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"value": "Note 1 Basis of preparation of consolidated financial statementsBASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTSRoyal Unibrew A/S is a limited liability company registered in Denmark. The financial statements for the period January 1 - December 31, 2022, presented in the Annual Report 2022 comprise both consolidated financial statements of Royal Unibrew A/S and its subsidiaries (Group) and separate Parent Company Financial State-ments.The financial statements of Royal Unibrew for 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for financial statements, of the Danish Statutory Order on Adoption of IFRS issued pursuant to the Danish Financial Statements Act.The Board of Directors and the Executive Management considered and adopted the Annual Report of Royal Unibrew A/S for 2022 on March 1, 2023. The Annual Report will be submitted for adoption by the shareholders of Royal Unibrew A/S at the Annual General Meeting on April 27, 2023.The financial statements are presented in Danish kroner (DKK).\u00a7 Significant accounting policiesThis section describes the general accounting policies applied by Royal Unibrew. A detailed description of the accounting policies applied and critical estimates made with respect to specific reported amounts is presented in the relevant notes. The purpose of this is to create full transparency of the disclosed amounts by providing a total description of the relevant accounting policy, the critical estimates and the numerical information for each note.The description of accounting policies in the notes constitutes part of the overall description of Royal Unibrew's accounting policies.Accounting policies are unchanged from last year.New and amended standards and interpretations that have not yet taken effectManagement has assessed the impact of new or amended and revised accounting standards and interpre-tations (IFRS) issued by the IASB and IFRSs endorsed by the European Union effective on or after January 1, 2022. It is assessed that application of amendments effective from January 1, 2022, has not had a material impact on the consolidated financial statements for 2022. Furthermore, management does not anticipate any significant impact on future periods from the adoption of these amendments.Consolidated financial statementsThe consolidated financial statements comprise Royal Unibrew A/S (the Parent Company) and enterprises in which the Parent Company exercises control (subsidiaries).Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.The consolidated financial statements are prepared on the basis of financial statements of all Group enterprises prepared under the Group's accounting policies by combining accounting items of a uniform nature. Elimina-tion is made of intercompany income and expenses, unrealized intercompany profits and losses, balances and shareholdings. Comparative figures are not adjusted for newly acquired, sold or wound-up enterprises.Acquired enterprises are recognized as of the date of acquisition. Enterprises disposed of are recognized in the consolidated income statement up until the date of disposal.Non-controlling interest's share of profit/loss for the year and of the equity in subsidiaries are included as part of Royal Unibrew's profit and equity, respectively; nevertheless, presented as separate items.Translation policiesFor each of the reporting entities of the Group, a functional currency is determined. The functional currency is the currency of the primary economic environment in which the reporting entity operates. Transactions in other currencies than the functional currency are transactions in foreign currencies.Transactions in other currencies than the functional currency are initially translated into Danish kroner (DKK) at the exchange rates at the dates of transaction. Receivables, payables and other monetary items in foreign currencies that are not settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Exchange adjustments arising due to differences between the transaction date rates and the rates at the dates of payment or the rates at the balance sheet date, respectively, are recognized in financial income and expenses in the income statement. Property, plant and equipment and intangible assets, inventories and other non-monetary asset purchase in foreign currencies and measured at historical cost are translated at the transaction date rates.On recognition in the consolidated financial statements of enterprises with another functional currency than Danish kroner (DKK), income statements are translated at average annual exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date.Exchange adjustments arising on the translation of the opening balance sheet items of foreign enterprises at exchange rates at the balance sheet date and on the translation of income statements from average exchange rates to exchange rates at the balance sheet date are recognized in other comprehensive income. Similarly, exchange adjustments arising due to changes made directly in equity of foreign enterprises are recognized in other comprehensive income.On recognition in the consolidated financial statements of associates with a functional currency that differs from the presentation currency of the Parent Company, the share of results for the year is translated at average exchange rates, and the share of equity including goodwill is translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the share of the opening equity of foreign asso-ciates at exchange rates at the balance sheet date and on the translation of the share of results for the year from average exchange rates to exchange rates at the balance sheet date are recognized in other comprehen-sive income; likewise, classified in equity under a separate translation reserve.Reporting under the ESEF regulationThe Annual Report is prepared using a combination of the XHTML format and tagging of the primary consoli-dated financial statements using iXBRL tags and in accordance with the ESEF Taxonomy, which is included in the ESEF regulation. It is developed based on the IFRS Taxonomy published by the IFRS Foundation.The line items in the consolidated financial statements are tagged to elements in the ESEF Taxonomy. For financial line items that are not directly defined in the ESEF Taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF Taxonomy, except for extensions that are subtotals.The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mecha-nism) is included in the zip file ROYAL-2022-12-31.zip. Judgments as an element in significant accounting policiesThe calculation of carrying amounts of certain assets and liabilities requires judgment as to how assets and liabilities should be classified in the financial statements, and how future events will affect the value of these assets and liabilities at the balance sheet date. In connection with the financial reporting for 2022, the judg-ments presented in the list to the right have been considered material affecting the related items as described in relevant notes. Critical accounting estimatesManagement's estimates are based on assumptions which management considers reasonable, but which are inherently uncertain and unpredictable. In connection with the financial reporting for 2022, the following critical estimates have been made as described in the notes, see list to the right.Accounting policies, judgments as an element in significant accounting policiesas well as critical accounting estimates are described in the notes.NoteDerivative financial instruments 4\u00a7Segment reporting and revenue 5\u00a7Share-based payments 6\u00a7Expenses 7\u00a7Financial income 8\u00a7Financial expenses 9\u00a7Corporation tax 10\u00a7Intangible assets 11\u00a7Property, plant and equipment 12\u00a7Investments in associates 13\u00a7Other fixed asset investments 14\u00a7Inventories 15\u00a7Receivables 16\u00a7Equity 17\u00a7Deferred tax 18\u00a7Deposit returnable packaging 19\u00a7Debts 20\u00a7Cash Flow Statement 21\u00a7Purchase Price Allocation (PPA) 24\u00a7Legends\u00a7Significant accounting policiesJudgments as an element in significant accounting policiesCritical accounting estimatesIn connection with the preparation of the parent company Annual Report and consolidated financial state-ments, management makes estimates and judgments as to how recognition and measurement of revenue, assets and liabilities should take place based on the accounting policies applied.When determining the possible impact from climate risks on the financial reporting, management has assessed that the effect of climate related risks do not significantly impact estimates and assumptions. Likewise, is it not estimated to have any significant accounting impact.Credit risksThe Group\u2019s credit risks relate primarily to receivables and counterparty risks.The Group's counterparty risks comprise both derive from commercial and financial risks. The commercial counterparty risk relates primarily to business agreements with a built-in element of firm rate/price. The financial counterparty risk relates to hedging agreements and net bank deposits. The financial counterparty risk is actively reduced by distributing bank deposits with banks in accordance with the credit rating criteria determined in the Treasury Policy.Royal Unibrew seeks to limit risks relating to credit granting to customers in export markets through extensive use of insurance cover and other types of hedging of payments. Where effective hedges cannot be established, Royal Unibrew has established procedures for approval of such risks. The credit risk is generally higher related to customers in the On-Trade sales channel than in the Off-Trade channel. This difference in credit risk is addressed through various approval procedures and credit granting conditions for customers in the two sales Note 3 Financial risk managementThe Group's financial risks are managed centrally according to the Treasury Policy approved by the Board of Directors, which includes guidelines for handling of currency-, interest rate-, liquidity- and credit risks. Commodity risks are also managed centrally according to the Commodity Risk Policy approved by the Board of Directors.Currency riskRoyal Unibrew is exposed to currency risks derived from the geographic spread of the Group's business activities. This currency exposure is reflected through the activities in the subsidiaries and the Parent Company's export activities where cash flows are earned in foreign currencies, and in connection with the purchase of raw materials primarily in EUR and USD, including purchases which involve an indirect USD risk on the part of the purchase price related to the raw material element. Purchases are in all materiality performed in the currencies in which the Group has income, which results in a total reduction of the currency risk. Furthermore, the translation of loans to/from subsidiaries as well as the Group's net debt are subject to currency risk where these are not established in DKK.The above describes Royal Unibrew's transaction risks, which are hedged actively according to the Treasury Policy. EUR is not hedged as the risk is considered too immaterial due to Denmark's fixed exchange rate policy toward EUR. The objective is to reduce negative effects on the Group's profit and cash flows (cf. note 4). The risk is therefore monitored and hedged continually. The Group's cash flows are primarily in EUR, USD, CAD, GBP, SEK and NOK.The total gross currency risk (before hedging) on the balance sheet items was calculated on December 31, 2022. The following table shows the sensitivity to a positive change in the rates on December 31, 2022, with all other variables unchanged. A negative change has a corresponding effect merely with the sign reversed.Earnings Earnings impact impact Equity Equity before tax before tax impact impact mDKK Change2022202120222021EUR 0.1% -0.3 -0.6 -0.3 -0.6USD 10% 5.5 5.1 5.5 5.1GBP 10% -2.1 -1.3 -2.1 -1.3CAD 10% 21.2 3.0 21.2 3.0NOK 10% 132.9 64.3 132.9 64.3SEK 10% -0.6 0.0 -0.6 0.0Royal Unibrew's translation risks relate primarily to US (USD), Canada (CAD), UK (GBP), Norway (NOK), Sweden (SEK), France, Italy, Finland, Latvia, Estonia as well as Lithuania (EUR). The translation risk related to Royal Unibrew's investments in foreign subsidiaries is, as a general rule, not hedged.Financial risks such as the loss of competitive strength due to long-term exchange rate changes are not hedged by financial instruments but are included in Royal Unibrew's strategic considerations and risk management.Interest rate riskRoyal Unibrew's interest rate is related to interest bearing assets and liabilities which is primarily denominated in DKK and EUR. Interest rate changes will affect the market value of fixed-interest loans as well as interest payments on floating-rate liabilities. Debt is established only in currencies in which the Group has commercial activities.In Royal Unibrew\u2019s assessment, the key interest rate risk is related to the immediate effect of interest rate changes on the Group's interest expenses and Royal Unibrew focuses only secondarily on changes in the market value of the debt. It is the Group's policy to limit the effect of interest rate changes on profit and cash flows while, within this framework, also achieving the lowest possible financing cost within this framework. In accordance with the Treasury Policy at least 30% of the loan portfolio must be at fixed rate.At the end of 2022, 33% (2021: 45%) of the mortgage and bank debt was with fixed interest rate and hedged with interest rates swaps, having a duration between 2-6 years (2021: 3-7 years). Change in the interest rate of one percentage point will affect the Group's interest expenses by approx. +/- DKK 25 million (2021: approx. +/- DKK 14 million) and the interest expenses of the Parent Company by approx. +/- DKK 29 million (2021: approx. +/- DKK 13 million).channels. The current geopolitical and macroeconomic situation has increased the risks in Europe. In Finland, risks on major single receivables from customers are reduced through sale of the receivables factoring DKK 423 million (2021: DKK 386 million). Credit risks related to trade receivables are reduced by setting off accrued bonus. On December 31, 2022, accrued bonus amounts to DKK 236 million (2021: DKK 243 million) set off against trade receivables.The maximum credit risk corresponds to the carrying amount of the financial assets.Liquidity risksIt is Group policy that cash resources should be adequate to meet the expected liquidity requirements in the current and next financial year. The cash resources may be bank deposits, short-term bonds and committed credit facilities.The long-term liquidity risks are managed by having loans with different durations, and by having a target for the minimum average duration of the loan portfolio. It is the Group policy to renegotiate loan facilities in timely manner. Royal Unibrew refinanced the main credit facility in 2022 of DKK 4 billion with a 5 year maturity with additional 2 years extension options.At the end of 2022, mortgage debt amounted to DKK 1,011 million (2021: DKK 1,017 million) with an average time to maturity of 13.9 years (2021: 12.8 years). Debt to credit institutions comprises drawn committed bank credit facilities and long term loan with an agreed time to maturity between 2 to 6 years (2021: 2 to 7 years).Capital managementRoyal Unibrew wants to ensure structural and financial flexibility as well as competitive power. To ensure this, continuous assessment is performed to determine the appropriate capital structure of Royal Unibrew. It is the target that the Group's net interest-bearing debt should not exceed 2.5 x EBITDA. The target for dividend payout ratio is 40-60% of the profit.At the operational level, continuous efforts are directed at optimizing working capital. Subject to adequate capacity and capability, investments in production facilities will be limited to replacement of individual components, related to specific products or to optimization of selected processes as well as maintenance.Commodity risksThe commodity risks relate primarily to the purchasing of cans (aluminum), malt (barley), hops and packaging materials (cardboard) as well as energy. The commodity risks are actively hedged commercially and financially in accordance with the Group's Commodity Risk Policy.The objective of managing Royal Unibrew's commodity risks is to achieve a smooth and time-differentiated effect of commodity price increases, which is primarily achieved by entering into fixed-price agreements with the relevant suppliers, including energy. As regards to the Group's purchase of cans, financial contracts have been performed to hedge the risk of aluminum price increases. Exchange rate changes with respect to the settlement currency of aluminum (USD) are an element of the overall currency risk management.The most significant part of purchases for the next 12 months has, in accordance with the Commodity Risk Policy, been hedged by entering into supplier agreements and financial contracts. A +/-10% change in the price of aluminum on the unhedged position will have an effect on the income statement of approx. +/- DKK 12 million (2021: DKK 13 million).Financial liabilities12/31 2022Maturity Group Contractual Maturity > 1 year Maturity Carrying mDKKcash flows< 1 year< 5 years> 5 yearsamountNon-derivative financial instruments:Financial debt, gross 4,907 970 2,854 1,083 4,304Leasing 390 118 196 76 370Trade payables 1,934 1,934 1,934Other payables 721 712 9 721Tot a l 7,952 3,734 3,059 1,159 7,329The debt is classified as \"debt at amortized cost\".12/31 2021Maturity Group Contractual Maturity > 1 year Maturity Carrying mDKKcash flows< 1 year< 5 years> 5 yearsamountNon-derivative financial instruments:Financial debt, gross 3,495 577 1,931 987 3,362Leasing 268 91 146 31 260Trade payables 1,721 1,721 1,721Other payables 598 572 26 598Tot a l 6,082 2,961 2,103 1,018 5,941The debt is classified as \"debt at amortized cost\".Currency, commodity and interest rate risks and use of derivative financial instrumentsHedging of currency, commodity and interest rate riskThe risk is managed by entering into derivatives, such as forward contracts and swaps.On December 31, 2022, the Group had short-term FX contracts covering the balance sheet exposure end of 2022 in USD, CAD, NOK, SEK and GBP.The Group actively hedges the commodity risk related to aluminum. At the end of 2022, the Group has hedged 64% (2021: 63%) of the consumption within the coming 12 month.The interest rate swaps hedge the interest rate exposure on the mortgage debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the under-lying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2022 2021Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 1 0GBP 0 - 1 year 0 0NOK 0 - 1 year 5 4SEK 0 - 1 year 0 0Tot a l 6 4Commodity hedge:Mainly aluminum 0 - 1 year -12 8Tot a l -12 8Interest rate swaps:Mortgage and bank loans 3 year 51 5Total hedging instruments 45 17The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2022 and 2021 may all be classified as level-2 instruments in the IFRS Fair Value Hierarchy.The determined fair value of derivative financial instruments is based on observable market data such as yield curves or forward rates.Realized hedging transactions in the income statementmDKK 2022 2021 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 6 -38Financial income and expenses include currency, commodity and interest rate hedges of -4 1Tot a l 2 -37\u00a7 Derivative financial instrumentsDerivative financial instruments are initially recognized in the balance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are included as other receivables and other payables, respectively.Changes in the fair values of derivative financial instruments that are designated and qualify as fair value hedges of a recognized asset or a recognized liability are recognized in the income statement as are any changes in the value of the hedged asset or the hedged liability.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of future cash flows are recognized in other comprehensive income. Income and expenses relating to such hedging transactions are transferred from other comprehensive income on realization of the hedged item and are recog-nized in the same entry as the hedged item.For derivative financial instruments which do not meet the criteria for hedge accounting, changes in fair values are recognized on a current basis in financial income and expenses in the income statement.Note 5 Segment reporting and revenue The Group\u2019s results break down as follows on segments:Northern Western Un- mDKKEuropeEurope Internationalallocated Tot al2022Net revenue 8,943 1,353 1,191 0 11,487Amortization and depreciation 394 52 34 1 481Impairment 0Earnings before interest and tax (EBIT) 1,247 157 128 -16 1,516Sales (million hectoliters) 10.4 1.6 1.4 13.4Northern Western Un- mDKKEuropeEurope Internationalallocated Tot al2021Net revenue 6,605 1,168 973 0 8,746Amortization and depreciation 294 47 26 1 368Impairment 0Earnings before interest and tax (EBIT) 1,249 242 183 -22 1,652Sales (million hectoliters) 9.7 1.3 1.3 12.3Effective January 1, 2022, segments have changed from Western Europe, Baltic Sea and International to Northern Europe, Western Europe and International. This is consistent with the Group\u2019s internal management and reporting structure. The changed segmentation and the impact on segment information for 2021 and 2022 is disclosed above.Segment assets, segment liabilities and related disclosures are not provided to management on a regular basis and will therefore not be disclosed going forward.Note 5 Segment reporting and revenue (continued)Geographically, revenue and non-current assets break down as follows: 2022 2021 2022 2021Non- Non- Net Net current current mDKKrevenuerevenueassetsassetsDenmark 3,169 2,814 1,930 1,769Finland 2,958 2,569 3,447 3,372Norway 1,495 277 2,271 25Other countries 3,865 3,086 3,768 3,605Tot a l 11,487 8,746 11,416 8,771The geographic breakdown is based on the geographic location of the Group's external customers and comprises countries that individually account for more than 10% of the Group's net revenue as well as the country in which the Group is headquartered.No single customer accounts for revenue in excess of 10% of the Group's net revenue.Revenue by categorymDKK 2022 2021 Beer revenue 3,557 2,848Other beverages 7,805 5,750Other revenue 125 148Total revenue 11,487 8,746\u00a7 Segment reportingThe primary activity of the Group is sale of beverages, and we consider the Senior Leadership Team to be the operating decision-making body, as all significant decisions regarding business development and direction are taken in this team. Information reported to this team for the dual purpose of resource allocation and assess-ment of segment performance is focused on geographical markets. Segment performance is evaluated on the basis of operating profit (EBIT) consistent with the consolidated financial statements. Other items below EBIT are managed at Group level and are not allocated to business segments.Items allocated both by direct and indirect computation comprise production costs and administrative expenses, which are allocated by indirect computation based on allocation keys determined on the basis of the market\u2019s drain on key resources. Administrative expenses incurred in the group functions of the Parent Company are partly allocated.Assets comprise the non-current assets that are directly or indirectly used in connection with activities in the markets. Net revenueNet revenue from the sale of goods is recognized in the income statement at the point in time where the control of goods and products is transferred to the customer, which is generally upon delivery, and if revenues can be measured reliably and are expected to be received.Net revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Net revenue is measured exclusive of VAT and net of discounts as well as excise duties collected on behalf of third parties.The Group gives various discounts and fees depending on the nature of the customer and business.Discounts comprise unit price reductions as well as contributions to promotional activities and product promo-tion based on volumes or value of purchases. The discounts are either granted as deductions from the invoice amount or earned as a bonus paid at the end of the bonus period. All types of discounts granted are recognized in net revenue.The Group considers whether contracts include other promises that constitute separate performance obliga-tions and to which a portion of the transaction price needs to be allocated.Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as administrative expenses, staff expenses break down as follows:mDKK 2022 2021 Fixed salaries to Executive Management 14 13Severance payment 0 0Short-term bonus scheme for Executive Management 2 6Long-term share based bonus scheme for Executive Management -1 4Remuneration of Executive Management 15 23Remuneration of Board of Directors 5 520 28Wages and salaries 1,426 1,123Contributions to pension schemes 159 1281,585 1,251Other social security expenses 56 33Other staff expenses 63 54Tot a l 1,724 1,366Average number of employees 3,365 2,890The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Executive Management are disclosed at the Company\u2019s website.Share-based paymentExecutive Total fair Management Share price value at time Boardat grant dateof grantDKK Number DKKthousandConditional shares 2021 19,081 645 7,380Outstanding at January 1, 2022 19,081Exercised 0Conditional shares 2022 programme (Exe Mgt) 18,576 720 8,150Conditional shares 2022 programme (SVP, VP and selected key employees) 27,196 595 12,000Anti-dilution adjustment 4,924Outstanding at December 31, 2022 69,777Exercisable at December 31, 2022 02022 2021Remaining Remaining Restricted term to Restricted term to sharesmaturitysharesmaturityNumber Months Number MonthsConditional shares 2021 programme (Exe Mgt) 19,543 12 19,081 24Conditional shares 2022 programme (Exe Mgt) 23,038 24Conditional shares 2022 programme (SVP, VP and selected key employees) 27,196 24Outstanding at December 31, 2022 69,777 19,081Note 6 Staff expenses (continued)CommentRoyal Unibrew has established a share based Long-Term Incentive Plan (LTIP) for the Executive Management, SVPs, VPs and selected key employees. The program is designed to align the interests of Royal Unibrew\u2019s Exec-utive Management, employees and shareholders and to retain and reward the employees for dedicated and focused achievements of the company\u2019s strategy and long-term objectives aligned with shareholders\u2019 interests.The LTIP implies the grant of a number of Performance Share Units (PSUs). The PSUs granted in 2021 and 2022 to each participant will vest within 0-100% of the granted PSUs depending on achievement of the defined KPIs during the period. In order to exercise the PSUs the employee must still be employed at the excise date.The KPIs in the LTIP programs for Executive Management granted in 2021 and 2022 have four targets: Organic EBIT growth in 2022 (45%), accumulated free cash flow (15%), ESG performance to peers (15%) and share price development (25%). Royal Unibrew A/S launched a new share based Long-Term Incentive Plan (LTIP) for selected key employees (SVPs, VPs and selected key employees) with the following targets: organic EBIT growth (50%), accumulated free cash flow (25%) and CSR rating relative to peers (25%).\u00a7 Share-based paymentsThe Group only has schemes classified as equity-settled schemes. Conditional shares are measured at fair value at the time of granting, and they are recognized in staff expenses in the income statement over the vesting period. The counter item is recognized directly in equity.At the initial recognition of the conditional shares, the number of shares expected to vest is estimated. Subse-quently, the estimate of the number of restricted shares is revised so that the total recognition is based on the estimated number of shares allotted. Share-based paymentsIn determining fair value, conditions and terms related to the conditional shares are taken into account.The market value of the program applying to 2021 covering the performance period 2021-2023 for Executive Management was approximately DKK 7 million. The market value of the program applying to 2022 covering the performance period 2022-2024 for Executive Management was approximately DKK 8 million. The new program established in 2022 for SVPs, VPs and selected key employees covering the performance period 2022-2024 had a market value at grant of approximately DKK 12 million. The market value has been charged to the income statement on an estimated straight-line basis over the vesting period, corresponding to the rate at which the conditions for the allotment of the shares was expected to be met.Note 7 Expenses broken down by naturemDKK 2022 2021Aggregated by functionProduction costs 6,618 4,490Sales and distribution expenses 2,926 2,189Administrative expenses 427 415Tot a l 9,971 7,094Break down by nature as follows:Raw materials and consumables 5,564 3,639Wages, salaries and other staff expenses 1,724 1,366Operating and maintenance expenses 371 272Distribution expenses and carriage 837 671Sales and marketing expenses 711 591Bad trade debts -3 2Administrative cost 286 185Amortization, depreciation and gain/loss on sale 481 368Tot a l 9,971 7,094Total amortization, depreciation and gain/loss on sale are included in the following items in the income statement:Production costs 223 181Sales and distribution expenses 246 167Administrative expenses 12 20Tot a l 481 368mDKK 2022 2021Fee to auditors elected at the general assemblyFee for the audit of the Annual Report:Deloitte 7 3PWC 1Tot a l 7 4Deloitte fee for non-audit services:Other assurance services 1 0Other assistance* 1 1Tot a l 2 1* Fees for other assistance than statutory audit of the financial statements provided by Deloitte primarily comprise services relating to financial due diligence.CommentThe increase in audit fee of DKK 4 million is mainly due to an increase in legal entities as a consequence of the acquisition of Hansa Borg Bryggerier AS and Solera Beverage Group.\u00a7 ExpensesProduction costsProduction costs comprise direct and indirect expenses incurred to manufacture the finished goods repre-senting revenue for the year, including expenses for raw materials and consumables purchases, salaries and wages, renting and leasing as well as depreciation of and impairment losses on plant and machinery.Production costs also include development costs that do not meet the criteria for capitalization.Sales and distribution expensesSales and distribution expenses comprise expenses for distribution and sales campaigns relating to goods sold during the year, including expenses for sales personnel, marketing, depreciation and amortization as well as losses on trade receivables. Furthermore, depreciation and amortization of intangible assets are included.Administrative expensesAdministrative expenses comprise expenses for management and administration of the Group, including expenses for administrative personnel, management, office supplies and insurance. LeasesUnder IFRS 16, the Group assesses whether a contract is or contains a lease based on following definitions: \u2022 fulfillment of the arrangement was dependent on the use of a specific asset or assets; and\u2022 the arrangement had conveyed a right to use the asset. An arrangement conveyed the right to use the asset if one of the following was met: \u2022 the purchaser had the ability or right to operate the asset while obtaining or controlling more than an insig-nificant amount of the output; \u2022 the purchaser had the ability or right to control physical access to the asset while obtaining or controlling more than an insignificant amount of the output; or \u2022 facts and circumstances indicated that it was remote that other parties would take more than an insig-nificant amount of the output, and the price per unit was neither fixed per unit of output nor equal to the current market price per unit of output.Note 8 Financial incomemDKK 2022 2021 Finance incomeTrade receivables 0 0Other financial income 4 0Interest tax-exempt 0Exchange adjustmentsTrade receivables 1 2Trade payables 2 5Cash at bank and external loans 1 0Loans to associates 2 0Forward contracts 0Tot a l 10 7Note 9 Financial expensesmDKK 2022 2021 Finance costsMortgage debt 5 6Credit institutions 52 27Leasing 3 2Finance costs on liabilities at amortized cost 60 35Other financial expenses 20 1Exchange adjustmentsCash at bank and external loans 3Trade receivables 0Trade payables 1 1Forward contracts 22 9Tot a l 103 49\u00a7 Financial income and expensesFinancial income and financial expenses comprise interest, capital gains and losses on investments, balances and transactions in foreign currencies, amortization of financial assets and liabilities, fair value adjustments of derivative financial instruments that do not qualify as hedge accounting as well as extra payments and repay-ment under the on-account taxation scheme, etc.Note 10 Tax on the profit for the yearmDKK 2022 2021 Tax on the taxable income for the year 305 334Adjustment of previous year -4 6Adjustment of deferred tax -7 9Tot a l 294 349which breaks down as follows:Tax on profit for the year 294 349Tax on other comprehensive income 3 2Tax on changes in equity, shareholders -3 -2Tot a l 294 349Current Danish tax rate 22.0 22.0Adjustment of previous year -0.2 0.3Income after tax from associates and gain on remeasurements -4.2 -0.5Effect on tax rate of permanent differences 0.3 0.5Differences in effective tax rates of foreign subsidiaries -1.4 -1.1Effective tax rate 16.5 21.2\u00a7 Tax on the profit for the yearTax for the year consists of current tax for the year and movements in deferred tax for the year. The tax attribut-able to the profit for the year is recognized in the income statement and other comprehensive income, respec-tively, whereas the tax attributable to equity entries is recognized directly in equity.The effective tax rate is significantly impacted by the remeasurement on the 25% shareholding in Hansa Borg Bryggerier AS.The Parent Company is jointly taxed with its Danish subsidiaries. The Danish current tax for the year is allocated to the jointly taxed Danish enterprises in proportion to their taxable incomes (full allocation with credit for tax losses).\u00a7 Corporation taxCurrent tax liabilities are recognized in the balance sheet as calculated tax on the expected taxable income for the year adjusted for tax on taxable incomes for previous years and for tax paid on account.Note 11 Intangible assetsDistribution Customer mDKK Goodwill Trademarksrightsrelations Tot a lCost at January 1, 2022 3,038 2,486 234 354 6,112Exchange adjustment -47 -17 -10 -74Addition by acquisition 1,001 810 7 27 1,845Cost at December 31, 2022 3,992 3,279 241 371 7,883Amortization and impairment losses at January 1, 2022 -7 -6 -103 -135 -251Exchange adjustment 0Reversal of depreciation of disposals 0Amortization for the year -15 -59 -74Impairment for the year 0Amortization and impairment losses at December 31, 2022 -7 -6 -118 -194 -325Carrying amount at December 31, 2022 3,985 3,273 123 177 7,558Note 11 Intangible assets (continued)Distribution Customer mDKK Goodwill Trademarksrightsrelations Tot a lCost at January 1, 2021 2,290 1,940 233 153 4,616Exchange adjustment 8 2 1 3 14Addition by acquisition 740 544 198 1,482Cost at December 31, 2021 3,038 2,486 234 354 6,112Amortization and impairment losses at January 1, 2021 -7 -6 -88 -107 -208Exchange adjustment -1 -1Reversal of depreciation of disposals 0Amortization for the year -14 -28 -42Impairment for the year 0Amortization and impairment losses at December 31, 2021 -7 -6 -103 -135 -251Carrying amount at December 31, 2021 3,031 2,480 131 219 5,861CommentGoodwill and trademarks with indefinite useful lives relating to Hartwall (Finland), Solera and Hansa Borg Bryg-gerier (Norway) and Est. Geyer Fr\u00e9res (France) represent more than 10% of the total value of goodwill and trademarks.\u00a7 GoodwillGoodwill is initially recognized in the balance sheet at cost. Subsequently, goodwill is measured at cost less accumulated impairment losses.The carrying amount of goodwill is allocated to the Group's cash-generating units (countries) at the time of acquisition. The determination of cash-generating units is based on management structure and internal finan-cial management.\u00a7 Trademarks, distribution rights and customer relationsTrademarks, distribution rights and customer relations are initially recognized in the balance sheet at cost. Subsequently, distribution rights and customer relations are measured at cost less accumulated amortization and less any accumulated impairment losses. Distribution rights are amortized on a straight-line basis over their estimated useful lives, that is, maximum 20 years. Customer relations are amortized on a straight-line basis over their estimated useful lives, maximum 5 years.Trademarks are not amortized as they are all well-established, old and profitable trademarks which customers are expected to continue demanding unabatedly, and which management is not planning to stop selling and marketing.Goodwill and trademarks with indefinite useful lives are not amortized but tested at least annually for impair-ment. It is the Group's strategy to maintain trademarks and their value.Impairment test of goodwill and trademarksAs in 2021, the impairment test in 2022 did not show any impairment losses.The carrying amount of goodwill and trademarks with indefinite useful lives at December 31, 2022, is related to the cash-generating operational units and breaks down as follows:mDKK Goodwill Trademarks To ta l Share2022 Northern Europe* 2,928 2,287 5,215 72%Western Europe* 963 876 1,839 25%International 94 110 204 3%Tot a l 3,985 3,273 7,258 100%* The most significant value relates to Finland, Norway, Sweden and France.Note 11 Intangible assets (continued)The recoverable amount is based on value in use, which is calculated by means of expected net cash flows on the basis of budgets and forecasts for 2023-2027, approved by management, as well as estimated market driven discount rates and growth rates.In 2022, the consumption in the markets in which Royal Unibrew operates was generally impacted by the macroeconomic uncertainty due to the war in Ukraine. Royal Unibrew been compelled to deal with high inflation and historically high energy prices, which have adversely impacted our cost base.The consumption in the markets in which Royal Unibrew operates has expected to develop positively and we continue to win market shares across geographies. We will build on our positive organic volume and revenue growth, as well through partnerships and acquisitions. This, together with further developing the businesses acquired in recent years, continued focus on exploiting commercial opportunities and innovation following the consumer trends, Royal Unibrew expects to gain market shares, and consequently, increase the revenue and earnings from the core brands and business areas. EBIT margins are expected to increase in all regions through continuous focus on value management, investments in IT capabilities and continuous efficiency improvements and synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western EuropeEurope InternationalGrowth rate 2024-2027 2.7-13.3% 9.4-18.4% 17.8-17.8%Growth rate on terminal value 0.8-0.8% 0.6-0.8% 1.6-1.6%Discount rate pre tax 6.5-8.1% 6.9-8.0% 26.5-26.5%The forecasted results approved by management are based on previously achieved results and expected market developments (see above). The average growth rates applied are in accordance with management's expectations considering industry conditions in the individual markets. The discount rates applied are before tax and reflect current specific risks in the individual market. External consultants have advised how to determine the discounts rates. In Northern Europe, the highest point of the range indicated for the discount rate relates to Norway. In Western Europe, the lowest point of the range indicated for the growth rates of terminal value and discount rate relates to Italy. The assumptions applied by management are inherently subject to uncertainty and unpredictability. Reasonably probable changes will not lead to recognition of impairment losses, why no sensitivity analysis has been disclosed.mDKK Goodwill Trademarks To ta l Share2021 Northern Europe* 2,068 1,604 3,672 67%Western Europe* 963 876 1,839 33%Tot a l 3,031 2,480 5,511 100%* The most significant value relates to Finland and France.The recoverable amount is based on value in use, which is calculated by means of expected net cash flows on the basis of budgets and forecasts for 2022-2026 approved by Management as well as estimated market driven discount rates and growth rates.The consumption in the markets in which Royal Unibrew operate is generally expected to regain the negative impact from COVID-19 from and including Q2 2022. In Northern Europe and Western Europe, consumption of Royal Unibrew's beverage categories is, in addition to the assumed absence of negative COVID-19 effects from Q2 2022, expected to be at the same level as in 2021 but changing towards high value products in the coming years. Through further developing the businesses acquired in recent years, continued focus on exploiting commercial opportunities and innovation following the consumer trends, Royal Unibrew expects to gain market shares and consequently increase the revenue and earnings from the core brands and business areas. EBIT margins are expected to increase toward historic levels through continuous focus on value management, continuous efficiency improvements and synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western 2021EuropeEuropeGrowth rate 2023-2026 5.6-5.8% 11.0-15.1%Growth rate on terminal value 1.0-1.0% 1.0-1.0%Discount rate pre tax 6.2-6.8% 6.1-6.8%Note 11 Intangible assets (continued) The forecasted results approved by management are based on previously achieved results and expected market developments assuming no negative impact from COVID-19 as from Q2 2022 (see above). The average growth rates applied are in accordance with management's expectations taking into account industry condi-tions in the individual markets. The discount rates applied are before tax and reflect current specific risks in the individual market. External consultants have advised how to determine the discounts rates. In Western Europe, the highest point of the range indicated for the discount rate relates to Italy. In Northern Europe, the lowest point of the range indicated for the growth rates of terminal value and discount rate relates to Finland. The assumptions applied by management are inherently subject to uncertainty and unpredictability. Reason-ably probable changes will not lead to recognition of impairment losses, why no sensitivity analysis has been disclosed.\u00a7 ImpairmentThe carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether impairment has incurred other than that expressed by normal amortization and deprecia-tion. If so, the asset is written down to the higher of net selling price and value in use. Goodwill and other assets for which a value in use cannot be determined, as the asset does not on an individual basis generate future cash flows, are reviewed for impairment together with the group of assets (cash-generating units) to which they are attributable.The carrying amount of goodwill and trademarks with indefinite useful lives is tested for impairment at least on an annual basis together with the other non-current assets of the cash-generating unit to which goodwill has been allocated. Subsequently, it is written down to recoverable amount in the income statement if the carrying amount exceeds the recoverable amount.The carrying amount of financial assets measured at cost or amortized cost is written down for impairment if the net present value is lower than the carrying amount, due to changed expected net payments. Intangible assetsIn relation to trademarks, management makes an annual judgment to determine whether the current market situation has reduced the value or affected the useful life of the trademarks, including whether past estimates of indefinite useful lives may be maintained.An annual impairment test is made of the values recognized in the financial statements of goodwill and trade-marks assessed to have indefinite lives, which are therefore not amortized. For a description of the discount rates and growth rates applied in connection with the impairment test of goodwill and trademarks as well as other assumptions of the impairment test, reference is made to the above note.Note 12 Property, plant and equipmentOther fixtures Property, Leasing of Total other and fittings, plant and property, property, Land and Plant and tools and equipment plant and plant and mDKKbuildingsmachineryequipmentin progressequipmentequipment Cost at January 1, 2022 1,929 2,694 1,122 254 430 6,429Exchange adjustment -23 -15 0 1 -5 -42Adjustment previous year -3 20 17Additions 24 169 166 116 197 672Additions by acquisitions 434 218 40 31 723Disposals -1 -72 -56 -58 -187Transfers for the year 12 113 52 -179 2 0Cost at December 31, 2022 2,375 3,104 1,344 192 597 7,612Depreciation, revaluation and impair-ment losses at January 1, 2022 -850 -1,907 -760 0 -178 -3,695Exchange adjustment 7 1 0 0 8Adjustment previous year 3 -20 -17Depreciation for the year -53 -142 -121 -97 -413Reversal of depreciation of assets sold 0 72 69 44 185Depreciation, revaluation and impairment losses at December 31, 2022 -896 -1,973 -832 0 -231 -3,932Carrying amount at December 31, 2022 1,479 1,131 512 192 366 3,680Leasing of property, plant and equipment:Cost at December 31, 2022 343 254 597Depreciation, revaluation and impair-ment losses at December 31, 2022 -109 -122 -231Carrying amount per asset type 234 132 366Land and buildings at a carrying amount of DKK 1,026 million have been provided as security for mortgage debt of DKK 1,008 million.Contracts for the delivery of property, plant and equipment in 2023 or later have been entered into only to an immaterial extent.Note 12 Property, plant and equipment (continued)Other fixtures Property, Leasing of Total other and fittings, plant and property, property, Land and Plant and tools and equipment plant and plant and mDKKbuildingsmachineryequipmentin progressequipmentequipment Cost at January 1, 2021 1,851 2,579 1,072 147 296 5,945Exchange adjustment 0 0 1 1Adjustment previous year 31 31Additions 34 76 108 208 151 577Additions by acquisitions 0 9 9 41 59Disposals -2 -29 -95 -58 -184Transfers for the year 46 28 27 -101 0 0Cost at December 31, 2021 1,929 2,694 1,122 254 430 6,429Depreciation, revaluation and impair-ment losses at January 1, 2021 -807 -1,784 -753 0 -146 -3,490Exchange adjustment 0 0 0 0Adjustment previous year -33 -33Depreciation for the year -45 -119 -99 -76 -339Reversal of depreciation of assets sold 2 29 92 44 167Depreciation, revaluation and impairment losses at December 31, 2021 -850 -1,907 -760 0 -178 -3,695Carrying amount at December 31, 2021 1,079 787 362 254 252 2,734Leasing of property, plant and equipment:Cost at December 31, 2021 203 227 430Depreciation, revaluation and impair-ment losses at December 31, 2021 -77 -101 -178Carrying amount per asset type 126 126 252Land and buildings at a carrying amount of DKK 977 million have been provided as security for mortgage debt of DKK 1,003 million.Contracts for the delivery of property, plant and equipment in 2022 or later have been entered into only to an immaterial extent.\u00a7 Property, plant and equipmentLand and buildings, plant and machinery and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Depreciation is calculated on a straight-line basis over the useful lives of the assets.Profits and losses on the disposal of property, plant and equipment are calculated as the difference between the sales sum less the expenses necessary to make the sale and the carrying amount at the time of sale. Profits or losses were immaterial in both 2021 and 2022 and have been recognized in the income statement as an adjust-ment to depreciation in production costs, sales or distribution expenses or administrative expenses, respectively.The expected useful lives of the assets remain unchanged from 2021 and are as follows:Buildings and installations 25-40 yearsLeasing of property, plant and equipment over the term of the leasePlant and machinery 10-15 yearsOther fixtures and fittings, tools and equipment 5-8 yearsVehicles 4-5 yearsIT hardware and software 3 yearsReturnable packaging 3-10 yearsManagement reviews its estimate of the useful lives of property, plant and equipment annually.Note 13 Investments in associatesInvestments mDKKin associatesCost at January 1, 2022 76Addition by acquisition 75Reclassification -28Cost at December 31, 2022 123Value adjustments at January 1, 2022 77Exchange adjustment -6Dividend, net -27Share of profit for the year 2Other comprehensive income 0Reclassification -70Value adjustments at December 31, 2022 -24Carrying amount at December 31, 2022 99Cost at January 1, 2021 76Cost at December 31, 2021 76Value adjustments at January 1, 2021 55Exchange adjustment 6Dividend, net -21Share of profit for the year 37Other comprehensive income 0Value adjustments at December 31, 2021 77Carrying amount at December 31, 2021 153Royal Unibrew's share of:mDKK 2022 2021Profit from continuing operations for the year 2 37Other comprehensive income 0 0Comprehensive income 2 37Total carrying amount at December 31 of the Group's total investments in associates, share of equity 99 153\u00a7 Investments in associates in the consolidated financial statementsInvestments in associates are measured in the balance sheet at the proportionate share of the net asset value of the enterprises calculated under the accounting policies of the Group with deduction or addition of the proportionate share of unrealized intercompany profits and losses and with addition of the carrying amount of goodwill.Associates with a negative net asset value are measured at DKK 0. If the Group has a legal or constructive obli-gation to cover the negative balance of the associate, this obligation is recognized in liabilities.The proportionate share of the results of associates is recognized in the income statement of the Group after adjusting for impairment losses on goodwill and eliminating the proportionate share of unrealized intercompany gains and losses.Note 14 Other fixed asset investmentsTotal other Other Other fixed asset mDKKinvestmentsreceivablesinvestmentsCost at January 1, 2022 66 8 75Exchange adjustment 0 -4 -4Additions by acquisition 61 1 62Additions 0 0 0Disposals -6 -6Cost at December 31, 2022 121 5 127Value adjustments at January 1, 2022 -52 0 -52Exchange adjustment 0 4 4Disposals 0Revaluations and impairment losses for the year 0Value adjustments at December 31, 2022 -52 4 -48Carrying amount at December 31, 2022 69 9 79Cost at January 1, 2021 64 8 73Exchange adjustment 0Additions by acquisition 2 2Additions 0Disposals 0Cost at December 31, 2021 66 8 75Value adjustments at January 1, 2021 -52 -52Value adjustments at December 31, 2021 -52 0 -52Carrying amount at December 31, 2021 14 8 23\u00a7 Other investmentsOther investments classified as fair value through profit and loss are recognized in non-current assets at fair value at the trading date and at estimated fair value calculation on the basis of market data and recognized valuation methods as regards unlisted securities. Unrealized value adjustments are recognized in other compre-hensive income except for impairment losses and reversal of impairment losses which are recognized in finan-cial income and expenses in the income statement. Upon realization, the accumulated value adjustment recog-nized in other comprehensive income is transferred to financial income and expenses in the income statement. Other investments may be classified as level-3 instruments.\u00a7 Other receivablesOther receivables under fixed asset investments held to maturity are initially recognized at fair value and are subsequently measured at amortized cost or an estimated lower value at the balance sheet date. Other investmentsIn connection with the presentation of the 2011 financial statements, management estimated the fair value of its investment (48% of the share capital) in the Polish brewery company Perla Browary Lubelskie S.A. at DKK 0 due to governance issues. Since 2011, management has maintained its fair value estimate of DKK 0 as these issues have not subsequently been resolved. The consolidated financial statements of Perla Browary Lubelskie S.A. for 2021 (2022 not yet available) have been prepared on the basis of Polish accounting law and show a profit after tax of PLN 32 million (DKK 51 million) and equity of PLN 405 million (DKK 643 million). The fair value measurement of the investment in Perla Browary Lubelskie S.A. is classified in level 3 of the IFRS Fair Value Hier-archy.Note 15 InventoriesmDKK 2022 2021Raw materials and consumables 399 262Work in progress 40 26Finished goods and goods for resale 774 492Inventories 1,213 780InventoriesIndirect production costs are recognized in the value of work in progress and finished goods at DKK 28 million (2021: DKK 26 million). Write down of inventories amounted to DKK 26 million (2021: DKK 16 million). \u00a7 InventoriesInventories are measured at the lower of cost under the FIFO method and net realizable value of individual product groups. The net realizable value of inventories is calculated at the amount of future sales revenues expected to be generated by inventories at the balance sheet date in the process of normal operations and determined allowing for marketability, obsolescence and development in expected sales sum with deduction of calculated selling expenses.The cost of raw materials, consumables, goods for resale and purchased finished goods comprise invoiced price plus expenses directly attributable to the acquisition.The cost of work in progress and finished goods comprise the cost of materials and direct labor with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labor as well as maintenance and depreciation of and impairment losses on the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management.Note 16 ReceivablesmDKK 2022 2021Trade receivables 1,360 1,123Other receivables 140 65Receivables 1,500 1,188Receivables are classified as \"assets measured at amortized cost\" under IFRS 9.Trade receivables fall due as follows: Not due and prepaid Due 1-15 Due 16-90 Due > 90 mDKKbonus daysdays days Tot a l2022Trade receivables 1,287 59 38 39 1,423Impairment provision* -27** -1 -7 -28 -63Trade receivables after impairment 1,260 58 31 11 1,360 Impairment provision % *** -2.1% -1.7% -18.4% -71.8% -4.4%Impairment provision, beginning of year -50Impairment realized during the year 3Impairment provision for the year -16Tot a l -63* Lifetime expected credit loss** Hereof mDKK 18 (1.4%) relates to prepaid bonus*** Historical average loss rate is < 1%Note 16 Receivables (continued) Not due and prepaid Due 1-15 Due 16-90 Due > 90 mDKKbonus daysdays days Tot a l2021Trade receivables 1,009 84 32 48 1,173Impairment provision* -28** - -6 -16 -50Trade receivables after impairment 981 84 26 32 1,123 Impairment provision % *** -2.8% 0.0% -18.8% -33.3% -4.3%Impairment provision, beginning of year -49Impairment realized during the year 1Impairment provision for the year -2Tot a l -50* Lifetime expected credit loss** Hereof mDKK 17 (1.7%) relates to prepaid bonus*** Historical average loss rate is < 1%ReceivableOther current receivables all fall due for payment in 2023.\u00a7 ReceivablesTrade receivables and contract assets are measured at amortized cost less allowance for lifetime expected credit losses.To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. An allowance for lifetime expected credit losses for trade receivables is recognized on initial recognition.Trade receivables and contract assets are written off when all possible options have been exhausted and there is no reasonable expectation of recovery.The cost of allowances for expected credit losses and write-offs for trade receivables are included in sales and distribution costs.Note 17 Equity and basis of earnings/cash flow per shareTreasury shares held by the Parent Company:Nom. Value % Numberin mDKKof capitalPortfolio at January 1, 2022 880,874 3 1.8Additions, net 490,335 1 1.0Shares used as payment -794,257 -2 -1.6Capital reduction 0Portfolio at December 31, 2022 576,952 2 1.2The Group holds no other treasury shares.Portfolio at January 1, 2021 658,365 2 1.3Additions, net 772,509 2 1.6Capital reduction -550,000 -1 -1.1Portfolio at December 31, 2021 880,874 3 1.8The share capital has been paid in full.Basis of calculation of earnings and cash flow per share2022 2021 The Parent Company shareholders' share of profit for the year amounted to (mDKK) 1,492 1,299The average number of treasury shares amounted to (number, DKK 2 each) 718,348 707,880The average number of shares in circulation amounted to (number) 48,886,875 48,344,203The average number of shares in circulation incl restricted shares amounted to (number) 48,956,652 48,363,284Cost of share buy-backs during the year (mDKK) 300 582The share capital has been fully paid.Diluted earnings and cash flow per share have been calculated on the basis of the Parent Company shareholders' share of profit/loss for the year.\u00a7 Equity / Proposed dividendDividend is recognized as a liability at the time of adoption at the Annual General Meeting. Dividend distribution for the year proposed by management is disclosed as a separate equity item.CommentShares were bought back during the year as an element in the optimization of the Company's capital structure. It is the intention to cancel the bought-back shares to the extent that they are not to be used for share-based payment to the Executive Management.\u00a7 Hedging reserveThe hedging reserve comprises changes to fair values of derivative financial instruments that are designated and qualify as cash flow hedges of future transactions.On realization, the hedging instrument is recognized in the income statement in the same item as the hedged transaction.\u00a7 Translation reserveThe translation reserve in the consolidated financial statements comprises exchange adjustments arising on the translation of the financial statements of foreign enterprises from their functional currencies into the presenta-tion currency (DKK) of the Group.Upon full or partly realization of the net investment in the foreign enterprises, exchange adjustments are recog-nized in the income statement.The translation reserve was reset at January 1, 2004 in accordance with IFRS 1.\u00a7 Treasury sharesTreasury shares acquired by the Parent Company or subsidiaries are recognized at cost directly in equity under retained earnings. Where treasury shares are subsequently sold, any consideration is also recognized directly in equity. Dividend on treasury shares is recognized directly in equity under retained earnings.\u00a7 Share premium accountShare premium account comprises amounts in excess of the nominal share capital paid up by shareholders in connection with capital increases.Note 18 Deferred taxmDKK 2022 2021 Deferred tax at January 1 747 554Change in deferred tax for the year -7 9Deferred tax, no income statement effect for the year 4 4Change in deferred tax by acqusitions 275 171Exchange adjustments -9 2Adjustment of previous year 1 7Deferred tax at December 31 1,011 747Expected realization within 1 year -40 -33Deferred tax relates to:Intangible assets 770 610Property, plant and equipment 267 154Current assets 5 7Non current liabilities -1 -17Current liabilities -30 -7Tot a l 1,011 747\u00a7 Deferred taxDeferred tax is recognized in respect of all temporary differences between the carrying amounts and the tax base of assets and liabilities except for temporary differences arising at the time of acquisition that do not affect the profit for the year or the taxable income and temporary differences concerning goodwill. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is meas-ured on the basis of the intended use of the asset or settlement of the liability.Deferred tax assets are recognized at the value at which they are expected to be realized, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax is measured on the basis of the tax rules and tax rates expected under the legislation at the balance sheet date to be effective when the deferred tax crystallizes as current tax.In the balance sheet, set-off is made between deferred tax assets and deferred tax liabilities within the same legal tax entity and jurisdiction.Note 19 Other current payablesmDKK 2022 2021 VAT, excise duties, etc 852 746Other payables 712 572Deposit, returnable packaging 105 109Total other current payables 1,669 1,427Deposit, returnable packaging is specified as follows:Balance at January 1 109 111Adjustment for the year -4 -2Balance at December 31 105 109CommentThe change in the deposit on returnable packaging for the year reflects the net exchange with customers of returnable packaging for the year less estimated wastage of returnable packaging in circulation.The payable relating to deposit on returnable packaging is calculated on the basis of the estimated total pack-aging volume less packaging held in inventory.\u00a7 Deposit on returnable packagingPlastic crates, bottles and kegs in circulation and held in inventory are recognized in property, plant and equip-ment, and the obligation to repay the deposit when the packaging in circulation is taken back on inventory is recognized in other payables.Note 20 DebtsmDKK 2022 2021 Mortgage debt 1,011 1,017 Credit institutions 3,663 2,605 Other debts 3,620 3,192 Debts 8,294 6,814 Changes to interest-bearing debtsAdditions by New Non-cash mDKK 12/31 2021acquisitions Repaymentfacilitiesadjustment 12/31 2022Interest-bearing long-term debts 2,812 0 -1,079 1,700 3,433Interest-bearing short-term debts 550 24 -515 750 62 871Total interest-bearing debt, mortgage and credit institutions 3,362 24 -1,594 2,450 62 4,304Interest-bearing long-term leasing debt* 186 2 -42 109 -2 253Interest-bearing short-term leasing debt* 74 29 -74 88 0 117Total interest-bearing leasing debt 260 31 -116 197 -2 370Tot a l 3,622 55 -1,710 2,647 60 4,674* leasing debt is included in the balance sheet as \"Credit institutions\"Additions by New Non-cash mDKK 12/31 2020acquisitions Repaymentfacilitiesadjustment 12/31 2021Interest-bearing long-term debts 2,042 0 -31 801 0 2,812Interest-bearing short-term debts 79 0 -61 452 80 550Total interest-bearing debt, mortgage and credit institutions 2,121 0 -92 1,253 80 3,362Interest-bearing long-term leasing debt* 82 41 0 63 0 186Interest-bearing short-term leasing debt* 71 0 -68 71 0 74Total interest-bearing leasing debt 153 41 -68 134 0 260Tot a l 2,274 41 -160 1,387 80 3,622* Leasing debt is included in the balance sheet as \"Credit institutions\"\u00a7 DebtsMortgage loans and loans from credit institutions are re cognized initially at fair values. Subsequently, the finan-cial obligations are measured at amortized cost equal to the capitalized value using the effective interest method; the difference between the proceeds and the nominal value is recognized in financial income and expenses in the income statement over the loan period.Other debts, comprising trade payables, payables to subsidiaries and associates, VAT, excise duties, etc. as well as other payables are measured at amortized cost, substantially corresponding to the nominal debt.Note 21 Cash flow statementAdjustments for non-cash operating items:mDKK 2022 2021 Financial income -10 -7Financial expenses 103 49Amortization and impairment of intangible assets 74 42Depreciation of property, plant and equipment 413 339Tax on the profit for the year 294 349Income from investments in associates -2 -37Gain on remeasurements of investments in associates -360Profit and loss from sale of property, plant and equipment (see note 12 regarding leasing part) -6 -13Share-based payments and remuneration 0 4Other adjustments 0Tot a l 506 726\u00a7 Cash flow statementThe consolidated cash flow statement is presented under the indirect method based on the net profit for the year. The statement shows cash flows for the year, changes for the year in cash and cash equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for non-cash operating items, changes in working capital, financial income and financial expenses, and corporation tax paid.Cash flows from investing activities comprise acquisitions and disposals of property, plant and equipment and fixed asset investments as well as dividend received from associates. Cost is measured inclusive of expenses necessary to make the acquisition and sales prices after deduction of transaction expenses.Cash flows from financing activities comprise changes to the amount or composition of the Group\u2019s share capital, payment of dividend as well as borrowing and repayment of interest-bearing debt.Cash and cash equivalents include securities with a maturity of less than 3 months that can readily be turned into cash and are only subject to an insignificant risk of value changes.Note 22 Contingent liabilities and securitiesmDKK 2022 2021 Third-party guarantees 83 47 SecurityNo security has been provided in respect of loan agreements with credit institutions.As regards security for loan agreements with mortgage credit institutes, reference is made to note 12.Contingent liabilitiesThe outcome of pending legal actions is not expected to have any material impact on the financial position of the Group.Note 23 Related partiesRelated parties comprise the Board of Directors and the Executive Management as well as associates, see the sections on Board of Directors and Executive Management on page 55 and Group structure on page 170. No shareholder exercises control.The following transactions have been made with related parties:mDKK 2022 2021 RevenueSales to associates 19 18Financial income and expensesDividends received from associates 27 21Executive ManagementRemuneration paid 16 19Debt re cash-based bonus schemes 2 7Debt re share-based bonus scheme 3 4Board of DirectorsRemuneration 5 5Note 24 Acquisitions of enterprisesAcquisition in 2022Acquisition of full ownership of Hansa Borg BryggerierOn January 7, 2022, Royal Unibrew A/S entered into an agreement to acquire the remaining 75% of Hansa Borg Bryggerier, of which Royal Unibrew already had 25% ownership, resulting in a 100% ownership of the company. The acquisition was completed on May 25, 2022. Hansa Borg Bryggerier is Norway\u2019s second largest brewery and beverage company with four breweries and one bottling plant throughout the country and products ranging from beers to ciders, carbonated soft drinks, water and wines for the Norwegian market.Together with Solera Beverage Group, which Royal Unibrew acquired in September 2021, Hansa Borg Bryggerier is strategically very important for our Norwegian business as it in combination with Solera will create a strong player with a very strong beverage portfolio in Norway and thereby strengthen our multi beverage presence.The transaction is based on an enterprise value (at signing) of NOK 3.3 billion. With the share price at closing (587) the final enterprise value for 100% of the company was NOK 2.6 billion (DKK 1.9 billion) Hansa Borg Bryg-gerier is expected to generate normalized full-year revenue in 2022 of around NOK 1.4 billion with a normalized EBITDA of around NOK 210 million, resulting in an acquisition multiple (EV/EBITDA) of 12.4 times at closing. The already owned 25% of Hansa Borg Bryggerier was revalued in connection with the transaction, resulting in a non-cash tax-free remeasurement of DKK 360 million.According to the agreement, 10% of the payment, corresponding to NOK 224 million (DKK 162 million), was paid in cash, while the remaining 90% of the payment was paid in Royal Unibrew shares (2,194,257 shares).The acquisition price exceeded the fair value of the acquired assets, liabilities and contingent liabilities. The difference is the expected value of synergies and future growth opportunities. Synergies are not recognized separately from goodwill. Goodwill is not eligible for tax depreciation.Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approx. DKK 5 million for finan-cial and legal advisors in connection with the realization of the transaction. The costs are recognized as admin-istrative expenses and split equally in 2021 and 2022.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition. Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of the acquisition:mDKK Trademarks 698Distribution rights 7Customer relations 27Property, plant and equipment 629Inventories 143Receivables 238Prepayments 29Deferred tax -244Debt including leasing -34Trade payables -101Other payables -499Acquired net assets 893Goodwill 903Estimated fair value of the business 1,796Acquired cash at bank and in hand 138Total acquisition price 1,934Transfer of:Issue of new shares 821Treasury shares 467Cash 163Total consideration, 75% shareholding 1,451Number of employees 296The receivables acquired include trade receivables of a fair value of DKK 180 million corresponding to the gross amount receivable according to contract.Note 24 Acquisitions of enterprises (continued)Acquisition in 2022Acquisition of Amsterdam Brewery Co. Ltd.On July 15, 2022, Royal Unibrew entered into an agreement to acquire 100% of the Toronto-based company Amsterdam Brewery Co. Ltd. Although the acquisition was completed September 15, 2022, however, the purchase price allocation is considered provisional due to the fact that the transaction was closed on September 15, 2022, leaving limited time to identify and determine fair value of assets acquired and liabilities assumed.The Canadian based company is a large-scale craft brewery with a potential to increase both capabilities and capacities during the coming years. Moreover, the acquisition will support future growth of Royal Unibrew in the Americas region by adding capacity in Canada, which is also close to our US business. Over time we, expect to serve most of Canada and partly US from Amsterdam Brewery Co. Ltd., which will reduce transportation costs and our CO footprint.2The acquisition is based on an enterprise value of DKK 241 million on a debt free basis. The company has normalized revenue of around CAD 34 million (around DKK 200 million) and a normalized EBITDA of around CAD 5 million (around DKK 28 million).Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approximately DKK 2 million for financial and legal advisors in connection with the realization of the transaction. The costs are recognized as administrative expenses in 2022.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition.Royal Unibrew has made the following preliminary calculation of the fair value of the acquired net assets and of goodwill at the time of acquisitions:mDKK Intangibles 103Property, plant and equipment 83Inventories 22Receivables 8Prepayments 8Deferred tax -25Debt including leasing -21Trade payables -11Other payables -24Acquired net assets 143Goodwill 98Estimated fair value of the business 241Acquired cash at bank and in hand 0Cash consideration 241Number of employees 247Baldersbr\u00f8nde Bryggeri A/S (N\u00f8rrebro Bryghus)On December 30, 2022, Royal Unibrew acquired 100% of the shares in Baldersbr\u00f8nde Bryggeri A/S (N\u00f8rrebro Bryghus) in Denmark.With the acquisition, Royal Unibrew take over an exciting range of organic craft beers, adding to Royal Unibrew's portfolio of craft beers strengthening Royal Unibrew's position in Copenhagen.Group impactIf the acquisitions had occurred on January 1, 2022, consolidated pro-forma revenue and EBITDA for the period ended December 31, 2022, of the combined Group would have been approximately DKK 12,111 million (2021 DKK 9,756 million) and DKK 2,069 million (2021 DKK 2,141 million), respectively.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021A Finnish micro breweryOn February 11, 2021, Royal Unibrew's Finnish subsidiary, Hartwall, acquired the assets in Helsinki brewery, which further strengthens Hartwall's flexibility and dedication to local craft and specialty beer.Bryggeri Helsinki will continue as an entrepreneur-driven brewery restaurant.A Danish brewery and a soft drink companyOn April 29, 2021, Royal Unibrew entered into an agreement to acquire 100% of the shares in the Danish compa-nies Bryggeriet S.C. Fuglsang A/S and Mineralvandsfabrikken Frem A/S. The acquisition was completed on April 29, 2021.The companies are primarily doing business in the southern part of Jutland based on local, well-known beer- and CSD brands with a 150 year history.The companies were merged with Royal Unibrew at the closing date, and fully integrated into Royal Unibrew's systems.A Estonian micro breweryOn September 14, 2021, Royal Unibrew's Estonian subsidiary, Royal Unibrew Eesti, acquired 100% of the shares in Tanker Brewery. The acquisition will strengthen the local footprint in the Estonian market through an authentic super premium local beer brand and support full scale multi-beverage strategy implementation in the region.Transaction costs and consolidationRoyal Unibrew A/S has incurred transaction costs relating to the acquisitions of approx. DKK 1 million for legal advisors in connection with the realization of the three transactions. The costs are recognized as administrative expenses in 2021.The three acquisitions have been included in the consolidated financial statements of Royal Unibrew as of the date of each acquisition.Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of acquisitions:mDKK Intangibles 33Property, plant and equipment 19Inventories 21Receivables 15Prepayments 1Deferred tax -1Trade payables -4Other payables -9Acquired net assets 75Goodwill 11Estimated fair value of the businesses 86Acquired cash at bank and in hand -40Cash consideration 47Number of employees 70The receivables acquired include trade receivables of a fair value of DKK 8 million corresponding to the gross amount receivable according to contract.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021Acquisition of MC Energy (A French energy drinks brand)On July 1, 2021, Royal Unibrew's French subsidiary, Etablissement Geyer-Fr\u00e9res S.A, entered into an agreement to acquire the French beverage company MC Energy S.A.S. The acquisition was completed on July 7, 2021.MC Energy owns the energy brand Crazy Tiger that holds a 11% volume market share in the French Off-Trade market. The acquisition marks the entry into one of the categories where we see strong growth opportunities across markets and, at the same time, adds a new category to our French business. The acquisition is the next step in developing the French business toward a multi-niche market.MC Energy was acquired from three French entrepreneurs at an enterprise value of around DKK 610 million (EUR 82 million) on a debt free basis. The acquisition was financed with existing credit facilities. MC Energy has around 25 employees.Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approximately DKK 2 million for financial and legal advisors in connection with the realization of the transaction. The costs are recognized as administrative expenses in 2021.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition, and MC Energy was merged into Etablissement Geyer-Fr\u00e9res in 2021.Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of the acquisition:mDKK Trademarks 392Property, plant and equipment 3Inventories 6Receivables 19Prepayments 0Deferred tax -98Trade payables -13Other payables -7Acquired net assets 302Goodwill 290Estimated fair value of the businesses 592Acquired cash at bank and in hand 17Cash consideration 609Number of employees 25The receivables acquired include trade receivables of a fair value of DKK 19.3 million corresponding to the gross amount receivable according to contract.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021Acquisition of Solera Beverage GroupOn July 1, 2021, Royal Unibrew's Norwegian subsidiary, Royal Unibrew Norge AS, entered into an agreement to acquire 100% of the shares in Solera Beverage Group. The acquisition was completed on September 17, 2021.Solera Beverage Group is a leading pan-Nordic importer and distributor of a portfolio of strong leading inter-national wines, beers, carbonated soft drinks and other beverages. The company operates in Norway, Sweden and Finland, and therefore adds Norway and Sweden to Royal Unibrew\u2019s geographic footprint as well as it strengthens the offering in Finland.Solera Beverage Group was acquired from the private equity fund, CapMan, at an enterprise value of around DKK 770 million (NOK 1.1 billion) on a debt free basis. The acquisition was financed with existing credit facilities.Solera Beverage Group has around 150 employees and generates normalized revenue (excluding positive COVID-19 effects) of around DKK 1.3 billion and an EBITDA of around DKK 70 million.Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approximately DKK 14 million for financial and legal advisors in connection with the realization of the transaction. The costs are recognized as administrative expenses in 2021.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition.Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of the acquisition:mDKK Trademarks 146Customer relations 185Property, plant and equipment 40Inventories 155Receivables 255Prepayments 29Deferred tax -71Trade payables -193Other payables -387Acquired net assets 159Goodwill 439Estimated fair value of the businesses 598Acquired cash at bank and in hand 120Cash consideration 718Number of employees 150The receivables acquired include trade receivables of a fair value of DKK 249.5 million corresponding to the gross amount receivable according to contract.\u00a7 Business combinationsAs for acquisition of new enterprises the purchase method is applied, under which the identifiable assets and liabilities of newly acquired enterprises are measured at fair value at the time of acquisition.Upon business combinations, positive differences between cost and fair value of identifiable assets and liabili-ties acquired are recognized as goodwill in intangible assets. At the time of acquisition, goodwill is allocated to the cash-generating units that subsequently form the basis of impairment tests. Goodwill and fair value adjust-ments in connection with the acquisition of a foreign enterprise with a functional currency that differs from the presentation currency of the Group are treated as assets and liabilities belonging to the foreign entity and are translated to the functional currency of the foreign entity at the exchange rates at the dates of transaction.Gains or losses on disposal of subsidiaries and associates are calculated as the difference between the sales sum and the carrying amount of net assets at the time of sale (including the carrying amount of goodwill) net of expected expenses and adjusted for exchange adjustments previously recognized in equity.Note 25 Events after the reporting periodNo events have occurred in the period from the balance sheet date until the presentation of the financial state-ments that materially affect the assessment of the consolidated financial statements. Recognition of acquisition of enterprisesIn 2022 Royal Unibrew acquired three businesses, Hansa Borg Bryggerier, Amsterdam Brewery co Ltd. and Baldersbr\u00f8nde Bryggeri, by purchasing shares in the companies. The businesses assets, liabilities and contin-gent liabilities have been recognized under the purchase method in the financial statements of Royal Unibrew. The key assets of the businesses are goodwill, trademarks, customer relations, property, plant and equipment, inventories, receivables, deferred tax and payables. Especially regarding the intangible assets acquired, there are no efficient markets to be used to determine fair value. Therefore, management has made an estimate in connection with the calculation of the fair value of the acquired assets and liabilities at the date of acquisition and has allocated the purchase price on that basis.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021Acquisition of Aqua d'Or Mineral Water A/S (A Nordic Water Company)On November 16, 2021, Royal Unibrew entered into an agreement to acquire 100% of the shares in Aqua d'Or Mineral Water A/S from Danone.As announced in company announcement no. 46/2022 published October 24, 2022, Royal Unibrew\u2019s acquisition of Aqua d\u2019Or from Danone will not be completed. The parties have determined that they will not be able to fulfill the closing conditions and the parties have therefore agreed that the deal will not materialize.Note 11 Investments in subsidiaries and associatesInvestments Investments mDKKin subsidiariesin associatesCost at January 1, 2022 4,513 77Additions 1,279 18Disposals -28Cost at December 31, 2022 5,792 67Impairment losses at January 1, 2022 -89Impairment losses at December 31, 2022 -89 0Carrying amount at December 31, 2022 5,703 67Cost at January 1, 2021 4,477 77Additions 36DisposalsCost at December 31, 2021 4,513 77Impairment losses at January 1, 2021 -89 0Impairment losses at December 31, 2021 -89 0Carrying amount at December 31, 2021 4,424 77\u00a7 Dividend on investments in subsidiaries and associatesDividend on investments in subsidiaries and associates is recognized in the parent company's income statement in the financial year in which dividend is declared.\u00a7 Investments in subsidiaries and associates in the parent company financial statementsInvestments in subsidiaries and associates are measured at cost and tested in the event of indication of impair-ment. Where cost exceeds the recoverable amount, the investment is written down to its lower recoverable amount.\u00a7 EstimateThe carrying amount of investments in subsidiaries is tested to identify any impairment in case there is an indi-cation that the investment may be impaired. Reference is made to note 11 related to the consolidated financial statements.",
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"value": "Note 1 Basis of preparation of consolidated financial statementsBASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTSRoyal Unibrew A/S is a limited liability company registered in Denmark. The financial statements for the period January 1 - December 31, 2022, presented in the Annual Report 2022 comprise both consolidated financial statements of Royal Unibrew A/S and its subsidiaries (Group) and separate Parent Company Financial State-ments.The financial statements of Royal Unibrew for 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for financial statements, of the Danish Statutory Order on Adoption of IFRS issued pursuant to the Danish Financial Statements Act.The Board of Directors and the Executive Management considered and adopted the Annual Report of Royal Unibrew A/S for 2022 on March 1, 2023. The Annual Report will be submitted for adoption by the shareholders of Royal Unibrew A/S at the Annual General Meeting on April 27, 2023.The financial statements are presented in Danish kroner (DKK).",
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"value": "Note 1 Basis of preparation of consolidated financial statementsBASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTSRoyal Unibrew A/S is a limited liability company registered in Denmark. The financial statements for the period January 1 - December 31, 2022, presented in the Annual Report 2022 comprise both consolidated financial statements of Royal Unibrew A/S and its subsidiaries (Group) and separate Parent Company Financial State-ments.The financial statements of Royal Unibrew for 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for financial statements, of the Danish Statutory Order on Adoption of IFRS issued pursuant to the Danish Financial Statements Act.The Board of Directors and the Executive Management considered and adopted the Annual Report of Royal Unibrew A/S for 2022 on March 1, 2023. The Annual Report will be submitted for adoption by the shareholders of Royal Unibrew A/S at the Annual General Meeting on April 27, 2023.The financial statements are presented in Danish kroner (DKK).",
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"value": "Note 1 Basis of preparation of consolidated financial statementsBASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTSRoyal Unibrew A/S is a limited liability company registered in Denmark. The financial statements for the period January 1 - December 31, 2022, presented in the Annual Report 2022 comprise both consolidated financial statements of Royal Unibrew A/S and its subsidiaries (Group) and separate Parent Company Financial State-ments.The financial statements of Royal Unibrew for 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for financial statements, of the Danish Statutory Order on Adoption of IFRS issued pursuant to the Danish Financial Statements Act.The Board of Directors and the Executive Management considered and adopted the Annual Report of Royal Unibrew A/S for 2022 on March 1, 2023. The Annual Report will be submitted for adoption by the shareholders of Royal Unibrew A/S at the Annual General Meeting on April 27, 2023.The financial statements are presented in Danish kroner (DKK).New and amended standards and interpretations that have not yet taken effectManagement has assessed the impact of new or amended and revised accounting standards and interpre-tations (IFRS) issued by the IASB and IFRSs endorsed by the European Union effective on or after January 1, 2022. It is assessed that application of amendments effective from January 1, 2022, has not had a material impact on the consolidated financial statements for 2022. Furthermore, management does not anticipate any significant impact on future periods from the adoption of these amendments.Reporting under the ESEF regulationThe Annual Report is prepared using a combination of the XHTML format and tagging of the primary consoli-dated financial statements using iXBRL tags and in accordance with the ESEF Taxonomy, which is included in the ESEF regulation. It is developed based on the IFRS Taxonomy published by the IFRS Foundation.The line items in the consolidated financial statements are tagged to elements in the ESEF Taxonomy. For financial line items that are not directly defined in the ESEF Taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF Taxonomy, except for extensions that are subtotals.The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mecha-nism) is included in the zip file ROYAL-2022-12-31.zip.",
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"value": "Note 1 Basis of preparation of consolidated financial statementsBASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTSRoyal Unibrew A/S is a limited liability company registered in Denmark. The financial statements for the period January 1 - December 31, 2022, presented in the Annual Report 2022 comprise both consolidated financial statements of Royal Unibrew A/S and its subsidiaries (Group) and separate Parent Company Financial State-ments.The financial statements of Royal Unibrew for 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for financial statements, of the Danish Statutory Order on Adoption of IFRS issued pursuant to the Danish Financial Statements Act.The Board of Directors and the Executive Management considered and adopted the Annual Report of Royal Unibrew A/S for 2022 on March 1, 2023. The Annual Report will be submitted for adoption by the shareholders of Royal Unibrew A/S at the Annual General Meeting on April 27, 2023.The financial statements are presented in Danish kroner (DKK).",
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"value": "\u00a7 Significant accounting policiesThis section describes the general accounting policies applied by Royal Unibrew. A detailed description of the accounting policies applied and critical estimates made with respect to specific reported amounts is presented in the relevant notes. The purpose of this is to create full transparency of the disclosed amounts by providing a total description of the relevant accounting policy, the critical estimates and the numerical information for each note.The description of accounting policies in the notes constitutes part of the overall description of Royal Unibrew's accounting policies.Accounting policies are unchanged from last year.Translation policiesFor each of the reporting entities of the Group, a functional currency is determined. The functional currency is the currency of the primary economic environment in which the reporting entity operates. Transactions in other currencies than the functional currency are transactions in foreign currencies.Transactions in other currencies than the functional currency are initially translated into Danish kroner (DKK) at the exchange rates at the dates of transaction. Receivables, payables and other monetary items in foreign currencies that are not settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Exchange adjustments arising due to differences between the transaction date rates and the rates at the dates of payment or the rates at the balance sheet date, respectively, are recognized in financial income and expenses in the income statement. Property, plant and equipment and intangible assets, inventories and other non-monetary asset purchase in foreign currencies and measured at historical cost are translated at the transaction date rates.On recognition in the consolidated financial statements of enterprises with another functional currency than Danish kroner (DKK), income statements are translated at average annual exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date.Exchange adjustments arising on the translation of the opening balance sheet items of foreign enterprises at exchange rates at the balance sheet date and on the translation of income statements from average exchange rates to exchange rates at the balance sheet date are recognized in other comprehensive income. Similarly, exchange adjustments arising due to changes made directly in equity of foreign enterprises are recognized in other comprehensive income.On recognition in the consolidated financial statements of associates with a functional currency that differs from the presentation currency of the Parent Company, the share of results for the year is translated at average exchange rates, and the share of equity including goodwill is translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the share of the opening equity of foreign asso-ciates at exchange rates at the balance sheet date and on the translation of the share of results for the year from average exchange rates to exchange rates at the balance sheet date are recognized in other comprehen-sive income; likewise, classified in equity under a separate translation reserve.Accounting policies, judgments as an element in significant accounting policiesas well as critical accounting estimates are described in the notes.NoteDerivative financial instruments 4\u00a7Segment reporting and revenue 5\u00a7Share-based payments 6\u00a7Expenses 7\u00a7Financial income 8\u00a7Financial expenses 9\u00a7Corporation tax 10\u00a7Intangible assets 11\u00a7Property, plant and equipment 12\u00a7Investments in associates 13\u00a7Other fixed asset investments 14\u00a7Inventories 15\u00a7Receivables 16\u00a7Equity 17\u00a7Deferred tax 18\u00a7Deposit returnable packaging 19\u00a7Debts 20\u00a7Cash Flow Statement 21\u00a7Purchase Price Allocation (PPA) 24\u00a7Legends\u00a7Significant accounting policiesJudgments as an element in significant accounting policiesCritical accounting estimatesIn connection with the preparation of the parent company Annual Report and consolidated financial state-ments, management makes estimates and judgments as to how recognition and measurement of revenue, assets and liabilities should take place based on the accounting policies applied.When determining the possible impact from climate risks on the financial reporting, management has assessed that the effect of climate related risks do not significantly impact estimates and assumptions. Likewise, is it not estimated to have any significant accounting impact.\u00a7 Derivative financial instrumentsDerivative financial instruments are initially recognized in the balance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are included as other receivables and other payables, respectively.Changes in the fair values of derivative financial instruments that are designated and qualify as fair value hedges of a recognized asset or a recognized liability are recognized in the income statement as are any changes in the value of the hedged asset or the hedged liability.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of future cash flows are recognized in other comprehensive income. Income and expenses relating to such hedging transactions are transferred from other comprehensive income on realization of the hedged item and are recog-nized in the same entry as the hedged item.For derivative financial instruments which do not meet the criteria for hedge accounting, changes in fair values are recognized on a current basis in financial income and expenses in the income statement.\u00a7 Segment reportingThe primary activity of the Group is sale of beverages, and we consider the Senior Leadership Team to be the operating decision-making body, as all significant decisions regarding business development and direction are taken in this team. Information reported to this team for the dual purpose of resource allocation and assess-ment of segment performance is focused on geographical markets. Segment performance is evaluated on the basis of operating profit (EBIT) consistent with the consolidated financial statements. Other items below EBIT are managed at Group level and are not allocated to business segments.Items allocated both by direct and indirect computation comprise production costs and administrative expenses, which are allocated by indirect computation based on allocation keys determined on the basis of the market\u2019s drain on key resources. Administrative expenses incurred in the group functions of the Parent Company are partly allocated.Assets comprise the non-current assets that are directly or indirectly used in connection with activities in the markets. Net revenueNet revenue from the sale of goods is recognized in the income statement at the point in time where the control of goods and products is transferred to the customer, which is generally upon delivery, and if revenues can be measured reliably and are expected to be received.Net revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Net revenue is measured exclusive of VAT and net of discounts as well as excise duties collected on behalf of third parties.The Group gives various discounts and fees depending on the nature of the customer and business.Discounts comprise unit price reductions as well as contributions to promotional activities and product promo-tion based on volumes or value of purchases. The discounts are either granted as deductions from the invoice amount or earned as a bonus paid at the end of the bonus period. All types of discounts granted are recognized in net revenue.The Group considers whether contracts include other promises that constitute separate performance obliga-tions and to which a portion of the transaction price needs to be allocated.\u00a7 Share-based paymentsThe Group only has schemes classified as equity-settled schemes. Conditional shares are measured at fair value at the time of granting, and they are recognized in staff expenses in the income statement over the vesting period. The counter item is recognized directly in equity.At the initial recognition of the conditional shares, the number of shares expected to vest is estimated. Subse-quently, the estimate of the number of restricted shares is revised so that the total recognition is based on the estimated number of shares allotted. Share-based paymentsIn determining fair value, conditions and terms related to the conditional shares are taken into account.The market value of the program applying to 2021 covering the performance period 2021-2023 for Executive Management was approximately DKK 7 million. The market value of the program applying to 2022 covering the performance period 2022-2024 for Executive Management was approximately DKK 8 million. The new program established in 2022 for SVPs, VPs and selected key employees covering the performance period 2022-2024 had a market value at grant of approximately DKK 12 million. The market value has been charged to the income statement on an estimated straight-line basis over the vesting period, corresponding to the rate at which the conditions for the allotment of the shares was expected to be met.\u00a7 ExpensesProduction costsProduction costs comprise direct and indirect expenses incurred to manufacture the finished goods repre-senting revenue for the year, including expenses for raw materials and consumables purchases, salaries and wages, renting and leasing as well as depreciation of and impairment losses on plant and machinery.Production costs also include development costs that do not meet the criteria for capitalization.Sales and distribution expensesSales and distribution expenses comprise expenses for distribution and sales campaigns relating to goods sold during the year, including expenses for sales personnel, marketing, depreciation and amortization as well as losses on trade receivables. Furthermore, depreciation and amortization of intangible assets are included.Administrative expensesAdministrative expenses comprise expenses for management and administration of the Group, including expenses for administrative personnel, management, office supplies and insurance. LeasesUnder IFRS 16, the Group assesses whether a contract is or contains a lease based on following definitions: \u2022 fulfillment of the arrangement was dependent on the use of a specific asset or assets; and\u2022 the arrangement had conveyed a right to use the asset. An arrangement conveyed the right to use the asset if one of the following was met: \u2022 the purchaser had the ability or right to operate the asset while obtaining or controlling more than an insig-nificant amount of the output; \u2022 the purchaser had the ability or right to control physical access to the asset while obtaining or controlling more than an insignificant amount of the output; or \u2022 facts and circumstances indicated that it was remote that other parties would take more than an insig-nificant amount of the output, and the price per unit was neither fixed per unit of output nor equal to the current market price per unit of output.\u00a7 Financial income and expensesFinancial income and financial expenses comprise interest, capital gains and losses on investments, balances and transactions in foreign currencies, amortization of financial assets and liabilities, fair value adjustments of derivative financial instruments that do not qualify as hedge accounting as well as extra payments and repay-ment under the on-account taxation scheme, etc.\u00a7 Tax on the profit for the yearTax for the year consists of current tax for the year and movements in deferred tax for the year. The tax attribut-able to the profit for the year is recognized in the income statement and other comprehensive income, respec-tively, whereas the tax attributable to equity entries is recognized directly in equity.The effective tax rate is significantly impacted by the remeasurement on the 25% shareholding in Hansa Borg Bryggerier AS.The Parent Company is jointly taxed with its Danish subsidiaries. The Danish current tax for the year is allocated to the jointly taxed Danish enterprises in proportion to their taxable incomes (full allocation with credit for tax losses).\u00a7 Corporation taxCurrent tax liabilities are recognized in the balance sheet as calculated tax on the expected taxable income for the year adjusted for tax on taxable incomes for previous years and for tax paid on account.\u00a7 GoodwillGoodwill is initially recognized in the balance sheet at cost. Subsequently, goodwill is measured at cost less accumulated impairment losses.The carrying amount of goodwill is allocated to the Group's cash-generating units (countries) at the time of acquisition. The determination of cash-generating units is based on management structure and internal finan-cial management.\u00a7 Trademarks, distribution rights and customer relationsTrademarks, distribution rights and customer relations are initially recognized in the balance sheet at cost. Subsequently, distribution rights and customer relations are measured at cost less accumulated amortization and less any accumulated impairment losses. Distribution rights are amortized on a straight-line basis over their estimated useful lives, that is, maximum 20 years. Customer relations are amortized on a straight-line basis over their estimated useful lives, maximum 5 years.Trademarks are not amortized as they are all well-established, old and profitable trademarks which customers are expected to continue demanding unabatedly, and which management is not planning to stop selling and marketing.Goodwill and trademarks with indefinite useful lives are not amortized but tested at least annually for impair-ment. It is the Group's strategy to maintain trademarks and their value.\u00a7 ImpairmentThe carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether impairment has incurred other than that expressed by normal amortization and deprecia-tion. If so, the asset is written down to the higher of net selling price and value in use. Goodwill and other assets for which a value in use cannot be determined, as the asset does not on an individual basis generate future cash flows, are reviewed for impairment together with the group of assets (cash-generating units) to which they are attributable.The carrying amount of goodwill and trademarks with indefinite useful lives is tested for impairment at least on an annual basis together with the other non-current assets of the cash-generating unit to which goodwill has been allocated. Subsequently, it is written down to recoverable amount in the income statement if the carrying amount exceeds the recoverable amount.The carrying amount of financial assets measured at cost or amortized cost is written down for impairment if the net present value is lower than the carrying amount, due to changed expected net payments. Intangible assetsIn relation to trademarks, management makes an annual judgment to determine whether the current market situation has reduced the value or affected the useful life of the trademarks, including whether past estimates of indefinite useful lives may be maintained.An annual impairment test is made of the values recognized in the financial statements of goodwill and trade-marks assessed to have indefinite lives, which are therefore not amortized. For a description of the discount rates and growth rates applied in connection with the impairment test of goodwill and trademarks as well as other assumptions of the impairment test, reference is made to the above note.\u00a7 Property, plant and equipmentLand and buildings, plant and machinery and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Depreciation is calculated on a straight-line basis over the useful lives of the assets.Profits and losses on the disposal of property, plant and equipment are calculated as the difference between the sales sum less the expenses necessary to make the sale and the carrying amount at the time of sale. Profits or losses were immaterial in both 2021 and 2022 and have been recognized in the income statement as an adjust-ment to depreciation in production costs, sales or distribution expenses or administrative expenses, respectively.\u00a7 Investments in associates in the consolidated financial statementsInvestments in associates are measured in the balance sheet at the proportionate share of the net asset value of the enterprises calculated under the accounting policies of the Group with deduction or addition of the proportionate share of unrealized intercompany profits and losses and with addition of the carrying amount of goodwill.Associates with a negative net asset value are measured at DKK 0. If the Group has a legal or constructive obli-gation to cover the negative balance of the associate, this obligation is recognized in liabilities.The proportionate share of the results of associates is recognized in the income statement of the Group after adjusting for impairment losses on goodwill and eliminating the proportionate share of unrealized intercompany gains and losses.\u00a7 Other investmentsOther investments classified as fair value through profit and loss are recognized in non-current assets at fair value at the trading date and at estimated fair value calculation on the basis of market data and recognized valuation methods as regards unlisted securities. Unrealized value adjustments are recognized in other compre-hensive income except for impairment losses and reversal of impairment losses which are recognized in finan-cial income and expenses in the income statement. Upon realization, the accumulated value adjustment recog-nized in other comprehensive income is transferred to financial income and expenses in the income statement. Other investments may be classified as level-3 instruments.\u00a7 Other receivablesOther receivables under fixed asset investments held to maturity are initially recognized at fair value and are subsequently measured at amortized cost or an estimated lower value at the balance sheet date.\u00a7 InventoriesInventories are measured at the lower of cost under the FIFO method and net realizable value of individual product groups. The net realizable value of inventories is calculated at the amount of future sales revenues expected to be generated by inventories at the balance sheet date in the process of normal operations and determined allowing for marketability, obsolescence and development in expected sales sum with deduction of calculated selling expenses.The cost of raw materials, consumables, goods for resale and purchased finished goods comprise invoiced price plus expenses directly attributable to the acquisition.The cost of work in progress and finished goods comprise the cost of materials and direct labor with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labor as well as maintenance and depreciation of and impairment losses on the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management.\u00a7 ReceivablesTrade receivables and contract assets are measured at amortized cost less allowance for lifetime expected credit losses.To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. An allowance for lifetime expected credit losses for trade receivables is recognized on initial recognition.Trade receivables and contract assets are written off when all possible options have been exhausted and there is no reasonable expectation of recovery.The cost of allowances for expected credit losses and write-offs for trade receivables are included in sales and distribution costs.\u00a7 Hedging reserveThe hedging reserve comprises changes to fair values of derivative financial instruments that are designated and qualify as cash flow hedges of future transactions.On realization, the hedging instrument is recognized in the income statement in the same item as the hedged transaction.\u00a7 Translation reserveThe translation reserve in the consolidated financial statements comprises exchange adjustments arising on the translation of the financial statements of foreign enterprises from their functional currencies into the presenta-tion currency (DKK) of the Group.Upon full or partly realization of the net investment in the foreign enterprises, exchange adjustments are recog-nized in the income statement.The translation reserve was reset at January 1, 2004 in accordance with IFRS 1.\u00a7 Treasury sharesTreasury shares acquired by the Parent Company or subsidiaries are recognized at cost directly in equity under retained earnings. Where treasury shares are subsequently sold, any consideration is also recognized directly in equity. Dividend on treasury shares is recognized directly in equity under retained earnings.\u00a7 Share premium accountShare premium account comprises amounts in excess of the nominal share capital paid up by shareholders in connection with capital increases.\u00a7 Deferred taxDeferred tax is recognized in respect of all temporary differences between the carrying amounts and the tax base of assets and liabilities except for temporary differences arising at the time of acquisition that do not affect the profit for the year or the taxable income and temporary differences concerning goodwill. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is meas-ured on the basis of the intended use of the asset or settlement of the liability.Deferred tax assets are recognized at the value at which they are expected to be realized, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax is measured on the basis of the tax rules and tax rates expected under the legislation at the balance sheet date to be effective when the deferred tax crystallizes as current tax.In the balance sheet, set-off is made between deferred tax assets and deferred tax liabilities within the same legal tax entity and jurisdiction.\u00a7 Deposit on returnable packagingPlastic crates, bottles and kegs in circulation and held in inventory are recognized in property, plant and equip-ment, and the obligation to repay the deposit when the packaging in circulation is taken back on inventory is recognized in other payables.\u00a7 DebtsMortgage loans and loans from credit institutions are re cognized initially at fair values. Subsequently, the finan-cial obligations are measured at amortized cost equal to the capitalized value using the effective interest method; the difference between the proceeds and the nominal value is recognized in financial income and expenses in the income statement over the loan period.Other debts, comprising trade payables, payables to subsidiaries and associates, VAT, excise duties, etc. as well as other payables are measured at amortized cost, substantially corresponding to the nominal debt.\u00a7 Cash flow statementThe consolidated cash flow statement is presented under the indirect method based on the net profit for the year. The statement shows cash flows for the year, changes for the year in cash and cash equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for non-cash operating items, changes in working capital, financial income and financial expenses, and corporation tax paid.Cash flows from investing activities comprise acquisitions and disposals of property, plant and equipment and fixed asset investments as well as dividend received from associates. Cost is measured inclusive of expenses necessary to make the acquisition and sales prices after deduction of transaction expenses.Cash flows from financing activities comprise changes to the amount or composition of the Group\u2019s share capital, payment of dividend as well as borrowing and repayment of interest-bearing debt.Cash and cash equivalents include securities with a maturity of less than 3 months that can readily be turned into cash and are only subject to an insignificant risk of value changes.Note 22 Contingent liabilities and securitiesmDKK 2022 2021 Third-party guarantees 83 47 SecurityNo security has been provided in respect of loan agreements with credit institutions.As regards security for loan agreements with mortgage credit institutes, reference is made to note 12.Contingent liabilitiesThe outcome of pending legal actions is not expected to have any material impact on the financial position of the Group.\u00a7 Business combinationsAs for acquisition of new enterprises the purchase method is applied, under which the identifiable assets and liabilities of newly acquired enterprises are measured at fair value at the time of acquisition.Upon business combinations, positive differences between cost and fair value of identifiable assets and liabili-ties acquired are recognized as goodwill in intangible assets. At the time of acquisition, goodwill is allocated to the cash-generating units that subsequently form the basis of impairment tests. Goodwill and fair value adjust-ments in connection with the acquisition of a foreign enterprise with a functional currency that differs from the presentation currency of the Group are treated as assets and liabilities belonging to the foreign entity and are translated to the functional currency of the foreign entity at the exchange rates at the dates of transaction.Gains or losses on disposal of subsidiaries and associates are calculated as the difference between the sales sum and the carrying amount of net assets at the time of sale (including the carrying amount of goodwill) net of expected expenses and adjusted for exchange adjustments previously recognized in equity.\u00a7 Dividend on investments in subsidiaries and associatesDividend on investments in subsidiaries and associates is recognized in the parent company's income statement in the financial year in which dividend is declared.\u00a7 Investments in subsidiaries and associates in the parent company financial statementsInvestments in subsidiaries and associates are measured at cost and tested in the event of indication of impair-ment. Where cost exceeds the recoverable amount, the investment is written down to its lower recoverable amount.\u00a7 EstimateThe carrying amount of investments in subsidiaries is tested to identify any impairment in case there is an indi-cation that the investment may be impaired. Reference is made to note 11 related to the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-2": {
"value": "Consolidated financial statementsThe consolidated financial statements comprise Royal Unibrew A/S (the Parent Company) and enterprises in which the Parent Company exercises control (subsidiaries).Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.The consolidated financial statements are prepared on the basis of financial statements of all Group enterprises prepared under the Group's accounting policies by combining accounting items of a uniform nature. Elimina-tion is made of intercompany income and expenses, unrealized intercompany profits and losses, balances and shareholdings. Comparative figures are not adjusted for newly acquired, sold or wound-up enterprises.Acquired enterprises are recognized as of the date of acquisition. Enterprises disposed of are recognized in the consolidated income statement up until the date of disposal.Non-controlling interest's share of profit/loss for the year and of the equity in subsidiaries are included as part of Royal Unibrew's profit and equity, respectively; nevertheless, presented as separate items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-168-3": {
"value": "Translation policiesFor each of the reporting entities of the Group, a functional currency is determined. The functional currency is the currency of the primary economic environment in which the reporting entity operates. Transactions in other currencies than the functional currency are transactions in foreign currencies.Transactions in other currencies than the functional currency are initially translated into Danish kroner (DKK) at the exchange rates at the dates of transaction. Receivables, payables and other monetary items in foreign currencies that are not settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Exchange adjustments arising due to differences between the transaction date rates and the rates at the dates of payment or the rates at the balance sheet date, respectively, are recognized in financial income and expenses in the income statement. Property, plant and equipment and intangible assets, inventories and other non-monetary asset purchase in foreign currencies and measured at historical cost are translated at the transaction date rates.On recognition in the consolidated financial statements of enterprises with another functional currency than Danish kroner (DKK), income statements are translated at average annual exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date.Exchange adjustments arising on the translation of the opening balance sheet items of foreign enterprises at exchange rates at the balance sheet date and on the translation of income statements from average exchange rates to exchange rates at the balance sheet date are recognized in other comprehensive income. Similarly, exchange adjustments arising due to changes made directly in equity of foreign enterprises are recognized in other comprehensive income.On recognition in the consolidated financial statements of associates with a functional currency that differs from the presentation currency of the Parent Company, the share of results for the year is translated at average exchange rates, and the share of equity including goodwill is translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the share of the opening equity of foreign asso-ciates at exchange rates at the balance sheet date and on the translation of the share of results for the year from average exchange rates to exchange rates at the balance sheet date are recognized in other comprehen-sive income; likewise, classified in equity under a separate translation reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-168-4": {
"value": "Translation policiesFor each of the reporting entities of the Group, a functional currency is determined. The functional currency is the currency of the primary economic environment in which the reporting entity operates. Transactions in other currencies than the functional currency are transactions in foreign currencies.Transactions in other currencies than the functional currency are initially translated into Danish kroner (DKK) at the exchange rates at the dates of transaction. Receivables, payables and other monetary items in foreign currencies that are not settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Exchange adjustments arising due to differences between the transaction date rates and the rates at the dates of payment or the rates at the balance sheet date, respectively, are recognized in financial income and expenses in the income statement. Property, plant and equipment and intangible assets, inventories and other non-monetary asset purchase in foreign currencies and measured at historical cost are translated at the transaction date rates.On recognition in the consolidated financial statements of enterprises with another functional currency than Danish kroner (DKK), income statements are translated at average annual exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date.Exchange adjustments arising on the translation of the opening balance sheet items of foreign enterprises at exchange rates at the balance sheet date and on the translation of income statements from average exchange rates to exchange rates at the balance sheet date are recognized in other comprehensive income. Similarly, exchange adjustments arising due to changes made directly in equity of foreign enterprises are recognized in other comprehensive income.On recognition in the consolidated financial statements of associates with a functional currency that differs from the presentation currency of the Parent Company, the share of results for the year is translated at average exchange rates, and the share of equity including goodwill is translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the share of the opening equity of foreign asso-ciates at exchange rates at the balance sheet date and on the translation of the share of results for the year from average exchange rates to exchange rates at the balance sheet date are recognized in other comprehen-sive income; likewise, classified in equity under a separate translation reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-171-2": {
"value": " Judgments as an element in significant accounting policiesThe calculation of carrying amounts of certain assets and liabilities requires judgment as to how assets and liabilities should be classified in the financial statements, and how future events will affect the value of these assets and liabilities at the balance sheet date. In connection with the financial reporting for 2022, the judg-ments presented in the list to the right have been considered material affecting the related items as described in relevant notes. Critical accounting estimatesManagement's estimates are based on assumptions which management considers reasonable, but which are inherently uncertain and unpredictable. In connection with the financial reporting for 2022, the following critical estimates have been made as described in the notes, see list to the right.Accounting policies, judgments as an element in significant accounting policiesas well as critical accounting estimates are described in the notes.NoteDerivative financial instruments 4\u00a7Segment reporting and revenue 5\u00a7Share-based payments 6\u00a7Expenses 7\u00a7Financial income 8\u00a7Financial expenses 9\u00a7Corporation tax 10\u00a7Intangible assets 11\u00a7Property, plant and equipment 12\u00a7Investments in associates 13\u00a7Other fixed asset investments 14\u00a7Inventories 15\u00a7Receivables 16\u00a7Equity 17\u00a7Deferred tax 18\u00a7Deposit returnable packaging 19\u00a7Debts 20\u00a7Cash Flow Statement 21\u00a7Purchase Price Allocation (PPA) 24\u00a7Legends\u00a7Significant accounting policiesJudgments as an element in significant accounting policiesCritical accounting estimatesIn connection with the preparation of the parent company Annual Report and consolidated financial state-ments, management makes estimates and judgments as to how recognition and measurement of revenue, assets and liabilities should take place based on the accounting policies applied.When determining the possible impact from climate risks on the financial reporting, management has assessed that the effect of climate related risks do not significantly impact estimates and assumptions. Likewise, is it not estimated to have any significant accounting impact.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-172-4": {
"value": "Accounting policies, judgments as an element in significant accounting policiesas well as critical accounting estimates are described in the notes.NoteDerivative financial instruments 4\u00a7Segment reporting and revenue 5\u00a7Share-based payments 6\u00a7Expenses 7\u00a7Financial income 8\u00a7Financial expenses 9\u00a7Corporation tax 10\u00a7Intangible assets 11\u00a7Property, plant and equipment 12\u00a7Investments in associates 13\u00a7Other fixed asset investments 14\u00a7Inventories 15\u00a7Receivables 16\u00a7Equity 17\u00a7Deferred tax 18\u00a7Deposit returnable packaging 19\u00a7Debts 20\u00a7Cash Flow Statement 21\u00a7Purchase Price Allocation (PPA) 24\u00a7Legends\u00a7Significant accounting policiesJudgments as an element in significant accounting policiesCritical accounting estimatesIn connection with the preparation of the parent company Annual Report and consolidated financial state-ments, management makes estimates and judgments as to how recognition and measurement of revenue, assets and liabilities should take place based on the accounting policies applied.When determining the possible impact from climate risks on the financial reporting, management has assessed that the effect of climate related risks do not significantly impact estimates and assumptions. Likewise, is it not estimated to have any significant accounting impact.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-174-2": {
"value": "Credit risksThe Group\u2019s credit risks relate primarily to receivables and counterparty risks.The Group's counterparty risks comprise both derive from commercial and financial risks. The commercial counterparty risk relates primarily to business agreements with a built-in element of firm rate/price. The financial counterparty risk relates to hedging agreements and net bank deposits. The financial counterparty risk is actively reduced by distributing bank deposits with banks in accordance with the credit rating criteria determined in the Treasury Policy.Royal Unibrew seeks to limit risks relating to credit granting to customers in export markets through extensive use of insurance cover and other types of hedging of payments. Where effective hedges cannot be established, Royal Unibrew has established procedures for approval of such risks. The credit risk is generally higher related to customers in the On-Trade sales channel than in the Off-Trade channel. This difference in credit risk is addressed through various approval procedures and credit granting conditions for customers in the two sales channels. The current geopolitical and macroeconomic situation has increased the risks in Europe. In Finland, risks on major single receivables from customers are reduced through sale of the receivables factoring DKK 423 million (2021: DKK 386 million). Credit risks related to trade receivables are reduced by setting off accrued bonus. On December 31, 2022, accrued bonus amounts to DKK 236 million (2021: DKK 243 million) set off against trade receivables.The maximum credit risk corresponds to the carrying amount of the financial assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-174-3": {
"value": "Credit risksThe Group\u2019s credit risks relate primarily to receivables and counterparty risks.The Group's counterparty risks comprise both derive from commercial and financial risks. The commercial counterparty risk relates primarily to business agreements with a built-in element of firm rate/price. The financial counterparty risk relates to hedging agreements and net bank deposits. The financial counterparty risk is actively reduced by distributing bank deposits with banks in accordance with the credit rating criteria determined in the Treasury Policy.Royal Unibrew seeks to limit risks relating to credit granting to customers in export markets through extensive use of insurance cover and other types of hedging of payments. Where effective hedges cannot be established, Royal Unibrew has established procedures for approval of such risks. The credit risk is generally higher related to customers in the On-Trade sales channel than in the Off-Trade channel. This difference in credit risk is addressed through various approval procedures and credit granting conditions for customers in the two sales channels. The current geopolitical and macroeconomic situation has increased the risks in Europe. In Finland, risks on major single receivables from customers are reduced through sale of the receivables factoring DKK 423 million (2021: DKK 386 million). Credit risks related to trade receivables are reduced by setting off accrued bonus. On December 31, 2022, accrued bonus amounts to DKK 236 million (2021: DKK 243 million) set off against trade receivables.The maximum credit risk corresponds to the carrying amount of the financial assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-174-4": {
"value": "Credit risksThe Group\u2019s credit risks relate primarily to receivables and counterparty risks.The Group's counterparty risks comprise both derive from commercial and financial risks. The commercial counterparty risk relates primarily to business agreements with a built-in element of firm rate/price. The financial counterparty risk relates to hedging agreements and net bank deposits. The financial counterparty risk is actively reduced by distributing bank deposits with banks in accordance with the credit rating criteria determined in the Treasury Policy.Royal Unibrew seeks to limit risks relating to credit granting to customers in export markets through extensive use of insurance cover and other types of hedging of payments. Where effective hedges cannot be established, Royal Unibrew has established procedures for approval of such risks. The credit risk is generally higher related to customers in the On-Trade sales channel than in the Off-Trade channel. This difference in credit risk is addressed through various approval procedures and credit granting conditions for customers in the two sales Note 3 Financial risk managementThe Group's financial risks are managed centrally according to the Treasury Policy approved by the Board of Directors, which includes guidelines for handling of currency-, interest rate-, liquidity- and credit risks. Commodity risks are also managed centrally according to the Commodity Risk Policy approved by the Board of Directors.Currency riskRoyal Unibrew is exposed to currency risks derived from the geographic spread of the Group's business activities. This currency exposure is reflected through the activities in the subsidiaries and the Parent Company's export activities where cash flows are earned in foreign currencies, and in connection with the purchase of raw materials primarily in EUR and USD, including purchases which involve an indirect USD risk on the part of the purchase price related to the raw material element. Purchases are in all materiality performed in the currencies in which the Group has income, which results in a total reduction of the currency risk. Furthermore, the translation of loans to/from subsidiaries as well as the Group's net debt are subject to currency risk where these are not established in DKK.The above describes Royal Unibrew's transaction risks, which are hedged actively according to the Treasury Policy. EUR is not hedged as the risk is considered too immaterial due to Denmark's fixed exchange rate policy toward EUR. The objective is to reduce negative effects on the Group's profit and cash flows (cf. note 4). The risk is therefore monitored and hedged continually. The Group's cash flows are primarily in EUR, USD, CAD, GBP, SEK and NOK.The total gross currency risk (before hedging) on the balance sheet items was calculated on December 31, 2022. The following table shows the sensitivity to a positive change in the rates on December 31, 2022, with all other variables unchanged. A negative change has a corresponding effect merely with the sign reversed.Earnings Earnings impact impact Equity Equity before tax before tax impact impact mDKK Change2022202120222021EUR 0.1% -0.3 -0.6 -0.3 -0.6USD 10% 5.5 5.1 5.5 5.1GBP 10% -2.1 -1.3 -2.1 -1.3CAD 10% 21.2 3.0 21.2 3.0NOK 10% 132.9 64.3 132.9 64.3SEK 10% -0.6 0.0 -0.6 0.0Royal Unibrew's translation risks relate primarily to US (USD), Canada (CAD), UK (GBP), Norway (NOK), Sweden (SEK), France, Italy, Finland, Latvia, Estonia as well as Lithuania (EUR). The translation risk related to Royal Unibrew's investments in foreign subsidiaries is, as a general rule, not hedged.Financial risks such as the loss of competitive strength due to long-term exchange rate changes are not hedged by financial instruments but are included in Royal Unibrew's strategic considerations and risk management.Interest rate riskRoyal Unibrew's interest rate is related to interest bearing assets and liabilities which is primarily denominated in DKK and EUR. Interest rate changes will affect the market value of fixed-interest loans as well as interest payments on floating-rate liabilities. Debt is established only in currencies in which the Group has commercial activities.In Royal Unibrew\u2019s assessment, the key interest rate risk is related to the immediate effect of interest rate changes on the Group's interest expenses and Royal Unibrew focuses only secondarily on changes in the market value of the debt. It is the Group's policy to limit the effect of interest rate changes on profit and cash flows while, within this framework, also achieving the lowest possible financing cost within this framework. In accordance with the Treasury Policy at least 30% of the loan portfolio must be at fixed rate.At the end of 2022, 33% (2021: 45%) of the mortgage and bank debt was with fixed interest rate and hedged with interest rates swaps, having a duration between 2-6 years (2021: 3-7 years). Change in the interest rate of one percentage point will affect the Group's interest expenses by approx. +/- DKK 25 million (2021: approx. +/- DKK 14 million) and the interest expenses of the Parent Company by approx. +/- DKK 29 million (2021: approx. +/- DKK 13 million).channels. The current geopolitical and macroeconomic situation has increased the risks in Europe. In Finland, risks on major single receivables from customers are reduced through sale of the receivables factoring DKK 423 million (2021: DKK 386 million). Credit risks related to trade receivables are reduced by setting off accrued bonus. On December 31, 2022, accrued bonus amounts to DKK 236 million (2021: DKK 243 million) set off against trade receivables.The maximum credit risk corresponds to the carrying amount of the financial assets.Liquidity risksIt is Group policy that cash resources should be adequate to meet the expected liquidity requirements in the current and next financial year. The cash resources may be bank deposits, short-term bonds and committed credit facilities.The long-term liquidity risks are managed by having loans with different durations, and by having a target for the minimum average duration of the loan portfolio. It is the Group policy to renegotiate loan facilities in timely manner. Royal Unibrew refinanced the main credit facility in 2022 of DKK 4 billion with a 5 year maturity with additional 2 years extension options.At the end of 2022, mortgage debt amounted to DKK 1,011 million (2021: DKK 1,017 million) with an average time to maturity of 13.9 years (2021: 12.8 years). Debt to credit institutions comprises drawn committed bank credit facilities and long term loan with an agreed time to maturity between 2 to 6 years (2021: 2 to 7 years).Capital managementRoyal Unibrew wants to ensure structural and financial flexibility as well as competitive power. To ensure this, continuous assessment is performed to determine the appropriate capital structure of Royal Unibrew. It is the target that the Group's net interest-bearing debt should not exceed 2.5 x EBITDA. The target for dividend payout ratio is 40-60% of the profit.At the operational level, continuous efforts are directed at optimizing working capital. Subject to adequate capacity and capability, investments in production facilities will be limited to replacement of individual components, related to specific products or to optimization of selected processes as well as maintenance.Commodity risksThe commodity risks relate primarily to the purchasing of cans (aluminum), malt (barley), hops and packaging materials (cardboard) as well as energy. The commodity risks are actively hedged commercially and financially in accordance with the Group's Commodity Risk Policy.The objective of managing Royal Unibrew's commodity risks is to achieve a smooth and time-differentiated effect of commodity price increases, which is primarily achieved by entering into fixed-price agreements with the relevant suppliers, including energy. As regards to the Group's purchase of cans, financial contracts have been performed to hedge the risk of aluminum price increases. Exchange rate changes with respect to the settlement currency of aluminum (USD) are an element of the overall currency risk management.The most significant part of purchases for the next 12 months has, in accordance with the Commodity Risk Policy, been hedged by entering into supplier agreements and financial contracts. A +/-10% change in the price of aluminum on the unhedged position will have an effect on the income statement of approx. +/- DKK 12 million (2021: DKK 13 million).Financial liabilities12/31 2022Maturity Group Contractual Maturity > 1 year Maturity Carrying mDKKcash flows< 1 year< 5 years> 5 yearsamountNon-derivative financial instruments:Financial debt, gross 4,907 970 2,854 1,083 4,304Leasing 390 118 196 76 370Trade payables 1,934 1,934 1,934Other payables 721 712 9 721Tot a l 7,952 3,734 3,059 1,159 7,329The debt is classified as \"debt at amortized cost\".12/31 2021Maturity Group Contractual Maturity > 1 year Maturity Carrying mDKKcash flows< 1 year< 5 years> 5 yearsamountNon-derivative financial instruments:Financial debt, gross 3,495 577 1,931 987 3,362Leasing 268 91 146 31 260Trade payables 1,721 1,721 1,721Other payables 598 572 26 598Tot a l 6,082 2,961 2,103 1,018 5,941The debt is classified as \"debt at amortized cost\".",
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"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-178-3": {
"value": "Liquidity risksIt is Group policy that cash resources should be adequate to meet the expected liquidity requirements in the current and next financial year. The cash resources may be bank deposits, short-term bonds and committed credit facilities.The long-term liquidity risks are managed by having loans with different durations, and by having a target for the minimum average duration of the loan portfolio. It is the Group policy to renegotiate loan facilities in timely manner. Royal Unibrew refinanced the main credit facility in 2022 of DKK 4 billion with a 5 year maturity with additional 2 years extension options.At the end of 2022, mortgage debt amounted to DKK 1,011 million (2021: DKK 1,017 million) with an average time to maturity of 13.9 years (2021: 12.8 years). Debt to credit institutions comprises drawn committed bank credit facilities and long term loan with an agreed time to maturity between 2 to 6 years (2021: 2 to 7 years).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-179-3": {
"value": "Capital managementRoyal Unibrew wants to ensure structural and financial flexibility as well as competitive power. To ensure this, continuous assessment is performed to determine the appropriate capital structure of Royal Unibrew. It is the target that the Group's net interest-bearing debt should not exceed 2.5 x EBITDA. The target for dividend payout ratio is 40-60% of the profit.At the operational level, continuous efforts are directed at optimizing working capital. Subject to adequate capacity and capability, investments in production facilities will be limited to replacement of individual components, related to specific products or to optimization of selected processes as well as maintenance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-2": {
"value": "Currency, commodity and interest rate risks and use of derivative financial instrumentsHedging of currency, commodity and interest rate riskThe risk is managed by entering into derivatives, such as forward contracts and swaps.On December 31, 2022, the Group had short-term FX contracts covering the balance sheet exposure end of 2022 in USD, CAD, NOK, SEK and GBP.The Group actively hedges the commodity risk related to aluminum. At the end of 2022, the Group has hedged 64% (2021: 63%) of the consumption within the coming 12 month.The interest rate swaps hedge the interest rate exposure on the mortgage debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the under-lying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2022 2021Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 1 0GBP 0 - 1 year 0 0NOK 0 - 1 year 5 4SEK 0 - 1 year 0 0Tot a l 6 4Commodity hedge:Mainly aluminum 0 - 1 year -12 8Tot a l -12 8Interest rate swaps:Mortgage and bank loans 3 year 51 5Total hedging instruments 45 17The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2022 and 2021 may all be classified as level-2 instruments in the IFRS Fair Value Hierarchy.The determined fair value of derivative financial instruments is based on observable market data such as yield curves or forward rates.Realized hedging transactions in the income statementmDKK 2022 2021 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 6 -38Financial income and expenses include currency, commodity and interest rate hedges of -4 1Tot a l 2 -37",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-3": {
"value": "Currency, commodity and interest rate risks and use of derivative financial instrumentsHedging of currency, commodity and interest rate riskThe risk is managed by entering into derivatives, such as forward contracts and swaps.On December 31, 2022, the Group had short-term FX contracts covering the balance sheet exposure end of 2022 in USD, CAD, NOK, SEK and GBP.The Group actively hedges the commodity risk related to aluminum. At the end of 2022, the Group has hedged 64% (2021: 63%) of the consumption within the coming 12 month.The interest rate swaps hedge the interest rate exposure on the mortgage debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the under-lying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2022 2021Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 1 0GBP 0 - 1 year 0 0NOK 0 - 1 year 5 4SEK 0 - 1 year 0 0Tot a l 6 4Commodity hedge:Mainly aluminum 0 - 1 year -12 8Tot a l -12 8Interest rate swaps:Mortgage and bank loans 3 year 51 5Total hedging instruments 45 17The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2022 and 2021 may all be classified as level-2 instruments in the IFRS Fair Value Hierarchy.The determined fair value of derivative financial instruments is based on observable market data such as yield curves or forward rates.Realized hedging transactions in the income statementmDKK 2022 2021 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 6 -38Financial income and expenses include currency, commodity and interest rate hedges of -4 1Tot a l 2 -37",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-4": {
"value": "Currency, commodity and interest rate risks and use of derivative financial instrumentsHedging of currency, commodity and interest rate riskThe risk is managed by entering into derivatives, such as forward contracts and swaps.On December 31, 2022, the Group had short-term FX contracts covering the balance sheet exposure end of 2022 in USD, CAD, NOK, SEK and GBP.The Group actively hedges the commodity risk related to aluminum. At the end of 2022, the Group has hedged 64% (2021: 63%) of the consumption within the coming 12 month.The interest rate swaps hedge the interest rate exposure on the mortgage debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the under-lying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2022 2021Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 1 0GBP 0 - 1 year 0 0NOK 0 - 1 year 5 4SEK 0 - 1 year 0 0Tot a l 6 4Commodity hedge:Mainly aluminum 0 - 1 year -12 8Tot a l -12 8Interest rate swaps:Mortgage and bank loans 3 year 51 5Total hedging instruments 45 17The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2022 and 2021 may all be classified as level-2 instruments in the IFRS Fair Value Hierarchy.The determined fair value of derivative financial instruments is based on observable market data such as yield curves or forward rates.Realized hedging transactions in the income statementmDKK 2022 2021 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 6 -38Financial income and expenses include currency, commodity and interest rate hedges of -4 1Tot a l 2 -37",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-5": {
"value": "Currency, commodity and interest rate risks and use of derivative financial instrumentsHedging of currency, commodity and interest rate riskThe risk is managed by entering into derivatives, such as forward contracts and swaps.On December 31, 2022, the Group had short-term FX contracts covering the balance sheet exposure end of 2022 in USD, CAD, NOK, SEK and GBP.The Group actively hedges the commodity risk related to aluminum. At the end of 2022, the Group has hedged 64% (2021: 63%) of the consumption within the coming 12 month.The interest rate swaps hedge the interest rate exposure on the mortgage debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the under-lying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2022 2021Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 1 0GBP 0 - 1 year 0 0NOK 0 - 1 year 5 4SEK 0 - 1 year 0 0Tot a l 6 4Commodity hedge:Mainly aluminum 0 - 1 year -12 8Tot a l -12 8Interest rate swaps:Mortgage and bank loans 3 year 51 5Total hedging instruments 45 17The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2022 and 2021 may all be classified as level-2 instruments in the IFRS Fair Value Hierarchy.The determined fair value of derivative financial instruments is based on observable market data such as yield curves or forward rates.Realized hedging transactions in the income statementmDKK 2022 2021 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 6 -38Financial income and expenses include currency, commodity and interest rate hedges of -4 1Tot a l 2 -37",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-6": {
"value": "Currency, commodity and interest rate risks and use of derivative financial instrumentsHedging of currency, commodity and interest rate riskThe risk is managed by entering into derivatives, such as forward contracts and swaps.On December 31, 2022, the Group had short-term FX contracts covering the balance sheet exposure end of 2022 in USD, CAD, NOK, SEK and GBP.The Group actively hedges the commodity risk related to aluminum. At the end of 2022, the Group has hedged 64% (2021: 63%) of the consumption within the coming 12 month.The interest rate swaps hedge the interest rate exposure on the mortgage debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the under-lying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2022 2021Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 1 0GBP 0 - 1 year 0 0NOK 0 - 1 year 5 4SEK 0 - 1 year 0 0Tot a l 6 4Commodity hedge:Mainly aluminum 0 - 1 year -12 8Tot a l -12 8Interest rate swaps:Mortgage and bank loans 3 year 51 5Total hedging instruments 45 17The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2022 and 2021 may all be classified as level-2 instruments in the IFRS Fair Value Hierarchy.The determined fair value of derivative financial instruments is based on observable market data such as yield curves or forward rates.Realized hedging transactions in the income statementmDKK 2022 2021 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 6 -38Financial income and expenses include currency, commodity and interest rate hedges of -4 1Tot a l 2 -37",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-7": {
"value": "Currency, commodity and interest rate risks and use of derivative financial instrumentsHedging of currency, commodity and interest rate riskThe risk is managed by entering into derivatives, such as forward contracts and swaps.On December 31, 2022, the Group had short-term FX contracts covering the balance sheet exposure end of 2022 in USD, CAD, NOK, SEK and GBP.The Group actively hedges the commodity risk related to aluminum. At the end of 2022, the Group has hedged 64% (2021: 63%) of the consumption within the coming 12 month.The interest rate swaps hedge the interest rate exposure on the mortgage debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the under-lying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2022 2021Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 1 0GBP 0 - 1 year 0 0NOK 0 - 1 year 5 4SEK 0 - 1 year 0 0Tot a l 6 4Commodity hedge:Mainly aluminum 0 - 1 year -12 8Tot a l -12 8Interest rate swaps:Mortgage and bank loans 3 year 51 5Total hedging instruments 45 17The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2022 and 2021 may all be classified as level-2 instruments in the IFRS Fair Value Hierarchy.The determined fair value of derivative financial instruments is based on observable market data such as yield curves or forward rates.Realized hedging transactions in the income statementmDKK 2022 2021 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 6 -38Financial income and expenses include currency, commodity and interest rate hedges of -4 1Tot a l 2 -37",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-186-3": {
"value": "\u00a7 Derivative financial instrumentsDerivative financial instruments are initially recognized in the balance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are included as other receivables and other payables, respectively.Changes in the fair values of derivative financial instruments that are designated and qualify as fair value hedges of a recognized asset or a recognized liability are recognized in the income statement as are any changes in the value of the hedged asset or the hedged liability.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of future cash flows are recognized in other comprehensive income. Income and expenses relating to such hedging transactions are transferred from other comprehensive income on realization of the hedged item and are recog-nized in the same entry as the hedged item.For derivative financial instruments which do not meet the criteria for hedge accounting, changes in fair values are recognized on a current basis in financial income and expenses in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-186-4": {
"value": "\u00a7 Derivative financial instrumentsDerivative financial instruments are initially recognized in the balance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are included as other receivables and other payables, respectively.Changes in the fair values of derivative financial instruments that are designated and qualify as fair value hedges of a recognized asset or a recognized liability are recognized in the income statement as are any changes in the value of the hedged asset or the hedged liability.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of future cash flows are recognized in other comprehensive income. Income and expenses relating to such hedging transactions are transferred from other comprehensive income on realization of the hedged item and are recog-nized in the same entry as the hedged item.For derivative financial instruments which do not meet the criteria for hedge accounting, changes in fair values are recognized on a current basis in financial income and expenses in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-186-5": {
"value": "\u00a7 Derivative financial instrumentsDerivative financial instruments are initially recognized in the balance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are included as other receivables and other payables, respectively.Changes in the fair values of derivative financial instruments that are designated and qualify as fair value hedges of a recognized asset or a recognized liability are recognized in the income statement as are any changes in the value of the hedged asset or the hedged liability.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of future cash flows are recognized in other comprehensive income. Income and expenses relating to such hedging transactions are transferred from other comprehensive income on realization of the hedged item and are recog-nized in the same entry as the hedged item.For derivative financial instruments which do not meet the criteria for hedge accounting, changes in fair values are recognized on a current basis in financial income and expenses in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-186-6": {
"value": "\u00a7 Derivative financial instrumentsDerivative financial instruments are initially recognized in the balance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are included as other receivables and other payables, respectively.Changes in the fair values of derivative financial instruments that are designated and qualify as fair value hedges of a recognized asset or a recognized liability are recognized in the income statement as are any changes in the value of the hedged asset or the hedged liability.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of future cash flows are recognized in other comprehensive income. Income and expenses relating to such hedging transactions are transferred from other comprehensive income on realization of the hedged item and are recog-nized in the same entry as the hedged item.For derivative financial instruments which do not meet the criteria for hedge accounting, changes in fair values are recognized on a current basis in financial income and expenses in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-186-7": {
"value": "\u00a7 Derivative financial instrumentsDerivative financial instruments are initially recognized in the balance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are included as other receivables and other payables, respectively.Changes in the fair values of derivative financial instruments that are designated and qualify as fair value hedges of a recognized asset or a recognized liability are recognized in the income statement as are any changes in the value of the hedged asset or the hedged liability.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of future cash flows are recognized in other comprehensive income. Income and expenses relating to such hedging transactions are transferred from other comprehensive income on realization of the hedged item and are recog-nized in the same entry as the hedged item.For derivative financial instruments which do not meet the criteria for hedge accounting, changes in fair values are recognized on a current basis in financial income and expenses in the income statement.\u00a7 Hedging reserveThe hedging reserve comprises changes to fair values of derivative financial instruments that are designated and qualify as cash flow hedges of future transactions.On realization, the hedging instrument is recognized in the income statement in the same item as the hedged transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-186-8": {
"value": "\u00a7 Derivative financial instrumentsDerivative financial instruments are initially recognized in the balance sheet at fair value and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are included as other receivables and other payables, respectively.Changes in the fair values of derivative financial instruments that are designated and qualify as fair value hedges of a recognized asset or a recognized liability are recognized in the income statement as are any changes in the value of the hedged asset or the hedged liability.Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of future cash flows are recognized in other comprehensive income. Income and expenses relating to such hedging transactions are transferred from other comprehensive income on realization of the hedged item and are recog-nized in the same entry as the hedged item.For derivative financial instruments which do not meet the criteria for hedge accounting, changes in fair values are recognized on a current basis in financial income and expenses in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-187-2": {
"value": "Note 5 Segment reporting and revenue The Group\u2019s results break down as follows on segments:Northern Western Un- mDKKEuropeEurope Internationalallocated Tot al2022Net revenue 8,943 1,353 1,191 0 11,487Amortization and depreciation 394 52 34 1 481Impairment 0Earnings before interest and tax (EBIT) 1,247 157 128 -16 1,516Sales (million hectoliters) 10.4 1.6 1.4 13.4Northern Western Un- mDKKEuropeEurope Internationalallocated Tot al2021Net revenue 6,605 1,168 973 0 8,746Amortization and depreciation 294 47 26 1 368Impairment 0Earnings before interest and tax (EBIT) 1,249 242 183 -22 1,652Sales (million hectoliters) 9.7 1.3 1.3 12.3Effective January 1, 2022, segments have changed from Western Europe, Baltic Sea and International to Northern Europe, Western Europe and International. This is consistent with the Group\u2019s internal management and reporting structure. The changed segmentation and the impact on segment information for 2021 and 2022 is disclosed above.Segment assets, segment liabilities and related disclosures are not provided to management on a regular basis and will therefore not be disclosed going forward.Note 5 Segment reporting and revenue (continued)Geographically, revenue and non-current assets break down as follows: 2022 2021 2022 2021Non- Non- Net Net current current mDKKrevenuerevenueassetsassetsDenmark 3,169 2,814 1,930 1,769Finland 2,958 2,569 3,447 3,372Norway 1,495 277 2,271 25Other countries 3,865 3,086 3,768 3,605Tot a l 11,487 8,746 11,416 8,771The geographic breakdown is based on the geographic location of the Group's external customers and comprises countries that individually account for more than 10% of the Group's net revenue as well as the country in which the Group is headquartered.No single customer accounts for revenue in excess of 10% of the Group's net revenue.Revenue by categorymDKK 2022 2021 Beer revenue 3,557 2,848Other beverages 7,805 5,750Other revenue 125 148Total revenue 11,487 8,746",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-187-3": {
"value": "Note 5 Segment reporting and revenue The Group\u2019s results break down as follows on segments:Northern Western Un- mDKKEuropeEurope Internationalallocated Tot al2022Net revenue 8,943 1,353 1,191 0 11,487Amortization and depreciation 394 52 34 1 481Impairment 0Earnings before interest and tax (EBIT) 1,247 157 128 -16 1,516Sales (million hectoliters) 10.4 1.6 1.4 13.4Northern Western Un- mDKKEuropeEurope Internationalallocated Tot al2021Net revenue 6,605 1,168 973 0 8,746Amortization and depreciation 294 47 26 1 368Impairment 0Earnings before interest and tax (EBIT) 1,249 242 183 -22 1,652Sales (million hectoliters) 9.7 1.3 1.3 12.3Effective January 1, 2022, segments have changed from Western Europe, Baltic Sea and International to Northern Europe, Western Europe and International. This is consistent with the Group\u2019s internal management and reporting structure. The changed segmentation and the impact on segment information for 2021 and 2022 is disclosed above.Segment assets, segment liabilities and related disclosures are not provided to management on a regular basis and will therefore not be disclosed going forward.Note 5 Segment reporting and revenue (continued)Geographically, revenue and non-current assets break down as follows: 2022 2021 2022 2021Non- Non- Net Net current current mDKKrevenuerevenueassetsassetsDenmark 3,169 2,814 1,930 1,769Finland 2,958 2,569 3,447 3,372Norway 1,495 277 2,271 25Other countries 3,865 3,086 3,768 3,605Tot a l 11,487 8,746 11,416 8,771The geographic breakdown is based on the geographic location of the Group's external customers and comprises countries that individually account for more than 10% of the Group's net revenue as well as the country in which the Group is headquartered.No single customer accounts for revenue in excess of 10% of the Group's net revenue.Revenue by categorymDKK 2022 2021 Beer revenue 3,557 2,848Other beverages 7,805 5,750Other revenue 125 148Total revenue 11,487 8,746",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-189-3": {
"value": "\u00a7 Segment reportingThe primary activity of the Group is sale of beverages, and we consider the Senior Leadership Team to be the operating decision-making body, as all significant decisions regarding business development and direction are taken in this team. Information reported to this team for the dual purpose of resource allocation and assess-ment of segment performance is focused on geographical markets. Segment performance is evaluated on the basis of operating profit (EBIT) consistent with the consolidated financial statements. Other items below EBIT are managed at Group level and are not allocated to business segments.Items allocated both by direct and indirect computation comprise production costs and administrative expenses, which are allocated by indirect computation based on allocation keys determined on the basis of the market\u2019s drain on key resources. Administrative expenses incurred in the group functions of the Parent Company are partly allocated.Assets comprise the non-current assets that are directly or indirectly used in connection with activities in the markets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-190-3": {
"value": " Net revenueNet revenue from the sale of goods is recognized in the income statement at the point in time where the control of goods and products is transferred to the customer, which is generally upon delivery, and if revenues can be measured reliably and are expected to be received.Net revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Net revenue is measured exclusive of VAT and net of discounts as well as excise duties collected on behalf of third parties.The Group gives various discounts and fees depending on the nature of the customer and business.Discounts comprise unit price reductions as well as contributions to promotional activities and product promo-tion based on volumes or value of purchases. The discounts are either granted as deductions from the invoice amount or earned as a bonus paid at the end of the bonus period. All types of discounts granted are recognized in net revenue.The Group considers whether contracts include other promises that constitute separate performance obliga-tions and to which a portion of the transaction price needs to be allocated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-190-4": {
"value": " Net revenueNet revenue from the sale of goods is recognized in the income statement at the point in time where the control of goods and products is transferred to the customer, which is generally upon delivery, and if revenues can be measured reliably and are expected to be received.Net revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. Net revenue is measured exclusive of VAT and net of discounts as well as excise duties collected on behalf of third parties.The Group gives various discounts and fees depending on the nature of the customer and business.Discounts comprise unit price reductions as well as contributions to promotional activities and product promo-tion based on volumes or value of purchases. The discounts are either granted as deductions from the invoice amount or earned as a bonus paid at the end of the bonus period. All types of discounts granted are recognized in net revenue.The Group considers whether contracts include other promises that constitute separate performance obliga-tions and to which a portion of the transaction price needs to be allocated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-191-2": {
"value": "Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as administrative expenses, staff expenses break down as follows:mDKK 2022 2021 Fixed salaries to Executive Management 14 13Severance payment 0 0Short-term bonus scheme for Executive Management 2 6Long-term share based bonus scheme for Executive Management -1 4Remuneration of Executive Management 15 23Remuneration of Board of Directors 5 520 28Wages and salaries 1,426 1,123Contributions to pension schemes 159 1281,585 1,251Other social security expenses 56 33Other staff expenses 63 54Tot a l 1,724 1,366Average number of employees 3,365 2,890The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Executive Management are disclosed at the Company\u2019s website.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-191-3": {
"value": "Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as administrative expenses, staff expenses break down as follows:mDKK 2022 2021 Fixed salaries to Executive Management 14 13Severance payment 0 0Short-term bonus scheme for Executive Management 2 6Long-term share based bonus scheme for Executive Management -1 4Remuneration of Executive Management 15 23Remuneration of Board of Directors 5 520 28Wages and salaries 1,426 1,123Contributions to pension schemes 159 1281,585 1,251Other social security expenses 56 33Other staff expenses 63 54Tot a l 1,724 1,366Average number of employees 3,365 2,890The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Executive Management are disclosed at the Company\u2019s website.Share-based paymentExecutive Total fair Management Share price value at time Boardat grant dateof grantDKK Number DKKthousandConditional shares 2021 19,081 645 7,380Outstanding at January 1, 2022 19,081Exercised 0Conditional shares 2022 programme (Exe Mgt) 18,576 720 8,150Conditional shares 2022 programme (SVP, VP and selected key employees) 27,196 595 12,000Anti-dilution adjustment 4,924Outstanding at December 31, 2022 69,777Exercisable at December 31, 2022 02022 2021Remaining Remaining Restricted term to Restricted term to sharesmaturitysharesmaturityNumber Months Number MonthsConditional shares 2021 programme (Exe Mgt) 19,543 12 19,081 24Conditional shares 2022 programme (Exe Mgt) 23,038 24Conditional shares 2022 programme (SVP, VP and selected key employees) 27,196 24Outstanding at December 31, 2022 69,777 19,081Note 6 Staff expenses (continued)CommentRoyal Unibrew has established a share based Long-Term Incentive Plan (LTIP) for the Executive Management, SVPs, VPs and selected key employees. The program is designed to align the interests of Royal Unibrew\u2019s Exec-utive Management, employees and shareholders and to retain and reward the employees for dedicated and focused achievements of the company\u2019s strategy and long-term objectives aligned with shareholders\u2019 interests.The LTIP implies the grant of a number of Performance Share Units (PSUs). The PSUs granted in 2021 and 2022 to each participant will vest within 0-100% of the granted PSUs depending on achievement of the defined KPIs during the period. In order to exercise the PSUs the employee must still be employed at the excise date.The KPIs in the LTIP programs for Executive Management granted in 2021 and 2022 have four targets: Organic EBIT growth in 2022 (45%), accumulated free cash flow (15%), ESG performance to peers (15%) and share price development (25%). Royal Unibrew A/S launched a new share based Long-Term Incentive Plan (LTIP) for selected key employees (SVPs, VPs and selected key employees) with the following targets: organic EBIT growth (50%), accumulated free cash flow (25%) and CSR rating relative to peers (25%).\u00a7 Share-based paymentsThe Group only has schemes classified as equity-settled schemes. Conditional shares are measured at fair value at the time of granting, and they are recognized in staff expenses in the income statement over the vesting period. The counter item is recognized directly in equity.At the initial recognition of the conditional shares, the number of shares expected to vest is estimated. Subse-quently, the estimate of the number of restricted shares is revised so that the total recognition is based on the estimated number of shares allotted. Share-based paymentsIn determining fair value, conditions and terms related to the conditional shares are taken into account.The market value of the program applying to 2021 covering the performance period 2021-2023 for Executive Management was approximately DKK 7 million. The market value of the program applying to 2022 covering the performance period 2022-2024 for Executive Management was approximately DKK 8 million. The new program established in 2022 for SVPs, VPs and selected key employees covering the performance period 2022-2024 had a market value at grant of approximately DKK 12 million. The market value has been charged to the income statement on an estimated straight-line basis over the vesting period, corresponding to the rate at which the conditions for the allotment of the shares was expected to be met.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-191-4": {
"value": "Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as administrative expenses, staff expenses break down as follows:mDKK 2022 2021 Fixed salaries to Executive Management 14 13Severance payment 0 0Short-term bonus scheme for Executive Management 2 6Long-term share based bonus scheme for Executive Management -1 4Remuneration of Executive Management 15 23Remuneration of Board of Directors 5 520 28Wages and salaries 1,426 1,123Contributions to pension schemes 159 1281,585 1,251Other social security expenses 56 33Other staff expenses 63 54Tot a l 1,724 1,366Average number of employees 3,365 2,890The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Executive Management are disclosed at the Company\u2019s website.Note 6 Staff expenses (continued)CommentRoyal Unibrew has established a share based Long-Term Incentive Plan (LTIP) for the Executive Management, SVPs, VPs and selected key employees. The program is designed to align the interests of Royal Unibrew\u2019s Exec-utive Management, employees and shareholders and to retain and reward the employees for dedicated and focused achievements of the company\u2019s strategy and long-term objectives aligned with shareholders\u2019 interests.The LTIP implies the grant of a number of Performance Share Units (PSUs). The PSUs granted in 2021 and 2022 to each participant will vest within 0-100% of the granted PSUs depending on achievement of the defined KPIs during the period. In order to exercise the PSUs the employee must still be employed at the excise date.The KPIs in the LTIP programs for Executive Management granted in 2021 and 2022 have four targets: Organic EBIT growth in 2022 (45%), accumulated free cash flow (15%), ESG performance to peers (15%) and share price development (25%). Royal Unibrew A/S launched a new share based Long-Term Incentive Plan (LTIP) for selected key employees (SVPs, VPs and selected key employees) with the following targets: organic EBIT growth (50%), accumulated free cash flow (25%) and CSR rating relative to peers (25%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-191-5": {
"value": "Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as administrative expenses, staff expenses break down as follows:mDKK 2022 2021 Fixed salaries to Executive Management 14 13Severance payment 0 0Short-term bonus scheme for Executive Management 2 6Long-term share based bonus scheme for Executive Management -1 4Remuneration of Executive Management 15 23Remuneration of Board of Directors 5 520 28Wages and salaries 1,426 1,123Contributions to pension schemes 159 1281,585 1,251Other social security expenses 56 33Other staff expenses 63 54Tot a l 1,724 1,366Average number of employees 3,365 2,890The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Executive Management are disclosed at the Company\u2019s website.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-191-6": {
"value": "Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as administrative expenses, staff expenses break down as follows:mDKK 2022 2021 Fixed salaries to Executive Management 14 13Severance payment 0 0Short-term bonus scheme for Executive Management 2 6Long-term share based bonus scheme for Executive Management -1 4Remuneration of Executive Management 15 23Remuneration of Board of Directors 5 520 28Wages and salaries 1,426 1,123Contributions to pension schemes 159 1281,585 1,251Other social security expenses 56 33Other staff expenses 63 54Tot a l 1,724 1,366Average number of employees 3,365 2,890The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Executive Management are disclosed at the Company\u2019s website.Share-based paymentExecutive Total fair Management Share price value at time Boardat grant dateof grantDKK Number DKKthousandConditional shares 2021 19,081 645 7,380Outstanding at January 1, 2022 19,081Exercised 0Conditional shares 2022 programme (Exe Mgt) 18,576 720 8,150Conditional shares 2022 programme (SVP, VP and selected key employees) 27,196 595 12,000Anti-dilution adjustment 4,924Outstanding at December 31, 2022 69,777Exercisable at December 31, 2022 02022 2021Remaining Remaining Restricted term to Restricted term to sharesmaturitysharesmaturityNumber Months Number MonthsConditional shares 2021 programme (Exe Mgt) 19,543 12 19,081 24Conditional shares 2022 programme (Exe Mgt) 23,038 24Conditional shares 2022 programme (SVP, VP and selected key employees) 27,196 24Outstanding at December 31, 2022 69,777 19,081Note 7 Expenses broken down by naturemDKK 2022 2021Aggregated by functionProduction costs 6,618 4,490Sales and distribution expenses 2,926 2,189Administrative expenses 427 415Tot a l 9,971 7,094Break down by nature as follows:Raw materials and consumables 5,564 3,639Wages, salaries and other staff expenses 1,724 1,366Operating and maintenance expenses 371 272Distribution expenses and carriage 837 671Sales and marketing expenses 711 591Bad trade debts -3 2Administrative cost 286 185Amortization, depreciation and gain/loss on sale 481 368Tot a l 9,971 7,094Total amortization, depreciation and gain/loss on sale are included in the following items in the income statement:Production costs 223 181Sales and distribution expenses 246 167Administrative expenses 12 20Tot a l 481 368Note 9 Financial expensesmDKK 2022 2021 Finance costsMortgage debt 5 6Credit institutions 52 27Leasing 3 2Finance costs on liabilities at amortized cost 60 35Other financial expenses 20 1Exchange adjustmentsCash at bank and external loans 3Trade receivables 0Trade payables 1 1Forward contracts 22 9Tot a l 103 49",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-192-4": {
"value": "Share-based paymentExecutive Total fair Management Share price value at time Boardat grant dateof grantDKK Number DKKthousandConditional shares 2021 19,081 645 7,380Outstanding at January 1, 2022 19,081Exercised 0Conditional shares 2022 programme (Exe Mgt) 18,576 720 8,150Conditional shares 2022 programme (SVP, VP and selected key employees) 27,196 595 12,000Anti-dilution adjustment 4,924Outstanding at December 31, 2022 69,777Exercisable at December 31, 2022 02022 2021Remaining Remaining Restricted term to Restricted term to sharesmaturitysharesmaturityNumber Months Number MonthsConditional shares 2021 programme (Exe Mgt) 19,543 12 19,081 24Conditional shares 2022 programme (Exe Mgt) 23,038 24Conditional shares 2022 programme (SVP, VP and selected key employees) 27,196 24Outstanding at December 31, 2022 69,777 19,081",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-194-4": {
"value": "\u00a7 Share-based paymentsThe Group only has schemes classified as equity-settled schemes. Conditional shares are measured at fair value at the time of granting, and they are recognized in staff expenses in the income statement over the vesting period. The counter item is recognized directly in equity.At the initial recognition of the conditional shares, the number of shares expected to vest is estimated. Subse-quently, the estimate of the number of restricted shares is revised so that the total recognition is based on the estimated number of shares allotted. Share-based paymentsIn determining fair value, conditions and terms related to the conditional shares are taken into account.The market value of the program applying to 2021 covering the performance period 2021-2023 for Executive Management was approximately DKK 7 million. The market value of the program applying to 2022 covering the performance period 2022-2024 for Executive Management was approximately DKK 8 million. The new program established in 2022 for SVPs, VPs and selected key employees covering the performance period 2022-2024 had a market value at grant of approximately DKK 12 million. The market value has been charged to the income statement on an estimated straight-line basis over the vesting period, corresponding to the rate at which the conditions for the allotment of the shares was expected to be met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-194-5": {
"value": "\u00a7 Share-based paymentsThe Group only has schemes classified as equity-settled schemes. Conditional shares are measured at fair value at the time of granting, and they are recognized in staff expenses in the income statement over the vesting period. The counter item is recognized directly in equity.At the initial recognition of the conditional shares, the number of shares expected to vest is estimated. Subse-quently, the estimate of the number of restricted shares is revised so that the total recognition is based on the estimated number of shares allotted. Share-based paymentsIn determining fair value, conditions and terms related to the conditional shares are taken into account.The market value of the program applying to 2021 covering the performance period 2021-2023 for Executive Management was approximately DKK 7 million. The market value of the program applying to 2022 covering the performance period 2022-2024 for Executive Management was approximately DKK 8 million. The new program established in 2022 for SVPs, VPs and selected key employees covering the performance period 2022-2024 had a market value at grant of approximately DKK 12 million. The market value has been charged to the income statement on an estimated straight-line basis over the vesting period, corresponding to the rate at which the conditions for the allotment of the shares was expected to be met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-195-3": {
"value": "Note 7 Expenses broken down by naturemDKK 2022 2021Aggregated by functionProduction costs 6,618 4,490Sales and distribution expenses 2,926 2,189Administrative expenses 427 415Tot a l 9,971 7,094Break down by nature as follows:Raw materials and consumables 5,564 3,639Wages, salaries and other staff expenses 1,724 1,366Operating and maintenance expenses 371 272Distribution expenses and carriage 837 671Sales and marketing expenses 711 591Bad trade debts -3 2Administrative cost 286 185Amortization, depreciation and gain/loss on sale 481 368Tot a l 9,971 7,094Total amortization, depreciation and gain/loss on sale are included in the following items in the income statement:Production costs 223 181Sales and distribution expenses 246 167Administrative expenses 12 20Tot a l 481 368",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-195-4": {
"value": "Note 7 Expenses broken down by naturemDKK 2022 2021Aggregated by functionProduction costs 6,618 4,490Sales and distribution expenses 2,926 2,189Administrative expenses 427 415Tot a l 9,971 7,094Break down by nature as follows:Raw materials and consumables 5,564 3,639Wages, salaries and other staff expenses 1,724 1,366Operating and maintenance expenses 371 272Distribution expenses and carriage 837 671Sales and marketing expenses 711 591Bad trade debts -3 2Administrative cost 286 185Amortization, depreciation and gain/loss on sale 481 368Tot a l 9,971 7,094Total amortization, depreciation and gain/loss on sale are included in the following items in the income statement:Production costs 223 181Sales and distribution expenses 246 167Administrative expenses 12 20Tot a l 481 368",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-195-5": {
"value": "Note 7 Expenses broken down by naturemDKK 2022 2021Aggregated by functionProduction costs 6,618 4,490Sales and distribution expenses 2,926 2,189Administrative expenses 427 415Tot a l 9,971 7,094Break down by nature as follows:Raw materials and consumables 5,564 3,639Wages, salaries and other staff expenses 1,724 1,366Operating and maintenance expenses 371 272Distribution expenses and carriage 837 671Sales and marketing expenses 711 591Bad trade debts -3 2Administrative cost 286 185Amortization, depreciation and gain/loss on sale 481 368Tot a l 9,971 7,094Total amortization, depreciation and gain/loss on sale are included in the following items in the income statement:Production costs 223 181Sales and distribution expenses 246 167Administrative expenses 12 20Tot a l 481 368",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-195-6": {
"value": "Note 7 Expenses broken down by naturemDKK 2022 2021Aggregated by functionProduction costs 6,618 4,490Sales and distribution expenses 2,926 2,189Administrative expenses 427 415Tot a l 9,971 7,094Break down by nature as follows:Raw materials and consumables 5,564 3,639Wages, salaries and other staff expenses 1,724 1,366Operating and maintenance expenses 371 272Distribution expenses and carriage 837 671Sales and marketing expenses 711 591Bad trade debts -3 2Administrative cost 286 185Amortization, depreciation and gain/loss on sale 481 368Tot a l 9,971 7,094Total amortization, depreciation and gain/loss on sale are included in the following items in the income statement:Production costs 223 181Sales and distribution expenses 246 167Administrative expenses 12 20Tot a l 481 368",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-196-2": {
"value": "mDKK 2022 2021Fee to auditors elected at the general assemblyFee for the audit of the Annual Report:Deloitte 7 3PWC 1Tot a l 7 4Deloitte fee for non-audit services:Other assurance services 1 0Other assistance* 1 1Tot a l 2 1* Fees for other assistance than statutory audit of the financial statements provided by Deloitte primarily comprise services relating to financial due diligence.CommentThe increase in audit fee of DKK 4 million is mainly due to an increase in legal entities as a consequence of the acquisition of Hansa Borg Bryggerier AS and Solera Beverage Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-197-3": {
"value": "\u00a7 ExpensesProduction costsProduction costs comprise direct and indirect expenses incurred to manufacture the finished goods repre-senting revenue for the year, including expenses for raw materials and consumables purchases, salaries and wages, renting and leasing as well as depreciation of and impairment losses on plant and machinery.Production costs also include development costs that do not meet the criteria for capitalization.Sales and distribution expensesSales and distribution expenses comprise expenses for distribution and sales campaigns relating to goods sold during the year, including expenses for sales personnel, marketing, depreciation and amortization as well as losses on trade receivables. Furthermore, depreciation and amortization of intangible assets are included.Administrative expensesAdministrative expenses comprise expenses for management and administration of the Group, including expenses for administrative personnel, management, office supplies and insurance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-199-3": {
"value": " LeasesUnder IFRS 16, the Group assesses whether a contract is or contains a lease based on following definitions: \u2022 fulfillment of the arrangement was dependent on the use of a specific asset or assets; and\u2022 the arrangement had conveyed a right to use the asset. An arrangement conveyed the right to use the asset if one of the following was met: \u2022 the purchaser had the ability or right to operate the asset while obtaining or controlling more than an insig-nificant amount of the output; \u2022 the purchaser had the ability or right to control physical access to the asset while obtaining or controlling more than an insignificant amount of the output; or \u2022 facts and circumstances indicated that it was remote that other parties would take more than an insig-nificant amount of the output, and the price per unit was neither fixed per unit of output nor equal to the current market price per unit of output.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-201-6": {
"value": "Note 9 Financial expensesmDKK 2022 2021 Finance costsMortgage debt 5 6Credit institutions 52 27Leasing 3 2Finance costs on liabilities at amortized cost 60 35Other financial expenses 20 1Exchange adjustmentsCash at bank and external loans 3Trade receivables 0Trade payables 1 1Forward contracts 22 9Tot a l 103 49",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-201-7": {
"value": "Note 9 Financial expensesmDKK 2022 2021 Finance costsMortgage debt 5 6Credit institutions 52 27Leasing 3 2Finance costs on liabilities at amortized cost 60 35Other financial expenses 20 1Exchange adjustmentsCash at bank and external loans 3Trade receivables 0Trade payables 1 1Forward contracts 22 9Tot a l 103 49",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-202-3": {
"value": "\u00a7 Financial income and expensesFinancial income and financial expenses comprise interest, capital gains and losses on investments, balances and transactions in foreign currencies, amortization of financial assets and liabilities, fair value adjustments of derivative financial instruments that do not qualify as hedge accounting as well as extra payments and repay-ment under the on-account taxation scheme, etc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-202-4": {
"value": "\u00a7 Financial income and expensesFinancial income and financial expenses comprise interest, capital gains and losses on investments, balances and transactions in foreign currencies, amortization of financial assets and liabilities, fair value adjustments of derivative financial instruments that do not qualify as hedge accounting as well as extra payments and repay-ment under the on-account taxation scheme, etc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-202-5": {
"value": "\u00a7 Financial income and expensesFinancial income and financial expenses comprise interest, capital gains and losses on investments, balances and transactions in foreign currencies, amortization of financial assets and liabilities, fair value adjustments of derivative financial instruments that do not qualify as hedge accounting as well as extra payments and repay-ment under the on-account taxation scheme, etc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-200-2": {
"value": "Note 8 Financial incomemDKK 2022 2021 Finance incomeTrade receivables 0 0Other financial income 4 0Interest tax-exempt 0Exchange adjustmentsTrade receivables 1 2Trade payables 2 5Cash at bank and external loans 1 0Loans to associates 2 0Forward contracts 0Tot a l 10 7Note 9 Financial expensesmDKK 2022 2021 Finance costsMortgage debt 5 6Credit institutions 52 27Leasing 3 2Finance costs on liabilities at amortized cost 60 35Other financial expenses 20 1Exchange adjustmentsCash at bank and external loans 3Trade receivables 0Trade payables 1 1Forward contracts 22 9Tot a l 103 49",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-200-3": {
"value": "Note 8 Financial incomemDKK 2022 2021 Finance incomeTrade receivables 0 0Other financial income 4 0Interest tax-exempt 0Exchange adjustmentsTrade receivables 1 2Trade payables 2 5Cash at bank and external loans 1 0Loans to associates 2 0Forward contracts 0Tot a l 10 7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-200-4": {
"value": "Note 8 Financial incomemDKK 2022 2021 Finance incomeTrade receivables 0 0Other financial income 4 0Interest tax-exempt 0Exchange adjustmentsTrade receivables 1 2Trade payables 2 5Cash at bank and external loans 1 0Loans to associates 2 0Forward contracts 0Tot a l 10 7Note 9 Financial expensesmDKK 2022 2021 Finance costsMortgage debt 5 6Credit institutions 52 27Leasing 3 2Finance costs on liabilities at amortized cost 60 35Other financial expenses 20 1Exchange adjustmentsCash at bank and external loans 3Trade receivables 0Trade payables 1 1Forward contracts 22 9Tot a l 103 49",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-200-5": {
"value": "Note 8 Financial incomemDKK 2022 2021 Finance incomeTrade receivables 0 0Other financial income 4 0Interest tax-exempt 0Exchange adjustmentsTrade receivables 1 2Trade payables 2 5Cash at bank and external loans 1 0Loans to associates 2 0Forward contracts 0Tot a l 10 7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-200-6": {
"value": "Note 8 Financial incomemDKK 2022 2021 Finance incomeTrade receivables 0 0Other financial income 4 0Interest tax-exempt 0Exchange adjustmentsTrade receivables 1 2Trade payables 2 5Cash at bank and external loans 1 0Loans to associates 2 0Forward contracts 0Tot a l 10 7Note 9 Financial expensesmDKK 2022 2021 Finance costsMortgage debt 5 6Credit institutions 52 27Leasing 3 2Finance costs on liabilities at amortized cost 60 35Other financial expenses 20 1Exchange adjustmentsCash at bank and external loans 3Trade receivables 0Trade payables 1 1Forward contracts 22 9Tot a l 103 49",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-203-2": {
"value": "Note 10 Tax on the profit for the yearmDKK 2022 2021 Tax on the taxable income for the year 305 334Adjustment of previous year -4 6Adjustment of deferred tax -7 9Tot a l 294 349which breaks down as follows:Tax on profit for the year 294 349Tax on other comprehensive income 3 2Tax on changes in equity, shareholders -3 -2Tot a l 294 349Current Danish tax rate 22.0 22.0Adjustment of previous year -0.2 0.3Income after tax from associates and gain on remeasurements -4.2 -0.5Effect on tax rate of permanent differences 0.3 0.5Differences in effective tax rates of foreign subsidiaries -1.4 -1.1Effective tax rate 16.5 21.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-203-3": {
"value": "Note 10 Tax on the profit for the yearmDKK 2022 2021 Tax on the taxable income for the year 305 334Adjustment of previous year -4 6Adjustment of deferred tax -7 9Tot a l 294 349which breaks down as follows:Tax on profit for the year 294 349Tax on other comprehensive income 3 2Tax on changes in equity, shareholders -3 -2Tot a l 294 349Current Danish tax rate 22.0 22.0Adjustment of previous year -0.2 0.3Income after tax from associates and gain on remeasurements -4.2 -0.5Effect on tax rate of permanent differences 0.3 0.5Differences in effective tax rates of foreign subsidiaries -1.4 -1.1Effective tax rate 16.5 21.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-204-3": {
"value": "\u00a7 Tax on the profit for the yearTax for the year consists of current tax for the year and movements in deferred tax for the year. The tax attribut-able to the profit for the year is recognized in the income statement and other comprehensive income, respec-tively, whereas the tax attributable to equity entries is recognized directly in equity.The effective tax rate is significantly impacted by the remeasurement on the 25% shareholding in Hansa Borg Bryggerier AS.The Parent Company is jointly taxed with its Danish subsidiaries. The Danish current tax for the year is allocated to the jointly taxed Danish enterprises in proportion to their taxable incomes (full allocation with credit for tax losses).\u00a7 Corporation taxCurrent tax liabilities are recognized in the balance sheet as calculated tax on the expected taxable income for the year adjusted for tax on taxable incomes for previous years and for tax paid on account.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-204-4": {
"value": "\u00a7 Tax on the profit for the yearTax for the year consists of current tax for the year and movements in deferred tax for the year. The tax attribut-able to the profit for the year is recognized in the income statement and other comprehensive income, respec-tively, whereas the tax attributable to equity entries is recognized directly in equity.The effective tax rate is significantly impacted by the remeasurement on the 25% shareholding in Hansa Borg Bryggerier AS.The Parent Company is jointly taxed with its Danish subsidiaries. The Danish current tax for the year is allocated to the jointly taxed Danish enterprises in proportion to their taxable incomes (full allocation with credit for tax losses).\u00a7 Corporation taxCurrent tax liabilities are recognized in the balance sheet as calculated tax on the expected taxable income for the year adjusted for tax on taxable incomes for previous years and for tax paid on account.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-205-2": {
"value": "Note 11 Intangible assetsDistribution Customer mDKK Goodwill Trademarksrightsrelations Tot a lCost at January 1, 2022 3,038 2,486 234 354 6,112Exchange adjustment -47 -17 -10 -74Addition by acquisition 1,001 810 7 27 1,845Cost at December 31, 2022 3,992 3,279 241 371 7,883Amortization and impairment losses at January 1, 2022 -7 -6 -103 -135 -251Exchange adjustment 0Reversal of depreciation of disposals 0Amortization for the year -15 -59 -74Impairment for the year 0Amortization and impairment losses at December 31, 2022 -7 -6 -118 -194 -325Carrying amount at December 31, 2022 3,985 3,273 123 177 7,558Note 11 Intangible assets (continued)Distribution Customer mDKK Goodwill Trademarksrightsrelations Tot a lCost at January 1, 2021 2,290 1,940 233 153 4,616Exchange adjustment 8 2 1 3 14Addition by acquisition 740 544 198 1,482Cost at December 31, 2021 3,038 2,486 234 354 6,112Amortization and impairment losses at January 1, 2021 -7 -6 -88 -107 -208Exchange adjustment -1 -1Reversal of depreciation of disposals 0Amortization for the year -14 -28 -42Impairment for the year 0Amortization and impairment losses at December 31, 2021 -7 -6 -103 -135 -251Carrying amount at December 31, 2021 3,031 2,480 131 219 5,861CommentGoodwill and trademarks with indefinite useful lives relating to Hartwall (Finland), Solera and Hansa Borg Bryg-gerier (Norway) and Est. Geyer Fr\u00e9res (France) represent more than 10% of the total value of goodwill and trademarks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-205-3": {
"value": "Note 11 Intangible assetsDistribution Customer mDKK Goodwill Trademarksrightsrelations Tot a lCost at January 1, 2022 3,038 2,486 234 354 6,112Exchange adjustment -47 -17 -10 -74Addition by acquisition 1,001 810 7 27 1,845Cost at December 31, 2022 3,992 3,279 241 371 7,883Amortization and impairment losses at January 1, 2022 -7 -6 -103 -135 -251Exchange adjustment 0Reversal of depreciation of disposals 0Amortization for the year -15 -59 -74Impairment for the year 0Amortization and impairment losses at December 31, 2022 -7 -6 -118 -194 -325Carrying amount at December 31, 2022 3,985 3,273 123 177 7,558Note 11 Intangible assets (continued)Distribution Customer mDKK Goodwill Trademarksrightsrelations Tot a lCost at January 1, 2021 2,290 1,940 233 153 4,616Exchange adjustment 8 2 1 3 14Addition by acquisition 740 544 198 1,482Cost at December 31, 2021 3,038 2,486 234 354 6,112Amortization and impairment losses at January 1, 2021 -7 -6 -88 -107 -208Exchange adjustment -1 -1Reversal of depreciation of disposals 0Amortization for the year -14 -28 -42Impairment for the year 0Amortization and impairment losses at December 31, 2021 -7 -6 -103 -135 -251Carrying amount at December 31, 2021 3,031 2,480 131 219 5,861CommentGoodwill and trademarks with indefinite useful lives relating to Hartwall (Finland), Solera and Hansa Borg Bryg-gerier (Norway) and Est. Geyer Fr\u00e9res (France) represent more than 10% of the total value of goodwill and trademarks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-205-4": {
"value": "Note 11 Intangible assetsDistribution Customer mDKK Goodwill Trademarksrightsrelations Tot a lCost at January 1, 2022 3,038 2,486 234 354 6,112Exchange adjustment -47 -17 -10 -74Addition by acquisition 1,001 810 7 27 1,845Cost at December 31, 2022 3,992 3,279 241 371 7,883Amortization and impairment losses at January 1, 2022 -7 -6 -103 -135 -251Exchange adjustment 0Reversal of depreciation of disposals 0Amortization for the year -15 -59 -74Impairment for the year 0Amortization and impairment losses at December 31, 2022 -7 -6 -118 -194 -325Carrying amount at December 31, 2022 3,985 3,273 123 177 7,558Note 11 Intangible assets (continued)Distribution Customer mDKK Goodwill Trademarksrightsrelations Tot a lCost at January 1, 2021 2,290 1,940 233 153 4,616Exchange adjustment 8 2 1 3 14Addition by acquisition 740 544 198 1,482Cost at December 31, 2021 3,038 2,486 234 354 6,112Amortization and impairment losses at January 1, 2021 -7 -6 -88 -107 -208Exchange adjustment -1 -1Reversal of depreciation of disposals 0Amortization for the year -14 -28 -42Impairment for the year 0Amortization and impairment losses at December 31, 2021 -7 -6 -103 -135 -251Carrying amount at December 31, 2021 3,031 2,480 131 219 5,861CommentGoodwill and trademarks with indefinite useful lives relating to Hartwall (Finland), Solera and Hansa Borg Bryg-gerier (Norway) and Est. Geyer Fr\u00e9res (France) represent more than 10% of the total value of goodwill and trademarks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-205-5": {
"value": "Note 11 Intangible assetsDistribution Customer mDKK Goodwill Trademarksrightsrelations Tot a lCost at January 1, 2022 3,038 2,486 234 354 6,112Exchange adjustment -47 -17 -10 -74Addition by acquisition 1,001 810 7 27 1,845Cost at December 31, 2022 3,992 3,279 241 371 7,883Amortization and impairment losses at January 1, 2022 -7 -6 -103 -135 -251Exchange adjustment 0Reversal of depreciation of disposals 0Amortization for the year -15 -59 -74Impairment for the year 0Amortization and impairment losses at December 31, 2022 -7 -6 -118 -194 -325Carrying amount at December 31, 2022 3,985 3,273 123 177 7,558Note 11 Intangible assets (continued)Distribution Customer mDKK Goodwill Trademarksrightsrelations Tot a lCost at January 1, 2021 2,290 1,940 233 153 4,616Exchange adjustment 8 2 1 3 14Addition by acquisition 740 544 198 1,482Cost at December 31, 2021 3,038 2,486 234 354 6,112Amortization and impairment losses at January 1, 2021 -7 -6 -88 -107 -208Exchange adjustment -1 -1Reversal of depreciation of disposals 0Amortization for the year -14 -28 -42Impairment for the year 0Amortization and impairment losses at December 31, 2021 -7 -6 -103 -135 -251Carrying amount at December 31, 2021 3,031 2,480 131 219 5,861CommentGoodwill and trademarks with indefinite useful lives relating to Hartwall (Finland), Solera and Hansa Borg Bryg-gerier (Norway) and Est. Geyer Fr\u00e9res (France) represent more than 10% of the total value of goodwill and trademarks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-207-3": {
"value": "\u00a7 GoodwillGoodwill is initially recognized in the balance sheet at cost. Subsequently, goodwill is measured at cost less accumulated impairment losses.The carrying amount of goodwill is allocated to the Group's cash-generating units (countries) at the time of acquisition. The determination of cash-generating units is based on management structure and internal finan-cial management. Intangible assetsIn relation to trademarks, management makes an annual judgment to determine whether the current market situation has reduced the value or affected the useful life of the trademarks, including whether past estimates of indefinite useful lives may be maintained.An annual impairment test is made of the values recognized in the financial statements of goodwill and trade-marks assessed to have indefinite lives, which are therefore not amortized. For a description of the discount rates and growth rates applied in connection with the impairment test of goodwill and trademarks as well as other assumptions of the impairment test, reference is made to the above note.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-207-4": {
"value": "\u00a7 GoodwillGoodwill is initially recognized in the balance sheet at cost. Subsequently, goodwill is measured at cost less accumulated impairment losses.The carrying amount of goodwill is allocated to the Group's cash-generating units (countries) at the time of acquisition. The determination of cash-generating units is based on management structure and internal finan-cial management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-208-3": {
"value": "\u00a7 Trademarks, distribution rights and customer relationsTrademarks, distribution rights and customer relations are initially recognized in the balance sheet at cost. Subsequently, distribution rights and customer relations are measured at cost less accumulated amortization and less any accumulated impairment losses. Distribution rights are amortized on a straight-line basis over their estimated useful lives, that is, maximum 20 years. Customer relations are amortized on a straight-line basis over their estimated useful lives, maximum 5 years.Trademarks are not amortized as they are all well-established, old and profitable trademarks which customers are expected to continue demanding unabatedly, and which management is not planning to stop selling and marketing.Goodwill and trademarks with indefinite useful lives are not amortized but tested at least annually for impair-ment. It is the Group's strategy to maintain trademarks and their value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-209-2": {
"value": "Impairment test of goodwill and trademarksAs in 2021, the impairment test in 2022 did not show any impairment losses.The carrying amount of goodwill and trademarks with indefinite useful lives at December 31, 2022, is related to the cash-generating operational units and breaks down as follows:mDKK Goodwill Trademarks To ta l Share2022 Northern Europe* 2,928 2,287 5,215 72%Western Europe* 963 876 1,839 25%International 94 110 204 3%Tot a l 3,985 3,273 7,258 100%* The most significant value relates to Finland, Norway, Sweden and France.Note 11 Intangible assets (continued)The recoverable amount is based on value in use, which is calculated by means of expected net cash flows on the basis of budgets and forecasts for 2023-2027, approved by management, as well as estimated market driven discount rates and growth rates.In 2022, the consumption in the markets in which Royal Unibrew operates was generally impacted by the macroeconomic uncertainty due to the war in Ukraine. Royal Unibrew been compelled to deal with high inflation and historically high energy prices, which have adversely impacted our cost base.The consumption in the markets in which Royal Unibrew operates has expected to develop positively and we continue to win market shares across geographies. We will build on our positive organic volume and revenue growth, as well through partnerships and acquisitions. This, together with further developing the businesses acquired in recent years, continued focus on exploiting commercial opportunities and innovation following the consumer trends, Royal Unibrew expects to gain market shares, and consequently, increase the revenue and earnings from the core brands and business areas. EBIT margins are expected to increase in all regions through continuous focus on value management, investments in IT capabilities and continuous efficiency improvements and synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western EuropeEurope InternationalGrowth rate 2024-2027 2.7-13.3% 9.4-18.4% 17.8-17.8%Growth rate on terminal value 0.8-0.8% 0.6-0.8% 1.6-1.6%Discount rate pre tax 6.5-8.1% 6.9-8.0% 26.5-26.5%The forecasted results approved by management are based on previously achieved results and expected market developments (see above). The average growth rates applied are in accordance with management's expectations considering industry conditions in the individual markets. The discount rates applied are before tax and reflect current specific risks in the individual market. External consultants have advised how to determine the discounts rates. In Northern Europe, the highest point of the range indicated for the discount rate relates to Norway. In Western Europe, the lowest point of the range indicated for the growth rates of terminal value and discount rate relates to Italy. The assumptions applied by management are inherently subject to uncertainty and unpredictability. Reasonably probable changes will not lead to recognition of impairment losses, why no sensitivity analysis has been disclosed.mDKK Goodwill Trademarks To ta l Share2021 Northern Europe* 2,068 1,604 3,672 67%Western Europe* 963 876 1,839 33%Tot a l 3,031 2,480 5,511 100%* The most significant value relates to Finland and France.The recoverable amount is based on value in use, which is calculated by means of expected net cash flows on the basis of budgets and forecasts for 2022-2026 approved by Management as well as estimated market driven discount rates and growth rates.The consumption in the markets in which Royal Unibrew operate is generally expected to regain the negative impact from COVID-19 from and including Q2 2022. In Northern Europe and Western Europe, consumption of Royal Unibrew's beverage categories is, in addition to the assumed absence of negative COVID-19 effects from Q2 2022, expected to be at the same level as in 2021 but changing towards high value products in the coming years. Through further developing the businesses acquired in recent years, continued focus on exploiting commercial opportunities and innovation following the consumer trends, Royal Unibrew expects to gain market shares and consequently increase the revenue and earnings from the core brands and business areas. EBIT margins are expected to increase toward historic levels through continuous focus on value management, continuous efficiency improvements and synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western 2021EuropeEuropeGrowth rate 2023-2026 5.6-5.8% 11.0-15.1%Growth rate on terminal value 1.0-1.0% 1.0-1.0%Discount rate pre tax 6.2-6.8% 6.1-6.8%Note 11 Intangible assets (continued) The forecasted results approved by management are based on previously achieved results and expected market developments assuming no negative impact from COVID-19 as from Q2 2022 (see above). The average growth rates applied are in accordance with management's expectations taking into account industry condi-tions in the individual markets. The discount rates applied are before tax and reflect current specific risks in the individual market. External consultants have advised how to determine the discounts rates. In Western Europe, the highest point of the range indicated for the discount rate relates to Italy. In Northern Europe, the lowest point of the range indicated for the growth rates of terminal value and discount rate relates to Finland. The assumptions applied by management are inherently subject to uncertainty and unpredictability. Reason-ably probable changes will not lead to recognition of impairment losses, why no sensitivity analysis has been disclosed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-213-3": {
"value": "\u00a7 ImpairmentThe carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether impairment has incurred other than that expressed by normal amortization and deprecia-tion. If so, the asset is written down to the higher of net selling price and value in use. Goodwill and other assets for which a value in use cannot be determined, as the asset does not on an individual basis generate future cash flows, are reviewed for impairment together with the group of assets (cash-generating units) to which they are attributable.The carrying amount of goodwill and trademarks with indefinite useful lives is tested for impairment at least on an annual basis together with the other non-current assets of the cash-generating unit to which goodwill has been allocated. Subsequently, it is written down to recoverable amount in the income statement if the carrying amount exceeds the recoverable amount.The carrying amount of financial assets measured at cost or amortized cost is written down for impairment if the net present value is lower than the carrying amount, due to changed expected net payments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-213-4": {
"value": "\u00a7 ImpairmentThe carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether impairment has incurred other than that expressed by normal amortization and deprecia-tion. If so, the asset is written down to the higher of net selling price and value in use. Goodwill and other assets for which a value in use cannot be determined, as the asset does not on an individual basis generate future cash flows, are reviewed for impairment together with the group of assets (cash-generating units) to which they are attributable.The carrying amount of goodwill and trademarks with indefinite useful lives is tested for impairment at least on an annual basis together with the other non-current assets of the cash-generating unit to which goodwill has been allocated. Subsequently, it is written down to recoverable amount in the income statement if the carrying amount exceeds the recoverable amount.The carrying amount of financial assets measured at cost or amortized cost is written down for impairment if the net present value is lower than the carrying amount, due to changed expected net payments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-215-2": {
"value": "Note 12 Property, plant and equipmentOther fixtures Property, Leasing of Total other and fittings, plant and property, property, Land and Plant and tools and equipment plant and plant and mDKKbuildingsmachineryequipmentin progressequipmentequipment Cost at January 1, 2022 1,929 2,694 1,122 254 430 6,429Exchange adjustment -23 -15 0 1 -5 -42Adjustment previous year -3 20 17Additions 24 169 166 116 197 672Additions by acquisitions 434 218 40 31 723Disposals -1 -72 -56 -58 -187Transfers for the year 12 113 52 -179 2 0Cost at December 31, 2022 2,375 3,104 1,344 192 597 7,612Depreciation, revaluation and impair-ment losses at January 1, 2022 -850 -1,907 -760 0 -178 -3,695Exchange adjustment 7 1 0 0 8Adjustment previous year 3 -20 -17Depreciation for the year -53 -142 -121 -97 -413Reversal of depreciation of assets sold 0 72 69 44 185Depreciation, revaluation and impairment losses at December 31, 2022 -896 -1,973 -832 0 -231 -3,932Carrying amount at December 31, 2022 1,479 1,131 512 192 366 3,680Leasing of property, plant and equipment:Cost at December 31, 2022 343 254 597Depreciation, revaluation and impair-ment losses at December 31, 2022 -109 -122 -231Carrying amount per asset type 234 132 366Land and buildings at a carrying amount of DKK 1,026 million have been provided as security for mortgage debt of DKK 1,008 million.Contracts for the delivery of property, plant and equipment in 2023 or later have been entered into only to an immaterial extent.Note 12 Property, plant and equipment (continued)Other fixtures Property, Leasing of Total other and fittings, plant and property, property, Land and Plant and tools and equipment plant and plant and mDKKbuildingsmachineryequipmentin progressequipmentequipment Cost at January 1, 2021 1,851 2,579 1,072 147 296 5,945Exchange adjustment 0 0 1 1Adjustment previous year 31 31Additions 34 76 108 208 151 577Additions by acquisitions 0 9 9 41 59Disposals -2 -29 -95 -58 -184Transfers for the year 46 28 27 -101 0 0Cost at December 31, 2021 1,929 2,694 1,122 254 430 6,429Depreciation, revaluation and impair-ment losses at January 1, 2021 -807 -1,784 -753 0 -146 -3,490Exchange adjustment 0 0 0 0Adjustment previous year -33 -33Depreciation for the year -45 -119 -99 -76 -339Reversal of depreciation of assets sold 2 29 92 44 167Depreciation, revaluation and impairment losses at December 31, 2021 -850 -1,907 -760 0 -178 -3,695Carrying amount at December 31, 2021 1,079 787 362 254 252 2,734Leasing of property, plant and equipment:Cost at December 31, 2021 203 227 430Depreciation, revaluation and impair-ment losses at December 31, 2021 -77 -101 -178Carrying amount per asset type 126 126 252Land and buildings at a carrying amount of DKK 977 million have been provided as security for mortgage debt of DKK 1,003 million.Contracts for the delivery of property, plant and equipment in 2022 or later have been entered into only to an immaterial extent.The expected useful lives of the assets remain unchanged from 2021 and are as follows:Buildings and installations 25-40 yearsLeasing of property, plant and equipment over the term of the leasePlant and machinery 10-15 yearsOther fixtures and fittings, tools and equipment 5-8 yearsVehicles 4-5 yearsIT hardware and software 3 yearsReturnable packaging 3-10 yearsManagement reviews its estimate of the useful lives of property, plant and equipment annually.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-215-3": {
"value": "Note 12 Property, plant and equipmentOther fixtures Property, Leasing of Total other and fittings, plant and property, property, Land and Plant and tools and equipment plant and plant and mDKKbuildingsmachineryequipmentin progressequipmentequipment Cost at January 1, 2022 1,929 2,694 1,122 254 430 6,429Exchange adjustment -23 -15 0 1 -5 -42Adjustment previous year -3 20 17Additions 24 169 166 116 197 672Additions by acquisitions 434 218 40 31 723Disposals -1 -72 -56 -58 -187Transfers for the year 12 113 52 -179 2 0Cost at December 31, 2022 2,375 3,104 1,344 192 597 7,612Depreciation, revaluation and impair-ment losses at January 1, 2022 -850 -1,907 -760 0 -178 -3,695Exchange adjustment 7 1 0 0 8Adjustment previous year 3 -20 -17Depreciation for the year -53 -142 -121 -97 -413Reversal of depreciation of assets sold 0 72 69 44 185Depreciation, revaluation and impairment losses at December 31, 2022 -896 -1,973 -832 0 -231 -3,932Carrying amount at December 31, 2022 1,479 1,131 512 192 366 3,680Leasing of property, plant and equipment:Cost at December 31, 2022 343 254 597Depreciation, revaluation and impair-ment losses at December 31, 2022 -109 -122 -231Carrying amount per asset type 234 132 366Land and buildings at a carrying amount of DKK 1,026 million have been provided as security for mortgage debt of DKK 1,008 million.Contracts for the delivery of property, plant and equipment in 2023 or later have been entered into only to an immaterial extent.Note 12 Property, plant and equipment (continued)Other fixtures Property, Leasing of Total other and fittings, plant and property, property, Land and Plant and tools and equipment plant and plant and mDKKbuildingsmachineryequipmentin progressequipmentequipment Cost at January 1, 2021 1,851 2,579 1,072 147 296 5,945Exchange adjustment 0 0 1 1Adjustment previous year 31 31Additions 34 76 108 208 151 577Additions by acquisitions 0 9 9 41 59Disposals -2 -29 -95 -58 -184Transfers for the year 46 28 27 -101 0 0Cost at December 31, 2021 1,929 2,694 1,122 254 430 6,429Depreciation, revaluation and impair-ment losses at January 1, 2021 -807 -1,784 -753 0 -146 -3,490Exchange adjustment 0 0 0 0Adjustment previous year -33 -33Depreciation for the year -45 -119 -99 -76 -339Reversal of depreciation of assets sold 2 29 92 44 167Depreciation, revaluation and impairment losses at December 31, 2021 -850 -1,907 -760 0 -178 -3,695Carrying amount at December 31, 2021 1,079 787 362 254 252 2,734Leasing of property, plant and equipment:Cost at December 31, 2021 203 227 430Depreciation, revaluation and impair-ment losses at December 31, 2021 -77 -101 -178Carrying amount per asset type 126 126 252Land and buildings at a carrying amount of DKK 977 million have been provided as security for mortgage debt of DKK 1,003 million.Contracts for the delivery of property, plant and equipment in 2022 or later have been entered into only to an immaterial extent.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-217-3": {
"value": "\u00a7 Property, plant and equipmentLand and buildings, plant and machinery and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Depreciation is calculated on a straight-line basis over the useful lives of the assets.Profits and losses on the disposal of property, plant and equipment are calculated as the difference between the sales sum less the expenses necessary to make the sale and the carrying amount at the time of sale. Profits or losses were immaterial in both 2021 and 2022 and have been recognized in the income statement as an adjust-ment to depreciation in production costs, sales or distribution expenses or administrative expenses, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-219-2": {
"value": "Note 13 Investments in associatesInvestments mDKKin associatesCost at January 1, 2022 76Addition by acquisition 75Reclassification -28Cost at December 31, 2022 123Value adjustments at January 1, 2022 77Exchange adjustment -6Dividend, net -27Share of profit for the year 2Other comprehensive income 0Reclassification -70Value adjustments at December 31, 2022 -24Carrying amount at December 31, 2022 99Cost at January 1, 2021 76Cost at December 31, 2021 76Value adjustments at January 1, 2021 55Exchange adjustment 6Dividend, net -21Share of profit for the year 37Other comprehensive income 0Value adjustments at December 31, 2021 77Carrying amount at December 31, 2021 153Royal Unibrew's share of:mDKK 2022 2021Profit from continuing operations for the year 2 37Other comprehensive income 0 0Comprehensive income 2 37Total carrying amount at December 31 of the Group's total investments in associates, share of equity 99 153",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-219-3": {
"value": "Note 13 Investments in associatesInvestments mDKKin associatesCost at January 1, 2022 76Addition by acquisition 75Reclassification -28Cost at December 31, 2022 123Value adjustments at January 1, 2022 77Exchange adjustment -6Dividend, net -27Share of profit for the year 2Other comprehensive income 0Reclassification -70Value adjustments at December 31, 2022 -24Carrying amount at December 31, 2022 99Cost at January 1, 2021 76Cost at December 31, 2021 76Value adjustments at January 1, 2021 55Exchange adjustment 6Dividend, net -21Share of profit for the year 37Other comprehensive income 0Value adjustments at December 31, 2021 77Carrying amount at December 31, 2021 153Royal Unibrew's share of:mDKK 2022 2021Profit from continuing operations for the year 2 37Other comprehensive income 0 0Comprehensive income 2 37Total carrying amount at December 31 of the Group's total investments in associates, share of equity 99 153",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-221-3": {
"value": "\u00a7 Investments in associates in the consolidated financial statementsInvestments in associates are measured in the balance sheet at the proportionate share of the net asset value of the enterprises calculated under the accounting policies of the Group with deduction or addition of the proportionate share of unrealized intercompany profits and losses and with addition of the carrying amount of goodwill.Associates with a negative net asset value are measured at DKK 0. If the Group has a legal or constructive obli-gation to cover the negative balance of the associate, this obligation is recognized in liabilities.The proportionate share of the results of associates is recognized in the income statement of the Group after adjusting for impairment losses on goodwill and eliminating the proportionate share of unrealized intercompany gains and losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-221-4": {
"value": "\u00a7 Investments in associates in the consolidated financial statementsInvestments in associates are measured in the balance sheet at the proportionate share of the net asset value of the enterprises calculated under the accounting policies of the Group with deduction or addition of the proportionate share of unrealized intercompany profits and losses and with addition of the carrying amount of goodwill.Associates with a negative net asset value are measured at DKK 0. If the Group has a legal or constructive obli-gation to cover the negative balance of the associate, this obligation is recognized in liabilities.The proportionate share of the results of associates is recognized in the income statement of the Group after adjusting for impairment losses on goodwill and eliminating the proportionate share of unrealized intercompany gains and losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-221-5": {
"value": "\u00a7 Investments in associates in the consolidated financial statementsInvestments in associates are measured in the balance sheet at the proportionate share of the net asset value of the enterprises calculated under the accounting policies of the Group with deduction or addition of the proportionate share of unrealized intercompany profits and losses and with addition of the carrying amount of goodwill.Associates with a negative net asset value are measured at DKK 0. If the Group has a legal or constructive obli-gation to cover the negative balance of the associate, this obligation is recognized in liabilities.The proportionate share of the results of associates is recognized in the income statement of the Group after adjusting for impairment losses on goodwill and eliminating the proportionate share of unrealized intercompany gains and losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-222-2": {
"value": "Note 14 Other fixed asset investmentsTotal other Other Other fixed asset mDKKinvestmentsreceivablesinvestmentsCost at January 1, 2022 66 8 75Exchange adjustment 0 -4 -4Additions by acquisition 61 1 62Additions 0 0 0Disposals -6 -6Cost at December 31, 2022 121 5 127Value adjustments at January 1, 2022 -52 0 -52Exchange adjustment 0 4 4Disposals 0Revaluations and impairment losses for the year 0Value adjustments at December 31, 2022 -52 4 -48Carrying amount at December 31, 2022 69 9 79Cost at January 1, 2021 64 8 73Exchange adjustment 0Additions by acquisition 2 2Additions 0Disposals 0Cost at December 31, 2021 66 8 75Value adjustments at January 1, 2021 -52 -52Value adjustments at December 31, 2021 -52 0 -52Carrying amount at December 31, 2021 14 8 23 Other investmentsIn connection with the presentation of the 2011 financial statements, management estimated the fair value of its investment (48% of the share capital) in the Polish brewery company Perla Browary Lubelskie S.A. at DKK 0 due to governance issues. Since 2011, management has maintained its fair value estimate of DKK 0 as these issues have not subsequently been resolved. The consolidated financial statements of Perla Browary Lubelskie S.A. for 2021 (2022 not yet available) have been prepared on the basis of Polish accounting law and show a profit after tax of PLN 32 million (DKK 51 million) and equity of PLN 405 million (DKK 643 million). The fair value measurement of the investment in Perla Browary Lubelskie S.A. is classified in level 3 of the IFRS Fair Value Hier-archy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-222-3": {
"value": "Note 14 Other fixed asset investmentsTotal other Other Other fixed asset mDKKinvestmentsreceivablesinvestmentsCost at January 1, 2022 66 8 75Exchange adjustment 0 -4 -4Additions by acquisition 61 1 62Additions 0 0 0Disposals -6 -6Cost at December 31, 2022 121 5 127Value adjustments at January 1, 2022 -52 0 -52Exchange adjustment 0 4 4Disposals 0Revaluations and impairment losses for the year 0Value adjustments at December 31, 2022 -52 4 -48Carrying amount at December 31, 2022 69 9 79Cost at January 1, 2021 64 8 73Exchange adjustment 0Additions by acquisition 2 2Additions 0Disposals 0Cost at December 31, 2021 66 8 75Value adjustments at January 1, 2021 -52 -52Value adjustments at December 31, 2021 -52 0 -52Carrying amount at December 31, 2021 14 8 23 Other investmentsIn connection with the presentation of the 2011 financial statements, management estimated the fair value of its investment (48% of the share capital) in the Polish brewery company Perla Browary Lubelskie S.A. at DKK 0 due to governance issues. Since 2011, management has maintained its fair value estimate of DKK 0 as these issues have not subsequently been resolved. The consolidated financial statements of Perla Browary Lubelskie S.A. for 2021 (2022 not yet available) have been prepared on the basis of Polish accounting law and show a profit after tax of PLN 32 million (DKK 51 million) and equity of PLN 405 million (DKK 643 million). The fair value measurement of the investment in Perla Browary Lubelskie S.A. is classified in level 3 of the IFRS Fair Value Hier-archy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-222-4": {
"value": "Note 14 Other fixed asset investmentsTotal other Other Other fixed asset mDKKinvestmentsreceivablesinvestmentsCost at January 1, 2022 66 8 75Exchange adjustment 0 -4 -4Additions by acquisition 61 1 62Additions 0 0 0Disposals -6 -6Cost at December 31, 2022 121 5 127Value adjustments at January 1, 2022 -52 0 -52Exchange adjustment 0 4 4Disposals 0Revaluations and impairment losses for the year 0Value adjustments at December 31, 2022 -52 4 -48Carrying amount at December 31, 2022 69 9 79Cost at January 1, 2021 64 8 73Exchange adjustment 0Additions by acquisition 2 2Additions 0Disposals 0Cost at December 31, 2021 66 8 75Value adjustments at January 1, 2021 -52 -52Value adjustments at December 31, 2021 -52 0 -52Carrying amount at December 31, 2021 14 8 23 Other investmentsIn connection with the presentation of the 2011 financial statements, management estimated the fair value of its investment (48% of the share capital) in the Polish brewery company Perla Browary Lubelskie S.A. at DKK 0 due to governance issues. Since 2011, management has maintained its fair value estimate of DKK 0 as these issues have not subsequently been resolved. The consolidated financial statements of Perla Browary Lubelskie S.A. for 2021 (2022 not yet available) have been prepared on the basis of Polish accounting law and show a profit after tax of PLN 32 million (DKK 51 million) and equity of PLN 405 million (DKK 643 million). The fair value measurement of the investment in Perla Browary Lubelskie S.A. is classified in level 3 of the IFRS Fair Value Hier-archy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-223-3": {
"value": "\u00a7 Other investmentsOther investments classified as fair value through profit and loss are recognized in non-current assets at fair value at the trading date and at estimated fair value calculation on the basis of market data and recognized valuation methods as regards unlisted securities. Unrealized value adjustments are recognized in other compre-hensive income except for impairment losses and reversal of impairment losses which are recognized in finan-cial income and expenses in the income statement. Upon realization, the accumulated value adjustment recog-nized in other comprehensive income is transferred to financial income and expenses in the income statement. Other investments may be classified as level-3 instruments.\u00a7 Other receivablesOther receivables under fixed asset investments held to maturity are initially recognized at fair value and are subsequently measured at amortized cost or an estimated lower value at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-225-2": {
"value": "Note 15 InventoriesmDKK 2022 2021Raw materials and consumables 399 262Work in progress 40 26Finished goods and goods for resale 774 492Inventories 1,213 780InventoriesIndirect production costs are recognized in the value of work in progress and finished goods at DKK 28 million (2021: DKK 26 million). Write down of inventories amounted to DKK 26 million (2021: DKK 16 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-226-3": {
"value": "\u00a7 InventoriesInventories are measured at the lower of cost under the FIFO method and net realizable value of individual product groups. The net realizable value of inventories is calculated at the amount of future sales revenues expected to be generated by inventories at the balance sheet date in the process of normal operations and determined allowing for marketability, obsolescence and development in expected sales sum with deduction of calculated selling expenses.The cost of raw materials, consumables, goods for resale and purchased finished goods comprise invoiced price plus expenses directly attributable to the acquisition.The cost of work in progress and finished goods comprise the cost of materials and direct labor with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labor as well as maintenance and depreciation of and impairment losses on the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-227-2": {
"value": "Note 16 ReceivablesmDKK 2022 2021Trade receivables 1,360 1,123Other receivables 140 65Receivables 1,500 1,188Receivables are classified as \"assets measured at amortized cost\" under IFRS 9.Trade receivables fall due as follows: Not due and prepaid Due 1-15 Due 16-90 Due > 90 mDKKbonus daysdays days Tot a l2022Trade receivables 1,287 59 38 39 1,423Impairment provision* -27** -1 -7 -28 -63Trade receivables after impairment 1,260 58 31 11 1,360 Impairment provision % *** -2.1% -1.7% -18.4% -71.8% -4.4%Impairment provision, beginning of year -50Impairment realized during the year 3Impairment provision for the year -16Tot a l -63* Lifetime expected credit loss** Hereof mDKK 18 (1.4%) relates to prepaid bonus*** Historical average loss rate is < 1%Note 16 Receivables (continued) Not due and prepaid Due 1-15 Due 16-90 Due > 90 mDKKbonus daysdays days Tot a l2021Trade receivables 1,009 84 32 48 1,173Impairment provision* -28** - -6 -16 -50Trade receivables after impairment 981 84 26 32 1,123 Impairment provision % *** -2.8% 0.0% -18.8% -33.3% -4.3%Impairment provision, beginning of year -49Impairment realized during the year 1Impairment provision for the year -2Tot a l -50* Lifetime expected credit loss** Hereof mDKK 17 (1.7%) relates to prepaid bonus*** Historical average loss rate is < 1%ReceivableOther current receivables all fall due for payment in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-227-3": {
"value": "Note 16 ReceivablesmDKK 2022 2021Trade receivables 1,360 1,123Other receivables 140 65Receivables 1,500 1,188Receivables are classified as \"assets measured at amortized cost\" under IFRS 9.Trade receivables fall due as follows: Not due and prepaid Due 1-15 Due 16-90 Due > 90 mDKKbonus daysdays days Tot a l2022Trade receivables 1,287 59 38 39 1,423Impairment provision* -27** -1 -7 -28 -63Trade receivables after impairment 1,260 58 31 11 1,360 Impairment provision % *** -2.1% -1.7% -18.4% -71.8% -4.4%Impairment provision, beginning of year -50Impairment realized during the year 3Impairment provision for the year -16Tot a l -63* Lifetime expected credit loss** Hereof mDKK 18 (1.4%) relates to prepaid bonus*** Historical average loss rate is < 1%Note 16 Receivables (continued) Not due and prepaid Due 1-15 Due 16-90 Due > 90 mDKKbonus daysdays days Tot a l2021Trade receivables 1,009 84 32 48 1,173Impairment provision* -28** - -6 -16 -50Trade receivables after impairment 981 84 26 32 1,123 Impairment provision % *** -2.8% 0.0% -18.8% -33.3% -4.3%Impairment provision, beginning of year -49Impairment realized during the year 1Impairment provision for the year -2Tot a l -50* Lifetime expected credit loss** Hereof mDKK 17 (1.7%) relates to prepaid bonus*** Historical average loss rate is < 1%ReceivableOther current receivables all fall due for payment in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-227-4": {
"value": "Note 16 ReceivablesmDKK 2022 2021Trade receivables 1,360 1,123Other receivables 140 65Receivables 1,500 1,188Receivables are classified as \"assets measured at amortized cost\" under IFRS 9.Trade receivables fall due as follows: Not due and prepaid Due 1-15 Due 16-90 Due > 90 mDKKbonus daysdays days Tot a l2022Trade receivables 1,287 59 38 39 1,423Impairment provision* -27** -1 -7 -28 -63Trade receivables after impairment 1,260 58 31 11 1,360 Impairment provision % *** -2.1% -1.7% -18.4% -71.8% -4.4%Impairment provision, beginning of year -50Impairment realized during the year 3Impairment provision for the year -16Tot a l -63* Lifetime expected credit loss** Hereof mDKK 18 (1.4%) relates to prepaid bonus*** Historical average loss rate is < 1%Note 16 Receivables (continued) Not due and prepaid Due 1-15 Due 16-90 Due > 90 mDKKbonus daysdays days Tot a l2021Trade receivables 1,009 84 32 48 1,173Impairment provision* -28** - -6 -16 -50Trade receivables after impairment 981 84 26 32 1,123 Impairment provision % *** -2.8% 0.0% -18.8% -33.3% -4.3%Impairment provision, beginning of year -49Impairment realized during the year 1Impairment provision for the year -2Tot a l -50* Lifetime expected credit loss** Hereof mDKK 17 (1.7%) relates to prepaid bonus*** Historical average loss rate is < 1%ReceivableOther current receivables all fall due for payment in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-227-5": {
"value": "Note 16 ReceivablesmDKK 2022 2021Trade receivables 1,360 1,123Other receivables 140 65Receivables 1,500 1,188Receivables are classified as \"assets measured at amortized cost\" under IFRS 9.Trade receivables fall due as follows: Not due and prepaid Due 1-15 Due 16-90 Due > 90 mDKKbonus daysdays days Tot a l2022Trade receivables 1,287 59 38 39 1,423Impairment provision* -27** -1 -7 -28 -63Trade receivables after impairment 1,260 58 31 11 1,360 Impairment provision % *** -2.1% -1.7% -18.4% -71.8% -4.4%Impairment provision, beginning of year -50Impairment realized during the year 3Impairment provision for the year -16Tot a l -63* Lifetime expected credit loss** Hereof mDKK 18 (1.4%) relates to prepaid bonus*** Historical average loss rate is < 1%Note 16 Receivables (continued) Not due and prepaid Due 1-15 Due 16-90 Due > 90 mDKKbonus daysdays days Tot a l2021Trade receivables 1,009 84 32 48 1,173Impairment provision* -28** - -6 -16 -50Trade receivables after impairment 981 84 26 32 1,123 Impairment provision % *** -2.8% 0.0% -18.8% -33.3% -4.3%Impairment provision, beginning of year -49Impairment realized during the year 1Impairment provision for the year -2Tot a l -50* Lifetime expected credit loss** Hereof mDKK 17 (1.7%) relates to prepaid bonus*** Historical average loss rate is < 1%ReceivableOther current receivables all fall due for payment in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-229-3": {
"value": "\u00a7 ReceivablesTrade receivables and contract assets are measured at amortized cost less allowance for lifetime expected credit losses.To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. An allowance for lifetime expected credit losses for trade receivables is recognized on initial recognition.Trade receivables and contract assets are written off when all possible options have been exhausted and there is no reasonable expectation of recovery.The cost of allowances for expected credit losses and write-offs for trade receivables are included in sales and distribution costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-229-4": {
"value": "\u00a7 ReceivablesTrade receivables and contract assets are measured at amortized cost less allowance for lifetime expected credit losses.To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. An allowance for lifetime expected credit losses for trade receivables is recognized on initial recognition.Trade receivables and contract assets are written off when all possible options have been exhausted and there is no reasonable expectation of recovery.The cost of allowances for expected credit losses and write-offs for trade receivables are included in sales and distribution costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-230-2": {
"value": "Note 17 Equity and basis of earnings/cash flow per shareTreasury shares held by the Parent Company:Nom. Value % Numberin mDKKof capitalPortfolio at January 1, 2022 880,874 3 1.8Additions, net 490,335 1 1.0Shares used as payment -794,257 -2 -1.6Capital reduction 0Portfolio at December 31, 2022 576,952 2 1.2The Group holds no other treasury shares.Portfolio at January 1, 2021 658,365 2 1.3Additions, net 772,509 2 1.6Capital reduction -550,000 -1 -1.1Portfolio at December 31, 2021 880,874 3 1.8The share capital has been paid in full.Basis of calculation of earnings and cash flow per share2022 2021 The Parent Company shareholders' share of profit for the year amounted to (mDKK) 1,492 1,299The average number of treasury shares amounted to (number, DKK 2 each) 718,348 707,880The average number of shares in circulation amounted to (number) 48,886,875 48,344,203The average number of shares in circulation incl restricted shares amounted to (number) 48,956,652 48,363,284Cost of share buy-backs during the year (mDKK) 300 582The share capital has been fully paid.Diluted earnings and cash flow per share have been calculated on the basis of the Parent Company shareholders' share of profit/loss for the year.\u00a7 Equity / Proposed dividendDividend is recognized as a liability at the time of adoption at the Annual General Meeting. Dividend distribution for the year proposed by management is disclosed as a separate equity item.CommentShares were bought back during the year as an element in the optimization of the Company's capital structure. It is the intention to cancel the bought-back shares to the extent that they are not to be used for share-based payment to the Executive Management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-230-3": {
"value": "Note 17 Equity and basis of earnings/cash flow per shareTreasury shares held by the Parent Company:Nom. Value % Numberin mDKKof capitalPortfolio at January 1, 2022 880,874 3 1.8Additions, net 490,335 1 1.0Shares used as payment -794,257 -2 -1.6Capital reduction 0Portfolio at December 31, 2022 576,952 2 1.2The Group holds no other treasury shares.Portfolio at January 1, 2021 658,365 2 1.3Additions, net 772,509 2 1.6Capital reduction -550,000 -1 -1.1Portfolio at December 31, 2021 880,874 3 1.8The share capital has been paid in full.Basis of calculation of earnings and cash flow per share2022 2021 The Parent Company shareholders' share of profit for the year amounted to (mDKK) 1,492 1,299The average number of treasury shares amounted to (number, DKK 2 each) 718,348 707,880The average number of shares in circulation amounted to (number) 48,886,875 48,344,203The average number of shares in circulation incl restricted shares amounted to (number) 48,956,652 48,363,284Cost of share buy-backs during the year (mDKK) 300 582The share capital has been fully paid.Diluted earnings and cash flow per share have been calculated on the basis of the Parent Company shareholders' share of profit/loss for the year.\u00a7 Equity / Proposed dividendDividend is recognized as a liability at the time of adoption at the Annual General Meeting. Dividend distribution for the year proposed by management is disclosed as a separate equity item.CommentShares were bought back during the year as an element in the optimization of the Company's capital structure. It is the intention to cancel the bought-back shares to the extent that they are not to be used for share-based payment to the Executive Management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-230-4": {
"value": "Note 17 Equity and basis of earnings/cash flow per shareTreasury shares held by the Parent Company:Nom. Value % Numberin mDKKof capitalPortfolio at January 1, 2022 880,874 3 1.8Additions, net 490,335 1 1.0Shares used as payment -794,257 -2 -1.6Capital reduction 0Portfolio at December 31, 2022 576,952 2 1.2The Group holds no other treasury shares.Portfolio at January 1, 2021 658,365 2 1.3Additions, net 772,509 2 1.6Capital reduction -550,000 -1 -1.1Portfolio at December 31, 2021 880,874 3 1.8The share capital has been paid in full.Basis of calculation of earnings and cash flow per share2022 2021 The Parent Company shareholders' share of profit for the year amounted to (mDKK) 1,492 1,299The average number of treasury shares amounted to (number, DKK 2 each) 718,348 707,880The average number of shares in circulation amounted to (number) 48,886,875 48,344,203The average number of shares in circulation incl restricted shares amounted to (number) 48,956,652 48,363,284Cost of share buy-backs during the year (mDKK) 300 582The share capital has been fully paid.Diluted earnings and cash flow per share have been calculated on the basis of the Parent Company shareholders' share of profit/loss for the year.CommentShares were bought back during the year as an element in the optimization of the Company's capital structure. It is the intention to cancel the bought-back shares to the extent that they are not to be used for share-based payment to the Executive Management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-235-3": {
"value": "\u00a7 Treasury sharesTreasury shares acquired by the Parent Company or subsidiaries are recognized at cost directly in equity under retained earnings. Where treasury shares are subsequently sold, any consideration is also recognized directly in equity. Dividend on treasury shares is recognized directly in equity under retained earnings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-236-3": {
"value": "\u00a7 Share premium accountShare premium account comprises amounts in excess of the nominal share capital paid up by shareholders in connection with capital increases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-236-4": {
"value": "\u00a7 Share premium accountShare premium account comprises amounts in excess of the nominal share capital paid up by shareholders in connection with capital increases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-237-2": {
"value": "Note 18 Deferred taxmDKK 2022 2021 Deferred tax at January 1 747 554Change in deferred tax for the year -7 9Deferred tax, no income statement effect for the year 4 4Change in deferred tax by acqusitions 275 171Exchange adjustments -9 2Adjustment of previous year 1 7Deferred tax at December 31 1,011 747Expected realization within 1 year -40 -33Deferred tax relates to:Intangible assets 770 610Property, plant and equipment 267 154Current assets 5 7Non current liabilities -1 -17Current liabilities -30 -7Tot a l 1,011 747",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-238-3": {
"value": "\u00a7 Deferred taxDeferred tax is recognized in respect of all temporary differences between the carrying amounts and the tax base of assets and liabilities except for temporary differences arising at the time of acquisition that do not affect the profit for the year or the taxable income and temporary differences concerning goodwill. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is meas-ured on the basis of the intended use of the asset or settlement of the liability.Deferred tax assets are recognized at the value at which they are expected to be realized, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax is measured on the basis of the tax rules and tax rates expected under the legislation at the balance sheet date to be effective when the deferred tax crystallizes as current tax.In the balance sheet, set-off is made between deferred tax assets and deferred tax liabilities within the same legal tax entity and jurisdiction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-2": {
"value": "Note 19 Other current payablesmDKK 2022 2021 VAT, excise duties, etc 852 746Other payables 712 572Deposit, returnable packaging 105 109Total other current payables 1,669 1,427Deposit, returnable packaging is specified as follows:Balance at January 1 109 111Adjustment for the year -4 -2Balance at December 31 105 109CommentThe change in the deposit on returnable packaging for the year reflects the net exchange with customers of returnable packaging for the year less estimated wastage of returnable packaging in circulation.The payable relating to deposit on returnable packaging is calculated on the basis of the estimated total pack-aging volume less packaging held in inventory.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-3": {
"value": "Note 19 Other current payablesmDKK 2022 2021 VAT, excise duties, etc 852 746Other payables 712 572Deposit, returnable packaging 105 109Total other current payables 1,669 1,427Deposit, returnable packaging is specified as follows:Balance at January 1 109 111Adjustment for the year -4 -2Balance at December 31 105 109CommentThe change in the deposit on returnable packaging for the year reflects the net exchange with customers of returnable packaging for the year less estimated wastage of returnable packaging in circulation.The payable relating to deposit on returnable packaging is calculated on the basis of the estimated total pack-aging volume less packaging held in inventory.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-4": {
"value": "Note 19 Other current payablesmDKK 2022 2021 VAT, excise duties, etc 852 746Other payables 712 572Deposit, returnable packaging 105 109Total other current payables 1,669 1,427Deposit, returnable packaging is specified as follows:Balance at January 1 109 111Adjustment for the year -4 -2Balance at December 31 105 109CommentThe change in the deposit on returnable packaging for the year reflects the net exchange with customers of returnable packaging for the year less estimated wastage of returnable packaging in circulation.The payable relating to deposit on returnable packaging is calculated on the basis of the estimated total pack-aging volume less packaging held in inventory.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-5": {
"value": "Note 19 Other current payablesmDKK 2022 2021 VAT, excise duties, etc 852 746Other payables 712 572Deposit, returnable packaging 105 109Total other current payables 1,669 1,427Deposit, returnable packaging is specified as follows:Balance at January 1 109 111Adjustment for the year -4 -2Balance at December 31 105 109CommentThe change in the deposit on returnable packaging for the year reflects the net exchange with customers of returnable packaging for the year less estimated wastage of returnable packaging in circulation.The payable relating to deposit on returnable packaging is calculated on the basis of the estimated total pack-aging volume less packaging held in inventory.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-240-3": {
"value": "\u00a7 Deposit on returnable packagingPlastic crates, bottles and kegs in circulation and held in inventory are recognized in property, plant and equip-ment, and the obligation to repay the deposit when the packaging in circulation is taken back on inventory is recognized in other payables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-240-4": {
"value": "\u00a7 Deposit on returnable packagingPlastic crates, bottles and kegs in circulation and held in inventory are recognized in property, plant and equip-ment, and the obligation to repay the deposit when the packaging in circulation is taken back on inventory is recognized in other payables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-241-2": {
"value": "Note 20 DebtsmDKK 2022 2021 Mortgage debt 1,011 1,017 Credit institutions 3,663 2,605 Other debts 3,620 3,192 Debts 8,294 6,814 Changes to interest-bearing debtsAdditions by New Non-cash mDKK 12/31 2021acquisitions Repaymentfacilitiesadjustment 12/31 2022Interest-bearing long-term debts 2,812 0 -1,079 1,700 3,433Interest-bearing short-term debts 550 24 -515 750 62 871Total interest-bearing debt, mortgage and credit institutions 3,362 24 -1,594 2,450 62 4,304Interest-bearing long-term leasing debt* 186 2 -42 109 -2 253Interest-bearing short-term leasing debt* 74 29 -74 88 0 117Total interest-bearing leasing debt 260 31 -116 197 -2 370Tot a l 3,622 55 -1,710 2,647 60 4,674* leasing debt is included in the balance sheet as \"Credit institutions\"Additions by New Non-cash mDKK 12/31 2020acquisitions Repaymentfacilitiesadjustment 12/31 2021Interest-bearing long-term debts 2,042 0 -31 801 0 2,812Interest-bearing short-term debts 79 0 -61 452 80 550Total interest-bearing debt, mortgage and credit institutions 2,121 0 -92 1,253 80 3,362Interest-bearing long-term leasing debt* 82 41 0 63 0 186Interest-bearing short-term leasing debt* 71 0 -68 71 0 74Total interest-bearing leasing debt 153 41 -68 134 0 260Tot a l 2,274 41 -160 1,387 80 3,622* Leasing debt is included in the balance sheet as \"Credit institutions\"",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-243-3": {
"value": "\u00a7 DebtsMortgage loans and loans from credit institutions are re cognized initially at fair values. Subsequently, the finan-cial obligations are measured at amortized cost equal to the capitalized value using the effective interest method; the difference between the proceeds and the nominal value is recognized in financial income and expenses in the income statement over the loan period.Other debts, comprising trade payables, payables to subsidiaries and associates, VAT, excise duties, etc. as well as other payables are measured at amortized cost, substantially corresponding to the nominal debt.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-243-4": {
"value": "\u00a7 DebtsMortgage loans and loans from credit institutions are re cognized initially at fair values. Subsequently, the finan-cial obligations are measured at amortized cost equal to the capitalized value using the effective interest method; the difference between the proceeds and the nominal value is recognized in financial income and expenses in the income statement over the loan period.Other debts, comprising trade payables, payables to subsidiaries and associates, VAT, excise duties, etc. as well as other payables are measured at amortized cost, substantially corresponding to the nominal debt.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-243-5": {
"value": "\u00a7 DebtsMortgage loans and loans from credit institutions are re cognized initially at fair values. Subsequently, the finan-cial obligations are measured at amortized cost equal to the capitalized value using the effective interest method; the difference between the proceeds and the nominal value is recognized in financial income and expenses in the income statement over the loan period.Other debts, comprising trade payables, payables to subsidiaries and associates, VAT, excise duties, etc. as well as other payables are measured at amortized cost, substantially corresponding to the nominal debt.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-244-2": {
"value": "Note 21 Cash flow statementAdjustments for non-cash operating items:mDKK 2022 2021 Financial income -10 -7Financial expenses 103 49Amortization and impairment of intangible assets 74 42Depreciation of property, plant and equipment 413 339Tax on the profit for the year 294 349Income from investments in associates -2 -37Gain on remeasurements of investments in associates -360Profit and loss from sale of property, plant and equipment (see note 12 regarding leasing part) -6 -13Share-based payments and remuneration 0 4Other adjustments 0Tot a l 506 726",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-245-3": {
"value": "\u00a7 Cash flow statementThe consolidated cash flow statement is presented under the indirect method based on the net profit for the year. The statement shows cash flows for the year, changes for the year in cash and cash equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for non-cash operating items, changes in working capital, financial income and financial expenses, and corporation tax paid.Cash flows from investing activities comprise acquisitions and disposals of property, plant and equipment and fixed asset investments as well as dividend received from associates. Cost is measured inclusive of expenses necessary to make the acquisition and sales prices after deduction of transaction expenses.Cash flows from financing activities comprise changes to the amount or composition of the Group\u2019s share capital, payment of dividend as well as borrowing and repayment of interest-bearing debt.Cash and cash equivalents include securities with a maturity of less than 3 months that can readily be turned into cash and are only subject to an insignificant risk of value changes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-245-4": {
"value": "\u00a7 Cash flow statementThe consolidated cash flow statement is presented under the indirect method based on the net profit for the year. The statement shows cash flows for the year, changes for the year in cash and cash equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for non-cash operating items, changes in working capital, financial income and financial expenses, and corporation tax paid.Cash flows from investing activities comprise acquisitions and disposals of property, plant and equipment and fixed asset investments as well as dividend received from associates. Cost is measured inclusive of expenses necessary to make the acquisition and sales prices after deduction of transaction expenses.Cash flows from financing activities comprise changes to the amount or composition of the Group\u2019s share capital, payment of dividend as well as borrowing and repayment of interest-bearing debt.Cash and cash equivalents include securities with a maturity of less than 3 months that can readily be turned into cash and are only subject to an insignificant risk of value changes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-246-2": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2022 2021 Third-party guarantees 83 47 SecurityNo security has been provided in respect of loan agreements with credit institutions.As regards security for loan agreements with mortgage credit institutes, reference is made to note 12.Contingent liabilitiesThe outcome of pending legal actions is not expected to have any material impact on the financial position of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-246-3": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2022 2021 Third-party guarantees 83 47 SecurityNo security has been provided in respect of loan agreements with credit institutions.As regards security for loan agreements with mortgage credit institutes, reference is made to note 12.Contingent liabilitiesThe outcome of pending legal actions is not expected to have any material impact on the financial position of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-246-4": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2022 2021 Third-party guarantees 83 47 SecurityNo security has been provided in respect of loan agreements with credit institutions.As regards security for loan agreements with mortgage credit institutes, reference is made to note 12.Contingent liabilitiesThe outcome of pending legal actions is not expected to have any material impact on the financial position of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-246-5": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2022 2021 Third-party guarantees 83 47 SecurityNo security has been provided in respect of loan agreements with credit institutions.As regards security for loan agreements with mortgage credit institutes, reference is made to note 12.Contingent liabilitiesThe outcome of pending legal actions is not expected to have any material impact on the financial position of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-246-6": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2022 2021 Third-party guarantees 83 47 SecurityNo security has been provided in respect of loan agreements with credit institutions.As regards security for loan agreements with mortgage credit institutes, reference is made to note 12.Contingent liabilitiesThe outcome of pending legal actions is not expected to have any material impact on the financial position of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-246-8": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2022 2021 Third-party guarantees 83 47 SecurityNo security has been provided in respect of loan agreements with credit institutions.As regards security for loan agreements with mortgage credit institutes, reference is made to note 12.Contingent liabilitiesThe outcome of pending legal actions is not expected to have any material impact on the financial position of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-246-9": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2022 2021 Third-party guarantees 83 47 SecurityNo security has been provided in respect of loan agreements with credit institutions.As regards security for loan agreements with mortgage credit institutes, reference is made to note 12.Contingent liabilitiesThe outcome of pending legal actions is not expected to have any material impact on the financial position of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-247-2": {
"value": "Note 23 Related partiesRelated parties comprise the Board of Directors and the Executive Management as well as associates, see the sections on Board of Directors and Executive Management on page 55 and Group structure on page 170. No shareholder exercises control.The following transactions have been made with related parties:mDKK 2022 2021 RevenueSales to associates 19 18Financial income and expensesDividends received from associates 27 21Executive ManagementRemuneration paid 16 19Debt re cash-based bonus schemes 2 7Debt re share-based bonus scheme 3 4Board of DirectorsRemuneration 5 5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-247-3": {
"value": "Note 23 Related partiesRelated parties comprise the Board of Directors and the Executive Management as well as associates, see the sections on Board of Directors and Executive Management on page 55 and Group structure on page 170. No shareholder exercises control.The following transactions have been made with related parties:mDKK 2022 2021 RevenueSales to associates 19 18Financial income and expensesDividends received from associates 27 21Executive ManagementRemuneration paid 16 19Debt re cash-based bonus schemes 2 7Debt re share-based bonus scheme 3 4Board of DirectorsRemuneration 5 5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-248-2": {
"value": "Note 24 Acquisitions of enterprisesAcquisition in 2022Acquisition of full ownership of Hansa Borg BryggerierOn January 7, 2022, Royal Unibrew A/S entered into an agreement to acquire the remaining 75% of Hansa Borg Bryggerier, of which Royal Unibrew already had 25% ownership, resulting in a 100% ownership of the company. The acquisition was completed on May 25, 2022. Hansa Borg Bryggerier is Norway\u2019s second largest brewery and beverage company with four breweries and one bottling plant throughout the country and products ranging from beers to ciders, carbonated soft drinks, water and wines for the Norwegian market.Together with Solera Beverage Group, which Royal Unibrew acquired in September 2021, Hansa Borg Bryggerier is strategically very important for our Norwegian business as it in combination with Solera will create a strong player with a very strong beverage portfolio in Norway and thereby strengthen our multi beverage presence.The transaction is based on an enterprise value (at signing) of NOK 3.3 billion. With the share price at closing (587) the final enterprise value for 100% of the company was NOK 2.6 billion (DKK 1.9 billion) Hansa Borg Bryg-gerier is expected to generate normalized full-year revenue in 2022 of around NOK 1.4 billion with a normalized EBITDA of around NOK 210 million, resulting in an acquisition multiple (EV/EBITDA) of 12.4 times at closing. The already owned 25% of Hansa Borg Bryggerier was revalued in connection with the transaction, resulting in a non-cash tax-free remeasurement of DKK 360 million.According to the agreement, 10% of the payment, corresponding to NOK 224 million (DKK 162 million), was paid in cash, while the remaining 90% of the payment was paid in Royal Unibrew shares (2,194,257 shares).The acquisition price exceeded the fair value of the acquired assets, liabilities and contingent liabilities. The difference is the expected value of synergies and future growth opportunities. Synergies are not recognized separately from goodwill. Goodwill is not eligible for tax depreciation.Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approx. DKK 5 million for finan-cial and legal advisors in connection with the realization of the transaction. The costs are recognized as admin-istrative expenses and split equally in 2021 and 2022.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition. Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of the acquisition:mDKK Trademarks 698Distribution rights 7Customer relations 27Property, plant and equipment 629Inventories 143Receivables 238Prepayments 29Deferred tax -244Debt including leasing -34Trade payables -101Other payables -499Acquired net assets 893Goodwill 903Estimated fair value of the business 1,796Acquired cash at bank and in hand 138Total acquisition price 1,934Transfer of:Issue of new shares 821Treasury shares 467Cash 163Total consideration, 75% shareholding 1,451Number of employees 296The receivables acquired include trade receivables of a fair value of DKK 180 million corresponding to the gross amount receivable according to contract.Note 24 Acquisitions of enterprises (continued)Acquisition in 2022Acquisition of Amsterdam Brewery Co. Ltd.On July 15, 2022, Royal Unibrew entered into an agreement to acquire 100% of the Toronto-based company Amsterdam Brewery Co. Ltd. Although the acquisition was completed September 15, 2022, however, the purchase price allocation is considered provisional due to the fact that the transaction was closed on September 15, 2022, leaving limited time to identify and determine fair value of assets acquired and liabilities assumed.The Canadian based company is a large-scale craft brewery with a potential to increase both capabilities and capacities during the coming years. Moreover, the acquisition will support future growth of Royal Unibrew in the Americas region by adding capacity in Canada, which is also close to our US business. Over time we, expect to serve most of Canada and partly US from Amsterdam Brewery Co. Ltd., which will reduce transportation costs and our CO footprint.2The acquisition is based on an enterprise value of DKK 241 million on a debt free basis. The company has normalized revenue of around CAD 34 million (around DKK 200 million) and a normalized EBITDA of around CAD 5 million (around DKK 28 million).Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approximately DKK 2 million for financial and legal advisors in connection with the realization of the transaction. The costs are recognized as administrative expenses in 2022.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition.Royal Unibrew has made the following preliminary calculation of the fair value of the acquired net assets and of goodwill at the time of acquisitions:mDKK Intangibles 103Property, plant and equipment 83Inventories 22Receivables 8Prepayments 8Deferred tax -25Debt including leasing -21Trade payables -11Other payables -24Acquired net assets 143Goodwill 98Estimated fair value of the business 241Acquired cash at bank and in hand 0Cash consideration 241Number of employees 247Baldersbr\u00f8nde Bryggeri A/S (N\u00f8rrebro Bryghus)On December 30, 2022, Royal Unibrew acquired 100% of the shares in Baldersbr\u00f8nde Bryggeri A/S (N\u00f8rrebro Bryghus) in Denmark.With the acquisition, Royal Unibrew take over an exciting range of organic craft beers, adding to Royal Unibrew's portfolio of craft beers strengthening Royal Unibrew's position in Copenhagen.Group impactIf the acquisitions had occurred on January 1, 2022, consolidated pro-forma revenue and EBITDA for the period ended December 31, 2022, of the combined Group would have been approximately DKK 12,111 million (2021 DKK 9,756 million) and DKK 2,069 million (2021 DKK 2,141 million), respectively.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021A Finnish micro breweryOn February 11, 2021, Royal Unibrew's Finnish subsidiary, Hartwall, acquired the assets in Helsinki brewery, which further strengthens Hartwall's flexibility and dedication to local craft and specialty beer.Bryggeri Helsinki will continue as an entrepreneur-driven brewery restaurant.A Danish brewery and a soft drink companyOn April 29, 2021, Royal Unibrew entered into an agreement to acquire 100% of the shares in the Danish compa-nies Bryggeriet S.C. Fuglsang A/S and Mineralvandsfabrikken Frem A/S. The acquisition was completed on April 29, 2021.The companies are primarily doing business in the southern part of Jutland based on local, well-known beer- and CSD brands with a 150 year history.The companies were merged with Royal Unibrew at the closing date, and fully integrated into Royal Unibrew's systems.A Estonian micro breweryOn September 14, 2021, Royal Unibrew's Estonian subsidiary, Royal Unibrew Eesti, acquired 100% of the shares in Tanker Brewery. The acquisition will strengthen the local footprint in the Estonian market through an authentic super premium local beer brand and support full scale multi-beverage strategy implementation in the region.Transaction costs and consolidationRoyal Unibrew A/S has incurred transaction costs relating to the acquisitions of approx. DKK 1 million for legal advisors in connection with the realization of the three transactions. The costs are recognized as administrative expenses in 2021.The three acquisitions have been included in the consolidated financial statements of Royal Unibrew as of the date of each acquisition.Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of acquisitions:mDKK Intangibles 33Property, plant and equipment 19Inventories 21Receivables 15Prepayments 1Deferred tax -1Trade payables -4Other payables -9Acquired net assets 75Goodwill 11Estimated fair value of the businesses 86Acquired cash at bank and in hand -40Cash consideration 47Number of employees 70The receivables acquired include trade receivables of a fair value of DKK 8 million corresponding to the gross amount receivable according to contract.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021Acquisition of MC Energy (A French energy drinks brand)On July 1, 2021, Royal Unibrew's French subsidiary, Etablissement Geyer-Fr\u00e9res S.A, entered into an agreement to acquire the French beverage company MC Energy S.A.S. The acquisition was completed on July 7, 2021.MC Energy owns the energy brand Crazy Tiger that holds a 11% volume market share in the French Off-Trade market. The acquisition marks the entry into one of the categories where we see strong growth opportunities across markets and, at the same time, adds a new category to our French business. The acquisition is the next step in developing the French business toward a multi-niche market.MC Energy was acquired from three French entrepreneurs at an enterprise value of around DKK 610 million (EUR 82 million) on a debt free basis. The acquisition was financed with existing credit facilities. MC Energy has around 25 employees.Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approximately DKK 2 million for financial and legal advisors in connection with the realization of the transaction. The costs are recognized as administrative expenses in 2021.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition, and MC Energy was merged into Etablissement Geyer-Fr\u00e9res in 2021.Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of the acquisition:mDKK Trademarks 392Property, plant and equipment 3Inventories 6Receivables 19Prepayments 0Deferred tax -98Trade payables -13Other payables -7Acquired net assets 302Goodwill 290Estimated fair value of the businesses 592Acquired cash at bank and in hand 17Cash consideration 609Number of employees 25The receivables acquired include trade receivables of a fair value of DKK 19.3 million corresponding to the gross amount receivable according to contract.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021Acquisition of Solera Beverage GroupOn July 1, 2021, Royal Unibrew's Norwegian subsidiary, Royal Unibrew Norge AS, entered into an agreement to acquire 100% of the shares in Solera Beverage Group. The acquisition was completed on September 17, 2021.Solera Beverage Group is a leading pan-Nordic importer and distributor of a portfolio of strong leading inter-national wines, beers, carbonated soft drinks and other beverages. The company operates in Norway, Sweden and Finland, and therefore adds Norway and Sweden to Royal Unibrew\u2019s geographic footprint as well as it strengthens the offering in Finland.Solera Beverage Group was acquired from the private equity fund, CapMan, at an enterprise value of around DKK 770 million (NOK 1.1 billion) on a debt free basis. The acquisition was financed with existing credit facilities.Solera Beverage Group has around 150 employees and generates normalized revenue (excluding positive COVID-19 effects) of around DKK 1.3 billion and an EBITDA of around DKK 70 million.Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approximately DKK 14 million for financial and legal advisors in connection with the realization of the transaction. The costs are recognized as administrative expenses in 2021.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition.Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of the acquisition:mDKK Trademarks 146Customer relations 185Property, plant and equipment 40Inventories 155Receivables 255Prepayments 29Deferred tax -71Trade payables -193Other payables -387Acquired net assets 159Goodwill 439Estimated fair value of the businesses 598Acquired cash at bank and in hand 120Cash consideration 718Number of employees 150The receivables acquired include trade receivables of a fair value of DKK 249.5 million corresponding to the gross amount receivable according to contract. Recognition of acquisition of enterprisesIn 2022 Royal Unibrew acquired three businesses, Hansa Borg Bryggerier, Amsterdam Brewery co Ltd. and Baldersbr\u00f8nde Bryggeri, by purchasing shares in the companies. The businesses assets, liabilities and contin-gent liabilities have been recognized under the purchase method in the financial statements of Royal Unibrew. The key assets of the businesses are goodwill, trademarks, customer relations, property, plant and equipment, inventories, receivables, deferred tax and payables. Especially regarding the intangible assets acquired, there are no efficient markets to be used to determine fair value. Therefore, management has made an estimate in connection with the calculation of the fair value of the acquired assets and liabilities at the date of acquisition and has allocated the purchase price on that basis.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021Acquisition of Aqua d'Or Mineral Water A/S (A Nordic Water Company)On November 16, 2021, Royal Unibrew entered into an agreement to acquire 100% of the shares in Aqua d'Or Mineral Water A/S from Danone.As announced in company announcement no. 46/2022 published October 24, 2022, Royal Unibrew\u2019s acquisition of Aqua d\u2019Or from Danone will not be completed. The parties have determined that they will not be able to fulfill the closing conditions and the parties have therefore agreed that the deal will not materialize.",
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"value": "Note 24 Acquisitions of enterprisesAcquisition in 2022Acquisition of full ownership of Hansa Borg BryggerierOn January 7, 2022, Royal Unibrew A/S entered into an agreement to acquire the remaining 75% of Hansa Borg Bryggerier, of which Royal Unibrew already had 25% ownership, resulting in a 100% ownership of the company. The acquisition was completed on May 25, 2022. Hansa Borg Bryggerier is Norway\u2019s second largest brewery and beverage company with four breweries and one bottling plant throughout the country and products ranging from beers to ciders, carbonated soft drinks, water and wines for the Norwegian market.Together with Solera Beverage Group, which Royal Unibrew acquired in September 2021, Hansa Borg Bryggerier is strategically very important for our Norwegian business as it in combination with Solera will create a strong player with a very strong beverage portfolio in Norway and thereby strengthen our multi beverage presence.The transaction is based on an enterprise value (at signing) of NOK 3.3 billion. With the share price at closing (587) the final enterprise value for 100% of the company was NOK 2.6 billion (DKK 1.9 billion) Hansa Borg Bryg-gerier is expected to generate normalized full-year revenue in 2022 of around NOK 1.4 billion with a normalized EBITDA of around NOK 210 million, resulting in an acquisition multiple (EV/EBITDA) of 12.4 times at closing. The already owned 25% of Hansa Borg Bryggerier was revalued in connection with the transaction, resulting in a non-cash tax-free remeasurement of DKK 360 million.According to the agreement, 10% of the payment, corresponding to NOK 224 million (DKK 162 million), was paid in cash, while the remaining 90% of the payment was paid in Royal Unibrew shares (2,194,257 shares).The acquisition price exceeded the fair value of the acquired assets, liabilities and contingent liabilities. The difference is the expected value of synergies and future growth opportunities. Synergies are not recognized separately from goodwill. Goodwill is not eligible for tax depreciation.Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approx. DKK 5 million for finan-cial and legal advisors in connection with the realization of the transaction. The costs are recognized as admin-istrative expenses and split equally in 2021 and 2022.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition. Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of the acquisition:mDKK Trademarks 698Distribution rights 7Customer relations 27Property, plant and equipment 629Inventories 143Receivables 238Prepayments 29Deferred tax -244Debt including leasing -34Trade payables -101Other payables -499Acquired net assets 893Goodwill 903Estimated fair value of the business 1,796Acquired cash at bank and in hand 138Total acquisition price 1,934Transfer of:Issue of new shares 821Treasury shares 467Cash 163Total consideration, 75% shareholding 1,451Number of employees 296The receivables acquired include trade receivables of a fair value of DKK 180 million corresponding to the gross amount receivable according to contract.Note 24 Acquisitions of enterprises (continued)Acquisition in 2022Acquisition of Amsterdam Brewery Co. Ltd.On July 15, 2022, Royal Unibrew entered into an agreement to acquire 100% of the Toronto-based company Amsterdam Brewery Co. Ltd. Although the acquisition was completed September 15, 2022, however, the purchase price allocation is considered provisional due to the fact that the transaction was closed on September 15, 2022, leaving limited time to identify and determine fair value of assets acquired and liabilities assumed.The Canadian based company is a large-scale craft brewery with a potential to increase both capabilities and capacities during the coming years. Moreover, the acquisition will support future growth of Royal Unibrew in the Americas region by adding capacity in Canada, which is also close to our US business. Over time we, expect to serve most of Canada and partly US from Amsterdam Brewery Co. Ltd., which will reduce transportation costs and our CO footprint.2The acquisition is based on an enterprise value of DKK 241 million on a debt free basis. The company has normalized revenue of around CAD 34 million (around DKK 200 million) and a normalized EBITDA of around CAD 5 million (around DKK 28 million).Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approximately DKK 2 million for financial and legal advisors in connection with the realization of the transaction. The costs are recognized as administrative expenses in 2022.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition.Royal Unibrew has made the following preliminary calculation of the fair value of the acquired net assets and of goodwill at the time of acquisitions:mDKK Intangibles 103Property, plant and equipment 83Inventories 22Receivables 8Prepayments 8Deferred tax -25Debt including leasing -21Trade payables -11Other payables -24Acquired net assets 143Goodwill 98Estimated fair value of the business 241Acquired cash at bank and in hand 0Cash consideration 241Number of employees 247Baldersbr\u00f8nde Bryggeri A/S (N\u00f8rrebro Bryghus)On December 30, 2022, Royal Unibrew acquired 100% of the shares in Baldersbr\u00f8nde Bryggeri A/S (N\u00f8rrebro Bryghus) in Denmark.With the acquisition, Royal Unibrew take over an exciting range of organic craft beers, adding to Royal Unibrew's portfolio of craft beers strengthening Royal Unibrew's position in Copenhagen.Group impactIf the acquisitions had occurred on January 1, 2022, consolidated pro-forma revenue and EBITDA for the period ended December 31, 2022, of the combined Group would have been approximately DKK 12,111 million (2021 DKK 9,756 million) and DKK 2,069 million (2021 DKK 2,141 million), respectively.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021A Finnish micro breweryOn February 11, 2021, Royal Unibrew's Finnish subsidiary, Hartwall, acquired the assets in Helsinki brewery, which further strengthens Hartwall's flexibility and dedication to local craft and specialty beer.Bryggeri Helsinki will continue as an entrepreneur-driven brewery restaurant.A Danish brewery and a soft drink companyOn April 29, 2021, Royal Unibrew entered into an agreement to acquire 100% of the shares in the Danish compa-nies Bryggeriet S.C. Fuglsang A/S and Mineralvandsfabrikken Frem A/S. The acquisition was completed on April 29, 2021.The companies are primarily doing business in the southern part of Jutland based on local, well-known beer- and CSD brands with a 150 year history.The companies were merged with Royal Unibrew at the closing date, and fully integrated into Royal Unibrew's systems.A Estonian micro breweryOn September 14, 2021, Royal Unibrew's Estonian subsidiary, Royal Unibrew Eesti, acquired 100% of the shares in Tanker Brewery. The acquisition will strengthen the local footprint in the Estonian market through an authentic super premium local beer brand and support full scale multi-beverage strategy implementation in the region.Transaction costs and consolidationRoyal Unibrew A/S has incurred transaction costs relating to the acquisitions of approx. DKK 1 million for legal advisors in connection with the realization of the three transactions. The costs are recognized as administrative expenses in 2021.The three acquisitions have been included in the consolidated financial statements of Royal Unibrew as of the date of each acquisition.Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of acquisitions:mDKK Intangibles 33Property, plant and equipment 19Inventories 21Receivables 15Prepayments 1Deferred tax -1Trade payables -4Other payables -9Acquired net assets 75Goodwill 11Estimated fair value of the businesses 86Acquired cash at bank and in hand -40Cash consideration 47Number of employees 70The receivables acquired include trade receivables of a fair value of DKK 8 million corresponding to the gross amount receivable according to contract.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021Acquisition of MC Energy (A French energy drinks brand)On July 1, 2021, Royal Unibrew's French subsidiary, Etablissement Geyer-Fr\u00e9res S.A, entered into an agreement to acquire the French beverage company MC Energy S.A.S. The acquisition was completed on July 7, 2021.MC Energy owns the energy brand Crazy Tiger that holds a 11% volume market share in the French Off-Trade market. The acquisition marks the entry into one of the categories where we see strong growth opportunities across markets and, at the same time, adds a new category to our French business. The acquisition is the next step in developing the French business toward a multi-niche market.MC Energy was acquired from three French entrepreneurs at an enterprise value of around DKK 610 million (EUR 82 million) on a debt free basis. The acquisition was financed with existing credit facilities. MC Energy has around 25 employees.Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approximately DKK 2 million for financial and legal advisors in connection with the realization of the transaction. The costs are recognized as administrative expenses in 2021.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition, and MC Energy was merged into Etablissement Geyer-Fr\u00e9res in 2021.Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of the acquisition:mDKK Trademarks 392Property, plant and equipment 3Inventories 6Receivables 19Prepayments 0Deferred tax -98Trade payables -13Other payables -7Acquired net assets 302Goodwill 290Estimated fair value of the businesses 592Acquired cash at bank and in hand 17Cash consideration 609Number of employees 25The receivables acquired include trade receivables of a fair value of DKK 19.3 million corresponding to the gross amount receivable according to contract.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021Acquisition of Solera Beverage GroupOn July 1, 2021, Royal Unibrew's Norwegian subsidiary, Royal Unibrew Norge AS, entered into an agreement to acquire 100% of the shares in Solera Beverage Group. The acquisition was completed on September 17, 2021.Solera Beverage Group is a leading pan-Nordic importer and distributor of a portfolio of strong leading inter-national wines, beers, carbonated soft drinks and other beverages. The company operates in Norway, Sweden and Finland, and therefore adds Norway and Sweden to Royal Unibrew\u2019s geographic footprint as well as it strengthens the offering in Finland.Solera Beverage Group was acquired from the private equity fund, CapMan, at an enterprise value of around DKK 770 million (NOK 1.1 billion) on a debt free basis. The acquisition was financed with existing credit facilities.Solera Beverage Group has around 150 employees and generates normalized revenue (excluding positive COVID-19 effects) of around DKK 1.3 billion and an EBITDA of around DKK 70 million.Royal Unibrew A/S has incurred transaction costs relating to the acquisitions of approximately DKK 14 million for financial and legal advisors in connection with the realization of the transaction. The costs are recognized as administrative expenses in 2021.The acquisition has been included in the consolidated financial statements of Royal Unibrew as of the date of acquisition.Royal Unibrew has made the following calculation of the fair value of the acquired net assets and of goodwill at the time of the acquisition:mDKK Trademarks 146Customer relations 185Property, plant and equipment 40Inventories 155Receivables 255Prepayments 29Deferred tax -71Trade payables -193Other payables -387Acquired net assets 159Goodwill 439Estimated fair value of the businesses 598Acquired cash at bank and in hand 120Cash consideration 718Number of employees 150The receivables acquired include trade receivables of a fair value of DKK 249.5 million corresponding to the gross amount receivable according to contract. Recognition of acquisition of enterprisesIn 2022 Royal Unibrew acquired three businesses, Hansa Borg Bryggerier, Amsterdam Brewery co Ltd. and Baldersbr\u00f8nde Bryggeri, by purchasing shares in the companies. The businesses assets, liabilities and contin-gent liabilities have been recognized under the purchase method in the financial statements of Royal Unibrew. The key assets of the businesses are goodwill, trademarks, customer relations, property, plant and equipment, inventories, receivables, deferred tax and payables. Especially regarding the intangible assets acquired, there are no efficient markets to be used to determine fair value. Therefore, management has made an estimate in connection with the calculation of the fair value of the acquired assets and liabilities at the date of acquisition and has allocated the purchase price on that basis.Note 24 Acquisitions of enterprises (continued)Acquisition in 2021Acquisition of Aqua d'Or Mineral Water A/S (A Nordic Water Company)On November 16, 2021, Royal Unibrew entered into an agreement to acquire 100% of the shares in Aqua d'Or Mineral Water A/S from Danone.As announced in company announcement no. 46/2022 published October 24, 2022, Royal Unibrew\u2019s acquisition of Aqua d\u2019Or from Danone will not be completed. The parties have determined that they will not be able to fulfill the closing conditions and the parties have therefore agreed that the deal will not materialize.",
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"value": "\u00a7 Business combinationsAs for acquisition of new enterprises the purchase method is applied, under which the identifiable assets and liabilities of newly acquired enterprises are measured at fair value at the time of acquisition.Upon business combinations, positive differences between cost and fair value of identifiable assets and liabili-ties acquired are recognized as goodwill in intangible assets. At the time of acquisition, goodwill is allocated to the cash-generating units that subsequently form the basis of impairment tests. Goodwill and fair value adjust-ments in connection with the acquisition of a foreign enterprise with a functional currency that differs from the presentation currency of the Group are treated as assets and liabilities belonging to the foreign entity and are translated to the functional currency of the foreign entity at the exchange rates at the dates of transaction.Gains or losses on disposal of subsidiaries and associates are calculated as the difference between the sales sum and the carrying amount of net assets at the time of sale (including the carrying amount of goodwill) net of expected expenses and adjusted for exchange adjustments previously recognized in equity.",
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"value": "\u00a7 Business combinationsAs for acquisition of new enterprises the purchase method is applied, under which the identifiable assets and liabilities of newly acquired enterprises are measured at fair value at the time of acquisition.Upon business combinations, positive differences between cost and fair value of identifiable assets and liabili-ties acquired are recognized as goodwill in intangible assets. At the time of acquisition, goodwill is allocated to the cash-generating units that subsequently form the basis of impairment tests. Goodwill and fair value adjust-ments in connection with the acquisition of a foreign enterprise with a functional currency that differs from the presentation currency of the Group are treated as assets and liabilities belonging to the foreign entity and are translated to the functional currency of the foreign entity at the exchange rates at the dates of transaction.Gains or losses on disposal of subsidiaries and associates are calculated as the difference between the sales sum and the carrying amount of net assets at the time of sale (including the carrying amount of goodwill) net of expected expenses and adjusted for exchange adjustments previously recognized in equity.",
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"value": "Note 11 Investments in subsidiaries and associatesInvestments Investments mDKKin subsidiariesin associatesCost at January 1, 2022 4,513 77Additions 1,279 18Disposals -28Cost at December 31, 2022 5,792 67Impairment losses at January 1, 2022 -89Impairment losses at December 31, 2022 -89 0Carrying amount at December 31, 2022 5,703 67Cost at January 1, 2021 4,477 77Additions 36DisposalsCost at December 31, 2021 4,513 77Impairment losses at January 1, 2021 -89 0Impairment losses at December 31, 2021 -89 0Carrying amount at December 31, 2021 4,424 77",
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"value": "\u00a7 Dividend on investments in subsidiaries and associatesDividend on investments in subsidiaries and associates is recognized in the parent company's income statement in the financial year in which dividend is declared.\u00a7 Investments in subsidiaries and associates in the parent company financial statementsInvestments in subsidiaries and associates are measured at cost and tested in the event of indication of impair-ment. Where cost exceeds the recoverable amount, the investment is written down to its lower recoverable amount.\u00a7 EstimateThe carrying amount of investments in subsidiaries is tested to identify any impairment in case there is an indi-cation that the investment may be impaired. Reference is made to note 11 related to the consolidated financial statements.",
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