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"value": "In 2022, earnings per share (EPS) and diluted earnings per share is adjusted for gain on remeasurements of investments in associates (DKK 360 million).Note 17 Equity and basis of earnings/cash flow per shareTreasury shares held by the Parent Company:Nom. Value in % NumbermDKKof capitalPortfolio at January 1, 2023 576,952 2 1.2Additions, net -430,000 -2 -0.9Shares used as payment 0 0 0.0Portfolio at December 31, 2023 146,952 0 0.3Portfolio at January 1, 2022 880,874 3 1.8Additions, net 490,335 1 1.0Shares used as payment -794,257 -2 -1.6Portfolio at December 31, 2022 576,952 2 1.2The Group holds no other treasury shares.Basis of calculation of earnings and cash flow per share2023 2022 The Parent Company shareholders' share of profit for the year amounted to (mDKK) 1,095 1,492The average number of treasury shares amounted to (number, DKK 2 each) 451,535 718,348The average number of shares in circulation amounted to (number) 49,686,199 48,886,875The average number of shares in circulation incl restricted shares amounted to (number) 49,748,465 48,956,652Cost of share buy-backs during the year (mDKK) 300Proceed from sale of treasury shares during the year (mDKK) 249 0 CommentDiluted earnings and cash flow per share have been calculated on the basis of the Parent Company's shareholders' share of profit/loss for the year.Shares were sold during 2023 as an element in the optimization of Royal Unibrew's capital structure in connection with the acquisition of Vrumona B.V.Shares were bought back during 2022 as an element in the optimization of Royal Unibrew's capital structure. It is the intention to cancel the shares bought back to the extent that they are not to be used for share-based payment to the Executive Management.Share capital of the Parent Company:ShareIncrease / ShareRegistration capitaldecrease of capitaldate1/1share capital31/12Decrease of share capital 03-06-2019 102,000,000 -1,800,000 100,200,000Decrease of share capital 15-05-2020 100,200,000 -1,500,000 98,700,000Decrease of share capital 02-06-2021 98,700,000 -1,100,000 97,600,000Increase of share capital 25-05-2022 97,600,000 2,800,000 100,400,000No movements N/A 100,400,000 0 100,400,000 CommentThe share capital has been fully paid and is destributed in shares of DKK 2 each.\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.\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 share-holders in connection with capital increases.\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 presentation currency (DKK) of the Group.Upon full or partly realization of the net investment in the foreign enterprises, exchange adjustments are recognized 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.",
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"s10_notesesefdkgaap__7__84": {
"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, 2023, presented in the Annual Report 2023 comprise both consolidated financial statements of Royal Unibrew A/S and its subsidiaries (Group) and separate Parent Company Financial Statements.The financial statements of Royal Unibrew for 2023 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional Danish disclosure requirements for finan-cial 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 2023 on February 28, 2024. The Annual Report will be submitted for adoption by the shareholders of Royal Unibrew A/S at the Annual General Meeting on April 30, 2024.\u00a7 Material accounting policiesThis section describes the general accounting policies applied by Royal Unibrew. A detailed descrip-tion of the accounting policies applied and critical estimates made with respect to specific reported amounts are 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 esti-mates 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 interpretations (IFRS Accounting Standards) issued by the IASB and IFRS Accounting Standards' endorsed by the European Union effective on or after January 1, 2023. It is assessed that application of amendments effective from January 1, 2023, has not had a material impact on the financial state-ments for 2023. Furthermore, management does not anticipate any significant impact from new or amended accounting standards and interpretations (IFRS Accounting Standards') issued by the IASB that have not yet become effective.Application of materialityIn the preparation of the annual report, Royal Unibrew aims to focus on information that is considered to be material and relevant to the users of the annual report. The consolidated financial statements are a result of aggregating large numbers of transactions into classes of similar terms, according to their nature or function, in the consolidated financial statements. If a line item is not individually mate-rial, it is aggregated with other items of a similar nature in the consolidated financial statements or in the notes. The provisions in IFRS Accounting Standards contain extensive disclosure requirements. The specific disclosures required by IFRS Accounting Standards are provided in the annual report unless the information is considered immaterial to the users of the annual report.Consolidated financial statementsThe consolidated financial statements comprise Royal Unibrew A/S (Parent Company) and enter-prises 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 off all Group enterprises prepared under the Group's accounting policies by combining accounting items of a uniform nature. Elimination is made of intercompany income and expenses, unrealized intercom-pany 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 recog-nized 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 mone-tary 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 enter-prises 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 compre-hensive 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 associates 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 comprehensive income; likewise, classified in equity under a separate translation reserve.Reporting under the ESEF regulationThe Annual Report 2023 is prepared using a combination of the XHTML format and tagging of the primary consolidated 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, extensions to the taxonomy have been created. Extensions are anchored to elements in the ESEF Taxonomy, except for extensions that are subtotals.The Annual Report 2023 submitted to the Danish Financial Supervisory Authority (the officially appointed mechanism) is included in the zip file ROYAL-2023-12-31-en.zip.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__83": {
"value": "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, 2023, presented in the Annual Report 2023 comprise both consolidated financial statements of Royal Unibrew A/S and its subsidiaries (Group) and separate Parent Company Financial Statements.The financial statements of Royal Unibrew for 2023 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional Danish disclosure requirements for finan-cial 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 2023 on February 28, 2024. The Annual Report will be submitted for adoption by the shareholders of Royal Unibrew A/S at the Annual General Meeting on April 30, 2024.\u00a7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__85-1": {
"value": "The financial statements of Royal Unibrew for 2023 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional Danish disclosure requirements for finan-cial statements, of the Danish Statutory Order on Adoption of IFRS issued pursuant to the Danish Financial Statements Act.Reporting under the ESEF regulationThe Annual Report 2023 is prepared using a combination of the XHTML format and tagging of the primary consolidated 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, extensions to the taxonomy have been created. Extensions are anchored to elements in the ESEF Taxonomy, except for extensions that are subtotals.The Annual Report 2023 submitted to the Danish Financial Supervisory Authority (the officially appointed mechanism) is included in the zip file ROYAL-2023-12-31-en.zip.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__86": {
"value": "The Board of Directors and the Executive Management considered and adopted the Annual Report of Royal Unibrew A/S for 2023 on February 28, 2024. The Annual Report will be submitted for adoption by the shareholders of Royal Unibrew A/S at the Annual General Meeting on April 30, 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__89": {
"value": "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 interpretations (IFRS Accounting Standards) issued by the IASB and IFRS Accounting Standards' endorsed by the European Union effective on or after January 1, 2023. It is assessed that application of amendments effective from January 1, 2023, has not had a material impact on the financial state-ments for 2023. Furthermore, management does not anticipate any significant impact from new or amended accounting standards and interpretations (IFRS Accounting Standards') issued by the IASB that have not yet become effective.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__87-1": {
"value": "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 interpretations (IFRS Accounting Standards) issued by the IASB and IFRS Accounting Standards' endorsed by the European Union effective on or after January 1, 2023. It is assessed that application of amendments effective from January 1, 2023, has not had a material impact on the financial state-ments for 2023. Furthermore, management does not anticipate any significant impact from new or amended accounting standards and interpretations (IFRS Accounting Standards') issued by the IASB that have not yet become effective.Application of materialityIn the preparation of the annual report, Royal Unibrew aims to focus on information that is considered to be material and relevant to the users of the annual report. The consolidated financial statements are a result of aggregating large numbers of transactions into classes of similar terms, according to their nature or function, in the consolidated financial statements. If a line item is not individually mate-rial, it is aggregated with other items of a similar nature in the consolidated financial statements or in the notes. The provisions in IFRS Accounting Standards contain extensive disclosure requirements. The specific disclosures required by IFRS Accounting Standards are provided in the annual report unless the information is considered immaterial to the users of the annual report.Consolidated financial statementsThe consolidated financial statements comprise Royal Unibrew A/S (Parent Company) and enter-prises 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 off all Group enterprises prepared under the Group's accounting policies by combining accounting items of a uniform nature. Elimination is made of intercompany income and expenses, unrealized intercom-pany 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 recog-nized 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 mone-tary 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 enter-prises 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 compre-hensive 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 associates 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 comprehensive income; likewise, classified in equity under a separate translation reserve.Reporting under the ESEF regulationThe Annual Report 2023 is prepared using a combination of the XHTML format and tagging of the primary consolidated 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, extensions to the taxonomy have been created. Extensions are anchored to elements in the ESEF Taxonomy, except for extensions that are subtotals.The Annual Report 2023 submitted to the Danish Financial Supervisory Authority (the officially appointed mechanism) is included in the zip file ROYAL-2023-12-31-en.zip.\u00a7 Material accounting policiesThis section describes the general accounting policies applied by Royal Unibrew. A detailed descrip-tion of the accounting policies applied and critical estimates made with respect to specific reported amounts are 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 esti-mates 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.\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 recognized in the same entry as the hedged item.For derivative financial instruments that 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 develop-ment and direction are taken in this team. Information reported to this team for the dual purpose of resource allocation and assessment of segment performance is focused on geographical markets. Segment performance is evaluated on the basis of operating profit (EBIT) consistent with the consol-idated 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 administra-tive 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 func-tions of the Parent Company are partly allocated.\u00a7Net 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 provides various discounts and fees depending on the nature of the customer and busi-ness.Discounts comprise unit price reductions as well as contributions to promotional activities and product promotion 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 obligations and to which a portion of the transaction price needs to be allocated. Judgments: Aggregation of similar segmentsWhen assessing segment information, management has provided significant judgments, especially related to the five aggregation criteria re. IFRS 8.12, i.e., nature of the products and services, nature of the production processes, type or class of customer, method used to distribute products and nature of the regulatory environment. Based on an analysis, it is concluded that aggregation of the identified operating segments into three reporting segments can be made as each of the operating segments share similar economic characteristics measured on a long-term gross profit margin basis as well as similar fundamental characteristics regarding the five aforementioned specific aggregation criteria.\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 state-ment 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. Subsequently, the estimate of the number of restricted shares is revised so that the total recognition is based on the estimated number of shares allotted.\u00a7 ExpensesProduction costsProduction costs comprise direct and indirect expenses incurred to manufacture the finished goods, which represent 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 amor-tization as well as losses on trade receivables. Furthermore, depreciation and amortization of intan-gible 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.\u00a7 LeasesAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset at the same amount, except for short-term leases of 12 months or less and leases of low-value assets. The interest rate implicit in the lease or the Royal Unibrew Group\u2019s incremental borrowing rate is used as the discount rate for calculating the lease liability and a corresponding right-of-use asset. A right-of-use asset is initially measured at cost, which equals the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e., cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability.The right-of-use asset is depreciated over the earlier of the lease term or the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for prop-erty, plant and equipment. Right-of-use assets are recognized as property, plant and equipment.The Group has elected not to recognize right-of-use assets and liabilities for leases with a term of 12 months or less and leases of low-value assets. Lease payments related to such leases are recognized in the income statement as an expense on a straight-line basis over the lease term.\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 repayment 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 attributable to the profit for the year is recognized in the income statement and other compre-hensive income, respectively, whereas the tax attributable to equity entries is recognized directly in equity.\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 financial 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 five years.Trademarks are not amortized as they are all well-established, old and profitable trademarks which customers are expected to demand 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 impairment. 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 amortiza-tion and depreciation. 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 amor-tized cost is written down for impairment if the net present value is lower than the carrying amount due to changes in expected net payments.\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 2022 and 2023 and have been recognized in the income statement as an adjustment to depreciation in production costs, sales or distribution expenses or administrative expenses, respectively.The expected useful lives of the assets remain unchanged from 2022 and are as follows:Buildings and installations 25-40 yearsLeasing of property, plant and equipment Lease termPlant 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.\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 obligation 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 regard unlisted securities. Unrealized value adjustments are recog-nized in other comprehensive income except for impairment losses and reversal of impairment losses, which are recognized in financial income and expenses in the income statement. Upon realization, the accumulated value adjustment recognized in other comprehensive income is transferred to financial income and expenses in the income statement. Other investments may be classified as level-3 instru-ments.\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 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 mate-rials 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 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.\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 share-holders in connection with capital increases.\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 presentation currency (DKK) of the Group.Upon full or partly realization of the net investment in the foreign enterprises, exchange adjustments are recognized 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.\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 measured 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. Judgments: Recovery of deferred tax assetsDeferred tax assets are recognized for all unutilized tax loss carry forwards to the extent it is consid-ered likely that the losses can be offset against taxable income in the foreseeable future. The amount recognized for deferred tax assets is based on judgment of the likely date and size of future tax loss carry forwards.\u00a7 Deposit, returnable packagingPlastic crates, bottles and kegs in circulation and held in inventory are recognized in property, plant and equipment, 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 recognized initially at fair values. Subsequently, the financial obli-gations 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 equip-ment 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 transac-tion 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.\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 acquisi-tion.Upon business combinations, positive differences between cost and fair value of identifiable assets and liabilities 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 adjustments 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 these adjustments are translated to the func-tional 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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"s10_notesesefdkgaap__7__90": {
"value": "Application of materialityIn the preparation of the annual report, Royal Unibrew aims to focus on information that is considered to be material and relevant to the users of the annual report. The consolidated financial statements are a result of aggregating large numbers of transactions into classes of similar terms, according to their nature or function, in the consolidated financial statements. If a line item is not individually mate-rial, it is aggregated with other items of a similar nature in the consolidated financial statements or in the notes. The provisions in IFRS Accounting Standards contain extensive disclosure requirements. The specific disclosures required by IFRS Accounting Standards are provided in the annual report unless the information is considered immaterial to the users of the annual report.Consolidated financial statementsThe consolidated financial statements comprise Royal Unibrew A/S (Parent Company) and enter-prises 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 off all Group enterprises prepared under the Group's accounting policies by combining accounting items of a uniform nature. Elimination is made of intercompany income and expenses, unrealized intercom-pany 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 recog-nized 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.",
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"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 mone-tary 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 enter-prises 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 compre-hensive 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 associates 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 comprehensive income; likewise, classified in equity under a separate translation reserve.\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 presentation currency (DKK) of the Group.Upon full or partly realization of the net investment in the foreign enterprises, exchange adjustments are recognized in the income statement.",
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"value": "Note 2 Significant accounting estimates and judgmentsIn connection with the preparation of the Parent Company's annual report and consolidated financial statements, 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 assump-tions, nor have any significant accounting impact. Included in the budgets and strategic forecasts for 2024-2028 applied for impairment testing are dedicated capex for solar cells, heat pumps and bio-based or electric boilers which supports our plans to be 100% emission free by the end of 2025 for scope 1 and 2. Furthermore, in these plans it is assumed that imposed sugar taxes can be coun-tered by sales price increases, and/or by increasing focus on no/low products, i.e., behavior shift. As for the potential carbon emission taxes, we do not expect any significant impact due to the dedicated capex. Judgments as an element in material 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 2023, the judgments 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 2023, the following critical estimates have been made as described in the notes, see list to the right.",
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"s10_notesesefdkgaap__7__93-1": {
"value": "Note 2 Significant accounting estimates and judgmentsIn connection with the preparation of the Parent Company's annual report and consolidated financial statements, 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 assump-tions, nor have any significant accounting impact. Included in the budgets and strategic forecasts for 2024-2028 applied for impairment testing are dedicated capex for solar cells, heat pumps and bio-based or electric boilers which supports our plans to be 100% emission free by the end of 2025 for scope 1 and 2. Furthermore, in these plans it is assumed that imposed sugar taxes can be coun-tered by sales price increases, and/or by increasing focus on no/low products, i.e., behavior shift. As for the potential carbon emission taxes, we do not expect any significant impact due to the dedicated capex. Judgments as an element in material 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 2023, the judgments 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 2023, the following critical estimates have been made as described in the notes, see list to the right.Estimates: Key assumptions in impairment testIn 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 trademarks 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.Judgments and estimates: Business combinationsThe businesses assets, liabilities and contingent 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 allo-cated the purchase price on that basis.",
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"value": "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's overall objective for currency risk management is to reduce the negative impact of currency fluctuations on earnings and cash flow, thereby securing a more predictable financial result. The risk is therefore monitored and hedged continually in a nonspeculative nature in accordance with the Treasury Policy. The Group's foreign currency risk is primarily in EUR, USD, CAD, GBP, SEK and NOK and is 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 and purchases of raw materials primarily in EUR and USD, including purchases which involve an indirect 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.EUR is not hedged as the risk is considered too limited due to the fixed exchange rate policy of the central bank of Denmark toward EUR.Earnings Earnings impact impact Equity Equity before tax before tax impact impact mDKK Change2023202220232022EUR 0.1% -1.1 -0.3 -1.1 -0.3USD 10% 5.4 5.5 5.4 5.5GBP 10% -0.2 -2.1 -0.2 -2.1CAD 10% 20.7 21.2 20.7 21.2NOK 10% 51.6 132.9 51.6 132.9SEK 10% 7.3 -0.6 7.3 -0.6The total gross currency risk (before hedging) on the balance sheet items was calculated on December 31, 2023. The table shows the sensitivity to a positive change in the rates on December 31, 2023, with all other variables unchanged. A negative change has a corresponding effect merely with the sign reversed.Royal Unibrew's translation risks relate primarily to Norway (NOK), Canada (CAD), Sweden (SEK), US (USD), the UK (GBP), France, Italy, the Netherlands, Finland, Latvia, Estonia as well as Lithuania (EUR). The translation risks related to Royal Unibrew's investments in foreign subsidiaries are, 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 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 2023, 48% (2022: 33%) of the mortgage and bank debt was with fixed interest rate and hedged with interest rates swaps, having a duration between one to five years (2022: two-six years). Change in the interest rate of one percentage point will affect the Group's interest expenses by approx. +/- DKK 30 million (2022: approx. +/- DKK 29 million) and the interest expenses of the Parent Company by approx. +/- DKK 30 million (2022: approx. +/- DKK 29 million).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 that relates to hedging agreements and net bank deposits 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 424 million (2022: DKK 423 million). Credit risks related to trade receivables are reduced by setting off accrued bonus. On December 31, 2023, accrued bonus amounts to DKK 466 million (2022: DKK 236 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. In 2023, Royal Unibrew utilized the first extension option in the DKK 4 billion revolving credit facility extending the facility with one year until end of 2028.To finance the acquisition of Vrumona, Royal Unibrew entered into a three-year term loan of EUR 260 million with same group of banks as for our revolving credit facility. At the end of 2023, mortgage debt amounted to DKK 1,009 million (2022: DKK 1,011 million) with an average time to maturity of 12.9 years (2022: 13.9 years). Debt to credit institutions comprises drawn committed bank credit facilities and long-term loan with an agreed time to maturity between one to five years (2022: two to six 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. At the operational level, continuous efforts are directed at optimizing working capital. 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. End of 2023 the net interest-bearing debt ratio to EBITDA ended higher than our target due to increased debt level related to the closing of the acquisitions in 2023.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 Group's overall objective for commodity risk management is to reduce the negative impact of commodity price increases on earnings and cash flow, thereby securing a more predictable financial result. This is primarily achieved by entering into fixed-price agreements with the relevant suppliers and financial contracts covering aluminum and gas prices. Exchange rate changes with respect to the settlement currency of aluminum (USD) are an element of the overall currency risk management.In accordance with the Commodity Risk Policy the most significant part of purchases for the next 12 months has been hedged by entering into supplier agreements and financial contracts. A +/-10% change in the price of aluminum and gas on the unhedged position will have an effect on the income statement of approx. +/- DKK 16 million (2022: DKK 12 million).Financial liabilities12/31 2023Contrac-Maturity Group tual cash Maturity > 1 year Maturity Carrying mDKKflows< 1 year< 5 years> 5 yearsamountNon-derivative financial instruments:Financial debt, gross 6,770 1,079 4,840 851 5,934Leasing 588 123 346 119 549Trade payables 2,425 2,425 2,425Other payables 630 629 1 630Total 10,413 4,256 5,187 970 9,538The debt is classified as \"debt at amortized cost\".12/31 2022Contrac-Maturity Group tual cash Maturity > 1 year Maturity Carrying mDKKflows< 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 721Total 7,952 3,734 3,059 1,159 7,329The debt is classified as \"debt at amortized cost\".",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__97-1": {
"value": "Currency riskRoyal Unibrew's overall objective for currency risk management is to reduce the negative impact of currency fluctuations on earnings and cash flow, thereby securing a more predictable financial result. The risk is therefore monitored and hedged continually in a nonspeculative nature in accordance with the Treasury Policy. The Group's foreign currency risk is primarily in EUR, USD, CAD, GBP, SEK and NOK and is 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 and purchases of raw materials primarily in EUR and USD, including purchases which involve an indirect 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.EUR is not hedged as the risk is considered too limited due to the fixed exchange rate policy of the central bank of Denmark toward EUR.Earnings Earnings impact impact Equity Equity before tax before tax impact impact mDKK Change2023202220232022EUR 0.1% -1.1 -0.3 -1.1 -0.3USD 10% 5.4 5.5 5.4 5.5GBP 10% -0.2 -2.1 -0.2 -2.1CAD 10% 20.7 21.2 20.7 21.2NOK 10% 51.6 132.9 51.6 132.9SEK 10% 7.3 -0.6 7.3 -0.6The total gross currency risk (before hedging) on the balance sheet items was calculated on December 31, 2023. The table shows the sensitivity to a positive change in the rates on December 31, 2023, with all other variables unchanged. A negative change has a corresponding effect merely with the sign reversed.Royal Unibrew's translation risks relate primarily to Norway (NOK), Canada (CAD), Sweden (SEK), US (USD), the UK (GBP), France, Italy, the Netherlands, Finland, Latvia, Estonia as well as Lithuania (EUR). The translation risks related to Royal Unibrew's investments in foreign subsidiaries are, 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.Note 8 Financial incomemDKK 2023 2022 Interest income 8 3Foreign exchange gain 6Other 2 1Total 10 10Note 9 Financial expensesmDKK 2023 2022 Interest on mortgage debt 21 5Interest on credit institutions 200 52Interest on leasing liabilities 7 3Finance costs on liabilities at amortized cost 228 60Other financial expenses 14 20Foreign exchange losses, net 18 23Total 260 103\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 repayment under the on-account taxation scheme, etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__98-1": {
"value": "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 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 2023, 48% (2022: 33%) of the mortgage and bank debt was with fixed interest rate and hedged with interest rates swaps, having a duration between one to five years (2022: two-six years). Change in the interest rate of one percentage point will affect the Group's interest expenses by approx. +/- DKK 30 million (2022: approx. +/- DKK 29 million) and the interest expenses of the Parent Company by approx. +/- DKK 30 million (2022: approx. +/- DKK 29 million).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 Group's overall objective for commodity risk management is to reduce the negative impact of commodity price increases on earnings and cash flow, thereby securing a more predictable financial result. This is primarily achieved by entering into fixed-price agreements with the relevant suppliers and financial contracts covering aluminum and gas prices. Exchange rate changes with respect to the settlement currency of aluminum (USD) are an element of the overall currency risk management.In accordance with the Commodity Risk Policy the most significant part of purchases for the next 12 months has been hedged by entering into supplier agreements and financial contracts. A +/-10% change in the price of aluminum and gas on the unhedged position will have an effect on the income statement of approx. +/- DKK 16 million (2022: DKK 12 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__99": {
"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 that relates to hedging agreements and net bank deposits 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 424 million (2022: DKK 423 million). Credit risks related to trade receivables are reduced by setting off accrued bonus. On December 31, 2023, accrued bonus amounts to DKK 466 million (2022: DKK 236 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__100": {
"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. In 2023, Royal Unibrew utilized the first extension option in the DKK 4 billion revolving credit facility extending the facility with one year until end of 2028.To finance the acquisition of Vrumona, Royal Unibrew entered into a three-year term loan of EUR 260 million with same group of banks as for our revolving credit facility. At the end of 2023, mortgage debt amounted to DKK 1,009 million (2022: DKK 1,011 million) with an average time to maturity of 12.9 years (2022: 13.9 years). Debt to credit institutions comprises drawn committed bank credit facilities and long-term loan with an agreed time to maturity between one to five years (2022: two to six years).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__101": {
"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. At the operational level, continuous efforts are directed at optimizing working capital. 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. End of 2023 the net interest-bearing debt ratio to EBITDA ended higher than our target due to increased debt level related to the closing of the acquisitions in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__103-1": {
"value": "Financial liabilities12/31 2023Contrac-Maturity Group tual cash Maturity > 1 year Maturity Carrying mDKKflows< 1 year< 5 years> 5 yearsamountNon-derivative financial instruments:Financial debt, gross 6,770 1,079 4,840 851 5,934Leasing 588 123 346 119 549Trade payables 2,425 2,425 2,425Other payables 630 629 1 630Total 10,413 4,256 5,187 970 9,538The debt is classified as \"debt at amortized cost\".12/31 2022Contrac-Maturity Group tual cash Maturity > 1 year Maturity Carrying mDKKflows< 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 721Total 7,952 3,734 3,059 1,159 7,329The debt is classified as \"debt at amortized cost\".Note 20 DebtsmDKK 2023 2022 Mortgage debt 1,009 1,011 Credit institutions 5,474 3,663 Other debts 4,255 3,620 Debts 10,738 8,294 Changes to interest-bearing debts12/31 Additions by New Exchange 12/31 mDKK2022acquisitions Repaymentfacilitiesadjustment2023Interest-bearing long-term debts 3,433 0 -180 1,821 0 5,074Interest-bearing short-term debts 871 22 -767 733 1 860Total interest-bearing debt, mortgage and credit institutions 4,304 22 -947 2,554 1 5,934Interest-bearing long-term leasing debt* 253 4 -21 197 -3 430Interest-bearing short-term leasing debt* 117 18 -117 101 119Total interest-bearing leasing debt 370 22 -138 298 -3 549Total 4,674 44 -1,085 2,852 -2 6,48312/31 Additions by New Exchange 12/31 mDKK2021acquisitions Repaymentfacilitiesadjustment2022Interest-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 370Total 3,622 55 -1,710 2,647 60 4,674* Leasing debt is included in the balance sheets as \"credit institution's\".\u00a7 DebtsMortgage loans and loans from credit institutions are recognized initially at fair values. Subsequently, the financial obli-gations 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:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__109": {
"value": "Note 4 DerivativesCurrency, 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, 2023, the Group had short-term FX contracts covering the balance sheet exposure end of 2023 in USD, CAD, NOK, SEK and GBP, and short-term FX contracts covering part of the cash flow exposure in 2024 in SEK and NOK.The Group actively hedges the commodity risk related to aluminum and gas. At the end of 2023, the Group had hedged 60% (2022: 64%) of the expected aluminum use within the next 12 months and 40% (2022: 0%) of the expected gas use within the next 12 months.The interest rate swaps hedge the interest rate exposure on the mortgage debt and committed bank debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the underlying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into to hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2023 2022Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 0 1GBP 0 - 1 year 0 0NOK 0 - 1 year -8 5SEK 0 - 1 year -4 0Total -12 6Commodity hedge:Gas 0 - 2 years -5 0Aluminum 0 - 1 year 6 -12Total 1 -12Interest rate swaps:Mortgage and bank loans 2-4 years 20 51Total hedging instruments 9 45The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2023 and 2022 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 2023 2022 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 40 6Financial income and expenses include currency, commodity and interest rate hedges of -44 -4Total -4 2\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 recognized in the same entry as the hedged item.For derivative financial instruments that 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:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__108": {
"value": "Note 4 DerivativesCurrency, 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, 2023, the Group had short-term FX contracts covering the balance sheet exposure end of 2023 in USD, CAD, NOK, SEK and GBP, and short-term FX contracts covering part of the cash flow exposure in 2024 in SEK and NOK.The Group actively hedges the commodity risk related to aluminum and gas. At the end of 2023, the Group had hedged 60% (2022: 64%) of the expected aluminum use within the next 12 months and 40% (2022: 0%) of the expected gas use within the next 12 months.The interest rate swaps hedge the interest rate exposure on the mortgage debt and committed bank debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the underlying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into to hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2023 2022Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 0 1GBP 0 - 1 year 0 0NOK 0 - 1 year -8 5SEK 0 - 1 year -4 0Total -12 6Commodity hedge:Gas 0 - 2 years -5 0Aluminum 0 - 1 year 6 -12Total 1 -12Interest rate swaps:Mortgage and bank loans 2-4 years 20 51Total hedging instruments 9 45The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2023 and 2022 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 2023 2022 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 40 6Financial income and expenses include currency, commodity and interest rate hedges of -44 -4Total -4 2\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 recognized in the same entry as the hedged item.For derivative financial instruments that 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:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__107": {
"value": "Note 4 DerivativesCurrency, 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, 2023, the Group had short-term FX contracts covering the balance sheet exposure end of 2023 in USD, CAD, NOK, SEK and GBP, and short-term FX contracts covering part of the cash flow exposure in 2024 in SEK and NOK.The Group actively hedges the commodity risk related to aluminum and gas. At the end of 2023, the Group had hedged 60% (2022: 64%) of the expected aluminum use within the next 12 months and 40% (2022: 0%) of the expected gas use within the next 12 months.The interest rate swaps hedge the interest rate exposure on the mortgage debt and committed bank debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the underlying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into to hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2023 2022Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 0 1GBP 0 - 1 year 0 0NOK 0 - 1 year -8 5SEK 0 - 1 year -4 0Total -12 6Commodity hedge:Gas 0 - 2 years -5 0Aluminum 0 - 1 year 6 -12Total 1 -12Interest rate swaps:Mortgage and bank loans 2-4 years 20 51Total hedging instruments 9 45The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2023 and 2022 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 2023 2022 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 40 6Financial income and expenses include currency, commodity and interest rate hedges of -44 -4Total -4 2\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 recognized in the same entry as the hedged item.For derivative financial instruments that 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:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__106": {
"value": "Note 4 DerivativesCurrency, 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, 2023, the Group had short-term FX contracts covering the balance sheet exposure end of 2023 in USD, CAD, NOK, SEK and GBP, and short-term FX contracts covering part of the cash flow exposure in 2024 in SEK and NOK.The Group actively hedges the commodity risk related to aluminum and gas. At the end of 2023, the Group had hedged 60% (2022: 64%) of the expected aluminum use within the next 12 months and 40% (2022: 0%) of the expected gas use within the next 12 months.The interest rate swaps hedge the interest rate exposure on the mortgage debt and committed bank debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the underlying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into to hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2023 2022Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 0 1GBP 0 - 1 year 0 0NOK 0 - 1 year -8 5SEK 0 - 1 year -4 0Total -12 6Commodity hedge:Gas 0 - 2 years -5 0Aluminum 0 - 1 year 6 -12Total 1 -12Interest rate swaps:Mortgage and bank loans 2-4 years 20 51Total hedging instruments 9 45The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2023 and 2022 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 2023 2022 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 40 6Financial income and expenses include currency, commodity and interest rate hedges of -44 -4Total -4 2\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 recognized in the same entry as the hedged item.For derivative financial instruments that 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:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__105": {
"value": "Note 4 DerivativesCurrency, 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, 2023, the Group had short-term FX contracts covering the balance sheet exposure end of 2023 in USD, CAD, NOK, SEK and GBP, and short-term FX contracts covering part of the cash flow exposure in 2024 in SEK and NOK.The Group actively hedges the commodity risk related to aluminum and gas. At the end of 2023, the Group had hedged 60% (2022: 64%) of the expected aluminum use within the next 12 months and 40% (2022: 0%) of the expected gas use within the next 12 months.The interest rate swaps hedge the interest rate exposure on the mortgage debt and committed bank debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the underlying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into to hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2023 2022Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 0 1GBP 0 - 1 year 0 0NOK 0 - 1 year -8 5SEK 0 - 1 year -4 0Total -12 6Commodity hedge:Gas 0 - 2 years -5 0Aluminum 0 - 1 year 6 -12Total 1 -12Interest rate swaps:Mortgage and bank loans 2-4 years 20 51Total hedging instruments 9 45The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2023 and 2022 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 2023 2022 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 40 6Financial income and expenses include currency, commodity and interest rate hedges of -44 -4Total -4 2\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 recognized in the same entry as the hedged item.For derivative financial instruments that 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:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__104": {
"value": "Note 4 DerivativesCurrency, 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, 2023, the Group had short-term FX contracts covering the balance sheet exposure end of 2023 in USD, CAD, NOK, SEK and GBP, and short-term FX contracts covering part of the cash flow exposure in 2024 in SEK and NOK.The Group actively hedges the commodity risk related to aluminum and gas. At the end of 2023, the Group had hedged 60% (2022: 64%) of the expected aluminum use within the next 12 months and 40% (2022: 0%) of the expected gas use within the next 12 months.The interest rate swaps hedge the interest rate exposure on the mortgage debt and committed bank debt in Denmark and Finland.Hedge effectiveness is assessed on a regular basis by comparing changes in the value and timing of the underlying exposure with the value and timing of the designated hedging transaction.Derivative financial instruments entered into to hedge expected future transactions and qualifying as hedge accounting under IFRS 9.Group mDKK 2023 2022Deferred Deferred gain (+) / gain (+) / Periodloss (-)loss (-)Forward contracts:USD 0 - 1 year 0 0CAD 0 - 1 year 0 1GBP 0 - 1 year 0 0NOK 0 - 1 year -8 5SEK 0 - 1 year -4 0Total -12 6Commodity hedge:Gas 0 - 2 years -5 0Aluminum 0 - 1 year 6 -12Total 1 -12Interest rate swaps:Mortgage and bank loans 2-4 years 20 51Total hedging instruments 9 45The fair value of the hedging instruments is included in current liabilities under other payables. The derivative financial instruments applied in 2023 and 2022 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 2023 2022 Realized hedging transactions are included in the income statement as follows:Production costs include foreign currency and commodity hedges of 40 6Financial income and expenses include currency, commodity and interest rate hedges of -44 -4Total -4 2\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 recognized in the same entry as the hedged item.For derivative financial instruments that 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:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__115": {
"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 recognized in the same entry as the hedged item.For derivative financial instruments that 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__114": {
"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 recognized in the same entry as the hedged item.For derivative financial instruments that 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__113": {
"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 recognized in the same entry as the hedged item.For derivative financial instruments that 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__112": {
"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 recognized in the same entry as the hedged item.For derivative financial instruments that 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__111": {
"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 recognized in the same entry as the hedged item.For derivative financial instruments that 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__110-1": {
"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 recognized in the same entry as the hedged item.For derivative financial instruments that 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__117": {
"value": "Note 5 Segment reporting and revenue The Group\u2019s results break down as follows in segments:Northern Western Interna-Un- mDKKEuropeEuropetionalallocated Total2023Net revenue 10,023 1,738 1,166 0 12,927Amortization and depreciation 454 85 30 1 570Impairment 0Earnings before interest and tax (EBIT) 1,445 141 75 -23 1,638Sales (million hectoliters) 10.8 2.2 1.1 14.1Northern Western Interna-Un- mDKKEuropeEuropetionalallocated Total2022Net 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 13.4Effective 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.Segment assets, segment liabilities and related disclosures are not provided to management on a regular basis and are therefore not disclosed.Geographically, revenue and non-current assets break down as follows: 2023 2022 2023 2022Non- Non- Net Net current current mDKKrevenuerevenueassetsassetsDenmark 3,786 3,169 2,087 1,930Finland 3,151 2,958 3,484 3,447Norway 1,602 1,495 2,103 2,271Netherlands* 404 0 2,509 0Other countries 3,984 3,865 4,071 3,768Total 12,927 11,487 14,254 11,416* Annualized net revenue exceeds 10%.The 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 2023 2022 CSD 4,309 3,285Beer 3,698 3,556Wine and spirits 1,392 1,428Cider/RTD 1,211 1,129Other beverages etc. 2,317 2,089Total revenue 12,927 11,487\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 develop-ment and direction are taken in this team. Information reported to this team for the dual purpose of resource allocation and assessment of segment performance is focused on geographical markets. Segment performance is evaluated on the basis of operating profit (EBIT) consistent with the consol-idated 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 administra-tive 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 func-tions of the Parent Company are partly allocated.\u00a7Net 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 provides various discounts and fees depending on the nature of the customer and busi-ness.Discounts comprise unit price reductions as well as contributions to promotional activities and product promotion 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 obligations and to which a portion of the transaction price needs to be allocated. Judgments: Aggregation of similar segmentsWhen assessing segment information, management has provided significant judgments, especially related to the five aggregation criteria re. IFRS 8.12, i.e., nature of the products and services, nature of the production processes, type or class of customer, method used to distribute products and nature of the regulatory environment. Based on an analysis, it is concluded that aggregation of the identified operating segments into three reporting segments can be made as each of the operating segments share similar economic characteristics measured on a long-term gross profit margin basis as well as similar fundamental characteristics regarding the five aforementioned specific aggregation criteria.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__116": {
"value": "Note 5 Segment reporting and revenue The Group\u2019s results break down as follows in segments:Northern Western Interna-Un- mDKKEuropeEuropetionalallocated Total2023Net revenue 10,023 1,738 1,166 0 12,927Amortization and depreciation 454 85 30 1 570Impairment 0Earnings before interest and tax (EBIT) 1,445 141 75 -23 1,638Sales (million hectoliters) 10.8 2.2 1.1 14.1Northern Western Interna-Un- mDKKEuropeEuropetionalallocated Total2022Net 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 13.4Effective 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.Segment assets, segment liabilities and related disclosures are not provided to management on a regular basis and are therefore not disclosed.Geographically, revenue and non-current assets break down as follows: 2023 2022 2023 2022Non- Non- Net Net current current mDKKrevenuerevenueassetsassetsDenmark 3,786 3,169 2,087 1,930Finland 3,151 2,958 3,484 3,447Norway 1,602 1,495 2,103 2,271Netherlands* 404 0 2,509 0Other countries 3,984 3,865 4,071 3,768Total 12,927 11,487 14,254 11,416* Annualized net revenue exceeds 10%.The 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 2023 2022 CSD 4,309 3,285Beer 3,698 3,556Wine and spirits 1,392 1,428Cider/RTD 1,211 1,129Other beverages etc. 2,317 2,089Total revenue 12,927 11,487\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 develop-ment and direction are taken in this team. Information reported to this team for the dual purpose of resource allocation and assessment of segment performance is focused on geographical markets. Segment performance is evaluated on the basis of operating profit (EBIT) consistent with the consol-idated 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 administra-tive 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 func-tions of the Parent Company are partly allocated.\u00a7Net 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 provides various discounts and fees depending on the nature of the customer and busi-ness.Discounts comprise unit price reductions as well as contributions to promotional activities and product promotion 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 obligations and to which a portion of the transaction price needs to be allocated. Judgments: Aggregation of similar segmentsWhen assessing segment information, management has provided significant judgments, especially related to the five aggregation criteria re. IFRS 8.12, i.e., nature of the products and services, nature of the production processes, type or class of customer, method used to distribute products and nature of the regulatory environment. Based on an analysis, it is concluded that aggregation of the identified operating segments into three reporting segments can be made as each of the operating segments share similar economic characteristics measured on a long-term gross profit margin basis as well as similar fundamental characteristics regarding the five aforementioned specific aggregation criteria.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__118": {
"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 develop-ment and direction are taken in this team. Information reported to this team for the dual purpose of resource allocation and assessment of segment performance is focused on geographical markets. Segment performance is evaluated on the basis of operating profit (EBIT) consistent with the consol-idated 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 administra-tive 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 func-tions of the Parent Company are partly allocated.\u00a7Net 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 provides various discounts and fees depending on the nature of the customer and busi-ness.Discounts comprise unit price reductions as well as contributions to promotional activities and product promotion 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 obligations and to which a portion of the transaction price needs to be allocated. Judgments: Aggregation of similar segmentsWhen assessing segment information, management has provided significant judgments, especially related to the five aggregation criteria re. IFRS 8.12, i.e., nature of the products and services, nature of the production processes, type or class of customer, method used to distribute products and nature of the regulatory environment. Based on an analysis, it is concluded that aggregation of the identified operating segments into three reporting segments can be made as each of the operating segments share similar economic characteristics measured on a long-term gross profit margin basis as well as similar fundamental characteristics regarding the five aforementioned specific aggregation criteria.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__120": {
"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 provides various discounts and fees depending on the nature of the customer and busi-ness.Discounts comprise unit price reductions as well as contributions to promotional activities and product promotion 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 obligations and to which a portion of the transaction price needs to be allocated. Judgments: Aggregation of similar segmentsWhen assessing segment information, management has provided significant judgments, especially related to the five aggregation criteria re. IFRS 8.12, i.e., nature of the products and services, nature of the production processes, type or class of customer, method used to distribute products and nature of the regulatory environment. Based on an analysis, it is concluded that aggregation of the identified operating segments into three reporting segments can be made as each of the operating segments share similar economic characteristics measured on a long-term gross profit margin basis as well as similar fundamental characteristics regarding the five aforementioned specific aggregation criteria.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__119": {
"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 provides various discounts and fees depending on the nature of the customer and busi-ness.Discounts comprise unit price reductions as well as contributions to promotional activities and product promotion 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 obligations and to which a portion of the transaction price needs to be allocated. Judgments: Aggregation of similar segmentsWhen assessing segment information, management has provided significant judgments, especially related to the five aggregation criteria re. IFRS 8.12, i.e., nature of the products and services, nature of the production processes, type or class of customer, method used to distribute products and nature of the regulatory environment. Based on an analysis, it is concluded that aggregation of the identified operating segments into three reporting segments can be made as each of the operating segments share similar economic characteristics measured on a long-term gross profit margin basis as well as similar fundamental characteristics regarding the five aforementioned specific aggregation criteria.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__127": {
"value": "Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as adminis-trative expenses. Staff expenses break down as follows:mDKK 2023 2022 Fixed salaries to Executive Management 14 14Short-term bonus scheme for Executive Management 7 2Long-term share based bonus scheme for Executive Management 6 -1Remuneration of Executive Management 27 15Remuneration of Board of Directors 5 5Total remuneration 32 20Wages and salaries 1,670 1,410Contributions to pension schemes 182 159Total wages, salaries and contribution to pension schemes 1,852 1,569Other social security expenses 57 56Other staff expenses 90 79Total 2,031 1,724Average number of employees 3,984 3,365For Executive Management, debt re cash-based bonus schemes amounts to DKK 7 million (2022: DKK 2 million) and debt re share-based bonus scheme amounts to DKK 9 million (2022: DKK 3 million) as of December 31, 2023.The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Exec-utive Management are disclosed at the Parent Company\u2019s website.Share-based paymentSVP, VP and other Total fair Share Executive selected value at price at Manage-key time of grant ment employees To t a lgrantdateDKK Number Number Numberthousand DKKConditional shares 2022 42,581 27,196 69,777 Outstanding at January 1, 2023 42,581 27,196 69,777 Exercised 0 0 0Conditional shares granted in 2023 38,060 33,991 72,051 52,434 548Anti-dilution adjustment 1,035 653 1,688Forfeited -17,013 0 -17,013Outstanding at December 31, 2023 64,663 61,840 126,503 52,434Exercisable at December 31, 2023 3,004 0 3,0042023 2022Remaining Remaining Restricted term to Restricted term to sharesmaturitysharesmaturityNumber Months Number MonthsConditional shares 2021 program (Executive Management) 3,004 0 19,543 12Conditional shares 2022 program (Executive Management) 23,599 12 23,038 24Conditional shares 2022 program (SVP, VP and selected key employees) 27,849 12 27,196 24Conditional shares 2023 program (Executive Management) 38,060 24Conditional shares 2023 program (SVP, VP and selected key employees) 33,991 24Outstanding at December 31, 2023 126,503 69,777 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 Executive Management, employees and shareholders and to retain and reward the employees for dedicated and focused achievements of the company\u2019s strategy and long-term objec-tives aligned with shareholders\u2019 interests.The LTIP implies the grant of a number of Performance Share Units (PSUs). The PSUs granted in 2022 and 2023 to each participant will vest within 0-100% of the granted PSUs depending on achieve-ment 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 2022 and 2023 have four targets: Organic EBIT growth in year three (45%), accumulated free cash flow (15%), ESG perfor-mance relative 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%).The market value of the program applying to 2022 covering the performance period 2022-2024 for Executive Management was approximately DKK 8 million and for SVPs, VPs and selected key employees the market value at grant was approximately DKK 12 million.The market value of the program applying to 2023 covering the performance period 2023-2025 for Executive Manage-mentwas approximately DKK 13 million and for SVPs, VPs and selected key employees the market value at grant was 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 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 state-ment 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. Subsequently, the estimate of the number of restricted shares is revised so that the total recognition is based on the estimated number of shares allotted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__125": {
"value": "Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as adminis-trative expenses. Staff expenses break down as follows:mDKK 2023 2022 Fixed salaries to Executive Management 14 14Short-term bonus scheme for Executive Management 7 2Long-term share based bonus scheme for Executive Management 6 -1Remuneration of Executive Management 27 15Remuneration of Board of Directors 5 5Total remuneration 32 20Wages and salaries 1,670 1,410Contributions to pension schemes 182 159Total wages, salaries and contribution to pension schemes 1,852 1,569Other social security expenses 57 56Other staff expenses 90 79Total 2,031 1,724Average number of employees 3,984 3,365For Executive Management, debt re cash-based bonus schemes amounts to DKK 7 million (2022: DKK 2 million) and debt re share-based bonus scheme amounts to DKK 9 million (2022: DKK 3 million) as of December 31, 2023.The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Exec-utive Management are disclosed at the Parent Company\u2019s website.Share-based paymentSVP, VP and other Total fair Share Executive selected value at price at Manage-key time of grant ment employees To t a lgrantdateDKK Number Number Numberthousand DKKConditional shares 2022 42,581 27,196 69,777 Outstanding at January 1, 2023 42,581 27,196 69,777 Exercised 0 0 0Conditional shares granted in 2023 38,060 33,991 72,051 52,434 548Anti-dilution adjustment 1,035 653 1,688Forfeited -17,013 0 -17,013Outstanding at December 31, 2023 64,663 61,840 126,503 52,434Exercisable at December 31, 2023 3,004 0 3,0042023 2022Remaining Remaining Restricted term to Restricted term to sharesmaturitysharesmaturityNumber Months Number MonthsConditional shares 2021 program (Executive Management) 3,004 0 19,543 12Conditional shares 2022 program (Executive Management) 23,599 12 23,038 24Conditional shares 2022 program (SVP, VP and selected key employees) 27,849 12 27,196 24Conditional shares 2023 program (Executive Management) 38,060 24Conditional shares 2023 program (SVP, VP and selected key employees) 33,991 24Outstanding at December 31, 2023 126,503 69,777 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 Executive Management, employees and shareholders and to retain and reward the employees for dedicated and focused achievements of the company\u2019s strategy and long-term objec-tives aligned with shareholders\u2019 interests.The LTIP implies the grant of a number of Performance Share Units (PSUs). The PSUs granted in 2022 and 2023 to each participant will vest within 0-100% of the granted PSUs depending on achieve-ment 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 2022 and 2023 have four targets: Organic EBIT growth in year three (45%), accumulated free cash flow (15%), ESG perfor-mance relative 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%).The market value of the program applying to 2022 covering the performance period 2022-2024 for Executive Management was approximately DKK 8 million and for SVPs, VPs and selected key employees the market value at grant was approximately DKK 12 million.The market value of the program applying to 2023 covering the performance period 2023-2025 for Executive Manage-mentwas approximately DKK 13 million and for SVPs, VPs and selected key employees the market value at grant was 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 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 state-ment 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. Subsequently, the estimate of the number of restricted shares is revised so that the total recognition is based on the estimated number of shares allotted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__124": {
"value": "Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as adminis-trative expenses. Staff expenses break down as follows:mDKK 2023 2022 Fixed salaries to Executive Management 14 14Short-term bonus scheme for Executive Management 7 2Long-term share based bonus scheme for Executive Management 6 -1Remuneration of Executive Management 27 15Remuneration of Board of Directors 5 5Total remuneration 32 20Wages and salaries 1,670 1,410Contributions to pension schemes 182 159Total wages, salaries and contribution to pension schemes 1,852 1,569Other social security expenses 57 56Other staff expenses 90 79Total 2,031 1,724Average number of employees 3,984 3,365For Executive Management, debt re cash-based bonus schemes amounts to DKK 7 million (2022: DKK 2 million) and debt re share-based bonus scheme amounts to DKK 9 million (2022: DKK 3 million) as of December 31, 2023.The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Exec-utive Management are disclosed at the Parent Company\u2019s website.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__123": {
"value": "Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as adminis-trative expenses. Staff expenses break down as follows:mDKK 2023 2022 Fixed salaries to Executive Management 14 14Short-term bonus scheme for Executive Management 7 2Long-term share based bonus scheme for Executive Management 6 -1Remuneration of Executive Management 27 15Remuneration of Board of Directors 5 5Total remuneration 32 20Wages and salaries 1,670 1,410Contributions to pension schemes 182 159Total wages, salaries and contribution to pension schemes 1,852 1,569Other social security expenses 57 56Other staff expenses 90 79Total 2,031 1,724Average number of employees 3,984 3,365For Executive Management, debt re cash-based bonus schemes amounts to DKK 7 million (2022: DKK 2 million) and debt re share-based bonus scheme amounts to DKK 9 million (2022: DKK 3 million) as of December 31, 2023.The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Exec-utive Management are disclosed at the Parent Company\u2019s website.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__122": {
"value": "Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as adminis-trative expenses. Staff expenses break down as follows:mDKK 2023 2022 Fixed salaries to Executive Management 14 14Short-term bonus scheme for Executive Management 7 2Long-term share based bonus scheme for Executive Management 6 -1Remuneration of Executive Management 27 15Remuneration of Board of Directors 5 5Total remuneration 32 20Wages and salaries 1,670 1,410Contributions to pension schemes 182 159Total wages, salaries and contribution to pension schemes 1,852 1,569Other social security expenses 57 56Other staff expenses 90 79Total 2,031 1,724Average number of employees 3,984 3,365For Executive Management, debt re cash-based bonus schemes amounts to DKK 7 million (2022: DKK 2 million) and debt re share-based bonus scheme amounts to DKK 9 million (2022: DKK 3 million) as of December 31, 2023.The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Exec-utive Management are disclosed at the Parent Company\u2019s website.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__121-1": {
"value": "Note 6 Staff expensesStaff expenses are included in production costs, sales and distribution expenses as well as adminis-trative expenses. Staff expenses break down as follows:mDKK 2023 2022 Fixed salaries to Executive Management 14 14Short-term bonus scheme for Executive Management 7 2Long-term share based bonus scheme for Executive Management 6 -1Remuneration of Executive Management 27 15Remuneration of Board of Directors 5 5Total remuneration 32 20Wages and salaries 1,670 1,410Contributions to pension schemes 182 159Total wages, salaries and contribution to pension schemes 1,852 1,569Other social security expenses 57 56Other staff expenses 90 79Total 2,031 1,724Average number of employees 3,984 3,365For Executive Management, debt re cash-based bonus schemes amounts to DKK 7 million (2022: DKK 2 million) and debt re share-based bonus scheme amounts to DKK 9 million (2022: DKK 3 million) as of December 31, 2023.The complete Remuneration Policy and Remuneration Report for the Board of Directors and the Exec-utive Management are disclosed at the Parent Company\u2019s website.Share-based paymentSVP, VP and other Total fair Share Executive selected value at price at Manage-key time of grant ment employees To t a lgrantdateDKK Number Number Numberthousand DKKConditional shares 2022 42,581 27,196 69,777 Outstanding at January 1, 2023 42,581 27,196 69,777 Exercised 0 0 0Conditional shares granted in 2023 38,060 33,991 72,051 52,434 548Anti-dilution adjustment 1,035 653 1,688Forfeited -17,013 0 -17,013Outstanding at December 31, 2023 64,663 61,840 126,503 52,434Exercisable at December 31, 2023 3,004 0 3,0042023 2022Remaining Remaining Restricted term to Restricted term to sharesmaturitysharesmaturityNumber Months Number MonthsConditional shares 2021 program (Executive Management) 3,004 0 19,543 12Conditional shares 2022 program (Executive Management) 23,599 12 23,038 24Conditional shares 2022 program (SVP, VP and selected key employees) 27,849 12 27,196 24Conditional shares 2023 program (Executive Management) 38,060 24Conditional shares 2023 program (SVP, VP and selected key employees) 33,991 24Outstanding at December 31, 2023 126,503 69,777 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 Executive Management, employees and shareholders and to retain and reward the employees for dedicated and focused achievements of the company\u2019s strategy and long-term objec-tives aligned with shareholders\u2019 interests.The LTIP implies the grant of a number of Performance Share Units (PSUs). The PSUs granted in 2022 and 2023 to each participant will vest within 0-100% of the granted PSUs depending on achieve-ment 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 2022 and 2023 have four targets: Organic EBIT growth in year three (45%), accumulated free cash flow (15%), ESG perfor-mance relative 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%).The market value of the program applying to 2022 covering the performance period 2022-2024 for Executive Management was approximately DKK 8 million and for SVPs, VPs and selected key employees the market value at grant was approximately DKK 12 million.The market value of the program applying to 2023 covering the performance period 2023-2025 for Executive Manage-mentwas approximately DKK 13 million and for SVPs, VPs and selected key employees the market value at grant was 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 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 state-ment 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. Subsequently, the estimate of the number of restricted shares is revised so that the total recognition is based on the estimated number of shares allotted.Note 7 Expenses broken down by naturemDKK 2023 2022Aggregated by functionProduction costs 7,533 6,618Sales and distribution expenses 3,158 2,926Administrative expenses 628 427Total 11,319 9,971Break down by nature as follows:Raw materials and consumables 6,276 5,564Wages, salaries and other staff expenses 2,031 1,724Operating and maintenance expenses 478 371Distribution expenses and carriage 801 837Sales and marketing expenses 779 711Bad trade debts 24 -3Administrative cost 360 286Amortization, depreciation and gain/loss on sale 570 481Total 11,319 9,971Total amortization, depreciation and gain/loss on sale are included in the following items in the income statement:Production costs 283 223Sales and distribution expenses 258 246Administrative expenses 29 12Total 570 481 CommentOther income of DKK 30 million relates to a gain on property sold in Norway in 2023.mDKK 2023 2022Fee to auditors elected at the general assemblyFee for the audit of the annual report:Deloitte 8 7Total 8 7Deloitte fee for non-audit services*:Other assurance services 1 1Other assistance 1 1Total 2 2* Fees for other assurance services provided by Deloitte primarily comprise ESG assurance and auditor's reports related to mergers. 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 1 million is mainly due to an increase in legal entities as a conse-quence of acquisitions.\u00a7 ExpensesProduction costsProduction costs comprise direct and indirect expenses incurred to manufacture the finished goods, which represent 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 amor-tization as well as losses on trade receivables. Furthermore, depreciation and amortization of intan-gible 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.\u00a7 LeasesAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset at the same amount, except for short-term leases of 12 months or less and leases of low-value assets. The interest rate implicit in the lease or the Royal Unibrew Group\u2019s incremental borrowing rate is used as the discount rate for calculating the lease liability and a corresponding right-of-use asset. A right-of-use asset is initially measured at cost, which equals the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e., cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability.The right-of-use asset is depreciated over the earlier of the lease term or the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for prop-erty, plant and equipment. Right-of-use assets are recognized as property, plant and equipment.The Group has elected not to recognize right-of-use assets and liabilities for leases with a term of 12 months or less and leases of low-value assets. Lease payments related to such leases are recognized in the income statement as an expense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__129": {
"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 state-ment 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. Subsequently, the estimate of the number of restricted shares is revised so that the total recognition is based on the estimated number of shares allotted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__128": {
"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 state-ment 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. Subsequently, the estimate of the number of restricted shares is revised so that the total recognition is based on the estimated number of shares allotted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__134": {
"value": "Note 7 Expenses broken down by naturemDKK 2023 2022Aggregated by functionProduction costs 7,533 6,618Sales and distribution expenses 3,158 2,926Administrative expenses 628 427Total 11,319 9,971Break down by nature as follows:Raw materials and consumables 6,276 5,564Wages, salaries and other staff expenses 2,031 1,724Operating and maintenance expenses 478 371Distribution expenses and carriage 801 837Sales and marketing expenses 779 711Bad trade debts 24 -3Administrative cost 360 286Amortization, depreciation and gain/loss on sale 570 481Total 11,319 9,971Total amortization, depreciation and gain/loss on sale are included in the following items in the income statement:Production costs 283 223Sales and distribution expenses 258 246Administrative expenses 29 12Total 570 481 CommentOther income of DKK 30 million relates to a gain on property sold in Norway in 2023.mDKK 2023 2022Fee to auditors elected at the general assemblyFee for the audit of the annual report:Deloitte 8 7Total 8 7Deloitte fee for non-audit services*:Other assurance services 1 1Other assistance 1 1Total 2 2* Fees for other assurance services provided by Deloitte primarily comprise ESG assurance and auditor's reports related to mergers. 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 1 million is mainly due to an increase in legal entities as a conse-quence of acquisitions.\u00a7 ExpensesProduction costsProduction costs comprise direct and indirect expenses incurred to manufacture the finished goods, which represent 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 amor-tization as well as losses on trade receivables. Furthermore, depreciation and amortization of intan-gible 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.\u00a7 LeasesAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset at the same amount, except for short-term leases of 12 months or less and leases of low-value assets. The interest rate implicit in the lease or the Royal Unibrew Group\u2019s incremental borrowing rate is used as the discount rate for calculating the lease liability and a corresponding right-of-use asset. A right-of-use asset is initially measured at cost, which equals the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e., cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability.The right-of-use asset is depreciated over the earlier of the lease term or the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for prop-erty, plant and equipment. Right-of-use assets are recognized as property, plant and equipment.The Group has elected not to recognize right-of-use assets and liabilities for leases with a term of 12 months or less and leases of low-value assets. Lease payments related to such leases are recognized in the income statement as an expense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__7__133": {
"value": "Note 7 Expenses broken down by naturemDKK 2023 2022Aggregated by functionProduction costs 7,533 6,618Sales and distribution expenses 3,158 2,926Administrative expenses 628 427Total 11,319 9,971Break down by nature as follows:Raw materials and consumables 6,276 5,564Wages, salaries and other staff expenses 2,031 1,724Operating and maintenance expenses 478 371Distribution expenses and carriage 801 837Sales and marketing expenses 779 711Bad trade debts 24 -3Administrative cost 360 286Amortization, depreciation and gain/loss on sale 570 481Total 11,319 9,971Total amortization, depreciation and gain/loss on sale are included in the following items in the income statement:Production costs 283 223Sales and distribution expenses 258 246Administrative expenses 29 12Total 570 481 CommentOther income of DKK 30 million relates to a gain on property sold in Norway in 2023.mDKK 2023 2022Fee to auditors elected at the general assemblyFee for the audit of the annual report:Deloitte 8 7Total 8 7Deloitte fee for non-audit services*:Other assurance services 1 1Other assistance 1 1Total 2 2* Fees for other assurance services provided by Deloitte primarily comprise ESG assurance and auditor's reports related to mergers. 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 1 million is mainly due to an increase in legal entities as a conse-quence of acquisitions.\u00a7 ExpensesProduction costsProduction costs comprise direct and indirect expenses incurred to manufacture the finished goods, which represent 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 amor-tization as well as losses on trade receivables. Furthermore, depreciation and amortization of intan-gible 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.\u00a7 LeasesAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset at the same amount, except for short-term leases of 12 months or less and leases of low-value assets. The interest rate implicit in the lease or the Royal Unibrew Group\u2019s incremental borrowing rate is used as the discount rate for calculating the lease liability and a corresponding right-of-use asset. A right-of-use asset is initially measured at cost, which equals the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e., cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability.The right-of-use asset is depreciated over the earlier of the lease term or the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for prop-erty, plant and equipment. Right-of-use assets are recognized as property, plant and equipment.The Group has elected not to recognize right-of-use assets and liabilities for leases with a term of 12 months or less and leases of low-value assets. Lease payments related to such leases are recognized in the income statement as an expense on a straight-line basis over the lease term.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__132": {
"value": "Note 7 Expenses broken down by naturemDKK 2023 2022Aggregated by functionProduction costs 7,533 6,618Sales and distribution expenses 3,158 2,926Administrative expenses 628 427Total 11,319 9,971Break down by nature as follows:Raw materials and consumables 6,276 5,564Wages, salaries and other staff expenses 2,031 1,724Operating and maintenance expenses 478 371Distribution expenses and carriage 801 837Sales and marketing expenses 779 711Bad trade debts 24 -3Administrative cost 360 286Amortization, depreciation and gain/loss on sale 570 481Total 11,319 9,971Total amortization, depreciation and gain/loss on sale are included in the following items in the income statement:Production costs 283 223Sales and distribution expenses 258 246Administrative expenses 29 12Total 570 481 CommentOther income of DKK 30 million relates to a gain on property sold in Norway in 2023.mDKK 2023 2022Fee to auditors elected at the general assemblyFee for the audit of the annual report:Deloitte 8 7Total 8 7Deloitte fee for non-audit services*:Other assurance services 1 1Other assistance 1 1Total 2 2* Fees for other assurance services provided by Deloitte primarily comprise ESG assurance and auditor's reports related to mergers. 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 1 million is mainly due to an increase in legal entities as a conse-quence of acquisitions.\u00a7 ExpensesProduction costsProduction costs comprise direct and indirect expenses incurred to manufacture the finished goods, which represent 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 amor-tization as well as losses on trade receivables. Furthermore, depreciation and amortization of intan-gible 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.\u00a7 LeasesAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset at the same amount, except for short-term leases of 12 months or less and leases of low-value assets. The interest rate implicit in the lease or the Royal Unibrew Group\u2019s incremental borrowing rate is used as the discount rate for calculating the lease liability and a corresponding right-of-use asset. A right-of-use asset is initially measured at cost, which equals the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e., cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability.The right-of-use asset is depreciated over the earlier of the lease term or the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for prop-erty, plant and equipment. Right-of-use assets are recognized as property, plant and equipment.The Group has elected not to recognize right-of-use assets and liabilities for leases with a term of 12 months or less and leases of low-value assets. Lease payments related to such leases are recognized in the income statement as an expense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__131": {
"value": "Note 7 Expenses broken down by naturemDKK 2023 2022Aggregated by functionProduction costs 7,533 6,618Sales and distribution expenses 3,158 2,926Administrative expenses 628 427Total 11,319 9,971Break down by nature as follows:Raw materials and consumables 6,276 5,564Wages, salaries and other staff expenses 2,031 1,724Operating and maintenance expenses 478 371Distribution expenses and carriage 801 837Sales and marketing expenses 779 711Bad trade debts 24 -3Administrative cost 360 286Amortization, depreciation and gain/loss on sale 570 481Total 11,319 9,971Total amortization, depreciation and gain/loss on sale are included in the following items in the income statement:Production costs 283 223Sales and distribution expenses 258 246Administrative expenses 29 12Total 570 481 CommentOther income of DKK 30 million relates to a gain on property sold in Norway in 2023.mDKK 2023 2022Fee to auditors elected at the general assemblyFee for the audit of the annual report:Deloitte 8 7Total 8 7Deloitte fee for non-audit services*:Other assurance services 1 1Other assistance 1 1Total 2 2* Fees for other assurance services provided by Deloitte primarily comprise ESG assurance and auditor's reports related to mergers. 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 1 million is mainly due to an increase in legal entities as a conse-quence of acquisitions.\u00a7 ExpensesProduction costsProduction costs comprise direct and indirect expenses incurred to manufacture the finished goods, which represent 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 amor-tization as well as losses on trade receivables. Furthermore, depreciation and amortization of intan-gible 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.\u00a7 LeasesAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset at the same amount, except for short-term leases of 12 months or less and leases of low-value assets. The interest rate implicit in the lease or the Royal Unibrew Group\u2019s incremental borrowing rate is used as the discount rate for calculating the lease liability and a corresponding right-of-use asset. A right-of-use asset is initially measured at cost, which equals the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e., cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability.The right-of-use asset is depreciated over the earlier of the lease term or the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for prop-erty, plant and equipment. Right-of-use assets are recognized as property, plant and equipment.The Group has elected not to recognize right-of-use assets and liabilities for leases with a term of 12 months or less and leases of low-value assets. Lease payments related to such leases are recognized in the income statement as an expense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__135": {
"value": "mDKK 2023 2022Fee to auditors elected at the general assemblyFee for the audit of the annual report:Deloitte 8 7Total 8 7Deloitte fee for non-audit services*:Other assurance services 1 1Other assistance 1 1Total 2 2* Fees for other assurance services provided by Deloitte primarily comprise ESG assurance and auditor's reports related to mergers. Fees for other assistance than statutory audit of the financial statements provided by Deloitte primarily comprise services relating to financial due diligence.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__136": {
"value": "\u00a7 ExpensesProduction costsProduction costs comprise direct and indirect expenses incurred to manufacture the finished goods, which represent 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 amor-tization as well as losses on trade receivables. Furthermore, depreciation and amortization of intan-gible 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.\u00a7",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__137": {
"value": "\u00a7 LeasesAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset at the same amount, except for short-term leases of 12 months or less and leases of low-value assets. The interest rate implicit in the lease or the Royal Unibrew Group\u2019s incremental borrowing rate is used as the discount rate for calculating the lease liability and a corresponding right-of-use asset. A right-of-use asset is initially measured at cost, which equals the initial lease liability and initial direct costs less any lease incentives received. The Group has applied the practical expedient option allowed under IFRS by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms, i.e., cars and trucks.Subsequently, the right-of-use asset is measured at cost less depreciation and impairment losses and adjusted for remeasurement of the lease liability.The right-of-use asset is depreciated over the earlier of the lease term or the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for prop-erty, plant and equipment. Right-of-use assets are recognized as property, plant and equipment.The Group has elected not to recognize right-of-use assets and liabilities for leases with a term of 12 months or less and leases of low-value assets. Lease payments related to such leases are recognized in the income statement as an expense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__141": {
"value": "Note 8 Financial incomemDKK 2023 2022 Interest income 8 3Foreign exchange gain 6Other 2 1Total 10 10",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__140-1": {
"value": "Note 8 Financial incomemDKK 2023 2022 Interest income 8 3Foreign exchange gain 6Other 2 1Total 10 10Note 9 Financial expensesmDKK 2023 2022 Interest on mortgage debt 21 5Interest on credit institutions 200 52Interest on leasing liabilities 7 3Finance costs on liabilities at amortized cost 228 60Other financial expenses 14 20Foreign exchange losses, net 18 23Total 260 103\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 repayment under the on-account taxation scheme, etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__139": {
"value": "Note 8 Financial incomemDKK 2023 2022 Interest income 8 3Foreign exchange gain 6Other 2 1Total 10 10",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__138-1": {
"value": "Note 8 Financial incomemDKK 2023 2022 Interest income 8 3Foreign exchange gain 6Other 2 1Total 10 10Note 9 Financial expensesmDKK 2023 2022 Interest on mortgage debt 21 5Interest on credit institutions 200 52Interest on leasing liabilities 7 3Finance costs on liabilities at amortized cost 228 60Other financial expenses 14 20Foreign exchange losses, net 18 23Total 260 103\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 repayment under the on-account taxation scheme, etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__146": {
"value": "Note 9 Financial expensesmDKK 2023 2022 Interest on mortgage debt 21 5Interest on credit institutions 200 52Interest on leasing liabilities 7 3Finance costs on liabilities at amortized cost 228 60Other financial expenses 14 20Foreign exchange losses, net 18 23Total 260 103\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 repayment under the on-account taxation scheme, etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__144": {
"value": "Note 9 Financial expensesmDKK 2023 2022 Interest on mortgage debt 21 5Interest on credit institutions 200 52Interest on leasing liabilities 7 3Finance costs on liabilities at amortized cost 228 60Other financial expenses 14 20Foreign exchange losses, net 18 23Total 260 103\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 repayment under the on-account taxation scheme, etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__150": {
"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 repayment under the on-account taxation scheme, etc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__149": {
"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 repayment under the on-account taxation scheme, etc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__148": {
"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 repayment under the on-account taxation scheme, etc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__152": {
"value": "Note 10 Tax on the profit for the yearmDKK 2023 2022 Tax on the taxable income for the year 306 305Adjustment of previous year -11 -4Adjustment of deferred tax 16 -7Total 311 294which breaks down as follows:Tax on profit for the year 311 294Tax on other comprehensive income -9 3Tax on changes in equity, shareholders 9 -3Total 311 294Current Danish tax rate 22.0 22.0Adjustment of previous year -0.9 -0.2Income after tax from associates and gain on remeasurements -0.3 -4.2Effect on tax rate of permanent differences 1.0 0.3Carry forward tax losses not recognized 1.2 0.0Differences in effective tax rates of foreign subsidiaries -0.9 -1.4Effective tax rate 22.1 16.5CommentThe implementation of the Minimum Tax Act (Pillar II), as adopted by the Danish Parliament on December 7, 2023, is not expected to result in additional tax costs for the Royal Unibrew Group based on the current group structure.In 2022, the effective tax rate is significantly impacted by the remeasurement on the 25% share-holding in Hansa Borg Bryggerier AS.\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 attributable to the profit for the year is recognized in the income statement and other compre-hensive income, respectively, whereas the tax attributable to equity entries is recognized directly in equity.\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:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__151": {
"value": "Note 10 Tax on the profit for the yearmDKK 2023 2022 Tax on the taxable income for the year 306 305Adjustment of previous year -11 -4Adjustment of deferred tax 16 -7Total 311 294which breaks down as follows:Tax on profit for the year 311 294Tax on other comprehensive income -9 3Tax on changes in equity, shareholders 9 -3Total 311 294Current Danish tax rate 22.0 22.0Adjustment of previous year -0.9 -0.2Income after tax from associates and gain on remeasurements -0.3 -4.2Effect on tax rate of permanent differences 1.0 0.3Carry forward tax losses not recognized 1.2 0.0Differences in effective tax rates of foreign subsidiaries -0.9 -1.4Effective tax rate 22.1 16.5CommentThe implementation of the Minimum Tax Act (Pillar II), as adopted by the Danish Parliament on December 7, 2023, is not expected to result in additional tax costs for the Royal Unibrew Group based on the current group structure.In 2022, the effective tax rate is significantly impacted by the remeasurement on the 25% share-holding in Hansa Borg Bryggerier AS.\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 attributable to the profit for the year is recognized in the income statement and other compre-hensive income, respectively, whereas the tax attributable to equity entries is recognized directly in equity.\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:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__154": {
"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 attributable to the profit for the year is recognized in the income statement and other compre-hensive income, respectively, whereas the tax attributable to equity entries is recognized directly in equity.\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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__153": {
"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 attributable to the profit for the year is recognized in the income statement and other compre-hensive income, respectively, whereas the tax attributable to equity entries is recognized directly in equity.\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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__157": {
"value": "Note 11 Intangible assetsTrade-Distribu-Customer mDKK Goodwillmarkstion rightsrelations To t a lCost at January 1, 2023 3,992 3,279 241 371 7,883Exchange adjustment -83 -46 -2 -12 -143Addition by acquisition 1,314 701 55 54 2,124Cost at December 31, 2023 5,223 3,934 294 413 9,864Amortization and impairment losses at January 1, 2023 -7 -6 -118 -194 -325Exchange adjustment -3 4 1Amortization for the year -15 -56 -71Amortization and impairment losses at December 31, 2023 -7 -9 -133 -246 -395Carrying amount at December 31, 2023 5,216 3,925 161 167 9,469Trade-Distribu-Customer mDKK Goodwillmarkstion rightsrelations To t 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 0Amortization for the year -15 -59 -74Amortization and impairment losses at December 31, 2022 -7 -6 -118 -194 -325Carrying amount at December 31, 2022 3,985 3,273 123 177 7,558CommentCarrying amount of goodwill and trademarks with indefinite useful lives relates to the following coun-tries; Denmark 6%, Finland 25%, Norway 22%, Baltics 4%, France 14%, Italy 8%, the Netherlands 19% and Canada 2%.\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 financial 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 five years.Trademarks are not amortized as they are all well-established, old and profitable trademarks which customers are expected to demand 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 impairment. It is the Group's strategy to maintain trademarks and their value.Impairment test of goodwill and trademarksThe impairment test in 2023 did not show any impairment losses, similar to 2022.The carrying amount of goodwill and trademarks with indefinite useful lives on December 31, 2023, is related to the cash-generating operational units and breaks down as follows:Trade-mDKK Goodwillmarks Total Share2023Northern Europe* 2,850 2,287 5,137 56%Western Europe* 2,277 1,529 3,806 42%International 89 109 198 2%Total 5,216 3,925 9,141 100%* The most significant value for Northern Europe relates to Finland and Norway and for Western Europe to the Netherlands.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 2024 - 2028, approved by management, as well as estimated market-driven discount rates and growth rates.In 2023, Royal Unibrew experienced continued high costs across our markets stemming from several factors, i.e., cost price increases on raw materials, labor and energy. It is expected that costs will remain high going into 2024.We will continue to invest in commercial opportunities and the development of our core brands to secure an increased market share development. Despite the higher cost base, consumption in the markets in which we operate is expected to develop positively over the forecast period, and we expect to continue to win market shares across geographies. With a continued focus on exploiting commercial opportunities and innovation following the consumer trends, Royal Unibrew expects to build on the positive volume and revenue growth. EBIT margins are expected to increase through continuous focus on procurement, investments in IT capabilities, continuous efficiency improvementsand synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western Interna-EuropeEuropetionalCompound annual growth rate 2024-2028 5.3-17.2% 2.5-17.1% 11.8%Growth rate on terminal value 1.0% 1.0% 1.0%WACC before tax 8.4-9.6% 9.2-11.0% 10.4%WACC after tax 6.7-7.9% 6.8-8.4% 8.3%The forecasted results approved by management are based on previously achieved results and expected market developments (see above). The average growth rates applied are considering industry conditions in the individual markets in accordance with management's expectations. The discount rates applied are before tax and reflect current specific risks in the individual markets. External consultants have advised how to determine the discounts rates. 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.Trade-mDKK Goodwillmarks Total Share2022 Northern Europe* 2,928 2,287 5,215 72%Western Europe* 963 876 1,839 25%International 94 110 204 3%Total 3,985 3,273 7,258 100%* The most significant value for Northern Europe relates to Finland and Norway and for Western Europe to 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 2023-2027, approved by management, as well as esti-mated 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 was 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 developed positively as expected, and we continue to win market shares across geographies. We will build on our positive organic volume and revenue growth as well as through partnerships and acquisitions. This, together with further devel-oping the businesses acquired in recent years, continued focus on exploiting commercial opportunities and innovation following consumer trends, Royal Unibrew expects to gain market shares, and conse-quently, increase the revenue and earnings from the core brands and business areas. EBIT margins areexpected to increase in all regions through continuous focus on value management, investments in IT capabilities, continuous efficiency improvements and synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western Interna-EuropeEuropetionalCompound annual growth rate 2023-2027 2.7-13.3% 9.4-18.4% 17.8%Growth rate on terminal value 0.8-0.8% 0.6-0.8% 1.6%WACC before tax 7.4-10.0% 8.4-10.1% 8.2%WACC after tax 6.5-8.1% 6.9-8.0% 7.0%The forecasted results approved by management are based on previously achieved results and expected market developments (see above). The average growth rates applied are considering industry conditions in the individual markets in accordance with management's expectations. 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.\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 amortiza-tion and depreciation. 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 amor-tized cost is written down for impairment if the net present value is lower than the carrying amount due to changes in expected net payments. Estimates: Key assumptions in impairment testIn 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 trademarks 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:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__156": {
"value": "Note 11 Intangible assetsTrade-Distribu-Customer mDKK Goodwillmarkstion rightsrelations To t a lCost at January 1, 2023 3,992 3,279 241 371 7,883Exchange adjustment -83 -46 -2 -12 -143Addition by acquisition 1,314 701 55 54 2,124Cost at December 31, 2023 5,223 3,934 294 413 9,864Amortization and impairment losses at January 1, 2023 -7 -6 -118 -194 -325Exchange adjustment -3 4 1Amortization for the year -15 -56 -71Amortization and impairment losses at December 31, 2023 -7 -9 -133 -246 -395Carrying amount at December 31, 2023 5,216 3,925 161 167 9,469Trade-Distribu-Customer mDKK Goodwillmarkstion rightsrelations To t 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 0Amortization for the year -15 -59 -74Amortization and impairment losses at December 31, 2022 -7 -6 -118 -194 -325Carrying amount at December 31, 2022 3,985 3,273 123 177 7,558CommentCarrying amount of goodwill and trademarks with indefinite useful lives relates to the following coun-tries; Denmark 6%, Finland 25%, Norway 22%, Baltics 4%, France 14%, Italy 8%, the Netherlands 19% and Canada 2%.\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 financial 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 five years.Trademarks are not amortized as they are all well-established, old and profitable trademarks which customers are expected to demand 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 impairment. It is the Group's strategy to maintain trademarks and their value.Impairment test of goodwill and trademarksThe impairment test in 2023 did not show any impairment losses, similar to 2022.The carrying amount of goodwill and trademarks with indefinite useful lives on December 31, 2023, is related to the cash-generating operational units and breaks down as follows:Trade-mDKK Goodwillmarks Total Share2023Northern Europe* 2,850 2,287 5,137 56%Western Europe* 2,277 1,529 3,806 42%International 89 109 198 2%Total 5,216 3,925 9,141 100%* The most significant value for Northern Europe relates to Finland and Norway and for Western Europe to the Netherlands.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 2024 - 2028, approved by management, as well as estimated market-driven discount rates and growth rates.In 2023, Royal Unibrew experienced continued high costs across our markets stemming from several factors, i.e., cost price increases on raw materials, labor and energy. It is expected that costs will remain high going into 2024.We will continue to invest in commercial opportunities and the development of our core brands to secure an increased market share development. Despite the higher cost base, consumption in the markets in which we operate is expected to develop positively over the forecast period, and we expect to continue to win market shares across geographies. With a continued focus on exploiting commercial opportunities and innovation following the consumer trends, Royal Unibrew expects to build on the positive volume and revenue growth. EBIT margins are expected to increase through continuous focus on procurement, investments in IT capabilities, continuous efficiency improvementsand synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western Interna-EuropeEuropetionalCompound annual growth rate 2024-2028 5.3-17.2% 2.5-17.1% 11.8%Growth rate on terminal value 1.0% 1.0% 1.0%WACC before tax 8.4-9.6% 9.2-11.0% 10.4%WACC after tax 6.7-7.9% 6.8-8.4% 8.3%The forecasted results approved by management are based on previously achieved results and expected market developments (see above). The average growth rates applied are considering industry conditions in the individual markets in accordance with management's expectations. The discount rates applied are before tax and reflect current specific risks in the individual markets. External consultants have advised how to determine the discounts rates. 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.Trade-mDKK Goodwillmarks Total Share2022 Northern Europe* 2,928 2,287 5,215 72%Western Europe* 963 876 1,839 25%International 94 110 204 3%Total 3,985 3,273 7,258 100%* The most significant value for Northern Europe relates to Finland and Norway and for Western Europe to 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 2023-2027, approved by management, as well as esti-mated 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 was 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 developed positively as expected, and we continue to win market shares across geographies. We will build on our positive organic volume and revenue growth as well as through partnerships and acquisitions. This, together with further devel-oping the businesses acquired in recent years, continued focus on exploiting commercial opportunities and innovation following consumer trends, Royal Unibrew expects to gain market shares, and conse-quently, increase the revenue and earnings from the core brands and business areas. EBIT margins areexpected to increase in all regions through continuous focus on value management, investments in IT capabilities, continuous efficiency improvements and synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western Interna-EuropeEuropetionalCompound annual growth rate 2023-2027 2.7-13.3% 9.4-18.4% 17.8%Growth rate on terminal value 0.8-0.8% 0.6-0.8% 1.6%WACC before tax 7.4-10.0% 8.4-10.1% 8.2%WACC after tax 6.5-8.1% 6.9-8.0% 7.0%The forecasted results approved by management are based on previously achieved results and expected market developments (see above). The average growth rates applied are considering industry conditions in the individual markets in accordance with management's expectations. 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.\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 amortiza-tion and depreciation. 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 amor-tized cost is written down for impairment if the net present value is lower than the carrying amount due to changes in expected net payments. Estimates: Key assumptions in impairment testIn 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 trademarks 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.",
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"s10_notesesefdkgaap__7__155": {
"value": "Note 11 Intangible assetsTrade-Distribu-Customer mDKK Goodwillmarkstion rightsrelations To t a lCost at January 1, 2023 3,992 3,279 241 371 7,883Exchange adjustment -83 -46 -2 -12 -143Addition by acquisition 1,314 701 55 54 2,124Cost at December 31, 2023 5,223 3,934 294 413 9,864Amortization and impairment losses at January 1, 2023 -7 -6 -118 -194 -325Exchange adjustment -3 4 1Amortization for the year -15 -56 -71Amortization and impairment losses at December 31, 2023 -7 -9 -133 -246 -395Carrying amount at December 31, 2023 5,216 3,925 161 167 9,469Trade-Distribu-Customer mDKK Goodwillmarkstion rightsrelations To t 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 0Amortization for the year -15 -59 -74Amortization and impairment losses at December 31, 2022 -7 -6 -118 -194 -325Carrying amount at December 31, 2022 3,985 3,273 123 177 7,558CommentCarrying amount of goodwill and trademarks with indefinite useful lives relates to the following coun-tries; Denmark 6%, Finland 25%, Norway 22%, Baltics 4%, France 14%, Italy 8%, the Netherlands 19% and Canada 2%.\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 financial 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 five years.Trademarks are not amortized as they are all well-established, old and profitable trademarks which customers are expected to demand 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 impairment. It is the Group's strategy to maintain trademarks and their value.Impairment test of goodwill and trademarksThe impairment test in 2023 did not show any impairment losses, similar to 2022.The carrying amount of goodwill and trademarks with indefinite useful lives on December 31, 2023, is related to the cash-generating operational units and breaks down as follows:Trade-mDKK Goodwillmarks Total Share2023Northern Europe* 2,850 2,287 5,137 56%Western Europe* 2,277 1,529 3,806 42%International 89 109 198 2%Total 5,216 3,925 9,141 100%* The most significant value for Northern Europe relates to Finland and Norway and for Western Europe to the Netherlands.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 2024 - 2028, approved by management, as well as estimated market-driven discount rates and growth rates.In 2023, Royal Unibrew experienced continued high costs across our markets stemming from several factors, i.e., cost price increases on raw materials, labor and energy. It is expected that costs will remain high going into 2024.We will continue to invest in commercial opportunities and the development of our core brands to secure an increased market share development. Despite the higher cost base, consumption in the markets in which we operate is expected to develop positively over the forecast period, and we expect to continue to win market shares across geographies. With a continued focus on exploiting commercial opportunities and innovation following the consumer trends, Royal Unibrew expects to build on the positive volume and revenue growth. EBIT margins are expected to increase through continuous focus on procurement, investments in IT capabilities, continuous efficiency improvementsand synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western Interna-EuropeEuropetionalCompound annual growth rate 2024-2028 5.3-17.2% 2.5-17.1% 11.8%Growth rate on terminal value 1.0% 1.0% 1.0%WACC before tax 8.4-9.6% 9.2-11.0% 10.4%WACC after tax 6.7-7.9% 6.8-8.4% 8.3%The forecasted results approved by management are based on previously achieved results and expected market developments (see above). The average growth rates applied are considering industry conditions in the individual markets in accordance with management's expectations. The discount rates applied are before tax and reflect current specific risks in the individual markets. External consultants have advised how to determine the discounts rates. 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.Trade-mDKK Goodwillmarks Total Share2022 Northern Europe* 2,928 2,287 5,215 72%Western Europe* 963 876 1,839 25%International 94 110 204 3%Total 3,985 3,273 7,258 100%* The most significant value for Northern Europe relates to Finland and Norway and for Western Europe to 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 2023-2027, approved by management, as well as esti-mated 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 was 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 developed positively as expected, and we continue to win market shares across geographies. We will build on our positive organic volume and revenue growth as well as through partnerships and acquisitions. This, together with further devel-oping the businesses acquired in recent years, continued focus on exploiting commercial opportunities and innovation following consumer trends, Royal Unibrew expects to gain market shares, and conse-quently, increase the revenue and earnings from the core brands and business areas. EBIT margins areexpected to increase in all regions through continuous focus on value management, investments in IT capabilities, continuous efficiency improvements and synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western Interna-EuropeEuropetionalCompound annual growth rate 2023-2027 2.7-13.3% 9.4-18.4% 17.8%Growth rate on terminal value 0.8-0.8% 0.6-0.8% 1.6%WACC before tax 7.4-10.0% 8.4-10.1% 8.2%WACC after tax 6.5-8.1% 6.9-8.0% 7.0%The forecasted results approved by management are based on previously achieved results and expected market developments (see above). The average growth rates applied are considering industry conditions in the individual markets in accordance with management's expectations. 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.\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 amortiza-tion and depreciation. 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 amor-tized cost is written down for impairment if the net present value is lower than the carrying amount due to changes in expected net payments. Estimates: Key assumptions in impairment testIn 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 trademarks 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.",
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"s10_notesesefdkgaap__7__159": {
"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 financial management.",
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},
"s10_notesesefdkgaap__7__158-1": {
"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 financial management.Estimates: Key assumptions in impairment testIn 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 trademarks 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": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__7__160": {
"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 five years.Trademarks are not amortized as they are all well-established, old and profitable trademarks which customers are expected to demand 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 impairment. It is the Group's strategy to maintain trademarks and their value.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__7__161": {
"value": "Impairment test of goodwill and trademarksThe impairment test in 2023 did not show any impairment losses, similar to 2022.The carrying amount of goodwill and trademarks with indefinite useful lives on December 31, 2023, is related to the cash-generating operational units and breaks down as follows:Trade-mDKK Goodwillmarks Total Share2023Northern Europe* 2,850 2,287 5,137 56%Western Europe* 2,277 1,529 3,806 42%International 89 109 198 2%Total 5,216 3,925 9,141 100%* The most significant value for Northern Europe relates to Finland and Norway and for Western Europe to the Netherlands.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 2024 - 2028, approved by management, as well as estimated market-driven discount rates and growth rates.In 2023, Royal Unibrew experienced continued high costs across our markets stemming from several factors, i.e., cost price increases on raw materials, labor and energy. It is expected that costs will remain high going into 2024.We will continue to invest in commercial opportunities and the development of our core brands to secure an increased market share development. Despite the higher cost base, consumption in the markets in which we operate is expected to develop positively over the forecast period, and we expect to continue to win market shares across geographies. With a continued focus on exploiting commercial opportunities and innovation following the consumer trends, Royal Unibrew expects to build on the positive volume and revenue growth. EBIT margins are expected to increase through continuous focus on procurement, investments in IT capabilities, continuous efficiency improvementsand synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western Interna-EuropeEuropetionalCompound annual growth rate 2024-2028 5.3-17.2% 2.5-17.1% 11.8%Growth rate on terminal value 1.0% 1.0% 1.0%WACC before tax 8.4-9.6% 9.2-11.0% 10.4%WACC after tax 6.7-7.9% 6.8-8.4% 8.3%The forecasted results approved by management are based on previously achieved results and expected market developments (see above). The average growth rates applied are considering industry conditions in the individual markets in accordance with management's expectations. The discount rates applied are before tax and reflect current specific risks in the individual markets. External consultants have advised how to determine the discounts rates. 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.Trade-mDKK Goodwillmarks Total Share2022 Northern Europe* 2,928 2,287 5,215 72%Western Europe* 963 876 1,839 25%International 94 110 204 3%Total 3,985 3,273 7,258 100%* The most significant value for Northern Europe relates to Finland and Norway and for Western Europe to 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 2023-2027, approved by management, as well as esti-mated 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 was 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 developed positively as expected, and we continue to win market shares across geographies. We will build on our positive organic volume and revenue growth as well as through partnerships and acquisitions. This, together with further devel-oping the businesses acquired in recent years, continued focus on exploiting commercial opportunities and innovation following consumer trends, Royal Unibrew expects to gain market shares, and conse-quently, increase the revenue and earnings from the core brands and business areas. EBIT margins areexpected to increase in all regions through continuous focus on value management, investments in IT capabilities, continuous efficiency improvements and synergies from acquisitions. The key assumptions for the calculation of recoverable amount are shown below.Northern Western Interna-EuropeEuropetionalCompound annual growth rate 2023-2027 2.7-13.3% 9.4-18.4% 17.8%Growth rate on terminal value 0.8-0.8% 0.6-0.8% 1.6%WACC before tax 7.4-10.0% 8.4-10.1% 8.2%WACC after tax 6.5-8.1% 6.9-8.0% 7.0%The forecasted results approved by management are based on previously achieved results and expected market developments (see above). The average growth rates applied are considering industry conditions in the individual markets in accordance with management's expectations. 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.\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 amortiza-tion and depreciation. 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 amor-tized cost is written down for impairment if the net present value is lower than the carrying amount due to changes in expected net payments. Estimates: Key assumptions in impairment testIn 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 trademarks 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.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notesesefdkgaap__7__163-1": {
"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 amortiza-tion and depreciation. 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 amor-tized cost is written down for impairment if the net present value is lower than the carrying amount due to changes in expected net payments.Estimates: Key assumptions in impairment testIn 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 trademarks 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:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__162-1": {
"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 amortiza-tion and depreciation. 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 amor-tized cost is written down for impairment if the net present value is lower than the carrying amount due to changes in expected net payments.Estimates: Key assumptions in impairment testIn 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 trademarks 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__168": {
"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, 2023 2,375 3,104 1,344 192 597 7,612Exchange adjustment -23 -11 -1 -35Adjustment previous year -1 3 11 1 -1 13Additions 18 143 187 233 319 900Additions by acquisitions 374 174 80 62 690Disposals -146 -63 -73 -98 -380Transfers for the year 35 23 34 -92 0Cost at December 31, 2023 2,632 3,373 1,583 396 816 8,800Depreciation, revaluation and impair-ment losses at January 1, 2023 -896 -1,973 -832 0 -231 -3,932Exchange adjustment -1 -1 -1 -3Adjustment previous year 1 -16 -15Depreciation for the year -67 -148 -151 -142 -508Reversal of depreciation of assets sold 99 63 65 93 320Depreciation, revaluation and impairment losses at December 31, 2023 -864 -2,059 -935 0 -280 -4,138Carrying amount at December 31, 2023 1,768 1,314 648 396 536 4,662Leasing of property, plant and equipment:Cost at December 31, 2023 524 292 816Depreciation, revaluation and impairment losses at December 31, 2023 -148 -132 -280Carrying amount per asset type 376 160 536Property, plant and equipment net carrying amount 4,662 mDKK (2022: 3,680 mDKK) includes software at a net carrying amount of 146 mDKK. Land and buildings at a carrying amount of 995 mDKK (2022: 1,008mDKK) have been provided as security for mortgage debt of 1,009 mDKK.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, 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 impairment losses at December 31, 2022 -109 -122 -231Carrying amount per asset type 234 132 366\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 2022 and 2023 and have been recognized in the income statement as an adjustment to depreciation in production costs, sales or distribution expenses or administrative expenses, respectively.The expected useful lives of the assets remain unchanged from 2022 and are as follows:Buildings and installations 25-40 yearsLeasing of property, plant and equipment Lease termPlant 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:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__167": {
"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, 2023 2,375 3,104 1,344 192 597 7,612Exchange adjustment -23 -11 -1 -35Adjustment previous year -1 3 11 1 -1 13Additions 18 143 187 233 319 900Additions by acquisitions 374 174 80 62 690Disposals -146 -63 -73 -98 -380Transfers for the year 35 23 34 -92 0Cost at December 31, 2023 2,632 3,373 1,583 396 816 8,800Depreciation, revaluation and impair-ment losses at January 1, 2023 -896 -1,973 -832 0 -231 -3,932Exchange adjustment -1 -1 -1 -3Adjustment previous year 1 -16 -15Depreciation for the year -67 -148 -151 -142 -508Reversal of depreciation of assets sold 99 63 65 93 320Depreciation, revaluation and impairment losses at December 31, 2023 -864 -2,059 -935 0 -280 -4,138Carrying amount at December 31, 2023 1,768 1,314 648 396 536 4,662Leasing of property, plant and equipment:Cost at December 31, 2023 524 292 816Depreciation, revaluation and impairment losses at December 31, 2023 -148 -132 -280Carrying amount per asset type 376 160 536Property, plant and equipment net carrying amount 4,662 mDKK (2022: 3,680 mDKK) includes software at a net carrying amount of 146 mDKK. Land and buildings at a carrying amount of 995 mDKK (2022: 1,008mDKK) have been provided as security for mortgage debt of 1,009 mDKK.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, 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 impairment losses at December 31, 2022 -109 -122 -231Carrying amount per asset type 234 132 366\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 2022 and 2023 and have been recognized in the income statement as an adjustment to depreciation in production costs, sales or distribution expenses or administrative expenses, respectively.The expected useful lives of the assets remain unchanged from 2022 and are as follows:Buildings and installations 25-40 yearsLeasing of property, plant and equipment Lease termPlant 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__169": {
"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 2022 and 2023 and have been recognized in the income statement as an adjustment to depreciation in production costs, sales or distribution expenses or administrative expenses, respectively.The expected useful lives of the assets remain unchanged from 2022 and are as follows:Buildings and installations 25-40 yearsLeasing of property, plant and equipment Lease termPlant 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:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__171": {
"value": "Note 13 Investments in associatesInvest-ments in mDKKassociatesCost at January 1, 2023 123Addition by acquisition 0Reclassification -74Cost at December 31, 2023 49Value adjustments at January 1, 2023 -24Exchange adjustment 0Dividend, net -13Share of profit for the year 18Reclassification 4Value adjustments at December 31, 2023 -15Carrying amount at December 31, 2023 34Cost 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 2Reclassification -70Value adjustments at December 31, 2022 -24Carrying amount at December 31, 2022 99CommentWith reference to note 24, Royal Unibrew has acquired the share majority in Liquid Studio Holding ApS whereas the investment has been reclassified, consolidated and eliminated in the Consolidated Finan-cial Statements.Royal Unibrew's share of:mDKK 2023 2022Profit from continuing operations for the year 18 2Other comprehensive income 0 0Comprehensive income 18 2Total carrying amount at December 31 of the Group's total investments in associates, share of equity 34 99\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 obligation 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:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__170": {
"value": "Note 13 Investments in associatesInvest-ments in mDKKassociatesCost at January 1, 2023 123Addition by acquisition 0Reclassification -74Cost at December 31, 2023 49Value adjustments at January 1, 2023 -24Exchange adjustment 0Dividend, net -13Share of profit for the year 18Reclassification 4Value adjustments at December 31, 2023 -15Carrying amount at December 31, 2023 34Cost 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 2Reclassification -70Value adjustments at December 31, 2022 -24Carrying amount at December 31, 2022 99CommentWith reference to note 24, Royal Unibrew has acquired the share majority in Liquid Studio Holding ApS whereas the investment has been reclassified, consolidated and eliminated in the Consolidated Finan-cial Statements.Royal Unibrew's share of:mDKK 2023 2022Profit from continuing operations for the year 18 2Other comprehensive income 0 0Comprehensive income 18 2Total carrying amount at December 31 of the Group's total investments in associates, share of equity 34 99\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 obligation 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:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__174": {
"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 obligation 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__173": {
"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 obligation 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__172": {
"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 obligation 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__176": {
"value": "Note 14 Other fixed asset investmentsTotal other Other fixed asset Other invest-invest-mDKKreceivablesmentsmentsCost at January 1, 2023 121 5 127Exchange adjustment -2 0 -2Additions by acquisition 13 13Additions 4 4Disposals -2 -2Cost at December 31, 2023 130 9 140Value adjustments at January 1, 2023 -52 4 -48Exchange adjustment -3 0 -3Disposals 0 0Revaluations and impairment losses for the year 0Value adjustments at December 31, 2023 -55 4 -51Carrying amount at December 31, 2023 75 13 89Cost 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 79 CommentIn 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 Lubel-skie 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 fair value measurement of the investment in Perla Browary Lubelskie S.A. is classified at level 3 of the IFRS Fair Value Hier-archy.\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 regard unlisted securities. Unrealized value adjustments are recog-nized in other comprehensive income except for impairment losses and reversal of impairment losses, which are recognized in financial income and expenses in the income statement. Upon realization, the accumulated value adjustment recognized in other comprehensive income is transferred to financial income and expenses in the income statement. Other investments may be classified as level-3 instru-ments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__175": {
"value": "Note 14 Other fixed asset investmentsTotal other Other fixed asset Other invest-invest-mDKKreceivablesmentsmentsCost at January 1, 2023 121 5 127Exchange adjustment -2 0 -2Additions by acquisition 13 13Additions 4 4Disposals -2 -2Cost at December 31, 2023 130 9 140Value adjustments at January 1, 2023 -52 4 -48Exchange adjustment -3 0 -3Disposals 0 0Revaluations and impairment losses for the year 0Value adjustments at December 31, 2023 -55 4 -51Carrying amount at December 31, 2023 75 13 89Cost 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 79 CommentIn 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 Lubel-skie 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 fair value measurement of the investment in Perla Browary Lubelskie S.A. is classified at level 3 of the IFRS Fair Value Hier-archy.\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 regard unlisted securities. Unrealized value adjustments are recog-nized in other comprehensive income except for impairment losses and reversal of impairment losses, which are recognized in financial income and expenses in the income statement. Upon realization, the accumulated value adjustment recognized in other comprehensive income is transferred to financial income and expenses in the income statement. Other investments may be classified as level-3 instru-ments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__177": {
"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 regard unlisted securities. Unrealized value adjustments are recog-nized in other comprehensive income except for impairment losses and reversal of impairment losses, which are recognized in financial income and expenses in the income statement. Upon realization, the accumulated value adjustment recognized in other comprehensive income is transferred to financial income and expenses in the income statement. Other investments may be classified as level-3 instru-ments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__178": {
"value": "Note 15 InventoriesmDKK 2023 2022Raw materials and consumables 502 399Work in progress 65 40Finished goods and goods for resale 834 774Inventories 1,401 1,213 CommentIndirect production costs are recognized in the value of work in progress and finished goods at DKK 28 million (2022: DKK 28 million). Write down of inventories amounted to DKK 28 million (2022: DKK 26 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 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 mate-rials 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:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__179": {
"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 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 mate-rials 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__183": {
"value": "Note 16 ReceivablesmDKK 2023 2022Trade receivables 1,777 1,360Other receivables 124 140Receivables 1,901 1,500Receivables are classified as \"assets measured at amortized cost\" under IFRS 9.Trade receivables fall due as follows: Not due Due and prepaid Due 1-15 16-90 Due > mDKKbonus daysdays 90 days To t a l2023Trade receivables 1,620 147 59 35 1,861Impairment provision* -46** -1 -10 -26 -83Trade receivables after impairment 1,574 146 49 9 1,777 Impairment provision % *** -2.8 -0.7 -16.9 -74.3 -4.5Impairment provision, beginning of the year -63Impairment realized during the year 8Impairment provision for the year -25Additions from acquisition -3Total -83* Lifetime expected credit loss.** Hereof DKK 24 million (1.5%) relates to prepaid bonus.*** Historical average loss rate is < 1%. Not due Due and prepaid Due 1-15 16-90 Due > mDKKbonus daysdays 90 days To t 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 -4.4Impairment provision, beginning of the year -50Impairment realized during the year 3Impairment provision for the year -5Addition from acquisition -11Total -63* Lifetime expected credit loss.** Hereof DKK 18 million (1.4%) relates to prepaid bonus.*** Historical average loss rate is < 1%. CommentOther current receivables all fall due for payment in 2024.\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:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__182": {
"value": "Note 16 ReceivablesmDKK 2023 2022Trade receivables 1,777 1,360Other receivables 124 140Receivables 1,901 1,500Receivables are classified as \"assets measured at amortized cost\" under IFRS 9.Trade receivables fall due as follows: Not due Due and prepaid Due 1-15 16-90 Due > mDKKbonus daysdays 90 days To t a l2023Trade receivables 1,620 147 59 35 1,861Impairment provision* -46** -1 -10 -26 -83Trade receivables after impairment 1,574 146 49 9 1,777 Impairment provision % *** -2.8 -0.7 -16.9 -74.3 -4.5Impairment provision, beginning of the year -63Impairment realized during the year 8Impairment provision for the year -25Additions from acquisition -3Total -83* Lifetime expected credit loss.** Hereof DKK 24 million (1.5%) relates to prepaid bonus.*** Historical average loss rate is < 1%. Not due Due and prepaid Due 1-15 16-90 Due > mDKKbonus daysdays 90 days To t 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 -4.4Impairment provision, beginning of the year -50Impairment realized during the year 3Impairment provision for the year -5Addition from acquisition -11Total -63* Lifetime expected credit loss.** Hereof DKK 18 million (1.4%) relates to prepaid bonus.*** Historical average loss rate is < 1%. CommentOther current receivables all fall due for payment in 2024.\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:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__181": {
"value": "Note 16 ReceivablesmDKK 2023 2022Trade receivables 1,777 1,360Other receivables 124 140Receivables 1,901 1,500Receivables are classified as \"assets measured at amortized cost\" under IFRS 9.Trade receivables fall due as follows: Not due Due and prepaid Due 1-15 16-90 Due > mDKKbonus daysdays 90 days To t a l2023Trade receivables 1,620 147 59 35 1,861Impairment provision* -46** -1 -10 -26 -83Trade receivables after impairment 1,574 146 49 9 1,777 Impairment provision % *** -2.8 -0.7 -16.9 -74.3 -4.5Impairment provision, beginning of the year -63Impairment realized during the year 8Impairment provision for the year -25Additions from acquisition -3Total -83* Lifetime expected credit loss.** Hereof DKK 24 million (1.5%) relates to prepaid bonus.*** Historical average loss rate is < 1%. Not due Due and prepaid Due 1-15 16-90 Due > mDKKbonus daysdays 90 days To t 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 -4.4Impairment provision, beginning of the year -50Impairment realized during the year 3Impairment provision for the year -5Addition from acquisition -11Total -63* Lifetime expected credit loss.** Hereof DKK 18 million (1.4%) relates to prepaid bonus.*** Historical average loss rate is < 1%. CommentOther current receivables all fall due for payment in 2024.\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:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__180": {
"value": "Note 16 ReceivablesmDKK 2023 2022Trade receivables 1,777 1,360Other receivables 124 140Receivables 1,901 1,500Receivables are classified as \"assets measured at amortized cost\" under IFRS 9.Trade receivables fall due as follows: Not due Due and prepaid Due 1-15 16-90 Due > mDKKbonus daysdays 90 days To t a l2023Trade receivables 1,620 147 59 35 1,861Impairment provision* -46** -1 -10 -26 -83Trade receivables after impairment 1,574 146 49 9 1,777 Impairment provision % *** -2.8 -0.7 -16.9 -74.3 -4.5Impairment provision, beginning of the year -63Impairment realized during the year 8Impairment provision for the year -25Additions from acquisition -3Total -83* Lifetime expected credit loss.** Hereof DKK 24 million (1.5%) relates to prepaid bonus.*** Historical average loss rate is < 1%. Not due Due and prepaid Due 1-15 16-90 Due > mDKKbonus daysdays 90 days To t 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 -4.4Impairment provision, beginning of the year -50Impairment realized during the year 3Impairment provision for the year -5Addition from acquisition -11Total -63* Lifetime expected credit loss.** Hereof DKK 18 million (1.4%) relates to prepaid bonus.*** Historical average loss rate is < 1%. CommentOther current receivables all fall due for payment in 2024.\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:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__185": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__184": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__189": {
"value": "Note 17 Equity and basis of earnings/cash flow per shareTreasury shares held by the Parent Company:Nom. Value in % NumbermDKKof capitalPortfolio at January 1, 2023 576,952 2 1.2Additions, net -430,000 -2 -0.9Shares used as payment 0 0 0.0Portfolio at December 31, 2023 146,952 0 0.3Portfolio at January 1, 2022 880,874 3 1.8Additions, net 490,335 1 1.0Shares used as payment -794,257 -2 -1.6Portfolio at December 31, 2022 576,952 2 1.2The Group holds no other treasury shares.Basis of calculation of earnings and cash flow per share2023 2022 The Parent Company shareholders' share of profit for the year amounted to (mDKK) 1,095 1,492The average number of treasury shares amounted to (number, DKK 2 each) 451,535 718,348The average number of shares in circulation amounted to (number) 49,686,199 48,886,875The average number of shares in circulation incl restricted shares amounted to (number) 49,748,465 48,956,652Cost of share buy-backs during the year (mDKK) 300Proceed from sale of treasury shares during the year (mDKK) 249 0 CommentDiluted earnings and cash flow per share have been calculated on the basis of the Parent Company's shareholders' share of profit/loss for the year.Shares were sold during 2023 as an element in the optimization of Royal Unibrew's capital structure in connection with the acquisition of Vrumona B.V.Shares were bought back during 2022 as an element in the optimization of Royal Unibrew's capital structure. It is the intention to cancel the shares bought back to the extent that they are not to be used for share-based payment to the Executive Management.Share capital of the Parent Company:ShareIncrease / ShareRegistration capitaldecrease of capitaldate1/1share capital31/12Decrease of share capital 03-06-2019 102,000,000 -1,800,000 100,200,000Decrease of share capital 15-05-2020 100,200,000 -1,500,000 98,700,000Decrease of share capital 02-06-2021 98,700,000 -1,100,000 97,600,000Increase of share capital 25-05-2022 97,600,000 2,800,000 100,400,000No movements N/A 100,400,000 0 100,400,000 CommentThe share capital has been fully paid and is destributed in shares of DKK 2 each.\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.\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 share-holders in connection with capital increases.\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 presentation currency (DKK) of the Group.Upon full or partly realization of the net investment in the foreign enterprises, exchange adjustments are recognized 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:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__188": {
"value": "Note 17 Equity and basis of earnings/cash flow per shareTreasury shares held by the Parent Company:Nom. Value in % NumbermDKKof capitalPortfolio at January 1, 2023 576,952 2 1.2Additions, net -430,000 -2 -0.9Shares used as payment 0 0 0.0Portfolio at December 31, 2023 146,952 0 0.3Portfolio at January 1, 2022 880,874 3 1.8Additions, net 490,335 1 1.0Shares used as payment -794,257 -2 -1.6Portfolio at December 31, 2022 576,952 2 1.2The Group holds no other treasury shares.Basis of calculation of earnings and cash flow per share2023 2022 The Parent Company shareholders' share of profit for the year amounted to (mDKK) 1,095 1,492The average number of treasury shares amounted to (number, DKK 2 each) 451,535 718,348The average number of shares in circulation amounted to (number) 49,686,199 48,886,875The average number of shares in circulation incl restricted shares amounted to (number) 49,748,465 48,956,652Cost of share buy-backs during the year (mDKK) 300Proceed from sale of treasury shares during the year (mDKK) 249 0 CommentDiluted earnings and cash flow per share have been calculated on the basis of the Parent Company's shareholders' share of profit/loss for the year.Shares were sold during 2023 as an element in the optimization of Royal Unibrew's capital structure in connection with the acquisition of Vrumona B.V.Shares were bought back during 2022 as an element in the optimization of Royal Unibrew's capital structure. It is the intention to cancel the shares bought back to the extent that they are not to be used for share-based payment to the Executive Management.Share capital of the Parent Company:ShareIncrease / ShareRegistration capitaldecrease of capitaldate1/1share capital31/12Decrease of share capital 03-06-2019 102,000,000 -1,800,000 100,200,000Decrease of share capital 15-05-2020 100,200,000 -1,500,000 98,700,000Decrease of share capital 02-06-2021 98,700,000 -1,100,000 97,600,000Increase of share capital 25-05-2022 97,600,000 2,800,000 100,400,000No movements N/A 100,400,000 0 100,400,000 CommentThe share capital has been fully paid and is destributed in shares of DKK 2 each.\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.\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 share-holders in connection with capital increases.\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 presentation currency (DKK) of the Group.Upon full or partly realization of the net investment in the foreign enterprises, exchange adjustments are recognized 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:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__186": {
"value": "Note 17 Equity and basis of earnings/cash flow per shareTreasury shares held by the Parent Company:Nom. Value in % NumbermDKKof capitalPortfolio at January 1, 2023 576,952 2 1.2Additions, net -430,000 -2 -0.9Shares used as payment 0 0 0.0Portfolio at December 31, 2023 146,952 0 0.3Portfolio at January 1, 2022 880,874 3 1.8Additions, net 490,335 1 1.0Shares used as payment -794,257 -2 -1.6Portfolio at December 31, 2022 576,952 2 1.2The Group holds no other treasury shares.Basis of calculation of earnings and cash flow per share2023 2022 The Parent Company shareholders' share of profit for the year amounted to (mDKK) 1,095 1,492The average number of treasury shares amounted to (number, DKK 2 each) 451,535 718,348The average number of shares in circulation amounted to (number) 49,686,199 48,886,875The average number of shares in circulation incl restricted shares amounted to (number) 49,748,465 48,956,652Cost of share buy-backs during the year (mDKK) 300Proceed from sale of treasury shares during the year (mDKK) 249 0 CommentDiluted earnings and cash flow per share have been calculated on the basis of the Parent Company's shareholders' share of profit/loss for the year.Shares were sold during 2023 as an element in the optimization of Royal Unibrew's capital structure in connection with the acquisition of Vrumona B.V.Shares were bought back during 2022 as an element in the optimization of Royal Unibrew's capital structure. It is the intention to cancel the shares bought back to the extent that they are not to be used for share-based payment to the Executive Management.Share capital of the Parent Company:ShareIncrease / ShareRegistration capitaldecrease of capitaldate1/1share capital31/12Decrease of share capital 03-06-2019 102,000,000 -1,800,000 100,200,000Decrease of share capital 15-05-2020 100,200,000 -1,500,000 98,700,000Decrease of share capital 02-06-2021 98,700,000 -1,100,000 97,600,000Increase of share capital 25-05-2022 97,600,000 2,800,000 100,400,000No movements N/A 100,400,000 0 100,400,000 CommentThe share capital has been fully paid and is destributed in shares of DKK 2 each.\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.\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 share-holders in connection with capital increases.\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 presentation currency (DKK) of the Group.Upon full or partly realization of the net investment in the foreign enterprises, exchange adjustments are recognized 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:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__191": {
"value": "\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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__190-1": {
"value": "\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.\u00a7 Share premium accountShare premium account comprises amounts in excess of the nominal share capital paid up by share-holders in connection with capital increases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__192": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__193": {
"value": "\u00a7 Share premium accountShare premium account comprises amounts in excess of the nominal share capital paid up by share-holders in connection with capital increases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__196": {
"value": "\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 presentation currency (DKK) of the Group.Upon full or partly realization of the net investment in the foreign enterprises, exchange adjustments are recognized 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:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__198": {
"value": "Note 18 Deferred taxmDKK 2023 2022 Deferred tax at January 1 1,011 747Reclassification 22 0Change in deferred tax for the year 16 -7Deferred tax, no income statement effect for the year -3 4Change in deferred tax by acquisitions 260 275Exchange adjustments -14 -9Adjustment of previous year -11 1Deferred tax at December 31 1,281 1,011Deferred tax relates to:Intangible assets 1,005 770Property, plant and equipment 306 267Current assets 6 5Non current liabilities 33 -1Current liabilities -32 -30Tax loss carry-forward -37 0Total 1,281 1,011 CommentThe value of tax loss carry forward has been recognized as deferred tax assets in the companies where, based on budget and forecasts, it is considered very likely that this can be utilized in future earnings and a history of profit before tax within the last three to five years has been verified. A tax value of loss carry forwards of DKK 16 million at December 31, 2023 (2022: DKK 0 million) has not been recognized as deferred tax assets, as these are not considered likely to be utilized within three to five years.\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 measured 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. Judgments: Recovery of deferred tax assetsDeferred tax assets are recognized for all unutilized tax loss carry forwards to the extent it is consid-ered likely that the losses can be offset against taxable income in the foreseeable future. The amount recognized for deferred tax assets is based on judgment of the likely date and size of future tax loss carry forwards.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__203": {
"value": "Note 19 Other current payablesmDKK 2023 2022 VAT, excise duties, etc 940 852Other payables 629 712Deposit, returnable packaging 216 105Total other current payables 1,785 1,669Deposit, returnable packaging is specified as follows:Balance at January 1 105 109Addition from acquisitions 107 0Adjustment for the year 4 -4Balance at December 31 216 105 CommentThe addition from acquisitions for 2023 relates to Vrumona B.V.The 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 packaging volume less packaging held in inventory.\u00a7 Deposit, returnable packagingPlastic crates, bottles and kegs in circulation and held in inventory are recognized in property, plant and equipment, 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:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__202": {
"value": "Note 19 Other current payablesmDKK 2023 2022 VAT, excise duties, etc 940 852Other payables 629 712Deposit, returnable packaging 216 105Total other current payables 1,785 1,669Deposit, returnable packaging is specified as follows:Balance at January 1 105 109Addition from acquisitions 107 0Adjustment for the year 4 -4Balance at December 31 216 105 CommentThe addition from acquisitions for 2023 relates to Vrumona B.V.The 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 packaging volume less packaging held in inventory.\u00a7 Deposit, returnable packagingPlastic crates, bottles and kegs in circulation and held in inventory are recognized in property, plant and equipment, 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:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__201": {
"value": "Note 19 Other current payablesmDKK 2023 2022 VAT, excise duties, etc 940 852Other payables 629 712Deposit, returnable packaging 216 105Total other current payables 1,785 1,669Deposit, returnable packaging is specified as follows:Balance at January 1 105 109Addition from acquisitions 107 0Adjustment for the year 4 -4Balance at December 31 216 105 CommentThe addition from acquisitions for 2023 relates to Vrumona B.V.The 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 packaging volume less packaging held in inventory.\u00a7 Deposit, returnable packagingPlastic crates, bottles and kegs in circulation and held in inventory are recognized in property, plant and equipment, 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:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__200": {
"value": "Note 19 Other current payablesmDKK 2023 2022 VAT, excise duties, etc 940 852Other payables 629 712Deposit, returnable packaging 216 105Total other current payables 1,785 1,669Deposit, returnable packaging is specified as follows:Balance at January 1 105 109Addition from acquisitions 107 0Adjustment for the year 4 -4Balance at December 31 216 105 CommentThe addition from acquisitions for 2023 relates to Vrumona B.V.The 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 packaging volume less packaging held in inventory.\u00a7 Deposit, returnable packagingPlastic crates, bottles and kegs in circulation and held in inventory are recognized in property, plant and equipment, 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:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__205": {
"value": "\u00a7 Deposit, returnable packagingPlastic crates, bottles and kegs in circulation and held in inventory are recognized in property, plant and equipment, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__204": {
"value": "\u00a7 Deposit, returnable packagingPlastic crates, bottles and kegs in circulation and held in inventory are recognized in property, plant and equipment, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__199": {
"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 measured 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. Judgments: Recovery of deferred tax assetsDeferred tax assets are recognized for all unutilized tax loss carry forwards to the extent it is consid-ered likely that the losses can be offset against taxable income in the foreseeable future. The amount recognized for deferred tax assets is based on judgment of the likely date and size of future tax loss carry forwards.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__206": {
"value": "Note 20 DebtsmDKK 2023 2022 Mortgage debt 1,009 1,011 Credit institutions 5,474 3,663 Other debts 4,255 3,620 Debts 10,738 8,294 Changes to interest-bearing debts12/31 Additions by New Exchange 12/31 mDKK2022acquisitions Repaymentfacilitiesadjustment2023Interest-bearing long-term debts 3,433 0 -180 1,821 0 5,074Interest-bearing short-term debts 871 22 -767 733 1 860Total interest-bearing debt, mortgage and credit institutions 4,304 22 -947 2,554 1 5,934Interest-bearing long-term leasing debt* 253 4 -21 197 -3 430Interest-bearing short-term leasing debt* 117 18 -117 101 119Total interest-bearing leasing debt 370 22 -138 298 -3 549Total 4,674 44 -1,085 2,852 -2 6,48312/31 Additions by New Exchange 12/31 mDKK2021acquisitions Repaymentfacilitiesadjustment2022Interest-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 370Total 3,622 55 -1,710 2,647 60 4,674* Leasing debt is included in the balance sheets as \"credit institution's\".\u00a7 DebtsMortgage loans and loans from credit institutions are recognized initially at fair values. Subsequently, the financial obli-gations 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:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__210": {
"value": "\u00a7 DebtsMortgage loans and loans from credit institutions are recognized initially at fair values. Subsequently, the financial obli-gations 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__209": {
"value": "\u00a7 DebtsMortgage loans and loans from credit institutions are recognized initially at fair values. Subsequently, the financial obli-gations 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__208": {
"value": "\u00a7 DebtsMortgage loans and loans from credit institutions are recognized initially at fair values. Subsequently, the financial obli-gations 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__211": {
"value": "Note 21 Cash flow statementAdjustments for non-cash operating items:mDKK 2023 2022 Financial income -10 -10Financial expenses 260 103Amortization and impairment of intangible assets 71 74Depreciation of property, plant and equipment 508 413Tax on the profit for the year 311 294Income from investments in associates -18 -2Gain on remeasurements of investments in associates -360Profit and loss from sale of property, plant and equipment (see note 12 regarding leasing part) -9 -6Share-based payments and remuneration 14 0Total 1,127 506\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 equip-ment 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 transac-tion 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:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__213": {
"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 equip-ment 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 transac-tion 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__212": {
"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 equip-ment 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 transac-tion 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__219": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2023 2022 Third-party guarantees 79 83 SecurityNo security has been provided in respect of loan agreements with credit institutions.Regarding 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__218": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2023 2022 Third-party guarantees 79 83 SecurityNo security has been provided in respect of loan agreements with credit institutions.Regarding 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__217": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2023 2022 Third-party guarantees 79 83 SecurityNo security has been provided in respect of loan agreements with credit institutions.Regarding 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__216": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2023 2022 Third-party guarantees 79 83 SecurityNo security has been provided in respect of loan agreements with credit institutions.Regarding 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__215": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2023 2022 Third-party guarantees 79 83 SecurityNo security has been provided in respect of loan agreements with credit institutions.Regarding 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__214": {
"value": "Note 22 Contingent liabilities and securitiesmDKK 2023 2022 Third-party guarantees 79 83 SecurityNo security has been provided in respect of loan agreements with credit institutions.Regarding 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__221": {
"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 60 and Group structure on page 176. No shareholder exercises control.Apart from contracts of employment, no agreements or transactions have been made between the Company and the Executive Board. Remuneration to the Board of Directors and the Executive Board is disclosed in note 6.In addition, the following transactions have been made with related parties:mDKK 2023 2022 RevenueSales to associates 18 19Financial income and expensesDividends received from associates 12 27",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__220": {
"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 60 and Group structure on page 176. No shareholder exercises control.Apart from contracts of employment, no agreements or transactions have been made between the Company and the Executive Board. Remuneration to the Board of Directors and the Executive Board is disclosed in note 6.In addition, the following transactions have been made with related parties:mDKK 2023 2022 RevenueSales to associates 18 19Financial income and expensesDividends received from associates 12 27",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__225": {
"value": "Note 24 Acquisitions of enterprisesAcquisitions in 2023Acquisition of Vrumona B.V.On July 3, 2023, Royal Unibrew entered into an agreement to acquire Vrumona B.V. from Heineken. The acquisition was completed on September 29, 2023. Vrumona is the second largest soft drinks player in the Dutch market carrying a range of strong own brands and partner brands. The headquarters and production facility are located near Utrecht. Vrumona B.V. has more than 300 employees.Vrumona B.V. operates seven production lines at the facility with a current annual output of around 3.1 million hectoliters. The acquisition of Vrumona B.V. establishes a new market platform for Royal Unibrew in the Netherlands. It is our plan to invest in further production capabilities to grow the existing business but also utilize spare capacity to support Royal Unibrew\u2019s global production foot-print.Vrumona B.V. has a portfolio of strong local Dutch brands and a strong operational footprint in the Netherlands. The company offers a broad product portfolio of both own brands and third-party brands produced under license. Vrumona B.V. has a strong position within the no/low calorie segment, which has been a focus area for several years.At signing, the enterprise value of Vrumona B.V. was EUR 300 million. Vrumona B.V.\u2019s net revenue was in 2022 EUR 200 million, whereas normalized EBITDA in 2022 was EUR 25 million, resulting in an acquisition multiple (EV/EBITDA) of 12 times.The purchase price at closing amounted to EUR 280 million, whereas EUR 255 million was paid in cash and EUR 25 million of debt taken over, immediately repaid to seller. The final purchase price could be subject to adjustments.The acquisition price exceeded the fair value of the acquired assets, liabilities and contingent liabili-ties. 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 has incurred transaction costs relating to the acquisitions of approximately DKK 6 million for financial and legal advisors in connection with the transaction. The costs are recognized as administrative expenses in 2023.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 651Distribution rights 55Customer relations 54Property, plant and equipment 591Inventories 123Receivables 293Prepayments 1Deferred tax -242Debt including leasing -21Trade payables -363Corporation tax -2Other payables -173Acquired net assets 967Goodwill 1,124Estimated fair value of the business 2,091Net debt taken over 0Cash consideration 2,091Number of employees 317The purchase price allocation is considered preliminary.Acquisition of Birrificio San Giorgio S.r.l On July 20, 2023, Ceres S.p.A., a fully owned subsidiary of Royal Unibrew A/S, entered into an agree-ment to acquire Birrificio San Giorgio S.r.l from the seller Birra Castello S.p.A. The acquisition was completed on November 2, 2023. The company, including the production facility, is based in San Giorgio di Nogaro, Udine, in the northern part of Italy and has approximately 70 employees.Birrificio San Giorgio S.r.l. has two production lines at the facility with a potential annual output of around 0.8 million hectoliters. The acquisition establishes additional production capacity in Italy, which will free up capacity in Royal Unibrew\u2019s largest production facility in Denmark.The total purchase price amounts to EUR 44 million, consisting of considerations paid of EUR 36.5 million regarding shares transferred and EUR 7.5 million regarding an associated stock transferred. The acquisition price exceeded the fair value of the acquired assets, liabilities and contingent liabili-ties. 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 approximately DKK 4 million for financial and legal advisors in connection with the transaction. The costs are recognized as administrative expenses in 2023.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 Property, plant and equipment 98Inventories 45Receivables 10Deferred tax -7Other payables -8Acquired net assets 138Goodwill 190Estimated fair value of the businesses 328Acquired cash at bank and in hand 0Cash consideration 328Number of employees 70The purchase price allocation is considered preliminary.Acquisition of Liquid Studio Holding ApS On October 1, 2023, Royal Unibrew A/S entered into an agreement to acquire 37.7% of the shares in Liquid Studio Holding ApS. The total ownership hereafter amounts to 62.7% as Royal Unibrew A/S already owned 25%.Liquid Studio Holding ApS is owner of the brand Reb\u00e6l, and the strategic rationale of the transaction has been to fully integrate the activities of Reb\u00e6l into Royal Unibrew.Purchase price for the shares at closing was estimated to DKK 36 million, whereof DKK 18 million was paid in cash in prior years. In addition to considerations already paid, the remaining part of the purchase price of DKK 18 million comprise a discounted value of the liability Royal Unibrew A/S has toward existing minority shareholders as for their option to sell.No goodwill has been recognized in the transaction.Royal Unibrew A/S has incurred costs of less than DKK 1 million associated with the transaction. The costs are recognized as administrative expenses in 2023.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 50Property, plant and equipment 1Inventories 1Receivables 3Prepayments 1Deferred tax -11Trade payables -2Other payables -3Acquired net assets 40Goodwill 0Estimated fair value of the businesses 40Net debt taken over -4Cash consideration paid in prior years -18Deferred payment -18Cash consideration 0Number of employees 5The purchase price allocation is considered preliminary.Group impact from acquisitions in 2023If the acquisitions had occurred on January 1, 2023, consolidated pro-forma revenue and EBITDA for the period ended December 31, 2023, of the combined Group would have been approximately DKK 14,207 million and DKK 2,310 million, respectively.Acquisitions 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 Bryggerier 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 liabili-ties. 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 approximately DKK 5 million for financial and legal advisors in connection with the realization of the transaction. The costs are recognized as administrative 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.Acquisition 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 on September 15, 2022, 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 capa-bilities 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 the US from Amsterdam Brewery Co. Ltd., which will reduce our 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 acquisition 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 acquisition: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 businesses 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 takes 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 and DKK 2,069 million, respectively.\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 acquisi-tion.Upon business combinations, positive differences between cost and fair value of identifiable assets and liabilities 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 adjustments 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 these adjustments are translated to the func-tional 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. Judgments and estimates: Business combinationsThe businesses assets, liabilities and contingent 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 allo-cated the purchase price on that basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notesesefdkgaap__7__222": {
"value": "Note 24 Acquisitions of enterprisesAcquisitions in 2023Acquisition of Vrumona B.V.On July 3, 2023, Royal Unibrew entered into an agreement to acquire Vrumona B.V. from Heineken. The acquisition was completed on September 29, 2023. Vrumona is the second largest soft drinks player in the Dutch market carrying a range of strong own brands and partner brands. The headquarters and production facility are located near Utrecht. Vrumona B.V. has more than 300 employees.Vrumona B.V. operates seven production lines at the facility with a current annual output of around 3.1 million hectoliters. The acquisition of Vrumona B.V. establishes a new market platform for Royal Unibrew in the Netherlands. It is our plan to invest in further production capabilities to grow the existing business but also utilize spare capacity to support Royal Unibrew\u2019s global production foot-print.Vrumona B.V. has a portfolio of strong local Dutch brands and a strong operational footprint in the Netherlands. The company offers a broad product portfolio of both own brands and third-party brands produced under license. Vrumona B.V. has a strong position within the no/low calorie segment, which has been a focus area for several years.At signing, the enterprise value of Vrumona B.V. was EUR 300 million. Vrumona B.V.\u2019s net revenue was in 2022 EUR 200 million, whereas normalized EBITDA in 2022 was EUR 25 million, resulting in an acquisition multiple (EV/EBITDA) of 12 times.The purchase price at closing amounted to EUR 280 million, whereas EUR 255 million was paid in cash and EUR 25 million of debt taken over, immediately repaid to seller. The final purchase price could be subject to adjustments.The acquisition price exceeded the fair value of the acquired assets, liabilities and contingent liabili-ties. 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 has incurred transaction costs relating to the acquisitions of approximately DKK 6 million for financial and legal advisors in connection with the transaction. The costs are recognized as administrative expenses in 2023.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 651Distribution rights 55Customer relations 54Property, plant and equipment 591Inventories 123Receivables 293Prepayments 1Deferred tax -242Debt including leasing -21Trade payables -363Corporation tax -2Other payables -173Acquired net assets 967Goodwill 1,124Estimated fair value of the business 2,091Net debt taken over 0Cash consideration 2,091Number of employees 317The purchase price allocation is considered preliminary.Acquisition of Birrificio San Giorgio S.r.l On July 20, 2023, Ceres S.p.A., a fully owned subsidiary of Royal Unibrew A/S, entered into an agree-ment to acquire Birrificio San Giorgio S.r.l from the seller Birra Castello S.p.A. The acquisition was completed on November 2, 2023. The company, including the production facility, is based in San Giorgio di Nogaro, Udine, in the northern part of Italy and has approximately 70 employees.Birrificio San Giorgio S.r.l. has two production lines at the facility with a potential annual output of around 0.8 million hectoliters. The acquisition establishes additional production capacity in Italy, which will free up capacity in Royal Unibrew\u2019s largest production facility in Denmark.The total purchase price amounts to EUR 44 million, consisting of considerations paid of EUR 36.5 million regarding shares transferred and EUR 7.5 million regarding an associated stock transferred. The acquisition price exceeded the fair value of the acquired assets, liabilities and contingent liabili-ties. 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 approximately DKK 4 million for financial and legal advisors in connection with the transaction. The costs are recognized as administrative expenses in 2023.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 Property, plant and equipment 98Inventories 45Receivables 10Deferred tax -7Other payables -8Acquired net assets 138Goodwill 190Estimated fair value of the businesses 328Acquired cash at bank and in hand 0Cash consideration 328Number of employees 70The purchase price allocation is considered preliminary.Acquisition of Liquid Studio Holding ApS On October 1, 2023, Royal Unibrew A/S entered into an agreement to acquire 37.7% of the shares in Liquid Studio Holding ApS. The total ownership hereafter amounts to 62.7% as Royal Unibrew A/S already owned 25%.Liquid Studio Holding ApS is owner of the brand Reb\u00e6l, and the strategic rationale of the transaction has been to fully integrate the activities of Reb\u00e6l into Royal Unibrew.Purchase price for the shares at closing was estimated to DKK 36 million, whereof DKK 18 million was paid in cash in prior years. In addition to considerations already paid, the remaining part of the purchase price of DKK 18 million comprise a discounted value of the liability Royal Unibrew A/S has toward existing minority shareholders as for their option to sell.No goodwill has been recognized in the transaction.Royal Unibrew A/S has incurred costs of less than DKK 1 million associated with the transaction. The costs are recognized as administrative expenses in 2023.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 50Property, plant and equipment 1Inventories 1Receivables 3Prepayments 1Deferred tax -11Trade payables -2Other payables -3Acquired net assets 40Goodwill 0Estimated fair value of the businesses 40Net debt taken over -4Cash consideration paid in prior years -18Deferred payment -18Cash consideration 0Number of employees 5The purchase price allocation is considered preliminary.Group impact from acquisitions in 2023If the acquisitions had occurred on January 1, 2023, consolidated pro-forma revenue and EBITDA for the period ended December 31, 2023, of the combined Group would have been approximately DKK 14,207 million and DKK 2,310 million, respectively.Acquisitions 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 Bryggerier 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 liabili-ties. 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 approximately DKK 5 million for financial and legal advisors in connection with the realization of the transaction. The costs are recognized as administrative 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.Acquisition 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 on September 15, 2022, 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 capa-bilities 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 the US from Amsterdam Brewery Co. Ltd., which will reduce our 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 acquisition 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 acquisition: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 businesses 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 takes 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 and DKK 2,069 million, respectively.\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 acquisi-tion.Upon business combinations, positive differences between cost and fair value of identifiable assets and liabilities 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 adjustments 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 these adjustments are translated to the func-tional 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. Judgments and estimates: Business combinationsThe businesses assets, liabilities and contingent 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 allo-cated the purchase price on that basis.",
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"s10_notesesefdkgaap__7__224": {
"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 acquisi-tion.Upon business combinations, positive differences between cost and fair value of identifiable assets and liabilities 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 adjustments 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 these adjustments are translated to the func-tional 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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"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__7__223": {
"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 acquisi-tion.Upon business combinations, positive differences between cost and fair value of identifiable assets and liabilities 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 adjustments 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 these adjustments are translated to the func-tional 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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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Note 25 Events after the reporting periodNo events have occurred in the period from the balance sheet date until the presentation of the financial statements that materially affect the assessment of the consolidated financial statements.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Royal Unibrew A/S",
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"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__7__231": {
"value": "Royal Unibrew A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Royal Unibrew A/S",
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"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
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"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notesesefdkgaap__7__234": {
"value": "Faxe Alle1DK-4640 Faxe",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:529900D69KFL8IAP8Q63",
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"value": "DK",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
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"value": "DK",
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"concept": "ifrs-full:CountryOfIncorporation",
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"concept": "ifrs-full:DomicileOfEntity",
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