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"value": "1. Operations of the GroupThe main business activities of the Group consist of sale of fuel, goods and service to businesses, groceries and related products, sale of medicines, sale of electronic equipment and leasing of buildings.",
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"value": "2. Basis of preparation2.2. Presentation of accounting policies and other notes Information about accounting policies is presented in the same notes as the applicable items. Management believes that such presentation provides a clearer view and improved context between accounting policies and financial information. As applicable, notes disclosing information that relate to both the Statement of Profit or Loss and Other Comprehensive Income and the Statement of Financial Position are presented in conjunction, such as income from sale of goods and trade receivables on the one hand, and income tax expense and deferred tax on the other. An overview of the Group's risk management is disclosed in a separate section (see Note 29). When relevant, cross references are made between notes regarding individual items and notes on risk management applicable to those same items. The Group endeavours to describe in these annual financial statements the accounting policies in a clear manner instead of repeating the actual text of paragraphs in IFRS Accounting Standards. The following IFRS Accounting Standards are the most important ones for the Group: Item NotesStandardOperating segmentsNote 5. IFRS 8Operating segmentsRevenue from sale of goods and servicesNote 6.IFRS 15Operating revenueImpairment testingNote 13. IAS 36GoodwillFair value measurement of properties and Notes 15. and 17.IFRS 13investment propertiesProperty and equipment and Investment propertiesLease contractsNote 16 and 26.IFRS 16Lease contracts2.5. Basis of measurement The consolidated annual financial statements have been prepared on the historical cost basis, except for investment properties, securities, and derivative contracts, which are recognised at fair value, and properties, which are recognised at revalued cost.2.6. Presentation and functional currency The consolidated annual financial statements are prepared and presented in Icelandic krona (ISK), which is the Company's functional currency. All amounts are presented in thousands of Icelandic krona unless otherwise stated. Definitions in operations are as follows: EBITDA Profit before finance income and finance costs excluding depreciation, amortisation, and impairment EBITProfit before finance income and finance costs EBT Profit before income taxAccounting policy Goodwill is not amortised but tested annually for impairment or more often if there are any impairment indicators. When tested for impairment, goodwill is allocated to those cash-generating units to which it relates. Accounting policy The cost of purchased and acquired trademarks is capitalised and amortised on a straight-line basis over 10 - 20 years. The estimated useful life of trade agreements is 8 years and they are amortised on a straight-line basis. Capitalised software licenses are recognised at cost less accumulated amortisation. Software is amortised on a straight-line basis over 3-5 years.Accounting policy The Group\u00b4s properties for own use, i.e. those which are not classified as investment properties, are recognised at revalued cost but other property and equipment at cost less accumulated depreciation and impairment, if any. When property and equipment consist of parts which have different useful lives, the parts are separated and depreciated based on the useful life of each part. The gain on sale of property and equipment, which is the difference between their sale proceeds and carrying amount, is recognised in the Statement of Profit or Loss among other operating income and the loss on sale among other operating expenses. The cost of replacing single components of property and equipment is capitalised when it is considered likely that the benefits associated with the asset will flow to the Company and the costs can be measured reliably. The carrying amount of the replaced component is expensed. All other costs are expensed in the Statement of Profit or Loss when incurred. Depreciation Depreciation is calculated based on the depreciable amount, which is the cost or revalued cost less estimated residual value. Depreciation is calculated on a straight-line basis over the estimated useful life of each component of property and equipment. Estimated useful lives are specified as follows: Properties \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.\u2026..\u2026\u2026\u2026\u2026\u2026\u2026.\u2026\u2026\u2026. 50 years Other property and equipment ...\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026... 3 \u2013 20 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and changed if appropriate.Revaluation of properties Revalued assets are recognised at the fair value on the date of revaluation. Fair value assessment is carried out on a regular basis, so as to ensure that their carrying amount does not deviate significantly from fair value. The increase in carrying amount due to revaluation is recognised in other comprehensive income, net of income tax. The revaluation reserve within equity is decreased via transfer to retained earnings, the amount each year being equal to the annual depreciation of revaluation recognised in profit or loss. If revaluation results in a decrease of carrying amount, the decrease is recognised in profit or loss, except to the extent that the decrease reverses a previous increase due to revaluation, in which case the downward revaluation is recognised in other comprehensive income.Revaluation methods for properties The Company recognises properties at revalued cost. A revaluation was carried out as at 31 December 2024. According to the revaluation method an entity shall assess at the reporting date if there are any indicators of there being a significant difference between fair value and carrying amount. The Board of Directors of the Company has implemented a policy for the revaluation of property and equipment to fulfil the requirements for the application of the revaluation method for the carrying amount at any given time to not differ significantly from fair value. According to the policy, a fair value measurement must be performed if there are indications that the difference between the carrying amount of revalued properties and their fair value is 10% or more. However, fair value shall be determined at least every five years. Every time a fair value assessment is performed, properties shall be measured at fair value regardless of the results of the assessment indicating that the difference between fair value and carrying amount is over or under the aforementioned 10% benchmark. As part of the assessment various factors are considered but in particular the following: a. Depreciation of revalued assets since they were last revalued. b. Sale prices of assets similar to those revalued by the Group, if such information is available. c. Inflation. d. Changes in official real estate value, if applicable as a benchmark for similar revalued assets by the Group. e. The assumptions upon which revaluation is based, such as growth (or decline) in sales of goods and changes in discount rates due to changes in benchmark interest rates and / or risk margin. The fair value measurement at year-end 2024 was over the 10% benchmark for the difference between fair value and carrying amount of properties, and a revaluation in the amount of ISK 3,047 million was added to the properties of the Company at year-end 2024.Accounting policies At the inception date of a lease contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. At the commencement date of a lease contract, the Group recognises a leased asset and a lease liability in the Statement of Financial Position. On that date or upon modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, the Group has elected not to recognise leased assets and lease liabilities for lease contracts whose lease term is 12 months or less and for lease contracts for which the underlying asset is of low value. Lease payments arising from these contracts are expensed in the Statement of Profit or Loss on a straight-line basis and included in other operating expenses. The Group determines the lease term as the non-cancellable period of a lease contract together with periods covered by options to extend the lease if the Group is reasonably certain to exercise those options. If there are termination options for the contracts, which the Group is certain to exercise, then they are taken into consideration. Leased assets are initially measured at cost, which comprises the initial amount of the lease liability, plus any lease payments made at or before the commencement date, plus initial direct costs and an estimate of costs of the Group to dismantle and remove the underlying asset or the restore the underlying asset or the site on which it is located at the end of the lease contract, less any lease incentives received. Leased assets are subsequently measured in accordance with the cost model. They are depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership to the Group at the end of the lease term or the cost of the leased assets reflects that the Group will exercise a purchase option of the underlying assets. In that case the leased assets are depreciated over the useful life of the underlying assets, which is determined on the same basis as those of property and equipment of the Group. The carrying amount of leased assets is reduced by impairment losses, when applicable, and adjusted for certain remeasurements of the carrying amount of lease liabilities. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date of the lease contracts, discounted using the interest rate implicit in the lease, if that rate can be readily determined. Otherwise, the Group uses the incremental borrowing rate. The lease payments included in the measurement of lease liabilities can be both fixed or variable that depend on an indices or rates. Variable lease payments that depend on sales or usage of underlying assets are not included in the measurement of lease liabilities, except to the extent that they are accrued and unpaid at the reporting date. Variable lease payments that depend on sales or usage of underlying assets are expensed in the Statement of Profit or Loss as they accrue and included in the line other operating expenses. Subsequent to initial recognition, the carrying amount of lease liabilities is increased by interest expense and decreased by lease payments made. Furthermore, the carrying amount is remeasured when there is a change in future lease payments arising from changes in indices or rates, in the estimate of the amount expected to be payable by the Group under residual value guarantees, or when appropriate, changes in the assessment of whether it is reasonably certain that purchase options or extension options will be exercised, or termination options will not be exercised. When the carrying amount of lease liabilities is remeasured in this way, the corresponding adjustment is made to the carrying amount of leased assets or recognised in income statement if the carrying amount of leased assets has been reduced to zero. Leased assets are presented separately within non-current assets in the Statement of Financial Position. Lease liabilities are presented separately in the Statement of Financial Position and split into non-current and current portions. Depreciation of leased assets is presented in Statement of Profit or Loss under depreciation, as per Note 10. Interest expense on lease liabilities is presented in the Statement of Profit or Loss under finance costs, as per Note 12. Buildings Land Other TotalCarrying amount 1.1.2023 ...........................................6,700,374 1,041,871 270,109 8,012,354 New lease contracts .....................................................143,494 78,648 281,446 503,588 Changes to lease contracts and impactof CPI-indexation ....................................................532,987 1,491 29,600 564,078 Depreciation for the year ..............................................825,631)( 26,974)( 130,797)( 983,402)( Carrying amount 31.12.2023 .......................................6,551,224 1,095,036 450,358 8,096,618 New lease contracts .....................................................666,500 7,536 123,289 797,325 Taken over on acquisition of subsidiary .......................2,117,416 0 0 2,117,416Changes to lease contracts and impactof CPI-indexation ....................................................818,104 46,867 42,670)( 822,301 Depreciation for the year ..............................................1,129,342)( 28,794)( 140,510)( 1,298,646)( Carrying amount 31.12.2024 .......................................9,023,902 1,120,645 390,467 10,535,014Accounting policies Investment properties are recognised at fair value at the reporting date. Valuation changes of investment property are recognised in the Statement of Profit or Loss in the period in which they occur. Investment properties are not depreciated. Changes in fair value of investment properties are presented separately in the Statement of Profit or Loss but lease income is presented as other operating income.Accounting policies Associates are entities where the Company has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting rights. Associates are accounted for using the equity method and are recognised initially at cost. The Company's investment includes the goodwill arising from the acquisition, if any, less impairment, if any. The annual financial statements include the Company\u2019s share of profit or loss and equity movements of associates from the date that significant influence commences until the date that significant influence ceases. When the Company\u2019s share of losses exceeds its interest in an associate, the carrying amount of that interest is reduced to nil and the recognition of further losses is discontinued except to the extent that the Company has provided guarantees in respect of the associate or has financed it. Unrealised profit arising on transactions with associated companies is recognised as a reduction in their book value. Unrealised loss is recognised in the same way as unrealised profit, but only to the extent that there is no indication of impairment of these companies. The share of profit or loss of foreign associates is recognised at the average exchange rate of the year. The share in equity is recognised at the exchange rate at the reporting date. Exchange differences arising from the translation to Icelandic Krona are recognised as a separate line item in the statement of comprehensive income. When a foreign associate is sold, partially or entirely, the related exchange difference is transferred to profit or loss. Accounting policy Inventories are valued at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out rule, and includes expenditure incurred in acquiring the inventories and in bringing them to the location and condition in which they are at the reporting date. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Purchases of goods during the year are specified as follows:2024 2023Inventories at beginning of year ...................................................................................13,557,248 13,085,771 Purchases during the year ...........................................................................................118,301,449 106,055,713 Expensed inventories ..................................................................................................117,740,819)( 105,584,236)( Inventories at year-end ................................................................................................14,117,878 13,557,248 Inventories at year-end are specified as follows:2024 2023Convenience goods .....................................................................................................4,796,689 4,142,097 Fuel ..............................................................................................................................3,138,045 4,559,287 Electronic equipment ...................................................................................................2,946,911 2,677,617 Prescription and over-the-counter medicine.................................................................550,995 0Other goods .................................................................................................................2,685,238 2,178,247 Total inventories ..........................................................................................................14,117,878 13,557,248 Insurance value of inventories .....................................................................................16,225,353 12,830,855 The write-down of inventories amounted to ISK 561 million at year-end 2024 (2023: ISK 556 million) and increased by ISK 5 million during the year (2023: increase by ISK 65 million). Accounting policy Income tax comprises current and deferred tax. Income tax is recognised in the Statement of Profit or Loss except to the extent that it relates to items recognised directly in equity or in Other Comprehensive Income, in which case the income tax is recognised together with those items. Current tax is the income tax estimated to be payable next year in respect of the taxable income for the year, based on the tax rate at the reporting date, besides adjustments to tax payable in respect of previous years, if any. Deferred tax is recognised using the balance sheet method in respect of temporary differences between, on the one hand, the carrying amounts of assets and liabilities in the financial statements and, on the other hand, their tax bases. The amount of deferred tax is based on the estimated realisation or settlement of the carrying amounts of assets and liabilities using the tax rate in effect at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that it is possible to utilise future profits against the asset. Deferred tax asset is reviewed at each reporting date and is reduced to the extent that it is considered that it will not be utilised.Income tax recognised in the statement of profit or loss is specified as follows: 2024 2023Profit before income tax ....................................................................5,111,526 4,136,041Income tax based on current tax rate ...................21.0% 1,073,420 20.0% 827,208 Non-deductible expenses .....................................3.7% 189,526 0.1% 3,947 Non-taxable income ..............................................0.3% )( 14,708)( 0.6% )( 24,352)( Share of profit of associates .................................2.5% )( 127,719)( 2.0% )( 83,625)( Other changes ......................................................0.5% )( 27,228)( 0.6% )( 25,332)( Effective income tax rate ......................................21.4% 1,093,291 16.9% 697,847",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__16": {
"value": "2.1. Statement of compliance with IFRS Accounting Standards The Company's consolidated annual financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union and, as applicable, additional requirements of the Icelandic Act on Annual Accounts. The Board of Directors of Festi hf. approved the consolidated annual financial statements on 5 February 2024. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__17": {
"value": "2.2. Presentation of accounting policies and other notes Information about accounting policies is presented in the same notes as the applicable items. Management believes that such presentation provides a clearer view and improved context between accounting policies and financial information. As applicable, notes disclosing information that relate to both the Statement of Profit or Loss and Other Comprehensive Income and the Statement of Financial Position are presented in conjunction, such as income from sale of goods and trade receivables on the one hand, and income tax expense and deferred tax on the other. An overview of the Group's risk management is disclosed in a separate section (see Note 29). When relevant, cross references are made between notes regarding individual items and notes on risk management applicable to those same items. The Group endeavours to describe in these annual financial statements the accounting policies in a clear manner instead of repeating the actual text of paragraphs in IFRS Accounting Standards. The following IFRS Accounting Standards are the most important ones for the Group: Item NotesStandardOperating segmentsNote 5. IFRS 8Operating segmentsRevenue from sale of goods and servicesNote 6.IFRS 15Operating revenueImpairment testingNote 13. IAS 36GoodwillFair value measurement of properties and Notes 15. and 17.IFRS 13investment propertiesProperty and equipment and Investment propertiesLease contractsNote 16 and 26.IFRS 16Lease contracts",
"dimensions": {
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"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s6__6__20": {
"value": "2.3. New IFRS Accounting Standards or changes to them. The Group has applied the same accounting policies during the years 2023 and 2024. The Group has adopted changes and improvements to IFRS Accounting Standards which are effective for reporting periods beginning on or after 1 January 2024. The effect of their adoption on these consolidated annual financial statements was immaterial. The Group has not adopted new or improved standards which have been issued but are not yet effective. Management\u2019s assessment is that their adoption will not have material effects on the consolidated annual financial statements. It is the management\u00b4s opinion that the implementation of IFRS 18 Presentation and Disclosure in the Financial Statements which is effective 1 January 2027 will affect the presentation of information in the financial statements without affecting the accounting assessment of assets and liabilities. Festi is in the process of preparing for the implementation of the standard, but the effect is not yet known. The European Union has not confirmed the implementation of the IFRS 18 at the moment, but confirmation is expected before the effective date of the standard. It is also management\u00b4s opinion that implementation of other standards or improvements to standards in current version which is not yet effective will have none or insignificant effect on the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__19": {
"value": "2.3. New IFRS Accounting Standards or changes to them. The Group has applied the same accounting policies during the years 2023 and 2024. The Group has adopted changes and improvements to IFRS Accounting Standards which are effective for reporting periods beginning on or after 1 January 2024. The effect of their adoption on these consolidated annual financial statements was immaterial. The Group has not adopted new or improved standards which have been issued but are not yet effective. Management\u2019s assessment is that their adoption will not have material effects on the consolidated annual financial statements. It is the management\u00b4s opinion that the implementation of IFRS 18 Presentation and Disclosure in the Financial Statements which is effective 1 January 2027 will affect the presentation of information in the financial statements without affecting the accounting assessment of assets and liabilities. Festi is in the process of preparing for the implementation of the standard, but the effect is not yet known. The European Union has not confirmed the implementation of the IFRS 18 at the moment, but confirmation is expected before the effective date of the standard. It is also management\u00b4s opinion that implementation of other standards or improvements to standards in current version which is not yet effective will have none or insignificant effect on the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__21": {
"value": "2.4. Going concern Management has evaluated the Group's going concern. It is the opinion of management that its operation is ensured and that it can meet its obligations in the foreseeable future. Therefore, the annual financial statements are presented on a going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"s6__6__24": {
"value": "2.6. Presentation and functional currency The consolidated annual financial statements are prepared and presented in Icelandic krona (ISK), which is the Company's functional currency. All amounts are presented in thousands of Icelandic krona unless otherwise stated. Definitions in operations are as follows: EBITDA Profit before finance income and finance costs excluding depreciation, amortisation, and impairment EBITProfit before finance income and finance costs EBT Profit before income tax",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s6__6__25": {
"value": "2.7. Use of estimates and judgements The preparation of the consolidated annual financial statements in accordance with IFRS Accounting Standards requires management to make judgements, estimates and assumptions, which affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. Information about judgements applied and estimation uncertainty, as applicable, is disclosed in the notes about the individual accounting items. The following table specifies the items which are most challenging for the application of judgement and use of estimates by management: ItemNotesGoodwill and other intangible Estimation of impairment of goodwill and other intangible assets 13. and 14.assetsEstimation of fair value of revalued properties, their useful lives and residual values15.Property and equipmentDetermination of lease term and discount rates used in the calculation of lease liabilities16.Lease contractsEstimation of fair value of investment properties 17.Estimation of allowance for expected credit losses on trade receivables29.Risk management",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s6__6__26": {
"value": "3. Group entities Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, and it has right to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intra-group balances and transactions and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Entities within the Group The consolidated annual financial statements include the following entities. All subsidiaries are directly or indirectly fully owned by the Parent Company, Festi. Company Business activityFesti hf. Festi is a holding company that specialises in operatingcompanies that are leading in the retail and fuel sale in Iceland.Festi's role is to support its operating companies in fulfillingcustomers\u00b4 demands so as to enable them to continue to be atthe forefront in providing goods and services across the country.Festi provides its subsidiaries with supporting services, amongother things in the area of finance, operations and businessdevelopment.Bakkinn v\u00f6ruh\u00f3tel specialises in product storage, packaging,labelling, handling and distribution of products for customers thatelect to outsource their warehouse activities. Bakkinn v\u00f6ruh\u00f3tel ehf.ELKO specialises in selling household appliances and electronicequipment. The company operates stores in the capital region,Akureyri and at the Leifur Eir\u00edksson International Airport inKeflavik, as well as an online shop. ELKO ehf.Kr\u00f3nan is a retail company that operates convenience stores inIceland. The company operates stores throughout the countryunder the brand name of Kr\u00f3nan and Smart shop with homedeliveries. Kr\u00f3nan ehf.Icelandic Food Company sepcialises in production ofconvenience goods sold in Kr\u00f3nan and N1. Icelandic Food Company ehf.V\u00ednporti\u00f0 specialises in imports and wholesales of alcohol to\u00c1TVR stores and to hotels and restaurants. V\u00ednporti\u00f0 ehf.Lyfja specialises in pharmacy operations as well as wholesaleand retail sales of health-related products. The companyoperates 45 pharmacies and branches as well as an online storeand app. Lyfja hf.Heilsa specilises in imports and wholesales of pharmacyproducts and cosmetic and health releated products sold instores all arround the country. Heilsa ehf.Mengi leases non-residential real estate to retail companies. Mengi ehf.N1 specialises in wholesale and retail of fuel, operation ofservice stations, including tire and lubrication service stationsaround the country. The Company\u2019s service stations sell fuel inaddition to refreshments and sale of various convenience goods.N1 Rafmagn ehf., a subsidiary of N1, was merged in to N1 from1 January 2023, whereas the operations consist of puchases ofelectricity in the wholesale market and the retail sale toindividuals and companies in Iceland. N1 ehf.Yrkir eignir runs the property operations of the Group and leasesout non-residential buildings to retail companies, both within andoutside the Group. The company also operates the security anddevelopment departments, which run projects related to securitymatters, maintenance of properties and their development withthe objective of profitability. Yrkir eignir ehf.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s6__6__27": {
"value": "4. Acquisition of subsidiary On 13 July 2023 the Company signed a contract to acquire the entire share capital of Lyfja hf., which operates 45 pharmacies and branches all around the country as well as an online store and app. On 14 June 2024 Festi signed a settlement agreement with the Competition Authority regarding the acquisition, which was the last condition in the acquisition contract. The purchase price for the company amounted to ISK 7,117 million, which specifies as follows: Issued new share capital with a total nominal amount of ISK 10 million in July 2024 ............2,040,000 Cash payment in July 2024 ....................................................................................................5,077,435 Total purchase price ...............................................................................................................7,117,435 Lyfja is included in the Company\u2019s consolidated financial statements from 1 July 2024, when all conditions for the acquisition were satisfied. The impact on the Statement of Profit or Loss and Other Comprehensive Income for the year 2024 is an increase in operating revenue by ISK 9,224 million, an increase in EBITDA by ISK 842 million and increase in profit for the year by ISK 267 million. Had Lyfja been part of the group all of the year 2024, the impact on the Statement of Profit or Loss and Other Comprehensive Income would have been an increase in operating revenue by ISK 8,889 million, an increase in EBITDA by ISK 679 million and increase in profit for the year by ISK 152 million. The impact of the acquisition on the Statement of Financial Position was that the value of Lyfja\u2019s assets and liabilities at acquisition date was measured at fair value. The purchase price allocation is not completed at the time of approval of these annual financial statements. The fair value of the assets and liabilities in the provisional purchase price allocation is the following: Intangible assets ....................................................................................................................4,160,217 Property and equipment .........................................................................................................1,521,658 Leased assets ........................................................................................................................2,117,416 Inventories ..............................................................................................................................1,356,152 Trade and other short-term receivables .................................................................................526,156 Cash and cash equivalents ....................................................................................................936,114 Interest-bearing loans with credit institutions ..........................................................................1,563,782)( Lease liabilities .......................................................................................................................2,275,544)( Deferred tax liability ................................................................................................................1,088,606)( Trade and other short-term liabilities ......................................................................................2,097,111)( Total net identified assets .......................................................................................................3,592,670 Goodwill ..................................................................................................................................3,524,765 Purchase price ........................................................................................................................7,117,435 Acquisition cost for Lyfja in the amount of ISK 36 million was expensed in the Statement of Profit or Loss during the year 2024 as an increase in office costs. Cash related to the acquisition of Lyfja specifies as follows: Cash payment in July 2024 ....................................................................................................5,077,435 Cash acquired from subsidiary ...............................................................................................936,114)( 4,141,321 Purchase of subsidiary, net of cash received .........................................................................",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s6__6__28": {
"value": "5. Operating segments An operating segment is a component of the Group that engages in business activity from which it may earn revenue and incur expenses, including revenue and expenses relating to transactions with other segments of the Group. Segments are determined by the Company\u00b4s management, which regularly reviews the Group\u00b4s segments so as to decide upon how assets are allocated as well as to assess their performance. Operating results of segments, their assets and liabilities consist of items directly attributable to individual segments as well as those items which can be allocated to segment in a logical way. Capital expenditure of segments consist of the total cost of acquisition of property and equipment and intangible assets. Transactions between segments are priced on an arm's length basis. The operating companies N1, Kr\u00f3nan, ELKO, Lyfja and Yrkir eignir in the Group are individual operating segments and the Group\u00b4s other entities comprise the sixth segment. That segment consists of the operations of the Parent Company, Festi, and Bakkinn v\u00f6ruh\u00f3tel (see Note 3 for further information). The operations of Lyfja were included in the Group from July 2024 (see Note 4). Yrkir eignir took over all property operations of the Group from 1 January 2024. The company was included in the operating segment \u201cOther companies\u201d during the year 2023 but it is now disclosed as a separate operating segment in the comparison amounts. Other SegmentsELKO Kr\u00f3nan Lyfja N1Yrkir eignir companies totalYear 2024External revenue ........................................ 19,472,721 70,903,237 9,224,093 55,968,972 597,897 540,272 156,707,192 Intra-group revenue .................................... 17,576 1,662,458 128,384 455,410 3,697,069 5,481,683 11,442,580 Total segment revenue ............................... 19,490,297 72,565,695 9,352,477 56,424,382 4,294,966 6,021,955 168,149,772 Operating profit before depreciation, amorti- sation and changes in value (EBITDA) .1,685,836 5,672,021 842,324 5,060,136 3,421,603 1,307,884 17,989,804 Segment depreciation and amortisation ..... 627,327)( 2,432,726)( 538,125)( 2,868,155)( 1,979,719)( 861,807)( 9,307,859)( Changes in value of investment properties 302,291 302,291 Operating profit of segments (EBIT) ........... 1,058,509 3,239,295 304,199 2,191,981 1,744,175 446,077 8,984,236 Net finance costs ........................................111,652)( 239,704)( 111,302)( 725,579)( 1,710,502)( 1,743,801)( 4,642,540)( Share of profit of associates ...................... 608,187 608,187 Income tax .................................................. 193,950)( 626,024)( 44,461)( 305,500)( 4,172)( 113,145 1,060,962)( Profit (loss) for the year .............................. 752,907 2,373,567 148,436 1,160,902 29,501 576,392)( 3,888,921 31 December 2024Segment assets .......................................... 6,649,904 24,175,485 11,694,275 26,443,447 31,746,790 81,453,065 182,162,966 Segment capital expenditure ...................... 697,207 1,337,062 136,650 1,518,356 356,584 631,226 4,677,085 Segment liabilities ...................................... 4,499,437 18,025,141 6,091,934 15,844,398 24,051,208 36,044,345 104,556,463 Other SegmentsELKO Kr\u00f3nan Lyfja N1 Yrkir eignir companies totalYear 2023External revenue ........................................ 18,238,287 63,158,437 - 55,923,166 545,386 574,764 138,440,040 Intra-group revenue .................................... 15,064 1,401,060 - 343,927 1,323,795 5,779,129 8,862,975 Total segment revenue ............................... 18,253,351 64,559,497 - - 6,353,893 147,303,015 Operating profit before depreciation, amorti- sation and changes in value (EBITDA) .1,754,595 4,852,813 - 1,591,201 1,435,741 2,389,641 12,023,991 Segment depreciation and amortisation ..... 575,368)( 2,279,415)( - 0 321,255)( 807,451)( 3,983,489)( Changes in value of investment properties 0 0 - 990,165)( 138,893 0 851,272)( Operating profit of segments (EBIT) ........... 1,179,227 2,573,398 - - 1,253,379 1,582,190 7,189,230 Net finance costs ........................................153,924)( 401,487)( - 489,753 1,156,942)( 2,026,870)( 3,249,470)( Share of profit of associates ...................... 418,125 418,125 Income tax .................................................. 205,075)( 426,661)( - - 19,034)( 117,788 532,982)( Profit for the year ........................................ 820,228 1,745,250 - - 91,233 3,824,903 31 December 2023Segment assets .......................................... 6,753,306 22,639,293 - - 23,622,536 70,360,064 123,375,199 Segment capital expenditure ...................... 259,585 995,295 - - 862,274 663,833 2,780,987 Segment liabilities ...................................... 4,806,961 17,537,219 - - 16,609,790 32,098,077 71,052,047 Reconciliation of operating segments to revenue, profit and loss and other material items in the Statement of Profit or Loss According toYear 2024 Segments financial total Eliminations statementsOperating profit before depreciation, amortisation and changes in value (EBITDA) ..............................................................17,989,804 5,479,243)( 12,510,561 Depreciation of property and equipment and leased assets and amortisation of intangible assets ...............................................9,307,859)( 4,218,052 5,089,807)( Changes in value of investment property ...............................................302,291 302,291Operating profit (EBIT) ...........................................................................8,984,236 1,261,191)( 7,723,045 Net finance costs ....................................................................................4,642,540)( 1,422,834 3,219,706)( Share of profit of associates ..................................................................608,187 608,187Income tax ..............................................................................................1,060,962)( 32,329)( 1,093,291)( Profit for the year ....................................................................................3,888,921 129,314 4,018,235 31 December 2024Segment assets ......................................................................................182,162,966 67,328,326)( 114,834,640 Segment capital expenditure ..................................................................4,677,085 35,192)( 4,641,893 Segment liabilities ..................................................................................104,556,463 33,215,020)( 71,341,443 Year 2023Operating profit before depreciation, amortisation and changes in value (EBITDA) ..............................................................14,937,656 3,922,172)( 11,015,484 Depreciation of property and equipment and leased assets and amortisation of intangible assets ...............................................6,897,154)( 2,795,463 4,101,691)( Changes in value of investment property ...............................................138,893 138,893Operating profit (EBIT) ...........................................................................8,179,395 1,126,709)( 7,052,686 Net finance costs ....................................................................................4,729,388)( 1,394,618 3,334,770)( Share of profit of associates ..................................................................418,125 418,125Income tax ..............................................................................................644,265)( 53,582)( 697,847)( Profit for the year ....................................................................................3,223,867 214,327 3,438,194 31 December 2023Eignir starfs\u00fe\u00e1tta ....................................................................................151,628,784 55,596,670)( 96,032,114 Fj\u00e1rfestingar starfs\u00fe\u00e1tta ..........................................................................4,181,315 166,643)( 4,014,672 Skuldir starfs\u00fe\u00e1tta ...................................................................................89,341,640 29,151,881)( 60,189,759 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__29": {
"value": "6. Operating income Sale of goods and services Sale of goods and services are recognised based on the fundamental principle of recognising revenue as or when control of goods and services is transferred to the customer. Lease income from properties Properties leased to parties outside the Group are recognised as investment properties. Investment properties are properties held to earn rentals or for capital appreciation. Investment properties are recognised at fair value. Fair value changes of investment properties are presented separately in the Statement of Profit or Loss and therefore presented separately from lease income from those same assets. Further information about investment properties is provided in Note 17. Other operating income Income from leases, warehouse services, commissions, gain on sale of property and equipment, market grants and other income are presented in other operating income. Operating income is specified as follows:2024 2023Sale of goods and services:Convenience goods ......................................................................................................78,357,014 69,178,041 Fuel and electricity .......................................................................................................39,865,987 38,849,064 Electronic equipment ....................................................................................................19,245,570 18,060,761 Prescription and over-the-counter medicine..................................................................6,840,653 0Sale of other goods and services .................................................................................10,153,422 10,163,335 Total sale of goods and services ..................................................................................154,462,646 136,251,201 Other operating income:Lease income from properties ......................................................................................769,508 695,563 Warehouse services .....................................................................................................421,487 399,574 Commissions ................................................................................................................496,974 496,834 Gain on sale of property and equipment ......................................................................99,836 36,095 Other operating income ................................................................................................456,741 560,773 Total other operating income ........................................................................................2,244,546 2,188,839 Total operating revenue ...............................................................................................156,707,192 138,440,040",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__30": {
"value": "7. Cost of goods sold and gross profit from sale of goods and services Cost of goods sold consists of the purchase price as well as related transportation cost, excise tax, duties and distribution costs. Any decrease of the cost of inventories to net realisable value is expensed as part of cost of goods sold. Gross profit from sale of goods and services is specified as follows:2024 2023Convenience goods .......................................................................................................18,189,845 15,798,771 Fuel and electricity .........................................................................................................7,760,328 6,273,218 Electronic equipment .....................................................................................................4,865,636 4,609,161 Prescription and over-the-counter medicine...................................................................1,887,270 0Sale of other goods and services ...................................................................................4,018,748 3,985,815 Total gross profit from sale of goods and services ........................................................36,721,827 30,666,965",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__31": {
"value": "8. Salaries and other personnel expenses Salaries and other personnel expenses are specified as follows:2024 2023Salaries ..........................................................................................................................14,239,139 12,104,458 Contributions to pension funds .......................................................................................1,839,417 1,557,217 Cost of share options .....................................................................................................92,706 0Other salary-related expenses .......................................................................................1,323,273 1,088,323 Other personnel expenses .............................................................................................890,595 690,294 Total salaries and other personnel expenses .................................................................18,385,130 15,440,292 Average number of employees ......................................................................................2,769 2,259 Average full-time equivalent number of employees ........................................................1,533 1,352 Employee gender ratio (males/females) .........................................................................60/40 61/39Contributions to defined contribution pension plans The Company pays contributions to independent defined contribution pension funds due to its employees. The Company has no responsibility for the funds' obligations. Contributions are expensed in the statement of profit or loss among salaries and salary-related expenses when incurred. Information about salaries and benefits of the members of the Board of Directors and management is disclosed in Note 31 on related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__32": {
"value": "9. Other operating expenses 2024 2023Other operating expenses are specified as follows:Operating expenses of properties ......................................................................................2,218,162 2,008,362 Maintenance expenses ......................................................................................................1,071,812 1,026,548 Sales and marketing expenses ..........................................................................................1,824,466 1,545,384 Office and administrative expenses, including fees to auditors .........................................528,591 528,250 Communication expenses ..................................................................................................1,173,352 882,525 Insurance and claims expenses .........................................................................................155,307 103,210 Administrative fine, see Note 32 ........................................................................................750,000 0Other expenses ..................................................................................................................348,992 305,749 Total other operating expenses ..........................................................................................8,070,682 6,400,028",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__34": {
"value": "10. Fees to auditors of the Group Fees to auditors are specified as follows: Auditors of the Group Other auditors2024 2023 2024 2023Audit of annual financial statements .................................56,375 53,775 6,383 0 Other services ..................................................................14,968 34,545 1,524 0 71,343 88,320 7,907 0 Total fees to auditors ........................................................",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__33": {
"value": "10. Fees to auditors of the Group Fees to auditors are specified as follows: Auditors of the Group Other auditors2024 2023 2024 2023Audit of annual financial statements .................................56,375 53,775 6,383 0 Other services ..................................................................14,968 34,545 1,524 0 71,343 88,320 7,907 0 Total fees to auditors ........................................................",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__37": {
"value": "11. Depreciation and amortisation Depreciaton and amortisation are specified as follows:2024 2023Amortisation of intangible assets, as per Note 14 ..........................................................1,058,412 779,621 Depreciation of property and equipment, as per Note 15 ...............................................2,732,749 2,338,668 Depreciation of leased assets, as per Note 16 ...............................................................1,298,646 983,402 Total depreciation and amortisation ...............................................................................5,089,807 4,101,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__36": {
"value": "11. Depreciation and amortisation Depreciaton and amortisation are specified as follows:2024 2023Amortisation of intangible assets, as per Note 14 ..........................................................1,058,412 779,621 Depreciation of property and equipment, as per Note 15 ...............................................2,732,749 2,338,668 Depreciation of leased assets, as per Note 16 ...............................................................1,298,646 983,402 Total depreciation and amortisation ...............................................................................5,089,807 4,101,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__35": {
"value": "11. Depreciation and amortisation Depreciaton and amortisation are specified as follows:2024 2023Amortisation of intangible assets, as per Note 14 ..........................................................1,058,412 779,621 Depreciation of property and equipment, as per Note 15 ...............................................2,732,749 2,338,668 Depreciation of leased assets, as per Note 16 ...............................................................1,298,646 983,402 Total depreciation and amortisation ...............................................................................5,089,807 4,101,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__38": {
"value": "12. Finance income and finance costs Finance income is specified as follows:2024 2023Interest income on cash and cash equivalents .............................................................310,371 133,942 Interest income on receivables .....................................................................................105,281 106,319 Gain on sale of shares in companies ............................................................................65,342 1,756Dividend income ...........................................................................................................2,000 2,000Total finance income .....................................................................................................482,994 244,017 Finance costs are specified as follows:Interest expense and CPI-indexation on loans from credit institutions ........................3,063,821 2,986,147 Interest expense on lease liabilities ..............................................................................578,882 471,873 Other interest expense ................................................................................................125,734 86,471 Total finance costs .......................................................................................................3,768,437 3,544,491 Foreign currency differences and assets and liabilities denominated in foreign currencies Foreign currency differences arise from transactions in foreign currencies, predominantly USD. Transactions in foreign currencies are recognised at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are recognised at the exchange rate at year-end. The average ISK/USD exchange rate for the year 2024 was 137.9 (2023: 138.0) and the exchange rate at year-end 2024 was 138.2 (2023: 136.2).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__40-1": {
"value": "13. Goodwill The goodwill recognised in the consolidated annual financial statements resulted from the acquisition by the Company of Hlekkur and its subsidiaries during the year 2018, of \u00cdslensk Orkumi\u00f0lun during the year 2020, of the Kr\u00f3nan store located at Hallveigarst\u00edgur in Reykjav\u00edk during the year 2020, of Icelandic Food Company during the year 2023, and of Lyfja and its subsidiaries in the middle of the year 2024. The provisional allocation of the premium for the acquisition of Lyfja has taken place, as per Note 4. For the purpose of purchase price allocation, four cash-generating units were identified and goodwill was allocated to grocery stores, electronic equipment stores, pharmacies and sale of electricity. Impairment test at year-end 2024 Goodwill was tested for impairment at year-end 2024. According to the results of the test, there was no indication of impairment. Impairment would also not occur even if realistic changes were made to the main assumptions of the assessment. When testing for impairment the recoverable amount is estimated and the assessment was based on the value in use of cash-generating units. Value in use is calculated by discounting the estimated future cash flows of cash-generating units. The following table specifies the key assumptions applied when estimating value in use. Estimated EBITDA-growth is the average growth for the next five years. Carrying Year-end 2024EBITDA- Terminal- Discountamountgrowth growth rate at year-endGrocery stores ..........................................................6.1% 3.5% 10.3% 11,642,359 Pharmacies ..............................................................14.3% 3.5% 12.5% 3,524,765 Electronic equipment stores .....................................6.7% 3.5% 11.1% 2,772,179 Sale of electricity ......................................................4.4% 3.5% 11.9% 427,801 Total goodwill ..............................................................................................................................................18,367,104 Year-end 2023Grocery stores ..........................................................7.5% 3.5% 10.9% 11,642,359 Electronic equipment stores .....................................5.8% 3.5% 12.4% 2,772,179 Sale of electricity ......................................................3.7% 3.5% 12.4% 427,801 Total goodwill ..............................................................................................................................................14,842,339",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__39-1": {
"value": "13. Goodwill The goodwill recognised in the consolidated annual financial statements resulted from the acquisition by the Company of Hlekkur and its subsidiaries during the year 2018, of \u00cdslensk Orkumi\u00f0lun during the year 2020, of the Kr\u00f3nan store located at Hallveigarst\u00edgur in Reykjav\u00edk during the year 2020, of Icelandic Food Company during the year 2023, and of Lyfja and its subsidiaries in the middle of the year 2024. The provisional allocation of the premium for the acquisition of Lyfja has taken place, as per Note 4. For the purpose of purchase price allocation, four cash-generating units were identified and goodwill was allocated to grocery stores, electronic equipment stores, pharmacies and sale of electricity. The following table specifies the key assumptions applied when estimating value in use. Estimated EBITDA-growth is the average growth for the next five years. Carrying Year-end 2024EBITDA- Terminal- Discountamountgrowth growth rate at year-endGrocery stores ..........................................................6.1% 3.5% 10.3% 11,642,359 Pharmacies ..............................................................14.3% 3.5% 12.5% 3,524,765 Electronic equipment stores .....................................6.7% 3.5% 11.1% 2,772,179 Sale of electricity ......................................................4.4% 3.5% 11.9% 427,801 Total goodwill ..............................................................................................................................................18,367,104 Year-end 2023Grocery stores ..........................................................7.5% 3.5% 10.9% 11,642,359 Electronic equipment stores .....................................5.8% 3.5% 12.4% 2,772,179 Sale of electricity ......................................................3.7% 3.5% 12.4% 427,801 Total goodwill ..............................................................................................................................................14,842,33914. Other intangible assets Other intangible assets consist of the trademarks of Kr\u00f3nan, Elko, Lyfja, Heilsa, trade agreements and software. Other intangible assets are specified as follows: Trade Trademarks agreementsGross carrying amountGross carrying amount 1.1.2023 ........................3,426,790 134,239 2,233,583 5,794,612 Additions during the year ...................................0 3,028 520,195 523,223 Sold and disposed of .........................................0 4,726)( 152,754)( 157,480)( Gross carrying amount 31.12.2023 ....................3,426,790 132,541 2,601,024 6,160,355 Additions during the year ...................................0 0 835,376 835,376Taken over on acquisition of subsidiary .............2,931,000 718,000 511,217 4,160,217 Sold and disposed of .........................................35,000)( 5,781)( 391,778)( 432,559)( Gross carrying amount 31.12.2024 ....................6,322,790 844,760 3,555,839 10,723,389 AmortisationAccumulated amortisation 1.1.2023 ..................224,530 17,763 1,035,574 1,277,867 Amortisation for the year ....................................231,395 16,382 531,844 779,621 Sold and disposed of .........................................0 (4,461) (152,752)157,213)( Accumulated amortisation 31.12.2023 ..............455,925 29,684 1,414,666 1,900,275 Amortisation for the year ....................................325,321 56,476 676,615 1,058,412 Sold and disposed of .........................................(35,000) (3,083) (393,824)431,907)( Accumulated amortisation 31.12.2024 ..............746,246 83,077 1,697,457 2,526,780 Carrying amountCarrying amount 1.1.2023 .................................3,202,260 116,476 1,198,009 4,516,745 Carrying amount 31.12.2023 .............................2,970,865 102,857 1,186,360 4,260,081 Carrying amount 31.12.2024 .............................5,576,544 761,683 1,858,383 8,196,611 Amortisation rates ..............................................5-10% 14% 20-33%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__43": {
"value": "Accounting policy Goodwill is not amortised but tested annually for impairment or more often if there are any impairment indicators. When tested for impairment, goodwill is allocated to those cash-generating units to which it relates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__42": {
"value": "Accounting policy Goodwill is not amortised but tested annually for impairment or more often if there are any impairment indicators. When tested for impairment, goodwill is allocated to those cash-generating units to which it relates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__44": {
"value": "Impairment test at year-end 2024 Goodwill was tested for impairment at year-end 2024. According to the results of the test, there was no indication of impairment. Impairment would also not occur even if realistic changes were made to the main assumptions of the assessment. When testing for impairment the recoverable amount is estimated and the assessment was based on the value in use of cash-generating units. Value in use is calculated by discounting the estimated future cash flows of cash-generating units. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__49-1": {
"value": "14. Other intangible assets Other intangible assets consist of the trademarks of Kr\u00f3nan, Elko, Lyfja, Heilsa, trade agreements and software. Other intangible assets are specified as follows: Trade Trademarks agreementsGross carrying amountGross carrying amount 1.1.2023 ........................3,426,790 134,239 2,233,583 5,794,612 Additions during the year ...................................0 3,028 520,195 523,223 Sold and disposed of .........................................0 4,726)( 152,754)( 157,480)( Gross carrying amount 31.12.2023 ....................3,426,790 132,541 2,601,024 6,160,355 Additions during the year ...................................0 0 835,376 835,376Taken over on acquisition of subsidiary .............2,931,000 718,000 511,217 4,160,217 Sold and disposed of .........................................35,000)( 5,781)( 391,778)( 432,559)( Gross carrying amount 31.12.2024 ....................6,322,790 844,760 3,555,839 10,723,389 AmortisationAccumulated amortisation 1.1.2023 ..................224,530 17,763 1,035,574 1,277,867 Amortisation for the year ....................................231,395 16,382 531,844 779,621 Sold and disposed of .........................................0 (4,461) (152,752)157,213)( Accumulated amortisation 31.12.2023 ..............455,925 29,684 1,414,666 1,900,275 Amortisation for the year ....................................325,321 56,476 676,615 1,058,412 Sold and disposed of .........................................(35,000) (3,083) (393,824)431,907)( Accumulated amortisation 31.12.2024 ..............746,246 83,077 1,697,457 2,526,780 Carrying amountCarrying amount 1.1.2023 .................................3,202,260 116,476 1,198,009 4,516,745 Carrying amount 31.12.2023 .............................2,970,865 102,857 1,186,360 4,260,081 Carrying amount 31.12.2024 .............................5,576,544 761,683 1,858,383 8,196,611 Amortisation rates ..............................................5-10% 14% 20-33%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__51": {
"value": "Accounting policy The cost of purchased and acquired trademarks is capitalised and amortised on a straight-line basis over 10 - 20 years. The estimated useful life of trade agreements is 8 years and they are amortised on a straight-line basis. Capitalised software licenses are recognised at cost less accumulated amortisation. Software is amortised on a straight-line basis over 3-5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__54-1": {
"value": "15. Property and equipment The Group\u00b4s property and equipment consist of properties, vehicles, machinery and equipment, cabinetry, signs and supply tanks.Depreciation Depreciation is calculated based on the depreciable amount, which is the cost or revalued cost less estimated residual value. Depreciation is calculated on a straight-line basis over the estimated useful life of each component of property and equipment. Estimated useful lives are specified as follows: Properties \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.\u2026..\u2026\u2026\u2026\u2026\u2026\u2026.\u2026\u2026\u2026. 50 years Other property and equipment ...\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026... 3 \u2013 20 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and changed if appropriate.Revaluation of properties Revalued assets are recognised at the fair value on the date of revaluation. Fair value assessment is carried out on a regular basis, so as to ensure that their carrying amount does not deviate significantly from fair value. The increase in carrying amount due to revaluation is recognised in other comprehensive income, net of income tax. The revaluation reserve within equity is decreased via transfer to retained earnings, the amount each year being equal to the annual depreciation of revaluation recognised in profit or loss. If revaluation results in a decrease of carrying amount, the decrease is recognised in profit or loss, except to the extent that the decrease reverses a previous increase due to revaluation, in which case the downward revaluation is recognised in other comprehensive income.Revaluation methods for properties The Company recognises properties at revalued cost. A revaluation was carried out as at 31 December 2024. According to the revaluation method an entity shall assess at the reporting date if there are any indicators of there being a significant difference between fair value and carrying amount. The Board of Directors of the Company has implemented a policy for the revaluation of property and equipment to fulfil the requirements for the application of the revaluation method for the carrying amount at any given time to not differ significantly from fair value. According to the policy, a fair value measurement must be performed if there are indications that the difference between the carrying amount of revalued properties and their fair value is 10% or more. However, fair value shall be determined at least every five years. Every time a fair value assessment is performed, properties shall be measured at fair value regardless of the results of the assessment indicating that the difference between fair value and carrying amount is over or under the aforementioned 10% benchmark. As part of the assessment various factors are considered but in particular the following: a. Depreciation of revalued assets since they were last revalued. b. Sale prices of assets similar to those revalued by the Group, if such information is available. c. Inflation. d. Changes in official real estate value, if applicable as a benchmark for similar revalued assets by the Group. e. The assumptions upon which revaluation is based, such as growth (or decline) in sales of goods and changes in discount rates due to changes in benchmark interest rates and / or risk margin. The fair value measurement at year-end 2024 was over the 10% benchmark for the difference between fair value and carrying amount of properties, and a revaluation in the amount of ISK 3,047 million was added to the properties of the Company at year-end 2024.Determination of fair value of properties The Company\u00b4s measurement of the fair value of properties was determined with assistance from independent specialists. The fair value measurement is based on discounted future cash flows of individual assets. The cash flow model applied is based on free cash flows, discounted by the weighted average cost of capital for individual assets (WACC). The projected cash flows in the model are up to 50 years. The return on equity is estimated using the CAPM (Capital Asset Pricing Model), which is based on risk-free inflation-adjusted interest rate with a premium added to reflect the risk of underlying operations. Interest rates on borrowings are estimated considering the general terms for interest rates which are offered in the market. It is assumed a debt ratio of 65% for the future and the expected weighted cost of capital (WACC) which is applied is in the range of 6.3% - 7.7% (weighted average 6.5%). The result of the fair value measurement was over 10% of the carrying amount of properties and therefore a revaluation was recognised according to the result at year-end 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__56": {
"value": "Accounting policy The Group\u00b4s properties for own use, i.e. those which are not classified as investment properties, are recognised at revalued cost but other property and equipment at cost less accumulated depreciation and impairment, if any. When property and equipment consist of parts which have different useful lives, the parts are separated and depreciated based on the useful life of each part. The gain on sale of property and equipment, which is the difference between their sale proceeds and carrying amount, is recognised in the Statement of Profit or Loss among other operating income and the loss on sale among other operating expenses. The cost of replacing single components of property and equipment is capitalised when it is considered likely that the benefits associated with the asset will flow to the Company and the costs can be measured reliably. The carrying amount of the replaced component is expensed. All other costs are expensed in the Statement of Profit or Loss when incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__59": {
"value": "Depreciation Depreciation is calculated based on the depreciable amount, which is the cost or revalued cost less estimated residual value. Depreciation is calculated on a straight-line basis over the estimated useful life of each component of property and equipment. Estimated useful lives are specified as follows: Properties \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.\u2026..\u2026\u2026\u2026\u2026\u2026\u2026.\u2026\u2026\u2026. 50 years Other property and equipment ...\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026... 3 \u2013 20 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and changed if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__58": {
"value": "Depreciation Depreciation is calculated based on the depreciable amount, which is the cost or revalued cost less estimated residual value. Depreciation is calculated on a straight-line basis over the estimated useful life of each component of property and equipment. Estimated useful lives are specified as follows: Properties \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026.\u2026..\u2026\u2026\u2026\u2026\u2026\u2026.\u2026\u2026\u2026. 50 years Other property and equipment ...\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026... 3 \u2013 20 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and changed if appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__62-1": {
"value": "Revaluation of properties Revalued assets are recognised at the fair value on the date of revaluation. Fair value assessment is carried out on a regular basis, so as to ensure that their carrying amount does not deviate significantly from fair value. The increase in carrying amount due to revaluation is recognised in other comprehensive income, net of income tax. The revaluation reserve within equity is decreased via transfer to retained earnings, the amount each year being equal to the annual depreciation of revaluation recognised in profit or loss. If revaluation results in a decrease of carrying amount, the decrease is recognised in profit or loss, except to the extent that the decrease reverses a previous increase due to revaluation, in which case the downward revaluation is recognised in other comprehensive income.Revaluation methods for properties The Company recognises properties at revalued cost. A revaluation was carried out as at 31 December 2024. According to the revaluation method an entity shall assess at the reporting date if there are any indicators of there being a significant difference between fair value and carrying amount. The Board of Directors of the Company has implemented a policy for the revaluation of property and equipment to fulfil the requirements for the application of the revaluation method for the carrying amount at any given time to not differ significantly from fair value. According to the policy, a fair value measurement must be performed if there are indications that the difference between the carrying amount of revalued properties and their fair value is 10% or more. However, fair value shall be determined at least every five years. Every time a fair value assessment is performed, properties shall be measured at fair value regardless of the results of the assessment indicating that the difference between fair value and carrying amount is over or under the aforementioned 10% benchmark. As part of the assessment various factors are considered but in particular the following: a. Depreciation of revalued assets since they were last revalued. b. Sale prices of assets similar to those revalued by the Group, if such information is available. c. Inflation. d. Changes in official real estate value, if applicable as a benchmark for similar revalued assets by the Group. e. The assumptions upon which revaluation is based, such as growth (or decline) in sales of goods and changes in discount rates due to changes in benchmark interest rates and / or risk margin. The fair value measurement at year-end 2024 was over the 10% benchmark for the difference between fair value and carrying amount of properties, and a revaluation in the amount of ISK 3,047 million was added to the properties of the Company at year-end 2024.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__67": {
"value": "Determination of fair value of properties The Company\u00b4s measurement of the fair value of properties was determined with assistance from independent specialists. The fair value measurement is based on discounted future cash flows of individual assets. The cash flow model applied is based on free cash flows, discounted by the weighted average cost of capital for individual assets (WACC). The projected cash flows in the model are up to 50 years. The return on equity is estimated using the CAPM (Capital Asset Pricing Model), which is based on risk-free inflation-adjusted interest rate with a premium added to reflect the risk of underlying operations. Interest rates on borrowings are estimated considering the general terms for interest rates which are offered in the market. It is assumed a debt ratio of 65% for the future and the expected weighted cost of capital (WACC) which is applied is in the range of 6.3% - 7.7% (weighted average 6.5%). The result of the fair value measurement was over 10% of the carrying amount of properties and therefore a revaluation was recognised according to the result at year-end 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__69-1": {
"value": "16. Lease contracts A. The Group as lessee The Group leases buildings, land, machinery and equipment for its operations and the lease contracts extend up to the year 2077. The contracts are with various parties and are indexed to the consumer price index or not indexed. Leased assets Leased assets are specified as follows: Buildings Land Other TotalCarrying amount 1.1.2023 ...........................................6,700,374 1,041,871 270,109 8,012,354 New lease contracts .....................................................143,494 78,648 281,446 503,588 Changes to lease contracts and impactof CPI-indexation ....................................................532,987 1,491 29,600 564,078 Depreciation for the year ..............................................825,631)( 26,974)( 130,797)( 983,402)( Carrying amount 31.12.2023 .......................................6,551,224 1,095,036 450,358 8,096,618 New lease contracts .....................................................666,500 7,536 123,289 797,325 Taken over on acquisition of subsidiary .......................2,117,416 0 0 2,117,416Changes to lease contracts and impactof CPI-indexation ....................................................818,104 46,867 42,670)( 822,301 Depreciation for the year ..............................................1,129,342)( 28,794)( 140,510)( 1,298,646)( Carrying amount 31.12.2024 .......................................9,023,902 1,120,645 390,467 10,535,014B. The Group as lessor The Group leases buildings to many parties. The revenue from the leases is included in other revenue. The contractual lease payments are specified as follows for the next years: Lease revenues are specified as follows:2024 2023Year 2024.........................................................................................................................- 740,637 Year 2025.........................................................................................................................668,672 636,421 Year 2026.........................................................................................................................422,235 418,404 Year 2027.........................................................................................................................404,994 411,237 Year 2028.........................................................................................................................389,460 395,914 Year 2029.........................................................................................................................379,111 386,168 Due later...........................................................................................................................669,232 635,100 Rental income total...........................................................................................................2,933,704 3,623,88126. Lease liabilities The Group leases buildings, vehicles and equipment, with duration of contracts until the year 2077. Most of the lease contracts are CPI-indexed. Lease liabilities are specified as follows:2024 2023Carrying amount at the beginning of the year ..............................................................8,652,596 8,426,337 New lease contracts ....................................................................................................797,325 503,588 Taken over on acquisition of subsidiary .......................................................................2,275,544 0Increase due to indexation and changes to lease contracts ........................................822,301 564,078 Payment of lease liabilities during the year .................................................................1,158,555)( 841,407)( Total lease liabilities .....................................................................................................11,389,211 8,652,596 Current portion .............................................................................................................1,387,796)( 859,276)( Total non-current portion of lease liabilities .................................................................10,001,415 7,793,320 All lease liabilities are denominated in Icelandic krona and are specified as follows at year-end: 2024 2023Year 2024 ....................................................................................................................- 859,276 Year 2025 ....................................................................................................................1,387,796 915,771 Year 2026 ....................................................................................................................1,376,195 869,501 Year 2027 ....................................................................................................................1,299,119 833,540 Year 2028 ....................................................................................................................1,051,443 660,715 Year 2029 ....................................................................................................................730,951 446,992 Due for payment onwards ............................................................................................5,543,707 4,066,801 Total .............................................................................................................................11,389,211 8,652,596 The impact of lease contracts in the Statement of Profit or Loss is as follows:2024 2023Depreciation of leased assets ......................................................................................1,298,647 983,402 Interest expensed on lease liabilities ...........................................................................578,882 471,873 Lease expenses due to lease contracts which are not capitalised are specified as follows: Property rent ................................................................................................................312,562 276,733 Other rent payments ....................................................................................................5,996 8,299The impact of lease contracts in the Statement of Cash Flows is specified as follows: 1,737,437 1,313,280 Paid due to lease contracts, principal and interest ......................................................",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__71-1": {
"value": "Accounting policies At the inception date of a lease contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16. At the commencement date of a lease contract, the Group recognises a leased asset and a lease liability in the Statement of Financial Position. On that date or upon modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, the Group has elected not to recognise leased assets and lease liabilities for lease contracts whose lease term is 12 months or less and for lease contracts for which the underlying asset is of low value. Lease payments arising from these contracts are expensed in the Statement of Profit or Loss on a straight-line basis and included in other operating expenses. The Group determines the lease term as the non-cancellable period of a lease contract together with periods covered by options to extend the lease if the Group is reasonably certain to exercise those options. If there are termination options for the contracts, which the Group is certain to exercise, then they are taken into consideration. Leased assets are initially measured at cost, which comprises the initial amount of the lease liability, plus any lease payments made at or before the commencement date, plus initial direct costs and an estimate of costs of the Group to dismantle and remove the underlying asset or the restore the underlying asset or the site on which it is located at the end of the lease contract, less any lease incentives received. Leased assets are subsequently measured in accordance with the cost model. They are depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership to the Group at the end of the lease term or the cost of the leased assets reflects that the Group will exercise a purchase option of the underlying assets. In that case the leased assets are depreciated over the useful life of the underlying assets, which is determined on the same basis as those of property and equipment of the Group. The carrying amount of leased assets is reduced by impairment losses, when applicable, and adjusted for certain remeasurements of the carrying amount of lease liabilities. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date of the lease contracts, discounted using the interest rate implicit in the lease, if that rate can be readily determined. Otherwise, the Group uses the incremental borrowing rate. The lease payments included in the measurement of lease liabilities can be both fixed or variable that depend on an indices or rates. Variable lease payments that depend on sales or usage of underlying assets are not included in the measurement of lease liabilities, except to the extent that they are accrued and unpaid at the reporting date. Variable lease payments that depend on sales or usage of underlying assets are expensed in the Statement of Profit or Loss as they accrue and included in the line other operating expenses. Subsequent to initial recognition, the carrying amount of lease liabilities is increased by interest expense and decreased by lease payments made. Furthermore, the carrying amount is remeasured when there is a change in future lease payments arising from changes in indices or rates, in the estimate of the amount expected to be payable by the Group under residual value guarantees, or when appropriate, changes in the assessment of whether it is reasonably certain that purchase options or extension options will be exercised, or termination options will not be exercised. When the carrying amount of lease liabilities is remeasured in this way, the corresponding adjustment is made to the carrying amount of leased assets or recognised in income statement if the carrying amount of leased assets has been reduced to zero. Leased assets are presented separately within non-current assets in the Statement of Financial Position. Lease liabilities are presented separately in the Statement of Financial Position and split into non-current and current portions. Depreciation of leased assets is presented in Statement of Profit or Loss under depreciation, as per Note 10. Interest expense on lease liabilities is presented in the Statement of Profit or Loss under finance costs, as per Note 12. Buildings Land Other TotalCarrying amount 1.1.2023 ...........................................6,700,374 1,041,871 270,109 8,012,354 New lease contracts .....................................................143,494 78,648 281,446 503,588 Changes to lease contracts and impactof CPI-indexation ....................................................532,987 1,491 29,600 564,078 Depreciation for the year ..............................................825,631)( 26,974)( 130,797)( 983,402)( Carrying amount 31.12.2023 .......................................6,551,224 1,095,036 450,358 8,096,618 New lease contracts .....................................................666,500 7,536 123,289 797,325 Taken over on acquisition of subsidiary .......................2,117,416 0 0 2,117,416Changes to lease contracts and impactof CPI-indexation ....................................................818,104 46,867 42,670)( 822,301 Depreciation for the year ..............................................1,129,342)( 28,794)( 140,510)( 1,298,646)( Carrying amount 31.12.2024 .......................................9,023,902 1,120,645 390,467 10,535,014",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__76-1": {
"value": "17. Investment properties Properties intended for rent to third parties and for capital appreciation are classified as investment properties.Determination of fair value of investment properties The Company\u00b4s measurements of fair value for the years 2024 and 2023 were determined with assistance from independent specialists. The measurement of investment properties is based on discounted cash flows of individual assets. The cash flow model applied is based on free cash flows to the Group, discounted by the weighted average cost of capital for individual assets (WACC). The projected cash flows in the model are up to 50 years. The return on equity is estimated using the CAPM (Capital Asset Pricing Model), which is based on risk-free inflation-adjusted interest rate with a premium added to reflect the risk of underlying operations. Interest rates on borrowings are estimated considering the general terms for interest rates which are offered in the market. It is assumed a debt ratio of 65% (2023:65%) for the future and the expected weighted cost of investment (WACC) which is applied is in the range of 6.3% - 7.7% (weighted average 6.5%) (2023: 6.5% - 7.7% and weighted average 6.6%). Estimated cash flows are based on lease income from existing lease contracts and their expected development. Each lease contract is assessed, and relevant risk factors are considered. Utilisation rate is estimated to be 95-96% after a lease contract expires (2023: 95-96%). Estimated operating expenses are deducted from estimated lease income. In this way each asset of the Company is assessed as an independent unit. The inputs of the valuation model are based on amounts experienced in the operations of the Company as well as on a forecast of the development of key factors in the future. The conclusion of the measurement at year-end 2024 was an increase in the value of investment properties in the amount of ISK 302 million (2023: ISK 139 million), which is recognised in the Statement of Profit or Loss. Direct operating expenses of investment properties amounted to ISK 56 million for the year 2024 (2023: ISK 54 million). Investment properties are specified as follows: Carrying amount at 1 January 2023 ...........................................................................................................6,478,617 Additions during the year ............................................................................................................................29,295 Fair value change .......................................................................................................................................138,893 Carrying amount at 31 December 2023 .....................................................................................................6,646,805 Additions during the year ............................................................................................................................63,144 Fair value change .......................................................................................................................................302,291 Carrying amount at 31 December 2024 .....................................................................................................7,012,240 The fair value measurement of investment properties falls under level 3 in the fair value hierarchy of IFRS Accounting Standards since the valuation is based on significant inputs other than market information. If the key inputs of the fair value measurement, i.e. the assumptions regarding financing cost and EBITDA, were changed, it would change the fair value changes recognised in the Statement of Profit or Loss as specified in the following table: Sensitivity analysis of fair value measurement at year-end 2024:Increase DecreaseIncrease / (decrease) of EBITDA from operations of properties by 5% ..........................350,612 350,612)( (Increase) / decrease of return on equity and interest rates by 1.0%-point ....................916,177)( 1,255,994 Sensitivity analysis of fair value measurement at year-end 2023:Increase / (decrease) of EBITDA from operations of properties by 5% ..........................332,340 332,340)( (Increase) / decrease of return on equity and interest rates by 1.0%-point ....................844,140) 1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__78": {
"value": "Accounting policies Investment properties are recognised at fair value at the reporting date. Valuation changes of investment property are recognised in the Statement of Profit or Loss in the period in which they occur. Investment properties are not depreciated. Changes in fair value of investment properties are presented separately in the Statement of Profit or Loss but lease income is presented as other operating income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__80-1": {
"value": "18. Associates The Company had seven associates at year-end 2024, both domestic and foreign. The Company recognises in the annual financial statements its share of profit or loss of those associates. Ownership in associates and share of profit or loss The Group\u2019s share in profit or loss of associates amounted to ISK 608 million in 2024 (2023: ISK 418 million). Ownership in associates is specified as follows: Ownership 2024 2023Ol\u00edudreifing ehf. ................................................................................60.0% 1,540,247 1,436,759 Malik Supply A/S, Danm\u00f6rku ...........................................................24.6% 940,660 799,568 EAK ehf. ...........................................................................................33.3% 177,088 161,010 EBK ehf. ...........................................................................................25.0% 175,642 162,021 Shares in other associates - 3 companies (2023: 3) ........................- 81,153 61,388 Total shares in associates at the end of the year .........................................................2,914,790 2,620,746 Change in the carrying amount of associates during the year: Carrying amount at the beginning of the year ..............................................................2,620,746 2,600,869 Share of profit ...............................................................................................................608,187 418,125 Dividend .......................................................................................................................298,238)( 391,784)( Purchase of shares ......................................................................................................42,342 0Sale of shares ..............................................................................................................16,173)( 0 Translation difference ...................................................................................................42,074)( 6,464)( Carrying amount at the end of the year ........................................................................2,914,790 2,620,746Following is financial information of the associates Ol\u00edudreifing ehf. and Malik Supply A/S. The information is based on their annual financial statements and taking into account the unamortised premium paid upon acquisition by the Company of the shares in Malik Supply A/S. Ol\u00edudreifing ehf. The Company owns 60% share in Ol\u00edudreifing ehf. The Company does not have control over Ol\u00edudreifing ehf., which is therefore not classified as a subsidiary of the Company. This is because the Competition Authority decided that the company should have board members which are independent from N1 ehf. However, N1 ehf.\u00b4s business has significant influence on the operations of Ol\u00edudreifing ehf. Accordingly, the Company accounts for its ownership interest according to the equity method. The financial statements of Ol\u00edudreifing ehf. are prepared in accordance with the Icelandic Act on Annual Accounts and the established accounting rules. 2024* 2023*Non-current assets .......................................................................................................4,170,837 3,800,179 Current assets ..............................................................................................................1,520,411 1,166,089 Non-current liabilities ....................................................................................................2,085,533)( 1,630,453)( Current liabilities ...........................................................................................................1,038,636)( 941,216)( Net assets (100%) ........................................................................................................2,567,079 2,394,599 Carrying amount at year-end (60%) .............................................................................1,540,247 1,436,759 Revenue (100%) ..........................................................................................................6,066,104 5,472,110 Profit (100%) ................................................................................................................472,480 353,233 Share in total comprehensive income (60%) ...............................................................283,488 211,940 * Draft annual financial statementsMalik Supply A/S Malik Supply A/S was founded in 1989 to service the fleet of trawlers on the waters of Greenland and in the North Atlantic Ocean with oil, lubricants, and other products. N1 sells Malik ship fuel which it then sells to major fisheries in Greenland. The financial statements of Malik Supply A/S are prepared in accordance with the Danish Act on Annual Accounts and the established accounting rules. 2024* 2023*Non-current assets .......................................................................................................1,293,981 1,318,017 Current assets ..............................................................................................................7,115,822 6,063,493 Non-current liabilities ....................................................................................................289,425)( 717,457)( Current liabilities ...........................................................................................................4,561,029)( 3,721,025)( Net assets (100%) ........................................................................................................3,559,349 2,943,029 Share in equity .............................................................................................................875,600 731,479 Premium .......................................................................................................................65,060 68,088 Carrying amount at year-end (24.6%) ..........................................................................940,660 799,568 Revenue (100%) ..........................................................................................................73,668,332 69,495,414 Profit (100%) ................................................................................................................940,667 513,574 Share in total comprehensive income (24.6%) ............................................................231,404 127,647 * Draft annual financial statements",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__83": {
"value": "Accounting policies Associates are entities where the Company has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting rights. Associates are accounted for using the equity method and are recognised initially at cost. The Company's investment includes the goodwill arising from the acquisition, if any, less impairment, if any. The annual financial statements include the Company\u2019s share of profit or loss and equity movements of associates from the date that significant influence commences until the date that significant influence ceases. When the Company\u2019s share of losses exceeds its interest in an associate, the carrying amount of that interest is reduced to nil and the recognition of further losses is discontinued except to the extent that the Company has provided guarantees in respect of the associate or has financed it. Unrealised profit arising on transactions with associated companies is recognised as a reduction in their book value. Unrealised loss is recognised in the same way as unrealised profit, but only to the extent that there is no indication of impairment of these companies. The share of profit or loss of foreign associates is recognised at the average exchange rate of the year. The share in equity is recognised at the exchange rate at the reporting date. Exchange differences arising from the translation to Icelandic Krona are recognised as a separate line item in the statement of comprehensive income. When a foreign associate is sold, partially or entirely, the related exchange difference is transferred to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__82": {
"value": "Accounting policies Associates are entities where the Company has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting rights. Associates are accounted for using the equity method and are recognised initially at cost. The Company's investment includes the goodwill arising from the acquisition, if any, less impairment, if any. The annual financial statements include the Company\u2019s share of profit or loss and equity movements of associates from the date that significant influence commences until the date that significant influence ceases. When the Company\u2019s share of losses exceeds its interest in an associate, the carrying amount of that interest is reduced to nil and the recognition of further losses is discontinued except to the extent that the Company has provided guarantees in respect of the associate or has financed it. Unrealised profit arising on transactions with associated companies is recognised as a reduction in their book value. Unrealised loss is recognised in the same way as unrealised profit, but only to the extent that there is no indication of impairment of these companies. The share of profit or loss of foreign associates is recognised at the average exchange rate of the year. The share in equity is recognised at the exchange rate at the reporting date. Exchange differences arising from the translation to Icelandic Krona are recognised as a separate line item in the statement of comprehensive income. When a foreign associate is sold, partially or entirely, the related exchange difference is transferred to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__87": {
"value": "19. Long-term receivables The Company\u2019s long-term receivables are denominated both in Icelandic and Danish krona. Long-term receivables are specified as follows:Interest ratesOutstanding at year-endfor the year2024 2023Receivables from related parties in Danish krona ...........................10%/10% 0 100,985 Other receivables in Danish krona ...................................................4%/4% 23,538 22,755 Receivables in Icelandic krona ........................................................0%/0% 11,798 21,436 Total long-term receivables .........................................................................................35,336 145,176 The maturity analysis of long-term receivables are specified as follows:Due in 2029 and later .................................................................................................35,336 145,176 Total long-term receivables .........................................................................................35,336 145,176",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__86-1": {
"value": "19. Long-term receivables The Company\u2019s long-term receivables are denominated both in Icelandic and Danish krona. Long-term receivables are specified as follows:Interest ratesOutstanding at year-endfor the year2024 2023Receivables from related parties in Danish krona ...........................10%/10% 0 100,985 Other receivables in Danish krona ...................................................4%/4% 23,538 22,755 Receivables in Icelandic krona ........................................................0%/0% 11,798 21,436 Total long-term receivables .........................................................................................35,336 145,176 The maturity analysis of long-term receivables are specified as follows:Due in 2029 and later .................................................................................................35,336 145,176 Total long-term receivables .........................................................................................35,336 145,17621. Other short-term receivables Other short-term receivables at year-end are specified as follows: 2024 2023Prepaid expenses ........................................................................................................300,147 231,303 Receivables from the Icelandic State ..........................................................................253,717 150,005 Receivables from suppliers ..........................................................................................130,795 96,452 Market value of forward contracts ................................................................................6,330 0Other short-term receivables .......................................................................................489,716 245,425 Total other short-term receivables ...............................................................................1,180,705 723,185",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__88": {
"value": "20. Inventories The Group\u2019s inventories consist of convenience goods, fuel, electronic equipment, medicines and inventory related to the Company\u2019s lubrication and motor vehicle services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__90": {
"value": "Accounting policy Inventories are valued at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out rule, and includes expenditure incurred in acquiring the inventories and in bringing them to the location and condition in which they are at the reporting date. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Purchases of goods during the year are specified as follows:2024 2023Inventories at beginning of year ...................................................................................13,557,248 13,085,771 Purchases during the year ...........................................................................................118,301,449 106,055,713 Expensed inventories ..................................................................................................117,740,819)( 105,584,236)( Inventories at year-end ................................................................................................14,117,878 13,557,248 Inventories at year-end are specified as follows:2024 2023Convenience goods .....................................................................................................4,796,689 4,142,097 Fuel ..............................................................................................................................3,138,045 4,559,287 Electronic equipment ...................................................................................................2,946,911 2,677,617 Prescription and over-the-counter medicine.................................................................550,995 0Other goods .................................................................................................................2,685,238 2,178,247 Total inventories ..........................................................................................................14,117,878 13,557,248 Insurance value of inventories .....................................................................................16,225,353 12,830,855 The write-down of inventories amounted to ISK 561 million at year-end 2024 (2023: ISK 556 million) and increased by ISK 5 million during the year (2023: increase by ISK 65 million). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__92": {
"value": "21. Other short-term receivables Other short-term receivables at year-end are specified as follows: 2024 2023Prepaid expenses ........................................................................................................300,147 231,303 Receivables from the Icelandic State ..........................................................................253,717 150,005 Receivables from suppliers ..........................................................................................130,795 96,452 Market value of forward contracts ................................................................................6,330 0Other short-term receivables .......................................................................................489,716 245,425 Total other short-term receivables ...............................................................................1,180,705 723,185",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__93": {
"value": "22. Cash and cash equivalents Cash and cash equivalents at year-end are specified as follows: 2024 2023Bank accounts .............................................................................................................2,971,374 2,154,883 Cash ............................................................................................................................100,581 106,225 Marketable securities ...................................................................................................1,003,403 1,101,104 Total cash and cash equivalents .................................................................................4,075,358 3,362,212",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__94": {
"value": "23. Equity and capital management Share capital The Company's total share capital according to its Articles of Association amounts to ISK 311.5 million and was increased by ISK 10 million during the year due to the acquisition of Lyfja. One vote is attached to each share of ISK one in the Company. Shareholders in the Company have the right to receive dividends in proportion to their shareholding upon dividend distribution. Costs directly associated with issue of share capital are deducted from equity. Purchase price of treasury shares, including direct costs associated, are deducted from equity. Equity is increased upon the sale of treasury shares. The Company owns 0.2 million own shares or 0.1% at year-end 2024. Share premium Share premium consists of the difference between the nominal value of share capital and the amount of paid-in share capital at any given time, less the premium on acquisition of own shares. Statutory reserve In accordance with the Act on Limited Liability Companies, companies are required to retain a certain percentage of their profit for the year in a statutory reserve, up to the limit of the reserve being in the amount of 25% of the nominal value of share capital. Revaluation reserve The revaluation of the Group's properties as well as its share in the revaluation of properties of an associate is recognised in the revaluation reserve. The revaluation is dissolved in accordance with annual depreciation of the revaluation in the Statement of Profit or Loss. Dissolution of the revaluation is recognised in retained earnings. Unrealised profit of subsidiaries and associates If the share of profit of subsidiaries and associates which is recognised in the Statement of Profit or Loss is in excess of the dividends received from them, or the dividends that has been decided to distribute, the difference must be transferred from retained earnings to a restricted reserve among equity. If a company\u2019s shareholding in its subsidiary or associate is sold or written off, the reserve must be dissolved via transfer to retained earnings or accumulated deficit, as applicable. Other restricted accounts In other restricted accounts are recognised the translation differences arising from the translation into Icelandic krona of the financial statements of a foreign associate and the effective portion of changes in fair value of cash flow hedges, net of income tax. Share options At the annual general meeting of Festi on 6 March 2024, two share option plans were approved, one for all permanent employees of the Group and the other for management. The Board of Directors decided to grant share options according to the specified share option plans at meetings on 23 April and 30 October 2024. The exercise price of the share options is initially set equal to the market price of the shares on the day they were granted. After the stock options were granted, their exercise price is reduced in accordance with dividends paid per share along with corresponding allocations to shareholders from the Company's assets. In the share option plan for management, the exercise price is also increased by 5.5% each year. The exercise of share options depends on the employee working for the Company for a certain period of time (the vesting period) and are forfeited if the employee leaves before the right has vested. Managers who have received share option contracts according to the management share option plan are required to hold shares after exercising share options equivalent to the net profit (after taxes) until the following ownership conditions have been met. For the Executive Board, the total value of shares multiplied by monthly salaries should be nine times, and three times the monthly salary for other managers. Movements in the number of outstanding share options and their related weighted average exercise price are as follows: Movements of share options are specified as follows:Nominal Exercise priceshares at year endShare options granted 2024..........................................................................................14,469 Forfeited share options..................................................................................................(1,488)Shares outstanding at 31 December 2024 for vesting in the coming years..................12,981 197.1 The fair value of share options granted to employees is estimated using the Black-Scholes formula, taking into account the share price on the grant date, risk-free interest rates (7.8% \u2013 8.1%), volatility in the share price of Festi (19.6% \u2013 19.8%), the maturity and exercise price of the options, expected dividends, estimated employee departures, and conditions in the share option contracts regarding marketability. The total cost of the options is estimated at ISK 259 million over their vesting period, of which ISK 93 million is expensed as salary cost during the year 2024, as per Note 7. Based on the exercise of outstanding share options, they would correspond to 4.2% of the issued share capital at year-end 2024. The exercise right is specified as follows over the coming years: Share options granted during the year 2024:Nominal Exercise priceshares at year end100% exercisable in May 2025......................................................................................2,624 191.5100% exercisable in May 2026......................................................................................2,501 191.5100% exercisable in May 2027......................................................................................3,956 196.2100% exercisable in November 2027............................................................................1,785 205.1100% exercisable in May 2028......................................................................................1,785 205.1100% n\u00fdtanlegir \u00ed November 2028................................................................................330 232.912,981 Retained earnings Profit (loss) for the year is recognised as an increase (decrease) in retained earnings. Dividend payments are recognised as a decrease in retained earnings. Dissolution of revaluation is recognised as an increase in retained earnings. The amount of unrealised profit of subsidiaries and associates in excess of dividend payments is recognised in the restricted reserve as a decrease in retained earnings. Capital management and dividends The Board of Directors of Festi has established a policy on the capital structure and dividend payments, according to which dividend payments to shareholders or purchase of own shares should amount to at least 50% of the profit for each year. Furthermore, the aim is for EBITDA to be 35% of gross profit, return on equity is over 11%, the ratio net interest-bearing liabilities / EBITDA to be less than 3.5 and equity ratio to be in the range of 30 - 35%. The Company\u00b4s loan covenants require a minimum equity ratio of 25%. The equity ratio at year-end 2024 was 37.9% (year-end 2023: 37.3%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__95": {
"value": "24. Earnings per share Basic and diluted earnings per share for ordinary shares in the Company are presented in the annual financial statements. Basic earnings per share is based on the weighted average number of effective shares during the year. Share option contracts have been made with employees during the year and diluted earnings per share take their effect into consideration. No financial instruments have been issued, such as convertible bonds, which could lead to dilution of earnings per share. 2024 2023Profit for the year .........................................................................................................4,018,235 3,438,194 Share capital at the beginning of the year ...................................................................301,254 307,500 Effect of changes in share capital ................................................................................4,767 3,463)( Weighted-average of outstanding shares ....................................................................306,021 304,037 Effect of outstanding share options .............................................................................1,883 0Adjusted weighted-average number of outstanding shares due to effectof outstanding share options...................................................................................307,904 304,037 Basic earnings per share in ISK ..................................................................................13.13 11.31 13.05 11. Diluted earnings per share in ISK ................................................................................",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__96": {
"value": "25. Loans from credit institutions All loans from credit institutions are denominated in Icelandic krona. The balance of the loans at year-end is secured by pledge in the properties of the Company. The loans are specified as follows: 2024 2023Long-term loansBalance at the beginning of the year ............................................................................26,680,829 28,224,162 Repayments .................................................................................................................2,083,084)( 1,817,321)( New loans ....................................................................................................................3,985,802 0Taken over on acquisition of subsidiary .......................................................................1,563,782 0Expensed borrowing costs ...........................................................................................18,566 16,449 CPI-indexation ..............................................................................................................594,147 274,820 Change in current portion .............................................................................................1,420,108)( 17,281)( Balance at year-end .....................................................................................................29,339,934 26,680,829 Short-term loansCurrent portion of long-term loans ...............................................................................3,227,122 1,807,014 Balance at year-end .....................................................................................................3,227,122 1,807,014Total loans from credit institutions ...............................................................................32,567,056 28,487,843 Weighted rates for the yearOutstanding at year-end2024 2023 2024 2023Non-indexed loans on floating interest rates ..........10.8% 9.9% 15,407,277 24,952,417 CPI-indexed loans on floating interest rates...........4.7% 2.5% 17,159,779 3,535,426 Total loans from credit institutions ...............................................................................32,567,056 28,487,843 The maturities of the loans are specified as follows:2024 2023Year 2024 ..................................................................................................................... - 1,807,014 Year 2025 .....................................................................................................................3,227,122 7,649,460 Year 2026 .....................................................................................................................2,275,502 1,809,770 Year 2027 .....................................................................................................................2,275,719 1,809,953 Year 2028 .....................................................................................................................2,075,511 1,611,636 Year 2029 .....................................................................................................................1,876,444 1,412,569 Due for payment onwards ............................................................................................20,836,758 12,387,441 Total loans from credit institutions ...............................................................................32,567,056 28,487,843",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__98": {
"value": "27. Income tax",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__102-1": {
"value": "Accounting policy Income tax comprises current and deferred tax. Income tax is recognised in the Statement of Profit or Loss except to the extent that it relates to items recognised directly in equity or in Other Comprehensive Income, in which case the income tax is recognised together with those items. Current tax is the income tax estimated to be payable next year in respect of the taxable income for the year, based on the tax rate at the reporting date, besides adjustments to tax payable in respect of previous years, if any. Deferred tax is recognised using the balance sheet method in respect of temporary differences between, on the one hand, the carrying amounts of assets and liabilities in the financial statements and, on the other hand, their tax bases. The amount of deferred tax is based on the estimated realisation or settlement of the carrying amounts of assets and liabilities using the tax rate in effect at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that it is possible to utilise future profits against the asset. Deferred tax asset is reviewed at each reporting date and is reduced to the extent that it is considered that it will not be utilised.Income tax recognised in the statement of profit or loss is specified as follows: 2024 2023Profit before income tax ....................................................................5,111,526 4,136,041Income tax based on current tax rate ...................21.0% 1,073,420 20.0% 827,208 Non-deductible expenses .....................................3.7% 189,526 0.1% 3,947 Non-taxable income ..............................................0.3% )( 14,708)( 0.6% )( 24,352)( Share of profit of associates .................................2.5% )( 127,719)( 2.0% )( 83,625)( Other changes ......................................................0.5% )( 27,228)( 0.6% )( 25,332)( Effective income tax rate ......................................21.4% 1,093,291 16.9% 697,847",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__101-1": {
"value": "Accounting policy Income tax comprises current and deferred tax. Income tax is recognised in the Statement of Profit or Loss except to the extent that it relates to items recognised directly in equity or in Other Comprehensive Income, in which case the income tax is recognised together with those items. Current tax is the income tax estimated to be payable next year in respect of the taxable income for the year, based on the tax rate at the reporting date, besides adjustments to tax payable in respect of previous years, if any. Deferred tax is recognised using the balance sheet method in respect of temporary differences between, on the one hand, the carrying amounts of assets and liabilities in the financial statements and, on the other hand, their tax bases. The amount of deferred tax is based on the estimated realisation or settlement of the carrying amounts of assets and liabilities using the tax rate in effect at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that it is possible to utilise future profits against the asset. Deferred tax asset is reviewed at each reporting date and is reduced to the extent that it is considered that it will not be utilised.Income tax recognised in the statement of profit or loss is specified as follows: 2024 2023Profit before income tax ....................................................................5,111,526 4,136,041Income tax based on current tax rate ...................21.0% 1,073,420 20.0% 827,208 Non-deductible expenses .....................................3.7% 189,526 0.1% 3,947 Non-taxable income ..............................................0.3% )( 14,708)( 0.6% )( 24,352)( Share of profit of associates .................................2.5% )( 127,719)( 2.0% )( 83,625)( Other changes ......................................................0.5% )( 27,228)( 0.6% )( 25,332)( Effective income tax rate ......................................21.4% 1,093,291 16.9% 697,847",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__99": {
"value": "Deferred tax liability relates to individual items as follows at year-end: 2024 2023Property and equipment and investment properties ....................................................6,416,252 5,555,462 Intangible assets ..........................................................................................................1,521,886 716,475 Lease contracts ............................................................................................................170,841)( 111,195)( Trade receivables .........................................................................................................63,399 39,649 Inventories ....................................................................................................................46,617 32,289 Tax loss carried forward ...............................................................................................86,429)( 0 Other items ...................................................................................................................27,045)( 47,575)( Deferred tax liability ......................................................................................................7,763,839 6,185,105",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__107": {
"value": "28. Other short-term liabilities Other short-term liabilities are specified as follows at year-end:2024 2023Unpaid salaries and salary-related expenses ..............................................................2,197,872 1,759,066Duties (VAT, tariffs, oil charge, gasoline charge, carbon charge) ..............................3,173,944 3,186,586Unpaid income tax .......................................................................................................1,214,021 524,171Obligation due to goods in transit ................................................................................261,579 742,848Accrued interest ...........................................................................................................268,146 235,076Deferred income ..........................................................................................................275,449 248,616Other short-term liabilities ............................................................................................442,999 407,489Total other short-term liabilities ....................................................................................7,834,010 7,103,852",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__106": {
"value": "28. Other short-term liabilities Other short-term liabilities are specified as follows at year-end:2024 2023Unpaid salaries and salary-related expenses ..............................................................2,197,872 1,759,066Duties (VAT, tariffs, oil charge, gasoline charge, carbon charge) ..............................3,173,944 3,186,586Unpaid income tax .......................................................................................................1,214,021 524,171Obligation due to goods in transit ................................................................................261,579 742,848Accrued interest ...........................................................................................................268,146 235,076Deferred income ..........................................................................................................275,449 248,616Other short-term liabilities ............................................................................................442,999 407,489Total other short-term liabilities ....................................................................................7,834,010 7,103,852",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__108-1": {
"value": "29. Risk management Following is information about the Group\u2018s risks, objectives, policies and processes for measuring and managing the risk as well as information regarding operating risk. The Company\u2019s risk management objective is to minimise the risk it faces by analysing the risk, measuring it and controlling it. Overview The following risks arise from the Group's financial instruments: \uf0b7 Credit risk \uf0b7 Liquidity risk \uf0b7 Market risk (price risk and interest rate risk) \uf0b7 Currency risk \uf0b7 Operating riskSensitivity analysis A 10% strengthening of the ISK against the following currencies at year-end would have increased (decreased) the Company's profit before income tax by the following amounts. 2024 2023USD .............................................................................................................................8,007)( 32,194 EUR .............................................................................................................................25,166)( 10,983)( Other currencies ..........................................................................................................30,699)( 76,255)( Total .............................................................................................................................63,872)( 55,044)( A 10% weakening of the ISK against these currencies would have the same effect but in the opposite direction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__109": {
"value": "Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company's credit risk arises principally from trade receivables and other receivables. Credit risk mainly depends on the age of trade receivables, the financial standing and operations of individual customers and the standing of the industries in which the Company's biggest customers operate, which are transportation, fishing industry and contractors. Approximately 22% (2023: 24%) of the balance of trade receivables at year-end is attributable to 30 of the Company's biggest customers. Thereof, receivable from the biggest customer was 3% (2023: 3%). The Company has established credit rules. All of the Company's customers with charge accounts have credit limits on their account which they cannot exceed. Legal entities must in general provide a personal guarantee of the owner for an amount corresponding to supplies for two months. This does however not apply to bigger customers which have good credit rating at CreditInfo. The Group recognises an allowance for expected credit losses on trade receivables and other receivables. The estimation of the allowance is based on historical loss experience, the age of receivables, current economic conditions, and future prospects. 2024 2023Credit card receivables ................................................................................................2,558,971 1,968,375 Other trade receivables ...............................................................................................4,608,999 4,016,453 Total trade receivables ................................................................................................7,167,970 5,984,828 Age analysis of trade receivables and impairment lossNominalLoss Carrying AllowanceYear 2024amountallowance amount ratioNot yet due ...........................................................7,126,610 106,917)( 7,019,693 1.5% Past due by 30 days or less .................................47,754 2,502)( 45,252 5.2% Past due by 31 - 120 days ....................................92,966 9,354)( 83,612 10.1% Past due by more than 120 days ..........................28,963 9,550)( 19,413 33.0% 7,296,293 128,323)( 7,167,970 1.8% Year 2023Not yet due ...........................................................5,885,816 95,039)( 5,790,777 1.6% Past due by 30 days or less .................................160,927 2,892)( 158,035 1.8% Past due by 31 - 120 days ....................................36,824 3,536)( 33,288 9.6% Past due by more than 120 days ..........................61,561(58,833)2,72895.6%6,145,128 160,300)( 5,984,828 2.6%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__110": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting financial obligations that will be settled with cash or other financial assets. The Group\u2019s objective is to always have sufficient liquidity to meet its payment obligations as they become due. The Group's liquidity position at year-end 2024 was strong. The Group\u2019s management considers that the Group is capable to meet its financial obligations as they become due. The weighted-average repayment period of the Group\u2019s long-term loans is about 10 years and all loans are prepayable during the loan term. The Group also has access to a line of credit for a maximum amount of ISK 500 million. No amount was drawn at year-end 2024. Further information about the Group's financial liabilities is disclosed in Note 30 about financial instruments.Loans from credit institutions and other financial liabilities The fair value of loans from credit institutions is the estimated future cash flows discounted at the market interest rate at the reporting date. The loans from credit institutions are on market interest rates and therefore the difference between their carrying amount and fair value is insignificant at any given time. Short-term liabilities are not discounted as the difference between their fair value and their carrying amount is insignificant. Financial assets and financial liabilities are classified into certain categories. The classification of financial assets and financial liabilities affects how financial instruments are measured after initial recognition. The classification of financial assets and financial liabilities of the Group and their measurement basis are specified in the following table. The Group's financial assets and financial liabilities include cash and cash equivalents, shares in other companies and long-term receivables, trade and other receivables, derivative contracts, borrowings, trade payables and certain other current liabilities. Financial instruments are initially recognised at fair value. They are recognised at the transaction date, which is the date the Group becomes a party to the contractual provisions of the instrument. For financial instruments not recognised at fair value through profit and loss all direct transaction costs are taken into account upon initial recognition. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__111": {
"value": "Market risk Market risk consists of price risk, interest rate risk and currency risk. The Company's objective is to manage and confine market risk within defined limits. Price risk An important market risk of the Company is price risk due to changes in the oil price in the world market, which has been very volatile in the past years. The price risk is reduced by means of specific agreements with the largest customers of the Company but also by the Parent Company entering into derivative contracts to hedge part of the price risk arising from purchases of oil. The contracts have maturities of up to several months, whereas the oil price is fixed in foreign currency and they cover the part of the Group\u2019s oil purchases which is not hedged with specific agreements. The contracts are settled in cash and are presented in the Statement of Profit or Loss as part of the cost of oil to which they relate. The loss from oil hedges amounted to ISK 1 million during the year (2023: loss of ISK 63 million). The fair value of forward contracts recognised in restricted reserves in equity amounted to ISK 5 million at year-end 2024 (2023: ISK 3 million). Interest rate risk The Group is exposed to cash flow interest rate risk due to changes in interest rates of floating rate financial liabilities. In order to diversify the risk, the Company\u2019s financing is a mix of non-indexed and CPI-indexed loans. An increase in interest rates at the reporting date by one percentage point (100 basis points) would decrease profit or loss before income tax by ISK 326 million (2023: ISK 285 million) due to effects on the borrowings of the Company at floating interest rates. The calculation is for the impact on profit or loss on an annual basis. A decrease in interest rates by one percentage point would have the same effect but in the opposite direction. Currency risk All of the Company's transactions denominated in foreign currencies give rise to currency risk. In evaluating currency risk both payment risk and settlement risk is considered. The objective is to manage currency risk in order to best insure the Company's benefits. The major part of imports is purchase of goods for resale from foreign suppliers denominated in USD and EUR, but the sale is for the most part in ISK. Sales in ISK constitute 96% (2023: 96%), USD 3% (2023: 3%) and other currencies 1% (2023: 1%). Assets and liabilities denominated in foreign currencies at year-end are specified as follows: Other Year 2024USD EURCurrenceiesTotalLong-term receivables ..........................................0 0 23,538 23,538 Trade receivables .................................................246,378 32,284 68,266 346,928 Cash and cash equivalents ..................................276,549 10,259 57,957 344,765 Trade payables .....................................................603,000)( 294,200)( 456,750)( 1,353,950)( Risk in the statement of financial position ............80,073)( 251,657)( 306,989)( 638,719)( Year 2023Long-term receivables ..........................................0 0 123,740 123,740 Trade receivables .................................................173,747 47,480 181,673 402,900 Cash and cash equivalents ..................................211,939 4,603 95,819 312,361Trade payables .....................................................63,744)( 161,910)( 1,163,782)( 1,389,436)( Risk in the statement of financial position ............321,942 109,827)( 762,550)( 550,435)( Sensitivity analysis A 10% strengthening of the ISK against the following currencies at year-end would have increased (decreased) the Company's profit before income tax by the following amounts. 2024 2023USD .............................................................................................................................8,007)( 32,194 EUR .............................................................................................................................25,166)( 10,983)( Other currencies ..........................................................................................................30,699)( 76,255)( Total .............................................................................................................................63,872)( 55,044)( A 10% weakening of the ISK against these currencies would have the same effect but in the opposite direction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493005OLOCYXGTC7E83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s6__6__113": {
"value": "30. Financial instruments and fair value Assets at fair value Securities are recognised at fair value. The fair value estimate is categorised in level 3 of the fair value hierarchy, since the information about their fair value is based on the Company's own assumptions. The properties are recognised at revalued cost. This entails that their fair value is determined regularly to ensure that at any given time it does not differ significantly from their book value. Further information about the remeasurement of properties is disclosed in Note 15. Investment properties are recognised at fair value. Further information about their fair value is disclosed in Note 17. Loans from credit institutions and other financial liabilities The fair value of loans from credit institutions is the estimated future cash flows discounted at the market interest rate at the reporting date. The loans from credit institutions are on market interest rates and therefore the difference between their carrying amount and fair value is insignificant at any given time. Short-term liabilities are not discounted as the difference between their fair value and their carrying amount is insignificant. Financial assets and financial liabilities are classified into certain categories. The classification of financial assets and financial liabilities affects how financial instruments are measured after initial recognition. The classification of financial assets and financial liabilities of the Group and their measurement basis are specified in the following table. The Group's financial assets and financial liabilities include cash and cash equivalents, shares in other companies and long-term receivables, trade and other receivables, derivative contracts, borrowings, trade payables and certain other current liabilities. Financial instruments are initially recognised at fair value. They are recognised at the transaction date, which is the date the Group becomes a party to the contractual provisions of the instrument. For financial instruments not recognised at fair value through profit and loss all direct transaction costs are taken into account upon initial recognition. Classification of financial instruments and their measurement basis The following table shows the classification of the Group's financial instruments and their measurement basis. Carrying Carrying amount at amount at Financial instrumentClassificationyear-end 2024year-end 2023Cash and cash equivalentsFinancial assets at amortised cost4,075,358 3,362,212 Trade and other receivables classified as financial instruments, including receivables from related partiesFinancial assets at amortised cost8,048,528 6,476,710 Shares in other companiesFair value14,140 14,140Long-term receivablesFinancial assets at amortised cost35,336 145,176 Loans from credit institutionsFinancial liabilities at amortised cost32,567,056 28,487,843 Trade payables and other short-term liabilities classified as financial instrumentsFinancial liabilities at amortised cost19,345,888 16,615,599 Financial conditions In the loan agreements there is the condition that the Group\u2019s equity ratio must always be higher than 25% at the end of each operating year. The equity ratio was 37.9% at year-end 2024 (year-end 2023: 37.3%) and the condition was fulfilled. Maturity analysis The following table shows when the future payments of the Group's financial liabilities and income tax become due. The cash flow includes estimated future interest payments where appropriate. After After After moreYear-end 2024Within a year 1 - 3 years 3 - 5 years then 5 yearsLoans from credit institutions ......................................5,582,060 8,601,252 7,394,566 24,292,228 Lease liabilities ...........................................................1,985,277 3,595,061 2,442,096 7,713,090 Trade payables ...........................................................11,787,327 Payable to the Icelandic State ....................................3,173,944 Current tax liability ......................................................1,214,021 Other short-term liabilities ..........................................3,170,596 26,913,225 12,196,313 9,836,662 32,005,318 Year-end 2023Loans from credit institutions ......................................4,625,978 13,773,365 6,543,821 18,077,797 Lease liabilities ...........................................................1,334,635 2,514,944 2,034,201 6,567,062 Trade payables ...........................................................9,760,363 Payable to the Icelandic State ....................................3,186,586 Current tax liability ......................................................524,171 Other short-term liabilities ..........................................3,144,479 22,576,212 16,288,309 8,578,022 24,644,859",
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"s6__6__114": {
"value": "31. Related parties Definition of related parties The Company's related parties are associates, members of the Board of Directors and management, their close family members and companies owned by them. Transactions with related companies Transactions with associates are specified as follows:2024 2023Purchased goods and services ....................................................................................2,977,344 2,594,010 Sold goods and services ..............................................................................................554,586 896,442 Interest revenue from receivables ................................................................................3,159 10,659Long-term receivables at year-end ..............................................................................0 100,985 Short-term receivables at year-end ..............................................................................9,696 6,212Trade payables at year-end .........................................................................................96,758 103,324 Board of Directors and key management personnel The salaries and benefits of the members of the Board of Directors and key management personnel for their work for the Group, the nominal amount of their shareholding and granted share options at year-end are specified as follows: Nominal amountPerformance-of shares Share options2024 SalaryBenefits based salaryat year-end at year-endBoard of DirectorsGu\u00f0j\u00f3n Karl Reynisson, Chairman of the Board of Directors ..................................12,047 609,391Sigurl\u00edna Ingvarsd\u00f3ttir, Vice-Chairman .................8,875 0Gu\u00f0j\u00f3n Au\u00f0unsson, Board member......................5,264 0Hj\u00f6rleifur P\u00e1lsson, Board member ........................7,344 40,000Margr\u00e9t Gu\u00f0mundsd\u00f3ttir, Board member .............5,946 178,014Magn\u00fas J\u00fal\u00edusson, former Board member ............1,102 45,000Key management personnel\u00c1sta S. Fjeldsted, CEO..........................................58,864 5,670 14,700 96,000 270,000Six managing directors..........................................198,103 16,801 38,711 500,935 1,620,000Three former managing directors..........................81,303 4,921 8,412 0Total.......................................................................378,848 27,392 61,823 1,469,340 1,890,000 2023Board of DirectorsGu\u00f0j\u00f3n Karl Reynisson, Chairman of the Board of Directors ..................................10,929 609,391Sigurl\u00edna Ingvarsd\u00f3ttir, Vice-Chairman .................8,486Hj\u00f6rleifur P\u00e1lsson, Board member ........................6,293 40,000Magn\u00fas J\u00fa\u00edusson, Board member ........................6,053 215,861Margr\u00e9t Gu\u00f0mundsd\u00f3ttir, Board member .............4,757 178,014Key management personnel\u00c1sta S. Fjeldsted, CEO..........................................53,097 6,300 14,400 96,000Eggert \u00de\u00f3r Krist\u00f3fersson, former CEO...................35,092 2,522 12,900 0Five managing directors........................................144,097 11,468 29,032 500,000Two former managing directors.............................32,112 2,749 17,550 74,902Total.......................................................................300,916 23,039 73,882 1,714,168 0 The number of shares includes shares owned by spouses and companies controlled by members of the Board of Directors and key management personnel. 2024 202350/50 67/33Key management personnel gender ratio (males/females)......................................................................Transactions with other related parties There are no shareholders with significant influence at year-end 2024. Companies controlled by members of the Board of Directors and key management personnel are five at year-end 2024 and they were defined as related parties. Transactions with them during both years 2024 and 2023 were very immaterial and they consist of normal sales and purchases and the pricing in such transactions is comparable to other transactions of Group companies. Transactions with employees The Group has granted loans to its employees due to general purchase of goods and the receivables amounted to ISK 7 million at year-end 2024 (2023: ISK 7 million). Other liabilities of employees towards the Company amounted to ISK 1 million at year-end (2023: ISK 3 million).",
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"s6__6__115-1": {
"value": "32. Other matters Settlement between Festi and the Competition Authority regarding the acquisition of Hlekkur during the year 2018 Festi hf. (then N1 hf.) made a settlement with the Competition Authority on 30 July 2018 because of the acquisition by the Company of Hlekkur hf. (then Festi hf.). According to the settlement, Festi committed, among other things, to selling certain specified assets but it also included certain other behavioural conditions. In December 2020 the Competition Authority announced it would initiate an investigation into potential breaches of the settlement by Festi. The Competition Authority delivered to Festi on 20 December 2023 an objection document in which it was explained that the Authority\u2019s preliminary assessment was that Festi has breached several terms of the articles of the settlement, and also referred to. On 29 October 2024, Festi requested formal discussions with the Competition Authority about whether, with reference to article 17.f. of the Competition Act, it would be possible to conclude the investigation with a settlement, and that request was approved. On 28 November 2024, Festi and the Competition Authority reached a settlement on the matter. In the settlement, Festi acknowledged that it had breached certain articles of the agreement from 30 July 2018. Furthermore, Festi acknowledged that it had breached the articles of the Competition Act regarding the duty to provide information by not timely providing the necessary documents for the investigation of the acquisition and by not adequately informing the Competition Authority of the Company's views during the settlement process in 2018. According to the settlement, it was agreed that the matter should be concluded with Festi paying an administrative fine of ISK 750 million. Festi paid the fine to the Icelandic State Treasury on 27 December 2024. The matter is considered finally closed with respect to Festi, and there will be no further investigation or proceedings against the Company, employees, or other individuals by the Competition Authority. Settlement between Festi and the Competition Authority regarding the acquisition of Lyfja during the year 2024 On 14 June 2024, Festi and the Competition Authority signed a settlement regarding the acquisition by Festi of all the shares in Lyfja. In the settlement, the Competition Authority approved the acquisition with conditions set to enhance and protect effective competition in those markets considered to be affected by the acquisition, and which were intended to remove the competition barriers that the acquisition would otherwise lead to according to the preliminary assessment of the Competition Authority. The settlement between Festi and the Competition Authority consists mainly of the following aspects: \uf0b7 Festi must ensure that employment contracts between Lyfja and pharmacists working at the company do not contain non-compete clauses or other competition restrictions. \uf0b7 Festi must ensure the operational separation of Heilsa, a subsidiary of Lyfja. This includes, among other things, that Heilsa continues to operate as an independent legal entity and that all of its operations, business decision-making, and daily management are separated from the activities of other subsidiaries of Festi. The settlement also stipulates that Heilsa's operations take place in premises separate from those of certain subsidiaries of Festi, and that separation is also ensured through access control to Heilsa's computer and information systems. However, Festi is permitted to provide Heilsa with defined support services, provided that the provision of such services does not conflict with the objectives of the settlement. Furthermore, it stipulates certain specific conditions regarding the appointment of the Board of Directors of Heilsa. \uf0b7 Festi must ensure that Heilsa sells products in wholesale on a commercial basis, to those retailers who request them. Heilsa is required to ensure equality and objectivity towards those retailers who purchase products from the company on a wholesale basis. Furthermore, Heilsa is required to keep confidential any information regarding its customers and ensure that sensitive information is not provided to other companies within the Festi Group or competitors of Heilsa's customers. \uf0b7 The conditions regarding Heilsa will expire five years after the signing date of the settlement, 14 June 2024. Sales process for the shares of the Company in Ol\u00edudreifing On 26 September 2024 it was announced that Festi and Ol\u00eds have reached an agreement to initiate the preparation of the sales process of the shares of the companies in Ol\u00edudreifing, whereas 60% of Ol\u00edudreifing is owned by Festi and 40% by Ol\u00eds. On 3 December 2024 it was announced that non-binding offers had been received for all shares in Ol\u00edudreifing and that a decision had been made to invite three parties to continue in the sales process and provide them with access to further information. The sales process is still ongoing, but it is not certain at this stage whether the aforementioned process will lead to binding offers for Ol\u00edudreifing, which could result in the sale of the company. 33. Financial ratios The Group's key financial ratios Operations2024 2023Turnover rate of inventories Utilisation of goods / average balance of inventories during the year ....................8.3 7.6Sales days in trade receivables: Average balance of trade receivables during the year / goods and services sold ......................................................................................................13.2 13.3Salaries and salary related expenses / gross profit .....................................................50.1% 50.3%Operating profit before depreciation, amortisation and changes in value / gross profit .............................................................................................34.1% 35.9%Financial positionCurrent ratio: current assets / current liabilities ...........................................................1.10 1.21Liquidity ratio: (current assets - inventories) / current liabilities ...................................0.51 0.52Leverage: net interest-bearing liabilities excluding lease liabilities / EBITDA ..............2.28 2.28Equity ratio: equity / total capital ..................................................................................37.9% 37.3%Return on equity: profit for the year / average balance of equity .................................10.5% 10.0%",
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