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CORPORATE INFORMATION
Huhtamaki Group is a global specialist in packaging for food and drink with operations in 37 countries. The Group\u2019s
focus and expertise are in paperboard based foodservice packaging, smooth and rough molded fiber packaging as well
as flexible packaging. Huhtamaki offers standardized products, customized designs as well as total packaging systems
and solutions. Main customers are food and beverage companies, quick service and fast casual restaurants, foodservice
operators, fresh produce packers and retailers.
The parent company, Huhtam\u00e4ki Oyj, is a public limited liability company domiciled in Espoo, Finland and listed on
NASDAQ OMX Helsinki Ltd. The address of its registered office is Revontulenkuja 1, 02100 Espoo, Finland. A copy of
consolidated financial statements is available at Group\u2019s website
www.huhtamaki.com
.
These Group consolidated financial statements were authorized for issue by the Board of Directors on February 7,
2024. According to the Finnish Companies Act shareholders decide on the adoption of financial statements at the
general meeting of shareholders held after the publication of the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3385": { "value": "Huhtamaki Group is a global specialist in packaging for food and drink with operations in 37 countries. The Group\u2019s
focus and expertise are in paperboard based foodservice packaging, smooth and rough molded fiber packaging as well
as flexible packaging. Huhtamaki offers standardized products, customized designs as well as total packaging systems
and solutions. Main customers are food and beverage companies, quick service and fast casual restaurants, foodservice
operators, fresh produce packers and retailers.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3386": { "value": "Huhtamaki Group", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3394": { "value": "Huhtam\u00e4ki Oyj", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3395": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3396": { "value": "Finland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3398": { "value": "Revontulenkuja 1, 02100 Espoo, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3399": { "value": "Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3404": { "value": "These Group consolidated financial statements were authorized for issue by the Board of Directors on February 7,
2024. According to the Finnish Companies Act shareholders decide on the adoption of financial statements at the
general meeting of shareholders held after the publication of the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3411": { "value": "1.2. BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRS) and the IAS and IFRS standards as well as SIC- and IFRIC- interpretations which were valid on
December 31, 2023. IFRS, referred to in the Finnish Accounting Act and in ordinances issued based on the provisions
of said Act, refer to the standards and their interpretations adopted in accordance with the procedure laid down in
regulations (EC) No 1606/2002 of the EU.
The consolidated financial statements have been prepared under the historical cost convention except for other
investments at fair value through other comprehensive income, financial instruments at fair value through profit or loss,
derivative instruments and cash-settled share-based payment arrangements that are measured at fair value. The
preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates.
The use of estimates and assumptions is described in more detail in Note 1.6. Use of significant estimates and
judgements. The consolidated financial statements are presented in millions of euros. Figures presented are exact figures
and consequently the sum of individual figures may deviate from the sum presented.1.4. PRINCIPLES OF CONSOLIDATION
Subsidiaries
The consolidated financial statements include the parent company Huhtam\u00e4ki Oyj and all its subsidiaries where over
50% of the subsidiary\u2019s voting rights are controlled directly or indirectly by the parent company, or the parent company
is otherwise in control of the company for example based on Shareholder\u2019s Agreement.
Acquired subsidiaries are accounted for using the acquisition method. Subsidiaries are fully consolidated from the date
on which the control is transferred to the Group. Divested subsidiaries are included up to the date the control ceases.
All intercompany transactions, receivables, liabilities and unrealized profits, as well as distribution of profits within the
Group, are eliminated.
Profit and loss for the period attributable to equity holders of the parent company and to non-controlling interest is
presented in the income statement. Comprehensive income attributable to equity holders of the parent company and
to non-controlling interest is presented in the statement of comprehensive income. Comprehensive income is attributed
to the owners of the parent company and to the non-controlling interest even if this results in the non-controlling
interest having a deficit balance. Non-controlling interest is disclosed as a separate item within equity.
Associated companies and joint ventures
Associated companies, where the Group holds voting rights of between 20% and 50% and in which the Group has
significant influence, but not control, over the financial and operating policies, are consolidated using the equity method.
Joint arrangements are companies over whose activities the Group has joint control, established by contractual
agreement. The joint arrangements classified as joint ventures are consolidated using the equity method. When the
Group\u2019s share of losses exceeds the carrying amount of the equity accounted investment, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred
obligations in respect of the equity-accounted investments. The Group\u2019s share of result of equity-accounted
investments is presented as a separate item above Earnings before interest and taxes. Correspondingly the Group\u2019s
share of changes in other comprehensive income is recognized in the Group statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3414": { "value": "The consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRS) and the IAS and IFRS standards as well as SIC- and IFRIC- interpretations which were valid on
December 31, 2023. IFRS, referred to in the Finnish Accounting Act and in ordinances issued based on the provisions
of said Act, refer to the standards and their interpretations adopted in accordance with the procedure laid down in
regulations (EC) No 1606/2002 of the EU. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3430": { "value": "1.3. ADOPTION OF NEW AND AMENDED STANDARDS AND INTERPRETATIONS
The following amended standards have been adopted as of January 1, 2023 and they did not have material impact on
the consolidated financial statements:
\u2022
Revised IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2. The amendments clarify the application
of materiality to disclosure of accounting policies.
\u2022
Revised IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies
should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the
definition of and clarifications on accounting estimates.
\u2022
Revised IAS 12 Income Taxes. The amendments narrow the initial recognition exemption (IRE) and clarify that the exemption
does not apply to transactions such as leases and decommissioning obligations which give rise to equal and offsetting
temporary differences.
The Group has revised the recognition of deferred tax assets and liabilities on leases, which were
previously accounted under the net approach. The change does not have impact to the statement of financial position, since
most of the Group entities are offsetting the deferred tax assets and liabilities either on legal entity or tax consolidation
group level in accordance with IAS 12.
The change impacts the disclosure of deferred taxes assets and deferred tax liabilities
related to leases (Note 2.6 Income taxes).
\u2022
Revised IAS 12 Income Taxes (International Tax Reform \u2013 Pillar Two Model Rules). The amendments give relief from
accounting for deferred taxes arising from the OECD\u2019s (Organisation for Economic Co-operation and Development)
international tax reform and require new disclosures to compensate for the potential loss of information resulting from the
relief. The Group has adopted the amendments upon their release on 23 May 2023. For more information about the OECD
Pillar Two, see Note 2.6. Income taxes.
The Group plans to adopt the following amendments in 2024 and they are not expected to have material impact on the
consolidated financial statements:
\u2022
Revised IAS 1 Presentation of Financial Statements. The amendments are to promote consistency in application and
clarify the requirements on determining if a liability is current or non-current. The amendments specify that covenants to
be complied with after the reporting date do not affect the classification of debt as current or non-current at the
reporting date. The amendments require to disclose information about these covenants in the notes to the financial
statements.
\u2022
Revised IFRS 16 Leases. The amendments introduce a new accounting model for variable payments and will require seller-
lessees to reassess and potentially restate sale-and-leaseback transactions entered into since the implementation of IFRS
16 in 2019.
\u2022
Revised IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments (amendments not yet endorsed by the European
Union): The amendments enhance the transparency of supplier finance arrangements and their effects on a company\u2019s
liabilities, cash flows and exposure to liquidity risk. Amendments require to disclose quantitative and qualitative information
about supplier finance programs.
The Group plans to adopt the following amendments later than 2024 and they are not expected to have material impact
on the consolidated financial statements (amendments not yet endorsed by the European Union):
\u2022
Revised IAS 21 The Effects of Changes in Foreign Exchange Rates: The amendments require to apply a consistent
approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining
the exchange rate to use and the disclosures to provide.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3508": { "value": "Subsidiaries
The consolidated financial statements include the parent company Huhtam\u00e4ki Oyj and all its subsidiaries where over
50% of the subsidiary\u2019s voting rights are controlled directly or indirectly by the parent company, or the parent company
is otherwise in control of the company for example based on Shareholder\u2019s Agreement.
Acquired subsidiaries are accounted for using the acquisition method. Subsidiaries are fully consolidated from the date
on which the control is transferred to the Group. Divested subsidiaries are included up to the date the control ceases.
All intercompany transactions, receivables, liabilities and unrealized profits, as well as distribution of profits within the
Group, are eliminated.
Profit and loss for the period attributable to equity holders of the parent company and to non-controlling interest is
presented in the income statement. Comprehensive income attributable to equity holders of the parent company and
to non-controlling interest is presented in the statement of comprehensive income. Comprehensive income is attributed
to the owners of the parent company and to the non-controlling interest even if this results in the non-controlling
interest having a deficit balance. Non-controlling interest is disclosed as a separate item within equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3524": { "value": "Associated companies and joint ventures
Associated companies, where the Group holds voting rights of between 20% and 50% and in which the Group has
significant influence, but not control, over the financial and operating policies, are consolidated using the equity method.
Joint arrangements are companies over whose activities the Group has joint control, established by contractual
agreement. The joint arrangements classified as joint ventures are consolidated using the equity method. When the
Group\u2019s share of losses exceeds the carrying amount of the equity accounted investment, the carrying amount is
reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred
obligations in respect of the equity-accounted investments. The Group\u2019s share of result of equity-accounted
investments is presented as a separate item above Earnings before interest and taxes. Correspondingly the Group\u2019s
share of changes in other comprehensive income is recognized in the Group statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3548": { "value": "1.5 FOREIGN CURRENCY TRANSLATION
Foreign currency transactions are translated into functional currency at the rates of exchange prevailing at the date of
the transaction. The consolidated financial statements are presented in EUR, which is the Group\u2019s presentation currency
and the parent company\u2019s functional currency. Monetary assets and liabilities are translated at the rates of exchange at
the reporting period closing date. The exchange rate used at the reporting period closing date is the rate of the date
prior to the last working day of the reporting period closing date. Foreign exchange differences arising from translation
are recognized in the income statement. Foreign exchange gains and losses relating to operating activities are recognized
in the same account as the underlying transaction above Earnings before interest and taxes. Foreign exchange
differences relating to financial liability are recognized in financial income or expense except for those currency
differences that relate to loans designated as a hedge of the net investment in foreign operations. Those currency
differences are recognized as translation differences in other comprehensive income.
On consolidation the income statements of foreign entities are translated into euros at the average exchange rate for
the accounting period. The statements of financial position of foreign entities are translated at the exchange rate of
reporting period closing date. The exchange rate used at the reporting period closing date is the rate of the date prior
to the last working day of the reporting period closing date. Differences resulting from the translation of income
statement items at the average rate and items in the statement of financial position at the closing rate are recognized
as part of translation differences in other comprehensive income.
On consolidation, exchange differences arising on the translation of the net investments in foreign subsidiaries,
associated companies and joint ventures are recognized as translation differences in other comprehensive income. A
similar treatment is applied to intragroup permanent loans, which in substance are equity. On disposal of a foreign entity,
accumulated exchange differences are recognized in the income statement as part of the gain or loss on sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3572": { "value": "1.6. USE OF SIGNIFICANT ESTIMATES AND JUDGEMENTS
Preparation of the consolidated financial statements in accordance with IFRS requires management to make estimates
and assumptions affecting the reported amounts of assets, liabilities, income and expenses, as well as the disclosure of
contingent assets and liabilities. The estimates and assumptions are based on historical experience and other factors
that are believed to be reasonable under the circumstances, which form the basis of making the judgments about
carrying values. These estimates and assumptions are reviewed on an ongoing basis. Possible effect of the changes in
estimates and assumptions are recognized during the period they are changed.
The following items and related notes include significant estimates that are subject to a risk of changes in the carrying
values within next financial year: impairment testing (Note 3.2 Goodwill), measurement of pension liabilities (Note 2.2
Employee benefits), litigation and tax risks (Notes 2.6 Income taxes and 6.6. Litigations), restructuring plans (Note 4.3
Provisions), provision for inventory obsolescence (Note 4.1 Inventories), probability of deferred tax assets being
recovered against future taxable profits (Note 2.6 Income taxes), business combinations related contingent
considerations (Note 5.6 Interest-bearing liabilities) and purchase price allocations (Note 3.1 Business combinations).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3589": { "value": "2.1. SEGMENT AND REVENUE
Information
The Group\u2019s operating segments are strategic business units which produce different products and which are managed
as separate units. The Group\u2019s segment information is based on internal management reporting. The Group has three
business areas which are organized into four reporting segments:
Foodservice Packaging:
\u2022
Foodservice Europe-Asia-Oceania:
Foodservice paper and plastic disposable tableware is supplied to foodservice operators,
fast food restaurants, coffee shops and FMCG companies. The segment has production in Europe, Africa, Middle East, Asia
and Oceania.
\u2022
North America:
The segment serves local markets in North America with Chinet\u00ae disposable tableware products,
foodservice packaging products, as well as ice cream containers and other consumer goods packaging products. The
segment has rigid paper, plastic and molded fiber manufacturing units in the United States and Mexico.
Flexible Packaging:
Flexible packaging is used for a wide range of consumer products including food, pet food, hygiene and health care
products. The segment serves global markets from production units in Europe, Middle East, Asia and South America.
Fiber Packaging:
Recycled fiber is used to make fresh product packaging, such as egg and fruit packaging. The segment has production
in Europe, Oceania, Africa and South America.
ACCOUNTING PRINCIPLES
In the Group the performance assessment of segments and decisions on allocation of resources to segments are based
on a segment\u2019s potential to generate earnings before interest and taxes (EBIT), operating cash flow and return on net
assets. In management\u2019s opinion these are the most suitable key indicators for analyzing the segments\u2019 performance.
The Chief Executive Officer is the highest decision maker regarding the above mentioned assessments and allocation
of resources.
Segment\u2019s net assets include items directly attributable to a segment and items which can be allocated on a reasonable
basis. Net assets comprise intangible assets (including goodwill), tangible assets, equity-accounted investments,
inventories, trade and other receivables, accrued income and prepayments, trade payables, other payables and accrued
expense. Capital expenditure includes acquisition of tangible and intangible assets which will be used during more than
one reporting period. Intersegment pricing is based on fair market value.
Other activities include unallocated corporate costs and royalty income and related net assets. Unallocated assets and
liabilities relate to post-employment benefits, taxes and financial items.
Group income statement and balance sheet items 2023
Segments 2023
\n \n
Foodservice Europe-
North
Flexible
Fiber
Segments
EUR million
Note
Asia-Oceania
America
Packaging
Packaging
total
Net sales
1,033.7
1,456.4
1,337.7
341.1
4,168.9
Intersegment net sales
3.5
1.5
3.2
2.0
-10.3
EBIT
88.0
187.9
93.9
33.4
403.2
Net Assets
3.1, 3.3, 3.4, 4
907.4
1,013.9
1,294.0
305.0
3,520.2
Capital Expenditure
64.0
121.4
103.7
29.3
318.5
Depreciation and amortization
2.3
69.8
60.4
85.1
22.4
237.7
Segments 2022
\n \n
Foodservice Europe-
North
Flexible
Fiber
Segments
EUR million
Note
Asia-Oceania
America
Packaging
Packaging
total
Net sales
1,107.3
1,464.1
1,551.4
356.2
4,479.0
Intersegment net sales
3.4
4.2
6.7
6.8
-21.1
EBIT
121.7
165.9
82.2
58.0
427.9
Net Assets
3.1, 3.3, 3.4, 4
965.4
1,013.2
1,407.1
294.4
3,680.1
Capital Expenditure
118.9
99.8
68.2
31.2
318.1
Depreciation and amortization
2.3
60.6
58.4
64.6
23.3
206.8
Intersegment net sales are eliminated on consolidation.
Net sales from transactions with a single customer do not amount 10 percent or more of the Group\u2019s net sales.
ACCOUNTING PRINCIPLES
Revenue recognition
The revenue is recognized at an amount of consideration to which the Group expects to be entitled in exchange for
transferring promised goods or services to a customer. The transaction price is usually fixed but may also include variable
considerations such as volume or cash discounts. The variable considerations are estimated using the most likely value
method if not yet realized in the end of reporting period. The revenue further adjusted with indirect sales taxes and
exchange rate differences relating to sales in foreign currency is presented as net sales.
Typical contracts with customers include a sale of goods to a customer with only one performance obligation. The
revenue recognition occurs at a point in time, when the control of the goods is transferred to the customer according
to the delivery terms. Payment terms are typical to the business and contracts do not include significant financing
components.
Earnings before interest and taxes
Earnings before interest and taxes consists of net sales less costs of goods sold, sales and marketing expenses, research
and development expenses, administration expenses, other operating expenses plus other operating income and share
of result of equity-accounted investments. Foreign exchange gains and losses and changes of fair value of the derivative
financial instruments relating to business are included in Earnings before interest and taxes.
Reconciliation calculations
Result
\n \n
EUR million
2023
2022
Total EBIT for reportable segments
403.2
427.9
EBIT for other activities
-22.3
-22.7
Net financial items
-69.0
-53.2
Profit before taxes
312.0
352.1
Assets
\n \n
EUR million
2023
2022
Total assets for reportable segments
4,140.9
4,323.4
Assets in other activities
19.3
35.3
Unallocated assets
504.7
462.5
Group's total assets
4,664.9
4,821.3
Liabilities
\n \n
EUR million
2023
2022
Total liabilities for reportable segments
657.3
683.9
Liabilities in other activities
28.6
34.2
Unallocated liabilities
2,054.1
2,181.0
Group's total liabilities
2,739.9
2,899.1
Geographical information
In presenting information on geographical basis revenues are reported based on the selling entity\u2019s location. Assets are
reported based on geographical location of the assets. Non-current assets are presented excluding financial instruments,
deferred tax assets and post-employment benefit assets.
2023
\n \n
Non-current
External net
assets
EUR million
sales
United States
1454.7
641.8
Germany
439.4
176.2
The United Kingdom
325.1
48.9
India
261.3
78.9
Turkey
177.4
146.4
Australia
174.7
43.5
Thailand
158.4
-10.4
Poland
124.1
52.0
South Africa
116.9
9.5
Czech Republic
104.6
15.9
Finland
73.4
83.3
Other countries
758.9
522.5
Total
4,168.9
1,808.4
2022
\n \n
Non-current
External net
assets
EUR million
sales
United States
1460.7
604.9
Germany
518.9
180.6
India
336.2
87.0
The United Kingdom
303.4
46.6
Australia
204.7
44.9
Turkey
203.7
393.7
Thailand
158.9
-20.6
South Africa
133.0
8.8
China
121.2
54.9
Poland
108.9
54.1
Finland
76.2
79.5
Other countries
853.3
488.7
Total
4,479.0
2,023.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3590": { "value": "2.1. SEGMENT AND REVENUE
Information
The Group\u2019s operating segments are strategic business units which produce different products and which are managed
as separate units. The Group\u2019s segment information is based on internal management reporting. The Group has three
business areas which are organized into four reporting segments:
Foodservice Packaging:
\u2022
Foodservice Europe-Asia-Oceania:
Foodservice paper and plastic disposable tableware is supplied to foodservice operators,
fast food restaurants, coffee shops and FMCG companies. The segment has production in Europe, Africa, Middle East, Asia
and Oceania.
\u2022
North America:
The segment serves local markets in North America with Chinet\u00ae disposable tableware products,
foodservice packaging products, as well as ice cream containers and other consumer goods packaging products. The
segment has rigid paper, plastic and molded fiber manufacturing units in the United States and Mexico.
Flexible Packaging:
Flexible packaging is used for a wide range of consumer products including food, pet food, hygiene and health care
products. The segment serves global markets from production units in Europe, Middle East, Asia and South America.
Fiber Packaging:
Recycled fiber is used to make fresh product packaging, such as egg and fruit packaging. The segment has production
in Europe, Oceania, Africa and South America.
ACCOUNTING PRINCIPLES
In the Group the performance assessment of segments and decisions on allocation of resources to segments are based
on a segment\u2019s potential to generate earnings before interest and taxes (EBIT), operating cash flow and return on net
assets. In management\u2019s opinion these are the most suitable key indicators for analyzing the segments\u2019 performance.
The Chief Executive Officer is the highest decision maker regarding the above mentioned assessments and allocation
of resources.
Segment\u2019s net assets include items directly attributable to a segment and items which can be allocated on a reasonable
basis. Net assets comprise intangible assets (including goodwill), tangible assets, equity-accounted investments,
inventories, trade and other receivables, accrued income and prepayments, trade payables, other payables and accrued
expense. Capital expenditure includes acquisition of tangible and intangible assets which will be used during more than
one reporting period. Intersegment pricing is based on fair market value.
Other activities include unallocated corporate costs and royalty income and related net assets. Unallocated assets and
liabilities relate to post-employment benefits, taxes and financial items.
Group income statement and balance sheet items 2023
Segments 2023
\n \n
Foodservice Europe-
North
Flexible
Fiber
Segments
EUR million
Note
Asia-Oceania
America
Packaging
Packaging
total
Net sales
1,033.7
1,456.4
1,337.7
341.1
4,168.9
Intersegment net sales
3.5
1.5
3.2
2.0
-10.3
EBIT
88.0
187.9
93.9
33.4
403.2
Net Assets
3.1, 3.3, 3.4, 4
907.4
1,013.9
1,294.0
305.0
3,520.2
Capital Expenditure
64.0
121.4
103.7
29.3
318.5
Depreciation and amortization
2.3
69.8
60.4
85.1
22.4
237.7
Segments 2022
\n \n
Foodservice Europe-
North
Flexible
Fiber
Segments
EUR million
Note
Asia-Oceania
America
Packaging
Packaging
total
Net sales
1,107.3
1,464.1
1,551.4
356.2
4,479.0
Intersegment net sales
3.4
4.2
6.7
6.8
-21.1
EBIT
121.7
165.9
82.2
58.0
427.9
Net Assets
3.1, 3.3, 3.4, 4
965.4
1,013.2
1,407.1
294.4
3,680.1
Capital Expenditure
118.9
99.8
68.2
31.2
318.1
Depreciation and amortization
2.3
60.6
58.4
64.6
23.3
206.8
Intersegment net sales are eliminated on consolidation.
Net sales from transactions with a single customer do not amount 10 percent or more of the Group\u2019s net sales. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3637": { "value": "In the Group the performance assessment of segments and decisions on allocation of resources to segments are based
on a segment\u2019s potential to generate earnings before interest and taxes (EBIT), operating cash flow and return on net
assets. In management\u2019s opinion these are the most suitable key indicators for analyzing the segments\u2019 performance.
The Chief Executive Officer is the highest decision maker regarding the above mentioned assessments and allocation
of resources.
Segment\u2019s net assets include items directly attributable to a segment and items which can be allocated on a reasonable
basis. Net assets comprise intangible assets (including goodwill), tangible assets, equity-accounted investments,
inventories, trade and other receivables, accrued income and prepayments, trade payables, other payables and accrued
expense. Capital expenditure includes acquisition of tangible and intangible assets which will be used during more than
one reporting period. Intersegment pricing is based on fair market value.
Other activities include unallocated corporate costs and royalty income and related net assets. Unallocated assets and
liabilities relate to post-employment benefits, taxes and financial items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3900": { "value": "Revenue recognition
The revenue is recognized at an amount of consideration to which the Group expects to be entitled in exchange for
transferring promised goods or services to a customer. The transaction price is usually fixed but may also include variable
considerations such as volume or cash discounts. The variable considerations are estimated using the most likely value
method if not yet realized in the end of reporting period. The revenue further adjusted with indirect sales taxes and
exchange rate differences relating to sales in foreign currency is presented as net sales.
Typical contracts with customers include a sale of goods to a customer with only one performance obligation. The
revenue recognition occurs at a point in time, when the control of the goods is transferred to the customer according
to the delivery terms. Payment terms are typical to the business and contracts do not include significant financing
components. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3913": { "value": "Earnings before interest and taxes
Earnings before interest and taxes consists of net sales less costs of goods sold, sales and marketing expenses, research
and development expenses, administration expenses, other operating expenses plus other operating income and share
of result of equity-accounted investments. Foreign exchange gains and losses and changes of fair value of the derivative
financial instruments relating to business are included in Earnings before interest and taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4270": { "value": "2.2. EMPLOYEE BENEFITS
Personnel expenses
\n \n
EUR million
Note
2023
2022
Wages and Salaries
684.1
659.7
Compulsory social security contributions
67.2
67.0
Pensions
Defined benefit plans
5.8
7.1
Defined contribution plans
21.8
19.2
Other defined benefit plans
0.7
2.2
Share-based payments
6.3.
13.9
13.8
Other personnel costs
52.8
50.8
Total
846.3
819.9
Remuneration paid by the parent company to the members of the Board of Directors as well as the Chief Executive
Officer (CEO) of Huhtam\u00e4ki Oyj (10 people) amounted to EUR 4.4 million (EUR 3.1 million).
\n \n
Average number of personnel
2023
2022
Group
18,261
19,550
Huhtam\u00e4ki Oyj
153
138
See note 6.2 Related party transactions, 6.3 Share-based payments and Remuneration Statement.
Pension plans
The Group has established a number of defined benefit plans providing pensions and other post-employment benefits
for its personnel worldwide. The US, the UK, Germany and the Netherlands are the countries having major de\ufb01ned
bene\ufb01t plans comprising approximately 90% of the Group consolidated de\ufb01ned bene\ufb01t obligation.
The US and the UK de
\ufb01ned bene\ufb01t plans are organized through a pension fund and the German and Dutch defined
benefit plans through an insurance company. The major pension plans are funded and the assets of these plans are
segregated from the assets of the Group. The subsidiaries\u2019 level of funding of the plans and asset allocation to asset
categories meet local authority requirements.
In the de\ufb01ned bene\ufb01t pension plans the pensions payable are based on salary level before retirement and number of
service years. Some plans can in
clude early retirement. The calculations for de\ufb01ned bene\ufb01t obligations at reporting
period closing date have been made by quali\ufb01ed actuaries.
The Group has also unfunded post-employment medical benefit plans, principally in the US. The method of accounting,
assumptions and the frequency of valuations are similar to those used for the defined benefit pension schemes.
These defined benefit plans expose the Group to actuarial risks, such as inflation risk, interest rate risk, life expectancy
and market risk.
ACCOUNTING PRINCIPLES
Employee benefits
Employee benefits are all forms of consideration given in exchange for service rendered by employees or for the
termination of employment.
The Group companies have various pension and other postemployment benefit plans in accordance with local conditions
and practices worldwide. These plans are classified as either defined contribution plans or defined benefit plans.
In defined contribution plans, the Group pay fixed contributions into a separate entity such as an insurance company.
The Group has no legal or constructive obligations to pay further contributions. The contributions are recognized in the
income statement as personnel expenses in the period to which they relate.
In defined benefit plans, the Group is obligated for the current contributions, but also for sufficiency of the plan assets
to provide agreed benefits for employees. The liability recognized in the statement of financial position is the present
value of defined benefit obligation at the end of the reporting period less the fair value of plan assets. The present value
of defined benefit plan obligation is calculated annually by independent actuaries using projected unit credit method.
The present value is determined by discounting estimated future cash flows using interest rates of high-quality corporate
bonds that are denominated in the currency in which the benefits will be paid and that have maturity terms
approximating to the terms of the related obligation. The cost of providing defined benefit plans is recognized in the
income statement as personnel expense, when the service is rendered by employees or when a plan amendment or
curtailment takes place. The net interest expense is recognized in the income statement as financial expense.
Remeasurements, including actuarial gains or losses, are recognized through other comprehensive income in
shareholder\u2019s equity in the period which they rise and are not reclassified to profit or loss in subsequent periods.
\n \n
Defined benefit
Fair value of
Effect from
Net defined
obligations
plan assets
asset ceiling
benefit liability
EUR million
2023
2022
2023
2022
2023
2022
2023
2022
Balance at January 1
422.4
569.6
-344.7
-444.3
1.2
4.1
78.9
129.5
Included in Income statement
Current service cost
6.5
9.3
6.5
9.3
Plan amendment and curtailment cost (+) / income (-)
0.0
0.0
0.0
-
Interest cost (+) / income (-)
18.2
10.1
-15.9
-9.1
2.4
1.0
24.7
19.5
-15.9
-9.1
8.9
10.3
Included in Other comprehensive income
Remeasurements
Actuarial loss (+) / gain (-) arising from
Demographic assumptions
-2.7
-1.5
-2.7
-1.5
Financial assumptions
15.8
-144.7
15.8
-144.7
Experience adjustment
6.8
14.5
6.8
14.5
Actual return on plan assets less interest income
-0.5
90.6
-0.5
90.6
Changes in asset ceiling less interest
-1.3
-3.0
-1.3
-3.0
19.9
-131.7
-0.5
90.6
-1.3
-3.0
18.2
-44.1
Other movements
Benefits paid
-30.2
-35.5
22.2
29.0
-7.9
-6.5
Contribution by employer
-4.6
-4.1
-4.6
-4.1
Contribution by employee
-0.2
-0.2
-0.2
-0.2
Obligations and assets assumed in business combinations
-
-
-
-
-
-
Assets extinguished on plan amendment
-
0.0
-
0.0
Effect of movements in exchange rates
-6.0
0.5
5.4
-6.7
0.0
0.1
-0.6
-6.1
Balance at December 31
430.8
422.4
-338.1
-344.7
-
1.2
92.7
78.9
Reflected to statement of financial position
2023
2022
Employee benefit assets
53.3
57.8
Employee benefit liabilities
145.9
136.7
92.7
78.9
Amounts of funded and unfunded obligations
2023
2022
Present value of funded obligations
407.9
395.4
Present value of unfunded obligations
22.9
27.0
430.8
422.4
Plan assets comprise:
2023
2022
European equities
4.7
8.9
North American equities
35.3
26.4
European debt instruments
5.4
2.7
North American debt instruments
113.6
125.3
Property
13.3
21.1
Insured plans
85.3
87.6
Other
80.6
72.8
338.1
344.7
All equity and debt instruments have quoted prices in active markets.
Expected contribution to defined benefit plans during 2024 is EUR 3.2 million.
The weighted average duration of defined benefit obligation was 11 years (12 years).
\n \n
Significant actuarial assumptions
2023
2022
Discount rate %
Europe
3.2
\u2013
4.5
1.9
\u2013
4.8
Americas
4.9
\u2013
9.9
5.2
\u2013
9.7
Asia,Oceania,Africa
6.0
\u2013
10.9
5.2
\u2013
10.9
Annual increase in healthcare costs %
Americas
7.9
6.7
Asia,Oceania,Africa
6.9
6.9
The effect of changes of significant actuarial assumptions on the defined benefit obligations
\n \n
EUR million
2023
2022
1% p. increase in discount rate
-32.6
-40.3
1% p. decrease in discount rate
37.6
43.9
1% p. increase of estimated healthcare cost
0.8
0.6
1% p. decrease of estimated healthcare cost
-0.7
-0.6
The Global Executive Team and the Board of Directors
Compensation to the Global Executive Team and the Board of Directors is disclosed in the following tables. In addition,
the key management is receiving dividends based on their ownership of Huhtam\u00e4ki Oyj shares. There has not been any
other transactions between the Group and the key management, their close family members or entities in which they
have control or joint control.
The President and CEO Charles H\u00e9aulm\u00e9's pension coverage is arranged by the President and CEO himself. The
company contributes towards the pension through monthly cash payments to the President and CEO. The total cash
payment is EUR 297 thousand
(EUR 294 thousand) per annum. Some of the other Global Executive Team members
belong to a supplementary defined contribution pension plan. In 2023, the Company paid a total of EUR 355 thousand
(EUR 322 thousand) to pension arrangements of the other GET members, excluding the CEO. Members of the Board
of Directors and the Global Executive Team owned a total of 147,026 shares (101,689 shares) shares at the end of the
year 2023.
Employee benefits of CEO and members of the Global Executive Team
\n \n
EUR million
2023
2022
Salaries and other short-term employee benefits
6.6
7.4
Post-employment benefits
0.4
0.3
Share based payments
5.6
5.1
CEO and members of the Global Executive Team in total
12.6
12.8
Remunerations of CEO and members of the Board of Directors
\n \n
In thousand euros
2023
2022
CEO Charles H\u00e9aulm\u00e9
3,372
2,063
Board members
Ala-Pietil\u00e4 Pekka
206
198
Tuomas Kerttu
120
121
Baillie Doug
104
104
Barker William R.
100
104
Korhonen Anja
116
118
Turner Sandra
23
106
Wunderlich Ralf K.
101
104
Alonso Mercedes
104
72
Takala Heikki
22
73
Lindwall Pauline
79
-
Vauramo Pekka
78
-
CEO and Board in total
4,425
3,061
Pension funds
The Group\u2019s related parties include post-employment benefit plans that are separate entities. These entities are in
Finland, India, the UK and the U.S.. For more information, see note 2.2. Employee benefits. The Group made EUR 1.8
million (EUR 2.6 million) contributions to the plans and there was related outstanding balance of EUR 0.2 million (EUR
0.2 million). There was no other transactions or outstanding balances.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4367": { "value": "\n \n
Average number of personnel
2023
2022
Group
18,261
19,550
Huhtam\u00e4ki Oyj
153
138
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4410": { "value": "Employee benefits
Employee benefits are all forms of consideration given in exchange for service rendered by employees or for the
termination of employment.
The Group companies have various pension and other postemployment benefit plans in accordance with local conditions
and practices worldwide. These plans are classified as either defined contribution plans or defined benefit plans.
In defined contribution plans, the Group pay fixed contributions into a separate entity such as an insurance company.
The Group has no legal or constructive obligations to pay further contributions. The contributions are recognized in the
income statement as personnel expenses in the period to which they relate.
In defined benefit plans, the Group is obligated for the current contributions, but also for sufficiency of the plan assets
to provide agreed benefits for employees. The liability recognized in the statement of financial position is the present
value of defined benefit obligation at the end of the reporting period less the fair value of plan assets. The present value
of defined benefit plan obligation is calculated annually by independent actuaries using projected unit credit method.
The present value is determined by discounting estimated future cash flows using interest rates of high-quality corporate
bonds that are denominated in the currency in which the benefits will be paid and that have maturity terms
approximating to the terms of the related obligation. The cost of providing defined benefit plans is recognized in the
income statement as personnel expense, when the service is rendered by employees or when a plan amendment or
curtailment takes place. The net interest expense is recognized in the income statement as financial expense.
Remeasurements, including actuarial gains or losses, are recognized through other comprehensive income in
shareholder\u2019s equity in the period which they rise and are not reclassified to profit or loss in subsequent periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5161": { "value": "The effect of changes of significant actuarial assumptions on the defined benefit obligations \n \n
EUR million
2023
2022
1% p. increase in discount rate
-32.6
-40.3
1% p. decrease in discount rate
37.6
43.9
1% p. increase of estimated healthcare cost
0.8
0.6
1% p. decrease of estimated healthcare cost
-0.7
-0.6
Currency risk
The Group is exposed to exchange rate risk through cross-border trade within the Group, exports and imports, funding
of foreign subsidiaries and currency denominated equities.
Transaction risk
The largest transaction exposures derive from capital flows, imports, exports and royalty receivables. The objective of
currency transaction risk management is to protect the Group from negative exchange rate movements. Business units
are responsible for actively managing their currency risks related to future commercial cash flows, in accordance with
policies and limits defined by the business unit and approved by the Finance Committee. As a rule, commercial
receivables and payables recorded on the balance sheet are always fully hedged, as well as 25% of probable flows over
a minimum 12-month horizon. Eligible hedging instruments include currency forwards and in authorized subsidiaries
also currency options. The business units\u2019 counterparty in hedging transactions is mainly Huhtam\u00e4ki Oyj.
\n \n
CNY
USD
exposure
exposure
EUR exposure
in
in
USD exposure
in companies
companies
companies
in companies
USD exposure
reporting in
reporting
reporting in
reporting in
in companies
EUR million
GBP
in HKD
AUD
EUR
reporting in INR
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Trade receivables
8.4
2.1
0.1
0.1
1.2
1.9
0.1
19.2
14.5
Trade payables
-19.4
-23.2
-3.9
-6.7
-9.6
-7.3
-4.3
-7.3
-6.3
-6.4
Net balance sheet exposure
-11.0
-21.1
-3.8
-6.6
-8.5
-5.5
-4.3
-7.2
12.9
8.1
Forecasted sales (12 months)
19.4
16.5
0.1
1.0
6.6
5.3
1.2
65.4
66.7
Forecasted purchases (12 months)
-90.5
-113.9
-17.0
-23.6
-49.6
-47.8
-10.1
-33.0
-38.9
-45.4
Net forecasted exposure
-71.1
-97.4
-16.8
-22.7
-43.0
-42.6
-10.1
-31.8
26.6
21.3
Hedges
Currency forwards (12 months)
39.3
48.6
7.4
9.8
21.0
17.3
7.7
19.8
-16.6
-17.9
Currency options (12 months)
-
-
-
-
Total net exposure
-42.7
-69.9
-13.2
-19.5
-30.4
-30.7
-6.7
-19.2
22.9
11.4
Translation risk
As a main rule individual subsidiaries do not carry translation risk as they are financed in local currencies. As an exception,
the Finance Committee can approve the use of foreign currency borrowing in countries with high local interest rates.
In 2023 and 2022 on reporting period closing dates no such borrowings were outstanding.
The main translation exposures derive from equities and permanent loans, which in substance form a part of the net
investment in the US, India and UK based subsidiaries. The Group hedges its translation risks selectively by using foreign
currency loans and derivatives. Equity hedging decisions are made by the Finance Committee, who in its decision making
considers the hedge\u2019s estimated impact on the Group\u2019s key indicators, long-term cash flows and hedging cost. On the
reporting period closing date the Group had outstanding translation risk hedges of USD 223 million (of which USD 50
million in the form of currency loans and USD 173 million in the form of derivatives) and of GBP 20 million (of which
GBP 20 million in the form of derivatives) (USD 223 million, of which USD 50 million in the form of currency loans and
USD 173 million in the form of derivatives and GBP 20 million, of which GBP 20 million in the form of derivatives).
A 10% appreciation of the EUR versus the USD, INR and GBP would as of the reporting period closing date decrease
the result before taxes by EUR
21.3 million (EUR 14.4 million) and the Group consolidated equity by EUR 126.1 million
(EUR 117.3 million).
Interest rate risk
The interest-bearing debt exposes the Group to interest rate risk, namely re-pricing and price risk caused by interest
rate movements. Management of interest rate risk is centralized to the Group Treasury. The Group\u2019s policy is to maintain
in the main currency debt portfolios a duration that matches a benchmark duration range based on the Group\u2019s
estimated cash flow, selected balance sheet ratios and also the shape of the yield curve. The objective of interest rate
risk management is to reduce the fluctuation of the interest charge, enabling a more stable net income. The Group
manages interest rate risk by selection of debt interest periods and by using derivatives such as futures, forward rate
agreements, interest rate swaps and options.
At the reporting period closing date the average interest rate on Group interest-bearing net debt was 4.2% (3.4% ) and
average duration 2.4 years (2.2 years). A one percentage point rise in market interest rates would increase Group net
interest expense by EUR 2.7 million (EUR 5.1 million) over the following 12 months. A similar rise in interest rates would
increase Group equity with EUR 1.7 million (EUR 1.9 million) due to mark-to-market revaluations of interest rate
derivatives designated for cash flow hedges.
Currency split and repricing schedule of outstanding net debt including hedges (excl. lease liabilities)
\n \n
2023
2022
Debt repricing in period, incl. derivatives
Amount
Amount
Currency
EUR million
2024
2025
2026
2027
2028
EUR million
EUR
1,029.7
190.6
33.6
125.0
530.5
150.0
990.8
HKD
81.2
81.2
84.8
GBP
64.7
64.7
92.5
AUD
25.4
25.4
16.4
CZK
13.3
13.3
-3.2
Other
-87.1
-154.6
18.0
13.5
13.5
22.5
130.9
Total
1,127.0
220.5
51.6
138.5
544.0
172.5
1,312.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5200": { "value": "2.3. DEPRECIATION, AMORTIZATION AND IMPAIRMENT \n \n
EUR million
2023
2022
Depreciation, amortization&impairments by function:
Cost of Goods Sold
189.4
180.8
Sales and marketing
8.5
10.1
Research and development
7.2
4.4
Administration
19.6
14.3
Other
15.7
-
Total
240.3
209.7
Depreciation, amortization&impairments
by asset type:
Land
0.8
0.7
Buildings
39.7
39.4
Machinery and equipment
153.7
142.3
Other tangible assets
9.1
8.0
Intangible assets
37.0
19.3
Total
240.3
209.7
Impairments
by asset type:
Buildings
-
-
Machinery and equipment
5.2
-
Goodwill
15.7
-
Other Intangible assets
0.7
-
Total
21.7
-
ACCOUNTING PRINCIPLES
Depreciation and amortization
Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the owned tangible
and intangible assets or over the lease term of right-of-use assets. Land is not depreciated.
The estimated useful lives of the owned tangible and intangible assets are (years):
\n \n
Buildings and other structures
20\u201340
Machinery and equipment
5\u201315
Other tangible assets
3\u201312
Intangible assets
3\u201320
Impairment testing
Goodwill has been tested for impairment and since the recoverable value of the groups of the cash-generating units
(CGUs) has been higher than the carrying value, no impairment charges has been recognized.
In assessing whether goodwill has been impaired, the carrying value of the group of CGUs has been compared to the
recoverable amount of the group of CGUs. The recoverable amount is based on value-in-use, which is estimated using
a discounted cash flow model. The cash flows are determined using five-year cash flow forecasts, which are based on
business plans. The plans are based on experience as well as future expected market trends. The plans are approved by
management and are valid when impairment test is performed. Cash flows for future periods are extrapolated by using
0.8 (1.0) percent growth rate in developed countries, 1.3 (1.3) percent growth rate in developing countries and 2.3
(2.4) percent growth rate in high growth countries. The management views these growth rates as being appropriate for
the business, given the long time horizon of the testing period.
Sensitivity analysis
As part of the impairment testing a sensitivity analysis around the key assumptions is performed. The assumptions
used in the impairment testing, that are considered to be most sensitive for changes, are EBIT and discount rates.
Sensitivity analysis around these key assumptions have been performed, and management believes that any
reasonably possible change (decrease of 1.5 percentage points in EBIT margin, increase of 1.5 percentage points in
discount rates or combined effect of these changes) in the key assumptions would not cause carrying amount of
group of CGUs to exceed its recoverable amount in North America, Foodservice Europe-Asia-Oceania or Fiber
Packaging. Based on the sensitivity analysis for Flexible Packaging, the before mentioned changes in the key
assumptions would cause the carrying amount of the group of CGUs to exceed its recoverable amount.Impairment testing
Goodwill is tested annually or more frequently if there are indications of impairment. In assessing whether goodwill has
been impaired, the carrying value of the group of cash generating units (group of CGUs) has been compared to the
recoverable amount of the group of CGUs. The recoverable amount is based on value-in-use, which is estimated using
a discounted cash flow model. The cash flows are determined using five-year cash flow forecasts, which are based on
business plans. Business plans are based on past experience as well as future expected market trends. Management
approves business plans for impairment testing purposes. Cash flows for future periods are extrapolated by using
defined growth rates for developed countries, developing countries and emerging countries. The discount rate used in
the calculation reflects the weighted average cost of capital (WACC) and risks to the asset under review.
A goodwill impairment loss is recognized immediately as an expense in the income statement and is not subsequently
reversed.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5201": { "value": "2.3. DEPRECIATION, AMORTIZATION AND IMPAIRMENT \n \n
EUR million
2023
2022
Depreciation, amortization&impairments by function:
Cost of Goods Sold
189.4
180.8
Sales and marketing
8.5
10.1
Research and development
7.2
4.4
Administration
19.6
14.3
Other
15.7
-
Total
240.3
209.7
Depreciation, amortization&impairments
by asset type:
Land
0.8
0.7
Buildings
39.7
39.4
Machinery and equipment
153.7
142.3
Other tangible assets
9.1
8.0
Intangible assets
37.0
19.3
Total
240.3
209.7
Impairments
by asset type:
Buildings
-
-
Machinery and equipment
5.2
-
Goodwill
15.7
-
Other Intangible assets
0.7
-
Total
21.7
-
ACCOUNTING PRINCIPLES
Depreciation and amortization
Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the owned tangible
and intangible assets or over the lease term of right-of-use assets. Land is not depreciated.
The estimated useful lives of the owned tangible and intangible assets are (years):
\n \n
Buildings and other structures
20\u201340
Machinery and equipment
5\u201315
Other tangible assets
3\u201312
Intangible assets
3\u201320
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5349": { "value": "ACCOUNTING PRINCIPLES
Depreciation and amortization
Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the owned tangible
and intangible assets or over the lease term of right-of-use assets. Land is not depreciated.
The estimated useful lives of the owned tangible and intangible assets are (years):
\n \n
Buildings and other structures
20\u201340
Machinery and equipment
5\u201315
Other tangible assets
3\u201312
Intangible assets
3\u201320
The estimated useful lives are (years): \n \n
Intangible assets up to
20
Software
3\u20135
Customer relations
7\u201315
Subsequent expenditure on capitalized other intangible assets is capitalized only when it increases the future economic
benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred.Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of the owned
property, plant and equipment or over the lease term of right-of-use assets. Land is not depreciated.
The estimated useful lives of the owned property, plant and equipment are (years):
\n \n
Buildings and other structures
20\u201340
Machinery and equipment
5\u201315
Other tangible assets and land improvements
3\u201312
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5395": { "value": "2.4. OTHER OPERATING INCOME \n \n
EUR million
2023
2022
Grants
1.7
1.2
Gain on disposal of tangible assets
61.6
1
5.6
Insurance reimbursements for property damage incidents
0.3
2.0
Sale of subsidiaries
-
44.5
Royalty income
0.1
0.1
Rental income
1.0
1.3
Other
19.6
20.0
Total
84.2
74.8
1
Includes gain of EUR 51.6 million from assets held for sale
See also note 3.1. Business combinations.
ACCOUNTING PRINCIPLES
Other operating income
Other operating income includes gains from disposal of assets and regular incomes, such as royalty income, rental
income and gains relating to business combinations, which have not been derived from primary activities.
Other operating income includes also grants. Government or other grants are recognized in the income statement on a
systematic basis in the same periods in which the expenses are incurred. Investment grants are presented in the
statement of financial position as deferred income and recognized as income on a systematic basis over the useful life
of the asset.
2.5. OTHER OPERATING EXPENSES
\n \n
EUR million
2023
2022
Goodwill impairment
1
15.7
-
Settlement of industrial dispute
-
2.6
Environmental provision
-
7.0
Loss on disposal of tangible assets
4.4
4.0
Other
4.2
3.2
Total
24.3
16.8
1
See note 3.3. Intangible assets
Auditor\u2019s Fees
\n \n
EUR million
2023
2022
Audit fees
3.2
2.9
Audit-related services
0.0
0.0
Tax services
-
0.0
Other services
0.2
0.8
Total
3.4
3.7
KPMG is acting as the principal auditor for Huhtamaki Group. KPMG network has also provided other consultancy not
related to auditing worth of EUR 0.2 million (EUR 0.8 million) of which KPMG Oy Ab accounted for EUR 0.2 million
(EUR 0.7 million). Non-audit services are subject to separate review and approval process concerning the provision of
non-audit services by the Auditor and included e.g. advisory in connection with various tax, reporting and other local
compliance matters.
ACCOUNTING PRINCIPLES
Other operating expenses
Other operating expenses include amortization of intangible assets, losses from disposal of assets and other costs not
directly related to production or sale of products such as strategic project expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5396": { "value": "2.4. OTHER OPERATING INCOME \n \n
EUR million
2023
2022
Grants
1.7
1.2
Gain on disposal of tangible assets
61.6
1
5.6
Insurance reimbursements for property damage incidents
0.3
2.0
Sale of subsidiaries
-
44.5
Royalty income
0.1
0.1
Rental income
1.0
1.3
Other
19.6
20.0
Total
84.2
74.8
1
Includes gain of EUR 51.6 million from assets held for sale
See also note 3.1. Business combinations.
ACCOUNTING PRINCIPLES
Other operating income
Other operating income includes gains from disposal of assets and regular incomes, such as royalty income, rental
income and gains relating to business combinations, which have not been derived from primary activities.
Other operating income includes also grants. Government or other grants are recognized in the income statement on a
systematic basis in the same periods in which the expenses are incurred. Investment grants are presented in the
statement of financial position as deferred income and recognized as income on a systematic basis over the useful life
of the asset. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5468": { "value": "ACCOUNTING PRINCIPLES
Other operating income
Other operating income includes gains from disposal of assets and regular incomes, such as royalty income, rental
income and gains relating to business combinations, which have not been derived from primary activities.
Other operating income includes also grants. Government or other grants are recognized in the income statement on a
systematic basis in the same periods in which the expenses are incurred. Investment grants are presented in the
statement of financial position as deferred income and recognized as income on a systematic basis over the useful life
of the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5480": { "value": "2.5. OTHER OPERATING EXPENSES \n \n
EUR million
2023
2022
Goodwill impairment
1
15.7
-
Settlement of industrial dispute
-
2.6
Environmental provision
-
7.0
Loss on disposal of tangible assets
4.4
4.0
Other
4.2
3.2
Total
24.3
16.8
1
See note 3.3. Intangible assets
Auditor\u2019s Fees
\n \n
EUR million
2023
2022
Audit fees
3.2
2.9
Audit-related services
0.0
0.0
Tax services
-
0.0
Other services
0.2
0.8
Total
3.4
3.7
KPMG is acting as the principal auditor for Huhtamaki Group. KPMG network has also provided other consultancy not
related to auditing worth of EUR 0.2 million (EUR 0.8 million) of which KPMG Oy Ab accounted for EUR 0.2 million
(EUR 0.7 million). Non-audit services are subject to separate review and approval process concerning the provision of
non-audit services by the Auditor and included e.g. advisory in connection with various tax, reporting and other local
compliance matters.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5481": { "value": "2.5. OTHER OPERATING EXPENSES \n \n
EUR million
2023
2022
Goodwill impairment
1
15.7
-
Settlement of industrial dispute
-
2.6
Environmental provision
-
7.0
Loss on disposal of tangible assets
4.4
4.0
Other
4.2
3.2
Total
24.3
16.8
1
See note 3.3. Intangible assets
Auditor\u2019s Fees
\n \n
EUR million
2023
2022
Audit fees
3.2
2.9
Audit-related services
0.0
0.0
Tax services
-
0.0
Other services
0.2
0.8
Total
3.4
3.7
KPMG is acting as the principal auditor for Huhtamaki Group. KPMG network has also provided other consultancy not
related to auditing worth of EUR 0.2 million (EUR 0.8 million) of which KPMG Oy Ab accounted for EUR 0.2 million
(EUR 0.7 million). Non-audit services are subject to separate review and approval process concerning the provision of
non-audit services by the Auditor and included e.g. advisory in connection with various tax, reporting and other local
compliance matters.
ACCOUNTING PRINCIPLES
Other operating expenses
Other operating expenses include amortization of intangible assets, losses from disposal of assets and other costs not
directly related to production or sale of products such as strategic project expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5538": { "value": "Auditor\u2019s Fees \n \n
EUR million
2023
2022
Audit fees
3.2
2.9
Audit-related services
0.0
0.0
Tax services
-
0.0
Other services
0.2
0.8
Total
3.4
3.7
KPMG is acting as the principal auditor for Huhtamaki Group. KPMG network has also provided other consultancy not
related to auditing worth of EUR 0.2 million (EUR 0.8 million) of which KPMG Oy Ab accounted for EUR 0.2 million
(EUR 0.7 million). Non-audit services are subject to separate review and approval process concerning the provision of
non-audit services by the Auditor and included e.g. advisory in connection with various tax, reporting and other local
compliance matters.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5617": { "value": "Other operating expenses
Other operating expenses include amortization of intangible assets, losses from disposal of assets and other costs not
directly related to production or sale of products such as strategic project expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5625": { "value": "2.6. INCOME TAXES \n \n
EUR million
2023
2022
Current period taxes
83.0
90.1
Previous period taxes
-6.1
-0.5
Deferred tax expense
9.8
-23.0
Total tax expense
86.7
66.7
Profit before taxes
312.0
352.1
Tax calculated at domestic rate (20%)
62.4
70.4
Effect of different tax rates in foreign subsidiaries
-0.2
4.9
Non-deductible expenses and tax-exempt income
4.1
-7.2
Tax effect of unrecognized tax losses
7.6
-5.3
Previous period taxes
-6.1
-0.5
Adjustments to prior year's deferred taxes
4.6
0.2
Deferred tax liability on undistributed earnings
-1.7
-0.4
Other items\u00b9
16.0
4.4
Total tax expense
86.7
66.7
1
Other items include functional currency remeasurements (2023: EUR 17 million) and changes in local tax rates.
Tax effects relating to components of other comprehensive income
\n \n
2023
2022
Before tax
Tax expense/
Net of tax
Before tax
Tax expense/
Net of tax
EUR million
amount
benefit
amount
amount
benefit
amount
Cash flow hedges
-5.6
1.2
-4.4
17.4
-3.4
14.0
Remeasurements on defined benefit plans
-18.2
5.0
-13.1
44.1
-16.3
27.8
In 2023, income tax liabilities and assets include a net liability of EUR 39 million (EUR 41 million) relating to uncertain
tax positions with inherently uncertain timing of cash outflows.
Certain Huhtamaki Group companies' prior period income tax returns are under examination by local tax authorities,
and in 2023 Huhtamaki had ongoing tax investigations in various jurisdictions, including China, Finland, France,
Germany, Ghana, Hong Kong, India, Italy, Kenya, the Netherlands, Poland, the United States and Vietnam.
Huhtamaki\u2019s business and investments, especially in emerging markets, may be subject to uncertainties, including
unpredictable tax treatment. Management judgment and a degree of estimation are required in determining the amount
of tax expense. Liabilities for uncertain tax positions are recorded based on estimates and assumptions of the amount
and likelihood of outflow of economic resources when it is more likely than not that certain filing positions may not be
fully sustained upon review by local tax authorities. Even though management does not expect that any significant
additional taxes in excess of those already provided for will arise as a result of these examinations, the outcome or actual
cost of settlement may vary materially from estimates.
The Group is within the scope of the OECD Pillar Two model rules. The Group operates in certain jurisdictions, where
Pillar Two legislation has been enacted and will come into effect from 1 January 2024. There is no current tax impact
for the financial year 2023. The Group has performed an assessment of the potential exposure to Pillar Two income
taxes. The assessment is based on the most recent information available regarding the financial performance of its
operations (mainly subsidiaries), including most recent tax filings, country-by-country reporting and financial statements.
Based on the assessment, the Group has identified that the Pillar Two effective tax rates in most of the jurisdictions in
which the Group operates are well above 15 %. The Group does not expect a material exposure to Pillar Two income
taxes.
ACCOUNTING PRINCIPLES
Income taxes
The Group income statement includes current taxes of Group companies based on taxable profit for the financial period
according to local tax regulations as well as adjustments to prior year taxes and changes in deferred taxes. Tax effect
relating to items recognized directly in equity or in other comprehensive income is recognized in equity or in other
comprehensive income.
Deferred tax assets and liabilities are recognized using the liability method for all temporary differences arising from the
difference between the tax basis of assets and liabilities and their carrying values for IFRS reporting purposes. Deferred
tax is not recognized for non-deductible goodwill and for differences in investments in subsidiaries to the extent that
they probably will not reverse in the foreseeable future.
Deferred tax is not recognized in the initial recognition of assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit. In the determination of deferred income tax the
enacted tax rate is used.
Principal temporary differences arise from tangible assets, untaxed reserves, tax losses carried forward, financial
instruments and defined benefit plans. Deferred tax assets are recognized only to the extent that it is probable that
future taxable profit will be available against which such assets can be utilized.
In accordance with IFRIC 23 the Group recognizes provisions for uncertain tax positions when the Group has a
present obligation as a result of a past event and management judge that it is probable that there will be a future
outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are assessed and
measured on an issue by issue basis within the jurisdictions that we operate either using management\u2019s estimate of
the most likely outcome where the issues are binary, or the expected value approach where the issues have a range of
possible outcomes. The Group recognizes interest on late paid taxes as part of financing costs, and any penalties, if
applicable, as part of the income tax expense. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5838": { "value": "ACCOUNTING PRINCIPLES
Income taxes
The Group income statement includes current taxes of Group companies based on taxable profit for the financial period
according to local tax regulations as well as adjustments to prior year taxes and changes in deferred taxes. Tax effect
relating to items recognized directly in equity or in other comprehensive income is recognized in equity or in other
comprehensive income.
Deferred tax assets and liabilities are recognized using the liability method for all temporary differences arising from the
difference between the tax basis of assets and liabilities and their carrying values for IFRS reporting purposes. Deferred
tax is not recognized for non-deductible goodwill and for differences in investments in subsidiaries to the extent that
they probably will not reverse in the foreseeable future.
Deferred tax is not recognized in the initial recognition of assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit. In the determination of deferred income tax the
enacted tax rate is used.
Principal temporary differences arise from tangible assets, untaxed reserves, tax losses carried forward, financial
instruments and defined benefit plans. Deferred tax assets are recognized only to the extent that it is probable that
future taxable profit will be available against which such assets can be utilized.
In accordance with IFRIC 23 the Group recognizes provisions for uncertain tax positions when the Group has a
present obligation as a result of a past event and management judge that it is probable that there will be a future
outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are assessed and
measured on an issue by issue basis within the jurisdictions that we operate either using management\u2019s estimate of
the most likely outcome where the issues are binary, or the expected value approach where the issues have a range of
possible outcomes. The Group recognizes interest on late paid taxes as part of financing costs, and any penalties, if
applicable, as part of the income tax expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5846": { "value": "Deferred tax assets and liabilities are recognized using the liability method for all temporary differences arising from the
difference between the tax basis of assets and liabilities and their carrying values for IFRS reporting purposes. Deferred
tax is not recognized for non-deductible goodwill and for differences in investments in subsidiaries to the extent that
they probably will not reverse in the foreseeable future.
Deferred tax is not recognized in the initial recognition of assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit. In the determination of deferred income tax the
enacted tax rate is used.
Principal temporary differences arise from tangible assets, untaxed reserves, tax losses carried forward, financial
instruments and defined benefit plans. Deferred tax assets are recognized only to the extent that it is probable that
future taxable profit will be available against which such assets can be utilized. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5878": { "value": "Deferred taxes \n \n
EUR million
2023
2022
Deferred tax assets
Tangible assets\u00b9
37.8
45.9
Employee benefit
32.0
25.9
Provisions
6.5
10.2
Unused tax losses
27.9
20.7
Other temporary differences
36.0
31.3
Total
140.1
134.0
Deferred tax liabilities
Tangible assets\u00b9
143.5
130.3
Intangible assets
27.7
29.8
Employee benefit
17.7
19.2
Undistributed earnings
23.9
25.9
Other temporary differences
12.3
13.6
Total
225.0
218.9
Net deferred tax liabilities
84.9
84.9
Reflected in statement of financial position as follows:
Deferred tax assets
52.1
48.4
Deferred tax liabilities
137.0
133.3
Total
84.9
84.9
1
Deferred tax assets and liabilities on tangible assets for 2022 have been revised in accordance with IAS 12 amendment.
December 31, 2023 the Group had EUR 79 million (EUR 91 million) worth of deductible temporary differences, for
which no deferred tax asset was recognized. EUR 23 million of these temporary differences have unlimited expiry, EUR
11 million expire over five years and EUR 45 million in five years.
Movements in the net deferred tax balance during the year
\n \n
EUR million
2023
2022
Net deferred tax balance at January 1
-84.9
-76.8
Recognized in income statement
-9.8
23.0
Recognized in other comprehensive income
6.2
-19.7
Recognized in equity
-0.2
-
Acquisitions and disposals
-
-5.9
Translation differences
3.8
-5.4
Net deferred tax balance at December 31
-84.9
-84.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5879": { "value": "Deferred taxes \n \n
EUR million
2023
2022
Deferred tax assets
Tangible assets\u00b9
37.8
45.9
Employee benefit
32.0
25.9
Provisions
6.5
10.2
Unused tax losses
27.9
20.7
Other temporary differences
36.0
31.3
Total
140.1
134.0
Deferred tax liabilities
Tangible assets\u00b9
143.5
130.3
Intangible assets
27.7
29.8
Employee benefit
17.7
19.2
Undistributed earnings
23.9
25.9
Other temporary differences
12.3
13.6
Total
225.0
218.9
Net deferred tax liabilities
84.9
84.9
Reflected in statement of financial position as follows:
Deferred tax assets
52.1
48.4
Deferred tax liabilities
137.0
133.3
Total
84.9
84.9
1
Deferred tax assets and liabilities on tangible assets for 2022 have been revised in accordance with IAS 12 amendment.
December 31, 2023 the Group had EUR 79 million (EUR 91 million) worth of deductible temporary differences, for
which no deferred tax asset was recognized. EUR 23 million of these temporary differences have unlimited expiry, EUR
11 million expire over five years and EUR 45 million in five years.
Movements in the net deferred tax balance during the year
\n \n
EUR million
2023
2022
Net deferred tax balance at January 1
-84.9
-76.8
Recognized in income statement
-9.8
23.0
Recognized in other comprehensive income
6.2
-19.7
Recognized in equity
-0.2
-
Acquisitions and disposals
-
-5.9
Translation differences
3.8
-5.4
Net deferred tax balance at December 31
-84.9
-84.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6082": { "value": "Earnings per share \n \n
EUR million
2023
2022
Net income attributable to equity holders of the parent company (basic/diluted), EUR million
206.3
276.2
Weighted average number of shares outstanding, in thousands
104,497
104,365
Effect of share-based payments, in thousands
417
308
Diluted weighted average number of shares outstanding, in thousands
104,914
104,673
Earnings per share from the profit for the period attributable to equity holders of the parent
company
Basic earnings per share, EUR
1.97
2.65
Diluted earnings per share, EUR
1.97
2.64
ACCOUNTING PRINCIPLES
Earnings per share
The basic earnings per share figure is calculated by dividing the net income attributable to the shareholders of the parent
company by the weighted average number of shares outstanding during the period. Diluted earnings per share is
calculated by adjusting the weighted average number of shares by the effect of diluting shares due to Performance
Share Arrangement in the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6153": { "value": "Dividend per share
The dividends paid in 2023 were EUR 1 per share, totaling EUR 104.5 million (EUR 0.94 per share, totaling EUR 98.1
million). A dividend of EUR 1.05 per share will be proposed at the Annual General Meeting on April 25, 2024. This
corresponds total dividends of EUR 109.8 million for 2023, calculated based on outstanding shares at December 31,
2023. This dividend is not reflected in the financial statements.Dividend per share
Dividends proposed by the Board of Directors are not recognized in the financial statements until they have been
approved by the Company\u2019s shareholders at the Annual General Meeting.On December 31, 2023 Huhtam\u00e4ki Oyj\u2019s non-restricted equity was EUR 836,481,022.88 of which the result for the
financial period was EUR 39,425,010.98. The Board of Directors proposes that dividend will be distributed at EUR 1.05
per share. No dividend for the own shares held by the Company on the record date shall be distributed.
The total amount of dividend on the date of this proposal would be EUR 109,765,090.05.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6156": { "value": "1", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f6157": { "value": "0.94", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5493007050SJVMXN6L29", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f6159": { "value": "1.05", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f6161": { "value": "109800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f6168": { "value": "Earnings per share
The basic earnings per share figure is calculated by dividing the net income attributable to the shareholders of the parent
company by the weighted average number of shares outstanding during the period. Diluted earnings per share is
calculated by adjusting the weighted average number of shares by the effect of diluting shares due to Performance
Share Arrangement in the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6178": { "value": "Dividend per share
Dividends proposed by the Board of Directors are not recognized in the financial statements until they have been
approved by the Company\u2019s shareholders at the Annual General Meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6197": { "value": "3.1. BUSINESS COMBINATIONS
Contingent considerations
In the beginning of the reporting period, Huhtamaki had EUR 20.6 million of financial liabilities for contingent
considerations. The payments are contingent mainly on the financial performance on the acquired businesses after the
acquisition. In the year 2023, Huhtamaki settled EUR 20.2 million of the liabilities. The net fair valuations through the
profit or loss were EUR -0.8 million. The impact from the change in exchange rates was EUR 0.3 million. In the end of
the period, there was no financial liabilities for contingent considerations.
Non-current assets held for sale
As announced on June 8, 2023, Huhtamaki has made the decision to consolidate the production footprint of its
Flexible Packaging segment in Europe and will be closing its Flexible Packaging production facility in Prague, Czech
Republic. As a result, Group has reclassified certain assets consisting of machinery from property, plant and equipment
to Assets held for sale. Assets held for sale at December 31, 2023, included EUR 5.2 million and the Group expects to
dispose these assets over the course of next 12 months.
ACCOUNTING PRINCIPLES
Acquisitions
Business combinations are accounted for using the acquisition method. The identifiable assets and liabilities are
measured at their fair value at the date of acquisition, any non-controlling interest is measured either at fair value or at
the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. In a business combination achieved in
stages, the previously held equity interest in the acquiree is remeasured at its acquisition-date fair value and any resulting
gain or loss is recognized in profit or loss or other comprehensive income, as appropriate. The aggregate of consideration
transferred, any non-controlling interest and any previously held equity interest, less acquired net assets is recognized
as goodwill.
Any possible contingent consideration is recognized at fair value at the acquisition date and it is classified as a financial
liability or equity. Contingent consideration classified as a financial liability is remeasured at reporting period closing date
and the related profit or loss is recognized in the income statement. Contingent consideration classified as equity is not
remeasured.
Acquisition related costs are expensed as incurred.
Assets held for sale
Assets are classified as held for sale, if their carrying amounts will be recovered mainly through a sale transaction rather
than through continuing use. The assets must be available for immediate sale in their present condition subject only to
terms that are usual and customary for sale of such assets. Also, the sale must be highly probable and expected to be
completed within one year from the date of classification. These assets are presented separately in the consolidated
statement of financial position and measured at the lower of the carrying amount and fair value less costs to sell.
Comparative information is not restated. Assets classified as held for sale are not depreciated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6206": { "value": "Non-current assets held for sale
As announced on June 8, 2023, Huhtamaki has made the decision to consolidate the production footprint of its
Flexible Packaging segment in Europe and will be closing its Flexible Packaging production facility in Prague, Czech
Republic. As a result, Group has reclassified certain assets consisting of machinery from property, plant and equipment
to Assets held for sale. Assets held for sale at December 31, 2023, included EUR 5.2 million and the Group expects to
dispose these assets over the course of next 12 months.Assets held for sale
Assets are classified as held for sale, if their carrying amounts will be recovered mainly through a sale transaction rather
than through continuing use. The assets must be available for immediate sale in their present condition subject only to
terms that are usual and customary for sale of such assets. Also, the sale must be highly probable and expected to be
completed within one year from the date of classification. These assets are presented separately in the consolidated
statement of financial position and measured at the lower of the carrying amount and fair value less costs to sell.
Comparative information is not restated. Assets classified as held for sale are not depreciated.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6216": { "value": "Acquisitions
Business combinations are accounted for using the acquisition method. The identifiable assets and liabilities are
measured at their fair value at the date of acquisition, any non-controlling interest is measured either at fair value or at
the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. In a business combination achieved in
stages, the previously held equity interest in the acquiree is remeasured at its acquisition-date fair value and any resulting
gain or loss is recognized in profit or loss or other comprehensive income, as appropriate. The aggregate of consideration
transferred, any non-controlling interest and any previously held equity interest, less acquired net assets is recognized
as goodwill.
Any possible contingent consideration is recognized at fair value at the acquisition date and it is classified as a financial
liability or equity. Contingent consideration classified as a financial liability is remeasured at reporting period closing date
and the related profit or loss is recognized in the income statement. Contingent consideration classified as equity is not
remeasured.
Acquisition related costs are expensed as incurred.
Assets held for sale
Assets are classified as held for sale, if their carrying amounts will be recovered mainly through a sale transaction rather
than through continuing use. The assets must be available for immediate sale in their present condition subject only to
terms that are usual and customary for sale of such assets. Also, the sale must be highly probable and expected to be
completed within one year from the date of classification. These assets are presented separately in the consolidated
statement of financial position and measured at the lower of the carrying amount and fair value less costs to sell.
Comparative information is not restated. Assets classified as held for sale are not depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6232": { "value": "Assets held for sale
Assets are classified as held for sale, if their carrying amounts will be recovered mainly through a sale transaction rather
than through continuing use. The assets must be available for immediate sale in their present condition subject only to
terms that are usual and customary for sale of such assets. Also, the sale must be highly probable and expected to be
completed within one year from the date of classification. These assets are presented separately in the consolidated
statement of financial position and measured at the lower of the carrying amount and fair value less costs to sell.
Comparative information is not restated. Assets classified as held for sale are not depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6246": { "value": "3.2. GOODWILL
Goodwill allocation by groups of cash-generating units
Goodwill acquired through business combinations has been allocated to the level of groups of cash-generating units
(groups of CGUs) that are expected to benefit from the synergies of the acquisition, which represent the lowest level
at which the goodwill is monitored for internal management purposes. The group of CGU in which goodwill is allocated
represents operating segment. Goodwill allocation by segments, and the weighted average pre-tax discount interest
rates used in discounting the projected cash flows to their present value, are presented in the table below:
\n \n
2023
2022
Discount interest
Discount interest
rates used
rates used
EUR million
Goodwill
(pre-tax), %
Goodwill
(pre-tax), %
Flexible Packaging
522.6
13.6
555.6
12.9
North America
226.7
11.4
231.9
10.8
Foodservice Europe-Asia-Oceania
181.6
10.1
183.7
10.2
Fiber Packaging
63.7
11.4
63.7
10.8
Total goodwill
994.6
1,035.0
Impairment testing
Goodwill has been tested for impairment and since the recoverable value of the groups of the cash-generating units
(CGUs) has been higher than the carrying value, no impairment charges has been recognized.
In assessing whether goodwill has been impaired, the carrying value of the group of CGUs has been compared to the
recoverable amount of the group of CGUs. The recoverable amount is based on value-in-use, which is estimated using
a discounted cash flow model. The cash flows are determined using five-year cash flow forecasts, which are based on
business plans. The plans are based on experience as well as future expected market trends. The plans are approved by
management and are valid when impairment test is performed. Cash flows for future periods are extrapolated by using
0.8 (1.0) percent growth rate in developed countries, 1.3 (1.3) percent growth rate in developing countries and 2.3
(2.4) percent growth rate in high growth countries. The management views these growth rates as being appropriate for
the business, given the long time horizon of the testing period.
Sensitivity analysis
As part of the impairment testing a sensitivity analysis around the key assumptions is performed. The assumptions
used in the impairment testing, that are considered to be most sensitive for changes, are EBIT and discount rates.
Sensitivity analysis around these key assumptions have been performed, and management believes that any
reasonably possible change (decrease of 1.5 percentage points in EBIT margin, increase of 1.5 percentage points in
discount rates or combined effect of these changes) in the key assumptions would not cause carrying amount of
group of CGUs to exceed its recoverable amount in North America, Foodservice Europe-Asia-Oceania or Fiber
Packaging. Based on the sensitivity analysis for Flexible Packaging, the before mentioned changes in the key
assumptions would cause the carrying amount of the group of CGUs to exceed its recoverable amount.
ACCOUNTING PRINCIPLES
Goodwill
Goodwill arising from an acquisition represents the excess of the consideration transferred over the fair value of the
net identifiable assets acquired. Goodwill is allocated to groups of cash-generating units that are expected to benefit
from the synergies of the acquisition and is not amortized but tested annually for impairment. For associates and joint
ventures, the carrying amount of goodwill is included in the carrying amount of the investment. Goodwill is valued at
cost less impairment losses.
Impairment testing
Goodwill is tested annually or more frequently if there are indications of impairment. In assessing whether goodwill has
been impaired, the carrying value of the group of cash generating units (group of CGUs) has been compared to the
recoverable amount of the group of CGUs. The recoverable amount is based on value-in-use, which is estimated using
a discounted cash flow model. The cash flows are determined using five-year cash flow forecasts, which are based on
business plans. Business plans are based on past experience as well as future expected market trends. Management
approves business plans for impairment testing purposes. Cash flows for future periods are extrapolated by using
defined growth rates for developed countries, developing countries and emerging countries. The discount rate used in
the calculation reflects the weighted average cost of capital (WACC) and risks to the asset under review.
A goodwill impairment loss is recognized immediately as an expense in the income statement and is not subsequently
reversed. \n \n
Other
intangibles
(including
Customer
intangible
EUR million
Goodwill
relations
Software
rights)
Total 2023
Acquisition cost on January 1, 2023
1,151.4
119.0
98.5
79.3
1,448.3
Additions
-
-
0.8
1.0
1.8
Disposals
-
-
-7.1
-1.5
-8.6
Intra-balance sheet transfer
-
-
8.0
8.1
16.1
Business combinations
-
-
-
-
-
Reclassification to assets held for sale
-
-
-
-
-
Changes in exchange rates
-26.9
-3.9
-1.0
-1.7
-33.5
Acquisition cost on December 31, 2023
1,124.5
115.1
99.2
85.2
1,424.0
Accumulated amortization and impairment on January 1, 2023
-116.4
-49.6
-86.8
-42.7
-295.4
Accumulated amortization on disposals and transfers
-
-
1.8
0.1
1.9
Amortization during the financial year
-
-7.3
-4.8
-8.5
-20.6
Impairments during the financial year
-
15.7
1
-
-
0.7
-
-
16.5
Reclassification to assets held for sale
-
-
-
-
-
Changes in exchange rates
2.2
1.4
0.8
0.6
5.0
Accumulated amortization and impairment on December 31,
2023
-
129.9
-
55.5
-
89.6
-
50.5
-
325.5
Book value on December 31, 2023
994.6
59.6
9.6
34.8
1,098.5
1
Group announced on June 8, 2023, that it has made the decision to consolidate the production footprint of its Flexible Packaging segment in Europe and will close its
Flexible Packaging production facility in Prague, Czech Republic. All production and supporting activities at the facility are scaled down during the second half of the
year, with the closure of the operations completed by March 31, 2024. As result of this announcement Group has impaired the goodwill related to the Prague
operations.
\n \n
Other
intangibles
(including
Customer
intangible
EUR million
Goodwill
relations
Software
rights)
Total 2022
Acquisition cost on January 1, 2022
1,115.7
114.1
92.7
74.9
1,397.4
Additions
-
-
1.0
1.8
2.8
Disposals
-
-0.4
-0.7
-1.3
-2.4
Intra-balance sheet transfer
-
-
5.0
3.8
8.8
Business combinations
3.0
-
-
-
3.0
Reclassification to assets held for sale
-
-
-
-0.8
-0.8
Changes in exchange rates
32.6
5.3
0.5
1.0
39.4
Acquisition cost on December 31, 2022
1,151.4
119.0
98.5
79.3
1,448.3
Accumulated amortization and impairment on January 1, 2022
-114.8
-39.9
-82.5
-37.8
-275.0
Accumulated amortization on disposals and transfers
-
0.4
0.5
0.1
1.0
Amortization during the financial year
-
-9.5
-4.6
-5.2
-19.3
Impairments during the financial year
-
-
-
-
-
Reclassification to assets held for sale
-
-
-
0.1
0.1
Changes in exchange rates
-1.6
-0.6
-0.2
0.1
-2.3
Accumulated amortization and impairment on December 31,
2022
-
116.4
-
49.6
-
86.8
-
42.7
-
295.4
Book value on December 31, 2022
1,035.0
69.4
11.8
36.7
1,152.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6382": { "value": "Goodwill
Goodwill arising from an acquisition represents the excess of the consideration transferred over the fair value of the
net identifiable assets acquired. Goodwill is allocated to groups of cash-generating units that are expected to benefit
from the synergies of the acquisition and is not amortized but tested annually for impairment. For associates and joint
ventures, the carrying amount of goodwill is included in the carrying amount of the investment. Goodwill is valued at
cost less impairment losses.
Impairment testing
Goodwill is tested annually or more frequently if there are indications of impairment. In assessing whether goodwill has
been impaired, the carrying value of the group of cash generating units (group of CGUs) has been compared to the
recoverable amount of the group of CGUs. The recoverable amount is based on value-in-use, which is estimated using
a discounted cash flow model. The cash flows are determined using five-year cash flow forecasts, which are based on
business plans. Business plans are based on past experience as well as future expected market trends. Management
approves business plans for impairment testing purposes. Cash flows for future periods are extrapolated by using
defined growth rates for developed countries, developing countries and emerging countries. The discount rate used in
the calculation reflects the weighted average cost of capital (WACC) and risks to the asset under review.
A goodwill impairment loss is recognized immediately as an expense in the income statement and is not subsequently
reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6391": { "value": "Impairment testing
Goodwill is tested annually or more frequently if there are indications of impairment. In assessing whether goodwill has
been impaired, the carrying value of the group of cash generating units (group of CGUs) has been compared to the
recoverable amount of the group of CGUs. The recoverable amount is based on value-in-use, which is estimated using
a discounted cash flow model. The cash flows are determined using five-year cash flow forecasts, which are based on
business plans. Business plans are based on past experience as well as future expected market trends. Management
approves business plans for impairment testing purposes. Cash flows for future periods are extrapolated by using
defined growth rates for developed countries, developing countries and emerging countries. The discount rate used in
the calculation reflects the weighted average cost of capital (WACC) and risks to the asset under review.
A goodwill impairment loss is recognized immediately as an expense in the income statement and is not subsequently
reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6428": { "value": "3.3. INTANGIBLE ASSETS \n \n
Other
intangibles
(including
Customer
intangible
EUR million
Goodwill
relations
Software
rights)
Total 2023
Acquisition cost on January 1, 2023
1,151.4
119.0
98.5
79.3
1,448.3
Additions
-
-
0.8
1.0
1.8
Disposals
-
-
-7.1
-1.5
-8.6
Intra-balance sheet transfer
-
-
8.0
8.1
16.1
Business combinations
-
-
-
-
-
Reclassification to assets held for sale
-
-
-
-
-
Changes in exchange rates
-26.9
-3.9
-1.0
-1.7
-33.5
Acquisition cost on December 31, 2023
1,124.5
115.1
99.2
85.2
1,424.0
Accumulated amortization and impairment on January 1, 2023
-116.4
-49.6
-86.8
-42.7
-295.4
Accumulated amortization on disposals and transfers
-
-
1.8
0.1
1.9
Amortization during the financial year
-
-7.3
-4.8
-8.5
-20.6
Impairments during the financial year
-
15.7
1
-
-
0.7
-
-
16.5
Reclassification to assets held for sale
-
-
-
-
-
Changes in exchange rates
2.2
1.4
0.8
0.6
5.0
Accumulated amortization and impairment on December 31,
2023
-
129.9
-
55.5
-
89.6
-
50.5
-
325.5
Book value on December 31, 2023
994.6
59.6
9.6
34.8
1,098.5
1
Group announced on June 8, 2023, that it has made the decision to consolidate the production footprint of its Flexible Packaging segment in Europe and will close its
Flexible Packaging production facility in Prague, Czech Republic. All production and supporting activities at the facility are scaled down during the second half of the
year, with the closure of the operations completed by March 31, 2024. As result of this announcement Group has impaired the goodwill related to the Prague
operations.
\n \n
Other
intangibles
(including
Customer
intangible
EUR million
Goodwill
relations
Software
rights)
Total 2022
Acquisition cost on January 1, 2022
1,115.7
114.1
92.7
74.9
1,397.4
Additions
-
-
1.0
1.8
2.8
Disposals
-
-0.4
-0.7
-1.3
-2.4
Intra-balance sheet transfer
-
-
5.0
3.8
8.8
Business combinations
3.0
-
-
-
3.0
Reclassification to assets held for sale
-
-
-
-0.8
-0.8
Changes in exchange rates
32.6
5.3
0.5
1.0
39.4
Acquisition cost on December 31, 2022
1,151.4
119.0
98.5
79.3
1,448.3
Accumulated amortization and impairment on January 1, 2022
-114.8
-39.9
-82.5
-37.8
-275.0
Accumulated amortization on disposals and transfers
-
0.4
0.5
0.1
1.0
Amortization during the financial year
-
-9.5
-4.6
-5.2
-19.3
Impairments during the financial year
-
-
-
-
-
Reclassification to assets held for sale
-
-
-
0.1
0.1
Changes in exchange rates
-1.6
-0.6
-0.2
0.1
-2.3
Accumulated amortization and impairment on December 31,
2022
-
116.4
-
49.6
-
86.8
-
42.7
-
295.4
Book value on December 31, 2022
1,035.0
69.4
11.8
36.7
1,152.9
ACCOUNTING PRINCIPLES
Goodwill
See note 3.2 Goodwill for the accounting principles relating to goodwill.
Other intangible asset
Other intangible assets include customer relations, patents, copyrights, trademarks, technologies, emission rights,
renewable energy certificates and software licenses. These are measured at cost and typically amortized on a straight-
line basis over the estimated useful lives, which may vary from 3 to 20 years. Other intangible assets with definite useful
lives are tested for impairment when there are indications of impairment, see more information on impairment of assets
in Note 3.4 Tangible assets.
Cloud computing arrangements that meet the definition of an intangible asset and comply with the recognition criteria
are capitalized on the balance sheet. Implementation costs (customization and configuration) relating to cloud computing
arrangements that don't meet the definition of an intangible asset and are distinct from the access to the software are
expensed when the services are received. If the customization and configuration services are not distinct from the
access to the software, the costs are recognized as prepayments and expensed over the software contract term.
Research and development
Research costs are recognized in the income statement as incurred. Expenditure on development activities related to
new products and processes are capitalized in the statement of financial position from the moment they are expected
to bring future economic benefits and the Group has intention and resources to finalize the development. Previously
expensed development expenditure is not capitalized later.
Emission rights and renewable energy certificates
Emission rights and renewable energy certificates are measured at cost. Rights and certificates received free of charge
are recognized at their nominal value (nil). Emission rights are derecognized against actual emissions. A provision to
cover the obligation to return emission rights is recognized at the fair value in the end of the reporting period if the
emission allowances held by the Group do not cover actual emissions. Renewable energy certificates are derecognized
against actual consumption of energy.
The estimated useful lives are (years):
\n \n
Intangible assets up to
20
Software
3\u20135
Customer relations
7\u201315
Subsequent expenditure on capitalized other intangible assets is capitalized only when it increases the future economic
benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6429": { "value": "3.3. INTANGIBLE ASSETS \n \n
Other
intangibles
(including
Customer
intangible
EUR million
Goodwill
relations
Software
rights)
Total 2023
Acquisition cost on January 1, 2023
1,151.4
119.0
98.5
79.3
1,448.3
Additions
-
-
0.8
1.0
1.8
Disposals
-
-
-7.1
-1.5
-8.6
Intra-balance sheet transfer
-
-
8.0
8.1
16.1
Business combinations
-
-
-
-
-
Reclassification to assets held for sale
-
-
-
-
-
Changes in exchange rates
-26.9
-3.9
-1.0
-1.7
-33.5
Acquisition cost on December 31, 2023
1,124.5
115.1
99.2
85.2
1,424.0
Accumulated amortization and impairment on January 1, 2023
-116.4
-49.6
-86.8
-42.7
-295.4
Accumulated amortization on disposals and transfers
-
-
1.8
0.1
1.9
Amortization during the financial year
-
-7.3
-4.8
-8.5
-20.6
Impairments during the financial year
-
15.7
1
-
-
0.7
-
-
16.5
Reclassification to assets held for sale
-
-
-
-
-
Changes in exchange rates
2.2
1.4
0.8
0.6
5.0
Accumulated amortization and impairment on December 31,
2023
-
129.9
-
55.5
-
89.6
-
50.5
-
325.5
Book value on December 31, 2023
994.6
59.6
9.6
34.8
1,098.5
1
Group announced on June 8, 2023, that it has made the decision to consolidate the production footprint of its Flexible Packaging segment in Europe and will close its
Flexible Packaging production facility in Prague, Czech Republic. All production and supporting activities at the facility are scaled down during the second half of the
year, with the closure of the operations completed by March 31, 2024. As result of this announcement Group has impaired the goodwill related to the Prague
operations.
\n \n
Other
intangibles
(including
Customer
intangible
EUR million
Goodwill
relations
Software
rights)
Total 2022
Acquisition cost on January 1, 2022
1,115.7
114.1
92.7
74.9
1,397.4
Additions
-
-
1.0
1.8
2.8
Disposals
-
-0.4
-0.7
-1.3
-2.4
Intra-balance sheet transfer
-
-
5.0
3.8
8.8
Business combinations
3.0
-
-
-
3.0
Reclassification to assets held for sale
-
-
-
-0.8
-0.8
Changes in exchange rates
32.6
5.3
0.5
1.0
39.4
Acquisition cost on December 31, 2022
1,151.4
119.0
98.5
79.3
1,448.3
Accumulated amortization and impairment on January 1, 2022
-114.8
-39.9
-82.5
-37.8
-275.0
Accumulated amortization on disposals and transfers
-
0.4
0.5
0.1
1.0
Amortization during the financial year
-
-9.5
-4.6
-5.2
-19.3
Impairments during the financial year
-
-
-
-
-
Reclassification to assets held for sale
-
-
-
0.1
0.1
Changes in exchange rates
-1.6
-0.6
-0.2
0.1
-2.3
Accumulated amortization and impairment on December 31,
2022
-
116.4
-
49.6
-
86.8
-
42.7
-
295.4
Book value on December 31, 2022
1,035.0
69.4
11.8
36.7
1,152.9
ACCOUNTING PRINCIPLES
Goodwill
See note 3.2 Goodwill for the accounting principles relating to goodwill.
Other intangible asset
Other intangible assets include customer relations, patents, copyrights, trademarks, technologies, emission rights,
renewable energy certificates and software licenses. These are measured at cost and typically amortized on a straight-
line basis over the estimated useful lives, which may vary from 3 to 20 years. Other intangible assets with definite useful
lives are tested for impairment when there are indications of impairment, see more information on impairment of assets
in Note 3.4 Tangible assets.
Cloud computing arrangements that meet the definition of an intangible asset and comply with the recognition criteria
are capitalized on the balance sheet. Implementation costs (customization and configuration) relating to cloud computing
arrangements that don't meet the definition of an intangible asset and are distinct from the access to the software are
expensed when the services are received. If the customization and configuration services are not distinct from the
access to the software, the costs are recognized as prepayments and expensed over the software contract term.
Research and development
Research costs are recognized in the income statement as incurred. Expenditure on development activities related to
new products and processes are capitalized in the statement of financial position from the moment they are expected
to bring future economic benefits and the Group has intention and resources to finalize the development. Previously
expensed development expenditure is not capitalized later.
Emission rights and renewable energy certificates
Emission rights and renewable energy certificates are measured at cost. Rights and certificates received free of charge
are recognized at their nominal value (nil). Emission rights are derecognized against actual emissions. A provision to
cover the obligation to return emission rights is recognized at the fair value in the end of the reporting period if the
emission allowances held by the Group do not cover actual emissions. Renewable energy certificates are derecognized
against actual consumption of energy.
The estimated useful lives are (years):
\n \n
Intangible assets up to
20
Software
3\u20135
Customer relations
7\u201315
Subsequent expenditure on capitalized other intangible assets is capitalized only when it increases the future economic
benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6994": { "value": "ACCOUNTING PRINCIPLES
Goodwill
See note 3.2 Goodwill for the accounting principles relating to goodwill.
Other intangible asset
Other intangible assets include customer relations, patents, copyrights, trademarks, technologies, emission rights,
renewable energy certificates and software licenses. These are measured at cost and typically amortized on a straight-
line basis over the estimated useful lives, which may vary from 3 to 20 years. Other intangible assets with definite useful
lives are tested for impairment when there are indications of impairment, see more information on impairment of assets
in Note 3.4 Tangible assets.
Cloud computing arrangements that meet the definition of an intangible asset and comply with the recognition criteria
are capitalized on the balance sheet. Implementation costs (customization and configuration) relating to cloud computing
arrangements that don't meet the definition of an intangible asset and are distinct from the access to the software are
expensed when the services are received. If the customization and configuration services are not distinct from the
access to the software, the costs are recognized as prepayments and expensed over the software contract term.
Research and development
Research costs are recognized in the income statement as incurred. Expenditure on development activities related to
new products and processes are capitalized in the statement of financial position from the moment they are expected
to bring future economic benefits and the Group has intention and resources to finalize the development. Previously
expensed development expenditure is not capitalized later.
Emission rights and renewable energy certificates
Emission rights and renewable energy certificates are measured at cost. Rights and certificates received free of charge
are recognized at their nominal value (nil). Emission rights are derecognized against actual emissions. A provision to
cover the obligation to return emission rights is recognized at the fair value in the end of the reporting period if the
emission allowances held by the Group do not cover actual emissions. Renewable energy certificates are derecognized
against actual consumption of energy.
The estimated useful lives are (years):
\n \n
Intangible assets up to
20
Software
3\u20135
Customer relations
7\u201315
Subsequent expenditure on capitalized other intangible assets is capitalized only when it increases the future economic
benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7010": { "value": "Research and development
Research costs are recognized in the income statement as incurred. Expenditure on development activities related to
new products and processes are capitalized in the statement of financial position from the moment they are expected
to bring future economic benefits and the Group has intention and resources to finalize the development. Previously
expensed development expenditure is not capitalized later. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7018": { "value": "Emission rights and renewable energy certificates
Emission rights and renewable energy certificates are measured at cost. Rights and certificates received free of charge
are recognized at their nominal value (nil). Emission rights are derecognized against actual emissions. A provision to
cover the obligation to return emission rights is recognized at the fair value in the end of the reporting period if the
emission allowances held by the Group do not cover actual emissions. Renewable energy certificates are derecognized
against actual consumption of energy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7052": { "value": "3.4. TANGIBLE ASSETS \n \n
EUR million
2023
2022
Owned property, plant and equipment
1,645.8
1,588.4
Right-of-use assets
149.1
147.4
Total tangible assets
1,794.9
1,735.8
\n \n
Owned assets
Construction
Buildings
Machinery
in progress
Other
Land and land
and
and
and advance
tangible
Total
EUR million
improvements
constructions
equipment
payments
assets
2023
Acquisition cost on January 1, 2023
39.6
495.2
2,165.5
366.1
111.2
3,177.7
Additions
-
3.0
17.6
291.7
4.6
316.9
Disposals
-0.8
-9.2
-26.2
-8.2
-5.2
-49.6
Intra-balance sheet transfer
11.0
65.1
206.6
-298.3
5.4
-10.3
Business combinations
-
-
-
-
-
-
Reclassification to assets held for sale
-
-
-21.3
-
-
-21.3
Changes in exchange rates
-1.9
-18.3
-65.9
-8.6
-3.0
-97.7
Acquisition cost on December 31, 2023
47.9
535.8
2,276.3
342.7
112.9
3,315.6
Accumulated depreciation and impairment on
January 1, 2023
-
1.7
-
217.0
-
1,294.0
-
-
76.4
-
1,589.2
Accumulated depreciation on disposals and
transfers
-
4.6
22.6
-
4.8
32.0
Depreciation during the financial year
-0.3
-20.6
-140.1
-
-8.6
-169.7
Impairments during the financial year
-
-
-5.2
-
-
-5.2
Impairments reversed during the financial year
-
-
-
-
-
-
Reclassification to assets held for sale
-
-
16.0
-
-
16.0
Changes in exchange rates
0.1
6.5
37.8
-
2.0
46.4
Accumulated depreciation and impairment on
December 31, 2023
-1.9
-226.6
-1,363.1
-
-78.2
1,669.8
-
Book value on December 31, 2023
46.0
309.2
913.2
342.7
34.7
1,645.8
\n \n
Owned assets
Construction
Buildings
Machinery
in progress
Other
Land and land
and
and
and advance
tangible
Total
EUR million
improvements
constructions
equipment
payments
assets
2022
Acquisition cost on January 1, 2022
39.9
474.4
2,108.2
257.0
105.4
2,985.0
Additions
-
3.8
14.0
302.2
5.2
325.2
Disposals
-0.3
-20.1
-103.9
-29.0
-3.8
-157.1
Intra-balance sheet transfer
0.1
31.1
106.2
-168.4
4.7
-26.3
Business combinations
-
-
-
-
-
-
Reclassification to assets held for sale
-0.3
-4.1
-2.3
-
-0.4
-7.2
Changes in exchange rates
0.2
10.1
43.3
4.4
0.2
58.1
Acquisition cost on December 31, 2022
39.6
495.2
2,165.5
366.1
111.2
3,177.7
Accumulated depreciation and impairment on
January 1, 2022
-
1.5
-
203.3
-
1,196.8
-
-
73.0
-
1,474.6
Accumulated depreciation on disposals and
-
8.9
62.9
-
3.6
75.4
transfers
Depreciation during the financial year
-0.1
-19.5
-133.7
-
-7.7
-161.0
Impairments reversed during the financial year
-
-
-
-
-
-
Reclassification to assets held for sale
-
1.2
1.9
-
0.4
3.5
Changes in exchange rates
-0.1
-4.3
-28.4
-
0.2
-32.6
Accumulated depreciation and impairment on
December 31, 2022
-
1.7
-
217.0
-
1,294.0
-
-
76.4
-
1,589.2
Book value on December 31, 2022
37.9
278.2
871.4
366.1
34.8
1,588.4
\n \n
Right-of-use assets
Buildings
and
Machinery
and
Other
EUR million
Land
constructions
equipment
tangible assets
Total 2023
Acquisition cost on January 1, 2023
13.5
197.7
38.0
1.6
250.8
Additions
1.4
21.9
12.8
0.7
36.9
Disposals
-0.0
-12.8
-9.7
-0.2
-22.7
Intra-balance sheet transfer
-
-
-
-
-
Business combinations
-
-
-
-
-
Changes in exchange rates
-0.4
-2.0
-0.5
-0.0
-2.9
Acquisition cost on December 31, 2023
14.5
204.8
40.6
2.1
262.1
\n \n
Accumulated depreciation and impairment on January 1, 2023
-5.8
-77.5
-19.4
-0.6
-103.4
Accumulated depreciation on disposals and transfers
0.0
10.0
8.1
0.1
18.2
Depreciation during the financial year
-0.6
-19.0
-8.3
-0.4
-28.3
Changes in exchange rates
0.2
0.1
0.2
0.0
0.6
Accumulated depreciation and impairment on December 31, 2023
-6.1
-86.5
-19.4
-1.0
-113.0
Book value on December 31, 2023
8.4
118.4
21.2
1.1
149.1
\n \n
Right-of-use assets
Buildings
and
Machinery and
Other
EUR million
Land
constructions
equipment
tangible assets
Total 2022
Acquisition cost on January 1, 2022
14.9
201.2
39.3
0.7
256.1
Additions
0.2
9.4
7.2
1.0
17.9
Disposals
-1.8
-14.9
-8.9
-0.1
-25.6
Intra-balance sheet transfer
-
-
-
-
-
Business combinations
-
1.7
-
-
1.7
Changes in exchange rates
0.2
0.2
0.4
-0.0
0.7
Acquisition cost on December 31, 2022
13.5
197.7
38.0
1.6
250.8
Accumulated depreciation and impairment on January 1, 2022
-5.4
-68.0
-18.7
-0.4
-92.5
Accumulated depreciation on disposals and transfers
0.2
10.0
8.0
0.1
18.4
Depreciation during the financial year
-0.5
-19.9
-8.6
-0.3
-29.4
Changes in exchange rates
-0.1
0.4
-0.2
0.0
0.1
Accumulated depreciation and impairment on December 31,
2022
-
5.8
-
77.5
-
19.4
-
0.6
-
103.4
Book value on December 31, 2022
7.7
120.2
18.6
1.0
147.4
ACCOUNTING PRINCIPLES
Tangible asset
Tangible assets include both owned property, plant and equipment and right-of-use (ROU) assets.
Tangible assets comprising mainly of land, buildings, machinery, tooling and equipment are valued at cost less
accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of material, direct
labor costs and an appropriated proportion of production overheads. When an asset includes major components that
have different useful lives, they are accounted for as separate items. The costs of right-of-use assets include the amount
of the initial measurement of the lease liability, any lease payments made at or before the commencement date less
lease incentives received, any direct costs and an estimate of dismantling costs. The carrying amount is further adjusted
for any remeasurement of the lease liability.
Expenditure incurred to replace a component in a tangible asset that is accounted for separately, including major
inspection and overhaul costs, is capitalized. Other subsequent expenditure is capitalized only when it increases the
future economic benefits embodied in the asset. All other expenditure such as ordinary maintenance and repairs is
recognized in the income statement as an expense as incurred. The borrowing costs directly attributable to the
acquisition, construction or production of a qualifying asset are capitalized as part of the acquisition cost.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of the owned
property, plant and equipment or over the lease term of right-of-use assets. Land is not depreciated.
The estimated useful lives of the owned property, plant and equipment are (years):
\n \n
Buildings and other structures
20\u201340
Machinery and equipment
5\u201315
Other tangible assets and land improvements
3\u201312
Tangible assets which are classified as held for sale are valued at lower of its carrying amount or fair value less costs to
sell. The depreciation of these assets will be ceased when assets are classified as held for sale. Gains or losses arising
from the disposal of tangible assets are included in Earnings before interest and taxes.
Impairment of assets
The carrying amounts of assets are assessed at each reporting period closing date to determine whether there is any
indication of impairment. If such indication exists, the recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of assets or cash-generating unit exceeds the recoverable amount. Impairment losses
are recognized in the income statement. Impairment losses recognized in respect of cash-generating units are allocated
first to reduce the carrying value of goodwill allocated to groups of cash-generating units and then to reduce the carrying
amount of other assets in the group of units on pro rata bases.
For intangible and tangible assets the recoverable amount is the higher of the fair value less costs to sell and value-in-
use. In assessing value-in-use, the estimated future cash flows are discounted to their present value based on the
average cost of capital rate (pre-tax) of the cash-generating unit where the assets are located, adjusted for risks specific
to the assets.
In respect of tangible assets, and other intangible assets excluding goodwill, impairment losses recognized in prior
periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An
impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An
impairment loss is only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying amount
that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. An
impairment loss in respect of goodwill is never reversed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7786": { "value": "\n \n
Right-of-use assets
Buildings
and
Machinery
and
Other
EUR million
Land
constructions
equipment
tangible assets
Total 2023
Acquisition cost on January 1, 2023
13.5
197.7
38.0
1.6
250.8
Additions
1.4
21.9
12.8
0.7
36.9
Disposals
-0.0
-12.8
-9.7
-0.2
-22.7
Intra-balance sheet transfer
-
-
-
-
-
Business combinations
-
-
-
-
-
Changes in exchange rates
-0.4
-2.0
-0.5
-0.0
-2.9
Acquisition cost on December 31, 2023
14.5
204.8
40.6
2.1
262.1
\n \n
Accumulated depreciation and impairment on January 1, 2023
-5.8
-77.5
-19.4
-0.6
-103.4
Accumulated depreciation on disposals and transfers
0.0
10.0
8.1
0.1
18.2
Depreciation during the financial year
-0.6
-19.0
-8.3
-0.4
-28.3
Changes in exchange rates
0.2
0.1
0.2
0.0
0.6
Accumulated depreciation and impairment on December 31, 2023
-6.1
-86.5
-19.4
-1.0
-113.0
Book value on December 31, 2023
8.4
118.4
21.2
1.1
149.1
\n \n
Right-of-use assets
Buildings
and
Machinery and
Other
EUR million
Land
constructions
equipment
tangible assets
Total 2022
Acquisition cost on January 1, 2022
14.9
201.2
39.3
0.7
256.1
Additions
0.2
9.4
7.2
1.0
17.9
Disposals
-1.8
-14.9
-8.9
-0.1
-25.6
Intra-balance sheet transfer
-
-
-
-
-
Business combinations
-
1.7
-
-
1.7
Changes in exchange rates
0.2
0.2
0.4
-0.0
0.7
Acquisition cost on December 31, 2022
13.5
197.7
38.0
1.6
250.8
Accumulated depreciation and impairment on January 1, 2022
-5.4
-68.0
-18.7
-0.4
-92.5
Accumulated depreciation on disposals and transfers
0.2
10.0
8.0
0.1
18.4
Depreciation during the financial year
-0.5
-19.9
-8.6
-0.3
-29.4
Changes in exchange rates
-0.1
0.4
-0.2
0.0
0.1
Accumulated depreciation and impairment on December 31,
2022
-
5.8
-
77.5
-
19.4
-
0.6
-
103.4
Book value on December 31, 2022
7.7
120.2
18.6
1.0
147.4
Finance lease receivables \n \n
EUR million
2023
2022
Finance lease receivable is payable as follows:
In less than one year
1.2
1.6
Between one and five years
2.2
0.9
Total minimum lease payments
3.4
2.5
Present value of minimum lease payments
In less than one year
1.0
1.1
Between one and five years
2.1
1.3
Total present value of minimum lease payments
3.1
2.5
Unearned future financial income
0.4
-
Finance lease receivables relate to packaging machines leased to customers.5.6. INTEREST-BEARING LIABILITIES \n \n
2023
2022
EUR million
Carrying amount
Fair value
Carrying amount
Fair value
Current
Loans from financial institutions
fixed rate
19.9
19.6
277.6
277.5
floating rate
106.5
108.0
63.5
63.5
Bonds
fixed rate
99.7
96.1
-
-
Other current loans
floating rate
0.2
0.2
5.1
5.1
Contingent considerations
-
-
20.6
20.6
Lease liabilities
24.8
24.8
25.3
25.3
Total
251.0
248.7
392.2
392.0
Non-current
Loans from financial institutions
fixed rate
33.6
32.0
79.3
74.3
floating rate
259.6
288.4
371.0
371.0
Bonds
fixed rate
971.2
962.7
815.8
777.6
Other non-current loans
floating rate
2.1
2.1
4.6
4.6
Contingent considerations
-
-
-
-
Lease liabilities
136.5
136.5
133.2
133.2
Total
1,403.0
1,421.7
1,403.9
1,360.7
Loan repayments
\n \n
Loans from
financial
Contingent
Repayment
institutions
Bonds
Other loans
considerations
Lease liabilities
Total
2024
126.4
99.7
0.2
-
24.8
251.0
2025
215.1
-
-
-
35.0
250.1
2026
47.5
174.7
2.1
-
14.2
238.5
2027
30.6
498.1
-
-
11.7
540.4
2028
-
298.4
-
-
10.2
308.6
2029-
0.0
-
-
-
65.4
65.4
ACCOUNTING PRINCIPLES
Interest-bearing liabilities
Interest-bearing loans and borrowings are classified as other liabilities. Interest-bearing loans and borrowings are
originated loans and bank loans, and are carried at amortized cost by using the effective interest rate method. All
interest-bearing liabilities are other liabilities than liabilities for trading purposes or derivative financial instruments
defined in IFRS 9 and as such are carried at amortized cost. Fair values have been calculated by discounting future cash
flows at the appropriate market interest rate prevailing at period end closing date. Interest rates for measuring fair values
of interest-bearing liabilities were 3.81%\u20136.80%. The fair value of current interest-bearing liabilities is estimated to equal
the carrying amount.
Contingent considerations related to business combinations classified as financial liabilities are measured at fair value
through profit or loss and reported in the interest-bearing liabilities.
Lease liabilities are recognized at the commencement date of the lease. Lease liabilities are measured at the present
value of future lease payments using an effective interest rate method. The carrying amount is reduced to reflect the
lease payments made and the interest expense is allocated over the lease term. A lease liability is remeasured, when
there is a lease modification or reassessment.
Reconciliation of liabilities arising from financing activities
\n \n
2023
2022
Non-cash changes
Foreign
Reclassification
Business
Contingent
exchange
from long-term
EUR million
Total
Cash flows
combinations
considerations
movement
to short-term
Other
Total
Long
-term loans
1,266.6
426.9
-
-
-
2.8
-
435.0
6.8
1,270.6
Short-term loans
229.7
-541.2
-
-20.0
-5.2
435.0
14.8
346.2
Long-term lease liabilities
136.5
-
-
-
-2.5
-20.9
26.7
133.2
Short-term lease liabilities
24.8
-28.8
-
-
-0.5
20.9
7.8
25.3
Total liabilities from financing
activities
1,657.5
-143.1
-
-20.0
-10.9
0.0
56.2
1,775.4
\n \n
2022
2021
Non-cash changes
Foreign
Reclassification
Business
Contingent
exchange
from long-term
EUR million
Total
Cash flows
combinations
considerations
movement
to short-term
Other
Total
Long-term loans
1,270.6
293.7
-
-15.2
31.3
-155.8
-12.2
1,128.8
Short-term loans
346.2
-186.1
-
20.0
0.8
155.8
-42.6
398.4
Long-term lease liabilities
133.2
0.0
-1.8
-
1.0
-17.3
4.5
146.8
Short-term lease liabilities
25.3
-28.8
1.9
-
-0.1
17.3
6.2
28.8
Total liabilities from financing
activities
1,775.4
78.8
0.1
4.8
33.0
0.0
-
44.1
1,702.8
6.4. LEASES
Right of use assets are presented in note 3.4 Tangible Assets. Right of use depreciations are presented in note 2.3
Depreciation, amortization and impairment. Lease liabilities are presented in note 5.6 Interest bearing liabilities. Lease
liability interests are presented in note 5.1 Net Financial Items. Items where Huhtamaki is the lessor are presented in
note 5.2. Interest Bearing receivables.
Lease expenses
\n \n
EUR million
2023
2022
Short-term leases
7.4
6.5
Low-value leases
0.7
0.5
Variable lease payments based on use/performance
2.7
2.6
Lease payments in Profit or Loss
10.8
9.6
Cash based lease payments in total
43.8
42.9
ACCOUNTING PRINCIPLES
Leases
The leases that the Group recognizes in the statement of financial position include mainly land, building, machinery and
equipment. Short-term leases (lease term of 12 months or less) and leases for which the underlying asset is of low value
are not booked to the statement of financial position. Payments for short-term and low-value leases and variable lease
payments are expensed in P&L.
Right of use (ROU) assets are recognized at the commencement date of the lease. ROU assets are measured at cost
less accumulated depreciation and impairment losses. The costs include the amount of the initial measurement of the
lease liability, any lease payments made at or before the commencement date less lease incentives received, any direct
costs and an estimate of dismantling costs. The carrying amount is further adjusted for any remeasurement of the lease
liability. Depreciation is expensed to the income statement on a straight-line basis over the lease term. The lease term
includes the noncancelable period of lease together with any extension or termination options that are reasonably
certain to be exercised. ROU assets are presented as tangible assets in the statement of financial position.
Lease liabilities are recognized at the commencement date of the lease. Lease liabilities are measured at the present
value of future lease payments using an effective interest method. The carrying amount is reduced to reflect the lease
payments made and the interest expense is allocated over the lease term. A lease liability is remeasured, when there is
a lease modification or reassessment. Lease liabilities are presented as current and non-current interest-bearing liabilities
in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8233": { "value": "Tangible asset
Tangible assets include both owned property, plant and equipment and right-of-use (ROU) assets.
Tangible assets comprising mainly of land, buildings, machinery, tooling and equipment are valued at cost less
accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of material, direct
labor costs and an appropriated proportion of production overheads. When an asset includes major components that
have different useful lives, they are accounted for as separate items. The costs of right-of-use assets include the amount
of the initial measurement of the lease liability, any lease payments made at or before the commencement date less
lease incentives received, any direct costs and an estimate of dismantling costs. The carrying amount is further adjusted
for any remeasurement of the lease liability.
Expenditure incurred to replace a component in a tangible asset that is accounted for separately, including major
inspection and overhaul costs, is capitalized. Other subsequent expenditure is capitalized only when it increases the
future economic benefits embodied in the asset. All other expenditure such as ordinary maintenance and repairs is
recognized in the income statement as an expense as incurred. The borrowing costs directly attributable to the
acquisition, construction or production of a qualifying asset are capitalized as part of the acquisition cost.
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of the owned
property, plant and equipment or over the lease term of right-of-use assets. Land is not depreciated.
The estimated useful lives of the owned property, plant and equipment are (years):
\n \n
Buildings and other structures
20\u201340
Machinery and equipment
5\u201315
Other tangible assets and land improvements
3\u201312
Tangible assets which are classified as held for sale are valued at lower of its carrying amount or fair value less costs to
sell. The depreciation of these assets will be ceased when assets are classified as held for sale. Gains or losses arising
from the disposal of tangible assets are included in Earnings before interest and taxes.
Impairment of assets
The carrying amounts of assets are assessed at each reporting period closing date to determine whether there is any
indication of impairment. If such indication exists, the recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of assets or cash-generating unit exceeds the recoverable amount. Impairment losses
are recognized in the income statement. Impairment losses recognized in respect of cash-generating units are allocated
first to reduce the carrying value of goodwill allocated to groups of cash-generating units and then to reduce the carrying
amount of other assets in the group of units on pro rata bases.
For intangible and tangible assets the recoverable amount is the higher of the fair value less costs to sell and value-in-
use. In assessing value-in-use, the estimated future cash flows are discounted to their present value based on the
average cost of capital rate (pre-tax) of the cash-generating unit where the assets are located, adjusted for risks specific
to the assets.
In respect of tangible assets, and other intangible assets excluding goodwill, impairment losses recognized in prior
periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An
impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An
impairment loss is only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying amount
that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. An
impairment loss in respect of goodwill is never reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8286": { "value": "Impairment of assets
The carrying amounts of assets are assessed at each reporting period closing date to determine whether there is any
indication of impairment. If such indication exists, the recoverable amount is estimated. An impairment loss is recognized
whenever the carrying amount of assets or cash-generating unit exceeds the recoverable amount. Impairment losses
are recognized in the income statement. Impairment losses recognized in respect of cash-generating units are allocated
first to reduce the carrying value of goodwill allocated to groups of cash-generating units and then to reduce the carrying
amount of other assets in the group of units on pro rata bases.
For intangible and tangible assets the recoverable amount is the higher of the fair value less costs to sell and value-in-
use. In assessing value-in-use, the estimated future cash flows are discounted to their present value based on the
average cost of capital rate (pre-tax) of the cash-generating unit where the assets are located, adjusted for risks specific
to the assets.
In respect of tangible assets, and other intangible assets excluding goodwill, impairment losses recognized in prior
periods are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An
impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An
impairment loss is only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying amount
that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. An
impairment loss in respect of goodwill is never reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8319": { "value": "4.1. INVENTORIES \n \n
EUR million
2023
2022
Raw and packaging material
246.5
320.9
Work-In-Process
79.6
104.6
Finished goods
272.8
307.6
Goods in transit
21.9
22.3
Total
620.9
755.4
The value at cost for finished goods amounts to EUR 316.6 million (EUR 343.3 million). An allowance of EUR 43.7
million (EUR 35.7 million) has been established for obsolete items. Total inventories include EUR 0.9 million resulting
from reversals of previously written down values (EUR 2.5 million). Reversals relate to items used in production and sold
finished goods inventories.
ACCOUNTING PRINCIPLES
Inventories
Inventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price
in the ordinary course of business, less the estimated costs of completion and selling expenses.
Cost of inventories is determined using the first-in first-out (FIFO) principle and include expenditure incurred in acquiring
the inventories and bringing them to their existing location and condition. Costs for produced finished goods and work-
in-process represent the purchase price of materials, direct labor costs, other direct costs and related production
overheads excluding selling and financial costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8370": { "value": "Inventories
Inventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price
in the ordinary course of business, less the estimated costs of completion and selling expenses.
Cost of inventories is determined using the first-in first-out (FIFO) principle and include expenditure incurred in acquiring
the inventories and bringing them to their existing location and condition. Costs for produced finished goods and work-
in-process represent the purchase price of materials, direct labor costs, other direct costs and related production
overheads excluding selling and financial costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8381": { "value": "4.2. TRADE AND OTHER CURRENT RECEIVABLES \n \n
EUR million
2023
2022
Trade receivables
511.0
563.2
Other receivables
75.9
77.0
Accrued interest and other financial items
10.3
28.0
Other accrued income and prepaid expenses
39.4
41.1
Total
636.5
709.4
Other accrued income and prepaid expenses include prepayments for goods, accrued royalty income, rebates and other
miscellaneous accruals.
Aging and impairment losses of trade receivables at the closing date
\n \n
Gross
Impairment
Net
Gross
Impairment
Net
EUR million
2023
2023
2023
2022
2022
2022
Not past due
466.3
0.7
465.7
495.7
0.7
495.0
Past due 0-30 days
33.6
0.2
33.4
47.9
-0.2
48.1
Past due 31-120 days
10.1
0.5
9.6
15.9
0.2
15.7
Past due more than 120 days
7.2
4.9
2.3
10.1
5.7
4.4
Total
517.3
6.3
511.0
569.5
6.3
563.2
ACCOUNTING PRINCIPLES
Trade and other current receivables
Trade and other current receivables are financial assets initially measured at fair value and subsequently measured at
amortized cost by using the effective interest method. The Group uses simplified approach to measure a loss allowance
for expected credit losses on trade receivables that do not contain a significant financing component, where the Group
always measures the loss allowance at an amount equal to the lifetime expected credit losses. For this purpose, trade
receivables are grouped based on geographical location, product type and customer rating. The Group uses its historical
credit losses experience adjusted with supportable information about current and future conditions to define the
expected credit losses. The amount of expected credit losses is updated at each reporting date.
In factoring arrangements for trade receivables, the sold trade receivables are derecognized once the contractual cash
flows and substantially all risks and rewards of ownership are transferred. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8429": { "value": "Aging and impairment losses of trade receivables at the closing date \n \n
Gross
Impairment
Net
Gross
Impairment
Net
EUR million
2023
2023
2023
2022
2022
2022
Not past due
466.3
0.7
465.7
495.7
0.7
495.0
Past due 0-30 days
33.6
0.2
33.4
47.9
-0.2
48.1
Past due 31-120 days
10.1
0.5
9.6
15.9
0.2
15.7
Past due more than 120 days
7.2
4.9
2.3
10.1
5.7
4.4
Total
517.3
6.3
511.0
569.5
6.3
563.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8556": { "value": "Trade and other current receivables
Trade and other current receivables are financial assets initially measured at fair value and subsequently measured at
amortized cost by using the effective interest method. The Group uses simplified approach to measure a loss allowance
for expected credit losses on trade receivables that do not contain a significant financing component, where the Group
always measures the loss allowance at an amount equal to the lifetime expected credit losses. For this purpose, trade
receivables are grouped based on geographical location, product type and customer rating. The Group uses its historical
credit losses experience adjusted with supportable information about current and future conditions to define the
expected credit losses. The amount of expected credit losses is updated at each reporting date.
In factoring arrangements for trade receivables, the sold trade receivables are derecognized once the contractual cash
flows and substantially all risks and rewards of ownership are transferred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8570": { "value": "4.3. PROVISIONS
Restructuring provisions
Restructuring provisions include mainly costs for various ongoing projects to streamline operations. Provisions relate to
employee termination benefits.
As announced on June 8, 2023, Huhtamaki has made the decision to consolidate the production footprint of its Flexible
Packaging segment in Europe and will be closing its Flexible Packaging production facility in Prague, Czech Republic. As
a result, a restructuring provision of EUR 4.4 million was made, and it relates mainly to employee termination benefits.
Other provisions
Other provisions include mainly captive insurance provisions relating to workers, environmental and litigation provisions.
\n \n
Restructuring
EUR million
reserve
Other
Total 2023
Total 2022
Provision on January 1, 2023
0.7
22.5
23.1
17.8
Translation difference
-0.1
-0.5
-0.6
0.3
Provisions made during the year
4.9
5.6
10.5
17.6
Provisions used during the year
-0.2
-8.7
-8.9
-8.2
Unused provisions reversed during the year
-0.1
-0.1
-0.2
-4.2
Unwind of discount
-
-
-
-0.1
Provision on December 31, 2023
5.1
18.8
23.9
23.1
Current
5.1
5.5
10.5
9.8
Non-current
0.0
13.4
13.4
13.3
ACCOUNTING PRINCIPLES
Provisions
Provisions are recognized in the statement of financial position when the Group has a present legal or constructive
obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle
such obligation, and a reliable estimate of the amount of the obligation can be made. Provisions arise from restructuring
plans, onerous contracts, legal proceedings and from environmental litigation risks. Obligations arising from restructuring
plans are recognized when the detailed and formal plans have been established and when there is a valid expectation
that such plan will be carried out (plan has been announced). Provision from emissions is recognized according to actual
emissions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8700": { "value": "Provisions
Provisions are recognized in the statement of financial position when the Group has a present legal or constructive
obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle
such obligation, and a reliable estimate of the amount of the obligation can be made. Provisions arise from restructuring
plans, onerous contracts, legal proceedings and from environmental litigation risks. Obligations arising from restructuring
plans are recognized when the detailed and formal plans have been established and when there is a valid expectation
that such plan will be carried out (plan has been announced). Provision from emissions is recognized according to actual
emissions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8722": { "value": "4.4. TRADE AND OTHER CURRENT LIABILITIES \n \n
EUR million
2023
2022
Trade payables
414.9
491.0
Other payables
94.0
82.0
Accrued interest expense and other financial items
26.5
27.0
Personnel and social security accruals
86.9
79.0
Other accrued expenses
81.1
55.8
Total
703.5
734.9
Other accrued expenses include accruals for purchases of material and other miscellaneous accruals.
ACCOUNTING PRINCIPLES
Trade and other current liabilities are measured at amortized cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8778": { "value": "Trade and other current liabilities are measured at amortized cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8781": { "value": "5.1. NET FINANCIAL ITEMS \n \n
EUR million
2023
2022
Interest income
Financial assets at amortized cost
Interest-bearing receivables and other receivables
10.8
7.2
Financial assets at fair value through profit or loss
Derivatives
0.2
1.8
Defined benefit plans
2.8
1.9
Dividend income
Other investments
0.0
0.2
Other financial income
FX revaluation gains
Interest-bearing assets and liabilities
-
0.0
Derivatives
-
0.1
Financial income
13.9
11.1
Interest expense
Financial liabilities measured at amortized cost
Interest-bearing liabilities (excl. lease liabilities)
-69.6
-32.2
Lease liabilities
-5.5
-5.7
Financial liabilities at fair value through profit or loss
Derivatives
6.2
-11.2
Defined benefit plans
-5.2
-2.8
Other financial expense
FX revaluation losses
Interest-bearing assets and liabilities
-4.7
-4.4
Derivatives
-6.5
0.0
Change in fair value of contingent consideration
-
-4.8
Fees related to committed credit facilities
2.3
-2.5
Other fees
0.1
-0.7
Financial expense
-82.9
-64.3
Net financial items
-69.0
-53.2
ACCOUNTING PRINCIPLES
Net financial items
Gains and losses on fair value hedges are reported net of the gain or loss on the hedged item. Only foreign exchange
revaluation gains and losses arising from purely financial exposures such as loans denominated in foreign currencies are
reported in other financial items. Changes in fair value of contingent considerations related to business combinations
are reported as other financial income or expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8782": { "value": "5.1. NET FINANCIAL ITEMS \n \n
EUR million
2023
2022
Interest income
Financial assets at amortized cost
Interest-bearing receivables and other receivables
10.8
7.2
Financial assets at fair value through profit or loss
Derivatives
0.2
1.8
Defined benefit plans
2.8
1.9
Dividend income
Other investments
0.0
0.2
Other financial income
FX revaluation gains
Interest-bearing assets and liabilities
-
0.0
Derivatives
-
0.1
Financial income
13.9
11.1
Interest expense
Financial liabilities measured at amortized cost
Interest-bearing liabilities (excl. lease liabilities)
-69.6
-32.2
Lease liabilities
-5.5
-5.7
Financial liabilities at fair value through profit or loss
Derivatives
6.2
-11.2
Defined benefit plans
-5.2
-2.8
Other financial expense
FX revaluation losses
Interest-bearing assets and liabilities
-4.7
-4.4
Derivatives
-6.5
0.0
Change in fair value of contingent consideration
-
-4.8
Fees related to committed credit facilities
2.3
-2.5
Other fees
0.1
-0.7
Financial expense
-82.9
-64.3
Net financial items
-69.0
-53.2
ACCOUNTING PRINCIPLES
Net financial items
Gains and losses on fair value hedges are reported net of the gain or loss on the hedged item. Only foreign exchange
revaluation gains and losses arising from purely financial exposures such as loans denominated in foreign currencies are
reported in other financial items. Changes in fair value of contingent considerations related to business combinations
are reported as other financial income or expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8783": { "value": "5.1. NET FINANCIAL ITEMS \n \n
EUR million
2023
2022
Interest income
Financial assets at amortized cost
Interest-bearing receivables and other receivables
10.8
7.2
Financial assets at fair value through profit or loss
Derivatives
0.2
1.8
Defined benefit plans
2.8
1.9
Dividend income
Other investments
0.0
0.2
Other financial income
FX revaluation gains
Interest-bearing assets and liabilities
-
0.0
Derivatives
-
0.1
Financial income
13.9
11.1
Interest expense
Financial liabilities measured at amortized cost
Interest-bearing liabilities (excl. lease liabilities)
-69.6
-32.2
Lease liabilities
-5.5
-5.7
Financial liabilities at fair value through profit or loss
Derivatives
6.2
-11.2
Defined benefit plans
-5.2
-2.8
Other financial expense
FX revaluation losses
Interest-bearing assets and liabilities
-4.7
-4.4
Derivatives
-6.5
0.0
Change in fair value of contingent consideration
-
-4.8
Fees related to committed credit facilities
2.3
-2.5
Other fees
0.1
-0.7
Financial expense
-82.9
-64.3
Net financial items
-69.0
-53.2
ACCOUNTING PRINCIPLES
Net financial items
Gains and losses on fair value hedges are reported net of the gain or loss on the hedged item. Only foreign exchange
revaluation gains and losses arising from purely financial exposures such as loans denominated in foreign currencies are
reported in other financial items. Changes in fair value of contingent considerations related to business combinations
are reported as other financial income or expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8978": { "value": "Net financial items
Gains and losses on fair value hedges are reported net of the gain or loss on the hedged item. Only foreign exchange
revaluation gains and losses arising from purely financial exposures such as loans denominated in foreign currencies are
reported in other financial items. Changes in fair value of contingent considerations related to business combinations
are reported as other financial income or expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9016": { "value": "5.2. INTEREST-BEARING RECEIVABLES \n \n
2023
2023
2022
2022
EUR million
Carrying amount
Fair value
Carrying amount
Fair value
Current
Loan receivables
14.0
14.0
13.4
13.4
Finance lease receivables
1.2
1.2
1.6
1.6
Current interest-bearing
receivables
15.2
15.2
14.9
14.9
Non-current
Loan receivables
0.1
0.1
0.0
0.0
Finance lease receivables
2.2
2.2
0.9
0.9
Non
-current interest-bearing
receivables
2.4
2.4
0.9
0.9
Finance lease receivables
\n \n
EUR million
2023
2022
Finance lease receivable is payable as follows:
In less than one year
1.2
1.6
Between one and five years
2.2
0.9
Total minimum lease payments
3.4
2.5
Present value of minimum lease payments
In less than one year
1.0
1.1
Between one and five years
2.1
1.3
Total present value of minimum lease payments
3.1
2.5
Unearned future financial income
0.4
-
Finance lease receivables relate to packaging machines leased to customers.
ACCOUNTING PRINCIPLES
Interest-bearing receivables
Interest-bearing receivables are measured at amortized cost. Fair values have been calculated by discounting future
cash flows of each major receivable at the appropriate market interest rate prevailing at closing date. The fair value of
current interest-bearing receivables is estimated to equal the carrying amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9209": { "value": "Interest-bearing receivables
Interest-bearing receivables are measured at amortized cost. Fair values have been calculated by discounting future
cash flows of each major receivable at the appropriate market interest rate prevailing at closing date. The fair value of
current interest-bearing receivables is estimated to equal the carrying amount.Financial assets and liabilities
Financial assets are classified according to IFRS 9 on the basis of the Group\u2019s business model for managing the financial
assets and the contractual cash flow characteristics to the following categories: financial assets at fair value through
profit or loss, financial assets at fair value through OCI and financial assets at amortized cost. Financial liabilities are
classified to financial liabilities at fair value through profit and loss and financial liabilities at amortized cost.
Publicly traded and unlisted shares are classified as financial assets at fair value through OCI. Publicly traded shares are
recognized at fair value, which is based on quoted market prices at the reporting period closing date. Gains or losses
arising from changes in fair value are recognized in other comprehensive income and are presented in equity in fair
value reserves. Unlisted shares are measured at cost, as their fair value cannot be measured reliably.
Non-derivative assets with fixed or determinable payments that are not quoted in an active market are classified as
financial assets at amortized cost. Trade receivables and other receivables are included in this category. Trade and other
receivables are measured at amortized cost by using the effective interest rate method.
The Group recognizes a loss allowance for expected credit losses on financial assets based on the general approach,
where a loss allowance is measured at amount equal to 12-month expected credit losses if there has not been a
significant increase in credit risk since the initial recognition. The Group measures expected credit losses based on
historical credit losses experience, current and future conditions. Simplified approach is used for trade receivables that
do not contain a significant financing component, where the Group always measures the loss allowance at an amount
equal to the lifetime expected credit losses. The amount of expected credit losses is updated at each reporting date.
Fair values of foreign exchange forwards are calculated using market rates on the reporting period closing date. Fair
values of foreign exchange options are calculated with the Garman-Kohlhagen model. Fair values of interest rate swaps,
futures and forwards are based on net present values of estimated future cash flows. Cash, short-term loans and
overdrafts have fair values that approximate to their carrying amounts because of their short-term nature. The
recoverable amount for financial investments is calculated as the present value of expected future cash flows,
discounted at the original effective interest rate. Short-term receivables are not discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9217": { "value": "5.3. CASH AND CASH EQUIVALENTS \n \n
EUR million
2023
2022
Cash and bank
255.0
305.0
Liquid marketable securities
93.2
4.4
Total
348.2
309.4
ACCOUNTING PRINCIPLES
Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank and short-term highly liquid deposits and money market securities
for the Group\u2019s cash management purposes that are subject to insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9250": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank and short-term highly liquid deposits and money market securities
for the Group\u2019s cash management purposes that are subject to insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9269": { "value": "5.4. SHAREHOLDERS\u2019 EQUITY \n \n
Share capital
Number of shares
Share capital EUR
Share premium EUR
Treasury shares EUR
Total EUR
January 1, 2022
107,760,385
366,385,309.00
115,023,103.38
-31,205,188.88
450,203,223.50
Own shares conveyance through performance
share incentive plan
-
-
-
December 31, 2022
107,760,385
366,385,309.00
115,023,103.38
-31,205,188.88
450,203,223.50
Own shares conveyance through performance
share incentive plan
1,594,440.60
1,594,440.60
December 31, 2023
107,760,385
366,385,309.00
115,023,103.38
-29,610,748.28
451,797,664.10
All shares issued are fully paid.
Share capital of the parent company
Huhtam\u00e4ki Oyj has one series of shares. Each share entitles its holder to equal voting rights and equal distribution of
dividend and other assets. The Company\u2019s Articles of Association do not contain rules regarding the minimum or
maximum number of shares or the minimum or maximum share capital. Shares do not have a nominal value. All shares
issued are fully paid.
The amount of the subscription price exceeding the par value of shares (EUR 3.40) received by the Company in
connection with share subscriptions based on option rights granted under the option rights plan established under the
old Companies Act (734/1978) has been recorded in the share premium. The Company\u2019s last existing option rights plan
ceased on April 30, 2014.
Based on the authorization given by the Annual General Meeting of Shareholders on March 25, 2002, the Company
repurchased in total 5,061,089 own shares during 2002 and 2003. After 2003 no own shares have been repurchased.
The Annual General Meeting of Shareholders on April 27, 2023 authorized the Board of Directors to decide on the
repurchase of the Company\u2019s own shares. The authorization remains in force until the end of the next Annual General
Meeting, however, no longer than until June 30, 2024. The authorization by Annual General Meeting on April 27, 2022
to the Board of Directors to resolve on the repurchase of own shares terminated at the end of the Annual General
Meeting on April 27, 2023.
The Annual General Meeting of Shareholders on April 27, 2023 authorized the Board of Directors to decide on the
issuance of shares as well as the issuance of special rights entitling to shares. The authorization remains in force until
the end of the next Annual General Meeting, however, no longer than until June 30, 2024. This authorization cancelled
the authorization given by the Annual General Meeting on April 27, 2022 to decide on the issuance of shares as well
as the issuance of special rights entitling to shares. During 2023 173,505 shares were transferred (during 2022 no own
shares were transferred based on the authorization in force at that time).
On December 31, 2023 the Company owned a total of 3,222,204 own shares (3,395,709 own shares).
Members of the Board of Directors and the CEO of the Company owned on December 31, 2023 a total of 101,929
shares (69,850 shares). These shares represented 0.09% (0.06%)
of the total number of shares and voting rights in the
Company on December 31, 2023.
Proposal of the Board of Directors to distribute the earnings
On December 31, 2023 Huhtam\u00e4ki Oyj\u2019s non-restricted equity was EUR 836,481,022.88 of which the result for the
financial period was EUR 39,425,010.98. The Board of Directors proposes that dividend will be distributed at EUR 1.05
per share. No dividend for the own shares held by the Company on the record date shall be distributed.
The total amount of dividend on the date of this proposal would be EUR 109,765,090.05.
No significant changes have taken place in the Company\u2019s financial position since the end of the financial year. The
Company\u2019s liquidity position is good and the proposed distribution does not, in the view of the Board of Directors, risk
the Company\u2019s ability to fulfill its obligations.
Treasury shares
Treasury shares include the purchase price of Huhtam\u00e4ki Oyj\u2019s shares held by Group companies. In 2023 173,505
shares were transferred (during 2022 no own shares were transferred). There are no additions in treasury shares in
2023.
Translation differences
Translation differences contain the differences resulting from the translation of foreign entities\u2019 financial statements
into euros. Also gains and losses from net investments in foreign entities are reported in translation differences. Hedges
of those investments are reported in translation differences, if hedge accounting criteria is met.
ACCOUNTING PRINCIPLES
Equity, dividends and own shares
The Group\u2019s equity includes instruments that evidences a residual interest in the assets of an entity after deducting all
of its liabilities and contains no contractual obligation for the issuer to deliver cash or other financial asset to another
entity or to exchange financial assets or financial liabilities with another entity under conditions which are unfavorable
to the issuer. When Huhtam\u00e4ki Oyj\u2019s own shares are repurchased, the amount of the consideration paid, including
directly attributable costs, is recognized as a deduction in equity. Dividends proposed by the Board of Directors are not
recognized in the financial statements until the shareholders have approved them at the Annual General Meeting.
5.5. FAIR VALUE AND OTHER RESERVES
\n \n
EUR million
December 31, 2021
-72.4
Cash flow hedges recognized in other comprehensive income
7.5
Cash flow hedges transferred to profit or loss
-0.4
Cash flow hedges transferred to statement of financial position
10.3
Deferred taxes
-3.4
Change of remeasurements on defined benefit plans
44.1
Deferred taxes
-16.3
Change of non-controlling interest in other comprehensive income
0.1
December 31, 2022
-30.4
Cash flow hedges recognized in other comprehensive income
-2.4
Cash flow hedges transferred to profit or loss
-0.5
Cash flow hedges transferred to statement of financial position
-2.7
Deferred taxes
1.2
Change of remeasurements on defined benefit plans
-18.2
Deferred taxes
5.0
Change of non-controlling interest in other comprehensive income
-0.1
December 31, 2023
-48.1
Fair value and other reserves
Fair value and other reserves contain the effective portion of fair value changes of derivative instruments designated
as cash flow hedges, the change in fair value of other investments, the change of remeasurements on defined benefit
plans and the change of non-controlling interest. Also deferred taxes in equity are reported in fair value and other
reserves.
ACCOUNTING PRINCIPLES
Fair value and other reserves
All derivative financial instruments are measured at fair value. The Group applies hedge accounting for certain interest
rate swaps and foreign exchange forwards that meet hedge accounting criteria as defined in IFRS 9. The hedged item
must be highly probable to occur and must ultimately affect the income statement. The hedges must be highly effective
prospectively. For qualifying cash flow hedges, the portion of any change in fair value that is effective is included in
other comprehensive income, and any remaining ineffective portion is recognized in the income statement. The
cumulative changes of fair value of the hedging instrument that have been recognized in equity are transferred from
equity and included in the income statement when the forecasted transaction is recognized in the income statement.
When the hedged forecast transaction subsequently results in the recognition of non-financial asset or non-financial
liability, the cumulative change of fair value of the hedging instrument that has been recognized in equity is transferred
from equity and included in the initial carrying amount of the asset or liability at the time it is recognized.
For qualifying fair value hedges, the valuation is recognized in the income statement relating to the hedged risk.
Derivative instruments that are designated as hedging instruments but not accounted for according to the principles of
hedge accounting or which do not fulfill IFRS 9 hedge accounting requirements are classified as financial instruments at
fair value through profit or loss and valued at fair value. Changes in fair values of these derivative financial instruments
are recognized in the income statement. A non-split presentation is applied to liabilities at fair value through profit or
loss because the presentation in OCI would create or enlarge an accounting mismatch in profit or loss.
The Group uses foreign exchange forwards and foreign currency loans to hedge net investments in foreign entities.
Hedges of net investment in foreign entities must meet the same hedge accounting criteria as cash flow hedges as
detailed in IFRS 9. All changes in fair value arising from the hedges are recognized as a translation difference in other
comprehensive income if hedge accounting criteria are met. If the hedged entity is disposed of, the cumulative changes
in fair value of the hedging instrument that have been recognized in equity are included in the income statement at the
time of disposal.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9271": { "value": "\n \n
Share capital
Number of shares
Share capital EUR
Share premium EUR
Treasury shares EUR
Total EUR
January 1, 2022
107,760,385
366,385,309.00
115,023,103.38
-31,205,188.88
450,203,223.50
Own shares conveyance through performance
share incentive plan
-
-
-
December 31, 2022
107,760,385
366,385,309.00
115,023,103.38
-31,205,188.88
450,203,223.50
Own shares conveyance through performance
share incentive plan
1,594,440.60
1,594,440.60
December 31, 2023
107,760,385
366,385,309.00
115,023,103.38
-29,610,748.28
451,797,664.10
All shares issued are fully paid.
Share capital of the parent company
Huhtam\u00e4ki Oyj has one series of shares. Each share entitles its holder to equal voting rights and equal distribution of
dividend and other assets. The Company\u2019s Articles of Association do not contain rules regarding the minimum or
maximum number of shares or the minimum or maximum share capital. Shares do not have a nominal value. All shares
issued are fully paid.
The amount of the subscription price exceeding the par value of shares (EUR 3.40) received by the Company in
connection with share subscriptions based on option rights granted under the option rights plan established under the
old Companies Act (734/1978) has been recorded in the share premium. The Company\u2019s last existing option rights plan
ceased on April 30, 2014.
Based on the authorization given by the Annual General Meeting of Shareholders on March 25, 2002, the Company
repurchased in total 5,061,089 own shares during 2002 and 2003. After 2003 no own shares have been repurchased.
The Annual General Meeting of Shareholders on April 27, 2023 authorized the Board of Directors to decide on the
repurchase of the Company\u2019s own shares. The authorization remains in force until the end of the next Annual General
Meeting, however, no longer than until June 30, 2024. The authorization by Annual General Meeting on April 27, 2022
to the Board of Directors to resolve on the repurchase of own shares terminated at the end of the Annual General
Meeting on April 27, 2023.
The Annual General Meeting of Shareholders on April 27, 2023 authorized the Board of Directors to decide on the
issuance of shares as well as the issuance of special rights entitling to shares. The authorization remains in force until
the end of the next Annual General Meeting, however, no longer than until June 30, 2024. This authorization cancelled
the authorization given by the Annual General Meeting on April 27, 2022 to decide on the issuance of shares as well
as the issuance of special rights entitling to shares. During 2023 173,505 shares were transferred (during 2022 no own
shares were transferred based on the authorization in force at that time).
On December 31, 2023 the Company owned a total of 3,222,204 own shares (3,395,709 own shares).
Members of the Board of Directors and the CEO of the Company owned on December 31, 2023 a total of 101,929
shares (69,850 shares). These shares represented 0.09% (0.06%)
of the total number of shares and voting rights in the
Company on December 31, 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9373": { "value": "Based on the authorization given by the Annual General Meeting of Shareholders on March 25, 2002, the Company
repurchased in total 5,061,089 own shares during 2002 and 2003. After 2003 no own shares have been repurchased.
The Annual General Meeting of Shareholders on April 27, 2023 authorized the Board of Directors to decide on the
repurchase of the Company\u2019s own shares. The authorization remains in force until the end of the next Annual General
Meeting, however, no longer than until June 30, 2024. The authorization by Annual General Meeting on April 27, 2022
to the Board of Directors to resolve on the repurchase of own shares terminated at the end of the Annual General
Meeting on April 27, 2023.
The Annual General Meeting of Shareholders on April 27, 2023 authorized the Board of Directors to decide on the
issuance of shares as well as the issuance of special rights entitling to shares. The authorization remains in force until
the end of the next Annual General Meeting, however, no longer than until June 30, 2024. This authorization cancelled
the authorization given by the Annual General Meeting on April 27, 2022 to decide on the issuance of shares as well
as the issuance of special rights entitling to shares. During 2023 173,505 shares were transferred (during 2022 no own
shares were transferred based on the authorization in force at that time).
On December 31, 2023 the Company owned a total of 3,222,204 own shares (3,395,709 own shares).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9423": { "value": "Translation differences
Translation differences contain the differences resulting from the translation of foreign entities\u2019 financial statements
into euros. Also gains and losses from net investments in foreign entities are reported in translation differences. Hedges
of those investments are reported in translation differences, if hedge accounting criteria is met.5.5. FAIR VALUE AND OTHER RESERVES \n \n
EUR million
December 31, 2021
-72.4
Cash flow hedges recognized in other comprehensive income
7.5
Cash flow hedges transferred to profit or loss
-0.4
Cash flow hedges transferred to statement of financial position
10.3
Deferred taxes
-3.4
Change of remeasurements on defined benefit plans
44.1
Deferred taxes
-16.3
Change of non-controlling interest in other comprehensive income
0.1
December 31, 2022
-30.4
Cash flow hedges recognized in other comprehensive income
-2.4
Cash flow hedges transferred to profit or loss
-0.5
Cash flow hedges transferred to statement of financial position
-2.7
Deferred taxes
1.2
Change of remeasurements on defined benefit plans
-18.2
Deferred taxes
5.0
Change of non-controlling interest in other comprehensive income
-0.1
December 31, 2023
-48.1
Fair value and other reserves
Fair value and other reserves contain the effective portion of fair value changes of derivative instruments designated
as cash flow hedges, the change in fair value of other investments, the change of remeasurements on defined benefit
plans and the change of non-controlling interest. Also deferred taxes in equity are reported in fair value and other
reserves.
ACCOUNTING PRINCIPLES
Fair value and other reserves
All derivative financial instruments are measured at fair value. The Group applies hedge accounting for certain interest
rate swaps and foreign exchange forwards that meet hedge accounting criteria as defined in IFRS 9. The hedged item
must be highly probable to occur and must ultimately affect the income statement. The hedges must be highly effective
prospectively. For qualifying cash flow hedges, the portion of any change in fair value that is effective is included in
other comprehensive income, and any remaining ineffective portion is recognized in the income statement. The
cumulative changes of fair value of the hedging instrument that have been recognized in equity are transferred from
equity and included in the income statement when the forecasted transaction is recognized in the income statement.
When the hedged forecast transaction subsequently results in the recognition of non-financial asset or non-financial
liability, the cumulative change of fair value of the hedging instrument that has been recognized in equity is transferred
from equity and included in the initial carrying amount of the asset or liability at the time it is recognized.
For qualifying fair value hedges, the valuation is recognized in the income statement relating to the hedged risk.
Derivative instruments that are designated as hedging instruments but not accounted for according to the principles of
hedge accounting or which do not fulfill IFRS 9 hedge accounting requirements are classified as financial instruments at
fair value through profit or loss and valued at fair value. Changes in fair values of these derivative financial instruments
are recognized in the income statement. A non-split presentation is applied to liabilities at fair value through profit or
loss because the presentation in OCI would create or enlarge an accounting mismatch in profit or loss.
The Group uses foreign exchange forwards and foreign currency loans to hedge net investments in foreign entities.
Hedges of net investment in foreign entities must meet the same hedge accounting criteria as cash flow hedges as
detailed in IFRS 9. All changes in fair value arising from the hedges are recognized as a translation difference in other
comprehensive income if hedge accounting criteria are met. If the hedged entity is disposed of, the cumulative changes
in fair value of the hedging instrument that have been recognized in equity are included in the income statement at the
time of disposal.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9435": { "value": "When Huhtam\u00e4ki Oyj\u2019s own shares are repurchased, the amount of the consideration paid, including directly attributable costs, is recognized as a deduction in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9579": { "value": "5.6. INTEREST-BEARING LIABILITIES \n \n
2023
2022
EUR million
Carrying amount
Fair value
Carrying amount
Fair value
Current
Loans from financial institutions
fixed rate
19.9
19.6
277.6
277.5
floating rate
106.5
108.0
63.5
63.5
Bonds
fixed rate
99.7
96.1
-
-
Other current loans
floating rate
0.2
0.2
5.1
5.1
Contingent considerations
-
-
20.6
20.6
Lease liabilities
24.8
24.8
25.3
25.3
Total
251.0
248.7
392.2
392.0
Non-current
Loans from financial institutions
fixed rate
33.6
32.0
79.3
74.3
floating rate
259.6
288.4
371.0
371.0
Bonds
fixed rate
971.2
962.7
815.8
777.6
Other non-current loans
floating rate
2.1
2.1
4.6
4.6
Contingent considerations
-
-
-
-
Lease liabilities
136.5
136.5
133.2
133.2
Total
1,403.0
1,421.7
1,403.9
1,360.7
Loan repayments
\n \n
Loans from
financial
Contingent
Repayment
institutions
Bonds
Other loans
considerations
Lease liabilities
Total
2024
126.4
99.7
0.2
-
24.8
251.0
2025
215.1
-
-
-
35.0
250.1
2026
47.5
174.7
2.1
-
14.2
238.5
2027
30.6
498.1
-
-
11.7
540.4
2028
-
298.4
-
-
10.2
308.6
2029-
0.0
-
-
-
65.4
65.4
ACCOUNTING PRINCIPLES
Interest-bearing liabilities
Interest-bearing loans and borrowings are classified as other liabilities. Interest-bearing loans and borrowings are
originated loans and bank loans, and are carried at amortized cost by using the effective interest rate method. All
interest-bearing liabilities are other liabilities than liabilities for trading purposes or derivative financial instruments
defined in IFRS 9 and as such are carried at amortized cost. Fair values have been calculated by discounting future cash
flows at the appropriate market interest rate prevailing at period end closing date. Interest rates for measuring fair values
of interest-bearing liabilities were 3.81%\u20136.80%. The fair value of current interest-bearing liabilities is estimated to equal
the carrying amount.
Contingent considerations related to business combinations classified as financial liabilities are measured at fair value
through profit or loss and reported in the interest-bearing liabilities.
Lease liabilities are recognized at the commencement date of the lease. Lease liabilities are measured at the present
value of future lease payments using an effective interest rate method. The carrying amount is reduced to reflect the
lease payments made and the interest expense is allocated over the lease term. A lease liability is remeasured, when
there is a lease modification or reassessment.
Reconciliation of liabilities arising from financing activities
\n \n
2023
2022
Non-cash changes
Foreign
Reclassification
Business
Contingent
exchange
from long-term
EUR million
Total
Cash flows
combinations
considerations
movement
to short-term
Other
Total
Long
-term loans
1,266.6
426.9
-
-
-
2.8
-
435.0
6.8
1,270.6
Short-term loans
229.7
-541.2
-
-20.0
-5.2
435.0
14.8
346.2
Long-term lease liabilities
136.5
-
-
-
-2.5
-20.9
26.7
133.2
Short-term lease liabilities
24.8
-28.8
-
-
-0.5
20.9
7.8
25.3
Total liabilities from financing
activities
1,657.5
-143.1
-
-20.0
-10.9
0.0
56.2
1,775.4
\n \n
2022
2021
Non-cash changes
Foreign
Reclassification
Business
Contingent
exchange
from long-term
EUR million
Total
Cash flows
combinations
considerations
movement
to short-term
Other
Total
Long-term loans
1,270.6
293.7
-
-15.2
31.3
-155.8
-12.2
1,128.8
Short-term loans
346.2
-186.1
-
20.0
0.8
155.8
-42.6
398.4
Long-term lease liabilities
133.2
0.0
-1.8
-
1.0
-17.3
4.5
146.8
Short-term lease liabilities
25.3
-28.8
1.9
-
-0.1
17.3
6.2
28.8
Total liabilities from financing
activities
1,775.4
78.8
0.1
4.8
33.0
0.0
-
44.1
1,702.8
5.7. FINANCIAL ASSETS AND LIABILITIES BY CATEGORY
\n \n
EUR million
2023
2022
Financial assets at fair value through profit or loss
Derivatives
5.9
10.9
Derivatives designated for hedge accounting
7.9
20.0
Financial assets at amortized cost
Non-current interest-bearing receivables
2.4
0.9
Other non-current assets
17.0
28.7
Current interest-bearing receivables
15.2
14.9
Trade and other current receivables
569.9
611.8
Cash and cash equivalents
348.2
309.4
Other investments
2.3
2.4
Financial assets total
968.6
999.0
Financial liabilities at fair value through profit or loss
Derivatives
9.3
14.7
Contingent considerations
0.0
20.6
Derivatives designated for hedge accounting
0.2
2.3
Financial liabilities at amortized cost
Non-current interest-bearing liabilities
1,403.0
1,403.9
Other non-current liabilities
12.8
10.5
Current portion of long-term loans
167.3
168.9
Short term loans
83.7
202.6
Trade and other current liabilities
485.5
541.4
Financial liabilities total
2,161.8
2,364.9
In the statement of financial position derivatives are included in the following groups: non-current interest-bearing
liabilities, other non-current assets, trade and other current receivables, other non-current liabilities and trade and other
current liabilities.
ACCOUNTING PRINCIPLES
Financial assets and liabilities
Financial assets are classified according to IFRS 9 on the basis of the Group\u2019s business model for managing the financial
assets and the contractual cash flow characteristics to the following categories: financial assets at fair value through
profit or loss, financial assets at fair value through OCI and financial assets at amortized cost. Financial liabilities are
classified to financial liabilities at fair value through profit and loss and financial liabilities at amortized cost.
Publicly traded and unlisted shares are classified as financial assets at fair value through OCI. Publicly traded shares are
recognized at fair value, which is based on quoted market prices at the reporting period closing date. Gains or losses
arising from changes in fair value are recognized in other comprehensive income and are presented in equity in fair
value reserves. Unlisted shares are measured at cost, as their fair value cannot be measured reliably.
Non-derivative assets with fixed or determinable payments that are not quoted in an active market are classified as
financial assets at amortized cost. Trade receivables and other receivables are included in this category. Trade and other
receivables are measured at amortized cost by using the effective interest rate method.
The Group recognizes a loss allowance for expected credit losses on financial assets based on the general approach,
where a loss allowance is measured at amount equal to 12-month expected credit losses if there has not been a
significant increase in credit risk since the initial recognition. The Group measures expected credit losses based on
historical credit losses experience, current and future conditions. Simplified approach is used for trade receivables that
do not contain a significant financing component, where the Group always measures the loss allowance at an amount
equal to the lifetime expected credit losses. The amount of expected credit losses is updated at each reporting date.
Fair values of foreign exchange forwards are calculated using market rates on the reporting period closing date. Fair
values of foreign exchange options are calculated with the Garman-Kohlhagen model. Fair values of interest rate swaps,
futures and forwards are based on net present values of estimated future cash flows. Cash, short-term loans and
overdrafts have fair values that approximate to their carrying amounts because of their short-term nature. The
recoverable amount for financial investments is calculated as the present value of expected future cash flows,
discounted at the original effective interest rate. Short-term receivables are not discounted.
Contingent considerations related to business combinations classified as financial liabilities are measured at fair value
through profit or loss and reported in the interest-bearing liabilities.
EUR million
\n \n
Financial instruments measured at fair value
Level 1
Level 2
Level 3
Total 2023
Assets
Derivatives
Currency derivatives
-
8.9
-
8.9
Interest rate derivatives
-
4.9
-
4.9
Other investments
-
-
2.3
2.3
Total
-
13.8
2.3
16.0
Liabilities
Derivatives
Currency derivatives
-
9.2
-
9.2
Interest rate derivatives
-
0.3
-
0.3
Contingent considerations
-
-
0.0
Total
-
9.5
-
9.5
EUR million
\n \n
Financial instruments measured at fair value
Level 1
Level 2
Level 3
Total 2022
Assets
Derivatives
Currency derivatives
-
23.9
-
23.9
Interest rate derivatives
-
7.0
-
7.0
Other investments
-
-
2.4
2.4
Total
-
30.9
2.4
33.3
Liabilities
Derivatives
Currency derivatives
-
10.8
-
10.8
Interest rate derivatives
-
6.2
-
6.2
Contingent considerations
-
-
20.6
20.6
Total
-
17.0
20.6
37.6
The Group uses income approach in determining the fair value. Inputs used are foreign exchange rates, interest rates
and yield curves as well as implied volatilities.
Group\u2019s currency and interest rate derivatives are subject to International Swaps and Derivatives Association (ISDA)
master netting agreements. The amounts are not offset in the statement of financial position.
Unquoted investments are carried at cost, as their fair value cannot be measured reliably.
The levels of the fair value hierarchy are defined as follows:
Level 1: Quoted prices in active markets.
Level 2: Valuation techniques based on observable market data.
Level 3: Valuation techniques incorporating information other than observable market data.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9580": { "value": "5.6. INTEREST-BEARING LIABILITIES \n \n
2023
2022
EUR million
Carrying amount
Fair value
Carrying amount
Fair value
Current
Loans from financial institutions
fixed rate
19.9
19.6
277.6
277.5
floating rate
106.5
108.0
63.5
63.5
Bonds
fixed rate
99.7
96.1
-
-
Other current loans
floating rate
0.2
0.2
5.1
5.1
Contingent considerations
-
-
20.6
20.6
Lease liabilities
24.8
24.8
25.3
25.3
Total
251.0
248.7
392.2
392.0
Non-current
Loans from financial institutions
fixed rate
33.6
32.0
79.3
74.3
floating rate
259.6
288.4
371.0
371.0
Bonds
fixed rate
971.2
962.7
815.8
777.6
Other non-current loans
floating rate
2.1
2.1
4.6
4.6
Contingent considerations
-
-
-
-
Lease liabilities
136.5
136.5
133.2
133.2
Total
1,403.0
1,421.7
1,403.9
1,360.7
Loan repayments
\n \n
Loans from
financial
Contingent
Repayment
institutions
Bonds
Other loans
considerations
Lease liabilities
Total
2024
126.4
99.7
0.2
-
24.8
251.0
2025
215.1
-
-
-
35.0
250.1
2026
47.5
174.7
2.1
-
14.2
238.5
2027
30.6
498.1
-
-
11.7
540.4
2028
-
298.4
-
-
10.2
308.6
2029-
0.0
-
-
-
65.4
65.4
ACCOUNTING PRINCIPLES
Interest-bearing liabilities
Interest-bearing loans and borrowings are classified as other liabilities. Interest-bearing loans and borrowings are
originated loans and bank loans, and are carried at amortized cost by using the effective interest rate method. All
interest-bearing liabilities are other liabilities than liabilities for trading purposes or derivative financial instruments
defined in IFRS 9 and as such are carried at amortized cost. Fair values have been calculated by discounting future cash
flows at the appropriate market interest rate prevailing at period end closing date. Interest rates for measuring fair values
of interest-bearing liabilities were 3.81%\u20136.80%. The fair value of current interest-bearing liabilities is estimated to equal
the carrying amount.
Contingent considerations related to business combinations classified as financial liabilities are measured at fair value
through profit or loss and reported in the interest-bearing liabilities.
Lease liabilities are recognized at the commencement date of the lease. Lease liabilities are measured at the present
value of future lease payments using an effective interest rate method. The carrying amount is reduced to reflect the
lease payments made and the interest expense is allocated over the lease term. A lease liability is remeasured, when
there is a lease modification or reassessment.
Reconciliation of liabilities arising from financing activities
\n \n
2023
2022
Non-cash changes
Foreign
Reclassification
Business
Contingent
exchange
from long-term
EUR million
Total
Cash flows
combinations
considerations
movement
to short-term
Other
Total
Long
-term loans
1,266.6
426.9
-
-
-
2.8
-
435.0
6.8
1,270.6
Short-term loans
229.7
-541.2
-
-20.0
-5.2
435.0
14.8
346.2
Long-term lease liabilities
136.5
-
-
-
-2.5
-20.9
26.7
133.2
Short-term lease liabilities
24.8
-28.8
-
-
-0.5
20.9
7.8
25.3
Total liabilities from financing
activities
1,657.5
-143.1
-
-20.0
-10.9
0.0
56.2
1,775.4
\n \n
2022
2021
Non-cash changes
Foreign
Reclassification
Business
Contingent
exchange
from long-term
EUR million
Total
Cash flows
combinations
considerations
movement
to short-term
Other
Total
Long-term loans
1,270.6
293.7
-
-15.2
31.3
-155.8
-12.2
1,128.8
Short-term loans
346.2
-186.1
-
20.0
0.8
155.8
-42.6
398.4
Long-term lease liabilities
133.2
0.0
-1.8
-
1.0
-17.3
4.5
146.8
Short-term lease liabilities
25.3
-28.8
1.9
-
-0.1
17.3
6.2
28.8
Total liabilities from financing
activities
1,775.4
78.8
0.1
4.8
33.0
0.0
-
44.1
1,702.8
5.7. FINANCIAL ASSETS AND LIABILITIES BY CATEGORY
\n \n
EUR million
2023
2022
Financial assets at fair value through profit or loss
Derivatives
5.9
10.9
Derivatives designated for hedge accounting
7.9
20.0
Financial assets at amortized cost
Non-current interest-bearing receivables
2.4
0.9
Other non-current assets
17.0
28.7
Current interest-bearing receivables
15.2
14.9
Trade and other current receivables
569.9
611.8
Cash and cash equivalents
348.2
309.4
Other investments
2.3
2.4
Financial assets total
968.6
999.0
Financial liabilities at fair value through profit or loss
Derivatives
9.3
14.7
Contingent considerations
0.0
20.6
Derivatives designated for hedge accounting
0.2
2.3
Financial liabilities at amortized cost
Non-current interest-bearing liabilities
1,403.0
1,403.9
Other non-current liabilities
12.8
10.5
Current portion of long-term loans
167.3
168.9
Short term loans
83.7
202.6
Trade and other current liabilities
485.5
541.4
Financial liabilities total
2,161.8
2,364.9
In the statement of financial position derivatives are included in the following groups: non-current interest-bearing
liabilities, other non-current assets, trade and other current receivables, other non-current liabilities and trade and other
current liabilities.
ACCOUNTING PRINCIPLES
Financial assets and liabilities
Financial assets are classified according to IFRS 9 on the basis of the Group\u2019s business model for managing the financial
assets and the contractual cash flow characteristics to the following categories: financial assets at fair value through
profit or loss, financial assets at fair value through OCI and financial assets at amortized cost. Financial liabilities are
classified to financial liabilities at fair value through profit and loss and financial liabilities at amortized cost.
Publicly traded and unlisted shares are classified as financial assets at fair value through OCI. Publicly traded shares are
recognized at fair value, which is based on quoted market prices at the reporting period closing date. Gains or losses
arising from changes in fair value are recognized in other comprehensive income and are presented in equity in fair
value reserves. Unlisted shares are measured at cost, as their fair value cannot be measured reliably.
Non-derivative assets with fixed or determinable payments that are not quoted in an active market are classified as
financial assets at amortized cost. Trade receivables and other receivables are included in this category. Trade and other
receivables are measured at amortized cost by using the effective interest rate method.
The Group recognizes a loss allowance for expected credit losses on financial assets based on the general approach,
where a loss allowance is measured at amount equal to 12-month expected credit losses if there has not been a
significant increase in credit risk since the initial recognition. The Group measures expected credit losses based on
historical credit losses experience, current and future conditions. Simplified approach is used for trade receivables that
do not contain a significant financing component, where the Group always measures the loss allowance at an amount
equal to the lifetime expected credit losses. The amount of expected credit losses is updated at each reporting date.
Fair values of foreign exchange forwards are calculated using market rates on the reporting period closing date. Fair
values of foreign exchange options are calculated with the Garman-Kohlhagen model. Fair values of interest rate swaps,
futures and forwards are based on net present values of estimated future cash flows. Cash, short-term loans and
overdrafts have fair values that approximate to their carrying amounts because of their short-term nature. The
recoverable amount for financial investments is calculated as the present value of expected future cash flows,
discounted at the original effective interest rate. Short-term receivables are not discounted.
Contingent considerations related to business combinations classified as financial liabilities are measured at fair value
through profit or loss and reported in the interest-bearing liabilities.
EUR million
\n \n
Financial instruments measured at fair value
Level 1
Level 2
Level 3
Total 2023
Assets
Derivatives
Currency derivatives
-
8.9
-
8.9
Interest rate derivatives
-
4.9
-
4.9
Other investments
-
-
2.3
2.3
Total
-
13.8
2.3
16.0
Liabilities
Derivatives
Currency derivatives
-
9.2
-
9.2
Interest rate derivatives
-
0.3
-
0.3
Contingent considerations
-
-
0.0
Total
-
9.5
-
9.5
EUR million
\n \n
Financial instruments measured at fair value
Level 1
Level 2
Level 3
Total 2022
Assets
Derivatives
Currency derivatives
-
23.9
-
23.9
Interest rate derivatives
-
7.0
-
7.0
Other investments
-
-
2.4
2.4
Total
-
30.9
2.4
33.3
Liabilities
Derivatives
Currency derivatives
-
10.8
-
10.8
Interest rate derivatives
-
6.2
-
6.2
Contingent considerations
-
-
20.6
20.6
Total
-
17.0
20.6
37.6
The Group uses income approach in determining the fair value. Inputs used are foreign exchange rates, interest rates
and yield curves as well as implied volatilities.
Group\u2019s currency and interest rate derivatives are subject to International Swaps and Derivatives Association (ISDA)
master netting agreements. The amounts are not offset in the statement of financial position.
Unquoted investments are carried at cost, as their fair value cannot be measured reliably.
The levels of the fair value hierarchy are defined as follows:
Level 1: Quoted prices in active markets.
Level 2: Valuation techniques based on observable market data.
Level 3: Valuation techniques incorporating information other than observable market data.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9581": { "value": "5.6. INTEREST-BEARING LIABILITIES \n \n
2023
2022
EUR million
Carrying amount
Fair value
Carrying amount
Fair value
Current
Loans from financial institutions
fixed rate
19.9
19.6
277.6
277.5
floating rate
106.5
108.0
63.5
63.5
Bonds
fixed rate
99.7
96.1
-
-
Other current loans
floating rate
0.2
0.2
5.1
5.1
Contingent considerations
-
-
20.6
20.6
Lease liabilities
24.8
24.8
25.3
25.3
Total
251.0
248.7
392.2
392.0
Non-current
Loans from financial institutions
fixed rate
33.6
32.0
79.3
74.3
floating rate
259.6
288.4
371.0
371.0
Bonds
fixed rate
971.2
962.7
815.8
777.6
Other non-current loans
floating rate
2.1
2.1
4.6
4.6
Contingent considerations
-
-
-
-
Lease liabilities
136.5
136.5
133.2
133.2
Total
1,403.0
1,421.7
1,403.9
1,360.7
Loan repayments
\n \n
Loans from
financial
Contingent
Repayment
institutions
Bonds
Other loans
considerations
Lease liabilities
Total
2024
126.4
99.7
0.2
-
24.8
251.0
2025
215.1
-
-
-
35.0
250.1
2026
47.5
174.7
2.1
-
14.2
238.5
2027
30.6
498.1
-
-
11.7
540.4
2028
-
298.4
-
-
10.2
308.6
2029-
0.0
-
-
-
65.4
65.4
ACCOUNTING PRINCIPLES
Interest-bearing liabilities
Interest-bearing loans and borrowings are classified as other liabilities. Interest-bearing loans and borrowings are
originated loans and bank loans, and are carried at amortized cost by using the effective interest rate method. All
interest-bearing liabilities are other liabilities than liabilities for trading purposes or derivative financial instruments
defined in IFRS 9 and as such are carried at amortized cost. Fair values have been calculated by discounting future cash
flows at the appropriate market interest rate prevailing at period end closing date. Interest rates for measuring fair values
of interest-bearing liabilities were 3.81%\u20136.80%. The fair value of current interest-bearing liabilities is estimated to equal
the carrying amount.
Contingent considerations related to business combinations classified as financial liabilities are measured at fair value
through profit or loss and reported in the interest-bearing liabilities.
Lease liabilities are recognized at the commencement date of the lease. Lease liabilities are measured at the present
value of future lease payments using an effective interest rate method. The carrying amount is reduced to reflect the
lease payments made and the interest expense is allocated over the lease term. A lease liability is remeasured, when
there is a lease modification or reassessment.
Reconciliation of liabilities arising from financing activities
\n \n
2023
2022
Non-cash changes
Foreign
Reclassification
Business
Contingent
exchange
from long-term
EUR million
Total
Cash flows
combinations
considerations
movement
to short-term
Other
Total
Long
-term loans
1,266.6
426.9
-
-
-
2.8
-
435.0
6.8
1,270.6
Short-term loans
229.7
-541.2
-
-20.0
-5.2
435.0
14.8
346.2
Long-term lease liabilities
136.5
-
-
-
-2.5
-20.9
26.7
133.2
Short-term lease liabilities
24.8
-28.8
-
-
-0.5
20.9
7.8
25.3
Total liabilities from financing
activities
1,657.5
-143.1
-
-20.0
-10.9
0.0
56.2
1,775.4
\n \n
2022
2021
Non-cash changes
Foreign
Reclassification
Business
Contingent
exchange
from long-term
EUR million
Total
Cash flows
combinations
considerations
movement
to short-term
Other
Total
Long-term loans
1,270.6
293.7
-
-15.2
31.3
-155.8
-12.2
1,128.8
Short-term loans
346.2
-186.1
-
20.0
0.8
155.8
-42.6
398.4
Long-term lease liabilities
133.2
0.0
-1.8
-
1.0
-17.3
4.5
146.8
Short-term lease liabilities
25.3
-28.8
1.9
-
-0.1
17.3
6.2
28.8
Total liabilities from financing
activities
1,775.4
78.8
0.1
4.8
33.0
0.0
-
44.1
1,702.8
5.7. FINANCIAL ASSETS AND LIABILITIES BY CATEGORY
\n \n
EUR million
2023
2022
Financial assets at fair value through profit or loss
Derivatives
5.9
10.9
Derivatives designated for hedge accounting
7.9
20.0
Financial assets at amortized cost
Non-current interest-bearing receivables
2.4
0.9
Other non-current assets
17.0
28.7
Current interest-bearing receivables
15.2
14.9
Trade and other current receivables
569.9
611.8
Cash and cash equivalents
348.2
309.4
Other investments
2.3
2.4
Financial assets total
968.6
999.0
Financial liabilities at fair value through profit or loss
Derivatives
9.3
14.7
Contingent considerations
0.0
20.6
Derivatives designated for hedge accounting
0.2
2.3
Financial liabilities at amortized cost
Non-current interest-bearing liabilities
1,403.0
1,403.9
Other non-current liabilities
12.8
10.5
Current portion of long-term loans
167.3
168.9
Short term loans
83.7
202.6
Trade and other current liabilities
485.5
541.4
Financial liabilities total
2,161.8
2,364.9
In the statement of financial position derivatives are included in the following groups: non-current interest-bearing
liabilities, other non-current assets, trade and other current receivables, other non-current liabilities and trade and other
current liabilities.
ACCOUNTING PRINCIPLES
Financial assets and liabilities
Financial assets are classified according to IFRS 9 on the basis of the Group\u2019s business model for managing the financial
assets and the contractual cash flow characteristics to the following categories: financial assets at fair value through
profit or loss, financial assets at fair value through OCI and financial assets at amortized cost. Financial liabilities are
classified to financial liabilities at fair value through profit and loss and financial liabilities at amortized cost.
Publicly traded and unlisted shares are classified as financial assets at fair value through OCI. Publicly traded shares are
recognized at fair value, which is based on quoted market prices at the reporting period closing date. Gains or losses
arising from changes in fair value are recognized in other comprehensive income and are presented in equity in fair
value reserves. Unlisted shares are measured at cost, as their fair value cannot be measured reliably.
Non-derivative assets with fixed or determinable payments that are not quoted in an active market are classified as
financial assets at amortized cost. Trade receivables and other receivables are included in this category. Trade and other
receivables are measured at amortized cost by using the effective interest rate method.
The Group recognizes a loss allowance for expected credit losses on financial assets based on the general approach,
where a loss allowance is measured at amount equal to 12-month expected credit losses if there has not been a
significant increase in credit risk since the initial recognition. The Group measures expected credit losses based on
historical credit losses experience, current and future conditions. Simplified approach is used for trade receivables that
do not contain a significant financing component, where the Group always measures the loss allowance at an amount
equal to the lifetime expected credit losses. The amount of expected credit losses is updated at each reporting date.
Fair values of foreign exchange forwards are calculated using market rates on the reporting period closing date. Fair
values of foreign exchange options are calculated with the Garman-Kohlhagen model. Fair values of interest rate swaps,
futures and forwards are based on net present values of estimated future cash flows. Cash, short-term loans and
overdrafts have fair values that approximate to their carrying amounts because of their short-term nature. The
recoverable amount for financial investments is calculated as the present value of expected future cash flows,
discounted at the original effective interest rate. Short-term receivables are not discounted.
Contingent considerations related to business combinations classified as financial liabilities are measured at fair value
through profit or loss and reported in the interest-bearing liabilities.
EUR million
\n \n
Financial instruments measured at fair value
Level 1
Level 2
Level 3
Total 2023
Assets
Derivatives
Currency derivatives
-
8.9
-
8.9
Interest rate derivatives
-
4.9
-
4.9
Other investments
-
-
2.3
2.3
Total
-
13.8
2.3
16.0
Liabilities
Derivatives
Currency derivatives
-
9.2
-
9.2
Interest rate derivatives
-
0.3
-
0.3
Contingent considerations
-
-
0.0
Total
-
9.5
-
9.5
EUR million
\n \n
Financial instruments measured at fair value
Level 1
Level 2
Level 3
Total 2022
Assets
Derivatives
Currency derivatives
-
23.9
-
23.9
Interest rate derivatives
-
7.0
-
7.0
Other investments
-
-
2.4
2.4
Total
-
30.9
2.4
33.3
Liabilities
Derivatives
Currency derivatives
-
10.8
-
10.8
Interest rate derivatives
-
6.2
-
6.2
Contingent considerations
-
-
20.6
20.6
Total
-
17.0
20.6
37.6
The Group uses income approach in determining the fair value. Inputs used are foreign exchange rates, interest rates
and yield curves as well as implied volatilities.
Group\u2019s currency and interest rate derivatives are subject to International Swaps and Derivatives Association (ISDA)
master netting agreements. The amounts are not offset in the statement of financial position.
Unquoted investments are carried at cost, as their fair value cannot be measured reliably.
The levels of the fair value hierarchy are defined as follows:
Level 1: Quoted prices in active markets.
Level 2: Valuation techniques based on observable market data.
Level 3: Valuation techniques incorporating information other than observable market data.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9959": { "value": "ACCOUNTING PRINCIPLES
Interest-bearing liabilities
Interest-bearing loans and borrowings are classified as other liabilities. Interest-bearing loans and borrowings are
originated loans and bank loans, and are carried at amortized cost by using the effective interest rate method. All
interest-bearing liabilities are other liabilities than liabilities for trading purposes or derivative financial instruments
defined in IFRS 9 and as such are carried at amortized cost. Fair values have been calculated by discounting future cash
flows at the appropriate market interest rate prevailing at period end closing date. Interest rates for measuring fair values
of interest-bearing liabilities were 3.81%\u20136.80%. The fair value of current interest-bearing liabilities is estimated to equal
the carrying amount.
Contingent considerations related to business combinations classified as financial liabilities are measured at fair value
through profit or loss and reported in the interest-bearing liabilities.
Lease liabilities are recognized at the commencement date of the lease. Lease liabilities are measured at the present
value of future lease payments using an effective interest rate method. The carrying amount is reduced to reflect the
lease payments made and the interest expense is allocated over the lease term. A lease liability is remeasured, when
there is a lease modification or reassessment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9962": { "value": "Interest-bearing liabilities
Interest-bearing loans and borrowings are classified as other liabilities. Interest-bearing loans and borrowings are
originated loans and bank loans, and are carried at amortized cost by using the effective interest rate method. All
interest-bearing liabilities are other liabilities than liabilities for trading purposes or derivative financial instruments
defined in IFRS 9 and as such are carried at amortized cost. Fair values have been calculated by discounting future cash
flows at the appropriate market interest rate prevailing at period end closing date. Interest rates for measuring fair values
of interest-bearing liabilities were 3.81%\u20136.80%. The fair value of current interest-bearing liabilities is estimated to equal
the carrying amount.
Contingent considerations related to business combinations classified as financial liabilities are measured at fair value
through profit or loss and reported in the interest-bearing liabilities.
Lease liabilities are recognized at the commencement date of the lease. Lease liabilities are measured at the present
value of future lease payments using an effective interest rate method. The carrying amount is reduced to reflect the
lease payments made and the interest expense is allocated over the lease term. A lease liability is remeasured, when
there is a lease modification or reassessment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10511": { "value": "Financial assets and liabilities
Financial assets are classified according to IFRS 9 on the basis of the Group\u2019s business model for managing the financial
assets and the contractual cash flow characteristics to the following categories: financial assets at fair value through
profit or loss, financial assets at fair value through OCI and financial assets at amortized cost. Financial liabilities are
classified to financial liabilities at fair value through profit and loss and financial liabilities at amortized cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10534": { "value": "Fair values of foreign exchange forwards are calculated using market rates on the reporting period closing date. Fair
values of foreign exchange options are calculated with the Garman-Kohlhagen model. Fair values of interest rate swaps,
futures and forwards are based on net present values of estimated future cash flows. Cash, short-term loans and
overdrafts have fair values that approximate to their carrying amounts because of their short-term nature. The
recoverable amount for financial investments is calculated as the present value of expected future cash flows,
discounted at the original effective interest rate. Short-term receivables are not discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10844": { "value": "5.8. MANAGEMENT OF FINANCIAL RISKS
The objective of financial risk management is to ensure that the Group has access to sufficient funding in the most cost-
efficient way and to minimize the impact on the Group from adverse movements in the financial markets. As defined in
the Group Treasury Policy, management of financial risks is guided and controlled by a Finance Committee, led by the
Chief Financial Officer (CFO). The Finance Committee reviews risk reports on the Group\u2019s interest-bearing balance
sheet items, commercial flows, derivatives and foreign exchange exposures and approves required measures on
a monthly basis.
The Group Treasury department at the Espoo headquarters is responsible for the Group\u2019s funding and risk management
and serves the business units in daily financing, foreign exchange transactions and cash management coordination.
Currency risk
The Group is exposed to exchange rate risk through cross-border trade within the Group, exports and imports, funding
of foreign subsidiaries and currency denominated equities.
Transaction risk
The largest transaction exposures derive from capital flows, imports, exports and royalty receivables. The objective of
currency transaction risk management is to protect the Group from negative exchange rate movements. Business units
are responsible for actively managing their currency risks related to future commercial cash flows, in accordance with
policies and limits defined by the business unit and approved by the Finance Committee. As a rule, commercial
receivables and payables recorded on the balance sheet are always fully hedged, as well as 25% of probable flows over
a minimum 12-month horizon. Eligible hedging instruments include currency forwards and in authorized subsidiaries
also currency options. The business units\u2019 counterparty in hedging transactions is mainly Huhtam\u00e4ki Oyj.
\n \n
CNY
USD
exposure
exposure
EUR exposure
in
in
USD exposure
in companies
companies
companies
in companies
USD exposure
reporting in
reporting
reporting in
reporting in
in companies
EUR million
GBP
in HKD
AUD
EUR
reporting in INR
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Trade receivables
8.4
2.1
0.1
0.1
1.2
1.9
0.1
19.2
14.5
Trade payables
-19.4
-23.2
-3.9
-6.7
-9.6
-7.3
-4.3
-7.3
-6.3
-6.4
Net balance sheet exposure
-11.0
-21.1
-3.8
-6.6
-8.5
-5.5
-4.3
-7.2
12.9
8.1
Forecasted sales (12 months)
19.4
16.5
0.1
1.0
6.6
5.3
1.2
65.4
66.7
Forecasted purchases (12 months)
-90.5
-113.9
-17.0
-23.6
-49.6
-47.8
-10.1
-33.0
-38.9
-45.4
Net forecasted exposure
-71.1
-97.4
-16.8
-22.7
-43.0
-42.6
-10.1
-31.8
26.6
21.3
Hedges
Currency forwards (12 months)
39.3
48.6
7.4
9.8
21.0
17.3
7.7
19.8
-16.6
-17.9
Currency options (12 months)
-
-
-
-
Total net exposure
-42.7
-69.9
-13.2
-19.5
-30.4
-30.7
-6.7
-19.2
22.9
11.4
Translation risk
As a main rule individual subsidiaries do not carry translation risk as they are financed in local currencies. As an exception,
the Finance Committee can approve the use of foreign currency borrowing in countries with high local interest rates.
In 2023 and 2022 on reporting period closing dates no such borrowings were outstanding.
The main translation exposures derive from equities and permanent loans, which in substance form a part of the net
investment in the US, India and UK based subsidiaries. The Group hedges its translation risks selectively by using foreign
currency loans and derivatives. Equity hedging decisions are made by the Finance Committee, who in its decision making
considers the hedge\u2019s estimated impact on the Group\u2019s key indicators, long-term cash flows and hedging cost. On the
reporting period closing date the Group had outstanding translation risk hedges of USD 223 million (of which USD 50
million in the form of currency loans and USD 173 million in the form of derivatives) and of GBP 20 million (of which
GBP 20 million in the form of derivatives) (USD 223 million, of which USD 50 million in the form of currency loans and
USD 173 million in the form of derivatives and GBP 20 million, of which GBP 20 million in the form of derivatives).
A 10% appreciation of the EUR versus the USD, INR and GBP would as of the reporting period closing date decrease
the result before taxes by EUR
21.3 million (EUR 14.4 million) and the Group consolidated equity by EUR 126.1 million
(EUR 117.3 million).
Interest rate risk
The interest-bearing debt exposes the Group to interest rate risk, namely re-pricing and price risk caused by interest
rate movements. Management of interest rate risk is centralized to the Group Treasury. The Group\u2019s policy is to maintain
in the main currency debt portfolios a duration that matches a benchmark duration range based on the Group\u2019s
estimated cash flow, selected balance sheet ratios and also the shape of the yield curve. The objective of interest rate
risk management is to reduce the fluctuation of the interest charge, enabling a more stable net income. The Group
manages interest rate risk by selection of debt interest periods and by using derivatives such as futures, forward rate
agreements, interest rate swaps and options.
At the reporting period closing date the average interest rate on Group interest-bearing net debt was 4.2% (3.4% ) and
average duration 2.4 years (2.2 years). A one percentage point rise in market interest rates would increase Group net
interest expense by EUR 2.7 million (EUR 5.1 million) over the following 12 months. A similar rise in interest rates would
increase Group equity with EUR 1.7 million (EUR 1.9 million) due to mark-to-market revaluations of interest rate
derivatives designated for cash flow hedges.
Currency split and repricing schedule of outstanding net debt including hedges (excl. lease liabilities)
\n \n
2023
2022
Debt repricing in period, incl. derivatives
Amount
Amount
Currency
EUR million
2024
2025
2026
2027
2028
EUR million
EUR
1,029.7
190.6
33.6
125.0
530.5
150.0
990.8
HKD
81.2
81.2
84.8
GBP
64.7
64.7
92.5
AUD
25.4
25.4
16.4
CZK
13.3
13.3
-3.2
Other
-87.1
-154.6
18.0
13.5
13.5
22.5
130.9
Total
1,127.0
220.5
51.6
138.5
544.0
172.5
1,312.2
Liquidity and refinancing risk
The Group maintains sufficient liquidity reserves at all times by efficient cash management structures such as cash pools,
concentration accounts and overdraft financing facilities. To mitigate the refinancing risk, the Group diversifies funding
sources as well as the maturity structure of loans and debt facilities. The Group utilizes a EUR 400 million Finnish
commercial paper program and uncommitted credit facilities with relationship banks for short-term financing purposes.
At the reporting period closing date, the Group had committed credit facilities totaling EUR 400 million (EUR 400 million)
of which EUR 355 million (EUR 353 million) remained undrawn. Undrawn committed long-term debt facilities are
sufficient to ensure adequate financing resources in all foreseeable circumstances.
In May 22, 2023, Huhtam\u00e4ki Oyj signed a EUR 125 million bilateral term loan facility agreement with a maturity of two
years. The term loan is used for refinancing and general corporate purposes of the Group.
In November 16, 2023, Huhtam\u00e4ki Oyj issued a EUR 300 million senior unsecured bond. The 5-year bond matures on
November 24, 2028. The net proceeds from the issue of the bond are used for the partial repurchase of existing notes
issued by Huhtam\u00e4ki Oyj due in 2024 and for refinancing and other general corporate purposes of the Group.
Huhtam\u00e4ki Oyj has a long-term issuer credit rating of BB+ with a stable outlook from S&P Global Ratings Europe Limited.
Debt structure
\n \n
EUR million including interests
2023
Maturity of facility/loan
Amount
Amount
available
of
Debt type
drawn
committed
Total
2024
2025
2026
2027
2028
Later
Committed revolving facilities
45.0
355.0
400.0
400.0
Bonds
1,070.9
1,070.9
99.7
174.7
498.1
298.4
Commercial paper program
50.5
50.5
50.5
Other loans from financial institutions
326.4
326.4
76.1
215.1
4.6
30.6
Estimated contractual interest payments
184.2
49.3
42.8
39.5
37.3
15.4
Contingent liabilities
Lease liabilities
161.3
161.3
24.8
35.0
14.2
11.7
10.2
65.4
Trade and other current liabilities
518.1
518.1
518.1
Total
2,172.2
355.0
2,711.5
818.5
293.0
633.0
577.7
324.0
65.4
\n \n
EUR million including interests
2022
Maturity of facility/loan
Amount
Amount
available
of
Debt type
drawn
committed
Total
2023
2024
2025
2026
2027
Later
Committed revolving facilities
47.0
353.0
400.0
400.0
Bonds
821.0
821.0
150.0
173.4
497.6
Commercial paper program
111.5
111.5
111.5
Other loans from financial institutions
637.4
637.4
234.7
286.0
86.0
30.8
Estimated contractual interest payments
132.4
35.0
26.3
25.3
23.9
21.9
Contingent liabilities
20.6
20.6
20.6
Lease liabilities
158.5
158.5
25.3
38.7
13.9
11.4
9.4
59.9
Trade and other current liabilities
583.8
583.8
583.8
Total
2,379.8
353.0
2,865.3
1,010.9
500.9
125.2
608.6
559.6
59.9
Credit risk
The Group is exposed to credit risk from its commercial receivables and receivables from financial institutions based on
short-term investment of liquid funds as well as derivatives transactions.
The business units are responsible for the management of commercial credit risk in accordance with policies defined by
the business units and approved by the Finance Committee. A Group policy sets out certain minimum requirements as
to credit quality, sales terms and collection. The commercial credit risk for the Group as a whole is considered low as
the receivable portfolio is diversified and historical credit loss frequency is low (see note 4.2.).
Liquid funds are from time to time invested in short-term bank deposits at relationship banks with a solid credit rating,
in government bonds, treasury bills or in commercial papers issued by corporate borrowers with an investment grade
rating. Credit risk stemming from receivables from financial institutions, including derivative transaction settlements, is
considered small and is managed centrally by the Group Treasury department and in accordance with limits set by the
Finance Committee.
Capital management
The Group\u2019s objective is to maintain an efficient capital structure. Consequently, the Group aims to maintain in the long
term the net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio in a range between
2\u20133. Net debt is defined as interest-bearing liabilities less interest-bearing receivables, cash and cash equivalents.
The Group is subject to a restriction on its net debt to EBITDA ratio (excluding items affecting comparability) through a
clause in a key financing agreement. This restriction is not seen hindering the Group\u2019s ability to carry out its business or
its strategy.
Changes in the capital structure are resulting from capital investments in the business and cash returns to shareholders,
which are funded by the stable cash flow.
Capital structure
\n \n
EUR million
2023
2022
Interest-bearing liabilities
1,654.0
1,796.0
Interest-bearing receivables, cash and cash equivalents
365.7
325.3
Net debt
1,288.3
1,470.8
Total equity
1,924.9
1,922.2
Net debt to equity (Gearing ratio)
0.67
0.77
Net debt to EBITDA (excluding items affecting comparability)
2.18
2.46
Nominal values of derivative financial instruments
\n \n
EUR million
2023
2022
Nominal Value
Maturity Structure
Nominal Value
Instrument
2024
2025
2026
2027
2028
Later
Currency forwards
for transaction risk
Outflow
-196.1
-194.6
-1.5
-210.4
Inflow
195.0
193.5
1.5
210.8
for translation risk
Outflow
-178.6
-178.6
-185.0
Inflow
180.7
180.7
194.0
for financing purposes
Outflow
-646.0
-646.0
-589.1
Inflow
643.3
643.3
590.0
Interest rate swaps
EUR
-200.0
-50.0
-150.0
-50.0
USD
76.5
4.5
9.0
13.5
18.0
31.5
93.9
Fair values of derivative financial instruments
\n \n
EUR million
2023
2022
Positive
Negative
Net Fair
Positive
Negative
Net Fair
Instrument
Fair values
Fair values
values
Fair values
Fair values
values
Currency forwards
for transaction risk
1.4
-2.9
-1.5
2.7
-2.4
0.3
of which cash flow hedges
1
0.8
-1.2
-0.4
1.7
-1.2
0.5
for translation risk
2.8
0.0
2.8
11.3
-1.1
10.3
of which hedges of net investment
2
2.8
0.0
2.8
11.3
-1.1
10.3
for financing purposes
4.6
-6.3
-1.7
9.9
-7.3
2.6
Interest rate swaps
3
EUR
4.3
-4.0
0.3
-6.1
-6.1
of which fair value hedges
4
4.3
-4.0
0.3
-6.1
-6.1
USD
4.7
0.0
4.7
7.0
-0.1
6.9
of which cash flow hedges
5
4.7
0.0
4.7
7.0
-0.1
6.9
Commodities
0.3
0.0
0.3
-
-
-
1
Fair values of currency forwards designated as cash flow hedges are reported in fair value and other reserves.
2
Fair values of currency forwards designated as hedges of net investment in foreign subsidiaries are reported in equity in translation difference.
3
Fair values of interest rate swaps include accrued interest which is reported in the income statement in financial expense.
4
Fair values of interest rate swaps designated as fair value hedges are reported in the income statement in financial income.
5
Fair values of interest rate swaps designated as cash flow hedges are reported in fair value and other reserves. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11373": { "value": "Liquidity and refinancing risk
The Group maintains sufficient liquidity reserves at all times by efficient cash management structures such as cash pools,
concentration accounts and overdraft financing facilities. To mitigate the refinancing risk, the Group diversifies funding
sources as well as the maturity structure of loans and debt facilities. The Group utilizes a EUR 400 million Finnish
commercial paper program and uncommitted credit facilities with relationship banks for short-term financing purposes.
At the reporting period closing date, the Group had committed credit facilities totaling EUR 400 million (EUR 400 million)
of which EUR 355 million (EUR 353 million) remained undrawn. Undrawn committed long-term debt facilities are
sufficient to ensure adequate financing resources in all foreseeable circumstances.
In May 22, 2023, Huhtam\u00e4ki Oyj signed a EUR 125 million bilateral term loan facility agreement with a maturity of two
years. The term loan is used for refinancing and general corporate purposes of the Group.
In November 16, 2023, Huhtam\u00e4ki Oyj issued a EUR 300 million senior unsecured bond. The 5-year bond matures on
November 24, 2028. The net proceeds from the issue of the bond are used for the partial repurchase of existing notes
issued by Huhtam\u00e4ki Oyj due in 2024 and for refinancing and other general corporate purposes of the Group.
Huhtam\u00e4ki Oyj has a long-term issuer credit rating of BB+ with a stable outlook from S&P Global Ratings Europe Limited.
Debt structure
\n \n
EUR million including interests
2023
Maturity of facility/loan
Amount
Amount
available
of
Debt type
drawn
committed
Total
2024
2025
2026
2027
2028
Later
Committed revolving facilities
45.0
355.0
400.0
400.0
Bonds
1,070.9
1,070.9
99.7
174.7
498.1
298.4
Commercial paper program
50.5
50.5
50.5
Other loans from financial institutions
326.4
326.4
76.1
215.1
4.6
30.6
Estimated contractual interest payments
184.2
49.3
42.8
39.5
37.3
15.4
Contingent liabilities
Lease liabilities
161.3
161.3
24.8
35.0
14.2
11.7
10.2
65.4
Trade and other current liabilities
518.1
518.1
518.1
Total
2,172.2
355.0
2,711.5
818.5
293.0
633.0
577.7
324.0
65.4
\n \n
EUR million including interests
2022
Maturity of facility/loan
Amount
Amount
available
of
Debt type
drawn
committed
Total
2023
2024
2025
2026
2027
Later
Committed revolving facilities
47.0
353.0
400.0
400.0
Bonds
821.0
821.0
150.0
173.4
497.6
Commercial paper program
111.5
111.5
111.5
Other loans from financial institutions
637.4
637.4
234.7
286.0
86.0
30.8
Estimated contractual interest payments
132.4
35.0
26.3
25.3
23.9
21.9
Contingent liabilities
20.6
20.6
20.6
Lease liabilities
158.5
158.5
25.3
38.7
13.9
11.4
9.4
59.9
Trade and other current liabilities
583.8
583.8
583.8
Total
2,379.8
353.0
2,865.3
1,010.9
500.9
125.2
608.6
559.6
59.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11402": { "value": "Debt structure \n \n
EUR million including interests
2023
Maturity of facility/loan
Amount
Amount
available
of
Debt type
drawn
committed
Total
2024
2025
2026
2027
2028
Later
Committed revolving facilities
45.0
355.0
400.0
400.0
Bonds
1,070.9
1,070.9
99.7
174.7
498.1
298.4
Commercial paper program
50.5
50.5
50.5
Other loans from financial institutions
326.4
326.4
76.1
215.1
4.6
30.6
Estimated contractual interest payments
184.2
49.3
42.8
39.5
37.3
15.4
Contingent liabilities
Lease liabilities
161.3
161.3
24.8
35.0
14.2
11.7
10.2
65.4
Trade and other current liabilities
518.1
518.1
518.1
Total
2,172.2
355.0
2,711.5
818.5
293.0
633.0
577.7
324.0
65.4
\n \n
EUR million including interests
2022
Maturity of facility/loan
Amount
Amount
available
of
Debt type
drawn
committed
Total
2023
2024
2025
2026
2027
Later
Committed revolving facilities
47.0
353.0
400.0
400.0
Bonds
821.0
821.0
150.0
173.4
497.6
Commercial paper program
111.5
111.5
111.5
Other loans from financial institutions
637.4
637.4
234.7
286.0
86.0
30.8
Estimated contractual interest payments
132.4
35.0
26.3
25.3
23.9
21.9
Contingent liabilities
20.6
20.6
20.6
Lease liabilities
158.5
158.5
25.3
38.7
13.9
11.4
9.4
59.9
Trade and other current liabilities
583.8
583.8
583.8
Total
2,379.8
353.0
2,865.3
1,010.9
500.9
125.2
608.6
559.6
59.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11855": { "value": "Credit risk
The Group is exposed to credit risk from its commercial receivables and receivables from financial institutions based on
short-term investment of liquid funds as well as derivatives transactions.
The business units are responsible for the management of commercial credit risk in accordance with policies defined by
the business units and approved by the Finance Committee. A Group policy sets out certain minimum requirements as
to credit quality, sales terms and collection. The commercial credit risk for the Group as a whole is considered low as
the receivable portfolio is diversified and historical credit loss frequency is low (see note 4.2.).
Liquid funds are from time to time invested in short-term bank deposits at relationship banks with a solid credit rating,
in government bonds, treasury bills or in commercial papers issued by corporate borrowers with an investment grade
rating. Credit risk stemming from receivables from financial institutions, including derivative transaction settlements, is
considered small and is managed centrally by the Group Treasury department and in accordance with limits set by the
Finance Committee. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11870": { "value": "Capital management
The Group\u2019s objective is to maintain an efficient capital structure. Consequently, the Group aims to maintain in the long
term the net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio in a range between
2\u20133. Net debt is defined as interest-bearing liabilities less interest-bearing receivables, cash and cash equivalents.
The Group is subject to a restriction on its net debt to EBITDA ratio (excluding items affecting comparability) through a
clause in a key financing agreement. This restriction is not seen hindering the Group\u2019s ability to carry out its business or
its strategy.
Changes in the capital structure are resulting from capital investments in the business and cash returns to shareholders,
which are funded by the stable cash flow.
Capital structure
\n \n
EUR million
2023
2022
Interest-bearing liabilities
1,654.0
1,796.0
Interest-bearing receivables, cash and cash equivalents
365.7
325.3
Net debt
1,288.3
1,470.8
Total equity
1,924.9
1,922.2
Net debt to equity (Gearing ratio)
0.67
0.77
Net debt to EBITDA (excluding items affecting comparability)
2.18
2.46
Nominal values of derivative financial instruments
\n \n
EUR million
2023
2022
Nominal Value
Maturity Structure
Nominal Value
Instrument
2024
2025
2026
2027
2028
Later
Currency forwards
for transaction risk
Outflow
-196.1
-194.6
-1.5
-210.4
Inflow
195.0
193.5
1.5
210.8
for translation risk
Outflow
-178.6
-178.6
-185.0
Inflow
180.7
180.7
194.0
for financing purposes
Outflow
-646.0
-646.0
-589.1
Inflow
643.3
643.3
590.0
Interest rate swaps
EUR
-200.0
-50.0
-150.0
-50.0
USD
76.5
4.5
9.0
13.5
18.0
31.5
93.9
Fair values of derivative financial instruments
\n \n
EUR million
2023
2022
Positive
Negative
Net Fair
Positive
Negative
Net Fair
Instrument
Fair values
Fair values
values
Fair values
Fair values
values
Currency forwards
for transaction risk
1.4
-2.9
-1.5
2.7
-2.4
0.3
of which cash flow hedges
1
0.8
-1.2
-0.4
1.7
-1.2
0.5
for translation risk
2.8
0.0
2.8
11.3
-1.1
10.3
of which hedges of net investment
2
2.8
0.0
2.8
11.3
-1.1
10.3
for financing purposes
4.6
-6.3
-1.7
9.9
-7.3
2.6
Interest rate swaps
3
EUR
4.3
-4.0
0.3
-6.1
-6.1
of which fair value hedges
4
4.3
-4.0
0.3
-6.1
-6.1
USD
4.7
0.0
4.7
7.0
-0.1
6.9
of which cash flow hedges
5
4.7
0.0
4.7
7.0
-0.1
6.9
Commodities
0.3
0.0
0.3
-
-
-
1
Fair values of currency forwards designated as cash flow hedges are reported in fair value and other reserves.
2
Fair values of currency forwards designated as hedges of net investment in foreign subsidiaries are reported in equity in translation difference.
3
Fair values of interest rate swaps include accrued interest which is reported in the income statement in financial expense.
4
Fair values of interest rate swaps designated as fair value hedges are reported in the income statement in financial income.
5
Fair values of interest rate swaps designated as cash flow hedges are reported in fair value and other reserves. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11945": { "value": "Nominal values of derivative financial instruments \n \n
EUR million
2023
2022
Nominal Value
Maturity Structure
Nominal Value
Instrument
2024
2025
2026
2027
2028
Later
Currency forwards
for transaction risk
Outflow
-196.1
-194.6
-1.5
-210.4
Inflow
195.0
193.5
1.5
210.8
for translation risk
Outflow
-178.6
-178.6
-185.0
Inflow
180.7
180.7
194.0
for financing purposes
Outflow
-646.0
-646.0
-589.1
Inflow
643.3
643.3
590.0
Interest rate swaps
EUR
-200.0
-50.0
-150.0
-50.0
USD
76.5
4.5
9.0
13.5
18.0
31.5
93.9
Fair values of derivative financial instruments
\n \n
EUR million
2023
2022
Positive
Negative
Net Fair
Positive
Negative
Net Fair
Instrument
Fair values
Fair values
values
Fair values
Fair values
values
Currency forwards
for transaction risk
1.4
-2.9
-1.5
2.7
-2.4
0.3
of which cash flow hedges
1
0.8
-1.2
-0.4
1.7
-1.2
0.5
for translation risk
2.8
0.0
2.8
11.3
-1.1
10.3
of which hedges of net investment
2
2.8
0.0
2.8
11.3
-1.1
10.3
for financing purposes
4.6
-6.3
-1.7
9.9
-7.3
2.6
Interest rate swaps
3
EUR
4.3
-4.0
0.3
-6.1
-6.1
of which fair value hedges
4
4.3
-4.0
0.3
-6.1
-6.1
USD
4.7
0.0
4.7
7.0
-0.1
6.9
of which cash flow hedges
5
4.7
0.0
4.7
7.0
-0.1
6.9
Commodities
0.3
0.0
0.3
-
-
-
1
Fair values of currency forwards designated as cash flow hedges are reported in fair value and other reserves.
2
Fair values of currency forwards designated as hedges of net investment in foreign subsidiaries are reported in equity in translation difference.
3
Fair values of interest rate swaps include accrued interest which is reported in the income statement in financial expense.
4
Fair values of interest rate swaps designated as fair value hedges are reported in the income statement in financial income.
5
Fair values of interest rate swaps designated as cash flow hedges are reported in fair value and other reserves. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12384": { "value": "6.1. CLIMATE RELATED MATTERS
Sustainability is integral to Huhtamaki\u2019s 2030 Strategy. The ambition is to become the first choice in sustainable
packaging solutions. The sustainability agenda focuses on two key topics: transitioning to a circular economy and
taking climate action, whilst not forgetting other environmental and social aspects of sustainability.
To achieve Huhtamaki\u2019s ambition, management is continuously considering climate related matters when conducting
the business. These considerations and related assumptions have been reflected in the estimates and judgements of
the reported amounts of assets, liabilities, income and expense.
The items in the consolidated financial statements that are impacted by climate related assumptions in particular:
\u2022
Goodwill: The Group has defined EBIT and discount rates as the key assumptions in the goodwill impairment
testing. Climate related risks and opportunities have been recognized and evaluated as part of the strategy-
based EBIT estimates together with other factors impacting the business development. (Note 3.2. Goodwill)
\u2022
Intangible and tangible assets:
o
Climate related matters may impact the recognition and measurement of intangible and tangible
assets. In the end of the reporting period, climate related matters did not have material impact to the
estimated useful lives of the assets, nor to the impairment of assets. The Group continues to invest in
sustainable packaging solutions. (Note 3.3. Intangible assets and Note 3.4. Tangible assets)
o
Emission rights and renewable energy certificates are in scope of IAS 38 Intangible assets. (Note 3.3
Intangible assets)
\u2022
Other non-current assets: The Group has signed two major virtual power purchase agreements to reach its
target for using 100 % renewable electricity and carbon neutral production by 2030. The agreements are in
scope of IFRS 9 Financial Instruments. (Note 5.7. Financial assets and liabilities by category).
\u2022
Inventory: Climate related matters may impact the measurement of the inventories. In the end of the
reporting period, climate related matters did not have material impact to the net realizable value. (Note 4.1.
Inventories)
\u2022
Interest-bearing liabilities:
o
In 2021, the Group has signed a EUR 400 million sustainability-linked syndicated multicurrency
revolving credit facility loan agreement (\u201cRCF\u201d). The interest margin is tied to three sustainability
indicators: 1) Absolute scope 1 and 2 greenhouse gas emissions amount, 2) Share of non-hazardous
waste recycled and 3) EcoVadis rating. The loan margin decreases or increases according to the
number of targets achieved for the three sustainability indicators. (Note 5.6. Interest-bearing
liabilities)
o
In 2022, the Group has issued a EUR 500 million senior unsecured sustainability-linked bond under
its newly established Sustainability-Linked Bond Framework. The interest rate is subject to increase
upon the failure to satisfy certain sustainability performance targets. The chosen targets for the
sustainability-linked bond are related to greenhouse gas emission reductions. (Note 5.6. Interest-
bearing liabilities)
o
In 2023, the Group has signed a EUR 125 million sustainability-linked bilateral term loan facility
agreement. The interest margin is tied to three sustainability indicators: 1) Absolute scope 1 and 2
greenhouse gas emissions amount, 2) Share of non-hazardous waste recycled and 3) Ecovadis Rating.
(Note 5.6. Interest-bearing liabilities)
\u2022
Employee benefits: Huhtamaki Global Sustainability and Safety Index (GSSI) is one of the business objectives
for employees within the global short-term incentive plan. KPIs within the index are linked to the
sustainability dashboard and relate to e.g. the share of renewable or recycled materials, the share of
renewable electricity, the share of non-hazardous waste recycled, and employee safety. (Note 2.2. Employee
benefits)", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12443": { "value": "6.2. RELATED PARTY TRANSACTIONS
Huhtamaki Group\u2019s related parties include the parent company, subsidiaries, associates, joint ventures and pension funds
that are separate entities. Related parties also include the key management, their close family members and entities in
which they have control or joint control. The key management personnel are the members of the Global Executive Team
and the Board of Directors. Related parties also include Shareholders of Huhtam\u00e4ki Oyj controlling more than ten per
cent of the shares or voting rights of Huhtam\u00e4ki Oyj.
Details of transactions and outstanding balances between the Group and its related parties are disclosed below.
Intragroup related party transactions and balances are eliminated on consolidation.
The Global Executive Team and the Board of Directors
Compensation to the Global Executive Team and the Board of Directors is disclosed in the following tables. In addition,
the key management is receiving dividends based on their ownership of Huhtam\u00e4ki Oyj shares. There has not been any
other transactions between the Group and the key management, their close family members or entities in which they
have control or joint control.
The President and CEO Charles H\u00e9aulm\u00e9's pension coverage is arranged by the President and CEO himself. The
company contributes towards the pension through monthly cash payments to the President and CEO. The total cash
payment is EUR 297 thousand
(EUR 294 thousand) per annum. Some of the other Global Executive Team members
belong to a supplementary defined contribution pension plan. In 2023, the Company paid a total of EUR 355 thousand
(EUR 322 thousand) to pension arrangements of the other GET members, excluding the CEO. Members of the Board
of Directors and the Global Executive Team owned a total of 147,026 shares (101,689 shares) shares at the end of the
year 2023.
Employee benefits of CEO and members of the Global Executive Team
\n \n
EUR million
2023
2022
Salaries and other short-term employee benefits
6.6
7.4
Post-employment benefits
0.4
0.3
Share based payments
5.6
5.1
CEO and members of the Global Executive Team in total
12.6
12.8
Remunerations of CEO and members of the Board of Directors
\n \n
In thousand euros
2023
2022
CEO Charles H\u00e9aulm\u00e9
3,372
2,063
Board members
Ala-Pietil\u00e4 Pekka
206
198
Tuomas Kerttu
120
121
Baillie Doug
104
104
Barker William R.
100
104
Korhonen Anja
116
118
Turner Sandra
23
106
Wunderlich Ralf K.
101
104
Alonso Mercedes
104
72
Takala Heikki
22
73
Lindwall Pauline
79
-
Vauramo Pekka
78
-
CEO and Board in total
4,425
3,061
Pension funds
The Group\u2019s related parties include post-employment benefit plans that are separate entities. These entities are in
Finland, India, the UK and the U.S.. For more information, see note 2.2. Employee benefits. The Group made EUR 1.8
million (EUR 2.6 million) contributions to the plans and there was related outstanding balance of EUR 0.2 million (EUR
0.2 million). There was no other transactions or outstanding balances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12448": { "value": "The key management personnel are the members of the Global Executive Team
and the Board of Directors. Related parties also include Shareholders of Huhtam\u00e4ki Oyj controlling more than ten per
cent of the shares or voting rights of Huhtam\u00e4ki Oyj. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12648": { "value": "6.3. SHARE-BASED PAYMENTS
Performance Share Arrangement 2010
On March 12, 2010 the Board of Directors of the Company decided on establishing a Performance Share Arrangement
to form a part of the long-term incentive and retention program for the key personnel of the Company and its
subsidiaries. The Performance Share Arrangement offers a possibility to earn the Company shares as remuneration for
achieving established targets. The Arrangement consists of annually commencing individual three-year performance
share plans. A possible reward shall be paid during the calendar year following each three-year plan. Commencement
of each three-year plan will be separately decided by the Board of Directors.
GET members (excl. President and CEO) that are participants to the performance share plan shall hold at least half (50%)
of the shares received until they hold shares received from the performance share plans corresponding in aggregate to
the value of their annual gross base salary. President and CEO shall hold at least half (50%) of the shares received until
he holds shares received from the performance share plans corresponding in aggregate to the value of 3 times his
annual gross base salary.
The ownership requirement applies until termination of employment or service. The maximum
value of the reward payable to the participants based on the Performance Share Arrangement is limited by a cap linked
to Company\u2019s share price development (Performance Share Plan 2021-2023 and onwards).
Performance Share Plan 2020-2022
The Performance Share Plan 2020-2022 commenced in 2020. The reward was based on the Group\u2019s cumulative
adjusted earnings per share (EPS) for the earning period 2020-2022 and was paid in 2023 to 97 participants.
The achievement of performance criteria, Group\u2019s cumulative adjusted earnings per share (EPS) for the earning period
2020-2022, set forth in the Performance Share Arrangement 2010 for the earnings period 2020\u20132022, was 54.88%
of maximum. According to the terms and conditions of the Performance Share Arrangement, 245,371, shares were paid
in March 2023. Applicable taxes were withheld from the gross reward before paying remaining net shares to the
participants. Fair value of the paid shares on the grant date was EUR 33.96 per share. Pursuant to the IFRS standards,
an expense relating to the Performance Share Plan 2020\u20132022 totaling 7,559,961 was recorded for the reporting
periods 2020\u20132022. This amount includes an expense totaling EUR 2,352,132 which was recorded in the reporting
period ending 31 December 2022.
Performance Share Plan 2021-2023
The Performance Share Plan 2021-2023 commenced in 2021 and the reward is based on the Group\u2019s cumulative
adjusted earnings per share (EPS) for the earning period 2021-2023. The Performance Share Plan 2021-2023 was
directed to 110 persons at the end of 2023.
The achievement of performance criteria, Group\u2019s cumulative adjusted earnings per share (EPS) for the earning period
2021-2023, set forth in the Performance Share Arrangement 2010 for the earnings period 2020\u20132022, was 86.05%
of maximum. According to the terms and conditions of the Performance Share Arrangement, 386,388 shares will be
paid in March 2024. Applicable taxes are withheld from the gross reward before paying remaining net shares to the
participants. Fair value of the paid shares on the grant date was EUR 39.18 per share. Pursuant to the IFRS standards,
an expense relating to the Performance Share Plan 2021\u20132023 totaling EUR 13,859,983 was recorded for the reporting
periods 2021\u20132023. This amount includes an expense totaling EUR 4,518,279 which was recorded in the reporting
period ending 31 December 2023.
Performance Share Plan 2022-2024
The Performance Share Plan 2022-2024 commenced in 2022 and the possible reward will be based on the Group\u2019s
cumulative adjusted earnings per share (EPS) for the earning period 2022-2024. The reward, if any, will be paid during
2025. The Performance Share Plan 2022-2024 was directed to 126 persons at the end of 2023.
Performance Share Plan 2023-2025
The Performance Share Plan 2023-2025 commenced in 2023 and the possible reward will be based on the Group\u2019s
cumulative adjusted earnings per share (EPS) for the earning period 2023-2025. The reward, if any, will be paid during
2026. The Performance Share Plan 2023-2025 was directed to 136 persons at the end of 2023.
\n \n
Performance Share Plan
2020-2022
2021-2023
2022-2024
2023-2025
Amount of granted shares (gross)
601,600
1
582,000
1
600,000
1
590,000
1
Share price at grant date, eur
33.96
39.18
35.86
30.58
Actual achievement (% of maximum)
54.88%
86.05%
Number of achieved shares (gross) based on performance criteria
245,371
386,388
2
-
-
Number of participants of December 31, 2023
97
110
126
136
Share delivery
2023
2024
2025
2026
Perfomance criteria
adjusted EPS
adjusted EPS
adjusted EPS
adjusted EPS
1
In case shares are paid as reward, the net number of shares which remains after deducting the number of shares corresponding to the
applicable taxes will be delivered to participants.
2
Achieved shares under PSP 2021-2023 will be paid in March 2024.
Restricted Share Arrangement 2021
As part of the long-term incentive and retention program for the key personnel of Huhtamaki, the Board of Directors
of the Company decided on February 10, 2021 on establishing a restricted share arrangement as a share-based long-
term incentive arrangement (Restricted Share Arrangement). The aim of the restricted share arrangement is to retain,
motivate and reward selected key employees in order to increase the shareholder value in the long term. The restricted
share arrangement consists of individual share plans. The commencement of each plan will be separately decided by
the Board of Directors. Each plan comprises of three consecutive calendar years.
Share rewards will be paid in shares of the Company. No reward will be paid if the participant's employment or service
ends before the payment of the reward. The members of the Global Executive Team (excl. President and CEO) shall
retain at least 50% of the shares received until the value of their share ownership in the Company corresponds to their
annual gross base salary. President and CEO shall hold at least half (50%) of the shares received until he holds shares
received from the performance share plans corresponding in aggregate to the value of 3 times his annual gross base
salary. The maximum value of the reward payable to the participants based on the restricted share arrangement is
limited by a cap linked to Company\u2019s share price development.
The first share plan within the Restricted Share Arrangement, covering the years 2021-2023, commenced as of the
beginning of the year 2021. The aggregate maximum number of shares payable based on the first plan is 163,500 shares
(gross) and possible rewards will be paid in 2023 and 2024. For potential subsequent share plans the aggregate
maximum number of shares payable is 60,000 shares (gross) per plan. Applicable taxes are withheld from the gross
reward before paying remaining net shares to the participants.
Restricted Share Plan 2021-2023 (2-year vesting)
The Restricted Share Plan 2021-2023 (2-year vesting) commenced in 2021 and the reward was paid in 2023 based on
continuous employment. Group\u2019s adjusted EBIT margin of 8% for the result release preceding the payment was used as
an underlying threshold criterion for share payment. Financial year 2022 Group adjusted EBIT margin was 8.8% and
thus there was no restriction to payout.
According to the terms and conditions of the Restricted Share Arrangement, 81,400 shares (gross) were be paid in
March 2023 to 61 participants. Applicable taxes were withheld from the gross reward before paying remaining net
shares to the participants. Fair value of the paid shares on the grant date was EUR 39.18 per share. Pursuant to the
IFRS standards, an expense relating to the Restricted Share Plan 2021-2023 (2-year vesting) totaling EUR 3,273,480
was recorded for the reporting periods 2021-2022. This amount includes an expense totaling EUR 1,796,256 which
was recorded in the reporting period ending 31 December 2022.
Restricted Share Plan 2021-2023
The Restricted Share Plan 2021-2023 commenced in 2021 and the reward will be paid during 2024 based on
continuous employment. Group\u2019s adjusted EBIT margin of 8% for the result release preceding the payment is used as
an underlying threshold criterion for share payment.
The Restricted Share Plan 2021-2023 was directed to 12 persons
at the end of 2023.
Financial year 2023 Group adjusted EBIT margin was 9.4% and thus there is no restriction to payout. According to the
terms and conditions of the Restricted Share Arrangement, 30,700 shares will be paid in March 2024. Applicable taxes
are withheld from the gross reward before paying remaining net shares to the participants. Fair value of the shares on
the grant date was ranging from EUR 30.58-45.20 per share. Pursuant to the IFRS standards, an expense relating to
the Restricted Share Plan 2021-2023 totaling EUR 1,027,992 was recorded for the reporting periods 2021-2023. This
amount includes an expense totaling EUR 571,626 which was recorded in the reporting period ending 31 December
2023.
Restricted Share Plan 2022-2024
The Restricted Share Plan 2022-2024 commenced in 2022 and the reward will be paid during 2025 based on
continuous employment. Group\u2019s adjusted EBIT margin of 8% for the result release preceding the payment is used as
an underlying threshold criterion for share payment. The Restricted Share Plan 2022-2024 was directed to 5 persons
at the end of 2023.
Restricted Share Plan 2023-2025
The Restricted Share Plan 2023-2025 commenced in 2023 and the reward will be paid during 2026 based on
continuous employment. Group\u2019s adjusted EBIT margin of 8% for the result release preceding the payment is used as
an underlying threshold criterion for share payment. The Restricted Share Plan 2023-2025 was directed to 3 persons
at the end of 2023.
\n \n
Restricted Share Plan
2021-2023 (2-year vesting)
2021-2023
2022-2024
2023-2025
Amount of granted shares (gross)
1
100,800
30,700
10,000
7,000
Share price at grant date, eur
39.18
45.20-30.58
32.86-31.29
33.58-30.56
Number of achieved shares (gross) based on performance criteria
81,400
30,700
2
-
-
Number of participants of December 31, 2023
61
12
5
3
Share delivery
2023
2024
2025
2026
Perfomance criteria
Continuous employment
3
1
In case shares are paid as reward, the net number of shares which remains after deducting the number of shares corresponding to the applicable taxes will be delivered
to participants.
2
Shares under RSP 2021-2023 will be paid in March 2024.
3
However, if Huhtamaki Group\u2019s adjusted EBIT margin in the result release preceding the payment of the rewards is under 8%, no shares will be paid.
ACCOUNTING PRINCIPLES
The Group has incentive plans which include equity-settled or cash-settled share-based payment transactions. The
fair value of equity-settled share-based payments granted is recognized as an employee expense with a corresponding
increase in equity. The fair value of cash-settled share-based payments is valued at each reporting period closing date
and the changes in fair value of liability are recognized as expense when incurred. The fair value is measured at grant
date and spread over the vesting period during which the employees become unconditionally entitled to the awards.
The amount recognized as an expense is adjusted to reflect the actual number of awards that will be vested. Non-
market vesting conditions are not included in the value of share-based instruments but in the number of instruments
that are expected to vest. At each reporting period closing date, the estimates about the number of awards that are
expected to vest are revised and the impact is recognized in income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12953": { "value": "ACCOUNTING PRINCIPLES
The Group has incentive plans which include equity-settled or cash-settled share-based payment transactions. The
fair value of equity-settled share-based payments granted is recognized as an employee expense with a corresponding
increase in equity. The fair value of cash-settled share-based payments is valued at each reporting period closing date
and the changes in fair value of liability are recognized as expense when incurred. The fair value is measured at grant
date and spread over the vesting period during which the employees become unconditionally entitled to the awards.
The amount recognized as an expense is adjusted to reflect the actual number of awards that will be vested. Non-
market vesting conditions are not included in the value of share-based instruments but in the number of instruments
that are expected to vest. At each reporting period closing date, the estimates about the number of awards that are
expected to vest are revised and the impact is recognized in income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13031": { "value": "ACCOUNTING PRINCIPLES
Leases
The leases that the Group recognizes in the statement of financial position include mainly land, building, machinery and
equipment. Short-term leases (lease term of 12 months or less) and leases for which the underlying asset is of low value
are not booked to the statement of financial position. Payments for short-term and low-value leases and variable lease
payments are expensed in P&L.
Right of use (ROU) assets are recognized at the commencement date of the lease. ROU assets are measured at cost
less accumulated depreciation and impairment losses. The costs include the amount of the initial measurement of the
lease liability, any lease payments made at or before the commencement date less lease incentives received, any direct
costs and an estimate of dismantling costs. The carrying amount is further adjusted for any remeasurement of the lease
liability. Depreciation is expensed to the income statement on a straight-line basis over the lease term. The lease term
includes the noncancelable period of lease together with any extension or termination options that are reasonably
certain to be exercised. ROU assets are presented as tangible assets in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13053": { "value": "6.5. COMMITMENTS \n \n
EUR million
2023
2022
Capital expenditure
61.6
115.9
Leases
67.1
-
Total commitments
128.8
115.9
\n \n
EUR million
2023
2022
Capital expenditure commitments
Under 1 year
61.6
115.9
Total
61.6
115.9
\n \n
EUR million
2023
2022
Lease commitments
Not later than 1 year
-
-
Later than 1 year and not later than 5 years
19.5
-
Later than 5 years
47.6
-
Total
67.1
0.0
ACCOUNTING PRINCIPLES
Commitments
Capital expenditure commitments are commitments at the balance sheet date to acquire tangible and intangible assets
in the future. Lease commitments are commitments at the balance sheet date to lease tangible assets in the future.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13171": { "value": "6.6. LITIGATIONS
The European Commission announced on March 7, 2019 to open an investigation into Luxembourg's tax practices, in
particular Huhtamaki tax rulings from the years 2009, 2012 and 2013. The investigation is not targeted at Huhtamaki
and Huhtamaki has not been approached by the European Commission. The European Commission is investigating
whether the tax ruling could potentially be considered as prohibited state aid by Luxembourg. State aid means that a
public authority has granted a selective (not available for everyone) competitive advantage to a company in Europe.
Huhtamaki monitors the situation and is cooperating with authorities. Huhtamaki complies with all laws and regulations
and it is important for Huhtamaki to secure predictability in financial and tax affairs. In Huhtamaki\u2019s view, the structure
in question is legal and approved by tax authorities, and was not set up to gain unfair competitive advantage in Europe. ", "dimensions": { "concept": "huh:DisclosureOfLitigationTextBlock", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13183": { "value": "6.7. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD There were no significant events after the reporting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13199": { "value": "Subsidiaries
The list contains significant subsidiaries. A complete list is enclosed in the official statutory accounts which may be obtained
from the company on request.
\n \n
Country
Company
Group holding %
Australia
Huhtamaki Australia Pty Limited
100.0
Huhtamaki Tailored Packaging Pty Ltd - Group
100.0
Brazil
Huhtamaki do Brasil Ltda
100.0
Huhtamaki Embalagens Flex\u00edveis do Brasil Ltda
100.0
Czech Republic
Huhtamaki Ceska republika, a.s.
100.0
Huhtamaki Flexible Packaging Czech a.s.
100.0
LeoCzech spol s r.o.
100.0
Egypt
Elif Global Packaging S.A.E.
100.0
Huhtamaki Egypt L.L.C.
75.0
Huhtamaki Flexible Packaging Egypt LLC
100.0
Finland
Huhtamaki Foodservice Nordic Oy
100.0
France
Huhtamaki Foodservice France S.A.S
100.0
Huhtamaki La Rochelle S.A.S
100.0
Germany
Huhtamaki Flexible Packaging Germany GmbH & Co. KG
100.0
Huhtamaki Foodservice Germany Operations GmbH & Co. KG
100.0
Huhtamaki Foodservice Germany Sales GmbH & Co. KG
100.0
Hungary
Huhtamaki Hungary Kft
100.0
India
Huhtamaki Foodservice Packaging India Private Limited
100.0
Huhtamaki India Limited
3
67.7
Ireland
Huhtamaki CupPrint Limited
100.0
Italy
Huhtamaki Flexibles Italy S.r.l.
100.0
Luxembourg
Huhtamaki S.\u00e0 r.l.
100.0
Malaysia
Huhtamaki Foodservice Malaysia Sdn. Bhd.
100.0
Mexico
Huhtamaki Mexicana S.A. de C.V.
100.0
Netherlands
Huhtamaki B.V.
100.0
Huhtamaki Finance B.V.
100.0
Huhtamaki Molded Fiber Technology B.V.
100.0
Huhtamaki Nederland B.V.
100.0
Huhtamaki Paper Recycling B.V.
100.0
New Zealand
Huhtamaki Henderson Limited
100.0
Huhtamaki New Zealand Limited
100.0
Philippines
Huhtamaki Philippines, Inc.
100.0
People\u2019s Republic of China
Huhtamaki Foodservice (Shanghai) Limited
100.0
Huhtamaki Foodservice (Tianjin) Ltd.
100.0
Huhtamaki Foodservice (Xuzhou) Ltd.
100.0
Huhtamaki (Guangzhou) Limited
100.0
People\u2019s Republic of China/Hong Kong
Huhtamaki Hong Kong Limited
100.0
Poland
Huhtamaki Foodservice Gliwice Sp. z o.o.
100.0
Huhtamaki Foodservice Poland Sp. z o.o.
100.0
Saudi Arabia
Arabian Paper Products Company
50.0
1
Singapore
Huhtamaki Singapore Pte. Ltd.
100.0
South Africa
Huhtamaki South Africa Holdings (Pty) Ltd
70.0
Huhtamaki South Africa (Pty) Ltd.
70.0
Huhtamaki Flexible Packaging South Africa (Pty) Limited
70.0
Spain
Huhtamaki Spain S.L.
100.0
Switzerland
Huhtamaki AG
100.0
Thailand
Huhtamaki (Thailand) Ltd.
100.0
Turkey
Elif Plastik Ambalaj Sanayi ve Ticaret Anonim
\u015e
irketi
100.0
Huhtamaki Turkey G\u0131da Servisi Ambalaj\u0131 A.
\u015e
.
100.0
Ukraine
Huhtamaki Foodservice Ukraine LLC
100.0
United Arab Emirates
Arabian Paper Products FZCO
50.0
1
Huhtamaki Flexible Packaging Middle East LLC
49.0
2
Positive Packaging United (M.E.) FZCO
100.0
Primetech (M.E.) FZE
100.0
United Kingdom
Huhtamaki BCP Limited
100.0
Huhtamaki Foodservice Delta Limited
100.0
Huhtamaki (Lisburn) Limited
100.0
Huhtamaki (Lurgan) Limited
100.0
Huhtamaki (UK) Limited
100.0
United States
CupPrint LLC
100.0
Huhtamaki, Inc.
100.0
Vietnam
Huhtamaki (Vietnam) Limited
100.0
1
The Group\u2019s control is based on a Shareholders\u2019 Agreement according to which the Group has control in the company.
2
The Group has control in the company and can consolidate the company as a fully owned subsidiary based on a Shareholders\u2019 Agreement.
3
For more information:
www.huhtamaki.com/en-in/flexible-packaging/investors/
The following German subsidiaries are exempt from the duty of corporations to audit and disclose financial statements
pursuant to German legislation (Sec. 264b HGB): Huhtamaki Flexible Packaging Germany GmbH & Co. KG, Huhtamaki
Foodservice Germany Operations GmbH & Co. KG, Huhtamaki Foodservice Germany Sales GmbH & Co. KG,
Huhtamaki Real Estate Holding B.V. & Co. KG.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493007050SJVMXN6L29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }