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"s11_notes__6__6": {
"value": "1. Corporate information Konecranes Plc (\u201cKonecranes Group\u201d or \u201cthe Group\u201d) is a Finnish public limited company organized under the laws of Finland and domiciled with its principal place of business in Hyvink\u00e4\u00e4. The company is listed on the NASDAQ Helsinki.Konecranes is a world-leading manufacturer and servicer of cranes, lifting equipment and machine tools, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes operates internationally, with its products being manufactured in North and South America, Europe, Africa, the Middle East, and Asia and sold worldwide. Konecranes has three reportable segments: Service, Industrial Equipment and Port Solutions.",
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"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__7": {
"value": "2. Accounting principles 2.1. Basis of preparation The consolidated financial statements of Konecranes Plc have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.The consolidated financial statements have been prepared on a historical cost basis, except for items that are required by IFRS to be measured at fair value, principally certain financial instruments.The consolidated financial statements including notes thereto are presented in millions of euros and all values are rounded to the nearest million (\u20ac000,000) except when otherwise indicated. Due to the rounding, some totals might differ from the sum of individual figures as calculations are done originally in thousands of euros.The financial statements were approved for issuance by the Board of Directors on February 1, 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__8": {
"value": "The consolidated financial statements of Konecranes Plc have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__9": {
"value": "The financial statements were approved for issuance by the Board of Directors on February 1, 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__11-1": {
"value": "Principles of consolidationThe consolidated financial statements comprise the consolidated balance sheet of Konecranes Plc and its subsidiaries as at December 31, 2023 and 2022 and the consolidated statements of income and cash flows for the periods ended December 31, 2023 and 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)\u2022 Exposure, or rights, to variable returns from its involvement with the investee\u2022 The ability to use its power over the investee to affect its returnsGenerally, there is a presumption that majority of voting rights result in control. To support this presumption and when the Group has less than majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 The contractual arrangement with the other vote holders of the investee\u2022 Rights arising from other contractual arrangements\u2022 The Group\u2019s voting rights and potential voting rightsThe Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.Business CombinationsAcquisitions of subsidiaries are accounted for using the acquisition method according to which the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess of the consideration transferred for the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recorded as goodwill. The measurement of fair value of the acquired net assets is based on market value of similar assets (property, plant and equipment), or an estimate of expected cash flows (intangible assets). The valuation, which is based on prevailing repurchase value, expected cash flows or estimated sales price, requires management judgement, estimates and assumptions. See note 4.Business combinationsAcquisitions of subsidiaries are accounted for using the acquisition method according to which the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess of the consideration transferred for the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recorded as goodwill. For each acquisition, the non-controlling interest in the acquiree, if any, can be recognized either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. If the purchase consideration is less than the fair value of the Group\u2019s share of the net assets acquired, the difference is recognized directly through the profit and loss. Direct acquisition transaction costs are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__10": {
"value": "Principles of consolidationThe consolidated financial statements comprise the consolidated balance sheet of Konecranes Plc and its subsidiaries as at December 31, 2023 and 2022 and the consolidated statements of income and cash flows for the periods ended December 31, 2023 and 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)\u2022 Exposure, or rights, to variable returns from its involvement with the investee\u2022 The ability to use its power over the investee to affect its returnsGenerally, there is a presumption that majority of voting rights result in control. To support this presumption and when the Group has less than majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 The contractual arrangement with the other vote holders of the investee\u2022 Rights arising from other contractual arrangements\u2022 The Group\u2019s voting rights and potential voting rightsThe Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__5": {
"value": "Notes to the consolidated financial statements1. Corporate information Konecranes Plc (\u201cKonecranes Group\u201d or \u201cthe Group\u201d) is a Finnish public limited company organized under the laws of Finland and domiciled with its principal place of business in Hyvink\u00e4\u00e4. The company is listed on the NASDAQ Helsinki.Konecranes is a world-leading manufacturer and servicer of cranes, lifting equipment and machine tools, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes operates internationally, with its products being manufactured in North and South America, Europe, Africa, the Middle East, and Asia and sold worldwide. Konecranes has three reportable segments: Service, Industrial Equipment and Port Solutions.2. Accounting principles 2.1. Basis of preparation The consolidated financial statements of Konecranes Plc have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.The consolidated financial statements have been prepared on a historical cost basis, except for items that are required by IFRS to be measured at fair value, principally certain financial instruments.The consolidated financial statements including notes thereto are presented in millions of euros and all values are rounded to the nearest million (\u20ac000,000) except when otherwise indicated. Due to the rounding, some totals might differ from the sum of individual figures as calculations are done originally in thousands of euros.The financial statements were approved for issuance by the Board of Directors on February 1, 2024.Principles of consolidationThe consolidated financial statements comprise the consolidated balance sheet of Konecranes Plc and its subsidiaries as at December 31, 2023 and 2022 and the consolidated statements of income and cash flows for the periods ended December 31, 2023 and 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)\u2022 Exposure, or rights, to variable returns from its involvement with the investee\u2022 The ability to use its power over the investee to affect its returnsGenerally, there is a presumption that majority of voting rights result in control. To support this presumption and when the Group has less than majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 The contractual arrangement with the other vote holders of the investee\u2022 Rights arising from other contractual arrangements\u2022 The Group\u2019s voting rights and potential voting rightsThe Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.Investment in associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method. Under this method, the consolidated financial statements show the Group\u2019s investment in and share of net assets of the associate or joint venture. Any premium over net assets paid to acquire an interest in an associate or joint venture is recognized as goodwill within the same line as the underlying investment. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss as share of profit of an associate and a joint venture in the statement of profit or loss.2.2. Use of estimates and judgmentsThe preparation of the financial statements in accordance with IFRS requires management to make estimates and judgments that affect the valuation of reported assets and liabilities and other information, such as contingent liabilities and recognition of income and expenses in the statement of income. These assumptions, estimates and judgments are based on management\u2019s historical experience, best knowledge about the events and other factors, such as expectations on future events, which the company assesses to be reasonable in the given circumstances. Although these estimates and judgments are based on the management\u2019s best understanding of current events and circumstances, actual results may differ from the estimates. Changes in estimates and assumptions are recognized in the financial period the estimate or assumption is changed. The most important items in the consolidated financial statements, which require management\u2019s estimates and that involve complex and subjective judgments and the use of assumptions, some of which may be for matters that are inherently uncertain and susceptible to change, are impairment testing, recognition of deferred taxes, measurement of the fair value of assets and actuarial assumptions in defined benefit plans, and percentage of completion revenue recognition in long term projects.Impairment testingThe recoverable amount for goodwill has been determined based on the value in use of the relevant cash generating unit to which the goodwill is allocated. The recoverable amounts of all material intangible assets and property, plant and equipment have also been based on their value in use. The impairment testing of goodwill is based on numerous judgmental estimates of the present value of the cash flows which affect the valuation of the cash generating units (CGU) pertaining to the goodwill. Cash flow forecasts are made based on CGU specific historical data, order book, the current market situation, and industry specific information of the future growth possibilities. These assumptions are reviewed annually as part of the management's annual and strategic planning cycles and can be subject to significant adjustment as arising from the development of the global economy, pressure from competitors\u2019 products, climate risks and opportunities as well as changes in raw material prices and operating expenses. The value of the benefits and savings from the efficiency improvement programs already announced and included in certain cash flow estimates are also subjective and based on the management's best estimate of the impact. The fair value of the CGUs is determined using a derived weighted average cost of capital as the rate to discount estimated future cash flows. The discount rate used may not be indicative of actual rates obtained in the markets in the future. See note 13.Business CombinationsAcquisitions of subsidiaries are accounted for using the acquisition method according to which the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess of the consideration transferred for the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recorded as goodwill. The measurement of fair value of the acquired net assets is based on market value of similar assets (property, plant and equipment), or an estimate of expected cash flows (intangible assets). The valuation, which is based on prevailing repurchase value, expected cash flows or estimated sales price, requires management judgement, estimates and assumptions. See note 4.Recognition of deferred taxesThe ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or in which tax losses can be utilized. The tax effect of unused tax losses is recognized as a deferred tax asset when it becomes probable that the tax losses will be utilized. In making assessments regarding deferred tax assets, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies. The actual current tax exposure is estimated together with assessing temporary differences resulting from differing treatment of items, such as depreciation, provisions and accruals, for tax and accounting purposes. When recording the deferred tax assets, judgments have been based on the estimates of the taxable income in each subsidiary and country in which Konecranes operates, and the period over which the deferred tax assets will be recoverable based on the estimated future taxable income and planned tax strategies to utilize these assets. The amount of deferred tax assets considered realizable could however be reduced in subsequent years if estimates of future taxable income during their carry forward periods are reduced, or rulings by the tax authorities are unfavorable. Estimates are therefore subject to change due to both market related and tax authorities related uncertainties, as well as Konecranes\u2019 own future decision matters such as restructuring. Konecranes is unable to accurately quantify the future adjustments to deferred income tax expense that may occur as a result of these uncertainties. See note 17.Actuarial assumptions in defined benefit plansThe net pension liability and expense for defined benefit plans is based on various actuarial assumptions such as the assumed discount rate, expected development of salaries and pensions and mortality rates. Significant differences between assumptions and actual experience, or significant changes in assumptions, may materially affect the pension obligations. The effects of actual results differing from assumptions and the changing of assumptions are included in Remeasurement gains/loss on defined benefit plans in other comprehensive income. Discount rates are determined annually based on changes in long-term, high-quality corporate bond yields. Decreases in the discount rates result in an increase in the defined benefit obligation and in pension costs. Conversely, an increase in the discount rate results in a decrease in the defined benefit obligation and in pension costs. Increases and decreases in mortality rates have an inverse impact on the defined benefit obligation and pension costs. Increases and decreases in salary and pension growth rates have a direct correlating impact on the defined benefit obligation and pension costs. The assumed discount rate, which is based on rates observed at the end of the preceding financial year, may not be indicative of actual rates realized. The actual development of salaries and pensions may not reflect the estimated future development due to the uncertainty of the global economy and various other factors. Konecranes uses generational mortality tables to estimate probable future mortality improvements. These tables assume that the trend of increasing life expectancy will continue, resulting in pension benefit payments to younger members being likely to be paid for longer time periods than older members\u2019 pensions, given that assumed retirement ages are those defined in the rules of each plan.The funded status, which can increase or decrease based on the performance of the financial markets or changes in our assumptions, does not represent a mandatory short-term cash obligation. Instead, the funded status of a defined benefit pension plan is the difference between the defined benefit obligation and the fair value of the plan assets. See note 28. Revenue recognition over time in long-term projectsKonecranes applies the percentage of completion method for recognizing revenue over time from certain long-term large crane projects and modernizations in accordance with IFRS 15 Revenue Recognition. The percentage of completion is based on the cost-to-cost method. Under this method, the progress of contracts is measured by actual costs incurred in relation to the management's best estimate of total estimated costs at completion, which are reviewed and updated routinely for contracts in progress. The cumulative effect of any change in estimate is recorded in the period in which the change in estimate is determined. The percentage of completion method of accounting involves the use of assumptions and projections, principally relating to future material, labor and project-related overhead costs. As a consequence, there is a risk that total contract costs will exceed those originally estimated and the margin will decrease, or the contract may become unprofitable. This risk increases as the duration of a contract increases because there is a higher probability that the circumstances upon which the estimates were originally based will change, resulting in increased costs that may not be recoverable. Factors that could cause costs to increase include: unanticipated technical problems with equipment supplied or developed by us which may require us to incur additional costs to remedy, changes in the cost of components, materials or labor, project modifications creating unanticipated costs, suppliers\u2019 or subcontractors\u2019 failure to perform, and delays caused by unexpected conditions or events. By recognizing changes in estimatescumulatively, recorded revenue and costs to date reflect the current estimates at the stage of completion for each project. Additionally, losses on long-term contracts are recognized in the period when they are identified and are based upon the anticipated excess of contract costs over the related contract revenues. The war in UkraineThe impacts of the war in Ukraine on estimates in the financial reporting rely on the management's best judgement. The Group has assessed the impacts to goodwill, other intangible and tangible assets as part of the impairment testing process, and to defined benefit plans, provisions, valuation of inventory, recoverability of deferred tax assets and collectability of account receivables as part of the regular reporting process. Konecranes operates a crane and component factory in Zaporizhzhia, in the south-eastern part of Ukraine. The production at the Ukrainian factory was stopped immediately after the war in Ukraine started. The production has been redirected to other Konecranes manufacturing sites. As the level of uncertainty regarding Konecranes\u2019 operations in Ukraine remains high due to the ongoing war, Konecranes has impaired all Ukraine-related assets, including inventories and receivables. Konecranes has also decided not to take any business from Russia. The war has increased market volatility and uncertainty by increasing cost inflation and global material availability concerns and other supply chain issues. See note 24. Climate risks and opportunitiesThe biggest climate-related risks are physical risks related to own operations and supply chain, transitional risks related to technological decisions, and market risks related to cost impacts. Market risks can relate to increased production costs due to changing input prices (energy, raw materials etc.) and output requirements (for example waste treatment). Technological development pressure in carbon-intensive industries might also increase the development costs as well as the availability of technology or key components. For example, the widespread electrification trend might cause availability risks in batteries. The potential physical risks are mostly related to transportation or production locations. An increase in extreme weather conditions could especially affect our crane installations and project sites. Heavy rain, storm or floods might put only few of our production sites at risk. Extreme weather conditions can also have a potential impact on the shipment of our products or spare parts. Konecranes takes advantage of findings from climate risk scenario analysis in its risk management. Having a continuance plan for production changes due to e.g., extreme weather conditions lowers the interruption risk for production. Signals from the markets, legislation development, voluntary agreements made by industries, customer feedback and requests for quotations all indicate that the demand for low-emission products and services will continue to increase. As Konecranes already has energy efficient products in all product segments available and focuses on continuous product development and technological improvements, the growing demand for low-emission products presents an opportunity \u2013 especially in traditional diesel engine powered product segments such as Ports Solutions. Konecranes' service business advances circular economy by focusing on extending product lifecycles. By maintaining the equipment, Konecranes can extend the lifetime of the equipment and create significant raw material and emission savings. Konecranes offers several retrofit solutions for customers to reduce emissions, increase fuel efficiency and update technology to current standards. Modernizing an old crane instead of purchasing a new one saves hundreds of tons of steel. Modernizations and retrofits also enhance the energy efficiency and performance of the equipment.Konecranes has set Science Based Emission Targets for its operations as well as for the value chain that are in line with the goal to limit global warming to 1.5\u00b0C. 99% of the emissions originate from the value chain. Most of the emissions arise from the emission categories \u201cpurchased goods and services\u201d and \u201cthe use of sold products\u201d. This commitment guides Konecranes to make more strategic decisions related to increasing the share of eco-optimized portfolio, including electrification, and investigate new technologies that help our customers to transition to a low carbon future. Climate risks might have a significant impact on our operations, which requires significant judgment, for example, in revenue recognition (especially in long-term projects), provisions, collectability of accounts receivable and impairment of assets. The evaluation of the overall climate risk and opportunity impacts can be complicated as the effects of the risks and opportunities can be difficult to estimate or quantify. The impacts of climate change on the estimates and assumptions used in the financial reporting rely on the management's best judgement and knowledge under the current circumstances. 2.3. Summary of significant accounting policiesRevenue recognitionRevenue 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 and to the extent that it is probable that the economic benefits will flow to the Company, that revenue can be reliably measured, and that collectability is reasonably assured. Revenue is measured at the fair value of the consideration received or receivable. The creditworthiness of the buyer is assessed before engaging into a sale. However, if a risk of non-payment arises after revenue recognition, a provision for non-collectability is established.The company recognizes revenue when it satisfies an identified performance obligation by transferring promised goods or services to the customer. Goods and services are generally considered to be transferred when the customer obtains the control over it. Control means that the customer can direct the use of and obtain benefit from the good and service and also prevent others from directing the use of and receiving the benefits from them. Thus, the customer has sole possession of the right to use the good or service for the remainder of its economic life or to consume the good or service in its own operations. The transaction price is usually fixed but may also include variable considerations such as volume or cash discounts or penalties. Variable consideration is included in the revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved. The variable considerations are estimated using the most likely value method if not yet realized at the end of the reporting period. If the contract is separated into more than one performance obligation, Konecranes allocates the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services in each performance obligation, or if the standalone selling prices do not exist, Konecranes typically uses the expected cost plus a margin approach to estimate the standalone selling price.Contract assets relate to receivables arising from percentage of completion method. Net asset balances are balances where the sum of contract costs, recognized profits and recognized losses exceed advance payments received. Where advance payments received exceed the sum of contract costs, recognized profits, and recognized losses, these liabilities are included in the line-item advance payments received. Contract assets are subject to impairment assessment. See also financial assets at amortized cost.Nature of goods and services and timing of satisfaction of performance obligations and significant payment termsThe Service segment principally generates revenue from providing maintenance and consultative services as well as spare parts for all types and makes of industrial cranes and hoists. Service also provides modernizations which are complete transformations of existing cranes as an alternative to replacing them. Revenue from services is recognized when the outcome of the transaction can be estimated reliably and by customer acknowledgement for the completion of the service work or by reference to the stage of completion based on services performed at the end of the reporting period if it can be measured. The assessment of the stage of completion is dependent on the nature of the contract but will generally be based on costs incurred to the extent these relate to services performed up to the reporting date. In modernization projects, the customer typically controls the assets that are enhanced; thus the revenue is recognized over time according to the percentage of completion method. In the spare parts business, the transfer of control and revenue recognition usually takes place either when goods are shipped or made available to the buyer for shipment, depending on the terms of the contract, or when the customer has accepted the delivery. Usually, customers pay according to agreed payment terms after the services and products have been delivered. Sometimes it is required that the payment is done in advance. In these cases, for example in annual maintenance contracts, the payment is periodized to meet the revenue recognition in accordance with the delivery of services and goods. In modernization projects, the customers are typically required to make advance payments according to the milestones defined in the modernization project contract.The Industrial Equipment segment generates revenue from hoists, cranes and material handling solutions for a wide range of customers. For standard equipment and components, the revenue is recognized when goods are shipped or made available to the buyer for shipment, depending on the terms of the contract, or when the customer has accepted the delivery, which is typically an installed crane. The revenue from large, engineered crane projects is recognized over time according to the percentage of completion (POC) method as those contracts are specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. Konecranes is then also entitled to an amount that at least compensates the entity for performance completed to date even if the customer can terminate the contract for reasons other than our failure to perform as promised. In general, the warranty period for cranes is two years for which the Group records a warranty provision based on historical data. The revenue for an extended warranty is recognized over the extended warranty period. In crane projects, the customers are typically required to make advance payments in accordance with the milestones defined in the crane project contract.The Port Solutions segment generates revenue from container handling equipment, shipyard equipment, mobile harbor cranes, heavy-duty lift trucks and Port Solutions related software. All equipment deliveries are supported by a complete range of services. Most of the container handling and shipyard equipment are tailored and engineered to the customer needs, so the revenue from these projects is recognized over time according to the percentage of completion (POC) method as those contracts are specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. Konecranes is then also entitled to an amount that at least compensates the entity for performance completed to date even if the customer can terminate the contract for reasons other than our failure to perform as promised. The revenue from lift trucks and standard port equipment is recognized when goods are shipped or made available to the buyer for shipment, depending on the terms of the contract, or when the customer has accepted the delivery. The general warranty period for port equipment varies to some extent depending on the components used in the projects. For a general warranty, the Group records a warranty provision based on historical data. The revenue from a possible extended warranty is recognized over the extended warranty period. In Port Solutions projects, the customers are typically required to make advance payments according to the milestones defined in the project contract. The advance payments from clients do not generally include a significant financing component, because typically the payment schedule of advances follows the timing of performance obligations to be satisfied. Measurement of stage of completion for performance obligations satisfied over timeThe stage of completion of a contract is determined by the proportion that the contract costs incurred for the work performed to date bear to the estimated total contract costs (cost-to-cost method) at completion. This best depicts the transfer of control to the customer, which occurs as we incur costs in our contracts. When the final outcome of a project cannot be reliably determined, the costs arising from the project are expensed in the same reporting period in which they occur, but the revenue from the project is recorded only to the extent that the Group will receive an amount corresponding to actual costs. An expected loss on a contract is recognized immediately in the statement of income. Revenue in respect of variations to the contract scope and claims is recognized when it is probable that it will be received and can be measured reliably.Research and development costsResearch costs are expensed as incurred. The development expenditure of an individual project is recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 Its intention to complete and its ability to use or sell the asset. \u2022 How the asset will generate future economic benefits. \u2022 The availability of resources to complete the asset. \u2022 The ability to reliably measure the expenditure during development.Amortization of capitalized development costs begins when development is complete, and the asset is available for use. Comparable EBITA (alternative performance measure)The Group uses comparable EBITA as an alternative performance measure to reflect the underlying business performance and to enhance comparability between financial periods. It is frequently used by management, analysts and investors. Comparable operating profit before amortization and impairment of purchase price allocations (a non-GAAP measure) represents earnings from continuing operations before income taxes (a GAAP measure), excluding restructuring, transaction and restructuring related asset impairment costs as well as other adjusting items, amortization and impairment of purchase price allocations and financial income and expense. Alternative performance measures should not be considered as a substitute for measures of performance in accordance with the IFRS. See also note 3.Earnings per shareBasic earnings per share are computed by dividing net income from continuing operations and net income from discontinued operations all attributable to ordinary shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by assuming conversion or exercise of all potentially dilutive share-based payment plans.Dividend distributionThe company recognizes a liability to make dividend distributions to equity holders when the distribution is approved by the shareholders. A corresponding amount is recognized directly in equity.Employee benefits Konecranes companies have various pension plans in accordance with local conditions and practices. Pensions are generally managed for the Group companies by external pension insurance companies or by similar arrangements. These pension plans are classified either as defined contribution or defined benefit plans. Under defined contribution plans, expenses are recognized for the period to which the contribution relates. The Group has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay employee benefits. The Konecranes Group accounts for the Finnish system under the Employees\u2019 Pensions Act (TyEL) within insurance system as a defined contribution plan.Under defined benefit plans, a liability recognized in the balance sheet equals to the net of the present value of the defined benefit obligation (calculated using the Projected Unit Credit Method) less the fair value of the plan assets at the balance sheet date. Actuarial gains and losses are recognized in the consolidated statement of other comprehensive income as remeasurement items when they occur. Remeasurement recorded in other comprehensive income is not recycled. Past service cost is recognized in the statement of profit or loss in the period of plan amendment. Net interest is calculated by applying the discount rate to the net defined liability or asset. Independent actuaries calculate the defined benefit obligation by applying the Projected Unit Credit Method. The Group presents service cost, past-service cost, gains and losses on curtailments and settlements and net interest expense or income as Personnel cost \u2013 Pension costs: Defined benefit plans in the statement of income (see note 8).A liability for termination benefit is recognized at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs.Share-based paymentsEmployees (including senior executives) of the Group and its subsidiaries receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions) or receive settlement in cash (cash-settled transactions).Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized, together with a corresponding increase in other reserves in equity, over the period in which the performance and/or service conditions are fulfilled in Personnel cost \u2013 Other personnel expense in the statement of income. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit recorded in the statement of income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.No expense is recognized for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional upon a market or non-vesting condition. These are treated as vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the expense had the terms not been modified, if the original terms of the award are met. An additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee as measured at the date of modification. The tax laws or regulations usually oblige Konecranes to withhold an amount for an employee's tax obligation associated with a share-based payment and transfer that amount, normally in cash, to the tax authority on the employee's behalf. To fulfil this obligation, the terms of the share-based payment arrangement permit Konecranes to withhold the number of equity instruments equal to the monetary value of the employee's tax obligation from the total number of equity instruments that otherwise would have been issued to the employee upon vesting of the share-based payment. This share-based payment arrangement with a net settlement feature is classified in its entirety as an equity-settled share-based payment transaction and the payment made shall be accounted for as a deduction from equity for the shares withheld. Cash-settled transactions The cost of cash-settled transactions, which is usually related to the additional employee social cost or taxes of the share-based payments, is measured initially at fair value at the grant date using a binomial model. This fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The liability is remeasured to fair value at each reporting date up to, and including, the settlement date, with changes in fair value recognized in Personnel cost \u2013 Other personnel expenses in the statement of income (see Note 8).Foreign currency translationThe Group\u2019s consolidated financial statements are reported in euros, which is the Group\u2019s presentation currency. Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency.Transactions and balancesTransactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognized by the Group entities at their respective functional currency rates prevailing at the date of the transaction. At the end of each reporting period, foreign currency monetary items are retranslated at the functional currency spot exchange rate in effect at the reporting date. The resulting foreign currency exchange differences are recorded in the statement of income with the exception of differences that arise from monetary items that provide an effective hedge for a net investment in a foreign operation (such as intragroup loans where settlement is neither planned nor likely to occur in the foreseeable future). These are recognized in other comprehensive income until the disposal of the net investment, at which time they are recognized in the income statement. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in other comprehensive income.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as of the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.Foreign operationsThe assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their income statements are translated at average exchange rates for the period. The exchange differences arising from the translation are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in the income statement.Any goodwill arising from the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising from the acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate.Income taxTaxes shown in the consolidated statement of income include income taxes to be paid on the basis of local tax legislations, tax adjustments from previous years as well as the effect of the annual change in the deferred tax balances. Taxes are calculated using rates enacted or substantively enacted at the balance sheet date.Deferred tax liabilities and deferred tax assets are calculated for all temporary differences arising between the tax basis and the book value of assets and liabilities. Deferred tax is not recognized for non-deductible goodwill on initial recognition and temporary differences in investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. The main temporary differences arise from unused tax losses, depreciation differences, provisions, defined benefit pension plans, inter-company inventory margin and derivative financial instruments. In connection with an acquisition, the Group records provisions for deferred taxes on the difference between the fair values of the net assets acquired and their tax bases. A deferred tax asset is recognized to the extent that it is probable that it can be utilized.Business combinationsAcquisitions of subsidiaries are accounted for using the acquisition method according to which the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess of the consideration transferred for the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recorded as goodwill. For each acquisition, the non-controlling interest in the acquiree, if any, can be recognized either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. If the purchase consideration is less than the fair value of the Group\u2019s share of the net assets acquired, the difference is recognized directly through the profit and loss. Direct acquisition transaction costs are expensed as incurred.Assets held for saleThe Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a disposal rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.The criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate disposal in its present condition. Actions required to complete the disposal should indicate that it is unlikely that significant changes to the disposal will be made or that the decision to dispose will be withdrawn. Management must be committed to the disposal expected within one year from the date of the classification.Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Intangible assetsIntangible assets include service contracts, patents and trademarks as well as software licenses and implementation costs. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Intangible assets with definite useful life are amortized on the straight-line basis over expected useful lives, which may vary from 5 to 20 years with service contracts and patents and trademarks and from 4 to 7 years with software licenses. They are assessed for impairment whenever there is an indication that the intangible asset may be impaired.Intangible assets with indefinite useful life are not amortized, but they are tested annually for impairment in a manner equivalent to that for testing goodwill. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.Impairment testing of goodwillGoodwill acquired in a business combination is tested for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. If the carrying amount for a CGU exceeds its recoverable amount, an impairment loss equal to the difference is recognized. Konecranes uses a discounted cash flow analyses to assess the fair value of goodwill. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations cover a period of five years. A previously recognized impairment loss on goodwill is not reversed even if there is a significant improvement in circumstances having initially caused the impairment.Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is recorded on a straight-line basis over the estimated useful economic life of the assets as follows: \u2022 Buildings 10-40 years \u2022 Machinery and equipment 3-10 yearsNo depreciation is recorded for land. Improvements made for existing property, plant and equipment that will provide future economic benefit are capitalized and depreciated over the remaining useful life of the asset. For leased right-of-use assets, please see the accounting principles section for leases.Impairment of assets subject to amortization and depreciationThe carrying values of intangible assets subject to amortization, property, plant and equipment and investments in associates and joint ventures are reviewed for impairment whenever events and changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such an indication exists, the recoverable amount of the assets will be estimated. The recoverable amount is the higher of the asset\u2019s fair value less selling costs and value in use which is the present value of the cash flows expected from the asset\u2019s use and eventual disposal. An impairment loss is recognized in the statement of income when the recoverable amount of an asset is less than its carrying amount. Impairment losses on these assets are reversed if their recoverable amounts subsequently increase.Valuation of inventoriesRaw materials and supplies are valued at the acquisition cost or, if lower, at the net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Semi-manufactured goods are valued at variable production costs including a share of production overheads based on normal capacity. Work in progress of uncompleted orders includes direct labor and material costs, as well as a proportion of overhead costs related to production and installation. Raw materials and supplies are valued using the weighted average cost or the first-in, first-out (FIFO) basis. The inventory stock obsolescence provision is based on the best estimate of slow-moving and obsolete inventory at the balance sheet date. The estimates are based on frequent review and evaluation of inventory ageing and composition.Account and other receivablesAccount and other receivables are initially recorded at fair value after which they are subsequently measured at amortized cost. Account receivables represent the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). The provision for doubtful accounts is estimated based on the Group\u2019s historical credit loss experience adjusted with current conditions and reasonable and supportable forecasts about the future. The effect is recognized in the statement of income.Cash and cash equivalentsCash and cash equivalents comprise cash balances and deposits with banks and other liquid investments that are held for the purpose of meeting short-term cash commitments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value as the instruments have a maturity of three months or less from the date of acquisition. Bank overdrafts are included in current interest-bearing liabilities.Fair value measurementFair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. The Group categorizes assets and liabilities measured at fair value into one of three levels depending on the ability to observe inputs employed in their measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs that are observable, either directly or indirectly, other than quoted prices included within level 1 for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or Konecranes\u2019 assumptions about pricing by market participants.Derivative financial instruments and hedge accounting The Group\u2019s global operations expose it to currency risk and to a lesser extent interest rate risk.The Group uses derivative financial instruments, primarily forward contracts and interest rate swaps, to hedge its risks associated with foreign currency fluctuations relating to certain commitments and forecasted transactions and interest rate risks. Derivative financial instruments are used for hedging purposes in accordance with the Group\u2019s hedging policy and not for speculative purposes. These instruments are initially recognized at fair value at the derivative contract date and are re-measured to fair value at subsequent reporting dates. Derivatives are presented as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For certain large crane projects, the Group applies hedge accounting. The Group designates hedges of the foreign currency risk of firm commitments and highly probable forecasted transactions to a cash flow hedge. Changes in the fair value of derivative financial instruments that are designated as effective hedges of future cash flows are recognized directly in other comprehensive income, while the ineffective portion is recognized immediately in the income statement. See note 34. Amounts recognized as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognized as OCI are transferred to the initial carrying amount of the non-financial asset or liability. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover (as part of the hedging strategy), or if its designation as a hedge is revoked, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognized in OCI remains separately in equity until the forecast transaction occurs or the foreign currency firm commitment is met. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in the other comprehensive income is transferred to profit or loss for the period.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognized in the statement of income as they arise.The Group does not apply fair value hedging.Financial assetsFinancial assets are classified, at initial recognition, as financial assets at fair value through profit or loss; financial assets at fair value through OCI; or financial assets at amortized cost. Financial assets are classified according to their cash flow characteristics and the business model they are managed in. Trade day accounting is applied to regular purchases and sales of financial assets. They include account and other receivables, interest-bearing investments and derivative financial instruments. The subsequent measurement of financial assets depends on their classification, as follows:Financial assets at amortized costFinancial assets at amortized cost are subsequently measured using the effective interest rate method. Account receivables and other receivables are recognized at their anticipated realizable value, which is the original invoice amount less an estimated provision for doubtful accounts for impairment. The increase in the credit risk for financial assets measured at amortized cost is assessed at the end of the reporting period. The credit loss allowance is estimated based on the Group\u2019s historical credit loss experience adjusted with current conditions and reasonable and supportable forecasts about the future. The Group applies the simplified approach to record expected credit losses on its accounts receivable by using a provision matrix where accounts receivable is grouped based on different customer bases and different historical loss patterns. Financial assets at fair value through profit or lossInterest-bearing investments, which are non-derivative financial assets and have fixed or determinable payments and are not quoted on active markets, are measured at fair value through the statement of income. This category also includes derivatives that do not qualify for hedge accounting.Financial assets at fair value through other comprehensive incomeDerivatives that qualify for hedge accounting are classified as financial assets at fair value through other comprehensive income. The treatment of gains and losses arising from revaluation is described above in the accounting policy for derivative financial instruments and hedge accounting.Financial liabilitiesFinancial liabilities are classified as financial liabilities at fair value through profit or loss; financial liabilities at fair value through other comprehensive income; or as financial liabilities measured at amortized cost, as appropriate. Financial liabilities include trade and other payables, finance debt and derivative financial instruments. The Group determines the classification of its financial liabilities at initial recognition. The measurement of financial liabilities depends on their classification, as follows: Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss are carried on the balance sheet at fair value with gains or losses recognized in the income statement. Derivatives, other than those designated as effective hedging instruments, are classified as held for trading and are included in this category.Financial liabilities at fair value through other comprehensive incomeThese financial liabilities are typically derivatives designated for hedge accounting and are carried on the balance sheet at fair value. The treatment of gains and losses arising from revaluation is described above in the accounting policy for derivative financial instruments and hedge accounting.Financial liabilities measured at amortized costAll other financial liabilities are initially recognized at fair value. For interest-bearing loans and borrowings, this is the fair value of the proceeds received net of issue costs associated with the borrowing. After initial recognition, other financial liabilities are subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any issue costs, and any discount or premium on settlement. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognized respectively in interest and other finance income and finance costs. This category of financial liabilities includes accounts payables and interest-bearing liabilities.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset, and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently existing, legally enforceable, unconditional right of offset that applies to all counterparties of the financial instruments in all situations, including both normal operations and insolvency.Derecognition of financial instrumentsFinancial assets are derecognized when the rights to receive cash flows from the assets have expired or the Group has transferred its rights to receive cash flow; and either the Group has transferred substantially all the risks and rewards of the assets, or the Group has neither transferred nor retained substantially all the risks and rewards of the assets but has transferred the control of the assets.Financial liability is derecognized when the obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing loan are substantially modified, such an exchange or modification is accounted for as an extinguishment of the original liability and the recognition of a new financial liability. The difference between the respective carrying amounts is recognized in the income statementProvisionsProvisions are recognized in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and it is considered probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions may arise from restructuring plans, onerous contracts, guarantees and warranties, among other events. Obligations arising from restructuring plans are recognized when the detailed and formal restructuring plans have been established, the personnel concerned have been informed and when there is a valid expectation that the plan will be implemented. The warranty provision is based on the history of past warranty costs and claims on delivered products under warranty. Additionally, warranty provisions can be established on a case by case basis to take into consideration the potentially increased risks.When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.LeasesThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.The Group as a lesseeThe Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.Right-of-use assetsThe Group recognizes right-of-use assets at the commencement date of the lease (i.e. asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, possible initial cost incurred, lease payments made before the commencement date and less any lease incentives received. The recognized right-of-use assets are mainly rentals of premises and vehicles which are typically depreciated on a straight-line basis over the shorter of the lease term and estimated useful life of the asset. Right-of-use assets are subject to possible impairment.Lease liabilitiesAt the commencement date of a lease, the Group recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of the lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term, a change in the fixed lease payments or a change in the assessment to purchase the underlying asset.Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the recognition exemption to equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as an expense over the lease term. Judgment in determining the lease termThe Group has various lease agreements for office equipment, vehicles and premises with varying terms and renewal rights. The Group determines the lease term as the non-cancellable term of the lease together with any periods covered by an option to extend or early terminate the lease if it is reasonably certain to be exercised. The Group uses judgment especially for the use of extension options as well as when defining the lease term for open-end lease agreements so that they are based on the business requirements, factors that create an economic incentive and real estimated useful lifetime of the underlying asset. Cash flow statementThe cash flow statement has been prepared in accordance with the indirect method. In the cash flow statement, a distinction is made between cash flows from operating, investing and financing activities. Currency differences on cash and cash equivalents are recognized separately in the cash flow statement. Revenue and expenses for income tax are recognized under Cash flows from operating activities. Interest costs and interest revenues are recognized under Cash flows from operating activities. Cash flows as a result of the acquisition or disposal of financial interests (subsidiaries and interests) are recognized under Cash flows from investing activities, taking into account the cash, cash equivalents and repaid third-party debts present in these interests. Dividends paid out, as well as obtained and repaid loans, are recognized under Cash flows from financing activities.2.4. Application of new and amended IFRS standards and IFRIC interpretations The relevant new or revised IFRSs that Konecranes has adopted from January 1, 2023, were the following: Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2, The amendment replaces the requirement to disclose significant accounting policies with a requirement to disclose material accounting policies. The amendment aims to help companies to disclose accounting policies which are material for users to understand the information in the company\u2019s financial statements. Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction. The amendment clarifies deferred tax accounting for transactions and events, such as leases, that lead to the initial recognition of both an asset and a liability. The amendments require companies to recognize a separate deferred tax asset and deferred tax liability when the temporary differences arising from the initial recognition of an asset and a liability are equal.Amendment to IAS 12 - International tax reform - pillar two model rules. These amendments give companies temporary mandatory relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development\u2019s (OECD) international tax reform. The amendments also introduce targeted disclosure requirements for affected companies. Konecranes applies the temporary mandatory relief to the recognition of deferred taxes.None of these amendments to IFRS standards had any significant impact on the financial statements of Konecranes.New and amended standards issued applicable from January 1, 2024, but not yet effective are disclosed below. The Group adopts new and amended standards and interpretations, if applicable, when they become effective.Amendments to IAS 1- Non-current Liabilities with Covenants clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability.Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.Amendments to IAS 7 and IFRS 7 on Supplier finance arrangements in which the amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. New or amended standards, improvements or annual improvements applicable from January 1, 2024, or later do not have significant effect on the Group, but the amount of additional information provided in the financial statements may increase.3. Segment informationFor management purposes, the Group is organized into business units based on its products and services and had three reportable segments in 2023 and 2022: Service, Industrial Equipment and Port Solutions.The Service segment provides maintenance and installation services of industrial equipment, the Industrial Equipment segment produces industrial cranes and their components for a variety of industries and the Port Solutions segment produces lifting and material handling equipment for ports and provides services for port equipment.The business units have been aggregated to form the above reportable operating segments due to the similar economic characteristics with respect to the nature of the production process, product type and class of customers for their products. The above reportable segments are based on the Group's management reporting and organizational structure. Konecranes Group's chief operating decision maker is theBoard of Directors.Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. However, the performance of the investees accounted for using the equity method is evaluated using proportionate consolidation.The assets and liabilities of the reportable segments include only items directly connected with the business as well as the goodwill related to them. Taxes and financial income and expenses are managed at the Group level and are not allocated to segments.Konecranes also reports three geographical areas, which are the main market areas: EMEA (Europe, Middle East and Africa), AME (Americas) and APAC (Asia-Pacific). Sales are reported by the customer location and assets and capital expenditure by the location of the assets.3.1. Operating segmentsCorporate functions Service Industrial Equipment Port Solutionsand unallocated Eliminations Total 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022SalesSales to external customers 1,432.7 1,292.8 1,173.8 1,068.8 1,359.8 1,003.2 0.0 0.0 3,966.3 3,364.8Inter-segment sales 57.7 50.6 181.4 136.8 11.0 11.9 10.9 9.8 -261.0 -209.0 0.0 0.0Total sales 1,490.4 1,343.3 1,355.3 1,205.6 1,370.8 1,015.0 10.9 9.8 -261.0 -209.0 3,966.3 3,364.8Comparable EBITA 296.2 249.4 87.4 32.5 102.7 63.5 -35.7 -27.1 0.0 0.1 450.7 318.4% of net sales 19.9% 18.6% 6.5% 2.7% 7.5% 6.3% 11.4% 9.5%Purchase price allocation amortization -17.4 -14.3 -7.0 -11.0 -6.6 -6.6 -31.0 -31.8Comparable operating profit 278.8 235.2 80.4 21.5 96.2 57.0 -35.7 -27.1 0.0 0.1 419.7 286.6% of net sales 18.7% 17.5% 5.9% 1.8% 7.0% 5.6% 10.6% 8.5%Items affecting comparability in operating profitTransaction and integration costs 0.0 -0.1 0.0 -8.6 0.0 -8.7Restructuring costs -1.7 -2.6 -24.6 -12.9 0.7 -0.6 -0.8 -0.9 -26.4 -17.0Costs related to the impacts of the war in Ukraine -0.2 -0.4 11.1 -19.6 -1.8 -17.8 0.0 -0.1 9.2 -37.8Total -1.9 -2.9 -13.5 -32.5 -1.1 -18.6 -0.7 -9.5 -17.2 -63.5Operating profit 276.9 232.3 66.9 -10.9 95.1 38.4 -36.4 -36.6 0.0 0.1 402.5 223.2% of net sales 18.6% 17.3% 4.9% -0.9% 6.9% 3.8% 10.1% 6.6%Share of associates and joint ventures result 0.8 0.4 0.8 0.4(note 16)Financial income 32.0 26.9 32.0 26.9Financial expenses -67.7 -59.7 -67.7 -59.7Profit before tax 367.6 190.7Segment assets 1,562.1 1,502.5 1,061.6 1,112.0 1,106.1 1,070.0 3,729.8 3,684.5Investment accounted for using the equity 6.9 7.8 6.9 7.8method (note 16)Cash and cash equivalents 586.6 413.9 586.6 413.9Deferred tax assets 113.9 103.8 113.9 103.8Income tax receivables 16.5 15.0 16.5 15.0Other unallocated and corporate function 98.7 115.6 98.7 115.6level assetsTotal assets 1,562.1 1,502.5 1,061.6 1,112.0 1,106.1 1,070.0 822.5 656.1 4,552.4 4,340.63.1. Operating segments (continued)Corporate functions Service Industrial Equipment Port Solutionsand unallocated Eliminations Total 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Segment liabilities 300.5 252.5 557.6 503.3 631.7 539.3 1,489.8 1,295.2Interest-bearing liabilities 954.9 1,106.2 954.9 1,106.2Deferred tax liabilities 131.6 133.7 131.6 133.7Income tax payables 51.8 31.7 51.8 31.7Other unallocated and corporate function 329.5 340.9 329.5 340.9level liabilitiesTotal liabilities 300.5 252.5 557.6 503.3 631.7 539.3 1,467.8 1,612.4 2,957.6 2,907.6Other disclosuresCapital expenditure 11.5 8.9 28.9 20.9 14.1 7.3 0.0 0.0 54.4 37.0Personnel 8,010 7,802 5,253 5,529 3,222 3,102 101 89 16,586 16,522Revenue expected to be recognized in the future periods related to performance obligations that are unsatisfied or partially unsatisfied During 2024 During 2025 From 2026 onwards TotalService 395.6 22.7 25.2 443.5 Industrial Equipment 719.5 139.3 33.5 892.3 Port Solutions 1,122.0 393.8 189.3 1,705.0 Total 2,237.1 555.8 248.0 3,040.8 The transaction price associated with unsatisfied or partially unsatisfied performance obligations does not include variable consideration that is constrained. The Group total revenue will also include new orders, scope changes and contract extensions which are not known at the reporting date and thus are excluded from this table.3.2. Geographical areas2023 EMEA* AME APAC TotalExternal sales* 1,872.7 1,522.0 571.6 3,966.3Assets* 3,177.8 764.8 609.7 4,552.4Capital expenditure 42.5 4.1 7.8 54.4Personnel 9,785 3,335 3,466 16,586* External sales to Finland EUR 101.8 million. Non-current assets (excluding deferred tax assets) in Finland: EUR 173.2 million and in other countries: EUR 1,707.0 million.2022 EMEA* AME APAC TotalExternal sales* 1,714.1 1,201.1 449.7 3,364.8Assets* 3,052.7 643.6 644.3 4,340.6Capital expenditure 27.2 3.6 6.3 37.0Personnel 9,565 3,131 3,826 16,522* External sales to Finland EUR 102.8 million. Non-current assets (excluding deferred tax assets) in Finland: EUR 175.6 million and in other countries: EUR 1,692.0 million.There are no single customers which account for over 10% of the Group's sales.4. Acquisitions and divestments AcquisitionsKonecranes acquired in April 2023 the industrial and nuclear crane and crane service operations of privately held Whiting Corporation in the U.S. The purchase price for the acquired business was EUR 37.3 million. The acquisition offers operational synergies in the service business, which are reflected in Goodwill. The fair values of acquired businesses are as follows:EUR million Fair valueIntangible assetsClientele 14.6Other intangible assets 1.4Property, plant and equipment 0.4Inventories 3.7Accounts receivable 3.5Total assets 23.6Other long-term liabilities 0.4Advances received 3.3Accounts payable and other current liabilities 4.5Total liabilities 8.2Net assets 15.4Purchase consideration, paid in cash 37.3Acquisition cost 37.3Goodwill 22.0Cash flow on acquisitionPurchase consideration, paid in cash 37.31Transaction costs0.7Net cash flow arising from acquisition 38.1Goodwill allocation to Cash Generating Units:Industrial Service 22.0Total 22.0If the businesses had been acquired on January 1, 2023, the full year sales of the Group would have been EUR 3,972.8 million and EBIT EUR 402.1 million. The year to date sales of the acquired business after the acquisition date was EUR 9.3 million and EBIT EUR 1.2 million. The amount of goodwill that is expected to be deductible for tax purposes was EUR 42.3 million.In June 2023, Konecranes acquired a small industrial crane service operation of Munck Cranes AS in Norway from the bankruptcy estate and paid EUR 1.7 million as purchase price for the acquired assets. The fair value of the acquired business was EUR 1.7 million for Intangible assets (clientele). 1) Transaction costs of EUR 0.1 million in 2022 and EUR 0.6 million in 2023 have been expensed and are included in other operating expenses.DivestmentsIn April 2023, Konecranes divested MHE-Demag\u2019s Industrial Products business, which rents material handling products and offers equipment like dock levellers and car park systems, to Jebsen & Jessen. The Industrial Product business unit operates in Australia, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The sales price was EUR 9.0 million and Konecranes recorded EUR 0.2 million pre-tax profit from the transaction.Carrying amounts of net assets over which control was lost:AssetsProperty, plant and equipment 5.2Investments accounted for using the equity 0.6methodInventories 13.5Other receivables 0.4Divested assets 19.7LiabilitiesDefined pension benefits 0.1Advances received 9.7Provisions 0.7Accruals and other liabilities 0.3Divested liabilities 10.9Net assets derecognized 8.8Consideration received 9.0Divestments of joint ventures and associated companiesDuring the second quarter of 2023, Konecranes also sold its interests in two joint ventures in China (Jiangyin Dingli Shengshai High Tech Industrial Crane Company, Ltd and Guangzhou Technocranes Company, Ltd). The sales prices were in total EUR 0.5 million and Konecranes recorded EUR 0.2 million pre-tax losses from the transactions. Acquisitions and divestments in 2022AcquisitionsIn July 2022, Konecranes acquired a small crane service business of Garabi Industrial Technologies in Spain and paid EUR 1.5 million as purchase price for the acquired assets. The fair values of the acquired business were EUR 1.6 million for Intangible assets (clientele), EUR 0.1 million for Property, plant and equipment, EUR 0.3 million for Inventories and EUR 0.4 million for Deferred tax liability. If the business had been acquired on January 1, 2022, the 2022 full-year sales of the acquiree would have been EUR 3,365.9 million and EBIT EUR 223.2 million. Acquisitions of non-controlling interestsIn September 2022, Konecranes acquired the non-controlling interest of 6 % of Konecranes Real Estate GmbH & Co. KG in Germany and paid EUR 2.7 million as purchase price. In November 2022, Konecranes became the sole owner and provider of TBA software products by acquiring the non-controlling interest of 30.22 % of Ports Sofware Solutions B.V. in the Netherlands. TBA Group provides software as well as port planning and optimizing consultancy services in the ports, intermodal and warehousing sectors. The acquisition price was EUR 8.0 million of which EUR 5.0 million was paid in cash and EUR 3 million was recorded as deferred purchase price. At the same time, the TBA design consultancy operations were transferred to a new legal entity of which Konecranes Group now owns 49%. The total effect from these acquisitions was EUR -4.8 million in retained earnings and EUR -6.5 million in non-controlling interest. DivestmentsIn September 2022, Konecranes divested from the Ports Solutions segment the small automation business Motronica in Italy. Konecranes received proceeds of EUR 0.4 million and recorded EUR 0.4 million pre-tax profit from the transaction. Between September and December, Konecranes also divested the service business in Russia and received proceeds of EUR 0.3 million and recorded EUR 0.4 million pre-tax loss from the transactions.5. Disaggregation of revenue in salesCustomer contract revenue 2023 2022Sale of goods 2,820.0 2,308.4 Rendering of services 1,151.8 1,047.1 Total customer contract revenue 3,971.8 3,355.5 Other revenueLeasing of own products 3.7 8.9 Royalties 0.4 0.4 Total other revenue 4.1 9.3 Total sales 3,975.9 3,364.8 2023 2023 2023 2022 2022 2022Timing of satisfying performance At a point Over At a point Over obligations by Segmentsof time time Total of time time Total Service 186.9 1,245.8 1,432.7 165.3 1,127.5 1,292.8 Industrial Equipment 955.4 218.4 1,173.8 882.5 165.1 1,047.6 Port Solutions 1,084.8 275.0 1,359.8 877.6 146.8 1,024.4 Corporate functions 0.0 0.0 0.0 0.0 0.0 0.0Total 2,227.1 1,739.2 3,966.3 1,925.4 1,439.4 3,364.86. Contract balances6.1. Contract assets and liabilitiesContract assets 2023 2022The cumulative revenues of 819.1 641.3 non-delivered projectsAdvances received netted 602.2 457.9 Total 216.9 183.5 Transfers to receivables from contract assets recognized at the 344.8 303.2 beginning of period Contract liabilitiesGross advance received from 815.0 572.2 percentage of completion methodAdvances received netted 602.2 457.9 Total 212.8 114.3 Revenue recognised in the current period that was included in the 254.2 257.4 contract liability opening balanceIncreases due to cash received 525.3 284.0 Contract assets relate to receivables arising from percentage of completion method. Net asset balances are balances where the sum of contract costs, recognized profits and recognized losses exceed progress billings. Where progress billings exceed the sum of contract costs, recognized profits and recognized losses, these liabilities are included in the line item contract liabilities. See note 3 for revenue expected to be recognized in the future periods related to performance obligations that are unsatisfied or partially unsatisfied and note 21 for unbilled revenue.6.2. Advances received2023 2022Advance received from percentage 212.8 114.3 of completion method (netted)Other advance received from 456.0 450.1 customersTotal 668.8 564.37. Operating Expenses2023 2022Change in work in progress 13.4 -170.9Production for own use -0.7 -1.1Material and supplies 1,303.7 1,267.5Subcontracting 503.9 414.7Materials, supplies and 1,820.3 1,510.2subcontractingWages and salaries 959.2 884.8Pension costs 76.9 66.9Other personnel expenses 150.5 140.2Personnel cost 1,186.6 1,091.9Other operating expenses 451.5 423.3Total operating expenses 3,458.4 3,025.3 Research and development costs recognized as an expense in the statement of income amount to EUR 51.3 million in the year 2023 (EUR 47.7 million in 2022). 7.1. Audit and non-audit fees to Group auditor2023 2022Audit 3.5 4.1Non-audit services 0.3 0.2Total 3.9 4.38. Personnel expenses and number of personnel8.1. Personnel expenses 2023 2022Wages and salaries 959.2 884.8 Pension costs: Defined benefit plans 15.0 9.5 Pension costs: Defined 61.9 57.5 contribution plansOther personnel expenses 150.5 140.2 Total 1,186.6 1,091.98.2. Number of personnel2023 2022Average number of personnel 16,503 16,563Number of personnel as at 16,586 16,522December 31Number of personnel as at 2,300 2,151December 31 in Finland8.3. Personnel by Reportable Segment at the end of period2023 2022Service 8,010 7,802Industrial Equipment 5,253 5,529Port Solutions 3,222 3,102Group Staff 101 89Total 16,586 16,5229. Depreciation, amortization and impairments9.1. Depreciation and amortization2023 2022Intangible assets 38.7 38.0 Buildings 30.7 31.4 Machinery and equipment 45.2 45.7 Total 114.6 115.29.2. Impairments2023 2022Property, plant and equipment 0.2 5.3 Goodwill 0,0 3.9 Total 0.2 9.2 The nature of the impairments is described in the disclosures of goodwill, intangible assets and property, plant and equipment (see notes 13, 14 and 15).10. Financial income and expenses10.1. Financial income 2023 2022Interest income on bank deposits 16.9 6.1and loansFair value gain on derivative 14.8 0.0financial instrumentsExchange rate gains 0.0 20.4Other financial income 0.3 0.4Total 32.0 26.810.2. Financial expenses2023 2022Interest expenses on liabilities 46.8 26.5Net loss on financial instruments at 0.0 27.2fair value through profit or loss Exchange rate loss 15.8 0.0Other financial expenses 5.0 6.0Total 67.7 59.7Financial income and expenses net -35.7 -32.9The company applies hedge accounting on derivatives used to hedge cash flows in certain large crane projects. The cash flow hedges of the expected future cash flows are assessed to be highly effective and a net unrealized effect of EUR +12.5 million (2022: EUR +2.0 million) with deferred taxes of EUR -2.5 million (2022: EUR -0.4 million) relating to the hedging instruments is included in equity. The hedged operative cash flows are expected to occur during the next 3\u201318 months. The realized and recycled currency differences from these hedges recorded in the statement of income were EUR -6.0 million in 2023 (EUR -17.8 million in 2022).11. Income taxes11.1. Taxes in statement of income 2023 2022Local income taxes of group 100.3 63.8companiesTaxes from previous years 3.4 -0.6Change in deferred taxes -11.7 -11.0Total 92.0 52.211.2. Reconciliation of income before taxes with total income taxes2023 2022Profit before taxes 367.6 190.7Tax calculated at the domestic corporation tax rate of 20.0% 73.5 38.1(2022: 20.0%)Effect of different tax rates of 16.3 16.0foreign subsidiariesTaxes from previous years 3.4 -0.6Tax effect of non-deductible 4.4 0.1expenses and tax-exempt incomeTax effect of unrecognized tax losses 2.9 2.4of the current yearTax effect of utilization of previously -7.2 -4.0unrecognized tax lossesTax effect of recognition of -0.2 -2.2previously unrecognized tax lossesTax effect of impairment of previously 0.0 1.7recognized deferred tax assetsTax effect of recognizing the controlled temporary difference 0.5 -1.8from investment in subsidiariesTax effect of tax rate change 0.5 -0.1Other items -2.1 2.5Total 92.0 52.2Effective tax rate % 25.0% 27.4%The company regularly evaluates the net realizable value of its deferred tax assets. OECD Pillar Two legislation for minimum top-up tax has been enacted in certain jurisdictions in which the Group operates. The legislation will be effective for the Group's financial year beginning on January 1, 2024. The Group applies a temporary mandatory relief to recognizing and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes, as provided in the amendments to IAS 12. The Group has performed an assessment of the Group's potential exposure to Pillar Two income taxes. The assessment of the potential exposure to Pillar Two is based on the most recent Group reporting and country-by-country information and analysis. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. Additionally, when taking into account certain exceptions and safe harbor rules, the possible top-up tax exposure will be immaterial in the Group's consolidated financial statements. 11.3. Tax effects of components in other comprehensive income2023 2022Cash flow hedges -2.5 -0.4Re-measurement gains (losses) on 4.5 -18.7defined benefit plansTotal 2.0 -19.112. Earnings per shareBasic earnings per share are calculated by dividing the net income attributable to the shareholders of the parent company by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding during the year for the dilutive effect of the shares issued under the share-based incentive plans. The number of treasury shares is excluded from the weighted average number of shares.2023 2022Net profit attributable to 275.6 140.3 shareholders of the parent company Weighted average number of shares 79,196 79,152 outstanding (1,000 pcs)Effect of share based incentive 387 357 plans (1,000 pcs)Weighted average number of shares 79,583 79,508 outstanding, diluted (1,000 pcs)Earnings per share, basic (EUR) 3.48 1.77Earnings per share, diluted (EUR) 3.46 1.7713. Goodwill and goodwill impairment testing13.1. Goodwill2023 2022Acquisition costs as of January 1 1,038.3 1,036.8Additions 22.0 0.0Translation difference -3.0 1.5Acquisition costs as of December 31 1,057.2 1,038.3Accumulated impairments as of -18.7 -14.7January 1Impairments for the financial year 0.0 -3.9Total as of December 31 1,038.6 1,019.613.2. General principlesManagement monitors the performance of the Group through the monthly meetings and monthly reporting that take place on a business unit level. Impairment testing is done at the lowest level of the Group at which goodwill is monitored internally.13.3. Total goodwill in reportable segments after impairments 2023 2022Industrial Cranes 152.9 153.7 Agilon 0.0 0.0 Goodwill in Industrial Equipment 152.9 153.7totalIndustrial Crane Service 682.8 662.9Machine Tool Service 3.8 3.9Goodwill in Service total 686.5 666.8Port Cranes 163.3 163.3 Lift trucks 35.8 35.8 Goodwill in Port Solutions total 199.2 199.1Total goodwill in reportable 1,038.6 1,019.6segments as of December 31The recoverable amounts of the CGUs are determined based on value in use calculations using the discounted cash flow method. The forecasting period of cash flows is five years and it is based on financial forecasts of the management responsible for that CGU, and adjusted by Group management if needed. Cash flows beyond the five-year period were calculated using the terminal value method. The forecasts have been made based on the CGU specific historical data, order book, the current market situation and industry specific information of the future growth possibilities taking also into consideration the effects of the climate risks and opportunities in Port Solutions product offerings. The present increase of cost inflation is considered to be covered mostly by the increases in sales prices while the long-term cost inflation is expected to return back to a lower level. The productivity and efficiency assumptions are based on internal targets, which are evaluated against actual performance. These assumptions are reviewed annually as part of the management's annual planning and strategic planning cycles. Calculations are prepared during the fourth quarter of the year. The discount rate applied to cash flow projections is the weighted average (pre-tax) cost of capital and is based on risk-free long-term government bond rates and market and industry specific risk premiums. These risk premiums are derived based on the business portfolio of companies which operate in a similar industry.The key assumptions, being the average compound annual growth rate for the forecasted sales of the five years and the discount rate, are as follows:Compound annual Discount growth raterateIndustrial Cranes 3.7% 12.6%Agilon 19.8% 16.2%Industrial Crane Service 6.6% 13.1%Machine Tool Service 2.8% 11.5%Lift trucks 7.3% 10.8%Port Cranes 7.5% 11.7%The average compound growth rate for the gross profit is consistent with that of sales. Furthermore, for all the CGUs a 1% terminal growth rate has been applied.Impairment chargesThe impairment testing performed in 2023 did not result in any impairments being recognized. Konecranes impaired in 2022 the goodwill of Agilon Cash Generating Unit due to decreased discounted cash flow projections. Agilon is an automated storage and retrieval system designed especially for maintenance, production and distribution operations and warehouse management. The development of the sales had not met the targets and consequently the cash flows had been insufficient. The business is partially based on rental model, which employs capital. The Agilon business operates mainly in region Europe and belongs to Industrial Equipment segment. According to the Goodwill test the recoverable amount of the unit was EUR 2.4 million, which was based on its value in use calculations. The discount rate used for the calculation was 14.5% (13.2% December 31, 2021). Sensitivity analysesIn addition to impairment testing using the base case assumptions, four separate sensitivity analyses were performed for each CGU:1) A discount rate analysis where the discount rate was increased by 5% points.2) A Group management adjustment to the future profitability. The cash flow of each CGU was analyzed by the Group management. Based on the CGU specific historical data and future growth prospects, the cash flows were decreased by 10% in each year including terminal year. 3) A higher discount rate (+5% points) analysis combined with lower (-10%) cash flows as mentioned above.4) A decrease in the compound annual growth rate for the sales for each of the five forecasted years (- 2% points) combined with the current discount rate.2023There was no indication of impairment of goodwill for any CGU from the sensitivity tests. The probability of material impairment losses is low as under the basic scenario, the calculated value in use was approximately two times higher than the CGUs\u2019 assets employed. 2022There was no indication of impairment of goodwill for any other CGU than Agilon from the sensitivity tests. The probability of material impairment losses is low for the other CGUs in which under the basic scenario, the calculated value in use was approximately two times higher than the CGUs\u2019 assets employed. 14. Intangible assetsPatents Intangible 2023and trademarks Software Other assets total Acquisition costs as of January 1 243.5 200.9 504.6 949.0Additions 0.0 4.0 0.0 4.0Disposals 0.0 -3.7 0.0 -3.6Business combinations 0.0 0.0 17.7 17.7Translation difference 0.0 0.0 -0.4 -0.4Acquisition costs as of December 31 243.5 201.2 522.0 966.6Accumulated amortization as of January 1 -20.6 -178.2 -274.8 -473.6Translation difference 0.0 0.0 0.1 0.2Accumulated amortization relating 0.0 3.6 0.0 3.6to disposalsAmortization for financial year -0.6 -8.3 -29.7 -38.7Total as of December 31 222.2 18.3 217.6 458.1Patents Intangible 2022and trademarks Software Other assets total Acquisition costs as of January 1 243.8 191.7 504.1 939.6Additions 0.0 9.8 0.0 9.8Disposals -0.3 -0.6 -1.1 -2.0Business combinations 0.0 0.0 1.6 1.6Translation difference 0.0 0.0 0.0 0.0Acquisition costs as of December 31 243.5 200.9 504.6 949.0Accumulated amortization as of January 1 -19.5 -168.4 -248.5 -436.4Translation difference 0.0 0.1 0.2 0.3Accumulated amortization relating 0.3 0.2 0.0 0.5to disposalsAmortization for financial year -1.4 -10.0 -26.5 -38.0Total as of December 31 222.8 22.7 229.8 475.4The category Other mainly consists of customer lists and technology acquired in business combinations. They are stated at cost and amortized on a straight-line basis over their expected useful lives. The normal amortization period of intangible assets varies from 4 to 20 years. The amortization of intangible assets is included in the depreciation and impairments line in the consolidated statement of income. On December 31, 2023, and December 31, 2022, the intangible assets having indefinite useful life consisted of the Demag and Gottwald trademarks of EUR 167.0 million and EUR 51.0 million. As there is no foreseeable limit on the period over which the asset is expected to generate net cash inflows for the entity, it is classified as intangible assets having an indefinite useful life. The carrying amounts of these assets are tested on a yearly basis in connection with the goodwill impairment testing. The addition of EUR 4.0 million (EUR 9.8 million in 2022) mainly consisted of capitalized development costs of the Group\u2019s ERP systems.15. Property, plant and equipment Property, plant Machinery & and equipment 2023 Land BuildingsEquipment total Acquisition costs as of January 1 29.7 319.0 448.8 797.5Additions 0.4 42.0 64.2 106.6Disposals -0.2 -13.8 -28.2 -42.2Business combinations 0.0 0.0 0.4 0.4Divestments of businesses 0.0 -1.0 -11.7 -12.7Transfer within assets 0.0 -0.2 0.2 0.0Impairment 0.0 0.0 -0.8 -0.7Translation difference -0.3 -2.5 -1.4 -4.3Acquisition costs as of December 31 29.7 343.4 471.7 844.7Accumulated depreciation as of 0.0 -135.9 -315.7 -451.6January 1Translation difference 0.0 0.1 0.2 0.3Accumulated depreciation relating 0.0 11.8 23.1 34.9to disposalsDivestments of businesses 0.0 0.4 7.0 7.4Depreciation for financial year 0.0 -30.7 -45.2 -75.9Total as of December 31 29.7 189.2 141.1 359.9 Property, plant Machinery & and equipment 2022 Land BuildingsEquipment total Acquisition costs as of January 1 29.8 288.8 418.4 737.0Additions 0.0 40.2 48.4 88.6Disposals 0.0 -8.7 -15.0 -23.7Transfer within assets -0.2 0.1 0.0 0.0Impairment 0.0 -1.1 -3.6 -4.8Translation difference 0.1 -0.2 0.6 0.5Acquisition costs as of December 31 29.7 319.0 448.8 797.5Accumulated depreciation as of 0.0 -113.0 -284.7 -397.7January 1Translation difference 0.0 0.3 0.4 0.7Accumulated depreciation relating 0.0 8.3 14.4 22.7to disposalsDepreciation for financial year 0.0 -31.4 -45.7 -77.2Total as of December 31 29.7 183.1 133.1 345.9Classification of Property, plant and equipment 2023 2022Property, plant and equipment, owned 218.3 213.5Right-of-use assets, leased 141.6 132.5Total 359.9 345.92023 Land and Machinery and Right of use assets Buildings Equipment Total Balance as of January 1 89.6 42.9 132.5Translation difference -0.6 -0.6 -1.3Business combinations 0.0 0.4 0.4New contracts and changes in lease contracts 26.9 28.1 55.0Depreciation during the year -23.1 -21.9 -45.0Total as of December 31 92.8 48.8 141.62022Land and Machinery and Right of use assets Buildings Equipment Total Balance as of January 1 76.5 39.1 115.6Translation difference 0.3 0.6 0.9New contracts and changes in lease contracts 36.0 23.5 59.6Depreciation during the year -23.2 -20.3 -43.5Total as of December 31 89.6 42.9 132.5In 2023, the EUR 0.7 million impairments of Property, plant and equipment were restructuring actions. In 2022, EUR 1.6 million of the impairments related to the war in Ukraine, EUR 2.9 million to restructuring actions and EUR 0.3 million to old rental assets. 16. Interests in other entities and non-controlling interests16.1. Investments accounted for using the equity methodAssociated Companies 2023 2022Acquisition costs as of January 1 2.5 1.7Share of associated companies' 0.0 0.1result after taxes*Dividends received -0.3 -0.1Change from subsidiary shares 0.0 0.8Total as of December 31 2.2 2.5Joint Ventures 2023 2022Acquisition costs as of January 1 5.3 5.1Share of joint ventures' result after 0.8 0.3taxes*Dividends received -0.1 -0.1Disposals -1.3 0.0Total as of December 31 4.7 5.3* Including adjustments from purchase price allocation. 16.2. Investments in Associated Companies and Joint VenturesThe following table illustrates the summarized financial information of the Group\u2019s investments and reconciliation with the carrying amount of the investments in consolidated financial statements. Profit/ Carrying loss after amount Non- Non- tax from Total com-of the current Current current Current continuing prehensive Dividends 2023investment assets* assets* liabilities* liabilities* Revenue* operations* income* received Investments in associated 6.9 2.6 40.0 0.9 19.6 46.4 1.8 1.8 0.4companies and joint venturesTotal 6.9 2.6 40.0 0.9 19.6 46.4 1.8 1.8 0.4 Profit/ Carrying loss after amount Non- Non- tax from Total com-of the current Current current Current continuing prehensive Dividends 2022investment assets* assets* liabilities* liabilities* Revenue* operations* income* received Investments in associated 7.8 3.6 54.5 0.9 31.3 69.3 1.4 1.4 0.2companies and joint venturesTotal 7.8 3.6 54.5 0.9 31.3 69.3 1.4 1.4 0.2*Asset and liability values, revenue and profit/loss represent values according to the latest published financial information. 16.3. Joint operationsKonecranes has classified the interest in AS Konesko (domiciled in Estonia) as a joint operation based on the joint arrangement agreement. AS Konesko is a strategic supplier of components used in Konecranes products. Konecranes has the exclusive right to purchase certain motors and end carriages from AS Konesko at a price to be agreed upon with AS Konesko. However, Konecranes retains ownership of the current motor designs and the trademark rights to the end carriages. As of December 31, 2023, Konecranes owns 49.5% of AS Konesko shares.. Konecranes has recognized and accounted for the assets, liabilities, revenues and expenses relating to its interest in AS Konesko in accordance with IFRS 11.16.4. Subsidiaries with material non-controlling interest Profit/loss Accumulated after tax from Total non-controlling Non-current Non-current Current continuing comprehensive 2023Interest Goodwill assets Current assets liabilities liabilities Revenue operations income Non-controlling interests 0.0 0.0 0.5 1.6 0.1 4.2 4.1 -1.2 -1.1Total 0.0 0.0 0.5 1.6 0.1 4.2 4.1 -1.2 -1.1 Profit/loss Accumulated after tax from Total non-controlling Non-current Non-current Current continuing comprehensive 2022Interest Goodwill assets Current assets liabilities liabilities Revenue operations income Non-controlling interests 0.1 0.0 1.4 5.3 0.1 6.9 6.6 -0.6 -0.6Total 0.1 0.0 1.4 5.3 0.1 6.9 6.6 -0.6 -0.6Assets and liabilities as well as revenue and profit/loss values represent the total company values including purchase price allocations. See also the company list for the ownership and principal place of business of the subsidiaries.17. Deferred tax assets and liabilities17.1. Deferred tax assets2023 2022Employee benefits 31.4 30.2 Provisions 18.1 18.0 Unused tax losses 7.7 10.1 Other temporary differences 56.6 45.4 Total 113.9 103.8 Other temporary differences include timing differences arising, for example, from accrued costs, advances received and unrealized currency differences that are not deductible in taxation until they occur.17.2. Deferred tax liabilities 2023 2022Intangible and tangible assets 109.3 114.8 Other temporary difference 22.3 18.9 Total 131.6 133.7 The deferred tax assets and deferred tax liabilities have been netted on a juridical company level when there is a legally enforceable right to offset income tax receivables against income tax payables related to income taxes levied by the same tax authority. The gross amount of deferred tax assets in 2023 were EUR 125.2 million (EUR 110.9 million in 2022) and deferred tax liabilities EUR 143 million (EUR 140.8 million in 2022).Konecranes has not recognized the temporary differences in investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. 17.3. Tax losses carried forward At the end of 2023, Konecranes recorded a deferred tax asset of EUR 7.7 million (EUR 10.1 million in 2022) related to unused tax losses on the carry-forward losses of EUR 143.9 million (EUR 187.2 million in 2022) in total. The tax losses, for which no deferred tax assets are recognized due to the uncertainty of the utilization of the losses, amounted to EUR 112.7 million in the year 2023 (EUR 144.4 million in 2022). EUR 100.6 million of these carry-forward tax losses available have unlimited expiry, EUR 16.2 million expire later than in five years and EUR 27.1 million expire in five years.Part of the carry-forward losses relate to Morris Material Handling, Inc., USA, which was acquired in 2006. The overall carry-forward losses of Morris Material Handling, Inc. amounted to EUR 19.8 million (EUR 23.1 million in 2022). To assess if the convincing evidence threshold per IAS 12 was met, Konecranes has prepared tax forecasts for future periods considering the restructuring done and the tax planning opportunities that were being implemented at that time. Tax losses carried forward and related deferred tax assets on December 31 by the most significant countries: Tax losses Potential Deferred tax Deferred 2023carried forward deferred tax assets assets not recorded tax assets France 52.3 13.1 13.1 0.0USA 19.8 4.8 0.0 4.8Austria 14.7 3.4 3.4 0.0India 14.6 5.1 5.1 0.0Philippines 6.7 1.7 1.7 0.0Australia 6.4 1.9 0.0 1.9Great Britain 6.2 1.6 1.6 0.0Japan 3.5 1.1 1.1 0.0Netherlands 3.0 0.4 0.4 0.0Hong Kong 2.5 0.4 0.4 0.0Other 14.3 3.4 2.4 1.0Total 143.9 36.8 29.1 7.7 Tax losses Potential Deferred tax Deferred 2022carried forward deferred tax assets assets not recorded tax assets France 75.2 18.8 18.8 0.0USA 23.1 5.5 0.0 5.5Austria 16.4 4.1 4.1 0.0India 25.1 6.3 6.3 0.0Philippines 5.3 1.3 1.3 0.0Australia 10.7 3.2 0.0 3.2Great Britain 3.4 0.9 0.9 0.0Japan 4.0 1.2 1.2 0.0Netherlands 3.1 0.5 0.5 0.0Hong Kong 2.8 0.5 0.5 0.0Other 18.0 4.4 3.0 1.4Total 187.2 46.7 36.6 10.118. Inventories2023 2022Raw materials and semi-manufactured goods 389.2 357.3 Work in progress 525.7 551.9 Finished goods 23.2 38.1 Advance payments 57.7 45.3 Total 995.9 992.7 Balance at the Balance beginning Translation Business Utilized during Provision at the end 2023of the year difference disposals the periodnot needed Additions of the year Provision for obsolete 52.2 -1.0 -1.6 -5.5 -4.3 12.2 52.0inventory Balance at the Balance beginning Translation Business Utilized during Provision at the end 2022of the year difference combinations the periodnot needed Additions of the year Provision for obsolete 42.0 0.3 0.0 -2.8 -1.2 13.9 52.2inventory19. Ageing analysis of accounts receivable 2023 2023 2022 2022 Accounts including Accounts including receivable impairment of receivable impairment of Not overdue 351.6 3.1 376.2 2.7 1\u221230 days overdue 112.2 0.4 92.9 0.8 31\u221260 days overdue 54.5 0.2 41.9 0.6 61\u221290 days overdue 26.9 0.2 26.4 1.1 more than 91 days overdue 42.3 19.5 48.1 19.2 Total 587.5 23.4 585.6 24.5 The carrying amount of accounts receivable approximates to their fair value. Accounts receivable are subject to only minor credit risk concentrations due to the Group's extensively diversified customer portfolio. Credit losses recognized from the customer contracts for the financial year totaled EUR 5.2 million (EUR 5.9 million in 2022). 19. Ageing analysis of accounts receivable (continues) Balance at Balance the beginning Translation Business Utilized during Provision at the end 2023of the year difference combinations the periodnot needed Additions of the year Provision for doubtful accounts 24.5 -0.8 0.0 -5.2 -4.4 9.3 23.4(Impairment) Balance at Balance the beginning Translation Business Utilized during Provision at the end 2022of the year difference combinations the periodnot needed Additions of the year Provision for doubtful accounts 26.8 0.0 0.0 -5.8 -8.2 11.7 24.5(Impairment)The release of the provision for doubtful accounts relates to the cash received from individual receivables which were historically provided for due to management\u2019s uncertainty of their collectability.20. Other receivables2023 2022Notes receivable 4.0 5.6 Value added tax 29.5 31.2 Total 33.5 36.821. Deferred assets2023 2022Interest 3.2 1.9 Prepaid expenses 24.1 23.0 Unbilled revenue 40.0 39.7 Other 30.7 33.4 Total 98.0 98.022. Cash and cash equivalents2023 2022Short-term deposits 263.6 25.7 Cash in hand and at bank 323.0 388.2 Total 586.6 413.9 Short-term deposits have a maturity of three months or less. Cash and cash equivalents are carried at nominal value, which corresponds to their fair value.23. Equity23.1. Shareholders\u2019 equity Number of Number of treasury shares shares As of January 1, 2022 79,134,459 87,447Share subscriptions with 32,140 -32,140share awardsAs of December 31, 2022 79,166,599 55,307Share subscriptions with 35,651 -35,651share awardsAs of December 31, 2023 79,202,250 19,656The total shareholders' equity consists of share capital, share premium, paid in capital, cash flow hedges, translation difference, other reserves and retained earnings. Consistent with local legislation, Konecranes' share has no nominal value. All issued shares are fully paid and listed on Nasdaq Helsinki. Share premium includes the value of shares, which exceeds the accounting par value of the shares, for shares issued before September 1, 2006. Cash flow hedges include changes in the fair values of derivative financial instruments used to hedge operational cash flows. Translation differences comprise the differences arising from translating non-euro functional currency entities to euro, which is the Group's presentation currency. Other reserves include the credit for equity settled share-based payment cost. The paid in capital includes the portion of shares' subscription price which is not recorded to share capital or to liabilities according to IFRS. The paid in capital also includes other capital contributions to the Group which are not recorded to some other reserve within the equity. The paid in capital also includes the possible amount of share capital decrease which is not netted against accumulated losses or is not distributed to shareholders. Dividend proposal per share for 2023 was EUR 1.35 and dividend for 2022 was EUR 1.25.23.2. Distributable earnings See page 122 / Board of Directors' Proposal to the Annual General Meeting.24. Provisions Pension 2023 Warranty Restructuringcommitments Other TotalTotal provisions as of January 1 55.4 27.7 7.5 21.9 112.4Translation difference -0.5 0.0 -0.3 -0.2 -0.9Increase through business combination 2.2 0.0 0.0 0.0 2.2Additional provision in the period 33.5 18.0 1.0 9.3 61.8Utilization of provision -15.6 -13.2 -0.1 -6.3 -35.2Unused amounts reversed -16.8 -0.3 0.0 -1.5 -18.6Total provisions as of December 31 58.3 32.2 8.1 23.1 121.8 Pension 2022 Warranty Restructuringcommitments Other TotalTotal provisions as of January 1 56.4 39.8 8.0 21.8 126.1Translation difference -0.1 0.0 0.5 0.3 0.7Additional provision in the period 24.1 7.9 1.0 8.4 41.4Utilization of provision -11.0 -19.1 0.0 -6.9 -37.0Unused amounts reversed -14.1 -0.9 -2.0 -1.8 -18.7Total provisions as of December 31 55.4 27.7 7.5 21.9 112.4The provision for warranties covers the expenses due to the repair or replacement of products during their warranty period. The warranty liability is based on historical realized warranty costs for deliveries of standard products and services. The usual warranty period is 12 months. For more complex contracts, mainly including long-term projects, the warranty reserve is calculated contract by contract and the warranty period can be significantly longer. The restructuring provision is recognized when the Group has prepared a detailed reorganization plan and begun the implementation of the plan or announced the matter. Pension commitments include provisions for local pension schemes. Other provisions include provisions for claims, litigations and provisions for loss contracts in which the amount is not provided for as part of work in progress or percentage of completion receivable of the loss making project. Restructuring costsKonecranes has recorded EUR 26.4 million of restructuring costs during 1-12/2023 (EUR 17.0 million in 1-12/2022) of which EUR 0.2 million was impairment of assets (EUR 2.9 million for 1-12/2022). The remaining restructuring items are reported 1-12/2023 in personnel costs (EUR 21.7 million), in material, supplies and subcontracting (EUR 1.4 million), in other operating expenses (EUR 5.8 million) and in other operating income (EUR 2.7 million). War in UkraineIn 2022, Konecranes reviewed the risks related to the war in Ukraine regarding the effects on assets and ongoing projects and impaired the values of property, plant and equipment by EUR 2.1 million, inventories by EUR 1.5 million, receivables by EUR 0.5 million and deferred tax assets by EUR 0.4 million in Ukraine due to the circumstances, which indicated that the carrying amount is unlikely to be recoverable. In 2022, Konecranes also recorded EUR 1.1 million of additional losses and provisions to the inventories and receivables in Russia and EUR 31.0 million for the projects to Russia, including a EUR 33.5 million reversal of sales. In 2023 some of the impairments and provisions were reversed due to changed risk position. The total value of released unutilized provisions was EUR 5.8 million and reversal of impairment for fixed assets EUR 0.3 million.25. Current liabilities25.1. Accruals2023 2022Wages, salaries and personnel 152.3 127.7 expensesPension costs 10.4 8.6 Interest 18.1 11.5 Other items 46.9 50.5 Total 227.7 198.3 25.2. Other current liabilities (non-interest bearing)2023 2022Value added tax 27.1 24.3 Payroll tax liability 19.1 17.6 Other short-term liabilities 15.7 14.2 Total 61.9 56.126. Lease accountingMaturity of undiscounted cash flows 2023 2022within 1 year 43.7 40.3 1\u22125 years 88.3 73.4 over 5 years 41.1 45.8 Total 173.1 159.5 Lease liabilities included in the balance sheet 2023 2022Non current interest-bearing 112.7 104.0 liabilitiesCurrent interest-bearing liabilities 37.7 36.5 Total as of December 31 150.3 140.5 Amounts recognized in statement of income 2023 2022Depreciation for right of use asset 45.0 43.5Income for subleasing right -1.6 -1.1of use assetExpenses related to 5.6 4.0short-term leasesExpenses related to leases of 1.2 2.4low-value assetsInterest on lease liabilities 5.8 4.1Total expenses 56.1 52.9Total cash flow of leases 56.8 54.7 The Group leases land and buildings for its production and office space. The leases of production facilities typically run for a period of two to seven years, and leases of office space for one to ten years. Some leases include an option to renew the lease for an additional period after the end of the contract term. Konecranes Group has major lease agreements of factory and office buildings in Hyvink\u00e4\u00e4 and H\u00e4meenlinna, Finland. During 2022 the second extention option of 5 years for these buildings was applied. The Group has also included one additional 5-year option in the lease liability value. The Group has various other leases for office equipment, vehicles and premises with varying terms and renewal rights. Vehicles typically have a lease term of three to seven years. Leasing contracts comply with normal practices in the countries concerned. The average interest rate in lease contracts was 4.6% (3.54% in 2022).27. Interest-bearing liabilities27.1. Non-current2023 2022Loans from financial institutions 599.9 928.8 Pension loans 15.0 20.0 Lease liabilities 112.7 104.0 Other long-term loans 0.1 3.6 Total 727.7 1,056.427.2. Current2023 2022Loans from financial institutions 176.9 0.0 Pension loans 5.0 5.0 Lease liabilities 37.7 36.5 Other short-term loans 7.6 8.3 Total 227.2 49.8During the year 2023 the Group voluntarily prepaid a EUR 150 million bilateral term loan in full with its cash reserves and agreed on an extension of maturity of its EUR 300 million term loan from 2024 to 2025. In addition, the Group signed a new EUR 350 million committed revolving credit facility that refinanced the previous EUR 400 million facility (2017-2024). The new revolving credit facility was undrawn at the end of December 2023. At the end of the fourth quarter, the Group\u2019s liquid cash reserves were EUR 586.6 million (31.12.2022: EUR 413.9 million). In addition, the Group may draw short-term financing from the domestic commercial paper markets within the EUR 500 million limit, which was unutilized at the end of December 2023 (31.12.2022: unutilized). At the end of December 2023, the outstanding short- and long-term loan portfolio consists of: EUR 400 million term loans, EUR 377 million Schuldschein loan and EUR 20 million employment pension loan. The loan portfolio contains floating and fixed rate tranches and interest swaps. The weighted average interest rate is currently 3.96% per annum. The Group is in compliance with the quarterly monitored financial covenant (gearing). No specific securities have been given for the loans. The Group continues to have healthy gearing ratio of 22.9% (31.12.2022: 48.0%) which is in compliance with the financial covenants the Group has to comply with. Derivatives are initially recorded in the balance sheet at fair value and subsequently measured at fair value at each balance sheet date. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. Derivative instruments that are not designated as hedges (hedge accounting) are measured at fair value, and the change in fair value is recognized in the consolidated statement of income. When the derivative is designated as a hedge (hedge accounting) the effective part of the change in fair value is recognized in other comprehensive income. Any ineffective part is recognized in the consolidated statement of income. The foreign exchange forward contracts are measured based on the closing date\u2019s observable spot exchange rates and the quoted yield curves of the respective currencies. Interest rate swaps are measured based on present value of the cash flows, which are discounted based on the quoted yield curves. In addition, the Group has certain revolving facilities the details of which can be found in note 33.3. The average interest rate of the non-current liabilities portfolio at December 31, 2023 was 4.67% (2022: 2.51%) and that of the current liabilities portfolio was 3.05% (2022:3.93%). The effective interest rate for EUR loans varied between 0.80% - 5.28% (2022: 0.80% - 4.05%). 27.3. Maturity tables of financial liabilities and liquidity riskThe following table reflects the maturity of interest-bearing liabilities.2023 MaturityAvg. Avg. Less than Over Total Currencydurationrate %1 year 1\u20135 years5 yearsMEUREUR 1.2 years 3.09 200.5 647.4 35.2 883.2INR 1.8 years 9.68 0.5 1.4 0.0 2.0CNY 1.3 years 4.69 1.0 0.5 0.0 1.5USD 1.7 years 5.37 8.9 18.3 1.3 28.5GBP 1.8 years 4.89 1.5 3.9 0.3 5.7Others 0.8\u20133.4 years 2.23\u201318.39 14.8 12.3 7.0 34.1Total 4.29 227.2 683.9 43.8 954.92022 MaturityAvg. Avg. Less than Over Total Currencydurationrate % 1 year 1\u20135 years5 yearsMEUREUR 1.5 years 2.18 23.5 973.5 40.4 1,037.4INR 1.7 years 8.62 0.3 0.6 0.0 0.8CNY 1.5 years 4.59 1.6 1.2 0.0 2.8USD 1.7 years 4.01 7.8 15.7 0.5 24.0GBP 1.8 years 3.33 1.3 4.2 0.3 5.8Others 1.1\u20133.0 years 1.43\u201320.78 15.3 13.3 6.7 35.3Total 2.58 49.8 1,008.5 47.9 1,106.227.4. Liquidity risk, containing undiscounted cash flows of non-derivative financial liabilities by currencyThe following table reflects all contractually fixed pay-offs for settlement, repayments and interest resulting from recognized financial liabilities, excluding derivatives. The amounts disclosed are undiscounted net cash outflows for the respective upcoming fiscal years, based on the earliest date on which Konecranes could be required to pay. Cash outflows for financial liabilities (including interest) without fixed amount or timing are based on the conditions existing at December 31.2023 MaturityAvg. Avg. Less than 1\u20135 Over Total Currencydurationrate %1 yearyears5 yearsMEUREUR 1.2 years 3.09 241.3 720.8 40.0 1,002.1INR 1.8 years 9.68 0.7 1.6 0.0 2.3CNY 1.3 years 4.69 1.0 0.5 0.0 1.5USD 1.7 years 5.37 10.1 20.7 1.5 32.2GBP 1.8 years 4.89 2.2 4.0 0.6 6.7Others 0.8\u20133.4 years 2.23\u201318.39 16.7 14.8 12.9 44.4Total debt 4.29 272.0 762.2 55.0 1,089.2Other financial 375.3 8.1 0.0 383.4liabilitiesTotal financial 647.3 770.3 55.0 1,472.6liabilities2022 MaturityAvg. Avg. Less than 1\u20135 Over Total Currencydurationrate %1 yearyears5 yearsMEUREUR 1.5 years 2.18 53.4 1,024.5 43.3 1,121.2INR 1.7 years 8.62 0.3 0.6 0.0 0.9CNY 1.5 years 4.59 1.7 1.3 0.0 3.0USD 1.7 years 4.01 8.6 17.3 0.4 26.2GBP 1.8 years 3.33 1.6 3.9 0.6 6.1Others 1.1\u20133.0 years 1.43\u201320.78 17.0 15.5 13.2 45.7Total debt 2.58 82.6 1,063.2 57.4 1,203.2Other financial 362.4 7.9 0.0 370.3liabilitiesTotal financial 444.9 1,071.1 57.4 1,573.4liabilities27.5. Maturity profile of the Group\u2019s financial liabilitiesThe following table reflects the maturity of all financial liabilities.2023 Maturity of financial liabilitiesAmount Less than 1\u20135 Over Liability typedrawn1 yearyears5 yearsLoans from financial institutions 776.8 176.9 589.9 10.0Lease liabilities 150.3 37.7 79.0 33.7Pension loans 20.0 5.0 15.0 0.0Other long-term debt and short-term loans 7.7 7.6 0.0 0.1Derivative financial instruments 11.3 11.3 0.0 0.0Account and other payables 383.4 375.3 8.1 0.0Total 1,349.5 613.7 692.0 43.82022 Maturity of financial liabilitiesAmount Less than 1\u20135 Over Liability typedrawn1 yearyears5 yearsLoans from financial institutions 928.8 0.0 918.8 10.0Lease liabilities 140.5 36.5 66.2 37.8Pension loans 25.0 5.0 20.0 0.0Other long-term debt and short-term loans 11.9 8.3 3.5 0.2Derivative financial instruments 15.9 15.9 0.0 0.0Account and other payables 370.3 362.4 7.9 0.0Total 1,492.3 428.0 1,016.4 47.927.6. Changes in Group\u2019s liabilities arising from financing activitiesNon-current Non- Current interest current interest Current bearing lease bearing lease Financial 2023loans liabilities loans liabilities derivatives Total Total liabilities as of 952.4 104.0 13.3 36.5 15.9 1,122.1January 1Proceeds 0.0 0.0 0.0 0.0 0.0 0.0Repayments -160.6 0.0 -0.4 -44.1 0.0 -205.1Acquisitions and 0.0 0.4 0.0 0.0 0.0 0.4disposalsForeign exchange -0.1 -0.9 -0.3 -0.5 0.0 -1.7movementChanges in fair values 0.0 0.0 0.0 0.0 -4.6 -4.6Changes in lease 0.0 55.9 0.0 -1.1 0.0 54.9contractsOther -176.7 -46.8 176.9 46.8 0.0 0.2Total as of December 31 615.0 112.7 189.5 37.6 11.3 966.2 Non-current Non- Current interest current interest Current bearing lease bearing lease Financial 2022loans liabilitiesloans liabilities derivatives Total Total liabilities as of 362.0 85.1 379.7 38.3 16.9 882.0January 1Proceeds 600.0 0.0 0.0 0.0 0.0 600.0Repayments -8.7 0.0 -366.7 -44.1 0.0 -419.5Acquisitions and 0.0 0.0 0.0 0.0 0.0 0.0disposalsForeign exchange 0.2 0.6 0.0 0.3 0.0 1.1movementChanges in fair values 0.0 0.0 0.0 0.0 -1.0 -1.0Changes in lease 0.0 61.5 0.0 -1.2 0.0 60.3contractsOther -1.0 -43.3 0.2 43.3 0.0 -0.8Total as of December 31 952.4 104.0 13.3 36.5 15.9 1,122.128. Other long-term liabilities2023 2022Employee benefits 224.3 209.7 Other non-interest-bearing long- 8.1 7.9 term liabilitiesTotal 232.5 217.728.1. Employee benefitsThe company and most of its subsidiaries offer retirement plans which cover the majority of employees in the Group. Many of these plans are defined contribution, where Konecranes' contribution and resulting charge is fixed at a set level or is a set percentage of employees\u2019 pay. However the Group has significant defined benefit pension plans in the United Kingdom, Germany and Switzerland as well as individually insignificant plans in other countries. The companies in many countries also have other long-term employee benefits such as part-time pension benefits and jubilee benefits, which are reported as defined benefit plans. The UK defined benefit plan is administered by an independent trustee company that is legally separated from the Group. The investments are managed by a professional and independent Fiduciary Manager who is appointed by the trustees. The Fiduciary Manager appoints Investment Managers as he/she see fit in order to achieve the Trustees' stated objectives for the scheme funding level and taking into account the agreed risk appetite. The Fiduciary Manager has trigger points set in conjunction with the Trustees which when reached allows he/she to make changes to the investments to repatriate the gains to achieve full funding position. The UK plan is subject to the UK's pensions legislation, is regulated by the UK Pensions Regulator and is exempt from most UK taxation through its registered status. The UK plan was closed to new members in 2005. Under the UK plan the employees are entitled to post-retirement installments calculated as an average annual basic salary from the best three years within the last ten years. The net liability in the United Kingdom was EUR 0.0 million (EUR 0.0 million in 2022). In Germany the defined benefit pension plans are direct pension promises which are unfunded and administered by a service provider. The payments to plan participants start after retirement or in case of disability or death. Benefits are based on the number of years worked and the final salary. The commencement of pension payments depends on the beginning of the state pension when the earliest age is 63 in case of early retirement. The old age pension starting from 65 is independent of the beginning of the state pension. The biggest defined benefit pension plan in Germany is the Mannesmann Leistungsordnung (MLO), which is closed to new employees. The monthly pension benefit provided by this plan is calculated as the ratio Individual pay/Average pay, times the years of service, times 3.07, and has to be at least equal to 2.10 times the years of service. The net liability in Germany was EUR 194.6 million (EUR 184.8 million in 2022) of which the MLO plan was EUR 130.7 million (EUR 124.3 million in 2022).The Swiss pension plans are administered via pension funds, which are legally separated from the Group. The board of Trustees of the pension funds are equally composed of representatives of both the employer and employees. The Trustees are required by law to act in the interest of all relevant beneficiaries and are responsible for the investment policy with regard to the assets and the administration and financing of the benefits. The plans function in and comply with a large regulatory framework and comply with the local minimum funding requirements. The plans are open to new members. Both the company and employees pay contributions to fund the plans. The pension plans qualify as defined benefit plan for IFRS purposes because accruals are by law subject to a minimum guaranteed rate of return and the plan has to guarantee a certain legal minimum level of benefits. There is hence a risk that the company may have to pay additional contributions. Under the plans, participants are also insured against the financial consequences of old age, disability and death. The net liability in Switzerland was EUR 4.1 million (EUR 1.8 million in 2022) of which the pension plan was EUR 3.9 million (EUR 1.6 million in 2022). The defined benefit plans typically expose the company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk. The investment risk is being mitigated by investing the funds both to equity and debt instruments.The following tables summarize the components of net benefit expense recognized in the statement of profit or loss and the funded status and amounts recognized in the balance sheet for the respective plans:28.2. Amounts recognized in the balance sheet2023 2022Present value of obligation wholly 220.1 207.9unfundedPresent value of obligation wholly 60.1 55.8or partly funded Defined benefit plan obligations 280.1 263.7Fair value of plan assets -55.8 -53.9Total net liability recognized 224.3 209.728.3. Components of defined benefit plan recorded in comprehensive income2023 2022Service cost:Current service cost 7.9 6.7Net interest cost 7.2 2.9Past service cost -0.1 -0.2Components of defined benefit 15.0 9.5plan costs recorded in profit or loss2023 2022Remeasurement on the net defined benefit liability:The return on plan assets (excluding amounts included in the net interest -0.5 20.2expense) gains (-) / losses (+)Actuarial gains (-) / losses (+) arising from changes in demographic -0.3 -0.1assumptionsActuarial gains (-) / losses (+) arising from changes in financial 13.2 -96.3assumptionsActuarial gains (-) / losses (+) arising 3.2 13.6from experienceComponents of defined benefit plan costs recorded in other 15.5 -62.6comprehensive incomeTotal (income (-) / expense (+)) 30.5 -53.1The actuarial gains / losses in 2023 and 2022 were mainly caused by the change in discount rates in the defined benefit plans of Germany, Switzerland and the United Kingdom.28.4. Movements of the present value of defined benefit obligation2023 2022Obligation as of January 1 263.7 358.0Translation difference 1.6 -2.4Divestment of business -0.2 0.0Settlements and curtailments -0.1 0.0Current service cost 8.0 6.9Interest cost 10.0 4.3Past service cost -0.1 -0.2Actuarial gains (-) / losses (+) arising from changes in demographic -0.3 -0.1assumptionsActuarial gains (-) / losses (+) arising from changes in financial 13.2 -96.3assumptionsActuarial gains (-) / losses (+) arising 3.2 13.6from experienceBenefits paid (-) -18.8 -20.2Obligation as of December 31 280.1 263.7Of the benefits paid, EUR 3.9 million (2022: EUR 6.1 million) was paid from plan assets and EUR 15.0 million (2022: EUR 14.1 million) directly by the employer.Movements of the fair value of plan assets 2023 2022Fair value of plan assets as of January 1 53.9 79.5Translation difference 1.4 -1.9Divestment of business -0.3 0.0Interest income 2.7 1.4Employee contributions 0.4 0.4Employer contributions 1.0 0.8The return on plan assets (excluding amounts included in the net interest 0.4 -20.2expense)Benefits paid (-) -3.9 -6.1Fair value of plan assets as of 55.8 53.9December 3128.5. Major categories of plan assets at the end of the reporting period2023 2022Equity instruments 6.6 4.6Debt instruments 32.0 30.7Insurances 2.0 13.6Real estate 6.3 3.3Others 9.0 1.7Total plan assets 55.8 53.9The plan assets do not contain any Konecranes shares or assets.Virtually all equity and debt instruments have quoted prices in active markets. The plan assets originate from the United Kingdom, Switzerland, Germany, the Philippines and India. It is the policy of the UK fund to invest approximately 20\u201325% to growth assets such as equity instruments as well as property and growth funds and 75\u201380% to risk reducing assets such as corporate bonds and fixed or index-linked gilts. The Swiss pension funds are secured by insurances. The Company can only indirectly and partially determine the asset allocation through the 50/50 employer/employee representation in the board of Trustees. The return on plan assets was EUR 3.2 million (2022: EUR -18.8 million). 28.6. Defined benefit plan: the main actuarial assumptionsWith the objective of presenting the assets and liabilities of the defined benefit plans at their fair value on the balance sheet, assumptions under IAS 19 are set by reference to market conditions at the valuation date. Qualified independent actuaries have updated the actuarial valuations under IAS 19 of the major defined benefit schemes operated by the Group on December 31, 2023. The assumptions used by the actuaries are chosen from a range of possible actuarial assumptions which, due to the long-term nature of the schemes, may not necessarily be borne out in practice. The actuarial assumptions used to calculate the benefit liabilities therefore vary according to the country in which the plan is situated. The following table shows the assumptions, weighted by liabilities, used to value the principal defined benefit plans.Germany 2023 2022Discount rate % 3.30 3.71Expected development of salaries % 2.67 2.66Expected development of pensions % 2.00 2.00Mortality table: Richttafeln 2018 G von Klaus HeubeckUK 2023 2022Discount rate % 4.80 5.00Expected development of pensions % 3.10 3.10Mortality table: SAPS base table of S3PA, applied at year of birth and weighted by male/female deferred members and pensioners, and CMI 2020 (2022: CMI 2020) projections with a long term improvement parameter of 1.25% (2022: 1.25%) per annum.Switzerland 2023 2022Discount rate % 1.35 2.15Expected development of salaries % 1.50 1.50Mortality table: BVG 2020 Generational and improvement factors CMI 2019 LTR 1.5%. Other 2023 2022Discount rate % 2.18 - 15.44 2.80 - 10.50 Expected development of salaries % 1.14 - 11.00 1.16 - 11.00 Expected development of pensions % 1.60 - 10.59 2.00 - 10.57 The below table shows the % effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations in our main defined benefit pension obligation countries. The effect shows the increase or decrease in the liability. In the calculation of the sensitivity of the discount rate, any effect from the return of plan assets has been ignored.Sensitivity analysis Increase Decrease0.5% points change in the -5.4% 5.9%discount rate0.5% points change in the expected 0.4% -0.4%development of salaries0.5% points change in the expected 3.2% -3.0%development of pensionsThe sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. A linear extrapolation of these amounts based on alternative changes in the assumptions as well as an addition of combined changes in the individual assumptions is not possible. There are no changes in the way the sensitivity analyses were performed compared to the previous years. The average duration of the defined benefit obligation weighted by the present value of the defined benefit obligation is 11 years (2022: 12 years). The Group expects to contribute EUR 1.0 million to the above defined benefit pension plans in 2024 (Employer contribution).29. Share-based paymentsPerformance Share Plans Plan 2020-2022 Plan 2021-2023 Plan 2022-2024 Plan 2023-2025Performance period 1.1.2020\u201331.12.2022 1.1.2021\u201331.12.2023 1.1.2022\u201331.12.2024 1.1.2023\u201331.12.2025Vesting year 2023 2024 2025 2026Maximum number of participants 170 170 170 170Maximum number of shares 600,000 634,921 600,000 700,000Non-market vesting conditions Separate 1-year Separate 1-year Separate 1-year Cumulative 2targets:targets:targets :targets: 11 1Adjusted EPS Adjusted EPSAdjusted EPS Adjusted EPS (60%)Compound annual growth rate (CAGR) for Sales (40%)1) Adjustments to the EPS include restructuring costs, costs related to mergers and acquisitions and separately defined other exceptional items. 2) For the 2022-2024 vesting periods granted in 2022 the equity settled portion is based on non-market vesting condition (adjusted EPS) for the year 2022 and 2023 when the condition for 2024 is still open. The payment of the total reward takes place if the plan term conditions are met. The potential rewards from the plan will be paid partly in company shares and partly in cash after the performance periods. The cash proportion is intended to cover taxes and tax-related costs arising from the rewards to the plan participants. As a rule, no reward will be paid if plan participant's employment or service ends before the reward payment.Restricted Share Unit PlanThe Restricted Share Unit Plan 2017 is directed to selected key employees in Konecranes. The vesting periods will last for 12 to 36 months. The prerequisite for reward payment is that a key employee\u2019s employment or service continues until the end of the vesting period. The rewards to be allocated on the basis of the entire plan will amount to a maximum total of 200,000 Konecranes Plc shares including also the proportion to be paid in cash. No shares (17,170 in 2022) of the restricted share unit plan were allocated during 2023. Restricted Share Unit Plan 2020Konecranes Plc and Cargotec Corporation signed on October 1, 2020, a combination agreement and a merger plan to combine the two companies through a merger. The Board of Directors of Konecranes Plc decided to establish a share-based incentive plan for the Group key employees. The Restricted Share Unit Plan 2020 was intended to function as a bridge plan for the transition period before the closing of the Transaction and forming the combined company in the merger. The aim of the Plan was to align the objectives of the shareholders and the key employees, to secure business continuity during the Transition Period, and to retain key employees at the company. As the merger was cancelled in March 2022, also the Restricted Share Unit Plan 2020 was cancelled in 2022.Ownership ObligationsA member of the Konecranes Leadership Team must hold a minimum of 50 percent of any net shares given on the basis of these plans, until the member\u2019s shareholding in the company in total corresponds to the value of the member\u2019s annual salary and the member\u2019s membership in the Konecranes Leadership Team continues. Fair valueThe fair value of the equity-settled portion of the share rights granted is estimated at the date of grant using a Monte-Carlo simulation model, taking into account the terms and conditions upon which the share rights were granted. The model simulates the TSR and compares it against the group of principal competitors. It takes into account historical and expected dividends, and the share price fluctuation covariance of the Group and its competitors to predict the distribution of relative share performance. Fair value of the cash-settled portion is measured at each reporting date using a binomial option pricing model taking into account the terms and conditions upon which the instruments were granted and the current likelihood of achieving the specified target.Employee Share Savings PlanThe Group has launched an Employee Share Savings Plan (ESSP) in which each participant will receive one free matching share for every two acquired savings shares. Matching shares will be delivered to a participant if the participant holds the acquired shares from the plan until the end of the designated holding period. The matching shares will be paid in Konecranes shares and partly in cash. The expenses of the plan are recognized over the vesting period based on the quarterly acquired savings share amounts.The fair value of the equity-settled portion of the share options granted is estimated at the date of grant using a binomial option pricing model, taking into account the terms and conditions upon which the share options were granted. Fair value of the cash-settled portion is measured at each reporting date using a binomial option pricing model taking into account the terms and conditions upon which the instruments were granted and the current likelihood of achieving the specified target.29.1. Expenses for employee service2023 2022Expense arising from equity-settled 15.7 6.7share-based payment transactions Expense arising from cash-settled 1.2 -1.9share-based payment transactions Total expense arising from share-16.9 4.7based payment transactions The carrying amount of the liability arising from cash settled portion was EUR 1.4 million (2022: EUR 0.8 million).29.2. Changes in the number of gross share rewards in Performance Share Plan2023 2022Number Number of sharesof sharesAs of January 1 1,655,470 1,715,800Share rewards granted 625,500 581,670Share rewards awarded -351,338 -149,661Share rewards expired -159,062 -477,839Share rewards forfeited -32,280 -14,500Total as of December 31 1,738,290 1,655,47029.3. Changes in the number of net share rewards in Restricted Share Unit Plan 20202023 2022Number Number of shares of sharesAs of January 1 0 110,686Share rewards expired 0 -110,686Total as of December 31 0 029.4. Changes in the number of gross share rewards in Employee Share Savings Plan2023 2022Number Number of sharesof sharesOutstanding as of January 1 209,577 190,438Share rewards granted 76,393 84,047Share rewards awarded -71,027 -52,620Share rewards forfeited -13,159 -12,288Outstanding as of December 31 201,784 209,57729.5. Assumptions made in determining the fair value of Performance Shares PlanThe fair value for the cash settled portion is remeasured at each reporting date until the possible share delivery. The fair value of the liability will thus change in accordance with the Konecranes Plc share price. The fair value for the equity settled portion has been determined at grant using the fair value of Konecranes share as of the grant date and expected dividend yield. 2020 Restricted 2023 plan 2022 plan 2021 planshare unit plan 2020 planShare price at grant, EUR 35.34 22.13 38.77 27.74 26.95 Share price at reporting period 40.78 40.78 40.78 40.78 40.78 end 31.12., EURExpected volatility, % * 34.0% 48.0% 26.0% 31.0% 32.0%Risk-free interest rate, % 2.8% 0.7% 0.0% 0.0% 0.0%Expected dividend per share, pa , EUR 1.4 1.3 1.7 3.2 1.7 Expected contractual life in years 2.9 2.8 2.8 0.0 2.5 Weighted average fair value of the share 31.21 18.20 33.75 24.54 22.59 rewards at the grant dateModel used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Black-Scholes * Expected volatility was determined by calculating the historical volatility of the Konecranes share using monthly observations over corresponding maturity.30. Related party transactionsThe related parties of Konecranes include subsidiaries (see Company list), associated companies, joint ventures and joint operations, pension fund in the United Kingdom and the key management personnel of the Group and major shareholders. The key management personnel of the Group is comprised of the Board of Directors, the CEO and the Konecranes Leadership Team. 30.1. Key Management compensationBoard of DirectorsThe remuneration packages for Board members are resolved by the Annual General Meeting (AGM) on proposal by the Nomination Committee. The AGM 2023 confirmed an annual fee of EUR 150,000 for the Chairman of the Board (2022: EUR 140,000), EUR 100,000 for the Vice Chairman of the Board (2022: EUR 100,000), and EUR 70,000 for other Board members (2022: EUR 70,000). In case the term of office of a Board member ends before the closing of the Annual General Meeting in 2024, he or she is entitled to the prorated amount of the annual remuneration calculated on the basis of his or her actual term in office. Members of the Board of Directors are also eligible for a meeting fee of EUR 1,000 for each meeting that they attend. In addition, compensation of EUR 1,500 was approved per meeting for attendance at Board committee meetings (2022: EUR 1,500). However, the chairman of the audit committee is entitled to a compensation of EUR 5,000 (2022: EUR 3,000) and the chairman of the human resources comittee EUR 3,000 per meeting for attendance at committee meetings. According to the proposal, 40% of the annual remuneration is to be used for acquiring shares in the company. The remuneration may also be paid by transferring treasury shares based on the authorization given to the Board of Directors by the General Meeting. In case such purchase of shares cannot be carried out due to reasons related either to the company or to a board member, the annual remuneration shall be paid entirely in cash. Travel expenses will be compensated against receipt. 2023Number of shares Value of Total compensation to as part of compensation Compensation Total the Board of directorscompensation in shares, EUR paid in cash, EURcompensation, EURChairman of the Board 2,023 63,614 125,552 189,166 Board members 7,473 234,288 558,876 793,164 Total 9,496 297,903 684,427 982,330 2022Number of shares Value of Total compensation to as part of compensation Compensation Total the Board of directorscompensation in shares, EURpaid in cash, EURcompensation, EURChairman of the Board 1,874 51,298 90,036 141,334 Board members 7,167 192,005 394,831 586,836 Total 9,041 243,304 484,866 728,170 Expense of statutory pension plans was EUR 0.1 million in 2023 (EUR 0.1 million in 2022).President and CEOThe Human Resources Committee reviews the President and CEO's performance. Based on this review and relevant facts, the Board sets the total compensation package for the President and CEO. On August 6, 2021, Konecranes announced that Rob Smith has decided to leave the company. He left Konecranes on December 31, 2021. The company's CFO, Teo Ottola, who also serves as Deputy CEO, acted as the interim CEO from January 1, 2022, until October 18, 2022. Konecanes announced June 10, 2022, that Anders Svensson has been appointed as Konecranes' new President and CEO and he assumed his role on October 19, 2022. President and CEO 2023 2022Salary and benefits, EUR (Anders Svensson October 19, 2022- December 31, 2023, 814,208 750,905 Teo Ottola January 1, 2022-October 18, 2022) Annual variable pay, EUR 0 1,087,088 Total 814,208 1,837,993 Expense of statutory pension plans (Anders Svensson October 19, 2022 - December 31, 2023, 136,565 203,162 Teo Ottola January 1, 2022-October 18, 2022) Expense of voluntary pension plans (Anders Svensson October 19, 2022 - December 31, 2023, 160,000 48,802 Teo Ottola January 1, 2022-October 18, 2022)Total 296,565 251,964 Accrued annual variable pay of CEO 799,203 48,557 The accrual of variable pay is paid during the following year.Shareholding in Konecranes Plc (number of shares) 324 0Performance share rights allocated (number of share rights) 72,170 17,170 Share-based payment costs, EUR 564,439 -68,933Retirement age 63 years 63 years Period of notice 6 months 18 months Severance payment (including 6 months notice period)salary and fringe benefits Konecranes Leadership TeamThe Konecranes Leadership Team (KLT) convenes as frequently as necessary, normally on a monthly basis. Business Areas have their own management teams that convene on a regular basis. Only the KLT is classified as key management personnel due to the decision making power. The Konecranes Leadership Team consists of the following members: \u2022 President and CEO \u2022 Chief Financial Officer, Deputy CEO \u2022 Executive Vice President, Industrial Service and Equipment \u2022 Executive Vice President, Port Solutions, and Executive Vice President, Technologies \u2022 Senior Vice President, Human Resources \u2022 Senior Vice President, General CounselThe Human Resources Committee of the Board will, based upon a recommendation by the President and CEO, make a proposal to the Board concerning the approval of the base compensation review and incentive levels for KLT members.The retirement age of the Finnish members of the KLT (excluding the President and CEO) is set according to the Employees Pensions Act (TyEL). The Finnish members of the KLT also participate in the contribution-based group pension insurance scheme offered to key personnel in Finland. The defined contribution payment by the company is 1% of annual salary excluding performance based compensation (annual or long-term incentives). The Finnish KLT members also have life insurance and disability insurances. Non-Finnish members have local insurances.Konecranes Leadership Team excluding the President and CEO 2023 2022Salary and benefits, EUR 1,992,325 1,952,574 Annual variable pay, EUR 571,026 1,859,503 Total 2,563,351 3,812,077 Expense of statutory pension plans 301,595 430,913 Expense of voluntary pension plans 13,434 14,358 Total 315,029 445,271 Shareholding in Konecranes Plc (number of shares) 156,037 162,796 Performance share rights allocated (number of share rights) 202,000 256,000 Share-based payment costs, EUR 2,657,376 196,577 There were no loans outstanding to the Konecranes Leadership Team at end of the period 2023 and 2022. There were no guarantees on behalf of the Konecranes Leadership Team in 2023 and 2022.The employee benefits to the key management personnel of the Group were in total EUR 8.9 million in 2023 (EUR 6.6 million in 2022).30.2. Transactions with associated companies and joint arrangements2023 2022Sales of goods and services with associated companies and joint arrangements 18.9 25.4 Receivables from associated companies and joint arrangements 2.3 4.1 Purchases of goods and services from associated companies and joint arrangements 67.7 64.5 Liabilities to associated companies and joint arrangements 0.9 1.5 Sales to and purchases from related parties are concluded using terms equivalent to arm's length transaction.30.3. Transactions with Pension Fund in the United Kingdom2023 2022Employer contributions 0.0 0.231. Guarantees and contingent liabilities2023 2022For own commercial obligationsGuarantees 1,088.3 862.5Other 61.6 72.7Total 1,149.9 935.2From time to time Konecranes provides customers with guarantees that guarantee the company's obligations pursuant to the applicable customer contract. In sales of investment goods (machinery) the typical guarantees are the following: \u2022 tender guarantees (bid bonds) given to the customer to secure the bidding process \u2022 advance payment guarantees given to the customer to secure their down payment for project \u2022 performance guarantees to secure customers over the Company\u2019s own performance in customer contracts, and \u2022 warranty period guarantees to secure the correction of defects during the warranty period. Contingent liabilities relating to litigationVarious legal actions, claims and other proceedings pend against the Group in various countries. These actions, claims and other proceedings are typical of this industry and consistent with a global business offering that encompasses a wide range of products and services. These matters involve contractual disputes, warranty claims, product liability (including design defects, manufacturing defects, failure to warn and asbestos legacy), employment, vehicles and other matters involving claims of general liability. While the final outcome of these matters cannot be predicted with certainty, Konecranes has the opinion, based on the information available to date and considering the grounds presented for such claims, the available insurance coverage and the reserves made, that the outcome of such actions, claims and other proceedings, if unfavorable, would not have a material, adverse impact on the financial condition of the Group. 32. Financial assets and liabilities32.1. Carrying amounts of financial assets and liabilities2023 2022Carrying amounts Carrying amounts Fair value Fair value through Amortized by balance Fair value Fair value through Amortized by balance Financial assetsthrough OCIincome statementcostsheet itemthrough OCIincome statementcostsheet itemCurrent financial assetsAccount and other receivables 0.0 0.0 621.0 621.0 0.0 0.0 622.5 622.5Derivative financial instruments 13.6 9.9 0.0 23.5 12.2 31.5 0.0 43.7Cash and cash equivalents 0.0 0.0 586.6 586.6 0.0 0.0 413.9 413.9Total 13.6 9.9 1,207.6 1,231.1 12.2 31.5 1,036.3 1,080.0Financial liabilitiesNon-current financial liabilitiesInterest-bearing liabilities 0.0 0.0 727.7 727.7 0.0 0.0 1,056.4 1,056.4Other payables 0.0 0.0 8.1 8.1 0.0 0.0 7.9 7.9Current financial liabilitiesInterest-bearing liabilities 0.0 0.0 227.2 227.2 0.0 0.0 49.8 49.8Derivative financial instruments 5.3 6.0 0.0 11.3 10.7 5.2 0.0 15.9Account and other payables 0.0 0.0 375.3 375.3 0.0 0.0 362.4 362.4Total 5.3 6.0 1,338.2 1,349.5 10.7 5.2 1,476.4 1,492.3Additional information on financial instruments is presented in Note 34. 32.2. Fair valuesSet out below is a comparison, by class, of the carrying amounts and fair value of the Group's financial assets and liabilities:Carrying amount Fair valueFinancial assets 2023 2022 2023 2022 NoteCurrent financial assetsAccount and other receivables 621.0 622.5 621.0 622.5 19,20Derivative financial instruments 23.5 43.7 23.5 43.7 34.1Cash and cash equivalents 586.6 413.9 586.6 413.9 22Total 1,231.1 1,080.0 1,231.1 1,080.0Financial liabilitiesNon-current financial liabilitiesInterest-bearing liabilities 727.7 1,056.4 734.7 1,082.4 27.1Other payables 8.1 7.9 8.1 7.9Current financial liabilitiesInterest-bearing liabilities 227.2 49.8 227.6 49.8 27.2Derivative financial instruments 11.3 15.9 11.3 15.9 34.1Account and other payables 375.3 362.4 375.3 362.4 25.2Total 1,349.5 1,492.3 1,356.9 1,518.3The management assessed that cash and short-term deposits, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Long-term fixed-rate and variable-rate borrowings are evaluated by the Group based on parameters such as interest rates and the risk characteristics of the loan. IFRS 7 requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. This classification uses the following three-level hierarchy: \u2022 Level 1 - quoted prices in active markets for identical financial instruments \u2022 Level 2 - inputs other than quoted prices included within level 1 that are observable for the financial instrument, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3 - inputs for the financial instrument that are not based on observable market data (unobservable inputs) 32.3. Hierarchy of fair valuesThe following table allocates financial assets and financial liabilities measured at fair value to the three levels of the fair value hierarchy.2023 2022Financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Derivative financial instrumentsForeign exchange forward contracts 0.0 22.9 0.0 0.0 41.9 0.0Commodity derivatives 0.0 0.0 0.0 0.0 0.0 0.0Interest rate derivatives 0.0 0.6 0.0 0.0 1.8 0.0Total 0.0 23.5 0.0 0.0 43.7 0.0Other financial assetsCash and cash equivalents 585.6 0.0 1.0 413.1 0.0 0.8Total 585.6 0.0 1.0 413.1 0.0 0.8Total financial assets 585.6 23.5 1.0 413.1 43.7 0.8Financial liabilities Derivative financial instrumentsForeign exchange forward contracts 0.0 11.1 0.0 0.0 15.8 0.0Commodity derivatives 0.0 0.2 0.0 0.0 0.1 0.0Total 0.0 11.3 0.0 0.0 15.9 0.0Other financial liabilitiesInterest bearing liabilities 0.0 954.9 0.0 0.0 1,106.2 0.0Other payables 0.0 0.0 1.4 0.0 0.0 0.8Total 0.0 954.9 0.8 0.0 1,106.2 0.8Total financial liabilities 0.0 966.1 0.8 0.0 1,122.1 0.8There were no significant changes in classification of fair value of financial assets and financial liabilities in the period 2022 to 2023. There were also no significant movements between the fair value hierarchy classifications. The level 3 valuations in other payables are contingent consideration liabilities resulting from business combinations or the acquisition of non-controlling interest and the cash-settled share-based payment liability.33. Management of financial risks The nature of Konecranes\u2019 business and its global presence exposes it to a range of financial risks. These risks include (i) market risks, which include potential unfavorable changes in foreign exchange rates, interest rates and commodities (ii) liquidity risk and (iii) credit and counterparty risk.33.1. Market riskThe responsibility of identifying, evaluating and controlling the financial risks arising from the Group\u2019s global business operations is divided between the business units and the Group Treasury. However, the Group uses an approach in which most of the management of financial risks is centralized to Konecranes\u2019 Group Treasury. The Group Treasury functions within the legal entity Konecranes Finance Corporation. By centralization and netting of internal foreign currency cash flows, the Group\u2019s external hedging needs can be minimized.Konecranes Finance Corporation is not a profit center in the sense that it would pursue to maximize its profits. The company aims to serve the operating companies of the Group in reducing their financial risks.The Group\u2019s global business operations involve market risks in the form of currency, interest rate and commodity risk. The Group's objective is to increase the short-term stability of the financial environment for the business operations by reducing the negative effects caused by price fluctuations and other uncertainties in the financial markets.Business units hedge their risks internally with the Group Treasury. As a result of this, most of the financial risks of the Group are concentrated into one company, Konecranes Finance Corporation, and can be evaluated and controlled in an efficient way.Almost all funding, cash management and foreign exchange with banks and other external counterparties are centralized to and managed in Konecranes Finance Corporation in accordance with the Group's Treasury Policy. In a few special cases, when the local central bank regulation prohibits using group services in hedging and funding, this must be done directly between an operating company and a bank under the supervision of the Group Treasury.Konecranes Finance Corporation uses a treasury system, which enables practically a real-time processing of transactions and in-depth records of activities and performance. The standard reporting is done on a weekly basis and it covers group-level commercial and financial cash flows, foreign currency transaction exposure, debt positions, portfolio of derivatives and counterparty credit exposure for financial transactions. In addition, all Group companies participate in the monthly managerial and statutory reporting.Foreign exchange riskThe Group\u2019s global business operations generate foreign exchange risk. However, most of the business units only have transactions in their own currency, i.e. these units have their sales and costs as well as internal funding from Konecranes Finance Corporation in their local home currency. Only 30 out of some 150 Group companies operate regularly in a foreign currency. These companies hedge their foreign exchange risk with Group Treasury. Depending on the business area and the probability of the cash flows, the hedging covers operative cash flows for the next 1\u201324 months and is done by using internal foreign exchange forward contracts. In this way, Konecranes Finance Corporation can manage the foreign exchange risk of the whole Group. The foreign currency funding of the other Group companies and possibly some external foreign currency funding can net some of these foreign currency items. The residual net exposure can be covered with commercial banks using foreign exchange forward contracts or currency options. Currency derivatives belonging to hedge accounting are managed in a separate portfolio than derivatives hedging other commercial flows and funding and cannot thus be netted out against other internal items. These instruments are used when the hedging effect cannot be obtained through internal netting and matching of cash flows within the Group.The business units\u2019 commercial bids in a foreign currency can be hedged by using currency options or exchange forwards, but, in general, using currency clauses covers the risk. For certain large crane projects, the Group applies hedge accounting under IAS 39. Hedges are done by using foreign exchange forward contracts. Currently, only USD denominated projects are included in the hedge accounting. The hedge accounting portfolio comprises both USD sales and purchases where gross flows are hedged separately. At the end of 2023, the hedge accounting net cash flows totaled USD 293 million (USD 338 million in 2022).The following table shows the transaction exposure of Konecranes Finance Corporation as of December 31, 2023, and December 31, 2022 (in EUR millions):2023 2022AED -1 1AUD 32 57BRL 2 3CAD 28 36CHF 3 4CLP 0 1CNY -102 -35CZK -4 -15DKK 0 8GBP 83 85HUF 0 -3IDR 7 8INR 4 2JPY 0 1KZT 0 -1MXN -2 -2MYR 2 14NOK 2 2PHP 6 5PLN 0 1RON 2 1SEK -148 -181SGD -5 -27THB 4 6TWD 1 0USD 294 427VND 1 1ZAR 2 4The following table shows the translation exposure, which represents the equity of the Group in a local currency as of December 31, 2023, and December 31, 2022 (in EUR millions):2023 2022AED 10 10AUD 13 12BDT 1 1BRL 18 19CAD 14 11CHF 7 9CLP 13 11CNY 109 90CZK 11 10DKK 8 6GBP -17 -18HKD 1 1HUF 2 3INR 17 8IDR 15 17JPY -3 -8MAD 1 2MXN 4 1MYR 8 11NOK 1 1PEN 7 6PHP 2 4PLN 3 2RON 2 2RUB 4 6SAR -2 -2SGD 17 5SEK -8 -10THB 11 15TRY 0 -1TWD 3 4UAH -1 -1USD 112 57VND 1 1ZAR 6 4See note 34 for the notional and fair values of derivative financial instruments.Changes in currency rates can affect the profitability and equity of the Group. The US dollar has the biggest impact, as many of the large crane projects outside the United States are denominated in USD and because the Group has a lot of local business operations in the United States. A depreciation of the USD would have a negative impact.The following table shows the theoretical effects that changes in the EUR/USD exchange rate would have on the Group\u2019s annual EBIT and equity. An appreciation of US dollar against euro for 10% increases EBIT by EUR 64.2 million (48.9 million in 2022) and increases equity by EUR 12.7 million (6.4 million in 2022). The below table provides a sensitivity analysis over the past two years:Change inEUR/USD 2023202320222022rateEBITEquityEBITEquity+10% - 52.5 - 10.4 - 40.0 - 5.3-10% +64.2 +12.7 +48.9 +6.4The EBIT effect comprises transaction exposure for euro-based companies having frequent sales in USD and the translation exposure from EBIT generated in USD translated into euros. The transaction position is estimated for 2023 as the USD positions change from one year to another and these changes are mainly due to timing of major ports projects and currencies used in them. The estimate of the effects is based on the assumption that the USD denominated transactions are not hedged. In practice, however, all large projects with long maturities generating a substantial portion of the annual changes in the transaction position are hedged and subject to project specific pricing, and the sensitivity changes based on the net exposure of the outstanding payables and receivables at the year end 2023 are not material. The change in equity is the translation exposure on the Group\u2019s equity in USD.The appreciating USD has a positive impact on the Group's operating margin when it impacts the revenues and costs reported in euros asymmetrically. This is due to the fact that the exchange rate change impacts mostly both Group's revenues and costs and partly only either of these. If the EBIT generated in USD based entities as well as cash flows from long-lasting projects, as they are subject to project specific pricing which in practice may be adjusted to reflect the currency rate changes, are excluded from the sensitivity analysis, the effect on EBIT is estimated to be approximately a EUR 11 million increase (EUR 12 million in 2022) when the dollar appreciates 10 percent. Interest rate riskChanges in market interest rates have an impact on the Group\u2019s net interest expenses and the market value of interest rate derivatives. The objective for interest rate risk management is to reduce the volatility impact the market interest rate changes cause by optimizing the allocation between fixed and floating interest rates according to principles set in capital structure management. Approximately 92% of the Group's interest-bearing liabilities are denominated in euro (94% in 2022). See note 27.3 for the currency split of outstanding debt.The portion of the Group\u2019s long-term debt of total debt is related to the Group\u2019s gearing ratio. The higher the ratio is, the bigger the share of long-term debt should be of the total loan portfolio in line with principles set in the capital structure management. The interest rate risk related to long-term loans may be hedged with interest rate derivatives such as interest rate swaps for which hedge accounting is applied. Other instruments that can be used for which no hedge accounting is applied are forward rate agreements, interest rate futures and interest rate options.A change of one percentage point in interest rates in the Group\u2019s long-term debt portfolio would have the following effect on the Group\u2019s income statement and equity:Change in 20232022interest Income 2023Income 2022ratesstatementEquitystatementEquity+1 - 4.8 +1.4 - 7.5 +2.8- 1 +5.4 - 1.5 +7.8 - 3.0The sensitivity analysis is excluding the interest-bearing assets. The effect on income statement is comprised of the Group\u2019s floating long-term debt which is recognized through the statement of income. The effect on equity is comprised of the changes in fair value of interest rate derivatives, measured through other comprehensive income, which are hedging the debt portfolio. Commodity riskBy using fuel oil derivatives, the Group may reduce the negative effect caused by oil price fluctuation on its sea freight transportation costs. In case the transportation cost is linked to EU greenhouse gas emission prices, the Group may opt to hedge the price risk of such emissions as well. In certain large crane projects, price of some sub-contracted components may be floating with the market prices of certain metals, such as copper or nickel. In such cases the Group may enter into commodity derivatives that mitigate the metal price fluctuation risk.The overall importance of the energy, metal and emission price risk is small compared to other financial risks and cannot be described as significant. See note 34 for the notional and fair values of derivative financial instruments.Steel prices are fixed as a normal part of the procurement process. Price changes naturally affect the future procurement, but these changes can be taken into consideration in the price quotes to the end customers.In large crane projects, the steel structures are sub-contracted and as a normal part of the sub-contracting process, the steel is included in the price of the subcontracting (i.e. the price is fixed with the subcontractor). The Group can procure steel and steel components and thus may have an inventory of those. Market price fluctuation of steel can impact the profitability of customer projects or cause inventory obsolescence. 33.2. Credit and counterparty risksCredit risk arises from the potential failure of a commercial counterparty to meet its commercial payment obligations. To limit this risk, the Group applies a conservative credit policy towards customers. It is Konecranes' practice to review customers carefully before entering into formal business relationships and to require credit reports from new customers. Customer credit risks are mitigated with advance payments, letters of credits, payment guarantees and credit insurance where applicable. With these actions and careful monitoring of the customer payments, credit risks can be mitigated. The business units manage credit risks related to their commercial flows. There is currently no significant concentration of credit risk regarding the commercial activities, as the number of customers is high and their geographic distribution is wide. It is the Group\u2019s policy not to fund its customers beyond regular payment terms. See note 19 for a table of an aging analysis of accounts receivable. The theoretical maximum credit risk equals the carrying amount of all receivables. Counterparty risk arises from the potential failure of a financial institution to meet its payment obligations regarding financial instruments. All credit risks related to other financial instruments than the regular accounts receivable are managed by Konecranes Group Treasury. There is no substantial concentration of credit risk regarding the financial instruments, since investments are rare and hedging instruments are done with a number of banks. Additionally, counterparties for financial instruments are limited to the core banks of the Group. These are all major banks with good credit ratings. The majority of all financial instruments are of short-term nature, with maturity of less than one year. There are no significant deposits or loans granted with external counterparties. The Group has counterparty risk in form of cash holdings in several banks around the world. Despite the active cash management structures the Group has in place, cash holdings globally with several banks are needed to ensure the liquidity of Group companies. The Group Treasury follows closely the exposure in the Group according to principles set out in the Treasury Policy and takes necessary actions for reducing the risk. A credit risk is run on the financial assets of the Group, which consist of cash and cash equivalents, receivables and certain derivatives arising from default of the other party, with a maximum risk equal to the carrying amount of these instruments.33.3. Liquidity risksLiquidity risks concern the availability of liquid assets or funding. Lack of funding might jeopardize normal business operations and eventually might endanger the ability to fulfill daily payment obligations. For managing the liquidity risks, the Group has established EUR 350 million committed revolving credit facility with an international loan syndication (2023-2028). At the end of 2023 the facility was unutilized. To cover the short-term funding needs, Konecranes Finance Corporation can borrow from institutional investors through domestic commercial paper program (totaling EUR 500 million). In addition, business units around the world have working capital facilities totaling some EUR 270 million to cover the day-to-day funding needs. Cash and cash equivalents totaled EUR 586.6 million at the end of 2023 (EUR 413.9 million in 2022).See note 27.3 for the maturity profile of the Group\u2019s financial liabilities.33.4. Capital structure managementThe primary objective of the Group\u2019s capital structure management is to ensure that it maintains a good credit status and a healthy capital ratio to support its business operations. At the same time, the Group also aims to maximize shareholder value by effective use of capital.The Group manages its capital structure and fine-tunes it to adjust to probable changes in economic conditions. These actions may include adjusting the dividend payment to shareholders, buying back own shares or issuing new shares.The Group monitors its capital structure using gearing ratio. This is calculated as a ratio of interest-bearing liabilities less liquid assets less loans receivable to total equity. At the end of 2023, the gearing ratio was 22.9% (48.0% in 2022). The Group has a quantitative target for the capital structure in which the interest-bearing net debt to equity ratio (gearing) should be below 80%.The Group decides on the split between long-term and short-term debt in relation to the gearing ratio level. The following table shows the rough guidelines for the portion of long\u2013term debt of total debt under different gearing ratio levels: Portion of long\u2013termGearing ratio levelof total debtUnder 50% Under 1/3Between 50\u201380% Between 1/3 and 2/3Over 80% Over 2/3The Group monitors the gearing ratio level on a weekly basis. The target of the Group\u2019s capital management has been met in recent years.34. Hedge activities and derivativesDerivatives are initially recorded in the balance sheet at fair value and subsequently measured at fair value at each balance sheet date. All derivatives are carried as assets when fair value is positive and liabilities when fair value is negative. Derivative instruments that are not designated as hedges (hedge accounting) are measured at fair value, and the change in fair value is recognized in the consolidated statement of income. When the derivative is designated as a cash-flow hedge (hedge accounting) the effective part of the change in fair value is recognized in other comprehensive income. Any ineffective part is recognized in the consolidated statement of income. The foreign exchange forward contracts are measured based on the closing date\u2019s observable spot exchange rates and the quoted yield curves of the respective currencies. Interest rate swaps are measured based on present value of the cash flows, which are discounted based on the quoted yield curves.34.1. Nominal and fair values of derivative financialinstruments2023202320222022Nominal Fair Nominal FairvaluevaluevaluevalueForeign ex-change forward 1,737.3 11.9 1,609.6 26.1contractsInterest rate 300.0 0.6 300.0 1.8derivativesCommodity 4.5 -0.2 1.7 -0.1derivativesTotal 2,041.8 12.2 1,911.3 27.8See note 32.3 for the fair values of the derivatives recognized in assets and liabilities .Derivatives not designated as hedging instrumentsThe Group also enters into other derivatives, foreign exchange or currency options with the intention of reducing the risk in expected sales and purchases. These other contracts are not designated in hedge relationshipsand are measured at fair value through profit or loss. Cash flow hedgesForeign currency and interest riskForeign exchange forward contracts and interest rate swaps measured at fair value through OCI are designated as hedging instruments in cash flow hedges of forecast sales and purchases in US dollar and interest expenses. These forecast transactions are highly probable, and they comprise about 44.7% of the Group\u2019s total hedged transaction flows. The foreign exchange forward contract balances vary with the level of expected foreign currency sales and purchases and changes in foreign exchange forward rates. At the inception of these deals the Group assesses whether the critical terms of the foreign currency forward contracts and interest rate swaps match the terms of the expected highly probable forecast transactions. On a quarterly basis the Group performs a qualitative effectiveness test by checking that the hedging instrument is linked on the relevant assets and liabilities, projected business transactions or binding contracts according to the hedging strategy and that there are no related credit risks. Hedge ineffectiveness is recognized through profit or loss.The cash flow hedges of the expected future sales, purchases and interest expenses in 2023 and 2022 were assessed to be highly effective and a net unrealized gain or loss, with a deferred tax asset relating to the hedging instruments, is included in OCI. The amounts recognized in OCI are shown in the table below and the reclassifications to profit or loss during the year are as shown in the consolidated statement of income.34.2. Fair value reserve of cash flow hedges2023 2022Balance as of January 1 -1.2 -2.8Gains and losses deferred to equity 12.5 2.0(fair value reserve)Change in deferred taxes -2.5 -0.4Balance as of December 31 8.8 -1.235. Company list(1,000 EUR)BookParent Subsidiaries owned value ofcompany\u2019sGroup\u2019sby the parent companysharesshare, %share, %Finland: Konecranes Finance Oy 46,448 100 100Konecranes Finland Oy 17,163 26.02 100Konecranes Global Oy 102,391 100 100Subsidiaries Book value Group\u2019sowned by the groupof sharesshare, %Australia: Konecranes and Demag Pty Ltd 21,730 100MHE-Demag Australia Pty Ltd 16,267 100Austria: Konecranes and Demag Ges.m.b.H. 29,775 100Bangladesh: Konecranes and Demag (Bangladesh) Ltd. 109 100Belgium: S.A. Konecranes N.V. 6,150 100Brazil: Konecranes Demag Brasil Ltda. 32,688 100Canada: Konecranes Canada Inc. 893 100Chile: Konecranes Chile SpA 1 100China: Cranes and Parts Trading (Shanghai) Co., Ltd. 5,862 100Dalian Konecranes Company Ltd. 2,196 100Demag Cranes & Components (Shanghai) Co., Ltd. 14,349 100Konecranes (Shanghai) Co. Ltd. 0 100Konecranes (Shanghai) Company Ltd. 4,409 100Konecranes Manufacturing (Jiangsu) Co., Ltd. 28,627 100Konecranes Port Machinery (Shanghai) Co., Ltd. 7,239 100SWF Krantechnik Co., Ltd. 816 100Czech Republic: Konecranes and Demag s.r.o. 2,823 100Denmark: Konecranes Demag A/S 12,561 100Estonia: Konecranes O\u00fc 0 100Finland: Nosturiexpertit Oy 10 100France: KCI Holding France SAS 40,500 100Konecranes and Demag France SAS 22,120 100Verlinde SAS 5,360 100Germany: Demag Cranes & Components GmbH 524,384 100Eurofactory GmbH * 1,239 100Konecranes GmbH 673,804 100Konecranes Holding GmbH 505,262 100Konecranes Noell GmbH 37,501 100Konecranes Real Estate GmbH Co. & KG 36,364 100Konecranes Real Estate Verwaltungs GmbH 28 100Kranservice Rheinberg GmbH * 1,492 100SWF Krantechnik GmbH * 15,500 100* Exemption according to \u00a7 264, 3 HGB for Eurofactory GmbH (registered office in Remptendorf), Kranservice Rheinberg GmbH (registered office in Duisburg) and SWF Krantechnik GmbH (registered office in Mannheim). (1,000 EUR)Subsidiaries Book value Group\u2019sowned by the groupof sharesshare, %Konecranes Hellas Lifting Equipment and Greece:60 100Services S.A.Hong Kong: Konecranes Hong Kong Limited 0 100Hungary: Konecranes Kft. 809 100India: Konecranes and Demag Private Limited 19,519 100Voima Cranes & Components Pvt. Ltd. 0 99.99Indonesia: PT. Konecranes 240 100PT MHE-Demag Indonesia 3,528 100PT MHE-Demag Technology Indonesia 294 67Ireland: Konecranes and Demag Limited 900 100Israel: Konecranes Israel Ltd 0 100Italy: Demag Cranes & Components S.r.l. 13,997 100Donati Sollevamenti S.r.l. 2,561 100MHPS Italia S.r.l. 0 100Japan: Konecranes Company, Ltd. 0 100Latvia: SIA Konecranes Latvija 2 100Lithuania: UAB Konecranes 139 100Luxembourg: Materials Handling International S.A. 300 100Malaysia: Konecranes Sdn. Bhd. 523 100Mechanical Handling Engineering (M) Sdn Bhd 0 100MHE-Demag Logistics Malaysia Sdn Bhd 1,862 100Konecranes Material Handling (Malaysia) Sdn. Bhd. 6,864 100Rainfields Estate Sdn Bhd 1,202 100Mexico: Konecranes Mexico S.A. de C.V. 2,188 100Morocco: Konecranes Maghreb S.a.r.l. 50 100The Konecranes B.V. 4,201 100Netherlands:Konecranes Holding B.V. 503,851 100Konecranes Software B.V. 3,678 100Port Software Solutions B.V. 37,412 100Norway: Konecranes AS 3,588 100Peru: Konecranes Peru S.R.L. 0 100Philippines: MHE-Demag (P), Inc. 3,684 100Poland: Konecranes and Demag Sp. z o.o. 1,359 100Portugal: Konecranes and Demag, Lda. 3,293 100Romania: S.C. Konecranes S.A. 98 100S.C. TBA RO S.r.l. 10 100Russia: AO \"Konecranes Demag Rus\" 0 100Saudi Arabia: Saudi Cranes & Steel Works Factory Co. Ltd. 9,820 100(1,000 EUR)Subsidiaries Book value Group\u2019sowned by the groupof sharesshare, %Singapore: KCI Cranes Holding (Singapore) Pte. Ltd. 114,764 100MHE-Demag (S) Pte. Ltd. 196,501 100Slovakia: Konecranes Slovakia s.r.o. 200 100Slovenia: Konecranes, d.o.o. 200 100South Africa: Konecranes and Demag (Pty) Ltd. 0 100Spain: Konecranes and Demag Ib\u00e9rica, S.L.U. 31,799 100Sweden: Konecranes AB 1,232 100Konecranes Lifttrucks AB 20,941 100Konecranes Sweden Holding AB 1,682 100Ulvaryd Fastighets AB 1,171 100Switzerland: Konecranes and Demag AG 17,205 100Taiwan: MHE-Demag Taiwan Company Limited 1,776 100Thailand: Katrolin Enterprise (T) Ltd 84 100Katrolin Holding (T) Ltd 95 100Konecranes (Thailand) Ltd. 192 100Mahakorn (T) Ltd 81 100Konecranes Material Handling (Thailand) Ltd. 294 100MHE-Demag Technology (T) Ltd 252 100Scenic Wealth (T) Ltd 141 100Turkey: Konecranes Ticaret Ve Servis Limited Sirketi 0 100Ukraine: Konecranes Ukraine JSC 2,049 100PJSC \"Zaporozhje Kran Holding\" 0 100JSC \"Zaporozhcran\" 0 90.43United Arab Demag Cranes & Components Holding Ltd. 0 100Emirates:Demag Cranes & Components (Middle East) FZE 14,398 100Konecranes Middle East FZE 1,774 100United KCI Holding UK Ltd. 13,656 100Kingdom:Konecranes Demag UK Limited 6,519 100Lloyds Konecranes Pension Trustees Ltd. 0 100Morris Material Handling Ltd. 575 100TBA Doncaster Limited 2,011 100TBA Leicester Limited 10,342 100UKMHPS Limited 40,005 100U.S.A. Demag Cranes & Components Corp. 61,294 100KCI Holding USA Inc. 53,901 100Konecranes, Inc. 48,226 100Konecranes Nuclear Equipment & Services, LLC 0 100MMH Americas, LLC 0 100Morris Material Handling, Inc. 64,651 100R&M Materials Handling, Inc. 7,421 100Vietnam: Konecranes Vietnam Co., Ltd 0 100MHE-Demag Vietnam Company Ltd 0 100AssetsGroup\u2019sOther shares and joint operationsvalueshare, %Estonia: AS Konesko 4,448 49.46Finland: Kiinteist\u00f6osakeyhti\u00f6 Kuikantorppa 261 50Assets Group\u2019sInvestments accounted for using the equity methodvalueshare, %China: Shanghai High Tech Industrial Crane Company, Ltd. 3,103 28Finland: Fantuzzi Noell Baltic Oy 244 25France: Boutonnier Adt Levage S.A. 416 25Levelec S.A. 231 20Manulec S.A. 246 25Manelec S.A.R.L. 107 25S.E.R.E. Maintenance S.A. 280 25AQZ Ausbildungs- und Qualifizierungszentrum Germany:0 30D\u00fcsseldorf GmbHThe Netherlands: TBA Consultancy B.V. 708 49Switzerland: Demag IP Holdings GmbH 177 50Thailand: CSA Crane Service Asia Company Ltd 84 49United Arab Crane Industrial Services LLC 1,341 49Emirates:Book value Group\u2019sAvailable-for-sale investmentsof sharesshare, %Finland: East Office of Finnish Industries Oy 50 5.26Dimecc Oy 120 5.69Kiinteist\u00f6 Oy P\u00e4rj\u00e4 26 46.67Levator Oy 0 19Vierum\u00e4en Kuntorinne Oy 326 3.3France: Heripret Holding SAS 53 19Malaysia: Kone Products & Engineering Sdn. Bhd. 0 10Venezuela: Gruas Konecranes CA 20 10Others: 239Total: 834Company information for ESEF reportingName of reporting entity or other means of identification Konecranes PlcDomicile of entity FinlandLegal form of entity PlcCountry of incorporation FinlandAddress of entity's registered office Koneenkatu 8, 05830 Hyvink\u00e4\u00e4, FinlandPrincipal place of business Hyvink\u00e4\u00e4Konecranes is a world-leading manufacturer and servicer of cranes, lifting equipment and machine tools, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Description of nature of entity's operations and principal Konecranes operates internationally, with its products being manufactured activitiesin North and South America, Europe, Africa, the Middle East, and Asia and sold worldwide. Konecranes has three reportable segments: Service, Industrial Equipment and Port Solutions.Name of parent entity Konecranes PlcName of ultimate parent of group Konecranes Plc",
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"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__15": {
"value": "Investment in associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method. Under this method, the consolidated financial statements show the Group\u2019s investment in and share of net assets of the associate or joint venture. Any premium over net assets paid to acquire an interest in an associate or joint venture is recognized as goodwill within the same line as the underlying investment. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss as share of profit of an associate and a joint venture in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__14": {
"value": "Investment in associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method. Under this method, the consolidated financial statements show the Group\u2019s investment in and share of net assets of the associate or joint venture. Any premium over net assets paid to acquire an interest in an associate or joint venture is recognized as goodwill within the same line as the underlying investment. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss as share of profit of an associate and a joint venture in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__13": {
"value": "Investment in associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method. Under this method, the consolidated financial statements show the Group\u2019s investment in and share of net assets of the associate or joint venture. Any premium over net assets paid to acquire an interest in an associate or joint venture is recognized as goodwill within the same line as the underlying investment. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss as share of profit of an associate and a joint venture in the statement of profit or loss.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s11_notes__6__12-1": {
"value": "Investment in associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.The Group\u2019s investments in its associates and joint ventures are accounted for using the equity method. Under this method, the consolidated financial statements show the Group\u2019s investment in and share of net assets of the associate or joint venture. Any premium over net assets paid to acquire an interest in an associate or joint venture is recognized as goodwill within the same line as the underlying investment. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, and then recognizes the loss as share of profit of an associate and a joint venture in the statement of profit or loss.Business CombinationsAcquisitions of subsidiaries are accounted for using the acquisition method according to which the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess of the consideration transferred for the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recorded as goodwill. The measurement of fair value of the acquired net assets is based on market value of similar assets (property, plant and equipment), or an estimate of expected cash flows (intangible assets). The valuation, which is based on prevailing repurchase value, expected cash flows or estimated sales price, requires management judgement, estimates and assumptions. See note 4.2.3. Summary of significant accounting policiesRevenue recognitionRevenue 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 and to the extent that it is probable that the economic benefits will flow to the Company, that revenue can be reliably measured, and that collectability is reasonably assured. Revenue is measured at the fair value of the consideration received or receivable. The creditworthiness of the buyer is assessed before engaging into a sale. However, if a risk of non-payment arises after revenue recognition, a provision for non-collectability is established.The company recognizes revenue when it satisfies an identified performance obligation by transferring promised goods or services to the customer. Goods and services are generally considered to be transferred when the customer obtains the control over it. Control means that the customer can direct the use of and obtain benefit from the good and service and also prevent others from directing the use of and receiving the benefits from them. Thus, the customer has sole possession of the right to use the good or service for the remainder of its economic life or to consume the good or service in its own operations. The transaction price is usually fixed but may also include variable considerations such as volume or cash discounts or penalties. Variable consideration is included in the revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved. The variable considerations are estimated using the most likely value method if not yet realized at the end of the reporting period. If the contract is separated into more than one performance obligation, Konecranes allocates the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services in each performance obligation, or if the standalone selling prices do not exist, Konecranes typically uses the expected cost plus a margin approach to estimate the standalone selling price.Contract assets relate to receivables arising from percentage of completion method. Net asset balances are balances where the sum of contract costs, recognized profits and recognized losses exceed advance payments received. Where advance payments received exceed the sum of contract costs, recognized profits, and recognized losses, these liabilities are included in the line-item advance payments received. Contract assets are subject to impairment assessment. See also financial assets at amortized cost.Nature of goods and services and timing of satisfaction of performance obligations and significant payment termsThe Service segment principally generates revenue from providing maintenance and consultative services as well as spare parts for all types and makes of industrial cranes and hoists. Service also provides modernizations which are complete transformations of existing cranes as an alternative to replacing them. Revenue from services is recognized when the outcome of the transaction can be estimated reliably and by customer acknowledgement for the completion of the service work or by reference to the stage of completion based on services performed at the end of the reporting period if it can be measured. The assessment of the stage of completion is dependent on the nature of the contract but will generally be based on costs incurred to the extent these relate to services performed up to the reporting date. In modernization projects, the customer typically controls the assets that are enhanced; thus the revenue is recognized over time according to the percentage of completion method. In the spare parts business, the transfer of control and revenue recognition usually takes place either when goods are shipped or made available to the buyer for shipment, depending on the terms of the contract, or when the customer has accepted the delivery. Usually, customers pay according to agreed payment terms after the services and products have been delivered. Sometimes it is required that the payment is done in advance. In these cases, for example in annual maintenance contracts, the payment is periodized to meet the revenue recognition in accordance with the delivery of services and goods. In modernization projects, the customers are typically required to make advance payments according to the milestones defined in the modernization project contract.The Industrial Equipment segment generates revenue from hoists, cranes and material handling solutions for a wide range of customers. For standard equipment and components, the revenue is recognized when goods are shipped or made available to the buyer for shipment, depending on the terms of the contract, or when the customer has accepted the delivery, which is typically an installed crane. The revenue from large, engineered crane projects is recognized over time according to the percentage of completion (POC) method as those contracts are specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. Konecranes is then also entitled to an amount that at least compensates the entity for performance completed to date even if the customer can terminate the contract for reasons other than our failure to perform as promised. In general, the warranty period for cranes is two years for which the Group records a warranty provision based on historical data. The revenue for an extended warranty is recognized over the extended warranty period. In crane projects, the customers are typically required to make advance payments in accordance with the milestones defined in the crane project contract.The Port Solutions segment generates revenue from container handling equipment, shipyard equipment, mobile harbor cranes, heavy-duty lift trucks and Port Solutions related software. All equipment deliveries are supported by a complete range of services. Most of the container handling and shipyard equipment are tailored and engineered to the customer needs, so the revenue from these projects is recognized over time according to the percentage of completion (POC) method as those contracts are specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. Konecranes is then also entitled to an amount that at least compensates the entity for performance completed to date even if the customer can terminate the contract for reasons other than our failure to perform as promised. The revenue from lift trucks and standard port equipment is recognized when goods are shipped or made available to the buyer for shipment, depending on the terms of the contract, or when the customer has accepted the delivery. The general warranty period for port equipment varies to some extent depending on the components used in the projects. For a general warranty, the Group records a warranty provision based on historical data. The revenue from a possible extended warranty is recognized over the extended warranty period. In Port Solutions projects, the customers are typically required to make advance payments according to the milestones defined in the project contract. The advance payments from clients do not generally include a significant financing component, because typically the payment schedule of advances follows the timing of performance obligations to be satisfied. Measurement of stage of completion for performance obligations satisfied over timeThe stage of completion of a contract is determined by the proportion that the contract costs incurred for the work performed to date bear to the estimated total contract costs (cost-to-cost method) at completion. This best depicts the transfer of control to the customer, which occurs as we incur costs in our contracts. When the final outcome of a project cannot be reliably determined, the costs arising from the project are expensed in the same reporting period in which they occur, but the revenue from the project is recorded only to the extent that the Group will receive an amount corresponding to actual costs. An expected loss on a contract is recognized immediately in the statement of income. Revenue in respect of variations to the contract scope and claims is recognized when it is probable that it will be received and can be measured reliably.Research and development costsResearch costs are expensed as incurred. The development expenditure of an individual project is recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 Its intention to complete and its ability to use or sell the asset. \u2022 How the asset will generate future economic benefits. \u2022 The availability of resources to complete the asset. \u2022 The ability to reliably measure the expenditure during development.Amortization of capitalized development costs begins when development is complete, and the asset is available for use. Comparable EBITA (alternative performance measure)The Group uses comparable EBITA as an alternative performance measure to reflect the underlying business performance and to enhance comparability between financial periods. It is frequently used by management, analysts and investors. Comparable operating profit before amortization and impairment of purchase price allocations (a non-GAAP measure) represents earnings from continuing operations before income taxes (a GAAP measure), excluding restructuring, transaction and restructuring related asset impairment costs as well as other adjusting items, amortization and impairment of purchase price allocations and financial income and expense. Alternative performance measures should not be considered as a substitute for measures of performance in accordance with the IFRS. See also note 3.Earnings per shareBasic earnings per share are computed by dividing net income from continuing operations and net income from discontinued operations all attributable to ordinary shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by assuming conversion or exercise of all potentially dilutive share-based payment plans.Dividend distributionThe company recognizes a liability to make dividend distributions to equity holders when the distribution is approved by the shareholders. A corresponding amount is recognized directly in equity.Employee benefits Konecranes companies have various pension plans in accordance with local conditions and practices. Pensions are generally managed for the Group companies by external pension insurance companies or by similar arrangements. These pension plans are classified either as defined contribution or defined benefit plans. Under defined contribution plans, expenses are recognized for the period to which the contribution relates. The Group has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay employee benefits. The Konecranes Group accounts for the Finnish system under the Employees\u2019 Pensions Act (TyEL) within insurance system as a defined contribution plan.Under defined benefit plans, a liability recognized in the balance sheet equals to the net of the present value of the defined benefit obligation (calculated using the Projected Unit Credit Method) less the fair value of the plan assets at the balance sheet date. Actuarial gains and losses are recognized in the consolidated statement of other comprehensive income as remeasurement items when they occur. Remeasurement recorded in other comprehensive income is not recycled. Past service cost is recognized in the statement of profit or loss in the period of plan amendment. Net interest is calculated by applying the discount rate to the net defined liability or asset. Independent actuaries calculate the defined benefit obligation by applying the Projected Unit Credit Method. The Group presents service cost, past-service cost, gains and losses on curtailments and settlements and net interest expense or income as Personnel cost \u2013 Pension costs: Defined benefit plans in the statement of income (see note 8).A liability for termination benefit is recognized at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs.Share-based paymentsEmployees (including senior executives) of the Group and its subsidiaries receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions) or receive settlement in cash (cash-settled transactions).Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized, together with a corresponding increase in other reserves in equity, over the period in which the performance and/or service conditions are fulfilled in Personnel cost \u2013 Other personnel expense in the statement of income. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit recorded in the statement of income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.No expense is recognized for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional upon a market or non-vesting condition. These are treated as vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the expense had the terms not been modified, if the original terms of the award are met. An additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee as measured at the date of modification. The tax laws or regulations usually oblige Konecranes to withhold an amount for an employee's tax obligation associated with a share-based payment and transfer that amount, normally in cash, to the tax authority on the employee's behalf. To fulfil this obligation, the terms of the share-based payment arrangement permit Konecranes to withhold the number of equity instruments equal to the monetary value of the employee's tax obligation from the total number of equity instruments that otherwise would have been issued to the employee upon vesting of the share-based payment. This share-based payment arrangement with a net settlement feature is classified in its entirety as an equity-settled share-based payment transaction and the payment made shall be accounted for as a deduction from equity for the shares withheld. Cash-settled transactions The cost of cash-settled transactions, which is usually related to the additional employee social cost or taxes of the share-based payments, is measured initially at fair value at the grant date using a binomial model. This fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The liability is remeasured to fair value at each reporting date up to, and including, the settlement date, with changes in fair value recognized in Personnel cost \u2013 Other personnel expenses in the statement of income (see Note 8).Foreign currency translationThe Group\u2019s consolidated financial statements are reported in euros, which is the Group\u2019s presentation currency. Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency.Transactions and balancesTransactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognized by the Group entities at their respective functional currency rates prevailing at the date of the transaction. At the end of each reporting period, foreign currency monetary items are retranslated at the functional currency spot exchange rate in effect at the reporting date. The resulting foreign currency exchange differences are recorded in the statement of income with the exception of differences that arise from monetary items that provide an effective hedge for a net investment in a foreign operation (such as intragroup loans where settlement is neither planned nor likely to occur in the foreseeable future). These are recognized in other comprehensive income until the disposal of the net investment, at which time they are recognized in the income statement. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in other comprehensive income.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as of the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.Foreign operationsThe assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their income statements are translated at average exchange rates for the period. The exchange differences arising from the translation are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in the income statement.Any goodwill arising from the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising from the acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate.Income taxTaxes shown in the consolidated statement of income include income taxes to be paid on the basis of local tax legislations, tax adjustments from previous years as well as the effect of the annual change in the deferred tax balances. Taxes are calculated using rates enacted or substantively enacted at the balance sheet date.Deferred tax liabilities and deferred tax assets are calculated for all temporary differences arising between the tax basis and the book value of assets and liabilities. Deferred tax is not recognized for non-deductible goodwill on initial recognition and temporary differences in investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. The main temporary differences arise from unused tax losses, depreciation differences, provisions, defined benefit pension plans, inter-company inventory margin and derivative financial instruments. In connection with an acquisition, the Group records provisions for deferred taxes on the difference between the fair values of the net assets acquired and their tax bases. A deferred tax asset is recognized to the extent that it is probable that it can be utilized.Business combinationsAcquisitions of subsidiaries are accounted for using the acquisition method according to which the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess of the consideration transferred for the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recorded as goodwill. For each acquisition, the non-controlling interest in the acquiree, if any, can be recognized either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. If the purchase consideration is less than the fair value of the Group\u2019s share of the net assets acquired, the difference is recognized directly through the profit and loss. Direct acquisition transaction costs are expensed as incurred.Assets held for saleThe Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a disposal rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.The criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate disposal in its present condition. Actions required to complete the disposal should indicate that it is unlikely that significant changes to the disposal will be made or that the decision to dispose will be withdrawn. Management must be committed to the disposal expected within one year from the date of the classification.Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Intangible assetsIntangible assets include service contracts, patents and trademarks as well as software licenses and implementation costs. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Intangible assets with definite useful life are amortized on the straight-line basis over expected useful lives, which may vary from 5 to 20 years with service contracts and patents and trademarks and from 4 to 7 years with software licenses. They are assessed for impairment whenever there is an indication that the intangible asset may be impaired.Intangible assets with indefinite useful life are not amortized, but they are tested annually for impairment in a manner equivalent to that for testing goodwill. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.Impairment testing of goodwillGoodwill acquired in a business combination is tested for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. If the carrying amount for a CGU exceeds its recoverable amount, an impairment loss equal to the difference is recognized. Konecranes uses a discounted cash flow analyses to assess the fair value of goodwill. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations cover a period of five years. A previously recognized impairment loss on goodwill is not reversed even if there is a significant improvement in circumstances having initially caused the impairment.Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is recorded on a straight-line basis over the estimated useful economic life of the assets as follows: \u2022 Buildings 10-40 years \u2022 Machinery and equipment 3-10 yearsNo depreciation is recorded for land. Improvements made for existing property, plant and equipment that will provide future economic benefit are capitalized and depreciated over the remaining useful life of the asset. For leased right-of-use assets, please see the accounting principles section for leases.Impairment of assets subject to amortization and depreciationThe carrying values of intangible assets subject to amortization, property, plant and equipment and investments in associates and joint ventures are reviewed for impairment whenever events and changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such an indication exists, the recoverable amount of the assets will be estimated. The recoverable amount is the higher of the asset\u2019s fair value less selling costs and value in use which is the present value of the cash flows expected from the asset\u2019s use and eventual disposal. An impairment loss is recognized in the statement of income when the recoverable amount of an asset is less than its carrying amount. Impairment losses on these assets are reversed if their recoverable amounts subsequently increase.Valuation of inventoriesRaw materials and supplies are valued at the acquisition cost or, if lower, at the net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Semi-manufactured goods are valued at variable production costs including a share of production overheads based on normal capacity. Work in progress of uncompleted orders includes direct labor and material costs, as well as a proportion of overhead costs related to production and installation. Raw materials and supplies are valued using the weighted average cost or the first-in, first-out (FIFO) basis. The inventory stock obsolescence provision is based on the best estimate of slow-moving and obsolete inventory at the balance sheet date. The estimates are based on frequent review and evaluation of inventory ageing and composition.Account and other receivablesAccount and other receivables are initially recorded at fair value after which they are subsequently measured at amortized cost. Account receivables represent the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). The provision for doubtful accounts is estimated based on the Group\u2019s historical credit loss experience adjusted with current conditions and reasonable and supportable forecasts about the future. The effect is recognized in the statement of income.Cash and cash equivalentsCash and cash equivalents comprise cash balances and deposits with banks and other liquid investments that are held for the purpose of meeting short-term cash commitments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value as the instruments have a maturity of three months or less from the date of acquisition. Bank overdrafts are included in current interest-bearing liabilities.Fair value measurementFair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. The Group categorizes assets and liabilities measured at fair value into one of three levels depending on the ability to observe inputs employed in their measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs that are observable, either directly or indirectly, other than quoted prices included within level 1 for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or Konecranes\u2019 assumptions about pricing by market participants.Derivative financial instruments and hedge accounting The Group\u2019s global operations expose it to currency risk and to a lesser extent interest rate risk.The Group uses derivative financial instruments, primarily forward contracts and interest rate swaps, to hedge its risks associated with foreign currency fluctuations relating to certain commitments and forecasted transactions and interest rate risks. Derivative financial instruments are used for hedging purposes in accordance with the Group\u2019s hedging policy and not for speculative purposes. These instruments are initially recognized at fair value at the derivative contract date and are re-measured to fair value at subsequent reporting dates. Derivatives are presented as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For certain large crane projects, the Group applies hedge accounting. The Group designates hedges of the foreign currency risk of firm commitments and highly probable forecasted transactions to a cash flow hedge. Changes in the fair value of derivative financial instruments that are designated as effective hedges of future cash flows are recognized directly in other comprehensive income, while the ineffective portion is recognized immediately in the income statement. See note 34. Amounts recognized as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognized as OCI are transferred to the initial carrying amount of the non-financial asset or liability. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover (as part of the hedging strategy), or if its designation as a hedge is revoked, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognized in OCI remains separately in equity until the forecast transaction occurs or the foreign currency firm commitment is met. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in the other comprehensive income is transferred to profit or loss for the period.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognized in the statement of income as they arise.The Group does not apply fair value hedging.Financial assetsFinancial assets are classified, at initial recognition, as financial assets at fair value through profit or loss; financial assets at fair value through OCI; or financial assets at amortized cost. Financial assets are classified according to their cash flow characteristics and the business model they are managed in. Trade day accounting is applied to regular purchases and sales of financial assets. They include account and other receivables, interest-bearing investments and derivative financial instruments. The subsequent measurement of financial assets depends on their classification, as follows:Financial assets at amortized costFinancial assets at amortized cost are subsequently measured using the effective interest rate method. Account receivables and other receivables are recognized at their anticipated realizable value, which is the original invoice amount less an estimated provision for doubtful accounts for impairment. The increase in the credit risk for financial assets measured at amortized cost is assessed at the end of the reporting period. The credit loss allowance is estimated based on the Group\u2019s historical credit loss experience adjusted with current conditions and reasonable and supportable forecasts about the future. The Group applies the simplified approach to record expected credit losses on its accounts receivable by using a provision matrix where accounts receivable is grouped based on different customer bases and different historical loss patterns. Financial assets at fair value through profit or lossInterest-bearing investments, which are non-derivative financial assets and have fixed or determinable payments and are not quoted on active markets, are measured at fair value through the statement of income. This category also includes derivatives that do not qualify for hedge accounting.Financial assets at fair value through other comprehensive incomeDerivatives that qualify for hedge accounting are classified as financial assets at fair value through other comprehensive income. The treatment of gains and losses arising from revaluation is described above in the accounting policy for derivative financial instruments and hedge accounting.Financial liabilitiesFinancial liabilities are classified as financial liabilities at fair value through profit or loss; financial liabilities at fair value through other comprehensive income; or as financial liabilities measured at amortized cost, as appropriate. Financial liabilities include trade and other payables, finance debt and derivative financial instruments. The Group determines the classification of its financial liabilities at initial recognition. The measurement of financial liabilities depends on their classification, as follows: Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss are carried on the balance sheet at fair value with gains or losses recognized in the income statement. Derivatives, other than those designated as effective hedging instruments, are classified as held for trading and are included in this category.Financial liabilities at fair value through other comprehensive incomeThese financial liabilities are typically derivatives designated for hedge accounting and are carried on the balance sheet at fair value. The treatment of gains and losses arising from revaluation is described above in the accounting policy for derivative financial instruments and hedge accounting.Financial liabilities measured at amortized costAll other financial liabilities are initially recognized at fair value. For interest-bearing loans and borrowings, this is the fair value of the proceeds received net of issue costs associated with the borrowing. After initial recognition, other financial liabilities are subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any issue costs, and any discount or premium on settlement. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognized respectively in interest and other finance income and finance costs. This category of financial liabilities includes accounts payables and interest-bearing liabilities.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset, and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently existing, legally enforceable, unconditional right of offset that applies to all counterparties of the financial instruments in all situations, including both normal operations and insolvency.Derecognition of financial instrumentsFinancial assets are derecognized when the rights to receive cash flows from the assets have expired or the Group has transferred its rights to receive cash flow; and either the Group has transferred substantially all the risks and rewards of the assets, or the Group has neither transferred nor retained substantially all the risks and rewards of the assets but has transferred the control of the assets.Financial liability is derecognized when the obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing loan are substantially modified, such an exchange or modification is accounted for as an extinguishment of the original liability and the recognition of a new financial liability. The difference between the respective carrying amounts is recognized in the income statementProvisionsProvisions are recognized in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and it is considered probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions may arise from restructuring plans, onerous contracts, guarantees and warranties, among other events. Obligations arising from restructuring plans are recognized when the detailed and formal restructuring plans have been established, the personnel concerned have been informed and when there is a valid expectation that the plan will be implemented. The warranty provision is based on the history of past warranty costs and claims on delivered products under warranty. Additionally, warranty provisions can be established on a case by case basis to take into consideration the potentially increased risks.When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.LeasesThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.The Group as a lesseeThe Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.Right-of-use assetsThe Group recognizes right-of-use assets at the commencement date of the lease (i.e. asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, possible initial cost incurred, lease payments made before the commencement date and less any lease incentives received. The recognized right-of-use assets are mainly rentals of premises and vehicles which are typically depreciated on a straight-line basis over the shorter of the lease term and estimated useful life of the asset. Right-of-use assets are subject to possible impairment.Lease liabilitiesAt the commencement date of a lease, the Group recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of the lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term, a change in the fixed lease payments or a change in the assessment to purchase the underlying asset.Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the recognition exemption to equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as an expense over the lease term. Judgment in determining the lease termThe Group has various lease agreements for office equipment, vehicles and premises with varying terms and renewal rights. The Group determines the lease term as the non-cancellable term of the lease together with any periods covered by an option to extend or early terminate the lease if it is reasonably certain to be exercised. The Group uses judgment especially for the use of extension options as well as when defining the lease term for open-end lease agreements so that they are based on the business requirements, factors that create an economic incentive and real estimated useful lifetime of the underlying asset. Cash flow statementThe cash flow statement has been prepared in accordance with the indirect method. In the cash flow statement, a distinction is made between cash flows from operating, investing and financing activities. Currency differences on cash and cash equivalents are recognized separately in the cash flow statement. Revenue and expenses for income tax are recognized under Cash flows from operating activities. Interest costs and interest revenues are recognized under Cash flows from operating activities. Cash flows as a result of the acquisition or disposal of financial interests (subsidiaries and interests) are recognized under Cash flows from investing activities, taking into account the cash, cash equivalents and repaid third-party debts present in these interests. Dividends paid out, as well as obtained and repaid loans, are recognized under Cash flows from financing activities.2.4. Application of new and amended IFRS standards and IFRIC interpretations The relevant new or revised IFRSs that Konecranes has adopted from January 1, 2023, were the following: Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2, The amendment replaces the requirement to disclose significant accounting policies with a requirement to disclose material accounting policies. The amendment aims to help companies to disclose accounting policies which are material for users to understand the information in the company\u2019s financial statements. Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction. The amendment clarifies deferred tax accounting for transactions and events, such as leases, that lead to the initial recognition of both an asset and a liability. The amendments require companies to recognize a separate deferred tax asset and deferred tax liability when the temporary differences arising from the initial recognition of an asset and a liability are equal.Amendment to IAS 12 - International tax reform - pillar two model rules. These amendments give companies temporary mandatory relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development\u2019s (OECD) international tax reform. The amendments also introduce targeted disclosure requirements for affected companies. Konecranes applies the temporary mandatory relief to the recognition of deferred taxes.None of these amendments to IFRS standards had any significant impact on the financial statements of Konecranes.New and amended standards issued applicable from January 1, 2024, but not yet effective are disclosed below. The Group adopts new and amended standards and interpretations, if applicable, when they become effective.Amendments to IAS 1- Non-current Liabilities with Covenants clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability.Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.Amendments to IAS 7 and IFRS 7 on Supplier finance arrangements in which the amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. New or amended standards, improvements or annual improvements applicable from January 1, 2024, or later do not have significant effect on the Group, but the amount of additional information provided in the financial statements may increase.3. Segment informationFor management purposes, the Group is organized into business units based on its products and services and had three reportable segments in 2023 and 2022: Service, Industrial Equipment and Port Solutions.The Service segment provides maintenance and installation services of industrial equipment, the Industrial Equipment segment produces industrial cranes and their components for a variety of industries and the Port Solutions segment produces lifting and material handling equipment for ports and provides services for port equipment.The business units have been aggregated to form the above reportable operating segments due to the similar economic characteristics with respect to the nature of the production process, product type and class of customers for their products. The above reportable segments are based on the Group's management reporting and organizational structure. Konecranes Group's chief operating decision maker is theBoard of Directors.Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. However, the performance of the investees accounted for using the equity method is evaluated using proportionate consolidation.The assets and liabilities of the reportable segments include only items directly connected with the business as well as the goodwill related to them. Taxes and financial income and expenses are managed at the Group level and are not allocated to segments.Konecranes also reports three geographical areas, which are the main market areas: EMEA (Europe, Middle East and Africa), AME (Americas) and APAC (Asia-Pacific). Sales are reported by the customer location and assets and capital expenditure by the location of the assets.",
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"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__16": {
"value": "2.2. Use of estimates and judgmentsThe preparation of the financial statements in accordance with IFRS requires management to make estimates and judgments that affect the valuation of reported assets and liabilities and other information, such as contingent liabilities and recognition of income and expenses in the statement of income. These assumptions, estimates and judgments are based on management\u2019s historical experience, best knowledge about the events and other factors, such as expectations on future events, which the company assesses to be reasonable in the given circumstances. Although these estimates and judgments are based on the management\u2019s best understanding of current events and circumstances, actual results may differ from the estimates. Changes in estimates and assumptions are recognized in the financial period the estimate or assumption is changed. The most important items in the consolidated financial statements, which require management\u2019s estimates and that involve complex and subjective judgments and the use of assumptions, some of which may be for matters that are inherently uncertain and susceptible to change, are impairment testing, recognition of deferred taxes, measurement of the fair value of assets and actuarial assumptions in defined benefit plans, and percentage of completion revenue recognition in long term projects.Impairment testingThe recoverable amount for goodwill has been determined based on the value in use of the relevant cash generating unit to which the goodwill is allocated. The recoverable amounts of all material intangible assets and property, plant and equipment have also been based on their value in use. The impairment testing of goodwill is based on numerous judgmental estimates of the present value of the cash flows which affect the valuation of the cash generating units (CGU) pertaining to the goodwill. Cash flow forecasts are made based on CGU specific historical data, order book, the current market situation, and industry specific information of the future growth possibilities. These assumptions are reviewed annually as part of the management's annual and strategic planning cycles and can be subject to significant adjustment as arising from the development of the global economy, pressure from competitors\u2019 products, climate risks and opportunities as well as changes in raw material prices and operating expenses. The value of the benefits and savings from the efficiency improvement programs already announced and included in certain cash flow estimates are also subjective and based on the management's best estimate of the impact. The fair value of the CGUs is determined using a derived weighted average cost of capital as the rate to discount estimated future cash flows. The discount rate used may not be indicative of actual rates obtained in the markets in the future. See note 13.Business CombinationsAcquisitions of subsidiaries are accounted for using the acquisition method according to which the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess of the consideration transferred for the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recorded as goodwill. The measurement of fair value of the acquired net assets is based on market value of similar assets (property, plant and equipment), or an estimate of expected cash flows (intangible assets). The valuation, which is based on prevailing repurchase value, expected cash flows or estimated sales price, requires management judgement, estimates and assumptions. See note 4.Recognition of deferred taxesThe ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or in which tax losses can be utilized. The tax effect of unused tax losses is recognized as a deferred tax asset when it becomes probable that the tax losses will be utilized. In making assessments regarding deferred tax assets, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies. The actual current tax exposure is estimated together with assessing temporary differences resulting from differing treatment of items, such as depreciation, provisions and accruals, for tax and accounting purposes. When recording the deferred tax assets, judgments have been based on the estimates of the taxable income in each subsidiary and country in which Konecranes operates, and the period over which the deferred tax assets will be recoverable based on the estimated future taxable income and planned tax strategies to utilize these assets. The amount of deferred tax assets considered realizable could however be reduced in subsequent years if estimates of future taxable income during their carry forward periods are reduced, or rulings by the tax authorities are unfavorable. Estimates are therefore subject to change due to both market related and tax authorities related uncertainties, as well as Konecranes\u2019 own future decision matters such as restructuring. Konecranes is unable to accurately quantify the future adjustments to deferred income tax expense that may occur as a result of these uncertainties. See note 17.Actuarial assumptions in defined benefit plansThe net pension liability and expense for defined benefit plans is based on various actuarial assumptions such as the assumed discount rate, expected development of salaries and pensions and mortality rates. Significant differences between assumptions and actual experience, or significant changes in assumptions, may materially affect the pension obligations. The effects of actual results differing from assumptions and the changing of assumptions are included in Remeasurement gains/loss on defined benefit plans in other comprehensive income. Discount rates are determined annually based on changes in long-term, high-quality corporate bond yields. Decreases in the discount rates result in an increase in the defined benefit obligation and in pension costs. Conversely, an increase in the discount rate results in a decrease in the defined benefit obligation and in pension costs. Increases and decreases in mortality rates have an inverse impact on the defined benefit obligation and pension costs. Increases and decreases in salary and pension growth rates have a direct correlating impact on the defined benefit obligation and pension costs. The assumed discount rate, which is based on rates observed at the end of the preceding financial year, may not be indicative of actual rates realized. The actual development of salaries and pensions may not reflect the estimated future development due to the uncertainty of the global economy and various other factors. Konecranes uses generational mortality tables to estimate probable future mortality improvements. These tables assume that the trend of increasing life expectancy will continue, resulting in pension benefit payments to younger members being likely to be paid for longer time periods than older members\u2019 pensions, given that assumed retirement ages are those defined in the rules of each plan.The funded status, which can increase or decrease based on the performance of the financial markets or changes in our assumptions, does not represent a mandatory short-term cash obligation. Instead, the funded status of a defined benefit pension plan is the difference between the defined benefit obligation and the fair value of the plan assets. See note 28. Revenue recognition over time in long-term projectsKonecranes applies the percentage of completion method for recognizing revenue over time from certain long-term large crane projects and modernizations in accordance with IFRS 15 Revenue Recognition. The percentage of completion is based on the cost-to-cost method. Under this method, the progress of contracts is measured by actual costs incurred in relation to the management's best estimate of total estimated costs at completion, which are reviewed and updated routinely for contracts in progress. The cumulative effect of any change in estimate is recorded in the period in which the change in estimate is determined. The percentage of completion method of accounting involves the use of assumptions and projections, principally relating to future material, labor and project-related overhead costs. As a consequence, there is a risk that total contract costs will exceed those originally estimated and the margin will decrease, or the contract may become unprofitable. This risk increases as the duration of a contract increases because there is a higher probability that the circumstances upon which the estimates were originally based will change, resulting in increased costs that may not be recoverable. Factors that could cause costs to increase include: unanticipated technical problems with equipment supplied or developed by us which may require us to incur additional costs to remedy, changes in the cost of components, materials or labor, project modifications creating unanticipated costs, suppliers\u2019 or subcontractors\u2019 failure to perform, and delays caused by unexpected conditions or events. By recognizing changes in estimatescumulatively, recorded revenue and costs to date reflect the current estimates at the stage of completion for each project. Additionally, losses on long-term contracts are recognized in the period when they are identified and are based upon the anticipated excess of contract costs over the related contract revenues. The war in UkraineThe impacts of the war in Ukraine on estimates in the financial reporting rely on the management's best judgement. The Group has assessed the impacts to goodwill, other intangible and tangible assets as part of the impairment testing process, and to defined benefit plans, provisions, valuation of inventory, recoverability of deferred tax assets and collectability of account receivables as part of the regular reporting process. Konecranes operates a crane and component factory in Zaporizhzhia, in the south-eastern part of Ukraine. The production at the Ukrainian factory was stopped immediately after the war in Ukraine started. The production has been redirected to other Konecranes manufacturing sites. As the level of uncertainty regarding Konecranes\u2019 operations in Ukraine remains high due to the ongoing war, Konecranes has impaired all Ukraine-related assets, including inventories and receivables. Konecranes has also decided not to take any business from Russia. The war has increased market volatility and uncertainty by increasing cost inflation and global material availability concerns and other supply chain issues. See note 24. Climate risks and opportunitiesThe biggest climate-related risks are physical risks related to own operations and supply chain, transitional risks related to technological decisions, and market risks related to cost impacts. Market risks can relate to increased production costs due to changing input prices (energy, raw materials etc.) and output requirements (for example waste treatment). Technological development pressure in carbon-intensive industries might also increase the development costs as well as the availability of technology or key components. For example, the widespread electrification trend might cause availability risks in batteries. The potential physical risks are mostly related to transportation or production locations. An increase in extreme weather conditions could especially affect our crane installations and project sites. Heavy rain, storm or floods might put only few of our production sites at risk. Extreme weather conditions can also have a potential impact on the shipment of our products or spare parts. Konecranes takes advantage of findings from climate risk scenario analysis in its risk management. Having a continuance plan for production changes due to e.g., extreme weather conditions lowers the interruption risk for production. Signals from the markets, legislation development, voluntary agreements made by industries, customer feedback and requests for quotations all indicate that the demand for low-emission products and services will continue to increase. As Konecranes already has energy efficient products in all product segments available and focuses on continuous product development and technological improvements, the growing demand for low-emission products presents an opportunity \u2013 especially in traditional diesel engine powered product segments such as Ports Solutions. Konecranes' service business advances circular economy by focusing on extending product lifecycles. By maintaining the equipment, Konecranes can extend the lifetime of the equipment and create significant raw material and emission savings. Konecranes offers several retrofit solutions for customers to reduce emissions, increase fuel efficiency and update technology to current standards. Modernizing an old crane instead of purchasing a new one saves hundreds of tons of steel. Modernizations and retrofits also enhance the energy efficiency and performance of the equipment.Konecranes has set Science Based Emission Targets for its operations as well as for the value chain that are in line with the goal to limit global warming to 1.5\u00b0C. 99% of the emissions originate from the value chain. Most of the emissions arise from the emission categories \u201cpurchased goods and services\u201d and \u201cthe use of sold products\u201d. This commitment guides Konecranes to make more strategic decisions related to increasing the share of eco-optimized portfolio, including electrification, and investigate new technologies that help our customers to transition to a low carbon future. Climate risks might have a significant impact on our operations, which requires significant judgment, for example, in revenue recognition (especially in long-term projects), provisions, collectability of accounts receivable and impairment of assets. The evaluation of the overall climate risk and opportunity impacts can be complicated as the effects of the risks and opportunities can be difficult to estimate or quantify. The impacts of climate change on the estimates and assumptions used in the financial reporting rely on the management's best judgement and knowledge under the current circumstances.",
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"language": "en",
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}
},
"s11_notes__6__18-1": {
"value": "Business CombinationsAcquisitions of subsidiaries are accounted for using the acquisition method according to which the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess of the consideration transferred for the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recorded as goodwill. The measurement of fair value of the acquired net assets is based on market value of similar assets (property, plant and equipment), or an estimate of expected cash flows (intangible assets). The valuation, which is based on prevailing repurchase value, expected cash flows or estimated sales price, requires management judgement, estimates and assumptions. See note 4.Business combinationsAcquisitions of subsidiaries are accounted for using the acquisition method according to which the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess of the consideration transferred for the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recorded as goodwill. For each acquisition, the non-controlling interest in the acquiree, if any, can be recognized either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. If the purchase consideration is less than the fair value of the Group\u2019s share of the net assets acquired, the difference is recognized directly through the profit and loss. Direct acquisition transaction costs are expensed as incurred.Impairment testing of goodwillGoodwill acquired in a business combination is tested for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. If the carrying amount for a CGU exceeds its recoverable amount, an impairment loss equal to the difference is recognized. Konecranes uses a discounted cash flow analyses to assess the fair value of goodwill. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations cover a period of five years. A previously recognized impairment loss on goodwill is not reversed even if there is a significant improvement in circumstances having initially caused the impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__21": {
"value": "Revenue recognitionRevenue 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 and to the extent that it is probable that the economic benefits will flow to the Company, that revenue can be reliably measured, and that collectability is reasonably assured. Revenue is measured at the fair value of the consideration received or receivable. The creditworthiness of the buyer is assessed before engaging into a sale. However, if a risk of non-payment arises after revenue recognition, a provision for non-collectability is established.The company recognizes revenue when it satisfies an identified performance obligation by transferring promised goods or services to the customer. Goods and services are generally considered to be transferred when the customer obtains the control over it. Control means that the customer can direct the use of and obtain benefit from the good and service and also prevent others from directing the use of and receiving the benefits from them. Thus, the customer has sole possession of the right to use the good or service for the remainder of its economic life or to consume the good or service in its own operations. The transaction price is usually fixed but may also include variable considerations such as volume or cash discounts or penalties. Variable consideration is included in the revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved. The variable considerations are estimated using the most likely value method if not yet realized at the end of the reporting period. If the contract is separated into more than one performance obligation, Konecranes allocates the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services in each performance obligation, or if the standalone selling prices do not exist, Konecranes typically uses the expected cost plus a margin approach to estimate the standalone selling price.Contract assets relate to receivables arising from percentage of completion method. Net asset balances are balances where the sum of contract costs, recognized profits and recognized losses exceed advance payments received. Where advance payments received exceed the sum of contract costs, recognized profits, and recognized losses, these liabilities are included in the line-item advance payments received. Contract assets are subject to impairment assessment. See also financial assets at amortized cost.Nature of goods and services and timing of satisfaction of performance obligations and significant payment termsThe Service segment principally generates revenue from providing maintenance and consultative services as well as spare parts for all types and makes of industrial cranes and hoists. Service also provides modernizations which are complete transformations of existing cranes as an alternative to replacing them. Revenue from services is recognized when the outcome of the transaction can be estimated reliably and by customer acknowledgement for the completion of the service work or by reference to the stage of completion based on services performed at the end of the reporting period if it can be measured. The assessment of the stage of completion is dependent on the nature of the contract but will generally be based on costs incurred to the extent these relate to services performed up to the reporting date. In modernization projects, the customer typically controls the assets that are enhanced; thus the revenue is recognized over time according to the percentage of completion method. In the spare parts business, the transfer of control and revenue recognition usually takes place either when goods are shipped or made available to the buyer for shipment, depending on the terms of the contract, or when the customer has accepted the delivery. Usually, customers pay according to agreed payment terms after the services and products have been delivered. Sometimes it is required that the payment is done in advance. In these cases, for example in annual maintenance contracts, the payment is periodized to meet the revenue recognition in accordance with the delivery of services and goods. In modernization projects, the customers are typically required to make advance payments according to the milestones defined in the modernization project contract.The Industrial Equipment segment generates revenue from hoists, cranes and material handling solutions for a wide range of customers. For standard equipment and components, the revenue is recognized when goods are shipped or made available to the buyer for shipment, depending on the terms of the contract, or when the customer has accepted the delivery, which is typically an installed crane. The revenue from large, engineered crane projects is recognized over time according to the percentage of completion (POC) method as those contracts are specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. Konecranes is then also entitled to an amount that at least compensates the entity for performance completed to date even if the customer can terminate the contract for reasons other than our failure to perform as promised. In general, the warranty period for cranes is two years for which the Group records a warranty provision based on historical data. The revenue for an extended warranty is recognized over the extended warranty period. In crane projects, the customers are typically required to make advance payments in accordance with the milestones defined in the crane project contract.The Port Solutions segment generates revenue from container handling equipment, shipyard equipment, mobile harbor cranes, heavy-duty lift trucks and Port Solutions related software. All equipment deliveries are supported by a complete range of services. Most of the container handling and shipyard equipment are tailored and engineered to the customer needs, so the revenue from these projects is recognized over time according to the percentage of completion (POC) method as those contracts are specifically negotiated for the construction of an asset or a combination of assets that are closely interrelated or interdependent in terms of their design, technology and function or their ultimate purpose or use. Konecranes is then also entitled to an amount that at least compensates the entity for performance completed to date even if the customer can terminate the contract for reasons other than our failure to perform as promised. The revenue from lift trucks and standard port equipment is recognized when goods are shipped or made available to the buyer for shipment, depending on the terms of the contract, or when the customer has accepted the delivery. The general warranty period for port equipment varies to some extent depending on the components used in the projects. For a general warranty, the Group records a warranty provision based on historical data. The revenue from a possible extended warranty is recognized over the extended warranty period. In Port Solutions projects, the customers are typically required to make advance payments according to the milestones defined in the project contract. The advance payments from clients do not generally include a significant financing component, because typically the payment schedule of advances follows the timing of performance obligations to be satisfied. Measurement of stage of completion for performance obligations satisfied over timeThe stage of completion of a contract is determined by the proportion that the contract costs incurred for the work performed to date bear to the estimated total contract costs (cost-to-cost method) at completion. This best depicts the transfer of control to the customer, which occurs as we incur costs in our contracts. When the final outcome of a project cannot be reliably determined, the costs arising from the project are expensed in the same reporting period in which they occur, but the revenue from the project is recorded only to the extent that the Group will receive an amount corresponding to actual costs. An expected loss on a contract is recognized immediately in the statement of income. Revenue in respect of variations to the contract scope and claims is recognized when it is probable that it will be received and can be measured reliably.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__23": {
"value": "Research and development costsResearch costs are expensed as incurred. The development expenditure of an individual project is recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 Its intention to complete and its ability to use or sell the asset. \u2022 How the asset will generate future economic benefits. \u2022 The availability of resources to complete the asset. \u2022 The ability to reliably measure the expenditure during development.Amortization of capitalized development costs begins when development is complete, and the asset is available for use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__22": {
"value": "Research and development costsResearch costs are expensed as incurred. The development expenditure of an individual project is recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2022 Its intention to complete and its ability to use or sell the asset. \u2022 How the asset will generate future economic benefits. \u2022 The availability of resources to complete the asset. \u2022 The ability to reliably measure the expenditure during development.Amortization of capitalized development costs begins when development is complete, and the asset is available for use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__24": {
"value": "Earnings per shareBasic earnings per share are computed by dividing net income from continuing operations and net income from discontinued operations all attributable to ordinary shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by assuming conversion or exercise of all potentially dilutive share-based payment plans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__25": {
"value": "Dividend distributionThe company recognizes a liability to make dividend distributions to equity holders when the distribution is approved by the shareholders. A corresponding amount is recognized directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__26": {
"value": "Employee benefits Konecranes companies have various pension plans in accordance with local conditions and practices. Pensions are generally managed for the Group companies by external pension insurance companies or by similar arrangements. These pension plans are classified either as defined contribution or defined benefit plans. Under defined contribution plans, expenses are recognized for the period to which the contribution relates. The Group has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay employee benefits. The Konecranes Group accounts for the Finnish system under the Employees\u2019 Pensions Act (TyEL) within insurance system as a defined contribution plan.Under defined benefit plans, a liability recognized in the balance sheet equals to the net of the present value of the defined benefit obligation (calculated using the Projected Unit Credit Method) less the fair value of the plan assets at the balance sheet date. Actuarial gains and losses are recognized in the consolidated statement of other comprehensive income as remeasurement items when they occur. Remeasurement recorded in other comprehensive income is not recycled. Past service cost is recognized in the statement of profit or loss in the period of plan amendment. Net interest is calculated by applying the discount rate to the net defined liability or asset. Independent actuaries calculate the defined benefit obligation by applying the Projected Unit Credit Method. The Group presents service cost, past-service cost, gains and losses on curtailments and settlements and net interest expense or income as Personnel cost \u2013 Pension costs: Defined benefit plans in the statement of income (see note 8).A liability for termination benefit is recognized at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__27": {
"value": "A liability for termination benefit is recognized at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__28": {
"value": "Share-based paymentsEmployees (including senior executives) of the Group and its subsidiaries receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions) or receive settlement in cash (cash-settled transactions).Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized, together with a corresponding increase in other reserves in equity, over the period in which the performance and/or service conditions are fulfilled in Personnel cost \u2013 Other personnel expense in the statement of income. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit recorded in the statement of income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.No expense is recognized for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional upon a market or non-vesting condition. These are treated as vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the expense had the terms not been modified, if the original terms of the award are met. An additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee as measured at the date of modification. The tax laws or regulations usually oblige Konecranes to withhold an amount for an employee's tax obligation associated with a share-based payment and transfer that amount, normally in cash, to the tax authority on the employee's behalf. To fulfil this obligation, the terms of the share-based payment arrangement permit Konecranes to withhold the number of equity instruments equal to the monetary value of the employee's tax obligation from the total number of equity instruments that otherwise would have been issued to the employee upon vesting of the share-based payment. This share-based payment arrangement with a net settlement feature is classified in its entirety as an equity-settled share-based payment transaction and the payment made shall be accounted for as a deduction from equity for the shares withheld. Cash-settled transactions The cost of cash-settled transactions, which is usually related to the additional employee social cost or taxes of the share-based payments, is measured initially at fair value at the grant date using a binomial model. This fair value is expensed over the period until the vesting date with recognition of a corresponding liability. The liability is remeasured to fair value at each reporting date up to, and including, the settlement date, with changes in fair value recognized in Personnel cost \u2013 Other personnel expenses in the statement of income (see Note 8).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__29": {
"value": "Foreign currency translationThe Group\u2019s consolidated financial statements are reported in euros, which is the Group\u2019s presentation currency. Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency.Transactions and balancesTransactions in currencies other than the entity\u2019s functional currency (foreign currencies) are recognized by the Group entities at their respective functional currency rates prevailing at the date of the transaction. At the end of each reporting period, foreign currency monetary items are retranslated at the functional currency spot exchange rate in effect at the reporting date. The resulting foreign currency exchange differences are recorded in the statement of income with the exception of differences that arise from monetary items that provide an effective hedge for a net investment in a foreign operation (such as intragroup loans where settlement is neither planned nor likely to occur in the foreseeable future). These are recognized in other comprehensive income until the disposal of the net investment, at which time they are recognized in the income statement. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in other comprehensive income.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as of the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.Foreign operationsThe assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their income statements are translated at average exchange rates for the period. The exchange differences arising from the translation are recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognized in the income statement.Any goodwill arising from the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising from the acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__30": {
"value": "The Group\u2019s consolidated financial statements are reported in euros, which is the Group\u2019s presentation currency. Each entity in the Group determines its own functional currency, and items included in the financial statements of each entity are measured using that functional currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__31": {
"value": "Income taxTaxes shown in the consolidated statement of income include income taxes to be paid on the basis of local tax legislations, tax adjustments from previous years as well as the effect of the annual change in the deferred tax balances. Taxes are calculated using rates enacted or substantively enacted at the balance sheet date.Deferred tax liabilities and deferred tax assets are calculated for all temporary differences arising between the tax basis and the book value of assets and liabilities. Deferred tax is not recognized for non-deductible goodwill on initial recognition and temporary differences in investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. The main temporary differences arise from unused tax losses, depreciation differences, provisions, defined benefit pension plans, inter-company inventory margin and derivative financial instruments. In connection with an acquisition, the Group records provisions for deferred taxes on the difference between the fair values of the net assets acquired and their tax bases. A deferred tax asset is recognized to the extent that it is probable that it can be utilized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__32": {
"value": "Deferred tax liabilities and deferred tax assets are calculated for all temporary differences arising between the tax basis and the book value of assets and liabilities. Deferred tax is not recognized for non-deductible goodwill on initial recognition and temporary differences in investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. The main temporary differences arise from unused tax losses, depreciation differences, provisions, defined benefit pension plans, inter-company inventory margin and derivative financial instruments. In connection with an acquisition, the Group records provisions for deferred taxes on the difference between the fair values of the net assets acquired and their tax bases. A deferred tax asset is recognized to the extent that it is probable that it can be utilized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__34": {
"value": "Business combinationsAcquisitions of subsidiaries are accounted for using the acquisition method according to which the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess of the consideration transferred for the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recorded as goodwill. For each acquisition, the non-controlling interest in the acquiree, if any, can be recognized either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets. If the purchase consideration is less than the fair value of the Group\u2019s share of the net assets acquired, the difference is recognized directly through the profit and loss. Direct acquisition transaction costs are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__37": {
"value": "Assets held for saleThe Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a disposal rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.The criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate disposal in its present condition. Actions required to complete the disposal should indicate that it is unlikely that significant changes to the disposal will be made or that the decision to dispose will be withdrawn. Management must be committed to the disposal expected within one year from the date of the classification.Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__36": {
"value": "Assets held for saleThe Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a disposal rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.The criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate disposal in its present condition. Actions required to complete the disposal should indicate that it is unlikely that significant changes to the disposal will be made or that the decision to dispose will be withdrawn. Management must be committed to the disposal expected within one year from the date of the classification.Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__39": {
"value": "Intangible assetsIntangible assets include service contracts, patents and trademarks as well as software licenses and implementation costs. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Intangible assets with definite useful life are amortized on the straight-line basis over expected useful lives, which may vary from 5 to 20 years with service contracts and patents and trademarks and from 4 to 7 years with software licenses. They are assessed for impairment whenever there is an indication that the intangible asset may be impaired.Intangible assets with indefinite useful life are not amortized, but they are tested annually for impairment in a manner equivalent to that for testing goodwill. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__38": {
"value": "Intangible assetsIntangible assets include service contracts, patents and trademarks as well as software licenses and implementation costs. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Intangible assets with definite useful life are amortized on the straight-line basis over expected useful lives, which may vary from 5 to 20 years with service contracts and patents and trademarks and from 4 to 7 years with software licenses. They are assessed for impairment whenever there is an indication that the intangible asset may be impaired.Intangible assets with indefinite useful life are not amortized, but they are tested annually for impairment in a manner equivalent to that for testing goodwill. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.Impairment testing of goodwillGoodwill acquired in a business combination is tested for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. If the carrying amount for a CGU exceeds its recoverable amount, an impairment loss equal to the difference is recognized. Konecranes uses a discounted cash flow analyses to assess the fair value of goodwill. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations cover a period of five years. A previously recognized impairment loss on goodwill is not reversed even if there is a significant improvement in circumstances having initially caused the impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__40": {
"value": "Impairment testing of goodwillGoodwill acquired in a business combination is tested for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. If the carrying amount for a CGU exceeds its recoverable amount, an impairment loss equal to the difference is recognized. Konecranes uses a discounted cash flow analyses to assess the fair value of goodwill. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations cover a period of five years. A previously recognized impairment loss on goodwill is not reversed even if there is a significant improvement in circumstances having initially caused the impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__42": {
"value": "Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is recorded on a straight-line basis over the estimated useful economic life of the assets as follows: \u2022 Buildings 10-40 years \u2022 Machinery and equipment 3-10 yearsNo depreciation is recorded for land. Improvements made for existing property, plant and equipment that will provide future economic benefit are capitalized and depreciated over the remaining useful life of the asset. For leased right-of-use assets, please see the accounting principles section for leases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__43": {
"value": "Impairment of assets subject to amortization and depreciationThe carrying values of intangible assets subject to amortization, property, plant and equipment and investments in associates and joint ventures are reviewed for impairment whenever events and changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such an indication exists, the recoverable amount of the assets will be estimated. The recoverable amount is the higher of the asset\u2019s fair value less selling costs and value in use which is the present value of the cash flows expected from the asset\u2019s use and eventual disposal. An impairment loss is recognized in the statement of income when the recoverable amount of an asset is less than its carrying amount. Impairment losses on these assets are reversed if their recoverable amounts subsequently increase.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__44": {
"value": "Valuation of inventoriesRaw materials and supplies are valued at the acquisition cost or, if lower, at the net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Semi-manufactured goods are valued at variable production costs including a share of production overheads based on normal capacity. Work in progress of uncompleted orders includes direct labor and material costs, as well as a proportion of overhead costs related to production and installation. Raw materials and supplies are valued using the weighted average cost or the first-in, first-out (FIFO) basis. The inventory stock obsolescence provision is based on the best estimate of slow-moving and obsolete inventory at the balance sheet date. The estimates are based on frequent review and evaluation of inventory ageing and composition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__46-1": {
"value": "Account and other receivablesAccount and other receivables are initially recorded at fair value after which they are subsequently measured at amortized cost. Account receivables represent the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). The provision for doubtful accounts is estimated based on the Group\u2019s historical credit loss experience adjusted with current conditions and reasonable and supportable forecasts about the future. The effect is recognized in the statement of income.Derivative financial instruments and hedge accounting The Group\u2019s global operations expose it to currency risk and to a lesser extent interest rate risk.The Group uses derivative financial instruments, primarily forward contracts and interest rate swaps, to hedge its risks associated with foreign currency fluctuations relating to certain commitments and forecasted transactions and interest rate risks. Derivative financial instruments are used for hedging purposes in accordance with the Group\u2019s hedging policy and not for speculative purposes. These instruments are initially recognized at fair value at the derivative contract date and are re-measured to fair value at subsequent reporting dates. Derivatives are presented as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For certain large crane projects, the Group applies hedge accounting. The Group designates hedges of the foreign currency risk of firm commitments and highly probable forecasted transactions to a cash flow hedge. Changes in the fair value of derivative financial instruments that are designated as effective hedges of future cash flows are recognized directly in other comprehensive income, while the ineffective portion is recognized immediately in the income statement. See note 34. Amounts recognized as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognized as OCI are transferred to the initial carrying amount of the non-financial asset or liability. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover (as part of the hedging strategy), or if its designation as a hedge is revoked, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognized in OCI remains separately in equity until the forecast transaction occurs or the foreign currency firm commitment is met. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in the other comprehensive income is transferred to profit or loss for the period.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognized in the statement of income as they arise.The Group does not apply fair value hedging.Financial assetsFinancial assets are classified, at initial recognition, as financial assets at fair value through profit or loss; financial assets at fair value through OCI; or financial assets at amortized cost. Financial assets are classified according to their cash flow characteristics and the business model they are managed in. Trade day accounting is applied to regular purchases and sales of financial assets. They include account and other receivables, interest-bearing investments and derivative financial instruments. The subsequent measurement of financial assets depends on their classification, as follows:Financial assets at amortized costFinancial assets at amortized cost are subsequently measured using the effective interest rate method. Account receivables and other receivables are recognized at their anticipated realizable value, which is the original invoice amount less an estimated provision for doubtful accounts for impairment. The increase in the credit risk for financial assets measured at amortized cost is assessed at the end of the reporting period. The credit loss allowance is estimated based on the Group\u2019s historical credit loss experience adjusted with current conditions and reasonable and supportable forecasts about the future. The Group applies the simplified approach to record expected credit losses on its accounts receivable by using a provision matrix where accounts receivable is grouped based on different customer bases and different historical loss patterns. Financial assets at fair value through profit or lossInterest-bearing investments, which are non-derivative financial assets and have fixed or determinable payments and are not quoted on active markets, are measured at fair value through the statement of income. This category also includes derivatives that do not qualify for hedge accounting.Financial assets at fair value through other comprehensive incomeDerivatives that qualify for hedge accounting are classified as financial assets at fair value through other comprehensive income. The treatment of gains and losses arising from revaluation is described above in the accounting policy for derivative financial instruments and hedge accounting.Financial liabilitiesFinancial liabilities are classified as financial liabilities at fair value through profit or loss; financial liabilities at fair value through other comprehensive income; or as financial liabilities measured at amortized cost, as appropriate. Financial liabilities include trade and other payables, finance debt and derivative financial instruments. The Group determines the classification of its financial liabilities at initial recognition. The measurement of financial liabilities depends on their classification, as follows: Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss are carried on the balance sheet at fair value with gains or losses recognized in the income statement. Derivatives, other than those designated as effective hedging instruments, are classified as held for trading and are included in this category.Financial liabilities at fair value through other comprehensive incomeThese financial liabilities are typically derivatives designated for hedge accounting and are carried on the balance sheet at fair value. The treatment of gains and losses arising from revaluation is described above in the accounting policy for derivative financial instruments and hedge accounting.Financial liabilities measured at amortized costAll other financial liabilities are initially recognized at fair value. For interest-bearing loans and borrowings, this is the fair value of the proceeds received net of issue costs associated with the borrowing. After initial recognition, other financial liabilities are subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any issue costs, and any discount or premium on settlement. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognized respectively in interest and other finance income and finance costs. This category of financial liabilities includes accounts payables and interest-bearing liabilities.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset, and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently existing, legally enforceable, unconditional right of offset that applies to all counterparties of the financial instruments in all situations, including both normal operations and insolvency.Derecognition of financial instrumentsFinancial assets are derecognized when the rights to receive cash flows from the assets have expired or the Group has transferred its rights to receive cash flow; and either the Group has transferred substantially all the risks and rewards of the assets, or the Group has neither transferred nor retained substantially all the risks and rewards of the assets but has transferred the control of the assets.Financial liability is derecognized when the obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing loan are substantially modified, such an exchange or modification is accounted for as an extinguishment of the original liability and the recognition of a new financial liability. The difference between the respective carrying amounts is recognized in the income statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__45": {
"value": "Account and other receivablesAccount and other receivables are initially recorded at fair value after which they are subsequently measured at amortized cost. Account receivables represent the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). The provision for doubtful accounts is estimated based on the Group\u2019s historical credit loss experience adjusted with current conditions and reasonable and supportable forecasts about the future. The effect is recognized in the statement of income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__47": {
"value": "Cash and cash equivalentsCash and cash equivalents comprise cash balances and deposits with banks and other liquid investments that are held for the purpose of meeting short-term cash commitments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value as the instruments have a maturity of three months or less from the date of acquisition. Bank overdrafts are included in current interest-bearing liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__48": {
"value": "Fair value measurementFair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. The Group categorizes assets and liabilities measured at fair value into one of three levels depending on the ability to observe inputs employed in their measurement. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are inputs that are observable, either directly or indirectly, other than quoted prices included within level 1 for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or Konecranes\u2019 assumptions about pricing by market participants.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__52": {
"value": "Derivative financial instruments and hedge accounting The Group\u2019s global operations expose it to currency risk and to a lesser extent interest rate risk.The Group uses derivative financial instruments, primarily forward contracts and interest rate swaps, to hedge its risks associated with foreign currency fluctuations relating to certain commitments and forecasted transactions and interest rate risks. Derivative financial instruments are used for hedging purposes in accordance with the Group\u2019s hedging policy and not for speculative purposes. These instruments are initially recognized at fair value at the derivative contract date and are re-measured to fair value at subsequent reporting dates. Derivatives are presented as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For certain large crane projects, the Group applies hedge accounting. The Group designates hedges of the foreign currency risk of firm commitments and highly probable forecasted transactions to a cash flow hedge. Changes in the fair value of derivative financial instruments that are designated as effective hedges of future cash flows are recognized directly in other comprehensive income, while the ineffective portion is recognized immediately in the income statement. See note 34. Amounts recognized as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognized as OCI are transferred to the initial carrying amount of the non-financial asset or liability. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover (as part of the hedging strategy), or if its designation as a hedge is revoked, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognized in OCI remains separately in equity until the forecast transaction occurs or the foreign currency firm commitment is met. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in the other comprehensive income is transferred to profit or loss for the period.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognized in the statement of income as they arise.The Group does not apply fair value hedging.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__51": {
"value": "Derivative financial instruments and hedge accounting The Group\u2019s global operations expose it to currency risk and to a lesser extent interest rate risk.The Group uses derivative financial instruments, primarily forward contracts and interest rate swaps, to hedge its risks associated with foreign currency fluctuations relating to certain commitments and forecasted transactions and interest rate risks. Derivative financial instruments are used for hedging purposes in accordance with the Group\u2019s hedging policy and not for speculative purposes. These instruments are initially recognized at fair value at the derivative contract date and are re-measured to fair value at subsequent reporting dates. Derivatives are presented as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For certain large crane projects, the Group applies hedge accounting. The Group designates hedges of the foreign currency risk of firm commitments and highly probable forecasted transactions to a cash flow hedge. Changes in the fair value of derivative financial instruments that are designated as effective hedges of future cash flows are recognized directly in other comprehensive income, while the ineffective portion is recognized immediately in the income statement. See note 34. Amounts recognized as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognized as OCI are transferred to the initial carrying amount of the non-financial asset or liability. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover (as part of the hedging strategy), or if its designation as a hedge is revoked, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognized in OCI remains separately in equity until the forecast transaction occurs or the foreign currency firm commitment is met. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in the other comprehensive income is transferred to profit or loss for the period.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognized in the statement of income as they arise.The Group does not apply fair value hedging.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__50": {
"value": "Derivative financial instruments and hedge accounting The Group\u2019s global operations expose it to currency risk and to a lesser extent interest rate risk.The Group uses derivative financial instruments, primarily forward contracts and interest rate swaps, to hedge its risks associated with foreign currency fluctuations relating to certain commitments and forecasted transactions and interest rate risks. Derivative financial instruments are used for hedging purposes in accordance with the Group\u2019s hedging policy and not for speculative purposes. These instruments are initially recognized at fair value at the derivative contract date and are re-measured to fair value at subsequent reporting dates. Derivatives are presented as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For certain large crane projects, the Group applies hedge accounting. The Group designates hedges of the foreign currency risk of firm commitments and highly probable forecasted transactions to a cash flow hedge. Changes in the fair value of derivative financial instruments that are designated as effective hedges of future cash flows are recognized directly in other comprehensive income, while the ineffective portion is recognized immediately in the income statement. See note 34. Amounts recognized as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognized as OCI are transferred to the initial carrying amount of the non-financial asset or liability. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover (as part of the hedging strategy), or if its designation as a hedge is revoked, or when the hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss previously recognized in OCI remains separately in equity until the forecast transaction occurs or the foreign currency firm commitment is met. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in the other comprehensive income is transferred to profit or loss for the period.Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognized in the statement of income as they arise.The Group does not apply fair value hedging.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__53-1": {
"value": "Financial assetsFinancial assets are classified, at initial recognition, as financial assets at fair value through profit or loss; financial assets at fair value through OCI; or financial assets at amortized cost. Financial assets are classified according to their cash flow characteristics and the business model they are managed in. Trade day accounting is applied to regular purchases and sales of financial assets. They include account and other receivables, interest-bearing investments and derivative financial instruments. The subsequent measurement of financial assets depends on their classification, as follows:Financial assets at amortized costFinancial assets at amortized cost are subsequently measured using the effective interest rate method. Account receivables and other receivables are recognized at their anticipated realizable value, which is the original invoice amount less an estimated provision for doubtful accounts for impairment. The increase in the credit risk for financial assets measured at amortized cost is assessed at the end of the reporting period. The credit loss allowance is estimated based on the Group\u2019s historical credit loss experience adjusted with current conditions and reasonable and supportable forecasts about the future. The Group applies the simplified approach to record expected credit losses on its accounts receivable by using a provision matrix where accounts receivable is grouped based on different customer bases and different historical loss patterns. Financial assets at fair value through profit or lossInterest-bearing investments, which are non-derivative financial assets and have fixed or determinable payments and are not quoted on active markets, are measured at fair value through the statement of income. This category also includes derivatives that do not qualify for hedge accounting.Financial assets at fair value through other comprehensive incomeDerivatives that qualify for hedge accounting are classified as financial assets at fair value through other comprehensive income. The treatment of gains and losses arising from revaluation is described above in the accounting policy for derivative financial instruments and hedge accounting.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset, and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently existing, legally enforceable, unconditional right of offset that applies to all counterparties of the financial instruments in all situations, including both normal operations and insolvency.Derecognition of financial instrumentsFinancial assets are derecognized when the rights to receive cash flows from the assets have expired or the Group has transferred its rights to receive cash flow; and either the Group has transferred substantially all the risks and rewards of the assets, or the Group has neither transferred nor retained substantially all the risks and rewards of the assets but has transferred the control of the assets.Financial liability is derecognized when the obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing loan are substantially modified, such an exchange or modification is accounted for as an extinguishment of the original liability and the recognition of a new financial liability. The difference between the respective carrying amounts is recognized in the income statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__54-1": {
"value": "Financial assets at fair value through profit or lossInterest-bearing investments, which are non-derivative financial assets and have fixed or determinable payments and are not quoted on active markets, are measured at fair value through the statement of income. This category also includes derivatives that do not qualify for hedge accounting.Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss are carried on the balance sheet at fair value with gains or losses recognized in the income statement. Derivatives, other than those designated as effective hedging instruments, are classified as held for trading and are included in this category.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__55": {
"value": "Financial liabilitiesFinancial liabilities are classified as financial liabilities at fair value through profit or loss; financial liabilities at fair value through other comprehensive income; or as financial liabilities measured at amortized cost, as appropriate. Financial liabilities include trade and other payables, finance debt and derivative financial instruments. The Group determines the classification of its financial liabilities at initial recognition. The measurement of financial liabilities depends on their classification, as follows: Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss are carried on the balance sheet at fair value with gains or losses recognized in the income statement. Derivatives, other than those designated as effective hedging instruments, are classified as held for trading and are included in this category.Financial liabilities at fair value through other comprehensive incomeThese financial liabilities are typically derivatives designated for hedge accounting and are carried on the balance sheet at fair value. The treatment of gains and losses arising from revaluation is described above in the accounting policy for derivative financial instruments and hedge accounting.Financial liabilities measured at amortized costAll other financial liabilities are initially recognized at fair value. For interest-bearing loans and borrowings, this is the fair value of the proceeds received net of issue costs associated with the borrowing. After initial recognition, other financial liabilities are subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any issue costs, and any discount or premium on settlement. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognized respectively in interest and other finance income and finance costs. This category of financial liabilities includes accounts payables and interest-bearing liabilities.Offsetting of financial instrumentsFinancial assets and financial liabilities are offset, and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently existing, legally enforceable, unconditional right of offset that applies to all counterparties of the financial instruments in all situations, including both normal operations and insolvency.Derecognition of financial instrumentsFinancial assets are derecognized when the rights to receive cash flows from the assets have expired or the Group has transferred its rights to receive cash flow; and either the Group has transferred substantially all the risks and rewards of the assets, or the Group has neither transferred nor retained substantially all the risks and rewards of the assets but has transferred the control of the assets.Financial liability is derecognized when the obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing loan are substantially modified, such an exchange or modification is accounted for as an extinguishment of the original liability and the recognition of a new financial liability. The difference between the respective carrying amounts is recognized in the income statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__58": {
"value": "Offsetting of financial instrumentsFinancial assets and financial liabilities are offset, and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently existing, legally enforceable, unconditional right of offset that applies to all counterparties of the financial instruments in all situations, including both normal operations and insolvency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__59": {
"value": "Derecognition of financial instrumentsFinancial assets are derecognized when the rights to receive cash flows from the assets have expired or the Group has transferred its rights to receive cash flow; and either the Group has transferred substantially all the risks and rewards of the assets, or the Group has neither transferred nor retained substantially all the risks and rewards of the assets but has transferred the control of the assets.Financial liability is derecognized when the obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing loan are substantially modified, such an exchange or modification is accounted for as an extinguishment of the original liability and the recognition of a new financial liability. The difference between the respective carrying amounts is recognized in the income statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__60": {
"value": "ProvisionsProvisions are recognized in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and it is considered probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions may arise from restructuring plans, onerous contracts, guarantees and warranties, among other events. Obligations arising from restructuring plans are recognized when the detailed and formal restructuring plans have been established, the personnel concerned have been informed and when there is a valid expectation that the plan will be implemented. The warranty provision is based on the history of past warranty costs and claims on delivered products under warranty. Additionally, warranty provisions can be established on a case by case basis to take into consideration the potentially increased risks.When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__61": {
"value": "LeasesThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.The Group as a lesseeThe Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.Right-of-use assetsThe Group recognizes right-of-use assets at the commencement date of the lease (i.e. asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, possible initial cost incurred, lease payments made before the commencement date and less any lease incentives received. The recognized right-of-use assets are mainly rentals of premises and vehicles which are typically depreciated on a straight-line basis over the shorter of the lease term and estimated useful life of the asset. Right-of-use assets are subject to possible impairment.Lease liabilitiesAt the commencement date of a lease, the Group recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of the lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in lease term, a change in the fixed lease payments or a change in the assessment to purchase the underlying asset.Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the recognition exemption to equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as an expense over the lease term. Judgment in determining the lease termThe Group has various lease agreements for office equipment, vehicles and premises with varying terms and renewal rights. The Group determines the lease term as the non-cancellable term of the lease together with any periods covered by an option to extend or early terminate the lease if it is reasonably certain to be exercised. The Group uses judgment especially for the use of extension options as well as when defining the lease term for open-end lease agreements so that they are based on the business requirements, factors that create an economic incentive and real estimated useful lifetime of the underlying asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__62": {
"value": "Cash flow statementThe cash flow statement has been prepared in accordance with the indirect method. In the cash flow statement, a distinction is made between cash flows from operating, investing and financing activities. Currency differences on cash and cash equivalents are recognized separately in the cash flow statement. Revenue and expenses for income tax are recognized under Cash flows from operating activities. Interest costs and interest revenues are recognized under Cash flows from operating activities. Cash flows as a result of the acquisition or disposal of financial interests (subsidiaries and interests) are recognized under Cash flows from investing activities, taking into account the cash, cash equivalents and repaid third-party debts present in these interests. Dividends paid out, as well as obtained and repaid loans, are recognized under Cash flows from financing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__64": {
"value": "2.4. Application of new and amended IFRS standards and IFRIC interpretations The relevant new or revised IFRSs that Konecranes has adopted from January 1, 2023, were the following: Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2, The amendment replaces the requirement to disclose significant accounting policies with a requirement to disclose material accounting policies. The amendment aims to help companies to disclose accounting policies which are material for users to understand the information in the company\u2019s financial statements. Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction. The amendment clarifies deferred tax accounting for transactions and events, such as leases, that lead to the initial recognition of both an asset and a liability. The amendments require companies to recognize a separate deferred tax asset and deferred tax liability when the temporary differences arising from the initial recognition of an asset and a liability are equal.Amendment to IAS 12 - International tax reform - pillar two model rules. These amendments give companies temporary mandatory relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development\u2019s (OECD) international tax reform. The amendments also introduce targeted disclosure requirements for affected companies. Konecranes applies the temporary mandatory relief to the recognition of deferred taxes.None of these amendments to IFRS standards had any significant impact on the financial statements of Konecranes.New and amended standards issued applicable from January 1, 2024, but not yet effective are disclosed below. The Group adopts new and amended standards and interpretations, if applicable, when they become effective.Amendments to IAS 1- Non-current Liabilities with Covenants clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability.Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.Amendments to IAS 7 and IFRS 7 on Supplier finance arrangements in which the amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. New or amended standards, improvements or annual improvements applicable from January 1, 2024, or later do not have significant effect on the Group, but the amount of additional information provided in the financial statements may increase.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__63": {
"value": "2.4. Application of new and amended IFRS standards and IFRIC interpretations The relevant new or revised IFRSs that Konecranes has adopted from January 1, 2023, were the following: Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2, The amendment replaces the requirement to disclose significant accounting policies with a requirement to disclose material accounting policies. The amendment aims to help companies to disclose accounting policies which are material for users to understand the information in the company\u2019s financial statements. Amendments to IAS 12 \u2013 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction. The amendment clarifies deferred tax accounting for transactions and events, such as leases, that lead to the initial recognition of both an asset and a liability. The amendments require companies to recognize a separate deferred tax asset and deferred tax liability when the temporary differences arising from the initial recognition of an asset and a liability are equal.Amendment to IAS 12 - International tax reform - pillar two model rules. These amendments give companies temporary mandatory relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development\u2019s (OECD) international tax reform. The amendments also introduce targeted disclosure requirements for affected companies. Konecranes applies the temporary mandatory relief to the recognition of deferred taxes.None of these amendments to IFRS standards had any significant impact on the financial statements of Konecranes.New and amended standards issued applicable from January 1, 2024, but not yet effective are disclosed below. The Group adopts new and amended standards and interpretations, if applicable, when they become effective.Amendments to IAS 1- Non-current Liabilities with Covenants clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability.Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback clarifies how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.Amendments to IAS 7 and IFRS 7 on Supplier finance arrangements in which the amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. New or amended standards, improvements or annual improvements applicable from January 1, 2024, or later do not have significant effect on the Group, but the amount of additional information provided in the financial statements may increase.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__67": {
"value": "3. Segment informationFor management purposes, the Group is organized into business units based on its products and services and had three reportable segments in 2023 and 2022: Service, Industrial Equipment and Port Solutions.The Service segment provides maintenance and installation services of industrial equipment, the Industrial Equipment segment produces industrial cranes and their components for a variety of industries and the Port Solutions segment produces lifting and material handling equipment for ports and provides services for port equipment.The business units have been aggregated to form the above reportable operating segments due to the similar economic characteristics with respect to the nature of the production process, product type and class of customers for their products. The above reportable segments are based on the Group's management reporting and organizational structure. Konecranes Group's chief operating decision maker is theBoard of Directors.Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. However, the performance of the investees accounted for using the equity method is evaluated using proportionate consolidation.The assets and liabilities of the reportable segments include only items directly connected with the business as well as the goodwill related to them. Taxes and financial income and expenses are managed at the Group level and are not allocated to segments.Konecranes also reports three geographical areas, which are the main market areas: EMEA (Europe, Middle East and Africa), AME (Americas) and APAC (Asia-Pacific). Sales are reported by the customer location and assets and capital expenditure by the location of the assets.3.1. Operating segmentsCorporate functions Service Industrial Equipment Port Solutionsand unallocated Eliminations Total 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022SalesSales to external customers 1,432.7 1,292.8 1,173.8 1,068.8 1,359.8 1,003.2 0.0 0.0 3,966.3 3,364.8Inter-segment sales 57.7 50.6 181.4 136.8 11.0 11.9 10.9 9.8 -261.0 -209.0 0.0 0.0Total sales 1,490.4 1,343.3 1,355.3 1,205.6 1,370.8 1,015.0 10.9 9.8 -261.0 -209.0 3,966.3 3,364.8Comparable EBITA 296.2 249.4 87.4 32.5 102.7 63.5 -35.7 -27.1 0.0 0.1 450.7 318.4% of net sales 19.9% 18.6% 6.5% 2.7% 7.5% 6.3% 11.4% 9.5%Purchase price allocation amortization -17.4 -14.3 -7.0 -11.0 -6.6 -6.6 -31.0 -31.8Comparable operating profit 278.8 235.2 80.4 21.5 96.2 57.0 -35.7 -27.1 0.0 0.1 419.7 286.6% of net sales 18.7% 17.5% 5.9% 1.8% 7.0% 5.6% 10.6% 8.5%Items affecting comparability in operating profitTransaction and integration costs 0.0 -0.1 0.0 -8.6 0.0 -8.7Restructuring costs -1.7 -2.6 -24.6 -12.9 0.7 -0.6 -0.8 -0.9 -26.4 -17.0Costs related to the impacts of the war in Ukraine -0.2 -0.4 11.1 -19.6 -1.8 -17.8 0.0 -0.1 9.2 -37.8Total -1.9 -2.9 -13.5 -32.5 -1.1 -18.6 -0.7 -9.5 -17.2 -63.5Operating profit 276.9 232.3 66.9 -10.9 95.1 38.4 -36.4 -36.6 0.0 0.1 402.5 223.2% of net sales 18.6% 17.3% 4.9% -0.9% 6.9% 3.8% 10.1% 6.6%Share of associates and joint ventures result 0.8 0.4 0.8 0.4(note 16)Financial income 32.0 26.9 32.0 26.9Financial expenses -67.7 -59.7 -67.7 -59.7Profit before tax 367.6 190.7Segment assets 1,562.1 1,502.5 1,061.6 1,112.0 1,106.1 1,070.0 3,729.8 3,684.5Investment accounted for using the equity 6.9 7.8 6.9 7.8method (note 16)Cash and cash equivalents 586.6 413.9 586.6 413.9Deferred tax assets 113.9 103.8 113.9 103.8Income tax receivables 16.5 15.0 16.5 15.0Other unallocated and corporate function 98.7 115.6 98.7 115.6level assetsTotal assets 1,562.1 1,502.5 1,061.6 1,112.0 1,106.1 1,070.0 822.5 656.1 4,552.4 4,340.63.1. Operating segments (continued)Corporate functions Service Industrial Equipment Port Solutionsand unallocated Eliminations Total 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Segment liabilities 300.5 252.5 557.6 503.3 631.7 539.3 1,489.8 1,295.2Interest-bearing liabilities 954.9 1,106.2 954.9 1,106.2Deferred tax liabilities 131.6 133.7 131.6 133.7Income tax payables 51.8 31.7 51.8 31.7Other unallocated and corporate function 329.5 340.9 329.5 340.9level liabilitiesTotal liabilities 300.5 252.5 557.6 503.3 631.7 539.3 1,467.8 1,612.4 2,957.6 2,907.6Other disclosuresCapital expenditure 11.5 8.9 28.9 20.9 14.1 7.3 0.0 0.0 54.4 37.0Personnel 8,010 7,802 5,253 5,529 3,222 3,102 101 89 16,586 16,522Revenue expected to be recognized in the future periods related to performance obligations that are unsatisfied or partially unsatisfied During 2024 During 2025 From 2026 onwards TotalService 395.6 22.7 25.2 443.5 Industrial Equipment 719.5 139.3 33.5 892.3 Port Solutions 1,122.0 393.8 189.3 1,705.0 Total 2,237.1 555.8 248.0 3,040.8 The transaction price associated with unsatisfied or partially unsatisfied performance obligations does not include variable consideration that is constrained. The Group total revenue will also include new orders, scope changes and contract extensions which are not known at the reporting date and thus are excluded from this table.3.2. Geographical areas2023 EMEA* AME APAC TotalExternal sales* 1,872.7 1,522.0 571.6 3,966.3Assets* 3,177.8 764.8 609.7 4,552.4Capital expenditure 42.5 4.1 7.8 54.4Personnel 9,785 3,335 3,466 16,586* External sales to Finland EUR 101.8 million. Non-current assets (excluding deferred tax assets) in Finland: EUR 173.2 million and in other countries: EUR 1,707.0 million.2022 EMEA* AME APAC TotalExternal sales* 1,714.1 1,201.1 449.7 3,364.8Assets* 3,052.7 643.6 644.3 4,340.6Capital expenditure 27.2 3.6 6.3 37.0Personnel 9,565 3,131 3,826 16,522* External sales to Finland EUR 102.8 million. Non-current assets (excluding deferred tax assets) in Finland: EUR 175.6 million and in other countries: EUR 1,692.0 million.There are no single customers which account for over 10% of the Group's sales.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__65": {
"value": "3. Segment informationFor management purposes, the Group is organized into business units based on its products and services and had three reportable segments in 2023 and 2022: Service, Industrial Equipment and Port Solutions.The Service segment provides maintenance and installation services of industrial equipment, the Industrial Equipment segment produces industrial cranes and their components for a variety of industries and the Port Solutions segment produces lifting and material handling equipment for ports and provides services for port equipment.The business units have been aggregated to form the above reportable operating segments due to the similar economic characteristics with respect to the nature of the production process, product type and class of customers for their products. The above reportable segments are based on the Group's management reporting and organizational structure. Konecranes Group's chief operating decision maker is theBoard of Directors.Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. However, the performance of the investees accounted for using the equity method is evaluated using proportionate consolidation.The assets and liabilities of the reportable segments include only items directly connected with the business as well as the goodwill related to them. Taxes and financial income and expenses are managed at the Group level and are not allocated to segments.Konecranes also reports three geographical areas, which are the main market areas: EMEA (Europe, Middle East and Africa), AME (Americas) and APAC (Asia-Pacific). Sales are reported by the customer location and assets and capital expenditure by the location of the assets.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s11_notes__6__68": {
"value": "4. Acquisitions and divestments AcquisitionsKonecranes acquired in April 2023 the industrial and nuclear crane and crane service operations of privately held Whiting Corporation in the U.S. The purchase price for the acquired business was EUR 37.3 million. The acquisition offers operational synergies in the service business, which are reflected in Goodwill. The fair values of acquired businesses are as follows:EUR million Fair valueIntangible assetsClientele 14.6Other intangible assets 1.4Property, plant and equipment 0.4Inventories 3.7Accounts receivable 3.5Total assets 23.6Other long-term liabilities 0.4Advances received 3.3Accounts payable and other current liabilities 4.5Total liabilities 8.2Net assets 15.4Purchase consideration, paid in cash 37.3Acquisition cost 37.3Goodwill 22.0Cash flow on acquisitionPurchase consideration, paid in cash 37.31Transaction costs0.7Net cash flow arising from acquisition 38.1Goodwill allocation to Cash Generating Units:Industrial Service 22.0Total 22.0If the businesses had been acquired on January 1, 2023, the full year sales of the Group would have been EUR 3,972.8 million and EBIT EUR 402.1 million. The year to date sales of the acquired business after the acquisition date was EUR 9.3 million and EBIT EUR 1.2 million. The amount of goodwill that is expected to be deductible for tax purposes was EUR 42.3 million.In June 2023, Konecranes acquired a small industrial crane service operation of Munck Cranes AS in Norway from the bankruptcy estate and paid EUR 1.7 million as purchase price for the acquired assets. The fair value of the acquired business was EUR 1.7 million for Intangible assets (clientele). 1) Transaction costs of EUR 0.1 million in 2022 and EUR 0.6 million in 2023 have been expensed and are included in other operating expenses.DivestmentsIn April 2023, Konecranes divested MHE-Demag\u2019s Industrial Products business, which rents material handling products and offers equipment like dock levellers and car park systems, to Jebsen & Jessen. The Industrial Product business unit operates in Australia, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. The sales price was EUR 9.0 million and Konecranes recorded EUR 0.2 million pre-tax profit from the transaction.Carrying amounts of net assets over which control was lost:AssetsProperty, plant and equipment 5.2Investments accounted for using the equity 0.6methodInventories 13.5Other receivables 0.4Divested assets 19.7LiabilitiesDefined pension benefits 0.1Advances received 9.7Provisions 0.7Accruals and other liabilities 0.3Divested liabilities 10.9Net assets derecognized 8.8Consideration received 9.0Divestments of joint ventures and associated companiesDuring the second quarter of 2023, Konecranes also sold its interests in two joint ventures in China (Jiangyin Dingli Shengshai High Tech Industrial Crane Company, Ltd and Guangzhou Technocranes Company, Ltd). The sales prices were in total EUR 0.5 million and Konecranes recorded EUR 0.2 million pre-tax losses from the transactions. Acquisitions and divestments in 2022AcquisitionsIn July 2022, Konecranes acquired a small crane service business of Garabi Industrial Technologies in Spain and paid EUR 1.5 million as purchase price for the acquired assets. The fair values of the acquired business were EUR 1.6 million for Intangible assets (clientele), EUR 0.1 million for Property, plant and equipment, EUR 0.3 million for Inventories and EUR 0.4 million for Deferred tax liability. If the business had been acquired on January 1, 2022, the 2022 full-year sales of the acquiree would have been EUR 3,365.9 million and EBIT EUR 223.2 million. Acquisitions of non-controlling interestsIn September 2022, Konecranes acquired the non-controlling interest of 6 % of Konecranes Real Estate GmbH & Co. KG in Germany and paid EUR 2.7 million as purchase price. In November 2022, Konecranes became the sole owner and provider of TBA software products by acquiring the non-controlling interest of 30.22 % of Ports Sofware Solutions B.V. in the Netherlands. TBA Group provides software as well as port planning and optimizing consultancy services in the ports, intermodal and warehousing sectors. The acquisition price was EUR 8.0 million of which EUR 5.0 million was paid in cash and EUR 3 million was recorded as deferred purchase price. At the same time, the TBA design consultancy operations were transferred to a new legal entity of which Konecranes Group now owns 49%. The total effect from these acquisitions was EUR -4.8 million in retained earnings and EUR -6.5 million in non-controlling interest. DivestmentsIn September 2022, Konecranes divested from the Ports Solutions segment the small automation business Motronica in Italy. Konecranes received proceeds of EUR 0.4 million and recorded EUR 0.4 million pre-tax profit from the transaction. Between September and December, Konecranes also divested the service business in Russia and received proceeds of EUR 0.3 million and recorded EUR 0.4 million pre-tax loss from the transactions.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s11_notes__6__69-1": {
"value": "5. Disaggregation of revenue in salesCustomer contract revenue 2023 2022Sale of goods 2,820.0 2,308.4 Rendering of services 1,151.8 1,047.1 Total customer contract revenue 3,971.8 3,355.5 Other revenueLeasing of own products 3.7 8.9 Royalties 0.4 0.4 Total other revenue 4.1 9.3 Total sales 3,975.9 3,364.8 2023 2023 2023 2022 2022 2022Timing of satisfying performance At a point Over At a point Over obligations by Segmentsof time time Total of time time Total Service 186.9 1,245.8 1,432.7 165.3 1,127.5 1,292.8 Industrial Equipment 955.4 218.4 1,173.8 882.5 165.1 1,047.6 Port Solutions 1,084.8 275.0 1,359.8 877.6 146.8 1,024.4 Corporate functions 0.0 0.0 0.0 0.0 0.0 0.0Total 2,227.1 1,739.2 3,966.3 1,925.4 1,439.4 3,364.86. Contract balances6.1. Contract assets and liabilitiesContract assets 2023 2022The cumulative revenues of 819.1 641.3 non-delivered projectsAdvances received netted 602.2 457.9 Total 216.9 183.5 Transfers to receivables from contract assets recognized at the 344.8 303.2 beginning of period Contract liabilitiesGross advance received from 815.0 572.2 percentage of completion methodAdvances received netted 602.2 457.9 Total 212.8 114.3 Revenue recognised in the current period that was included in the 254.2 257.4 contract liability opening balanceIncreases due to cash received 525.3 284.0 Contract assets relate to receivables arising from percentage of completion method. Net asset balances are balances where the sum of contract costs, recognized profits and recognized losses exceed progress billings. Where progress billings exceed the sum of contract costs, recognized profits and recognized losses, these liabilities are included in the line item contract liabilities. See note 3 for revenue expected to be recognized in the future periods related to performance obligations that are unsatisfied or partially unsatisfied and note 21 for unbilled revenue.6.2. Advances received2023 2022Advance received from percentage 212.8 114.3 of completion method (netted)Other advance received from 456.0 450.1 customersTotal 668.8 564.3",
"dimensions": {
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"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__73": {
"value": "7.1. Audit and non-audit fees to Group auditor2023 2022Audit 3.5 4.1Non-audit services 0.3 0.2Total 3.9 4.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s11_notes__6__71-1": {
"value": "7. Operating Expenses2023 2022Change in work in progress 13.4 -170.9Production for own use -0.7 -1.1Material and supplies 1,303.7 1,267.5Subcontracting 503.9 414.7Materials, supplies and 1,820.3 1,510.2subcontractingWages and salaries 959.2 884.8Pension costs 76.9 66.9Other personnel expenses 150.5 140.2Personnel cost 1,186.6 1,091.9Other operating expenses 451.5 423.3Total operating expenses 3,458.4 3,025.3 Research and development costs recognized as an expense in the statement of income amount to EUR 51.3 million in the year 2023 (EUR 47.7 million in 2022). 7.1. Audit and non-audit fees to Group auditor2023 2022Audit 3.5 4.1Non-audit services 0.3 0.2Total 3.9 4.38.1. Personnel expenses 2023 2022Wages and salaries 959.2 884.8 Pension costs: Defined benefit plans 15.0 9.5 Pension costs: Defined 61.9 57.5 contribution plansOther personnel expenses 150.5 140.2 Total 1,186.6 1,091.99. Depreciation, amortization and impairments9.1. Depreciation and amortization2023 2022Intangible assets 38.7 38.0 Buildings 30.7 31.4 Machinery and equipment 45.2 45.7 Total 114.6 115.29.2. Impairments2023 2022Property, plant and equipment 0.2 5.3 Goodwill 0,0 3.9 Total 0.2 9.2 The nature of the impairments is described in the disclosures of goodwill, intangible assets and property, plant and equipment (see notes 13, 14 and 15).",
"dimensions": {
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"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__75-1": {
"value": "8.1. Personnel expenses 2023 2022Wages and salaries 959.2 884.8 Pension costs: Defined benefit plans 15.0 9.5 Pension costs: Defined 61.9 57.5 contribution plansOther personnel expenses 150.5 140.2 Total 1,186.6 1,091.928.1. Employee benefitsThe company and most of its subsidiaries offer retirement plans which cover the majority of employees in the Group. Many of these plans are defined contribution, where Konecranes' contribution and resulting charge is fixed at a set level or is a set percentage of employees\u2019 pay. However the Group has significant defined benefit pension plans in the United Kingdom, Germany and Switzerland as well as individually insignificant plans in other countries. The companies in many countries also have other long-term employee benefits such as part-time pension benefits and jubilee benefits, which are reported as defined benefit plans. The UK defined benefit plan is administered by an independent trustee company that is legally separated from the Group. The investments are managed by a professional and independent Fiduciary Manager who is appointed by the trustees. The Fiduciary Manager appoints Investment Managers as he/she see fit in order to achieve the Trustees' stated objectives for the scheme funding level and taking into account the agreed risk appetite. The Fiduciary Manager has trigger points set in conjunction with the Trustees which when reached allows he/she to make changes to the investments to repatriate the gains to achieve full funding position. The UK plan is subject to the UK's pensions legislation, is regulated by the UK Pensions Regulator and is exempt from most UK taxation through its registered status. The UK plan was closed to new members in 2005. Under the UK plan the employees are entitled to post-retirement installments calculated as an average annual basic salary from the best three years within the last ten years. The net liability in the United Kingdom was EUR 0.0 million (EUR 0.0 million in 2022). In Germany the defined benefit pension plans are direct pension promises which are unfunded and administered by a service provider. The payments to plan participants start after retirement or in case of disability or death. Benefits are based on the number of years worked and the final salary. The commencement of pension payments depends on the beginning of the state pension when the earliest age is 63 in case of early retirement. The old age pension starting from 65 is independent of the beginning of the state pension. The biggest defined benefit pension plan in Germany is the Mannesmann Leistungsordnung (MLO), which is closed to new employees. The monthly pension benefit provided by this plan is calculated as the ratio Individual pay/Average pay, times the years of service, times 3.07, and has to be at least equal to 2.10 times the years of service. The net liability in Germany was EUR 194.6 million (EUR 184.8 million in 2022) of which the MLO plan was EUR 130.7 million (EUR 124.3 million in 2022).The Swiss pension plans are administered via pension funds, which are legally separated from the Group. The board of Trustees of the pension funds are equally composed of representatives of both the employer and employees. The Trustees are required by law to act in the interest of all relevant beneficiaries and are responsible for the investment policy with regard to the assets and the administration and financing of the benefits. The plans function in and comply with a large regulatory framework and comply with the local minimum funding requirements. The plans are open to new members. Both the company and employees pay contributions to fund the plans. The pension plans qualify as defined benefit plan for IFRS purposes because accruals are by law subject to a minimum guaranteed rate of return and the plan has to guarantee a certain legal minimum level of benefits. There is hence a risk that the company may have to pay additional contributions. Under the plans, participants are also insured against the financial consequences of old age, disability and death. The net liability in Switzerland was EUR 4.1 million (EUR 1.8 million in 2022) of which the pension plan was EUR 3.9 million (EUR 1.6 million in 2022). The defined benefit plans typically expose the company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk. The investment risk is being mitigated by investing the funds both to equity and debt instruments.The following tables summarize the components of net benefit expense recognized in the statement of profit or loss and the funded status and amounts recognized in the balance sheet for the respective plans:28.2. Amounts recognized in the balance sheet2023 2022Present value of obligation wholly 220.1 207.9unfundedPresent value of obligation wholly 60.1 55.8or partly funded Defined benefit plan obligations 280.1 263.7Fair value of plan assets -55.8 -53.9Total net liability recognized 224.3 209.728.3. Components of defined benefit plan recorded in comprehensive income2023 2022Service cost:Current service cost 7.9 6.7Net interest cost 7.2 2.9Past service cost -0.1 -0.2Components of defined benefit 15.0 9.5plan costs recorded in profit or loss2023 2022Remeasurement on the net defined benefit liability:The return on plan assets (excluding amounts included in the net interest -0.5 20.2expense) gains (-) / losses (+)Actuarial gains (-) / losses (+) arising from changes in demographic -0.3 -0.1assumptionsActuarial gains (-) / losses (+) arising from changes in financial 13.2 -96.3assumptionsActuarial gains (-) / losses (+) arising 3.2 13.6from experienceComponents of defined benefit plan costs recorded in other 15.5 -62.6comprehensive incomeTotal (income (-) / expense (+)) 30.5 -53.1The actuarial gains / losses in 2023 and 2022 were mainly caused by the change in discount rates in the defined benefit plans of Germany, Switzerland and the United Kingdom.28.4. Movements of the present value of defined benefit obligation2023 2022Obligation as of January 1 263.7 358.0Translation difference 1.6 -2.4Divestment of business -0.2 0.0Settlements and curtailments -0.1 0.0Current service cost 8.0 6.9Interest cost 10.0 4.3Past service cost -0.1 -0.2Actuarial gains (-) / losses (+) arising from changes in demographic -0.3 -0.1assumptionsActuarial gains (-) / losses (+) arising from changes in financial 13.2 -96.3assumptionsActuarial gains (-) / losses (+) arising 3.2 13.6from experienceBenefits paid (-) -18.8 -20.2Obligation as of December 31 280.1 263.7Of the benefits paid, EUR 3.9 million (2022: EUR 6.1 million) was paid from plan assets and EUR 15.0 million (2022: EUR 14.1 million) directly by the employer.Movements of the fair value of plan assets 2023 2022Fair value of plan assets as of January 1 53.9 79.5Translation difference 1.4 -1.9Divestment of business -0.3 0.0Interest income 2.7 1.4Employee contributions 0.4 0.4Employer contributions 1.0 0.8The return on plan assets (excluding amounts included in the net interest 0.4 -20.2expense)Benefits paid (-) -3.9 -6.1Fair value of plan assets as of 55.8 53.9December 3128.5. Major categories of plan assets at the end of the reporting period2023 2022Equity instruments 6.6 4.6Debt instruments 32.0 30.7Insurances 2.0 13.6Real estate 6.3 3.3Others 9.0 1.7Total plan assets 55.8 53.9The plan assets do not contain any Konecranes shares or assets.Virtually all equity and debt instruments have quoted prices in active markets. The plan assets originate from the United Kingdom, Switzerland, Germany, the Philippines and India. It is the policy of the UK fund to invest approximately 20\u201325% to growth assets such as equity instruments as well as property and growth funds and 75\u201380% to risk reducing assets such as corporate bonds and fixed or index-linked gilts. The Swiss pension funds are secured by insurances. The Company can only indirectly and partially determine the asset allocation through the 50/50 employer/employee representation in the board of Trustees. The return on plan assets was EUR 3.2 million (2022: EUR -18.8 million). 28.6. Defined benefit plan: the main actuarial assumptionsWith the objective of presenting the assets and liabilities of the defined benefit plans at their fair value on the balance sheet, assumptions under IAS 19 are set by reference to market conditions at the valuation date. Qualified independent actuaries have updated the actuarial valuations under IAS 19 of the major defined benefit schemes operated by the Group on December 31, 2023. The assumptions used by the actuaries are chosen from a range of possible actuarial assumptions which, due to the long-term nature of the schemes, may not necessarily be borne out in practice. The actuarial assumptions used to calculate the benefit liabilities therefore vary according to the country in which the plan is situated. The following table shows the assumptions, weighted by liabilities, used to value the principal defined benefit plans.Germany 2023 2022Discount rate % 3.30 3.71Expected development of salaries % 2.67 2.66Expected development of pensions % 2.00 2.00Mortality table: Richttafeln 2018 G von Klaus HeubeckUK 2023 2022Discount rate % 4.80 5.00Expected development of pensions % 3.10 3.10Mortality table: SAPS base table of S3PA, applied at year of birth and weighted by male/female deferred members and pensioners, and CMI 2020 (2022: CMI 2020) projections with a long term improvement parameter of 1.25% (2022: 1.25%) per annum.Switzerland 2023 2022Discount rate % 1.35 2.15Expected development of salaries % 1.50 1.50Mortality table: BVG 2020 Generational and improvement factors CMI 2019 LTR 1.5%. Other 2023 2022Discount rate % 2.18 - 15.44 2.80 - 10.50 Expected development of salaries % 1.14 - 11.00 1.16 - 11.00 Expected development of pensions % 1.60 - 10.59 2.00 - 10.57 The below table shows the % effect of a change in the significant actuarial assumptions used to determine the retirement benefits obligations in our main defined benefit pension obligation countries. The effect shows the increase or decrease in the liability. In the calculation of the sensitivity of the discount rate, any effect from the return of plan assets has been ignored.Sensitivity analysis Increase Decrease0.5% points change in the -5.4% 5.9%discount rate0.5% points change in the expected 0.4% -0.4%development of salaries0.5% points change in the expected 3.2% -3.0%development of pensionsThe sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. A linear extrapolation of these amounts based on alternative changes in the assumptions as well as an addition of combined changes in the individual assumptions is not possible. There are no changes in the way the sensitivity analyses were performed compared to the previous years. The average duration of the defined benefit obligation weighted by the present value of the defined benefit obligation is 11 years (2022: 12 years). The Group expects to contribute EUR 1.0 million to the above defined benefit pension plans in 2024 (Employer contribution).",
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"s11_notes__6__76": {
"value": "8.2. Number of personnel2023 2022Average number of personnel 16,503 16,563Number of personnel as at 16,586 16,522December 31Number of personnel as at 2,300 2,151December 31 in Finland8.3. Personnel by Reportable Segment at the end of period2023 2022Service 8,010 7,802Industrial Equipment 5,253 5,529Port Solutions 3,222 3,102Group Staff 101 89Total 16,586 16,522",
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"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__72": {
"value": "Research and development costs recognized as an expense in the statement of income amount to EUR 51.3 million in the year 2023 (EUR 47.7 million in 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__78": {
"value": "9.1. Depreciation and amortization2023 2022Intangible assets 38.7 38.0 Buildings 30.7 31.4 Machinery and equipment 45.2 45.7 Total 114.6 115.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__79": {
"value": "9.2. Impairments2023 2022Property, plant and equipment 0.2 5.3 Goodwill 0,0 3.9 Total 0.2 9.2 The nature of the impairments is described in the disclosures of goodwill, intangible assets and property, plant and equipment (see notes 13, 14 and 15).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__80": {
"value": "10. Financial income and expenses10.1. Financial income 2023 2022Interest income on bank deposits 16.9 6.1and loansFair value gain on derivative 14.8 0.0financial instrumentsExchange rate gains 0.0 20.4Other financial income 0.3 0.4Total 32.0 26.810.2. Financial expenses2023 2022Interest expenses on liabilities 46.8 26.5Net loss on financial instruments at 0.0 27.2fair value through profit or loss Exchange rate loss 15.8 0.0Other financial expenses 5.0 6.0Total 67.7 59.7Financial income and expenses net -35.7 -32.9The company applies hedge accounting on derivatives used to hedge cash flows in certain large crane projects. The cash flow hedges of the expected future cash flows are assessed to be highly effective and a net unrealized effect of EUR +12.5 million (2022: EUR +2.0 million) with deferred taxes of EUR -2.5 million (2022: EUR -0.4 million) relating to the hedging instruments is included in equity. The hedged operative cash flows are expected to occur during the next 3\u201318 months. The realized and recycled currency differences from these hedges recorded in the statement of income were EUR -6.0 million in 2023 (EUR -17.8 million in 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__81": {
"value": "10.1. Financial income 2023 2022Interest income on bank deposits 16.9 6.1and loansFair value gain on derivative 14.8 0.0financial instrumentsExchange rate gains 0.0 20.4Other financial income 0.3 0.4Total 32.0 26.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__82": {
"value": "10.2. Financial expenses2023 2022Interest expenses on liabilities 46.8 26.5Net loss on financial instruments at 0.0 27.2fair value through profit or loss Exchange rate loss 15.8 0.0Other financial expenses 5.0 6.0Total 67.7 59.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__83": {
"value": "11. Income taxes11.1. Taxes in statement of income 2023 2022Local income taxes of group 100.3 63.8companiesTaxes from previous years 3.4 -0.6Change in deferred taxes -11.7 -11.0Total 92.0 52.211.2. Reconciliation of income before taxes with total income taxes2023 2022Profit before taxes 367.6 190.7Tax calculated at the domestic corporation tax rate of 20.0% 73.5 38.1(2022: 20.0%)Effect of different tax rates of 16.3 16.0foreign subsidiariesTaxes from previous years 3.4 -0.6Tax effect of non-deductible 4.4 0.1expenses and tax-exempt incomeTax effect of unrecognized tax losses 2.9 2.4of the current yearTax effect of utilization of previously -7.2 -4.0unrecognized tax lossesTax effect of recognition of -0.2 -2.2previously unrecognized tax lossesTax effect of impairment of previously 0.0 1.7recognized deferred tax assetsTax effect of recognizing the controlled temporary difference 0.5 -1.8from investment in subsidiariesTax effect of tax rate change 0.5 -0.1Other items -2.1 2.5Total 92.0 52.2Effective tax rate % 25.0% 27.4%The company regularly evaluates the net realizable value of its deferred tax assets. OECD Pillar Two legislation for minimum top-up tax has been enacted in certain jurisdictions in which the Group operates. The legislation will be effective for the Group's financial year beginning on January 1, 2024. The Group applies a temporary mandatory relief to recognizing and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes, as provided in the amendments to IAS 12. The Group has performed an assessment of the Group's potential exposure to Pillar Two income taxes. The assessment of the potential exposure to Pillar Two is based on the most recent Group reporting and country-by-country information and analysis. Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15%. Additionally, when taking into account certain exceptions and safe harbor rules, the possible top-up tax exposure will be immaterial in the Group's consolidated financial statements. 11.3. Tax effects of components in other comprehensive income2023 2022Cash flow hedges -2.5 -0.4Re-measurement gains (losses) on 4.5 -18.7defined benefit plansTotal 2.0 -19.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__84": {
"value": "12. Earnings per shareBasic earnings per share are calculated by dividing the net income attributable to the shareholders of the parent company by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by adjusting the weighted average number of shares outstanding during the year for the dilutive effect of the shares issued under the share-based incentive plans. The number of treasury shares is excluded from the weighted average number of shares.2023 2022Net profit attributable to 275.6 140.3 shareholders of the parent company Weighted average number of shares 79,196 79,152 outstanding (1,000 pcs)Effect of share based incentive 387 357 plans (1,000 pcs)Weighted average number of shares 79,583 79,508 outstanding, diluted (1,000 pcs)Earnings per share, basic (EUR) 3.48 1.77Earnings per share, diluted (EUR) 3.46 1.77",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__86": {
"value": "13. Goodwill and goodwill impairment testing13.1. Goodwill2023 2022Acquisition costs as of January 1 1,038.3 1,036.8Additions 22.0 0.0Translation difference -3.0 1.5Acquisition costs as of December 31 1,057.2 1,038.3Accumulated impairments as of -18.7 -14.7January 1Impairments for the financial year 0.0 -3.9Total as of December 31 1,038.6 1,019.613.2. General principlesManagement monitors the performance of the Group through the monthly meetings and monthly reporting that take place on a business unit level. Impairment testing is done at the lowest level of the Group at which goodwill is monitored internally.13.3. Total goodwill in reportable segments after impairments 2023 2022Industrial Cranes 152.9 153.7 Agilon 0.0 0.0 Goodwill in Industrial Equipment 152.9 153.7totalIndustrial Crane Service 682.8 662.9Machine Tool Service 3.8 3.9Goodwill in Service total 686.5 666.8Port Cranes 163.3 163.3 Lift trucks 35.8 35.8 Goodwill in Port Solutions total 199.2 199.1Total goodwill in reportable 1,038.6 1,019.6segments as of December 31The recoverable amounts of the CGUs are determined based on value in use calculations using the discounted cash flow method. The forecasting period of cash flows is five years and it is based on financial forecasts of the management responsible for that CGU, and adjusted by Group management if needed. Cash flows beyond the five-year period were calculated using the terminal value method. The forecasts have been made based on the CGU specific historical data, order book, the current market situation and industry specific information of the future growth possibilities taking also into consideration the effects of the climate risks and opportunities in Port Solutions product offerings. The present increase of cost inflation is considered to be covered mostly by the increases in sales prices while the long-term cost inflation is expected to return back to a lower level. The productivity and efficiency assumptions are based on internal targets, which are evaluated against actual performance. These assumptions are reviewed annually as part of the management's annual planning and strategic planning cycles. Calculations are prepared during the fourth quarter of the year. The discount rate applied to cash flow projections is the weighted average (pre-tax) cost of capital and is based on risk-free long-term government bond rates and market and industry specific risk premiums. These risk premiums are derived based on the business portfolio of companies which operate in a similar industry.The key assumptions, being the average compound annual growth rate for the forecasted sales of the five years and the discount rate, are as follows:Compound annual Discount growth raterateIndustrial Cranes 3.7% 12.6%Agilon 19.8% 16.2%Industrial Crane Service 6.6% 13.1%Machine Tool Service 2.8% 11.5%Lift trucks 7.3% 10.8%Port Cranes 7.5% 11.7%The average compound growth rate for the gross profit is consistent with that of sales. Furthermore, for all the CGUs a 1% terminal growth rate has been applied.Impairment chargesThe impairment testing performed in 2023 did not result in any impairments being recognized. Konecranes impaired in 2022 the goodwill of Agilon Cash Generating Unit due to decreased discounted cash flow projections. Agilon is an automated storage and retrieval system designed especially for maintenance, production and distribution operations and warehouse management. The development of the sales had not met the targets and consequently the cash flows had been insufficient. The business is partially based on rental model, which employs capital. The Agilon business operates mainly in region Europe and belongs to Industrial Equipment segment. According to the Goodwill test the recoverable amount of the unit was EUR 2.4 million, which was based on its value in use calculations. The discount rate used for the calculation was 14.5% (13.2% December 31, 2021). Sensitivity analysesIn addition to impairment testing using the base case assumptions, four separate sensitivity analyses were performed for each CGU:1) A discount rate analysis where the discount rate was increased by 5% points.2) A Group management adjustment to the future profitability. The cash flow of each CGU was analyzed by the Group management. Based on the CGU specific historical data and future growth prospects, the cash flows were decreased by 10% in each year including terminal year. 3) A higher discount rate (+5% points) analysis combined with lower (-10%) cash flows as mentioned above.4) A decrease in the compound annual growth rate for the sales for each of the five forecasted years (- 2% points) combined with the current discount rate.2023There was no indication of impairment of goodwill for any CGU from the sensitivity tests. The probability of material impairment losses is low as under the basic scenario, the calculated value in use was approximately two times higher than the CGUs\u2019 assets employed. 2022There was no indication of impairment of goodwill for any other CGU than Agilon from the sensitivity tests. The probability of material impairment losses is low for the other CGUs in which under the basic scenario, the calculated value in use was approximately two times higher than the CGUs\u2019 assets employed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__85-1": {
"value": "13. Goodwill and goodwill impairment testing13.1. Goodwill2023 2022Acquisition costs as of January 1 1,038.3 1,036.8Additions 22.0 0.0Translation difference -3.0 1.5Acquisition costs as of December 31 1,057.2 1,038.3Accumulated impairments as of -18.7 -14.7January 1Impairments for the financial year 0.0 -3.9Total as of December 31 1,038.6 1,019.613.2. General principlesManagement monitors the performance of the Group through the monthly meetings and monthly reporting that take place on a business unit level. Impairment testing is done at the lowest level of the Group at which goodwill is monitored internally.13.3. Total goodwill in reportable segments after impairments 2023 2022Industrial Cranes 152.9 153.7 Agilon 0.0 0.0 Goodwill in Industrial Equipment 152.9 153.7totalIndustrial Crane Service 682.8 662.9Machine Tool Service 3.8 3.9Goodwill in Service total 686.5 666.8Port Cranes 163.3 163.3 Lift trucks 35.8 35.8 Goodwill in Port Solutions total 199.2 199.1Total goodwill in reportable 1,038.6 1,019.6segments as of December 31The recoverable amounts of the CGUs are determined based on value in use calculations using the discounted cash flow method. The forecasting period of cash flows is five years and it is based on financial forecasts of the management responsible for that CGU, and adjusted by Group management if needed. Cash flows beyond the five-year period were calculated using the terminal value method. The forecasts have been made based on the CGU specific historical data, order book, the current market situation and industry specific information of the future growth possibilities taking also into consideration the effects of the climate risks and opportunities in Port Solutions product offerings. The present increase of cost inflation is considered to be covered mostly by the increases in sales prices while the long-term cost inflation is expected to return back to a lower level. The productivity and efficiency assumptions are based on internal targets, which are evaluated against actual performance. These assumptions are reviewed annually as part of the management's annual planning and strategic planning cycles. Calculations are prepared during the fourth quarter of the year. The discount rate applied to cash flow projections is the weighted average (pre-tax) cost of capital and is based on risk-free long-term government bond rates and market and industry specific risk premiums. These risk premiums are derived based on the business portfolio of companies which operate in a similar industry.The key assumptions, being the average compound annual growth rate for the forecasted sales of the five years and the discount rate, are as follows:Compound annual Discount growth raterateIndustrial Cranes 3.7% 12.6%Agilon 19.8% 16.2%Industrial Crane Service 6.6% 13.1%Machine Tool Service 2.8% 11.5%Lift trucks 7.3% 10.8%Port Cranes 7.5% 11.7%The average compound growth rate for the gross profit is consistent with that of sales. Furthermore, for all the CGUs a 1% terminal growth rate has been applied.Impairment chargesThe impairment testing performed in 2023 did not result in any impairments being recognized. Konecranes impaired in 2022 the goodwill of Agilon Cash Generating Unit due to decreased discounted cash flow projections. Agilon is an automated storage and retrieval system designed especially for maintenance, production and distribution operations and warehouse management. The development of the sales had not met the targets and consequently the cash flows had been insufficient. The business is partially based on rental model, which employs capital. The Agilon business operates mainly in region Europe and belongs to Industrial Equipment segment. According to the Goodwill test the recoverable amount of the unit was EUR 2.4 million, which was based on its value in use calculations. The discount rate used for the calculation was 14.5% (13.2% December 31, 2021). Sensitivity analysesIn addition to impairment testing using the base case assumptions, four separate sensitivity analyses were performed for each CGU:1) A discount rate analysis where the discount rate was increased by 5% points.2) A Group management adjustment to the future profitability. The cash flow of each CGU was analyzed by the Group management. Based on the CGU specific historical data and future growth prospects, the cash flows were decreased by 10% in each year including terminal year. 3) A higher discount rate (+5% points) analysis combined with lower (-10%) cash flows as mentioned above.4) A decrease in the compound annual growth rate for the sales for each of the five forecasted years (- 2% points) combined with the current discount rate.2023There was no indication of impairment of goodwill for any CGU from the sensitivity tests. The probability of material impairment losses is low as under the basic scenario, the calculated value in use was approximately two times higher than the CGUs\u2019 assets employed. 2022There was no indication of impairment of goodwill for any other CGU than Agilon from the sensitivity tests. The probability of material impairment losses is low for the other CGUs in which under the basic scenario, the calculated value in use was approximately two times higher than the CGUs\u2019 assets employed.14. Intangible assetsPatents Intangible 2023and trademarks Software Other assets total Acquisition costs as of January 1 243.5 200.9 504.6 949.0Additions 0.0 4.0 0.0 4.0Disposals 0.0 -3.7 0.0 -3.6Business combinations 0.0 0.0 17.7 17.7Translation difference 0.0 0.0 -0.4 -0.4Acquisition costs as of December 31 243.5 201.2 522.0 966.6Accumulated amortization as of January 1 -20.6 -178.2 -274.8 -473.6Translation difference 0.0 0.0 0.1 0.2Accumulated amortization relating 0.0 3.6 0.0 3.6to disposalsAmortization for financial year -0.6 -8.3 -29.7 -38.7Total as of December 31 222.2 18.3 217.6 458.1Patents Intangible 2022and trademarks Software Other assets total Acquisition costs as of January 1 243.8 191.7 504.1 939.6Additions 0.0 9.8 0.0 9.8Disposals -0.3 -0.6 -1.1 -2.0Business combinations 0.0 0.0 1.6 1.6Translation difference 0.0 0.0 0.0 0.0Acquisition costs as of December 31 243.5 200.9 504.6 949.0Accumulated amortization as of January 1 -19.5 -168.4 -248.5 -436.4Translation difference 0.0 0.1 0.2 0.3Accumulated amortization relating 0.3 0.2 0.0 0.5to disposalsAmortization for financial year -1.4 -10.0 -26.5 -38.0Total as of December 31 222.8 22.7 229.8 475.4The category Other mainly consists of customer lists and technology acquired in business combinations. They are stated at cost and amortized on a straight-line basis over their expected useful lives. The normal amortization period of intangible assets varies from 4 to 20 years. The amortization of intangible assets is included in the depreciation and impairments line in the consolidated statement of income. On December 31, 2023, and December 31, 2022, the intangible assets having indefinite useful life consisted of the Demag and Gottwald trademarks of EUR 167.0 million and EUR 51.0 million. As there is no foreseeable limit on the period over which the asset is expected to generate net cash inflows for the entity, it is classified as intangible assets having an indefinite useful life. The carrying amounts of these assets are tested on a yearly basis in connection with the goodwill impairment testing. The addition of EUR 4.0 million (EUR 9.8 million in 2022) mainly consisted of capitalized development costs of the Group\u2019s ERP systems.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__88": {
"value": "14. Intangible assetsPatents Intangible 2023and trademarks Software Other assets total Acquisition costs as of January 1 243.5 200.9 504.6 949.0Additions 0.0 4.0 0.0 4.0Disposals 0.0 -3.7 0.0 -3.6Business combinations 0.0 0.0 17.7 17.7Translation difference 0.0 0.0 -0.4 -0.4Acquisition costs as of December 31 243.5 201.2 522.0 966.6Accumulated amortization as of January 1 -20.6 -178.2 -274.8 -473.6Translation difference 0.0 0.0 0.1 0.2Accumulated amortization relating 0.0 3.6 0.0 3.6to disposalsAmortization for financial year -0.6 -8.3 -29.7 -38.7Total as of December 31 222.2 18.3 217.6 458.1Patents Intangible 2022and trademarks Software Other assets total Acquisition costs as of January 1 243.8 191.7 504.1 939.6Additions 0.0 9.8 0.0 9.8Disposals -0.3 -0.6 -1.1 -2.0Business combinations 0.0 0.0 1.6 1.6Translation difference 0.0 0.0 0.0 0.0Acquisition costs as of December 31 243.5 200.9 504.6 949.0Accumulated amortization as of January 1 -19.5 -168.4 -248.5 -436.4Translation difference 0.0 0.1 0.2 0.3Accumulated amortization relating 0.3 0.2 0.0 0.5to disposalsAmortization for financial year -1.4 -10.0 -26.5 -38.0Total as of December 31 222.8 22.7 229.8 475.4The category Other mainly consists of customer lists and technology acquired in business combinations. They are stated at cost and amortized on a straight-line basis over their expected useful lives. The normal amortization period of intangible assets varies from 4 to 20 years. The amortization of intangible assets is included in the depreciation and impairments line in the consolidated statement of income. On December 31, 2023, and December 31, 2022, the intangible assets having indefinite useful life consisted of the Demag and Gottwald trademarks of EUR 167.0 million and EUR 51.0 million. As there is no foreseeable limit on the period over which the asset is expected to generate net cash inflows for the entity, it is classified as intangible assets having an indefinite useful life. The carrying amounts of these assets are tested on a yearly basis in connection with the goodwill impairment testing. The addition of EUR 4.0 million (EUR 9.8 million in 2022) mainly consisted of capitalized development costs of the Group\u2019s ERP systems.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__89": {
"value": "15. Property, plant and equipment Property, plant Machinery & and equipment 2023 Land BuildingsEquipment total Acquisition costs as of January 1 29.7 319.0 448.8 797.5Additions 0.4 42.0 64.2 106.6Disposals -0.2 -13.8 -28.2 -42.2Business combinations 0.0 0.0 0.4 0.4Divestments of businesses 0.0 -1.0 -11.7 -12.7Transfer within assets 0.0 -0.2 0.2 0.0Impairment 0.0 0.0 -0.8 -0.7Translation difference -0.3 -2.5 -1.4 -4.3Acquisition costs as of December 31 29.7 343.4 471.7 844.7Accumulated depreciation as of 0.0 -135.9 -315.7 -451.6January 1Translation difference 0.0 0.1 0.2 0.3Accumulated depreciation relating 0.0 11.8 23.1 34.9to disposalsDivestments of businesses 0.0 0.4 7.0 7.4Depreciation for financial year 0.0 -30.7 -45.2 -75.9Total as of December 31 29.7 189.2 141.1 359.9 Property, plant Machinery & and equipment 2022 Land BuildingsEquipment total Acquisition costs as of January 1 29.8 288.8 418.4 737.0Additions 0.0 40.2 48.4 88.6Disposals 0.0 -8.7 -15.0 -23.7Transfer within assets -0.2 0.1 0.0 0.0Impairment 0.0 -1.1 -3.6 -4.8Translation difference 0.1 -0.2 0.6 0.5Acquisition costs as of December 31 29.7 319.0 448.8 797.5Accumulated depreciation as of 0.0 -113.0 -284.7 -397.7January 1Translation difference 0.0 0.3 0.4 0.7Accumulated depreciation relating 0.0 8.3 14.4 22.7to disposalsDepreciation for financial year 0.0 -31.4 -45.7 -77.2Total as of December 31 29.7 183.1 133.1 345.9Classification of Property, plant and equipment 2023 2022Property, plant and equipment, owned 218.3 213.5Right-of-use assets, leased 141.6 132.5Total 359.9 345.92023 Land and Machinery and Right of use assets Buildings Equipment Total Balance as of January 1 89.6 42.9 132.5Translation difference -0.6 -0.6 -1.3Business combinations 0.0 0.4 0.4New contracts and changes in lease contracts 26.9 28.1 55.0Depreciation during the year -23.1 -21.9 -45.0Total as of December 31 92.8 48.8 141.62022Land and Machinery and Right of use assets Buildings Equipment Total Balance as of January 1 76.5 39.1 115.6Translation difference 0.3 0.6 0.9New contracts and changes in lease contracts 36.0 23.5 59.6Depreciation during the year -23.2 -20.3 -43.5Total as of December 31 89.6 42.9 132.5In 2023, the EUR 0.7 million impairments of Property, plant and equipment were restructuring actions. In 2022, EUR 1.6 million of the impairments related to the war in Ukraine, EUR 2.9 million to restructuring actions and EUR 0.3 million to old rental assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__92-1": {
"value": "16. Interests in other entities and non-controlling interests16.1. Investments accounted for using the equity methodAssociated Companies 2023 2022Acquisition costs as of January 1 2.5 1.7Share of associated companies' 0.0 0.1result after taxes*Dividends received -0.3 -0.1Change from subsidiary shares 0.0 0.8Total as of December 31 2.2 2.5Joint Ventures 2023 2022Acquisition costs as of January 1 5.3 5.1Share of joint ventures' result after 0.8 0.3taxes*Dividends received -0.1 -0.1Disposals -1.3 0.0Total as of December 31 4.7 5.3* Including adjustments from purchase price allocation. 16.2. Investments in Associated Companies and Joint VenturesThe following table illustrates the summarized financial information of the Group\u2019s investments and reconciliation with the carrying amount of the investments in consolidated financial statements. Profit/ Carrying loss after amount Non- Non- tax from Total com-of the current Current current Current continuing prehensive Dividends 2023investment assets* assets* liabilities* liabilities* Revenue* operations* income* received Investments in associated 6.9 2.6 40.0 0.9 19.6 46.4 1.8 1.8 0.4companies and joint venturesTotal 6.9 2.6 40.0 0.9 19.6 46.4 1.8 1.8 0.4 Profit/ Carrying loss after amount Non- Non- tax from Total com-of the current Current current Current continuing prehensive Dividends 2022investment assets* assets* liabilities* liabilities* Revenue* operations* income* received Investments in associated 7.8 3.6 54.5 0.9 31.3 69.3 1.4 1.4 0.2companies and joint venturesTotal 7.8 3.6 54.5 0.9 31.3 69.3 1.4 1.4 0.2*Asset and liability values, revenue and profit/loss represent values according to the latest published financial information. 16.3. Joint operationsKonecranes has classified the interest in AS Konesko (domiciled in Estonia) as a joint operation based on the joint arrangement agreement. AS Konesko is a strategic supplier of components used in Konecranes products. Konecranes has the exclusive right to purchase certain motors and end carriages from AS Konesko at a price to be agreed upon with AS Konesko. However, Konecranes retains ownership of the current motor designs and the trademark rights to the end carriages. As of December 31, 2023, Konecranes owns 49.5% of AS Konesko shares.. Konecranes has recognized and accounted for the assets, liabilities, revenues and expenses relating to its interest in AS Konesko in accordance with IFRS 11.35. Company list(1,000 EUR)BookParent Subsidiaries owned value ofcompany\u2019sGroup\u2019sby the parent companysharesshare, %share, %Finland: Konecranes Finance Oy 46,448 100 100Konecranes Finland Oy 17,163 26.02 100Konecranes Global Oy 102,391 100 100Subsidiaries Book value Group\u2019sowned by the groupof sharesshare, %Australia: Konecranes and Demag Pty Ltd 21,730 100MHE-Demag Australia Pty Ltd 16,267 100Austria: Konecranes and Demag Ges.m.b.H. 29,775 100Bangladesh: Konecranes and Demag (Bangladesh) Ltd. 109 100Belgium: S.A. Konecranes N.V. 6,150 100Brazil: Konecranes Demag Brasil Ltda. 32,688 100Canada: Konecranes Canada Inc. 893 100Chile: Konecranes Chile SpA 1 100China: Cranes and Parts Trading (Shanghai) Co., Ltd. 5,862 100Dalian Konecranes Company Ltd. 2,196 100Demag Cranes & Components (Shanghai) Co., Ltd. 14,349 100Konecranes (Shanghai) Co. Ltd. 0 100Konecranes (Shanghai) Company Ltd. 4,409 100Konecranes Manufacturing (Jiangsu) Co., Ltd. 28,627 100Konecranes Port Machinery (Shanghai) Co., Ltd. 7,239 100SWF Krantechnik Co., Ltd. 816 100Czech Republic: Konecranes and Demag s.r.o. 2,823 100Denmark: Konecranes Demag A/S 12,561 100Estonia: Konecranes O\u00fc 0 100Finland: Nosturiexpertit Oy 10 100France: KCI Holding France SAS 40,500 100Konecranes and Demag France SAS 22,120 100Verlinde SAS 5,360 100Germany: Demag Cranes & Components GmbH 524,384 100Eurofactory GmbH * 1,239 100Konecranes GmbH 673,804 100Konecranes Holding GmbH 505,262 100Konecranes Noell GmbH 37,501 100Konecranes Real Estate GmbH Co. & KG 36,364 100Konecranes Real Estate Verwaltungs GmbH 28 100Kranservice Rheinberg GmbH * 1,492 100SWF Krantechnik GmbH * 15,500 100* Exemption according to \u00a7 264, 3 HGB for Eurofactory GmbH (registered office in Remptendorf), Kranservice Rheinberg GmbH (registered office in Duisburg) and SWF Krantechnik GmbH (registered office in Mannheim). (1,000 EUR)Subsidiaries Book value Group\u2019sowned by the groupof sharesshare, %Konecranes Hellas Lifting Equipment and Greece:60 100Services S.A.Hong Kong: Konecranes Hong Kong Limited 0 100Hungary: Konecranes Kft. 809 100India: Konecranes and Demag Private Limited 19,519 100Voima Cranes & Components Pvt. Ltd. 0 99.99Indonesia: PT. Konecranes 240 100PT MHE-Demag Indonesia 3,528 100PT MHE-Demag Technology Indonesia 294 67Ireland: Konecranes and Demag Limited 900 100Israel: Konecranes Israel Ltd 0 100Italy: Demag Cranes & Components S.r.l. 13,997 100Donati Sollevamenti S.r.l. 2,561 100MHPS Italia S.r.l. 0 100Japan: Konecranes Company, Ltd. 0 100Latvia: SIA Konecranes Latvija 2 100Lithuania: UAB Konecranes 139 100Luxembourg: Materials Handling International S.A. 300 100Malaysia: Konecranes Sdn. Bhd. 523 100Mechanical Handling Engineering (M) Sdn Bhd 0 100MHE-Demag Logistics Malaysia Sdn Bhd 1,862 100Konecranes Material Handling (Malaysia) Sdn. Bhd. 6,864 100Rainfields Estate Sdn Bhd 1,202 100Mexico: Konecranes Mexico S.A. de C.V. 2,188 100Morocco: Konecranes Maghreb S.a.r.l. 50 100The Konecranes B.V. 4,201 100Netherlands:Konecranes Holding B.V. 503,851 100Konecranes Software B.V. 3,678 100Port Software Solutions B.V. 37,412 100Norway: Konecranes AS 3,588 100Peru: Konecranes Peru S.R.L. 0 100Philippines: MHE-Demag (P), Inc. 3,684 100Poland: Konecranes and Demag Sp. z o.o. 1,359 100Portugal: Konecranes and Demag, Lda. 3,293 100Romania: S.C. Konecranes S.A. 98 100S.C. TBA RO S.r.l. 10 100Russia: AO \"Konecranes Demag Rus\" 0 100Saudi Arabia: Saudi Cranes & Steel Works Factory Co. Ltd. 9,820 100(1,000 EUR)Subsidiaries Book value Group\u2019sowned by the groupof sharesshare, %Singapore: KCI Cranes Holding (Singapore) Pte. Ltd. 114,764 100MHE-Demag (S) Pte. Ltd. 196,501 100Slovakia: Konecranes Slovakia s.r.o. 200 100Slovenia: Konecranes, d.o.o. 200 100South Africa: Konecranes and Demag (Pty) Ltd. 0 100Spain: Konecranes and Demag Ib\u00e9rica, S.L.U. 31,799 100Sweden: Konecranes AB 1,232 100Konecranes Lifttrucks AB 20,941 100Konecranes Sweden Holding AB 1,682 100Ulvaryd Fastighets AB 1,171 100Switzerland: Konecranes and Demag AG 17,205 100Taiwan: MHE-Demag Taiwan Company Limited 1,776 100Thailand: Katrolin Enterprise (T) Ltd 84 100Katrolin Holding (T) Ltd 95 100Konecranes (Thailand) Ltd. 192 100Mahakorn (T) Ltd 81 100Konecranes Material Handling (Thailand) Ltd. 294 100MHE-Demag Technology (T) Ltd 252 100Scenic Wealth (T) Ltd 141 100Turkey: Konecranes Ticaret Ve Servis Limited Sirketi 0 100Ukraine: Konecranes Ukraine JSC 2,049 100PJSC \"Zaporozhje Kran Holding\" 0 100JSC \"Zaporozhcran\" 0 90.43United Arab Demag Cranes & Components Holding Ltd. 0 100Emirates:Demag Cranes & Components (Middle East) FZE 14,398 100Konecranes Middle East FZE 1,774 100United KCI Holding UK Ltd. 13,656 100Kingdom:Konecranes Demag UK Limited 6,519 100Lloyds Konecranes Pension Trustees Ltd. 0 100Morris Material Handling Ltd. 575 100TBA Doncaster Limited 2,011 100TBA Leicester Limited 10,342 100UKMHPS Limited 40,005 100U.S.A. Demag Cranes & Components Corp. 61,294 100KCI Holding USA Inc. 53,901 100Konecranes, Inc. 48,226 100Konecranes Nuclear Equipment & Services, LLC 0 100MMH Americas, LLC 0 100Morris Material Handling, Inc. 64,651 100R&M Materials Handling, Inc. 7,421 100Vietnam: Konecranes Vietnam Co., Ltd 0 100MHE-Demag Vietnam Company Ltd 0 100AssetsGroup\u2019sOther shares and joint operationsvalueshare, %Estonia: AS Konesko 4,448 49.46Finland: Kiinteist\u00f6osakeyhti\u00f6 Kuikantorppa 261 50Assets Group\u2019sInvestments accounted for using the equity methodvalueshare, %China: Shanghai High Tech Industrial Crane Company, Ltd. 3,103 28Finland: Fantuzzi Noell Baltic Oy 244 25France: Boutonnier Adt Levage S.A. 416 25Levelec S.A. 231 20Manulec S.A. 246 25Manelec S.A.R.L. 107 25S.E.R.E. Maintenance S.A. 280 25AQZ Ausbildungs- und Qualifizierungszentrum Germany:0 30D\u00fcsseldorf GmbHThe Netherlands: TBA Consultancy B.V. 708 49Switzerland: Demag IP Holdings GmbH 177 50Thailand: CSA Crane Service Asia Company Ltd 84 49United Arab Crane Industrial Services LLC 1,341 49Emirates:Book value Group\u2019sAvailable-for-sale investmentsof sharesshare, %Finland: East Office of Finnish Industries Oy 50 5.26Dimecc Oy 120 5.69Kiinteist\u00f6 Oy P\u00e4rj\u00e4 26 46.67Levator Oy 0 19Vierum\u00e4en Kuntorinne Oy 326 3.3France: Heripret Holding SAS 53 19Malaysia: Kone Products & Engineering Sdn. Bhd. 0 10Venezuela: Gruas Konecranes CA 20 10Others: 239Total: 834",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__91": {
"value": "16. Interests in other entities and non-controlling interests16.1. Investments accounted for using the equity methodAssociated Companies 2023 2022Acquisition costs as of January 1 2.5 1.7Share of associated companies' 0.0 0.1result after taxes*Dividends received -0.3 -0.1Change from subsidiary shares 0.0 0.8Total as of December 31 2.2 2.5Joint Ventures 2023 2022Acquisition costs as of January 1 5.3 5.1Share of joint ventures' result after 0.8 0.3taxes*Dividends received -0.1 -0.1Disposals -1.3 0.0Total as of December 31 4.7 5.3* Including adjustments from purchase price allocation. 16.2. Investments in Associated Companies and Joint VenturesThe following table illustrates the summarized financial information of the Group\u2019s investments and reconciliation with the carrying amount of the investments in consolidated financial statements. Profit/ Carrying loss after amount Non- Non- tax from Total com-of the current Current current Current continuing prehensive Dividends 2023investment assets* assets* liabilities* liabilities* Revenue* operations* income* received Investments in associated 6.9 2.6 40.0 0.9 19.6 46.4 1.8 1.8 0.4companies and joint venturesTotal 6.9 2.6 40.0 0.9 19.6 46.4 1.8 1.8 0.4 Profit/ Carrying loss after amount Non- Non- tax from Total com-of the current Current current Current continuing prehensive Dividends 2022investment assets* assets* liabilities* liabilities* Revenue* operations* income* received Investments in associated 7.8 3.6 54.5 0.9 31.3 69.3 1.4 1.4 0.2companies and joint venturesTotal 7.8 3.6 54.5 0.9 31.3 69.3 1.4 1.4 0.2*Asset and liability values, revenue and profit/loss represent values according to the latest published financial information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__90-1": {
"value": "16. Interests in other entities and non-controlling interests16.1. Investments accounted for using the equity methodAssociated Companies 2023 2022Acquisition costs as of January 1 2.5 1.7Share of associated companies' 0.0 0.1result after taxes*Dividends received -0.3 -0.1Change from subsidiary shares 0.0 0.8Total as of December 31 2.2 2.5Joint Ventures 2023 2022Acquisition costs as of January 1 5.3 5.1Share of joint ventures' result after 0.8 0.3taxes*Dividends received -0.1 -0.1Disposals -1.3 0.0Total as of December 31 4.7 5.3* Including adjustments from purchase price allocation. 16.2. Investments in Associated Companies and Joint VenturesThe following table illustrates the summarized financial information of the Group\u2019s investments and reconciliation with the carrying amount of the investments in consolidated financial statements. Profit/ Carrying loss after amount Non- Non- tax from Total com-of the current Current current Current continuing prehensive Dividends 2023investment assets* assets* liabilities* liabilities* Revenue* operations* income* received Investments in associated 6.9 2.6 40.0 0.9 19.6 46.4 1.8 1.8 0.4companies and joint venturesTotal 6.9 2.6 40.0 0.9 19.6 46.4 1.8 1.8 0.4 Profit/ Carrying loss after amount Non- Non- tax from Total com-of the current Current current Current continuing prehensive Dividends 2022investment assets* assets* liabilities* liabilities* Revenue* operations* income* received Investments in associated 7.8 3.6 54.5 0.9 31.3 69.3 1.4 1.4 0.2companies and joint venturesTotal 7.8 3.6 54.5 0.9 31.3 69.3 1.4 1.4 0.2*Asset and liability values, revenue and profit/loss represent values according to the latest published financial information.Assets Group\u2019sInvestments accounted for using the equity methodvalueshare, %China: Shanghai High Tech Industrial Crane Company, Ltd. 3,103 28Finland: Fantuzzi Noell Baltic Oy 244 25France: Boutonnier Adt Levage S.A. 416 25Levelec S.A. 231 20Manulec S.A. 246 25Manelec S.A.R.L. 107 25S.E.R.E. Maintenance S.A. 280 25AQZ Ausbildungs- und Qualifizierungszentrum Germany:0 30D\u00fcsseldorf GmbHThe Netherlands: TBA Consultancy B.V. 708 49Switzerland: Demag IP Holdings GmbH 177 50Thailand: CSA Crane Service Asia Company Ltd 84 49United Arab Crane Industrial Services LLC 1,341 49Emirates:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__93-1": {
"value": "16.3. Joint operationsKonecranes has classified the interest in AS Konesko (domiciled in Estonia) as a joint operation based on the joint arrangement agreement. AS Konesko is a strategic supplier of components used in Konecranes products. Konecranes has the exclusive right to purchase certain motors and end carriages from AS Konesko at a price to be agreed upon with AS Konesko. However, Konecranes retains ownership of the current motor designs and the trademark rights to the end carriages. As of December 31, 2023, Konecranes owns 49.5% of AS Konesko shares.. Konecranes has recognized and accounted for the assets, liabilities, revenues and expenses relating to its interest in AS Konesko in accordance with IFRS 11.AssetsGroup\u2019sOther shares and joint operationsvalueshare, %Estonia: AS Konesko 4,448 49.46Finland: Kiinteist\u00f6osakeyhti\u00f6 Kuikantorppa 261 50",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__94": {
"value": "16.4. Subsidiaries with material non-controlling interest Profit/loss Accumulated after tax from Total non-controlling Non-current Non-current Current continuing comprehensive 2023Interest Goodwill assets Current assets liabilities liabilities Revenue operations income Non-controlling interests 0.0 0.0 0.5 1.6 0.1 4.2 4.1 -1.2 -1.1Total 0.0 0.0 0.5 1.6 0.1 4.2 4.1 -1.2 -1.1 Profit/loss Accumulated after tax from Total non-controlling Non-current Non-current Current continuing comprehensive 2022Interest Goodwill assets Current assets liabilities liabilities Revenue operations income Non-controlling interests 0.1 0.0 1.4 5.3 0.1 6.9 6.6 -0.6 -0.6Total 0.1 0.0 1.4 5.3 0.1 6.9 6.6 -0.6 -0.6Assets and liabilities as well as revenue and profit/loss values represent the total company values including purchase price allocations. See also the company list for the ownership and principal place of business of the subsidiaries.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__95": {
"value": "17. Deferred tax assets and liabilities17.1. Deferred tax assets2023 2022Employee benefits 31.4 30.2 Provisions 18.1 18.0 Unused tax losses 7.7 10.1 Other temporary differences 56.6 45.4 Total 113.9 103.8 Other temporary differences include timing differences arising, for example, from accrued costs, advances received and unrealized currency differences that are not deductible in taxation until they occur.17.2. Deferred tax liabilities 2023 2022Intangible and tangible assets 109.3 114.8 Other temporary difference 22.3 18.9 Total 131.6 133.7 The deferred tax assets and deferred tax liabilities have been netted on a juridical company level when there is a legally enforceable right to offset income tax receivables against income tax payables related to income taxes levied by the same tax authority. The gross amount of deferred tax assets in 2023 were EUR 125.2 million (EUR 110.9 million in 2022) and deferred tax liabilities EUR 143 million (EUR 140.8 million in 2022).Konecranes has not recognized the temporary differences in investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. 17.3. Tax losses carried forward At the end of 2023, Konecranes recorded a deferred tax asset of EUR 7.7 million (EUR 10.1 million in 2022) related to unused tax losses on the carry-forward losses of EUR 143.9 million (EUR 187.2 million in 2022) in total. The tax losses, for which no deferred tax assets are recognized due to the uncertainty of the utilization of the losses, amounted to EUR 112.7 million in the year 2023 (EUR 144.4 million in 2022). EUR 100.6 million of these carry-forward tax losses available have unlimited expiry, EUR 16.2 million expire later than in five years and EUR 27.1 million expire in five years.Part of the carry-forward losses relate to Morris Material Handling, Inc., USA, which was acquired in 2006. The overall carry-forward losses of Morris Material Handling, Inc. amounted to EUR 19.8 million (EUR 23.1 million in 2022). To assess if the convincing evidence threshold per IAS 12 was met, Konecranes has prepared tax forecasts for future periods considering the restructuring done and the tax planning opportunities that were being implemented at that time. Tax losses carried forward and related deferred tax assets on December 31 by the most significant countries: Tax losses Potential Deferred tax Deferred 2023carried forward deferred tax assets assets not recorded tax assets France 52.3 13.1 13.1 0.0USA 19.8 4.8 0.0 4.8Austria 14.7 3.4 3.4 0.0India 14.6 5.1 5.1 0.0Philippines 6.7 1.7 1.7 0.0Australia 6.4 1.9 0.0 1.9Great Britain 6.2 1.6 1.6 0.0Japan 3.5 1.1 1.1 0.0Netherlands 3.0 0.4 0.4 0.0Hong Kong 2.5 0.4 0.4 0.0Other 14.3 3.4 2.4 1.0Total 143.9 36.8 29.1 7.7 Tax losses Potential Deferred tax Deferred 2022carried forward deferred tax assets assets not recorded tax assets France 75.2 18.8 18.8 0.0USA 23.1 5.5 0.0 5.5Austria 16.4 4.1 4.1 0.0India 25.1 6.3 6.3 0.0Philippines 5.3 1.3 1.3 0.0Australia 10.7 3.2 0.0 3.2Great Britain 3.4 0.9 0.9 0.0Japan 4.0 1.2 1.2 0.0Netherlands 3.1 0.5 0.5 0.0Hong Kong 2.8 0.5 0.5 0.0Other 18.0 4.4 3.0 1.4Total 187.2 46.7 36.6 10.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__96": {
"value": "18. Inventories2023 2022Raw materials and semi-manufactured goods 389.2 357.3 Work in progress 525.7 551.9 Finished goods 23.2 38.1 Advance payments 57.7 45.3 Total 995.9 992.7 Balance at the Balance beginning Translation Business Utilized during Provision at the end 2023of the year difference disposals the periodnot needed Additions of the year Provision for obsolete 52.2 -1.0 -1.6 -5.5 -4.3 12.2 52.0inventory Balance at the Balance beginning Translation Business Utilized during Provision at the end 2022of the year difference combinations the periodnot needed Additions of the year Provision for obsolete 42.0 0.3 0.0 -2.8 -1.2 13.9 52.2inventory",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__98": {
"value": "19. Ageing analysis of accounts receivable 2023 2023 2022 2022 Accounts including Accounts including receivable impairment of receivable impairment of Not overdue 351.6 3.1 376.2 2.7 1\u221230 days overdue 112.2 0.4 92.9 0.8 31\u221260 days overdue 54.5 0.2 41.9 0.6 61\u221290 days overdue 26.9 0.2 26.4 1.1 more than 91 days overdue 42.3 19.5 48.1 19.2 Total 587.5 23.4 585.6 24.5 The carrying amount of accounts receivable approximates to their fair value. Accounts receivable are subject to only minor credit risk concentrations due to the Group's extensively diversified customer portfolio. Credit losses recognized from the customer contracts for the financial year totaled EUR 5.2 million (EUR 5.9 million in 2022). 19. Ageing analysis of accounts receivable (continues) Balance at Balance the beginning Translation Business Utilized during Provision at the end 2023of the year difference combinations the periodnot needed Additions of the year Provision for doubtful accounts 24.5 -0.8 0.0 -5.2 -4.4 9.3 23.4(Impairment) Balance at Balance the beginning Translation Business Utilized during Provision at the end 2022of the year difference combinations the periodnot needed Additions of the year Provision for doubtful accounts 26.8 0.0 0.0 -5.8 -8.2 11.7 24.5(Impairment)The release of the provision for doubtful accounts relates to the cash received from individual receivables which were historically provided for due to management\u2019s uncertainty of their collectability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__97-1": {
"value": "19. Ageing analysis of accounts receivable 2023 2023 2022 2022 Accounts including Accounts including receivable impairment of receivable impairment of Not overdue 351.6 3.1 376.2 2.7 1\u221230 days overdue 112.2 0.4 92.9 0.8 31\u221260 days overdue 54.5 0.2 41.9 0.6 61\u221290 days overdue 26.9 0.2 26.4 1.1 more than 91 days overdue 42.3 19.5 48.1 19.2 Total 587.5 23.4 585.6 24.5 The carrying amount of accounts receivable approximates to their fair value. Accounts receivable are subject to only minor credit risk concentrations due to the Group's extensively diversified customer portfolio. Credit losses recognized from the customer contracts for the financial year totaled EUR 5.2 million (EUR 5.9 million in 2022). 19. Ageing analysis of accounts receivable (continues) Balance at Balance the beginning Translation Business Utilized during Provision at the end 2023of the year difference combinations the periodnot needed Additions of the year Provision for doubtful accounts 24.5 -0.8 0.0 -5.2 -4.4 9.3 23.4(Impairment) Balance at Balance the beginning Translation Business Utilized during Provision at the end 2022of the year difference combinations the periodnot needed Additions of the year Provision for doubtful accounts 26.8 0.0 0.0 -5.8 -8.2 11.7 24.5(Impairment)The release of the provision for doubtful accounts relates to the cash received from individual receivables which were historically provided for due to management\u2019s uncertainty of their collectability.20. Other receivables2023 2022Notes receivable 4.0 5.6 Value added tax 29.5 31.2 Total 33.5 36.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__100-1": {
"value": "20. Other receivables2023 2022Notes receivable 4.0 5.6 Value added tax 29.5 31.2 Total 33.5 36.821. Deferred assets2023 2022Interest 3.2 1.9 Prepaid expenses 24.1 23.0 Unbilled revenue 40.0 39.7 Other 30.7 33.4 Total 98.0 98.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__102": {
"value": "22. Cash and cash equivalents2023 2022Short-term deposits 263.6 25.7 Cash in hand and at bank 323.0 388.2 Total 586.6 413.9 Short-term deposits have a maturity of three months or less. Cash and cash equivalents are carried at nominal value, which corresponds to their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__103": {
"value": "23. Equity23.1. Shareholders\u2019 equity Number of Number of treasury shares shares As of January 1, 2022 79,134,459 87,447Share subscriptions with 32,140 -32,140share awardsAs of December 31, 2022 79,166,599 55,307Share subscriptions with 35,651 -35,651share awardsAs of December 31, 2023 79,202,250 19,656The total shareholders' equity consists of share capital, share premium, paid in capital, cash flow hedges, translation difference, other reserves and retained earnings. Consistent with local legislation, Konecranes' share has no nominal value. All issued shares are fully paid and listed on Nasdaq Helsinki. Share premium includes the value of shares, which exceeds the accounting par value of the shares, for shares issued before September 1, 2006. Cash flow hedges include changes in the fair values of derivative financial instruments used to hedge operational cash flows. Translation differences comprise the differences arising from translating non-euro functional currency entities to euro, which is the Group's presentation currency. Other reserves include the credit for equity settled share-based payment cost. The paid in capital includes the portion of shares' subscription price which is not recorded to share capital or to liabilities according to IFRS. The paid in capital also includes other capital contributions to the Group which are not recorded to some other reserve within the equity. The paid in capital also includes the possible amount of share capital decrease which is not netted against accumulated losses or is not distributed to shareholders. Dividend proposal per share for 2023 was EUR 1.35 and dividend for 2022 was EUR 1.25.23.2. Distributable earnings See page 122 / Board of Directors' Proposal to the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__104": {
"value": "The total shareholders' equity consists of share capital, share premium, paid in capital, cash flow hedges, translation difference, other reserves and retained earnings. Consistent with local legislation, Konecranes' share has no nominal value. All issued shares are fully paid and listed on Nasdaq Helsinki. Share premium includes the value of shares, which exceeds the accounting par value of the shares, for shares issued before September 1, 2006. Cash flow hedges include changes in the fair values of derivative financial instruments used to hedge operational cash flows. Translation differences comprise the differences arising from translating non-euro functional currency entities to euro, which is the Group's presentation currency. Other reserves include the credit for equity settled share-based payment cost. The paid in capital includes the portion of shares' subscription price which is not recorded to share capital or to liabilities according to IFRS. The paid in capital also includes other capital contributions to the Group which are not recorded to some other reserve within the equity. The paid in capital also includes the possible amount of share capital decrease which is not netted against accumulated losses or is not distributed to shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__105": {
"value": "Dividend proposal per share for 2023 was EUR 1.35 and dividend for 2022 was EUR 1.25.23.2. Distributable earnings See page 122 / Board of Directors' Proposal to the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__106": {
"value": "1.35",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s11_notes__7__106": {
"value": "1.25",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"s11_notes__6__107": {
"value": "24. Provisions Pension 2023 Warranty Restructuringcommitments Other TotalTotal provisions as of January 1 55.4 27.7 7.5 21.9 112.4Translation difference -0.5 0.0 -0.3 -0.2 -0.9Increase through business combination 2.2 0.0 0.0 0.0 2.2Additional provision in the period 33.5 18.0 1.0 9.3 61.8Utilization of provision -15.6 -13.2 -0.1 -6.3 -35.2Unused amounts reversed -16.8 -0.3 0.0 -1.5 -18.6Total provisions as of December 31 58.3 32.2 8.1 23.1 121.8 Pension 2022 Warranty Restructuringcommitments Other TotalTotal provisions as of January 1 56.4 39.8 8.0 21.8 126.1Translation difference -0.1 0.0 0.5 0.3 0.7Additional provision in the period 24.1 7.9 1.0 8.4 41.4Utilization of provision -11.0 -19.1 0.0 -6.9 -37.0Unused amounts reversed -14.1 -0.9 -2.0 -1.8 -18.7Total provisions as of December 31 55.4 27.7 7.5 21.9 112.4The provision for warranties covers the expenses due to the repair or replacement of products during their warranty period. The warranty liability is based on historical realized warranty costs for deliveries of standard products and services. The usual warranty period is 12 months. For more complex contracts, mainly including long-term projects, the warranty reserve is calculated contract by contract and the warranty period can be significantly longer. The restructuring provision is recognized when the Group has prepared a detailed reorganization plan and begun the implementation of the plan or announced the matter. Pension commitments include provisions for local pension schemes. Other provisions include provisions for claims, litigations and provisions for loss contracts in which the amount is not provided for as part of work in progress or percentage of completion receivable of the loss making project. Restructuring costsKonecranes has recorded EUR 26.4 million of restructuring costs during 1-12/2023 (EUR 17.0 million in 1-12/2022) of which EUR 0.2 million was impairment of assets (EUR 2.9 million for 1-12/2022). The remaining restructuring items are reported 1-12/2023 in personnel costs (EUR 21.7 million), in material, supplies and subcontracting (EUR 1.4 million), in other operating expenses (EUR 5.8 million) and in other operating income (EUR 2.7 million). War in UkraineIn 2022, Konecranes reviewed the risks related to the war in Ukraine regarding the effects on assets and ongoing projects and impaired the values of property, plant and equipment by EUR 2.1 million, inventories by EUR 1.5 million, receivables by EUR 0.5 million and deferred tax assets by EUR 0.4 million in Ukraine due to the circumstances, which indicated that the carrying amount is unlikely to be recoverable. In 2022, Konecranes also recorded EUR 1.1 million of additional losses and provisions to the inventories and receivables in Russia and EUR 31.0 million for the projects to Russia, including a EUR 33.5 million reversal of sales. In 2023 some of the impairments and provisions were reversed due to changed risk position. The total value of released unutilized provisions was EUR 5.8 million and reversal of impairment for fixed assets EUR 0.3 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__108": {
"value": "25. Current liabilities25.1. Accruals2023 2022Wages, salaries and personnel 152.3 127.7 expensesPension costs 10.4 8.6 Interest 18.1 11.5 Other items 46.9 50.5 Total 227.7 198.3 25.2. Other current liabilities (non-interest bearing)2023 2022Value added tax 27.1 24.3 Payroll tax liability 19.1 17.6 Other short-term liabilities 15.7 14.2 Total 61.9 56.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__109": {
"value": "25.2. Other current liabilities (non-interest bearing)2023 2022Value added tax 27.1 24.3 Payroll tax liability 19.1 17.6 Other short-term liabilities 15.7 14.2 Total 61.9 56.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__110": {
"value": "26. Lease accountingMaturity of undiscounted cash flows 2023 2022within 1 year 43.7 40.3 1\u22125 years 88.3 73.4 over 5 years 41.1 45.8 Total 173.1 159.5 Lease liabilities included in the balance sheet 2023 2022Non current interest-bearing 112.7 104.0 liabilitiesCurrent interest-bearing liabilities 37.7 36.5 Total as of December 31 150.3 140.5 Amounts recognized in statement of income 2023 2022Depreciation for right of use asset 45.0 43.5Income for subleasing right -1.6 -1.1of use assetExpenses related to 5.6 4.0short-term leasesExpenses related to leases of 1.2 2.4low-value assetsInterest on lease liabilities 5.8 4.1Total expenses 56.1 52.9Total cash flow of leases 56.8 54.7 The Group leases land and buildings for its production and office space. The leases of production facilities typically run for a period of two to seven years, and leases of office space for one to ten years. Some leases include an option to renew the lease for an additional period after the end of the contract term. Konecranes Group has major lease agreements of factory and office buildings in Hyvink\u00e4\u00e4 and H\u00e4meenlinna, Finland. During 2022 the second extention option of 5 years for these buildings was applied. The Group has also included one additional 5-year option in the lease liability value. The Group has various other leases for office equipment, vehicles and premises with varying terms and renewal rights. Vehicles typically have a lease term of three to seven years. Leasing contracts comply with normal practices in the countries concerned. The average interest rate in lease contracts was 4.6% (3.54% in 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s11_notes__6__111": {
"value": "27. Interest-bearing liabilities27.1. Non-current2023 2022Loans from financial institutions 599.9 928.8 Pension loans 15.0 20.0 Lease liabilities 112.7 104.0 Other long-term loans 0.1 3.6 Total 727.7 1,056.427.2. Current2023 2022Loans from financial institutions 176.9 0.0 Pension loans 5.0 5.0 Lease liabilities 37.7 36.5 Other short-term loans 7.6 8.3 Total 227.2 49.8During the year 2023 the Group voluntarily prepaid a EUR 150 million bilateral term loan in full with its cash reserves and agreed on an extension of maturity of its EUR 300 million term loan from 2024 to 2025. In addition, the Group signed a new EUR 350 million committed revolving credit facility that refinanced the previous EUR 400 million facility (2017-2024). The new revolving credit facility was undrawn at the end of December 2023. At the end of the fourth quarter, the Group\u2019s liquid cash reserves were EUR 586.6 million (31.12.2022: EUR 413.9 million). In addition, the Group may draw short-term financing from the domestic commercial paper markets within the EUR 500 million limit, which was unutilized at the end of December 2023 (31.12.2022: unutilized). At the end of December 2023, the outstanding short- and long-term loan portfolio consists of: EUR 400 million term loans, EUR 377 million Schuldschein loan and EUR 20 million employment pension loan. The loan portfolio contains floating and fixed rate tranches and interest swaps. The weighted average interest rate is currently 3.96% per annum. The Group is in compliance with the quarterly monitored financial covenant (gearing). No specific securities have been given for the loans. The Group continues to have healthy gearing ratio of 22.9% (31.12.2022: 48.0%) which is in compliance with the financial covenants the Group has to comply with. Derivatives are initially recorded in the balance sheet at fair value and subsequently measured at fair value at each balance sheet date. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. Derivative instruments that are not designated as hedges (hedge accounting) are measured at fair value, and the change in fair value is recognized in the consolidated statement of income. When the derivative is designated as a hedge (hedge accounting) the effective part of the change in fair value is recognized in other comprehensive income. Any ineffective part is recognized in the consolidated statement of income. The foreign exchange forward contracts are measured based on the closing date\u2019s observable spot exchange rates and the quoted yield curves of the respective currencies. Interest rate swaps are measured based on present value of the cash flows, which are discounted based on the quoted yield curves. In addition, the Group has certain revolving facilities the details of which can be found in note 33.3. The average interest rate of the non-current liabilities portfolio at December 31, 2023 was 4.67% (2022: 2.51%) and that of the current liabilities portfolio was 3.05% (2022:3.93%). The effective interest rate for EUR loans varied between 0.80% - 5.28% (2022: 0.80% - 4.05%). 27.3. Maturity tables of financial liabilities and liquidity riskThe following table reflects the maturity of interest-bearing liabilities.2023 MaturityAvg. Avg. Less than Over Total Currencydurationrate %1 year 1\u20135 years5 yearsMEUREUR 1.2 years 3.09 200.5 647.4 35.2 883.2INR 1.8 years 9.68 0.5 1.4 0.0 2.0CNY 1.3 years 4.69 1.0 0.5 0.0 1.5USD 1.7 years 5.37 8.9 18.3 1.3 28.5GBP 1.8 years 4.89 1.5 3.9 0.3 5.7Others 0.8\u20133.4 years 2.23\u201318.39 14.8 12.3 7.0 34.1Total 4.29 227.2 683.9 43.8 954.92022 MaturityAvg. Avg. Less than Over Total Currencydurationrate % 1 year 1\u20135 years5 yearsMEUREUR 1.5 years 2.18 23.5 973.5 40.4 1,037.4INR 1.7 years 8.62 0.3 0.6 0.0 0.8CNY 1.5 years 4.59 1.6 1.2 0.0 2.8USD 1.7 years 4.01 7.8 15.7 0.5 24.0GBP 1.8 years 3.33 1.3 4.2 0.3 5.8Others 1.1\u20133.0 years 1.43\u201320.78 15.3 13.3 6.7 35.3Total 2.58 49.8 1,008.5 47.9 1,106.227.4. Liquidity risk, containing undiscounted cash flows of non-derivative financial liabilities by currencyThe following table reflects all contractually fixed pay-offs for settlement, repayments and interest resulting from recognized financial liabilities, excluding derivatives. The amounts disclosed are undiscounted net cash outflows for the respective upcoming fiscal years, based on the earliest date on which Konecranes could be required to pay. Cash outflows for financial liabilities (including interest) without fixed amount or timing are based on the conditions existing at December 31.2023 MaturityAvg. Avg. Less than 1\u20135 Over Total Currencydurationrate %1 yearyears5 yearsMEUREUR 1.2 years 3.09 241.3 720.8 40.0 1,002.1INR 1.8 years 9.68 0.7 1.6 0.0 2.3CNY 1.3 years 4.69 1.0 0.5 0.0 1.5USD 1.7 years 5.37 10.1 20.7 1.5 32.2GBP 1.8 years 4.89 2.2 4.0 0.6 6.7Others 0.8\u20133.4 years 2.23\u201318.39 16.7 14.8 12.9 44.4Total debt 4.29 272.0 762.2 55.0 1,089.2Other financial 375.3 8.1 0.0 383.4liabilitiesTotal financial 647.3 770.3 55.0 1,472.6liabilities2022 MaturityAvg. Avg. Less than 1\u20135 Over Total Currencydurationrate %1 yearyears5 yearsMEUREUR 1.5 years 2.18 53.4 1,024.5 43.3 1,121.2INR 1.7 years 8.62 0.3 0.6 0.0 0.9CNY 1.5 years 4.59 1.7 1.3 0.0 3.0USD 1.7 years 4.01 8.6 17.3 0.4 26.2GBP 1.8 years 3.33 1.6 3.9 0.6 6.1Others 1.1\u20133.0 years 1.43\u201320.78 17.0 15.5 13.2 45.7Total debt 2.58 82.6 1,063.2 57.4 1,203.2Other financial 362.4 7.9 0.0 370.3liabilitiesTotal financial 444.9 1,071.1 57.4 1,573.4liabilities27.5. Maturity profile of the Group\u2019s financial liabilitiesThe following table reflects the maturity of all financial liabilities.2023 Maturity of financial liabilitiesAmount Less than 1\u20135 Over Liability typedrawn1 yearyears5 yearsLoans from financial institutions 776.8 176.9 589.9 10.0Lease liabilities 150.3 37.7 79.0 33.7Pension loans 20.0 5.0 15.0 0.0Other long-term debt and short-term loans 7.7 7.6 0.0 0.1Derivative financial instruments 11.3 11.3 0.0 0.0Account and other payables 383.4 375.3 8.1 0.0Total 1,349.5 613.7 692.0 43.82022 Maturity of financial liabilitiesAmount Less than 1\u20135 Over Liability typedrawn1 yearyears5 yearsLoans from financial institutions 928.8 0.0 918.8 10.0Lease liabilities 140.5 36.5 66.2 37.8Pension loans 25.0 5.0 20.0 0.0Other long-term debt and short-term loans 11.9 8.3 3.5 0.2Derivative financial instruments 15.9 15.9 0.0 0.0Account and other payables 370.3 362.4 7.9 0.0Total 1,492.3 428.0 1,016.4 47.927.6. Changes in Group\u2019s liabilities arising from financing activitiesNon-current Non- Current interest current interest Current bearing lease bearing lease Financial 2023loans liabilities loans liabilities derivatives Total Total liabilities as of 952.4 104.0 13.3 36.5 15.9 1,122.1January 1Proceeds 0.0 0.0 0.0 0.0 0.0 0.0Repayments -160.6 0.0 -0.4 -44.1 0.0 -205.1Acquisitions and 0.0 0.4 0.0 0.0 0.0 0.4disposalsForeign exchange -0.1 -0.9 -0.3 -0.5 0.0 -1.7movementChanges in fair values 0.0 0.0 0.0 0.0 -4.6 -4.6Changes in lease 0.0 55.9 0.0 -1.1 0.0 54.9contractsOther -176.7 -46.8 176.9 46.8 0.0 0.2Total as of December 31 615.0 112.7 189.5 37.6 11.3 966.2 Non-current Non- Current interest current interest Current bearing lease bearing lease Financial 2022loans liabilitiesloans liabilities derivatives Total Total liabilities as of 362.0 85.1 379.7 38.3 16.9 882.0January 1Proceeds 600.0 0.0 0.0 0.0 0.0 600.0Repayments -8.7 0.0 -366.7 -44.1 0.0 -419.5Acquisitions and 0.0 0.0 0.0 0.0 0.0 0.0disposalsForeign exchange 0.2 0.6 0.0 0.3 0.0 1.1movementChanges in fair values 0.0 0.0 0.0 0.0 -1.0 -1.0Changes in lease 0.0 61.5 0.0 -1.2 0.0 60.3contractsOther -1.0 -43.3 0.2 43.3 0.0 -0.8Total as of December 31 952.4 104.0 13.3 36.5 15.9 1,122.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__112-1": {
"value": "During the year 2023 the Group voluntarily prepaid a EUR 150 million bilateral term loan in full with its cash reserves and agreed on an extension of maturity of its EUR 300 million term loan from 2024 to 2025. In addition, the Group signed a new EUR 350 million committed revolving credit facility that refinanced the previous EUR 400 million facility (2017-2024). The new revolving credit facility was undrawn at the end of December 2023. At the end of the fourth quarter, the Group\u2019s liquid cash reserves were EUR 586.6 million (31.12.2022: EUR 413.9 million). In addition, the Group may draw short-term financing from the domestic commercial paper markets within the EUR 500 million limit, which was unutilized at the end of December 2023 (31.12.2022: unutilized). At the end of December 2023, the outstanding short- and long-term loan portfolio consists of: EUR 400 million term loans, EUR 377 million Schuldschein loan and EUR 20 million employment pension loan. The loan portfolio contains floating and fixed rate tranches and interest swaps. The weighted average interest rate is currently 3.96% per annum. The Group is in compliance with the quarterly monitored financial covenant (gearing). No specific securities have been given for the loans. The Group continues to have healthy gearing ratio of 22.9% (31.12.2022: 48.0%) which is in compliance with the financial covenants the Group has to comply with.For managing the liquidity risks, the Group has established EUR 350 million committed revolving credit facility with an international loan syndication (2023-2028). At the end of 2023 the facility was unutilized. To cover the short-term funding needs, Konecranes Finance Corporation can borrow from institutional investors through domestic commercial paper program (totaling EUR 500 million). In addition, business units around the world have working capital facilities totaling some EUR 270 million to cover the day-to-day funding needs. Cash and cash equivalents totaled EUR 586.6 million at the end of 2023 (EUR 413.9 million in 2022).See note 27.3 for the maturity profile of the Group\u2019s financial liabilities.",
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"entity": "scheme:549300EF0CDEQZBMA096",
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}
},
"s11_notes__6__113-1": {
"value": "27.3. Maturity tables of financial liabilities and liquidity riskThe following table reflects the maturity of interest-bearing liabilities.2023 MaturityAvg. Avg. Less than Over Total Currencydurationrate %1 year 1\u20135 years5 yearsMEUREUR 1.2 years 3.09 200.5 647.4 35.2 883.2INR 1.8 years 9.68 0.5 1.4 0.0 2.0CNY 1.3 years 4.69 1.0 0.5 0.0 1.5USD 1.7 years 5.37 8.9 18.3 1.3 28.5GBP 1.8 years 4.89 1.5 3.9 0.3 5.7Others 0.8\u20133.4 years 2.23\u201318.39 14.8 12.3 7.0 34.1Total 4.29 227.2 683.9 43.8 954.92022 MaturityAvg. Avg. Less than Over Total Currencydurationrate % 1 year 1\u20135 years5 yearsMEUREUR 1.5 years 2.18 23.5 973.5 40.4 1,037.4INR 1.7 years 8.62 0.3 0.6 0.0 0.8CNY 1.5 years 4.59 1.6 1.2 0.0 2.8USD 1.7 years 4.01 7.8 15.7 0.5 24.0GBP 1.8 years 3.33 1.3 4.2 0.3 5.8Others 1.1\u20133.0 years 1.43\u201320.78 15.3 13.3 6.7 35.3Total 2.58 49.8 1,008.5 47.9 1,106.227.4. Liquidity risk, containing undiscounted cash flows of non-derivative financial liabilities by currencyThe following table reflects all contractually fixed pay-offs for settlement, repayments and interest resulting from recognized financial liabilities, excluding derivatives. The amounts disclosed are undiscounted net cash outflows for the respective upcoming fiscal years, based on the earliest date on which Konecranes could be required to pay. Cash outflows for financial liabilities (including interest) without fixed amount or timing are based on the conditions existing at December 31.2023 MaturityAvg. Avg. Less than 1\u20135 Over Total Currencydurationrate %1 yearyears5 yearsMEUREUR 1.2 years 3.09 241.3 720.8 40.0 1,002.1INR 1.8 years 9.68 0.7 1.6 0.0 2.3CNY 1.3 years 4.69 1.0 0.5 0.0 1.5USD 1.7 years 5.37 10.1 20.7 1.5 32.2GBP 1.8 years 4.89 2.2 4.0 0.6 6.7Others 0.8\u20133.4 years 2.23\u201318.39 16.7 14.8 12.9 44.4Total debt 4.29 272.0 762.2 55.0 1,089.2Other financial 375.3 8.1 0.0 383.4liabilitiesTotal financial 647.3 770.3 55.0 1,472.6liabilities2022 MaturityAvg. Avg. Less than 1\u20135 Over Total Currencydurationrate %1 yearyears5 yearsMEUREUR 1.5 years 2.18 53.4 1,024.5 43.3 1,121.2INR 1.7 years 8.62 0.3 0.6 0.0 0.9CNY 1.5 years 4.59 1.7 1.3 0.0 3.0USD 1.7 years 4.01 8.6 17.3 0.4 26.2GBP 1.8 years 3.33 1.6 3.9 0.6 6.1Others 1.1\u20133.0 years 1.43\u201320.78 17.0 15.5 13.2 45.7Total debt 2.58 82.6 1,063.2 57.4 1,203.2Other financial 362.4 7.9 0.0 370.3liabilitiesTotal financial 444.9 1,071.1 57.4 1,573.4liabilities33.3. Liquidity risksLiquidity risks concern the availability of liquid assets or funding. Lack of funding might jeopardize normal business operations and eventually might endanger the ability to fulfill daily payment obligations. For managing the liquidity risks, the Group has established EUR 350 million committed revolving credit facility with an international loan syndication (2023-2028). At the end of 2023 the facility was unutilized. To cover the short-term funding needs, Konecranes Finance Corporation can borrow from institutional investors through domestic commercial paper program (totaling EUR 500 million). In addition, business units around the world have working capital facilities totaling some EUR 270 million to cover the day-to-day funding needs. Cash and cash equivalents totaled EUR 586.6 million at the end of 2023 (EUR 413.9 million in 2022).See note 27.3 for the maturity profile of the Group\u2019s financial liabilities.",
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"s11_notes__6__114": {
"value": "28. Other long-term liabilities2023 2022Employee benefits 224.3 209.7 Other non-interest-bearing long- 8.1 7.9 term liabilitiesTotal 232.5 217.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__116": {
"value": "29. Share-based paymentsPerformance Share Plans Plan 2020-2022 Plan 2021-2023 Plan 2022-2024 Plan 2023-2025Performance period 1.1.2020\u201331.12.2022 1.1.2021\u201331.12.2023 1.1.2022\u201331.12.2024 1.1.2023\u201331.12.2025Vesting year 2023 2024 2025 2026Maximum number of participants 170 170 170 170Maximum number of shares 600,000 634,921 600,000 700,000Non-market vesting conditions Separate 1-year Separate 1-year Separate 1-year Cumulative 2targets:targets:targets :targets: 11 1Adjusted EPS Adjusted EPSAdjusted EPS Adjusted EPS (60%)Compound annual growth rate (CAGR) for Sales (40%)1) Adjustments to the EPS include restructuring costs, costs related to mergers and acquisitions and separately defined other exceptional items. 2) For the 2022-2024 vesting periods granted in 2022 the equity settled portion is based on non-market vesting condition (adjusted EPS) for the year 2022 and 2023 when the condition for 2024 is still open. The payment of the total reward takes place if the plan term conditions are met. The potential rewards from the plan will be paid partly in company shares and partly in cash after the performance periods. The cash proportion is intended to cover taxes and tax-related costs arising from the rewards to the plan participants. As a rule, no reward will be paid if plan participant's employment or service ends before the reward payment.Restricted Share Unit PlanThe Restricted Share Unit Plan 2017 is directed to selected key employees in Konecranes. The vesting periods will last for 12 to 36 months. The prerequisite for reward payment is that a key employee\u2019s employment or service continues until the end of the vesting period. The rewards to be allocated on the basis of the entire plan will amount to a maximum total of 200,000 Konecranes Plc shares including also the proportion to be paid in cash. No shares (17,170 in 2022) of the restricted share unit plan were allocated during 2023. Restricted Share Unit Plan 2020Konecranes Plc and Cargotec Corporation signed on October 1, 2020, a combination agreement and a merger plan to combine the two companies through a merger. The Board of Directors of Konecranes Plc decided to establish a share-based incentive plan for the Group key employees. The Restricted Share Unit Plan 2020 was intended to function as a bridge plan for the transition period before the closing of the Transaction and forming the combined company in the merger. The aim of the Plan was to align the objectives of the shareholders and the key employees, to secure business continuity during the Transition Period, and to retain key employees at the company. As the merger was cancelled in March 2022, also the Restricted Share Unit Plan 2020 was cancelled in 2022.Ownership ObligationsA member of the Konecranes Leadership Team must hold a minimum of 50 percent of any net shares given on the basis of these plans, until the member\u2019s shareholding in the company in total corresponds to the value of the member\u2019s annual salary and the member\u2019s membership in the Konecranes Leadership Team continues. Fair valueThe fair value of the equity-settled portion of the share rights granted is estimated at the date of grant using a Monte-Carlo simulation model, taking into account the terms and conditions upon which the share rights were granted. The model simulates the TSR and compares it against the group of principal competitors. It takes into account historical and expected dividends, and the share price fluctuation covariance of the Group and its competitors to predict the distribution of relative share performance. Fair value of the cash-settled portion is measured at each reporting date using a binomial option pricing model taking into account the terms and conditions upon which the instruments were granted and the current likelihood of achieving the specified target.Employee Share Savings PlanThe Group has launched an Employee Share Savings Plan (ESSP) in which each participant will receive one free matching share for every two acquired savings shares. Matching shares will be delivered to a participant if the participant holds the acquired shares from the plan until the end of the designated holding period. The matching shares will be paid in Konecranes shares and partly in cash. The expenses of the plan are recognized over the vesting period based on the quarterly acquired savings share amounts.The fair value of the equity-settled portion of the share options granted is estimated at the date of grant using a binomial option pricing model, taking into account the terms and conditions upon which the share options were granted. Fair value of the cash-settled portion is measured at each reporting date using a binomial option pricing model taking into account the terms and conditions upon which the instruments were granted and the current likelihood of achieving the specified target.29.1. Expenses for employee service2023 2022Expense arising from equity-settled 15.7 6.7share-based payment transactions Expense arising from cash-settled 1.2 -1.9share-based payment transactions Total expense arising from share-16.9 4.7based payment transactions The carrying amount of the liability arising from cash settled portion was EUR 1.4 million (2022: EUR 0.8 million).29.2. Changes in the number of gross share rewards in Performance Share Plan2023 2022Number Number of sharesof sharesAs of January 1 1,655,470 1,715,800Share rewards granted 625,500 581,670Share rewards awarded -351,338 -149,661Share rewards expired -159,062 -477,839Share rewards forfeited -32,280 -14,500Total as of December 31 1,738,290 1,655,47029.3. Changes in the number of net share rewards in Restricted Share Unit Plan 20202023 2022Number Number of shares of sharesAs of January 1 0 110,686Share rewards expired 0 -110,686Total as of December 31 0 029.4. Changes in the number of gross share rewards in Employee Share Savings Plan2023 2022Number Number of sharesof sharesOutstanding as of January 1 209,577 190,438Share rewards granted 76,393 84,047Share rewards awarded -71,027 -52,620Share rewards forfeited -13,159 -12,288Outstanding as of December 31 201,784 209,57729.5. Assumptions made in determining the fair value of Performance Shares PlanThe fair value for the cash settled portion is remeasured at each reporting date until the possible share delivery. The fair value of the liability will thus change in accordance with the Konecranes Plc share price. The fair value for the equity settled portion has been determined at grant using the fair value of Konecranes share as of the grant date and expected dividend yield. 2020 Restricted 2023 plan 2022 plan 2021 planshare unit plan 2020 planShare price at grant, EUR 35.34 22.13 38.77 27.74 26.95 Share price at reporting period 40.78 40.78 40.78 40.78 40.78 end 31.12., EURExpected volatility, % * 34.0% 48.0% 26.0% 31.0% 32.0%Risk-free interest rate, % 2.8% 0.7% 0.0% 0.0% 0.0%Expected dividend per share, pa , EUR 1.4 1.3 1.7 3.2 1.7 Expected contractual life in years 2.9 2.8 2.8 0.0 2.5 Weighted average fair value of the share 31.21 18.20 33.75 24.54 22.59 rewards at the grant dateModel used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Black-Scholes * Expected volatility was determined by calculating the historical volatility of the Konecranes share using monthly observations over corresponding maturity.",
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"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__6__117": {
"value": "30. Related party transactionsThe related parties of Konecranes include subsidiaries (see Company list), associated companies, joint ventures and joint operations, pension fund in the United Kingdom and the key management personnel of the Group and major shareholders. The key management personnel of the Group is comprised of the Board of Directors, the CEO and the Konecranes Leadership Team. 30.1. Key Management compensationBoard of DirectorsThe remuneration packages for Board members are resolved by the Annual General Meeting (AGM) on proposal by the Nomination Committee. The AGM 2023 confirmed an annual fee of EUR 150,000 for the Chairman of the Board (2022: EUR 140,000), EUR 100,000 for the Vice Chairman of the Board (2022: EUR 100,000), and EUR 70,000 for other Board members (2022: EUR 70,000). In case the term of office of a Board member ends before the closing of the Annual General Meeting in 2024, he or she is entitled to the prorated amount of the annual remuneration calculated on the basis of his or her actual term in office. Members of the Board of Directors are also eligible for a meeting fee of EUR 1,000 for each meeting that they attend. In addition, compensation of EUR 1,500 was approved per meeting for attendance at Board committee meetings (2022: EUR 1,500). However, the chairman of the audit committee is entitled to a compensation of EUR 5,000 (2022: EUR 3,000) and the chairman of the human resources comittee EUR 3,000 per meeting for attendance at committee meetings. According to the proposal, 40% of the annual remuneration is to be used for acquiring shares in the company. The remuneration may also be paid by transferring treasury shares based on the authorization given to the Board of Directors by the General Meeting. In case such purchase of shares cannot be carried out due to reasons related either to the company or to a board member, the annual remuneration shall be paid entirely in cash. Travel expenses will be compensated against receipt. 2023Number of shares Value of Total compensation to as part of compensation Compensation Total the Board of directorscompensation in shares, EUR paid in cash, EURcompensation, EURChairman of the Board 2,023 63,614 125,552 189,166 Board members 7,473 234,288 558,876 793,164 Total 9,496 297,903 684,427 982,330 2022Number of shares Value of Total compensation to as part of compensation Compensation Total the Board of directorscompensation in shares, EURpaid in cash, EURcompensation, EURChairman of the Board 1,874 51,298 90,036 141,334 Board members 7,167 192,005 394,831 586,836 Total 9,041 243,304 484,866 728,170 Expense of statutory pension plans was EUR 0.1 million in 2023 (EUR 0.1 million in 2022).President and CEOThe Human Resources Committee reviews the President and CEO's performance. Based on this review and relevant facts, the Board sets the total compensation package for the President and CEO. On August 6, 2021, Konecranes announced that Rob Smith has decided to leave the company. He left Konecranes on December 31, 2021. The company's CFO, Teo Ottola, who also serves as Deputy CEO, acted as the interim CEO from January 1, 2022, until October 18, 2022. Konecanes announced June 10, 2022, that Anders Svensson has been appointed as Konecranes' new President and CEO and he assumed his role on October 19, 2022. President and CEO 2023 2022Salary and benefits, EUR (Anders Svensson October 19, 2022- December 31, 2023, 814,208 750,905 Teo Ottola January 1, 2022-October 18, 2022) Annual variable pay, EUR 0 1,087,088 Total 814,208 1,837,993 Expense of statutory pension plans (Anders Svensson October 19, 2022 - December 31, 2023, 136,565 203,162 Teo Ottola January 1, 2022-October 18, 2022) Expense of voluntary pension plans (Anders Svensson October 19, 2022 - December 31, 2023, 160,000 48,802 Teo Ottola January 1, 2022-October 18, 2022)Total 296,565 251,964 Accrued annual variable pay of CEO 799,203 48,557 The accrual of variable pay is paid during the following year.Shareholding in Konecranes Plc (number of shares) 324 0Performance share rights allocated (number of share rights) 72,170 17,170 Share-based payment costs, EUR 564,439 -68,933Retirement age 63 years 63 years Period of notice 6 months 18 months Severance payment (including 6 months notice period)salary and fringe benefits Konecranes Leadership TeamThe Konecranes Leadership Team (KLT) convenes as frequently as necessary, normally on a monthly basis. Business Areas have their own management teams that convene on a regular basis. Only the KLT is classified as key management personnel due to the decision making power. The Konecranes Leadership Team consists of the following members: \u2022 President and CEO \u2022 Chief Financial Officer, Deputy CEO \u2022 Executive Vice President, Industrial Service and Equipment \u2022 Executive Vice President, Port Solutions, and Executive Vice President, Technologies \u2022 Senior Vice President, Human Resources \u2022 Senior Vice President, General CounselThe Human Resources Committee of the Board will, based upon a recommendation by the President and CEO, make a proposal to the Board concerning the approval of the base compensation review and incentive levels for KLT members.The retirement age of the Finnish members of the KLT (excluding the President and CEO) is set according to the Employees Pensions Act (TyEL). The Finnish members of the KLT also participate in the contribution-based group pension insurance scheme offered to key personnel in Finland. The defined contribution payment by the company is 1% of annual salary excluding performance based compensation (annual or long-term incentives). The Finnish KLT members also have life insurance and disability insurances. Non-Finnish members have local insurances.Konecranes Leadership Team excluding the President and CEO 2023 2022Salary and benefits, EUR 1,992,325 1,952,574 Annual variable pay, EUR 571,026 1,859,503 Total 2,563,351 3,812,077 Expense of statutory pension plans 301,595 430,913 Expense of voluntary pension plans 13,434 14,358 Total 315,029 445,271 Shareholding in Konecranes Plc (number of shares) 156,037 162,796 Performance share rights allocated (number of share rights) 202,000 256,000 Share-based payment costs, EUR 2,657,376 196,577 There were no loans outstanding to the Konecranes Leadership Team at end of the period 2023 and 2022. There were no guarantees on behalf of the Konecranes Leadership Team in 2023 and 2022.The employee benefits to the key management personnel of the Group were in total EUR 8.9 million in 2023 (EUR 6.6 million in 2022).30.2. Transactions with associated companies and joint arrangements2023 2022Sales of goods and services with associated companies and joint arrangements 18.9 25.4 Receivables from associated companies and joint arrangements 2.3 4.1 Purchases of goods and services from associated companies and joint arrangements 67.7 64.5 Liabilities to associated companies and joint arrangements 0.9 1.5 Sales to and purchases from related parties are concluded using terms equivalent to arm's length transaction.30.3. Transactions with Pension Fund in the United Kingdom2023 2022Employer contributions 0.0 0.2",
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"s11_notes__6__118": {
"value": "30.1. Key Management compensationBoard of DirectorsThe remuneration packages for Board members are resolved by the Annual General Meeting (AGM) on proposal by the Nomination Committee. The AGM 2023 confirmed an annual fee of EUR 150,000 for the Chairman of the Board (2022: EUR 140,000), EUR 100,000 for the Vice Chairman of the Board (2022: EUR 100,000), and EUR 70,000 for other Board members (2022: EUR 70,000). In case the term of office of a Board member ends before the closing of the Annual General Meeting in 2024, he or she is entitled to the prorated amount of the annual remuneration calculated on the basis of his or her actual term in office. Members of the Board of Directors are also eligible for a meeting fee of EUR 1,000 for each meeting that they attend. In addition, compensation of EUR 1,500 was approved per meeting for attendance at Board committee meetings (2022: EUR 1,500). However, the chairman of the audit committee is entitled to a compensation of EUR 5,000 (2022: EUR 3,000) and the chairman of the human resources comittee EUR 3,000 per meeting for attendance at committee meetings. According to the proposal, 40% of the annual remuneration is to be used for acquiring shares in the company. The remuneration may also be paid by transferring treasury shares based on the authorization given to the Board of Directors by the General Meeting. In case such purchase of shares cannot be carried out due to reasons related either to the company or to a board member, the annual remuneration shall be paid entirely in cash. Travel expenses will be compensated against receipt. 2023Number of shares Value of Total compensation to as part of compensation Compensation Total the Board of directorscompensation in shares, EUR paid in cash, EURcompensation, EURChairman of the Board 2,023 63,614 125,552 189,166 Board members 7,473 234,288 558,876 793,164 Total 9,496 297,903 684,427 982,330 2022Number of shares Value of Total compensation to as part of compensation Compensation Total the Board of directorscompensation in shares, EURpaid in cash, EURcompensation, EURChairman of the Board 1,874 51,298 90,036 141,334 Board members 7,167 192,005 394,831 586,836 Total 9,041 243,304 484,866 728,170 Expense of statutory pension plans was EUR 0.1 million in 2023 (EUR 0.1 million in 2022).President and CEOThe Human Resources Committee reviews the President and CEO's performance. Based on this review and relevant facts, the Board sets the total compensation package for the President and CEO. On August 6, 2021, Konecranes announced that Rob Smith has decided to leave the company. He left Konecranes on December 31, 2021. The company's CFO, Teo Ottola, who also serves as Deputy CEO, acted as the interim CEO from January 1, 2022, until October 18, 2022. Konecanes announced June 10, 2022, that Anders Svensson has been appointed as Konecranes' new President and CEO and he assumed his role on October 19, 2022. President and CEO 2023 2022Salary and benefits, EUR (Anders Svensson October 19, 2022- December 31, 2023, 814,208 750,905 Teo Ottola January 1, 2022-October 18, 2022) Annual variable pay, EUR 0 1,087,088 Total 814,208 1,837,993 Expense of statutory pension plans (Anders Svensson October 19, 2022 - December 31, 2023, 136,565 203,162 Teo Ottola January 1, 2022-October 18, 2022) Expense of voluntary pension plans (Anders Svensson October 19, 2022 - December 31, 2023, 160,000 48,802 Teo Ottola January 1, 2022-October 18, 2022)Total 296,565 251,964 Accrued annual variable pay of CEO 799,203 48,557 The accrual of variable pay is paid during the following year.Shareholding in Konecranes Plc (number of shares) 324 0Performance share rights allocated (number of share rights) 72,170 17,170 Share-based payment costs, EUR 564,439 -68,933Retirement age 63 years 63 years Period of notice 6 months 18 months Severance payment (including 6 months notice period)salary and fringe benefits Konecranes Leadership TeamThe Konecranes Leadership Team (KLT) convenes as frequently as necessary, normally on a monthly basis. Business Areas have their own management teams that convene on a regular basis. Only the KLT is classified as key management personnel due to the decision making power. The Konecranes Leadership Team consists of the following members: \u2022 President and CEO \u2022 Chief Financial Officer, Deputy CEO \u2022 Executive Vice President, Industrial Service and Equipment \u2022 Executive Vice President, Port Solutions, and Executive Vice President, Technologies \u2022 Senior Vice President, Human Resources \u2022 Senior Vice President, General CounselThe Human Resources Committee of the Board will, based upon a recommendation by the President and CEO, make a proposal to the Board concerning the approval of the base compensation review and incentive levels for KLT members.The retirement age of the Finnish members of the KLT (excluding the President and CEO) is set according to the Employees Pensions Act (TyEL). The Finnish members of the KLT also participate in the contribution-based group pension insurance scheme offered to key personnel in Finland. The defined contribution payment by the company is 1% of annual salary excluding performance based compensation (annual or long-term incentives). The Finnish KLT members also have life insurance and disability insurances. Non-Finnish members have local insurances.Konecranes Leadership Team excluding the President and CEO 2023 2022Salary and benefits, EUR 1,992,325 1,952,574 Annual variable pay, EUR 571,026 1,859,503 Total 2,563,351 3,812,077 Expense of statutory pension plans 301,595 430,913 Expense of voluntary pension plans 13,434 14,358 Total 315,029 445,271 Shareholding in Konecranes Plc (number of shares) 156,037 162,796 Performance share rights allocated (number of share rights) 202,000 256,000 Share-based payment costs, EUR 2,657,376 196,577 There were no loans outstanding to the Konecranes Leadership Team at end of the period 2023 and 2022. There were no guarantees on behalf of the Konecranes Leadership Team in 2023 and 2022.The employee benefits to the key management personnel of the Group were in total EUR 8.9 million in 2023 (EUR 6.6 million in 2022).",
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"s11_notes__6__120": {
"value": "31. Guarantees and contingent liabilities2023 2022For own commercial obligationsGuarantees 1,088.3 862.5Other 61.6 72.7Total 1,149.9 935.2From time to time Konecranes provides customers with guarantees that guarantee the company's obligations pursuant to the applicable customer contract. In sales of investment goods (machinery) the typical guarantees are the following: \u2022 tender guarantees (bid bonds) given to the customer to secure the bidding process \u2022 advance payment guarantees given to the customer to secure their down payment for project \u2022 performance guarantees to secure customers over the Company\u2019s own performance in customer contracts, and \u2022 warranty period guarantees to secure the correction of defects during the warranty period. Contingent liabilities relating to litigationVarious legal actions, claims and other proceedings pend against the Group in various countries. These actions, claims and other proceedings are typical of this industry and consistent with a global business offering that encompasses a wide range of products and services. These matters involve contractual disputes, warranty claims, product liability (including design defects, manufacturing defects, failure to warn and asbestos legacy), employment, vehicles and other matters involving claims of general liability. While the final outcome of these matters cannot be predicted with certainty, Konecranes has the opinion, based on the information available to date and considering the grounds presented for such claims, the available insurance coverage and the reserves made, that the outcome of such actions, claims and other proceedings, if unfavorable, would not have a material, adverse impact on the financial condition of the Group.",
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"s11_notes__6__119": {
"value": "31. Guarantees and contingent liabilities2023 2022For own commercial obligationsGuarantees 1,088.3 862.5Other 61.6 72.7Total 1,149.9 935.2From time to time Konecranes provides customers with guarantees that guarantee the company's obligations pursuant to the applicable customer contract. In sales of investment goods (machinery) the typical guarantees are the following: \u2022 tender guarantees (bid bonds) given to the customer to secure the bidding process \u2022 advance payment guarantees given to the customer to secure their down payment for project \u2022 performance guarantees to secure customers over the Company\u2019s own performance in customer contracts, and \u2022 warranty period guarantees to secure the correction of defects during the warranty period. Contingent liabilities relating to litigationVarious legal actions, claims and other proceedings pend against the Group in various countries. These actions, claims and other proceedings are typical of this industry and consistent with a global business offering that encompasses a wide range of products and services. These matters involve contractual disputes, warranty claims, product liability (including design defects, manufacturing defects, failure to warn and asbestos legacy), employment, vehicles and other matters involving claims of general liability. While the final outcome of these matters cannot be predicted with certainty, Konecranes has the opinion, based on the information available to date and considering the grounds presented for such claims, the available insurance coverage and the reserves made, that the outcome of such actions, claims and other proceedings, if unfavorable, would not have a material, adverse impact on the financial condition of the Group.",
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"value": "Contingent liabilities relating to litigationVarious legal actions, claims and other proceedings pend against the Group in various countries. These actions, claims and other proceedings are typical of this industry and consistent with a global business offering that encompasses a wide range of products and services. These matters involve contractual disputes, warranty claims, product liability (including design defects, manufacturing defects, failure to warn and asbestos legacy), employment, vehicles and other matters involving claims of general liability. While the final outcome of these matters cannot be predicted with certainty, Konecranes has the opinion, based on the information available to date and considering the grounds presented for such claims, the available insurance coverage and the reserves made, that the outcome of such actions, claims and other proceedings, if unfavorable, would not have a material, adverse impact on the financial condition of the Group.",
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"s11_notes__6__122": {
"value": "32. Financial assets and liabilities32.1. Carrying amounts of financial assets and liabilities2023 2022Carrying amounts Carrying amounts Fair value Fair value through Amortized by balance Fair value Fair value through Amortized by balance Financial assetsthrough OCIincome statementcostsheet itemthrough OCIincome statementcostsheet itemCurrent financial assetsAccount and other receivables 0.0 0.0 621.0 621.0 0.0 0.0 622.5 622.5Derivative financial instruments 13.6 9.9 0.0 23.5 12.2 31.5 0.0 43.7Cash and cash equivalents 0.0 0.0 586.6 586.6 0.0 0.0 413.9 413.9Total 13.6 9.9 1,207.6 1,231.1 12.2 31.5 1,036.3 1,080.0Financial liabilitiesNon-current financial liabilitiesInterest-bearing liabilities 0.0 0.0 727.7 727.7 0.0 0.0 1,056.4 1,056.4Other payables 0.0 0.0 8.1 8.1 0.0 0.0 7.9 7.9Current financial liabilitiesInterest-bearing liabilities 0.0 0.0 227.2 227.2 0.0 0.0 49.8 49.8Derivative financial instruments 5.3 6.0 0.0 11.3 10.7 5.2 0.0 15.9Account and other payables 0.0 0.0 375.3 375.3 0.0 0.0 362.4 362.4Total 5.3 6.0 1,338.2 1,349.5 10.7 5.2 1,476.4 1,492.3Additional information on financial instruments is presented in Note 34. 32.2. Fair valuesSet out below is a comparison, by class, of the carrying amounts and fair value of the Group's financial assets and liabilities:Carrying amount Fair valueFinancial assets 2023 2022 2023 2022 NoteCurrent financial assetsAccount and other receivables 621.0 622.5 621.0 622.5 19,20Derivative financial instruments 23.5 43.7 23.5 43.7 34.1Cash and cash equivalents 586.6 413.9 586.6 413.9 22Total 1,231.1 1,080.0 1,231.1 1,080.0Financial liabilitiesNon-current financial liabilitiesInterest-bearing liabilities 727.7 1,056.4 734.7 1,082.4 27.1Other payables 8.1 7.9 8.1 7.9Current financial liabilitiesInterest-bearing liabilities 227.2 49.8 227.6 49.8 27.2Derivative financial instruments 11.3 15.9 11.3 15.9 34.1Account and other payables 375.3 362.4 375.3 362.4 25.2Total 1,349.5 1,492.3 1,356.9 1,518.3The management assessed that cash and short-term deposits, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Long-term fixed-rate and variable-rate borrowings are evaluated by the Group based on parameters such as interest rates and the risk characteristics of the loan. IFRS 7 requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. This classification uses the following three-level hierarchy: \u2022 Level 1 - quoted prices in active markets for identical financial instruments \u2022 Level 2 - inputs other than quoted prices included within level 1 that are observable for the financial instrument, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3 - inputs for the financial instrument that are not based on observable market data (unobservable inputs) 32.3. Hierarchy of fair valuesThe following table allocates financial assets and financial liabilities measured at fair value to the three levels of the fair value hierarchy.2023 2022Financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Derivative financial instrumentsForeign exchange forward contracts 0.0 22.9 0.0 0.0 41.9 0.0Commodity derivatives 0.0 0.0 0.0 0.0 0.0 0.0Interest rate derivatives 0.0 0.6 0.0 0.0 1.8 0.0Total 0.0 23.5 0.0 0.0 43.7 0.0Other financial assetsCash and cash equivalents 585.6 0.0 1.0 413.1 0.0 0.8Total 585.6 0.0 1.0 413.1 0.0 0.8Total financial assets 585.6 23.5 1.0 413.1 43.7 0.8Financial liabilities Derivative financial instrumentsForeign exchange forward contracts 0.0 11.1 0.0 0.0 15.8 0.0Commodity derivatives 0.0 0.2 0.0 0.0 0.1 0.0Total 0.0 11.3 0.0 0.0 15.9 0.0Other financial liabilitiesInterest bearing liabilities 0.0 954.9 0.0 0.0 1,106.2 0.0Other payables 0.0 0.0 1.4 0.0 0.0 0.8Total 0.0 954.9 0.8 0.0 1,106.2 0.8Total financial liabilities 0.0 966.1 0.8 0.0 1,122.1 0.8There were no significant changes in classification of fair value of financial assets and financial liabilities in the period 2022 to 2023. There were also no significant movements between the fair value hierarchy classifications. The level 3 valuations in other payables are contingent consideration liabilities resulting from business combinations or the acquisition of non-controlling interest and the cash-settled share-based payment liability.",
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"s11_notes__6__123": {
"value": "32.2. Fair valuesSet out below is a comparison, by class, of the carrying amounts and fair value of the Group's financial assets and liabilities:Carrying amount Fair valueFinancial assets 2023 2022 2023 2022 NoteCurrent financial assetsAccount and other receivables 621.0 622.5 621.0 622.5 19,20Derivative financial instruments 23.5 43.7 23.5 43.7 34.1Cash and cash equivalents 586.6 413.9 586.6 413.9 22Total 1,231.1 1,080.0 1,231.1 1,080.0Financial liabilitiesNon-current financial liabilitiesInterest-bearing liabilities 727.7 1,056.4 734.7 1,082.4 27.1Other payables 8.1 7.9 8.1 7.9Current financial liabilitiesInterest-bearing liabilities 227.2 49.8 227.6 49.8 27.2Derivative financial instruments 11.3 15.9 11.3 15.9 34.1Account and other payables 375.3 362.4 375.3 362.4 25.2Total 1,349.5 1,492.3 1,356.9 1,518.3The management assessed that cash and short-term deposits, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. Long-term fixed-rate and variable-rate borrowings are evaluated by the Group based on parameters such as interest rates and the risk characteristics of the loan. IFRS 7 requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. This classification uses the following three-level hierarchy: \u2022 Level 1 - quoted prices in active markets for identical financial instruments \u2022 Level 2 - inputs other than quoted prices included within level 1 that are observable for the financial instrument, either directly (i.e. as prices) or indirectly (i.e. derived from prices) \u2022 Level 3 - inputs for the financial instrument that are not based on observable market data (unobservable inputs) 32.3. Hierarchy of fair valuesThe following table allocates financial assets and financial liabilities measured at fair value to the three levels of the fair value hierarchy.2023 2022Financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Derivative financial instrumentsForeign exchange forward contracts 0.0 22.9 0.0 0.0 41.9 0.0Commodity derivatives 0.0 0.0 0.0 0.0 0.0 0.0Interest rate derivatives 0.0 0.6 0.0 0.0 1.8 0.0Total 0.0 23.5 0.0 0.0 43.7 0.0Other financial assetsCash and cash equivalents 585.6 0.0 1.0 413.1 0.0 0.8Total 585.6 0.0 1.0 413.1 0.0 0.8Total financial assets 585.6 23.5 1.0 413.1 43.7 0.8Financial liabilities Derivative financial instrumentsForeign exchange forward contracts 0.0 11.1 0.0 0.0 15.8 0.0Commodity derivatives 0.0 0.2 0.0 0.0 0.1 0.0Total 0.0 11.3 0.0 0.0 15.9 0.0Other financial liabilitiesInterest bearing liabilities 0.0 954.9 0.0 0.0 1,106.2 0.0Other payables 0.0 0.0 1.4 0.0 0.0 0.8Total 0.0 954.9 0.8 0.0 1,106.2 0.8Total financial liabilities 0.0 966.1 0.8 0.0 1,122.1 0.8There were no significant changes in classification of fair value of financial assets and financial liabilities in the period 2022 to 2023. There were also no significant movements between the fair value hierarchy classifications. The level 3 valuations in other payables are contingent consideration liabilities resulting from business combinations or the acquisition of non-controlling interest and the cash-settled share-based payment liability.",
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"value": "33. Management of financial risks The nature of Konecranes\u2019 business and its global presence exposes it to a range of financial risks. These risks include (i) market risks, which include potential unfavorable changes in foreign exchange rates, interest rates and commodities (ii) liquidity risk and (iii) credit and counterparty risk.33.1. Market riskThe responsibility of identifying, evaluating and controlling the financial risks arising from the Group\u2019s global business operations is divided between the business units and the Group Treasury. However, the Group uses an approach in which most of the management of financial risks is centralized to Konecranes\u2019 Group Treasury. The Group Treasury functions within the legal entity Konecranes Finance Corporation. By centralization and netting of internal foreign currency cash flows, the Group\u2019s external hedging needs can be minimized.Konecranes Finance Corporation is not a profit center in the sense that it would pursue to maximize its profits. The company aims to serve the operating companies of the Group in reducing their financial risks.The Group\u2019s global business operations involve market risks in the form of currency, interest rate and commodity risk. The Group's objective is to increase the short-term stability of the financial environment for the business operations by reducing the negative effects caused by price fluctuations and other uncertainties in the financial markets.Business units hedge their risks internally with the Group Treasury. As a result of this, most of the financial risks of the Group are concentrated into one company, Konecranes Finance Corporation, and can be evaluated and controlled in an efficient way.Almost all funding, cash management and foreign exchange with banks and other external counterparties are centralized to and managed in Konecranes Finance Corporation in accordance with the Group's Treasury Policy. In a few special cases, when the local central bank regulation prohibits using group services in hedging and funding, this must be done directly between an operating company and a bank under the supervision of the Group Treasury.Konecranes Finance Corporation uses a treasury system, which enables practically a real-time processing of transactions and in-depth records of activities and performance. The standard reporting is done on a weekly basis and it covers group-level commercial and financial cash flows, foreign currency transaction exposure, debt positions, portfolio of derivatives and counterparty credit exposure for financial transactions. In addition, all Group companies participate in the monthly managerial and statutory reporting.Foreign exchange riskThe Group\u2019s global business operations generate foreign exchange risk. However, most of the business units only have transactions in their own currency, i.e. these units have their sales and costs as well as internal funding from Konecranes Finance Corporation in their local home currency. Only 30 out of some 150 Group companies operate regularly in a foreign currency. These companies hedge their foreign exchange risk with Group Treasury. Depending on the business area and the probability of the cash flows, the hedging covers operative cash flows for the next 1\u201324 months and is done by using internal foreign exchange forward contracts. In this way, Konecranes Finance Corporation can manage the foreign exchange risk of the whole Group. The foreign currency funding of the other Group companies and possibly some external foreign currency funding can net some of these foreign currency items. The residual net exposure can be covered with commercial banks using foreign exchange forward contracts or currency options. Currency derivatives belonging to hedge accounting are managed in a separate portfolio than derivatives hedging other commercial flows and funding and cannot thus be netted out against other internal items. These instruments are used when the hedging effect cannot be obtained through internal netting and matching of cash flows within the Group.The business units\u2019 commercial bids in a foreign currency can be hedged by using currency options or exchange forwards, but, in general, using currency clauses covers the risk. For certain large crane projects, the Group applies hedge accounting under IAS 39. Hedges are done by using foreign exchange forward contracts. Currently, only USD denominated projects are included in the hedge accounting. The hedge accounting portfolio comprises both USD sales and purchases where gross flows are hedged separately. At the end of 2023, the hedge accounting net cash flows totaled USD 293 million (USD 338 million in 2022).The following table shows the transaction exposure of Konecranes Finance Corporation as of December 31, 2023, and December 31, 2022 (in EUR millions):2023 2022AED -1 1AUD 32 57BRL 2 3CAD 28 36CHF 3 4CLP 0 1CNY -102 -35CZK -4 -15DKK 0 8GBP 83 85HUF 0 -3IDR 7 8INR 4 2JPY 0 1KZT 0 -1MXN -2 -2MYR 2 14NOK 2 2PHP 6 5PLN 0 1RON 2 1SEK -148 -181SGD -5 -27THB 4 6TWD 1 0USD 294 427VND 1 1ZAR 2 4The following table shows the translation exposure, which represents the equity of the Group in a local currency as of December 31, 2023, and December 31, 2022 (in EUR millions):2023 2022AED 10 10AUD 13 12BDT 1 1BRL 18 19CAD 14 11CHF 7 9CLP 13 11CNY 109 90CZK 11 10DKK 8 6GBP -17 -18HKD 1 1HUF 2 3INR 17 8IDR 15 17JPY -3 -8MAD 1 2MXN 4 1MYR 8 11NOK 1 1PEN 7 6PHP 2 4PLN 3 2RON 2 2RUB 4 6SAR -2 -2SGD 17 5SEK -8 -10THB 11 15TRY 0 -1TWD 3 4UAH -1 -1USD 112 57VND 1 1ZAR 6 4See note 34 for the notional and fair values of derivative financial instruments.Changes in currency rates can affect the profitability and equity of the Group. The US dollar has the biggest impact, as many of the large crane projects outside the United States are denominated in USD and because the Group has a lot of local business operations in the United States. A depreciation of the USD would have a negative impact.The following table shows the theoretical effects that changes in the EUR/USD exchange rate would have on the Group\u2019s annual EBIT and equity. An appreciation of US dollar against euro for 10% increases EBIT by EUR 64.2 million (48.9 million in 2022) and increases equity by EUR 12.7 million (6.4 million in 2022). The below table provides a sensitivity analysis over the past two years:Change inEUR/USD 2023202320222022rateEBITEquityEBITEquity+10% - 52.5 - 10.4 - 40.0 - 5.3-10% +64.2 +12.7 +48.9 +6.4The EBIT effect comprises transaction exposure for euro-based companies having frequent sales in USD and the translation exposure from EBIT generated in USD translated into euros. The transaction position is estimated for 2023 as the USD positions change from one year to another and these changes are mainly due to timing of major ports projects and currencies used in them. The estimate of the effects is based on the assumption that the USD denominated transactions are not hedged. In practice, however, all large projects with long maturities generating a substantial portion of the annual changes in the transaction position are hedged and subject to project specific pricing, and the sensitivity changes based on the net exposure of the outstanding payables and receivables at the year end 2023 are not material. The change in equity is the translation exposure on the Group\u2019s equity in USD.The appreciating USD has a positive impact on the Group's operating margin when it impacts the revenues and costs reported in euros asymmetrically. This is due to the fact that the exchange rate change impacts mostly both Group's revenues and costs and partly only either of these. If the EBIT generated in USD based entities as well as cash flows from long-lasting projects, as they are subject to project specific pricing which in practice may be adjusted to reflect the currency rate changes, are excluded from the sensitivity analysis, the effect on EBIT is estimated to be approximately a EUR 11 million increase (EUR 12 million in 2022) when the dollar appreciates 10 percent. Interest rate riskChanges in market interest rates have an impact on the Group\u2019s net interest expenses and the market value of interest rate derivatives. The objective for interest rate risk management is to reduce the volatility impact the market interest rate changes cause by optimizing the allocation between fixed and floating interest rates according to principles set in capital structure management. Approximately 92% of the Group's interest-bearing liabilities are denominated in euro (94% in 2022). See note 27.3 for the currency split of outstanding debt.The portion of the Group\u2019s long-term debt of total debt is related to the Group\u2019s gearing ratio. The higher the ratio is, the bigger the share of long-term debt should be of the total loan portfolio in line with principles set in the capital structure management. The interest rate risk related to long-term loans may be hedged with interest rate derivatives such as interest rate swaps for which hedge accounting is applied. Other instruments that can be used for which no hedge accounting is applied are forward rate agreements, interest rate futures and interest rate options.A change of one percentage point in interest rates in the Group\u2019s long-term debt portfolio would have the following effect on the Group\u2019s income statement and equity:Change in 20232022interest Income 2023Income 2022ratesstatementEquitystatementEquity+1 - 4.8 +1.4 - 7.5 +2.8- 1 +5.4 - 1.5 +7.8 - 3.0The sensitivity analysis is excluding the interest-bearing assets. The effect on income statement is comprised of the Group\u2019s floating long-term debt which is recognized through the statement of income. The effect on equity is comprised of the changes in fair value of interest rate derivatives, measured through other comprehensive income, which are hedging the debt portfolio. Commodity riskBy using fuel oil derivatives, the Group may reduce the negative effect caused by oil price fluctuation on its sea freight transportation costs. In case the transportation cost is linked to EU greenhouse gas emission prices, the Group may opt to hedge the price risk of such emissions as well. In certain large crane projects, price of some sub-contracted components may be floating with the market prices of certain metals, such as copper or nickel. In such cases the Group may enter into commodity derivatives that mitigate the metal price fluctuation risk.The overall importance of the energy, metal and emission price risk is small compared to other financial risks and cannot be described as significant. See note 34 for the notional and fair values of derivative financial instruments.Steel prices are fixed as a normal part of the procurement process. Price changes naturally affect the future procurement, but these changes can be taken into consideration in the price quotes to the end customers.In large crane projects, the steel structures are sub-contracted and as a normal part of the sub-contracting process, the steel is included in the price of the subcontracting (i.e. the price is fixed with the subcontractor). The Group can procure steel and steel components and thus may have an inventory of those. Market price fluctuation of steel can impact the profitability of customer projects or cause inventory obsolescence. 33.2. Credit and counterparty risksCredit risk arises from the potential failure of a commercial counterparty to meet its commercial payment obligations. To limit this risk, the Group applies a conservative credit policy towards customers. It is Konecranes' practice to review customers carefully before entering into formal business relationships and to require credit reports from new customers. Customer credit risks are mitigated with advance payments, letters of credits, payment guarantees and credit insurance where applicable. With these actions and careful monitoring of the customer payments, credit risks can be mitigated. The business units manage credit risks related to their commercial flows. There is currently no significant concentration of credit risk regarding the commercial activities, as the number of customers is high and their geographic distribution is wide. It is the Group\u2019s policy not to fund its customers beyond regular payment terms. See note 19 for a table of an aging analysis of accounts receivable. The theoretical maximum credit risk equals the carrying amount of all receivables. Counterparty risk arises from the potential failure of a financial institution to meet its payment obligations regarding financial instruments. All credit risks related to other financial instruments than the regular accounts receivable are managed by Konecranes Group Treasury. There is no substantial concentration of credit risk regarding the financial instruments, since investments are rare and hedging instruments are done with a number of banks. Additionally, counterparties for financial instruments are limited to the core banks of the Group. These are all major banks with good credit ratings. The majority of all financial instruments are of short-term nature, with maturity of less than one year. There are no significant deposits or loans granted with external counterparties. The Group has counterparty risk in form of cash holdings in several banks around the world. Despite the active cash management structures the Group has in place, cash holdings globally with several banks are needed to ensure the liquidity of Group companies. The Group Treasury follows closely the exposure in the Group according to principles set out in the Treasury Policy and takes necessary actions for reducing the risk. A credit risk is run on the financial assets of the Group, which consist of cash and cash equivalents, receivables and certain derivatives arising from default of the other party, with a maximum risk equal to the carrying amount of these instruments.33.3. Liquidity risksLiquidity risks concern the availability of liquid assets or funding. Lack of funding might jeopardize normal business operations and eventually might endanger the ability to fulfill daily payment obligations. For managing the liquidity risks, the Group has established EUR 350 million committed revolving credit facility with an international loan syndication (2023-2028). At the end of 2023 the facility was unutilized. To cover the short-term funding needs, Konecranes Finance Corporation can borrow from institutional investors through domestic commercial paper program (totaling EUR 500 million). In addition, business units around the world have working capital facilities totaling some EUR 270 million to cover the day-to-day funding needs. Cash and cash equivalents totaled EUR 586.6 million at the end of 2023 (EUR 413.9 million in 2022).See note 27.3 for the maturity profile of the Group\u2019s financial liabilities.33.4. Capital structure managementThe primary objective of the Group\u2019s capital structure management is to ensure that it maintains a good credit status and a healthy capital ratio to support its business operations. At the same time, the Group also aims to maximize shareholder value by effective use of capital.The Group manages its capital structure and fine-tunes it to adjust to probable changes in economic conditions. These actions may include adjusting the dividend payment to shareholders, buying back own shares or issuing new shares.The Group monitors its capital structure using gearing ratio. This is calculated as a ratio of interest-bearing liabilities less liquid assets less loans receivable to total equity. At the end of 2023, the gearing ratio was 22.9% (48.0% in 2022). The Group has a quantitative target for the capital structure in which the interest-bearing net debt to equity ratio (gearing) should be below 80%.The Group decides on the split between long-term and short-term debt in relation to the gearing ratio level. The following table shows the rough guidelines for the portion of long\u2013term debt of total debt under different gearing ratio levels: Portion of long\u2013termGearing ratio levelof total debtUnder 50% Under 1/3Between 50\u201380% Between 1/3 and 2/3Over 80% Over 2/3The Group monitors the gearing ratio level on a weekly basis. The target of the Group\u2019s capital management has been met in recent years.",
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"s11_notes__6__125": {
"value": "33.1. Market riskThe responsibility of identifying, evaluating and controlling the financial risks arising from the Group\u2019s global business operations is divided between the business units and the Group Treasury. However, the Group uses an approach in which most of the management of financial risks is centralized to Konecranes\u2019 Group Treasury. The Group Treasury functions within the legal entity Konecranes Finance Corporation. By centralization and netting of internal foreign currency cash flows, the Group\u2019s external hedging needs can be minimized.Konecranes Finance Corporation is not a profit center in the sense that it would pursue to maximize its profits. The company aims to serve the operating companies of the Group in reducing their financial risks.The Group\u2019s global business operations involve market risks in the form of currency, interest rate and commodity risk. The Group's objective is to increase the short-term stability of the financial environment for the business operations by reducing the negative effects caused by price fluctuations and other uncertainties in the financial markets.Business units hedge their risks internally with the Group Treasury. As a result of this, most of the financial risks of the Group are concentrated into one company, Konecranes Finance Corporation, and can be evaluated and controlled in an efficient way.Almost all funding, cash management and foreign exchange with banks and other external counterparties are centralized to and managed in Konecranes Finance Corporation in accordance with the Group's Treasury Policy. In a few special cases, when the local central bank regulation prohibits using group services in hedging and funding, this must be done directly between an operating company and a bank under the supervision of the Group Treasury.Konecranes Finance Corporation uses a treasury system, which enables practically a real-time processing of transactions and in-depth records of activities and performance. The standard reporting is done on a weekly basis and it covers group-level commercial and financial cash flows, foreign currency transaction exposure, debt positions, portfolio of derivatives and counterparty credit exposure for financial transactions. In addition, all Group companies participate in the monthly managerial and statutory reporting.",
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"value": "33.2. Credit and counterparty risksCredit risk arises from the potential failure of a commercial counterparty to meet its commercial payment obligations. To limit this risk, the Group applies a conservative credit policy towards customers. It is Konecranes' practice to review customers carefully before entering into formal business relationships and to require credit reports from new customers. Customer credit risks are mitigated with advance payments, letters of credits, payment guarantees and credit insurance where applicable. With these actions and careful monitoring of the customer payments, credit risks can be mitigated. The business units manage credit risks related to their commercial flows. There is currently no significant concentration of credit risk regarding the commercial activities, as the number of customers is high and their geographic distribution is wide. It is the Group\u2019s policy not to fund its customers beyond regular payment terms. See note 19 for a table of an aging analysis of accounts receivable. The theoretical maximum credit risk equals the carrying amount of all receivables. Counterparty risk arises from the potential failure of a financial institution to meet its payment obligations regarding financial instruments. All credit risks related to other financial instruments than the regular accounts receivable are managed by Konecranes Group Treasury. There is no substantial concentration of credit risk regarding the financial instruments, since investments are rare and hedging instruments are done with a number of banks. Additionally, counterparties for financial instruments are limited to the core banks of the Group. These are all major banks with good credit ratings. The majority of all financial instruments are of short-term nature, with maturity of less than one year. There are no significant deposits or loans granted with external counterparties. The Group has counterparty risk in form of cash holdings in several banks around the world. Despite the active cash management structures the Group has in place, cash holdings globally with several banks are needed to ensure the liquidity of Group companies. The Group Treasury follows closely the exposure in the Group according to principles set out in the Treasury Policy and takes necessary actions for reducing the risk. A credit risk is run on the financial assets of the Group, which consist of cash and cash equivalents, receivables and certain derivatives arising from default of the other party, with a maximum risk equal to the carrying amount of these instruments.",
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"s11_notes__6__129": {
"value": "33.4. Capital structure managementThe primary objective of the Group\u2019s capital structure management is to ensure that it maintains a good credit status and a healthy capital ratio to support its business operations. At the same time, the Group also aims to maximize shareholder value by effective use of capital.The Group manages its capital structure and fine-tunes it to adjust to probable changes in economic conditions. These actions may include adjusting the dividend payment to shareholders, buying back own shares or issuing new shares.The Group monitors its capital structure using gearing ratio. This is calculated as a ratio of interest-bearing liabilities less liquid assets less loans receivable to total equity. At the end of 2023, the gearing ratio was 22.9% (48.0% in 2022). The Group has a quantitative target for the capital structure in which the interest-bearing net debt to equity ratio (gearing) should be below 80%.The Group decides on the split between long-term and short-term debt in relation to the gearing ratio level. The following table shows the rough guidelines for the portion of long\u2013term debt of total debt under different gearing ratio levels: Portion of long\u2013termGearing ratio levelof total debtUnder 50% Under 1/3Between 50\u201380% Between 1/3 and 2/3Over 80% Over 2/3The Group monitors the gearing ratio level on a weekly basis. The target of the Group\u2019s capital management has been met in recent years.",
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"value": "34. Hedge activities and derivativesDerivatives are initially recorded in the balance sheet at fair value and subsequently measured at fair value at each balance sheet date. All derivatives are carried as assets when fair value is positive and liabilities when fair value is negative. Derivative instruments that are not designated as hedges (hedge accounting) are measured at fair value, and the change in fair value is recognized in the consolidated statement of income. When the derivative is designated as a cash-flow hedge (hedge accounting) the effective part of the change in fair value is recognized in other comprehensive income. Any ineffective part is recognized in the consolidated statement of income. The foreign exchange forward contracts are measured based on the closing date\u2019s observable spot exchange rates and the quoted yield curves of the respective currencies. Interest rate swaps are measured based on present value of the cash flows, which are discounted based on the quoted yield curves.34.1. Nominal and fair values of derivative financialinstruments2023202320222022Nominal Fair Nominal FairvaluevaluevaluevalueForeign ex-change forward 1,737.3 11.9 1,609.6 26.1contractsInterest rate 300.0 0.6 300.0 1.8derivativesCommodity 4.5 -0.2 1.7 -0.1derivativesTotal 2,041.8 12.2 1,911.3 27.8See note 32.3 for the fair values of the derivatives recognized in assets and liabilities .Derivatives not designated as hedging instrumentsThe Group also enters into other derivatives, foreign exchange or currency options with the intention of reducing the risk in expected sales and purchases. These other contracts are not designated in hedge relationshipsand are measured at fair value through profit or loss. Cash flow hedgesForeign currency and interest riskForeign exchange forward contracts and interest rate swaps measured at fair value through OCI are designated as hedging instruments in cash flow hedges of forecast sales and purchases in US dollar and interest expenses. These forecast transactions are highly probable, and they comprise about 44.7% of the Group\u2019s total hedged transaction flows. The foreign exchange forward contract balances vary with the level of expected foreign currency sales and purchases and changes in foreign exchange forward rates. At the inception of these deals the Group assesses whether the critical terms of the foreign currency forward contracts and interest rate swaps match the terms of the expected highly probable forecast transactions. On a quarterly basis the Group performs a qualitative effectiveness test by checking that the hedging instrument is linked on the relevant assets and liabilities, projected business transactions or binding contracts according to the hedging strategy and that there are no related credit risks. Hedge ineffectiveness is recognized through profit or loss.The cash flow hedges of the expected future sales, purchases and interest expenses in 2023 and 2022 were assessed to be highly effective and a net unrealized gain or loss, with a deferred tax asset relating to the hedging instruments, is included in OCI. The amounts recognized in OCI are shown in the table below and the reclassifications to profit or loss during the year are as shown in the consolidated statement of income.34.2. Fair value reserve of cash flow hedges2023 2022Balance as of January 1 -1.2 -2.8Gains and losses deferred to equity 12.5 2.0(fair value reserve)Change in deferred taxes -2.5 -0.4Balance as of December 31 8.8 -1.2",
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"value": "Derivatives not designated as hedging instrumentsThe Group also enters into other derivatives, foreign exchange or currency options with the intention of reducing the risk in expected sales and purchases. These other contracts are not designated in hedge relationshipsand are measured at fair value through profit or loss.",
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"value": "Derivatives not designated as hedging instrumentsThe Group also enters into other derivatives, foreign exchange or currency options with the intention of reducing the risk in expected sales and purchases. These other contracts are not designated in hedge relationshipsand are measured at fair value through profit or loss.",
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"value": "35. Company list(1,000 EUR)BookParent Subsidiaries owned value ofcompany\u2019sGroup\u2019sby the parent companysharesshare, %share, %Finland: Konecranes Finance Oy 46,448 100 100Konecranes Finland Oy 17,163 26.02 100Konecranes Global Oy 102,391 100 100Subsidiaries Book value Group\u2019sowned by the groupof sharesshare, %Australia: Konecranes and Demag Pty Ltd 21,730 100MHE-Demag Australia Pty Ltd 16,267 100Austria: Konecranes and Demag Ges.m.b.H. 29,775 100Bangladesh: Konecranes and Demag (Bangladesh) Ltd. 109 100Belgium: S.A. Konecranes N.V. 6,150 100Brazil: Konecranes Demag Brasil Ltda. 32,688 100Canada: Konecranes Canada Inc. 893 100Chile: Konecranes Chile SpA 1 100China: Cranes and Parts Trading (Shanghai) Co., Ltd. 5,862 100Dalian Konecranes Company Ltd. 2,196 100Demag Cranes & Components (Shanghai) Co., Ltd. 14,349 100Konecranes (Shanghai) Co. Ltd. 0 100Konecranes (Shanghai) Company Ltd. 4,409 100Konecranes Manufacturing (Jiangsu) Co., Ltd. 28,627 100Konecranes Port Machinery (Shanghai) Co., Ltd. 7,239 100SWF Krantechnik Co., Ltd. 816 100Czech Republic: Konecranes and Demag s.r.o. 2,823 100Denmark: Konecranes Demag A/S 12,561 100Estonia: Konecranes O\u00fc 0 100Finland: Nosturiexpertit Oy 10 100France: KCI Holding France SAS 40,500 100Konecranes and Demag France SAS 22,120 100Verlinde SAS 5,360 100Germany: Demag Cranes & Components GmbH 524,384 100Eurofactory GmbH * 1,239 100Konecranes GmbH 673,804 100Konecranes Holding GmbH 505,262 100Konecranes Noell GmbH 37,501 100Konecranes Real Estate GmbH Co. & KG 36,364 100Konecranes Real Estate Verwaltungs GmbH 28 100Kranservice Rheinberg GmbH * 1,492 100SWF Krantechnik GmbH * 15,500 100* Exemption according to \u00a7 264, 3 HGB for Eurofactory GmbH (registered office in Remptendorf), Kranservice Rheinberg GmbH (registered office in Duisburg) and SWF Krantechnik GmbH (registered office in Mannheim). (1,000 EUR)Subsidiaries Book value Group\u2019sowned by the groupof sharesshare, %Konecranes Hellas Lifting Equipment and Greece:60 100Services S.A.Hong Kong: Konecranes Hong Kong Limited 0 100Hungary: Konecranes Kft. 809 100India: Konecranes and Demag Private Limited 19,519 100Voima Cranes & Components Pvt. Ltd. 0 99.99Indonesia: PT. Konecranes 240 100PT MHE-Demag Indonesia 3,528 100PT MHE-Demag Technology Indonesia 294 67Ireland: Konecranes and Demag Limited 900 100Israel: Konecranes Israel Ltd 0 100Italy: Demag Cranes & Components S.r.l. 13,997 100Donati Sollevamenti S.r.l. 2,561 100MHPS Italia S.r.l. 0 100Japan: Konecranes Company, Ltd. 0 100Latvia: SIA Konecranes Latvija 2 100Lithuania: UAB Konecranes 139 100Luxembourg: Materials Handling International S.A. 300 100Malaysia: Konecranes Sdn. Bhd. 523 100Mechanical Handling Engineering (M) Sdn Bhd 0 100MHE-Demag Logistics Malaysia Sdn Bhd 1,862 100Konecranes Material Handling (Malaysia) Sdn. Bhd. 6,864 100Rainfields Estate Sdn Bhd 1,202 100Mexico: Konecranes Mexico S.A. de C.V. 2,188 100Morocco: Konecranes Maghreb S.a.r.l. 50 100The Konecranes B.V. 4,201 100Netherlands:Konecranes Holding B.V. 503,851 100Konecranes Software B.V. 3,678 100Port Software Solutions B.V. 37,412 100Norway: Konecranes AS 3,588 100Peru: Konecranes Peru S.R.L. 0 100Philippines: MHE-Demag (P), Inc. 3,684 100Poland: Konecranes and Demag Sp. z o.o. 1,359 100Portugal: Konecranes and Demag, Lda. 3,293 100Romania: S.C. Konecranes S.A. 98 100S.C. TBA RO S.r.l. 10 100Russia: AO \"Konecranes Demag Rus\" 0 100Saudi Arabia: Saudi Cranes & Steel Works Factory Co. Ltd. 9,820 100(1,000 EUR)Subsidiaries Book value Group\u2019sowned by the groupof sharesshare, %Singapore: KCI Cranes Holding (Singapore) Pte. Ltd. 114,764 100MHE-Demag (S) Pte. Ltd. 196,501 100Slovakia: Konecranes Slovakia s.r.o. 200 100Slovenia: Konecranes, d.o.o. 200 100South Africa: Konecranes and Demag (Pty) Ltd. 0 100Spain: Konecranes and Demag Ib\u00e9rica, S.L.U. 31,799 100Sweden: Konecranes AB 1,232 100Konecranes Lifttrucks AB 20,941 100Konecranes Sweden Holding AB 1,682 100Ulvaryd Fastighets AB 1,171 100Switzerland: Konecranes and Demag AG 17,205 100Taiwan: MHE-Demag Taiwan Company Limited 1,776 100Thailand: Katrolin Enterprise (T) Ltd 84 100Katrolin Holding (T) Ltd 95 100Konecranes (Thailand) Ltd. 192 100Mahakorn (T) Ltd 81 100Konecranes Material Handling (Thailand) Ltd. 294 100MHE-Demag Technology (T) Ltd 252 100Scenic Wealth (T) Ltd 141 100Turkey: Konecranes Ticaret Ve Servis Limited Sirketi 0 100Ukraine: Konecranes Ukraine JSC 2,049 100PJSC \"Zaporozhje Kran Holding\" 0 100JSC \"Zaporozhcran\" 0 90.43United Arab Demag Cranes & Components Holding Ltd. 0 100Emirates:Demag Cranes & Components (Middle East) FZE 14,398 100Konecranes Middle East FZE 1,774 100United KCI Holding UK Ltd. 13,656 100Kingdom:Konecranes Demag UK Limited 6,519 100Lloyds Konecranes Pension Trustees Ltd. 0 100Morris Material Handling Ltd. 575 100TBA Doncaster Limited 2,011 100TBA Leicester Limited 10,342 100UKMHPS Limited 40,005 100U.S.A. Demag Cranes & Components Corp. 61,294 100KCI Holding USA Inc. 53,901 100Konecranes, Inc. 48,226 100Konecranes Nuclear Equipment & Services, LLC 0 100MMH Americas, LLC 0 100Morris Material Handling, Inc. 64,651 100R&M Materials Handling, Inc. 7,421 100Vietnam: Konecranes Vietnam Co., Ltd 0 100MHE-Demag Vietnam Company Ltd 0 100",
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"s11_notes__6__136": {
"value": "Assets Group\u2019sInvestments accounted for using the equity methodvalueshare, %China: Shanghai High Tech Industrial Crane Company, Ltd. 3,103 28Finland: Fantuzzi Noell Baltic Oy 244 25France: Boutonnier Adt Levage S.A. 416 25Levelec S.A. 231 20Manulec S.A. 246 25Manelec S.A.R.L. 107 25S.E.R.E. Maintenance S.A. 280 25AQZ Ausbildungs- und Qualifizierungszentrum Germany:0 30D\u00fcsseldorf GmbHThe Netherlands: TBA Consultancy B.V. 708 49Switzerland: Demag IP Holdings GmbH 177 50Thailand: CSA Crane Service Asia Company Ltd 84 49United Arab Crane Industrial Services LLC 1,341 49Emirates:",
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"value": "Konecranes Plc",
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"value": "Finland",
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"value": "Finland",
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"value": "Koneenkatu 8, 05830 Hyvink\u00e4\u00e4, Finland",
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"value": "Hyvink\u00e4\u00e4",
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"value": "Konecranes is a world-leading manufacturer and servicer of cranes, lifting equipment and machine tools, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Description of nature of entity's operations and principal Konecranes operates internationally, with its products being manufactured activitiesin North and South America, Europe, Africa, the Middle East, and Asia and sold worldwide. Konecranes has three reportable segments: Service, Industrial Equipment and Port Solutions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__145": {
"value": "Konecranes Plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__6__146": {
"value": "Konecranes Plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300EF0CDEQZBMA096",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}