both DKK and EUR as basecurrencies due to the fixed currency band between DKKand EUR.Key currenciesMovement of exchange rates against DKKExchange rate DKK 2022 2021USDAverage 707.68 628.71Year-end 697.22 656.12Average change 12.6% -3.9%NOKAverage 73.75 73.19Year-end 70.73 74.59Average change 0.8% 5.2%GBPAverage 872.88 864.86Year-end 838.45 886.04Average change 0.9% 3.1%CADAverage 543.64 501.52Year-end 514.99 513.53Average change 8.4% 2.8%AUDAverage 490.47 472.36Year-end 473.87 476.88Average change 3.8% 4.8%Foreign exchange exposure in the Group consists of twotypes of risk (a) translation risk and (b) transaction risk.TRANSLATION RISKTranslation risk arises from the translation of subsidiaies\u2019 income statement and net assets into DKK. Thesingle most significant currency is USD.The Group does not hedge with financial contracts againsttranslation effects, although borrowings in currencies other than DKK are used to partly mitigate translation risk.Sensitivity Analysis on Exchange2022Change inDKK millionexchange rate Net sales EBITDAUSD 5% 221.5 45.2NOK 5% 11.9 11.9GBP 5% 14.1 13.3CAD 5% 12.8 8.1AUD 5% 13.6 10.42021Change inDKK millionexchange rate Net sales EBITDAUSD 5% 202.8 51.0NOK 5% 13.4 13.4GBP 5% 14.1 13.6CAD 5% 12.4 8.0AUD 5% 12.3 5.6TRANSACTION RISKTransaction risk arises from cash flows in currenciesother than the functional currencies of the Group\u2019ssubsidiaries. Transaction risk is not hedged withfinancial contracts as the impact from transaction riskis considered to be within the Group\u2019s risk appetite.The sensitivity analysis below shows the gain/loss onnet profit for the year and other comprehensiveincome of a 5% percent increase in the specifiedcurrencies towards DKK.The sensitivity analysis does not include financial assetsand liabilities in the functional currency of the Group\u2019ssubsidiaries or translation risk from consolidation of income statement.31 December 2022OtherChange inNet comprehensiveDKK millionexchange rateprofitincomeUSD 5% 2.2 CAD 5% -0.1 AUD 5% -1.2 GBP 5% -2.9 NOK 5% -0.9 31 December 2021OtherChange inNet comprehensiveDKK millionexchange rateprofitincomeUSD 5% 2.2 0.4CAD 5% 0.1 AUD 5% 0.7 GBP 5% 0.9 NOK 5% 0.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-149-4": {
"value": "FOREIGN EXCHANGE RISKFluctuating currency rates influence the Group\u2019sreported income statement, balance sheet and value offuture cash flows denominated in foreign currencies.The Group closely monitors the foreign exchange riskmainly related to USD, NOK, GBP, CAD and AUD.The Group considers both DKK and EUR as basecurrencies due to the fixed currency band between DKKand EUR.Key currenciesMovement of exchange rates against DKKExchange rate DKK 2022 2021USDAverage 707.68 628.71Year-end 697.22 656.12Average change 12.6% -3.9%NOKAverage 73.75 73.19Year-end 70.73 74.59Average change 0.8% 5.2%GBPAverage 872.88 864.86Year-end 838.45 886.04Average change 0.9% 3.1%CADAverage 543.64 501.52Year-end 514.99 513.53Average change 8.4% 2.8%AUDAverage 490.47 472.36Year-end 473.87 476.88Average change 3.8% 4.8%Foreign exchange exposure in the Group consists of twotypes of risk (a) translation risk and (b) transaction risk.TRANSLATION RISKTranslation risk arises from the translation of subsidiaies\u2019 income statement and net assets into DKK. Thesingle most significant currency is USD.The Group does not hedge with financial contracts againsttranslation effects, although borrowings in currencies other than DKK are used to partly mitigate translation risk.Sensitivity Analysis on Exchange2022Change inDKK millionexchange rate Net sales EBITDAUSD 5% 221.5 45.2NOK 5% 11.9 11.9GBP 5% 14.1 13.3CAD 5% 12.8 8.1AUD 5% 13.6 10.42021Change inDKK millionexchange rate Net sales EBITDAUSD 5% 202.8 51.0NOK 5% 13.4 13.4GBP 5% 14.1 13.6CAD 5% 12.4 8.0AUD 5% 12.3 5.6TRANSACTION RISKTransaction risk arises from cash flows in currenciesother than the functional currencies of the Group\u2019ssubsidiaries. Transaction risk is not hedged withfinancial contracts as the impact from transaction riskis considered to be within the Group\u2019s risk appetite.The sensitivity analysis below shows the gain/loss onnet profit for the year and other comprehensiveincome of a 5% percent increase in the specifiedcurrencies towards DKK.The sensitivity analysis does not include financial assetsand liabilities in the functional currency of the Group\u2019ssubsidiaries or translation risk from consolidation of income statement.31 December 2022OtherChange inNet comprehensiveDKK millionexchange rateprofitincomeUSD 5% 2.2 CAD 5% -0.1 AUD 5% -1.2 GBP 5% -2.9 NOK 5% -0.9 31 December 2021OtherChange inNet comprehensiveDKK millionexchange rateprofitincomeUSD 5% 2.2 0.4CAD 5% 0.1 AUD 5% 0.7 GBP 5% 0.9 NOK 5% 0.1 INTEREST RATE RISKThe Group\u2019s interest-bearing assets / liabilities consist ofcash & cash equivalents, bank loans, revolving creditfacility (RCF) at floating rate and EUR bond issued atfixed rate.The Group had Interest Rate Swaps (IRS) which maturedin September 2022. As of 31 December 2022, the Group has 72% of the total debt with fixed interest rate. An increase in relevant interest rates of 1%-point would have decreased net profit by DKK 9 million. The estimatewas based on the Group\u2019s average floating rate loans andborrowings, i.e. disregarding cash and cash equivalents. The analysis assumes that all other variables remain constant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-159-3": {
"value": "The Group ensures diversification of debt portfolio,maturity dates and lenders to reduce refinancing risk.The Group has a committed revolving credit facility ofEUR 450.0 million (EUR 450.0 million) maturing in 2027equally split between providers. The undrawn amountof the credit facility at 31 December 2022 was EUR 332.8million (EUR 357.6 million).In addition, the Group has issued a rated bond of EUR300 million maturing in 2025.Financial instruments measured at fair value are brokendown according to the following measuring hierarchy:Level 1: Observable market prices of identical instruments.Level 2: Valuation models primarily based on observable prices or traded prices of comparable instruments.Level 3: Valuation models primarily based on non-observable prices.The fair value of the Group\u2019s financial instruments(interest rate and currency swaps) are considered alevel 2 fair value measurement as the fair value isdetermined directly based on the published exchangerates, quoted swap and forward rates on the balancesheet date. There are no financial instruments in level 3(none).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-164-6": {
"value": "Derivative financial instrumentsDerivative financial instruments are initially recognised in thebalance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of deriva-tive financial instruments are classified as other receivables/financial fixed assets and other liabilities, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivativefinancial instrument is designated and qualifies as hedgeaccounting, see below.Hedge accountingChanges in the fair values of financial instruments that aredesignated and qualify as fair value hedges of a recognisedasset or a recognised liability are recognised in the incomestatement like changes in the fair value of the hedged asset orthe hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised directly in other comprehensive income as regards the effective portion of the hedge. The in-effective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amoundeferred in other comprehensive income is transferred from other comprehensive income and recognised in the cost of theasset or the liability, respectively. If the hedged transaction re-sults in an income or an expense, the amount deferred in othercomprehensive income is transferred from other comprehen-sive income to the income statement in the period in which thehedged transaction is recognised. The amount is recognised inthe same item as the hedged transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-164-7": {
"value": "Derivative financial instrumentsDerivative financial instruments are initially recognised in thebalance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of deriva-tive financial instruments are classified as other receivables/financial fixed assets and other liabilities, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivativefinancial instrument is designated and qualifies as hedgeaccounting, see below.Hedge accountingChanges in the fair values of financial instruments that aredesignated and qualify as fair value hedges of a recognisedasset or a recognised liability are recognised in the incomestatement like changes in the fair value of the hedged asset orthe hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised directly in other comprehensive income as regards the effective portion of the hedge. The in-effective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amoundeferred in other comprehensive income is transferred from other comprehensive income and recognised in the cost of theasset or the liability, respectively. If the hedged transaction re-sults in an income or an expense, the amount deferred in othercomprehensive income is transferred from other comprehen-sive income to the income statement in the period in which thehedged transaction is recognised. The amount is recognised inthe same item as the hedged transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-164-8": {
"value": "Derivative financial instrumentsDerivative financial instruments are initially recognised in thebalance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of deriva-tive financial instruments are classified as other receivables/financial fixed assets and other liabilities, respectively.Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivativefinancial instrument is designated and qualifies as hedgeaccounting, see below.Hedge accountingChanges in the fair values of financial instruments that aredesignated and qualify as fair value hedges of a recognisedasset or a recognised liability are recognised in the incomestatement like changes in the fair value of the hedged asset orthe hedged liability related to the hedged risk.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised directly in other comprehensive income as regards the effective portion of the hedge. The in-effective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amoundeferred in other comprehensive income is transferred from other comprehensive income and recognised in the cost of theasset or the liability, respectively. If the hedged transaction re-sults in an income or an expense, the amount deferred in othercomprehensive income is transferred from other comprehen-sive income to the income statement in the period in which thehedged transaction is recognised. The amount is recognised inthe same item as the hedged transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-165-2": {
"value": "2022Investments inDKK millionassociated companiesCost at 1 January 92.6Accumulated cost at 31 December 92.6Accumulated revaluation and impairment at 1 January 94.9Dividends -15.6Currency translation 11.3Profit after tax 40.4Accumulated revaluation and impairment at 31 December 131.0Carrying amount at 31 December 223.62021Investments inDKK millionassociated companiesCost at 1 January 92.6Accumulated cost at 31 December 92.6Accumulated revaluation and impairment at 1 January 59.4Dividends -9.6Currency translation 13.6Profit after tax 31.5Accumulated revaluation and impairment at 31 December 94.9Carrying amount at 31 December 187.5NAME AND COUNTRY OF INCORPORATION Caribbean Cigar Holdings Group Co. S.A., PanamaDKK million 2022 2021Profit or lossRevenue 709.2 573.1Profit for the year 200.1 151.3Total comprehensive income 200.1 151.3Financial positionNon-current assets 79.6 60.1Current assets 872.7 706.2Non-current liabilities 5.2 5.6Current liabilities 86.1 63.0% Interest held 20% 20%The financial information stated above is based on estimates.Reconciliation carrying amountScandinavian Tobacco Group\u2019s share of Caribbean Cigar Holdings Group\u2019s equity 172.2 139.5Goodwill concerning Caribbean Cigar Holdings Group 57.6 54.2Elimination of internal profit -6.2 -6.2Carrying amount at 31 December 223.6 187.5Investments in associated companies are recognised and measured under the equity method.The item \u2018Investments in associated companies\u2019 in the balancesheet includes the proportionate ownership share of the net asset value of the enterprises with deduction or addition of unrealised intercompany profits or losses and with addition of any remaining value of positive differences (goodwill) and deduction of any remaining value of negative differences (neg-ative goodwill) calculated on the basis of the fair values of identifiable net assets at the time of acquisition.The item \u2018Share of profit of associated companies, net of tax\u2019 inthe income statement includes the proportionate share of the profit after tax for the year regarding the associated companie",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-169-4": {
"value": "Investments in associated companies are recognised and measured under the equity method.The item \u2018Investments in associated companies\u2019 in the balancesheet includes the proportionate ownership share of the net asset value of the enterprises with deduction or addition of unrealised intercompany profits or losses and with addition of any remaining value of positive differences (goodwill) and deduction of any remaining value of negative differences (neg-ative goodwill) calculated on the basis of the fair values of identifiable net assets at the time of acquisition.The item \u2018Share of profit of associated companies, net of tax\u2019 inthe income statement includes the proportionate share of the profit after tax for the year regarding the associated companie",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-171-2": {
"value": "DKK million 2022 2021FINANCIAL INCOMEInterest on deposits in financial institutions etc. 1.7 0.6Exchange gains 185.6 58.1Other financial income 10.0 16.3Total 197.3 75.0DKK million 2022 2021FINANCIAL COSTSInterest on borrowings 96.2 86.4Interest part of pension cost 6.9 7.5Exchange losses 189.1 37.8Lease interest costs 11.8 6.4Other financial costs 30.2 14.1Total 334.2 152.2Interest on debt to financial institutions etc. includes realisation of previously deferred losses from interest rate swaps of DKK 8.8 million(DKK 9.7 million). Effective interest expenses on financial liabilities measured at amortised cost amounted to DKK 108 million (DKK 92.8million). Ineffectiveness of interest rate swaps of DKK 9.9 million included in other financial income (DKK 15.6 million included in other financial income).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-171-3": {
"value": "DKK million 2022 2021FINANCIAL INCOMEInterest on deposits in financial institutions etc. 1.7 0.6Exchange gains 185.6 58.1Other financial income 10.0 16.3Total 197.3 75.0Financial income and costs comprise interests, realised andunrealised exchange adjustments, hedging costs, interest part of pension costs, lease interest costs and other financiaincome and costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-172-3": {
"value": "DKK million 2022 2021FINANCIAL COSTSInterest on borrowings 96.2 86.4Interest part of pension cost 6.9 7.5Exchange losses 189.1 37.8Lease interest costs 11.8 6.4Other financial costs 30.2 14.1Total 334.2 152.2Interest on debt to financial institutions etc. includes realisation of previously deferred losses from interest rate swaps of DKK 8.8 million(DKK 9.7 million). Effective interest expenses on financial liabilities measured at amortised cost amounted to DKK 108 million (DKK 92.8million). Ineffectiveness of interest rate swaps of DKK 9.9 million included in other financial income (DKK 15.6 million included in other financial income).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-4": {
"value": "Financial income and costs comprise interests, realised andunrealised exchange adjustments, hedging costs, interest part of pension costs, lease interest costs and other financiaincome and costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-176-2": {
"value": "Treasury shares Number ofNominal valuesharesPurchase price% of share(DKK million)(in thousands)(DKK million)capitalTreasury shares at 1 January 2022 4.5 4,526 570.5 4.6Addition 6.0 5,984 776.7 6.1Settlement of vested PSUs -0.3 -259 -29.6 -0.3Share capital reduction -4.5 -4,500 -569.5 -4.6Treasury shares at 31 December 2022 5.8 5,751 748.1 6.2The market value of treasury shares at 31 December 2022 was DKK 702.1 million (DKK 621.4 million). Treasury shares are acquired for the purpose of adjusting the Company\u2019s capital structure and to hedge the Group\u2019s share-based incentive programmes.According to the authorisation granted by the General Meeting, the Board of Directors may allow the Company to acquiretreasury shares up to a total holding of 10% of the nomimal share capital at a price quoted on Nasdaq Copenhagen at thetime of acquisition with a deviation of up to 10%. In addition, the Board of Directors is authorised to increase the share capital by up to 10%. The authorisation granted to the Board of Directors is in effect until 26 March 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-179-2": {
"value": "Earnings per share:Earnings per share are presented as both basic and diluted earnings per share. Basic earnings per share are calculatedas net profit divided by the average number of shares outstanding. Diluted earnings per share are calculated as net profit divided by the sum of average number of shares outstanding, including the dilutive effect of outstanding share bonus programmes. Please refer to note 5.8 \u2018Explanation of financial ratios\u2019 for a description of the calculation of basicand diluted earnings per share.DKK million 2022 2021Net profit for the year 1,476.3 1,390.6Average number of shares outstanding (in 1,000 shares) 94,516 98,212Average number of treasury shares (in 1,000 shares) -3,950 -2,910Average number of shares - basic (in 1,000 shares) 90,566 95,302Dilutive effect of outstanding PSUs (in 1,000 shares) 285 387Average number of shares outstanding, including dilutive effect of PSUs (in 1,000 shares) 90.851 95,689Basic earnings per share (DKK) 16.3 14.6Diluted earnings per share (DKK) 16.2 14.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-178-2": {
"value": "Dividend Per shareDKK million DKK2018 (proposed dividend in 2017 Annual Report) 575.0 5.82019 (proposed dividend in 2018 Annual Report) 600.0 6.02020 (proposed dividend in 2019 Annual Report) 610.0 6.12021 (proposed dividend in 2020 Annual Report) 650.0 6.52022 (proposed dividend in 2021 Annual Report) 731.3 7.5Retained earnings end of 2022 include proposed dividend of DKK 767 million (DKK 8.25 per share).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__4__7": {
"value": "767000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s9_notes__4__8": {
"value": "8.25",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"pp-value-183-2": {
"value": "DKK million 2022 2021Interest-bearing liabilities, net 3,446.2 3,132.4Pensions 204.7 307.4Cash equivalents -22.2 -173.6Total 3,628.7 3,266.2FINANCIAL POLICYAccording to the financial policy, the Group has a leverageratio target of 2.5 (measured as net interest-bearingdebt divided by EBITDA before special items) whilemaintaining flexibility to increase leverage temporarily,for example to pursue acquisitions. At 31 December 2022the ratio was 1.6 (1.5).DKK million 2022 2021Balance at 1 January 3,115.9 3,079.3Acquisition - 43.6Lease liabilities 124.8 -30.0New external funding 138.3 Repayment bank loans -4.0 Other financing 4.4 -38.0Exchange rate adjustment 53.1 61.0Carrying amount at 31 December 3,432.5 3,115.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-186-2": {
"value": "With effect from 1 March 2023, Scandinavian Tobacco Group A/S acquired, substantially all assets of Alec Bradley Cigar Distributors Inc. and associated companies (\u201cAlec Bradley\u201d). The total consideration of USD 72.5 million was paid in cash. Due to the timing of the acquisition no provisional figures are disclosed and in compliance with IFRS 3 net assets will be recorded based on provisional figures, which are subject to adjustments within a 12 months period of the acquisition date. The provisional figures can be changed up until 29 February 2024.Alec BradleyAlec Bradley is a family-owned business established in 1996 by entrepreneur Alan Rubin and is based in Fort Lauderdale, Florida. The business model is asset-light with outsourcing of the cigar production and with approximately 30 full-time employees in the US and Canada. Alec Bradley reported annual net sales in 2021 of USD 25 million and an EBITDA margin before special items of 24%. Both net sales and EBITDA margin improved during 2022 where Alec Bradley sold almost 10 million cigars \u2013 an increase of 5% versus 2021 \u2013 primarily in the US and Canada, but also in international markets. Brands within the Alec Bradley portfolio include among others Prensado, Kintsugi, Alec Bradley Double Broad-leaf, Fine and Rare and Black Market.Impact on Consolidated Income StatementThe Financial Statements for 2022 do not include net sales or net profit from the acquisition. On a profor-ma basis, if the acquisition had been effective from 1 January 2022 the business of Alec Bradley would in 2022have contributed approximately DKK 139 million to net sales (gross DKK 184 million offset by Alec Bradleys salesto STG) and DKK 38 million on net profit.Transaction costsTotal transaction costs related to the acquisition is con-sidered immaterial and therefore not disclosed.2022There has been no significant business combinations during 2022.2021In November 2021, the Group acquired a majority stakein Moderno Opificio del Sigaro Italiano (MOSI).Net sales of MOSI constitute less than 1 per cent of theGroup\u2019s net sales and total assets of MOSI constitute 1per cent of the Group\u2019s total assets.Given the financial insignificance of the acquisition, noinformation according to IFRS 3 Business Combinationhas been disclosed.The most significant assets acquired generally comprise goodwill, trademarks, tradenames, customer relations and inventories. As no active market exists for the majority of acquired assets, the fair value is based on Management\u2019s projections and estimates. The methods applied are based onthe present value of future cash flows related to the specific asset. Estimates of fair value are associated with uncertainty and may be adjusted subsequently.Business combinations are accounted for using the acquisitionmethod. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measued at acquisition date fair value.Acquisition-related costs are expensed as incurred and included in \u201cSpecial items\u201d in the Income statement.Any contingent consideration to be transferred by the acquireris recognised at fair value at the acquisition date. If uncertainties exist at the acquisition date regarding identification ormeasurement of identifiable assets, liabilities and contingentliabilities or regarding the consideration transferred, initial recog-nition will take place on the basis of provisionally determined fairvalues. If identifiable assets, liabilities and contingent liabilities are subsequently determined to have a different fair value at the acquisition date from that first assumed, goodwill is adjusted up until 12 months after the acquisition date. Thereafter no adjustments are made to goodwill, and changes in estimates of contingent consideration relating to business combinations are recognised under \u201cOther income and costs\u201d.Goodwill is initially measured at cost. If the fair value of the netassets acquired is in excess of the aggregate considerationtransferred, the Group reassesses whether it has correctlyidentified all assets acquired and all liabilities assumed, and the Group reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over theaggregate consideration transferred, the gain is recognised in theincome statement. After initial recognition, goodwill is measuredat cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in abusiness combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected tobenefit from the combination.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-189-4": {
"value": "Business combinations are accounted for using the acquisitionmethod. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measued at acquisition date fair value.Acquisition-related costs are expensed as incurred and included in \u201cSpecial items\u201d in the Income statement.Any contingent consideration to be transferred by the acquireris recognised at fair value at the acquisition date. If uncertainties exist at the acquisition date regarding identification ormeasurement of identifiable assets, liabilities and contingentliabilities or regarding the consideration transferred, initial recog-nition will take place on the basis of provisionally determined fairvalues. If identifiable assets, liabilities and contingent liabilities are subsequently determined to have a different fair value at the acquisition date from that first assumed, goodwill is adjusted up until 12 months after the acquisition date. Thereafter no adjustments are made to goodwill, and changes in estimates of contingent consideration relating to business combinations are recognised under \u201cOther income and costs\u201d.Goodwill is initially measured at cost. If the fair value of the netassets acquired is in excess of the aggregate considerationtransferred, the Group reassesses whether it has correctlyidentified all assets acquired and all liabilities assumed, and the Group reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over theaggregate consideration transferred, the gain is recognised in theincome statement. After initial recognition, goodwill is measuredat cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in abusiness combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected tobenefit from the combination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-192-2": {
"value": "GUARANTEE OBLIGATIONSThe Group has (via 3rd parties) issued guaranteestotalling DKK 734.1 million (DKK 608.6 million), whichare primarily issued towards local tax authorities inrelation to excise and tax stamps.LAWSUITS ETC.From time to time the Group faces legal claims anddisputes as part of the ordinary course of business,mainly related to employees and trademarks.Management continuously assesses the risks associatedwith the legal claims and disputes and their likelyoutcome. It is the opinion of Management that, apartfrom items recognised in the financial statements, theoutcome of any of these legal claims and disputes ishighly uncertain and/or cannot be reliably estimated interms of amount or timing. The Group does not expectany of the pending claims or disputes to have amaterial impact on the consolidated financialstatements.DISCLOSURE REGARDING CHANGE OF CONTROLThe Group\u2019s loan facilities at financial institutions andissued bonds are subject to change of control clauses.The Group\u2019s investments in associated companies aresubject to change of control clauses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-197-2": {
"value": "On 22 February 2023 Scandinavian Tobacco Group A/S agreed on the terms and conditions for the acquisition of substantially all assets of Alec Bradley Cigar Distributors Inc. and associated companies (\u201cAlec Bradley\u201d). The ac-quisition was closed with effect from 1 March 2023. Pleaserefer to note 5.1 for more information on the acquisition.The Group has not experienced any other significant events after 31 December 2022 which have an impact on the Annual Report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-198-2": {
"value": "DKK million 2022 2021Statutory audit 6.4 6.2Audit-related services 0.1 0.1Tax advisory services 0.1 0.4Other services 5.5 0.2Total 12.1 6.9Fees for other services in addition to the statutory auditof the financial statements, which were provided byPricewaterhouseCoopers StatsautoriseretRevisionspartnerselskab to the Group amounted toDKK 2.3 million. Non-audit services in addition to thestatutory audit of the financial statements compriseservices relating to ESG strategy and reporting and M&Aactivities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-200-2": {
"value": "ActivityCompany Country OwnershipPARENT COMPANYScandinavian Tobacco Group A/S Denmark \u2013SUBSIDIARIES BY REGIONEUROPEAgio Cigars Belgium N.V. Belgium 100%Scandinavian Tobacco Group Belux N.V. Belgium 100%Scandinavian Tobacco Group Lummen N.V. Belgium 100%Scandinavian Tobacco Group Belgium Services N.V. Belgium 100%Scandinavian Tobacco Group Assens A/S Denmark 100%Scandinavian Tobacco Group Denmark A/S Denmark 100%STG Finans ApS Denmark 100%Insurgent Ventures II A/S Denmark 100%Peter Stokkebye Tobaksfabrik A/S Denmark 100%Scandinavian Tobacco Group France S.A.S France 100%Scandinavian Tobacco Group Deutschland GmbH Germany 100%Scandinavian Tobacco Group Italy S.R.L. Italy 100%Moderno Opificio del Sigaro Italiano S.r.l. ** Italy 65%Scandinavian Tobacco Group Norway AS Norway 100%STG Portugal S.A. Portugal 100%Scandinavian Tobacco Group Spain S.A.U. Spain 100%STG Sweden AB Sweden 100%ActivityCompany Country OwnershipAgio Beheer B.V The Netherlands 100%Agio Sigarenfabrieken N.V. The Netherlands 100%P.G.C. Hajenius B.V. The Netherlands 100%Scandinavian Tobacco Group Eersel B.V. The Netherlands 100%Scandinavian Tobacco Group Nederland B.V. The Netherlands 100%ST Cigar Group Holding B.V. The Netherlands 100%STG Global Finance B.V. The Netherlands 100%Scandinavian Tobacco Group Bethlehem Sales B.V. The Netherlands 100%Scandinavian Tobacco Group United Kingdom Limited United Kingdom 100%ASIAScandinavian Tobacco Group Hong Kong Limited Hong Kong 100%PT Scandinavian Tobacco Group Indonesia Indonesia 100%Agio Tobacco Processing Company Ltd. Sri Lanka 100%AUSTRALIA AND NEW ZEALANDScandinavian Tobacco Group Australia Pty Ltd Australia 100%AMERICAAgio Caribbean Tobacco Company Ltd.* British Virgin 100%IslandsScandinavian Tobacco Group Canada Holding Inc. Canada 100%Scandinavian Tobacco Group Canada Inc. Canada 100%ActivityCompany Country OwnershipGeneral Cigar Dominicana S.A.S. The Dominican100%RepublicHonduras American Tabaco SA de CV Honduras 100%Scandinavian Tobacco Group Danli S.A. Honduras 100%Scandinavian Tobacco Group Esteli, S.A. Nicaragua 100%Scandinavian Tobacco Group Moca, S.A.* Panama 100%Scandinavian Tobacco Group US Holding, Inc. United States 100%General Cigar Co., Inc. United States 100%Cigar Masters Inc. United States 100%GCMM Co., Inc. United States 100%Club Macanudo (Chicago), Inc. United States 100%Club Macanudo, Inc. United States 100%Henri Wintermans Cigars USA, Inc. United States 100%M&D Wholesale Distributors, Inc. United States 100%Bethlehem Shared Services, LLC United States 100%Bethlehem Sales, LLC United States 100%Specialty Cigars, LLC United States 100%BPA Sales, LP United States 100%Bethlehem IP Holdings, LLC United States 100%LVPenn Sales, LLC United States 100%Scandinavian Tobacco Group Lane Holding, Inc. United States 100%Scandinavian Tobacco Group Lane Ltd United States 100%Cigar Smokers Restaurant Holdings, Inc. United States 100%Cigars International Ohio, LLC United States 100%Cigars International Texas, LLC United States 100%Bethlehem Restaurant Corporation, Inc. United States 100%CI Hamburg Superstore Lounge, LLC United States 100%ActivityCompany Country OwnershipCI Florida, LLC United States 100%Lilly Online, LLC United States 100%Insurgent Ventures Holdings, Inc. United States 100%Insurgent Ventures, Inc. United States 100%Royal Agio Cigars USA Inc. United States 100%* Doing business in the Dominican Republic.** The non-controlling shareholder holds a put option which is accounted for as if the put option has already been exercised. Accordingly, the subsidiary is consolidated with no non-controlling interest.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-200-3": {
"value": "ActivityCompany Country OwnershipPARENT COMPANYScandinavian Tobacco Group A/S Denmark \u2013SUBSIDIARIES BY REGIONEUROPEAgio Cigars Belgium N.V. Belgium 100%Scandinavian Tobacco Group Belux N.V. Belgium 100%Scandinavian Tobacco Group Lummen N.V. Belgium 100%Scandinavian Tobacco Group Belgium Services N.V. Belgium 100%Scandinavian Tobacco Group Assens A/S Denmark 100%Scandinavian Tobacco Group Denmark A/S Denmark 100%STG Finans ApS Denmark 100%Insurgent Ventures II A/S Denmark 100%Peter Stokkebye Tobaksfabrik A/S Denmark 100%Scandinavian Tobacco Group France S.A.S France 100%Scandinavian Tobacco Group Deutschland GmbH Germany 100%Scandinavian Tobacco Group Italy S.R.L. Italy 100%Moderno Opificio del Sigaro Italiano S.r.l. ** Italy 65%Scandinavian Tobacco Group Norway AS Norway 100%STG Portugal S.A. Portugal 100%Scandinavian Tobacco Group Spain S.A.U. Spain 100%STG Sweden AB Sweden 100%ActivityCompany Country OwnershipAgio Beheer B.V The Netherlands 100%Agio Sigarenfabrieken N.V. The Netherlands 100%P.G.C. Hajenius B.V. The Netherlands 100%Scandinavian Tobacco Group Eersel B.V. The Netherlands 100%Scandinavian Tobacco Group Nederland B.V. The Netherlands 100%ST Cigar Group Holding B.V. The Netherlands 100%STG Global Finance B.V. The Netherlands 100%Scandinavian Tobacco Group Bethlehem Sales B.V. The Netherlands 100%Scandinavian Tobacco Group United Kingdom Limited United Kingdom 100%ASIAScandinavian Tobacco Group Hong Kong Limited Hong Kong 100%PT Scandinavian Tobacco Group Indonesia Indonesia 100%Agio Tobacco Processing Company Ltd. Sri Lanka 100%AUSTRALIA AND NEW ZEALANDScandinavian Tobacco Group Australia Pty Ltd Australia 100%AMERICAAgio Caribbean Tobacco Company Ltd.* British Virgin 100%IslandsScandinavian Tobacco Group Canada Holding Inc. Canada 100%Scandinavian Tobacco Group Canada Inc. Canada 100%ActivityCompany Country OwnershipGeneral Cigar Dominicana S.A.S. The Dominican100%RepublicHonduras American Tabaco SA de CV Honduras 100%Scandinavian Tobacco Group Danli S.A. Honduras 100%Scandinavian Tobacco Group Esteli, S.A. Nicaragua 100%Scandinavian Tobacco Group Moca, S.A.* Panama 100%Scandinavian Tobacco Group US Holding, Inc. United States 100%General Cigar Co., Inc. United States 100%Cigar Masters Inc. United States 100%GCMM Co., Inc. United States 100%Club Macanudo (Chicago), Inc. United States 100%Club Macanudo, Inc. United States 100%Henri Wintermans Cigars USA, Inc. United States 100%M&D Wholesale Distributors, Inc. United States 100%Bethlehem Shared Services, LLC United States 100%Bethlehem Sales, LLC United States 100%Specialty Cigars, LLC United States 100%BPA Sales, LP United States 100%Bethlehem IP Holdings, LLC United States 100%LVPenn Sales, LLC United States 100%Scandinavian Tobacco Group Lane Holding, Inc. United States 100%Scandinavian Tobacco Group Lane Ltd United States 100%Cigar Smokers Restaurant Holdings, Inc. United States 100%Cigars International Ohio, LLC United States 100%Cigars International Texas, LLC United States 100%Bethlehem Restaurant Corporation, Inc. United States 100%CI Hamburg Superstore Lounge, LLC United States 100%ActivityCompany Country OwnershipCI Florida, LLC United States 100%Lilly Online, LLC United States 100%Insurgent Ventures Holdings, Inc. United States 100%Insurgent Ventures, Inc. United States 100%Royal Agio Cigars USA Inc. United States 100%* Doing business in the Dominican Republic.** The non-controlling shareholder holds a put option which is accounted for as if the put option has already been exercised. Accordingly, the subsidiary is consolidated with no non-controlling interest.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-247-1": {
"value": "Scandinavian Tobacco Group A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f39282": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5299003KG4JS99TRML67",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}