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},
"f25073": {
"value": "KMC Properties ASA ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1-1": {
"value": "KMC Properties ASA KMC Properties ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2-1": {
"value": "The company and its subsidiaries (\u201cthe group\u201d) business idea is to acquire and manage commercial industry and logistics properties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25133": {
"value": "the Nordics and the Netherlands. ",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25170": {
"value": " KMC Properties ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-6-1": {
"value": "public limited lia-bility company ",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25191": {
"value": "Trondheim",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25196": {
"value": "Norway. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-1": {
"value": "2.1 Basis of PreparationThe financial statements are prepared in accordance with appli-cable IFRS standards and interpretations, as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The financial statements of the subsidiaries are prepared for the same reporting period as the par-ent company.The financial statements include KMC Properties ASA and subsid-iaries. Acquired properties are included in the financial statements from the date of acquisition. Management makes estimates and assumptions concerning the future. The accounting estimates will by definition seldom be fully in accordance with the final outcome. Estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabili-ties relate primarily to the valuation of investment property. All notes are in NOK millions, unless otherwise is indicated. The financial statements for 2022 have been prepared on a going concern basis.Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.2.2 Accounting principlesThe consolidated financial statements are based on historical cost, except for the following: \u25a0Financial instruments at fair value through profit or loss \u25a0Investment properties which are measured at fair value.The consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances.2.3 Basis of consolidation and business combinationsSubsidiaries are all entities over which the group has control. Con-trol exists when the group is exposed to, or has rights to, variable returns as a result of involvement with the company, and the group is able to impact returns through its power over the company.Control is normally achieved when the group owns \u2013 directly or indi-rectly \u2013 more than 50 per cent of the voting shares in the company. The effect of any existing voting rights resulting from exercisable options is included in the assessment of control. The group also assesses whether control exists where fewer than 50 per cent of the voting rights are held, but the group is nevertheless in a posi-tion to control the relevant activities.Such companies are included in the consolidated financial state-ments from the date on which the group obtains control over the company. In the same way, the company is deconsolidated when control over the company ceases. The acquisition method is applied to business combinations. The consideration transferred is measured at the fair value of assets transferred, liabilities incurred, and equity instruments issued. The consideration also includes the fair value of any asset or liabil-ity resulting from a contingent consideration arrangement. Costs related to business combinations are expensed as incurred. Identi-fiable assets and liabilities are recognised at fair value at the acqui-sition date. Non-controlling interests in the acquiree are measured on a case-by-case basis either at fair value or at their share of the acquiree\u2019s net assets.For accounting purposes, acquisitions of subsidiaries that do not constitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties,are treated as asset acquisitions. The cost of acquisition is then attributed to the individual identifiable assets and liabilities based on their relative fair values on the acquisition date. Expenses asso-ciated with the transaction are capitalised under the investment property. In such cases, deferred tax liabilities or assets are not recognised, except for deferred taxes related to losses carried for-ward, in accordance with the exceptions in IAS 12.In the case of a step acquisition, equity interests from previous acquisitions are remeasured at the control date to fair value through profit and loss. Any contingent consideration is recognised at fair value at the acquisition date. In accordance with IFRS 9, subse-quent changes to the fair value of the contingent consideration are recognised in the income statement or as a change to other com-prehensive income if the contingent consideration is classified as an asset or liability. Contingent considerations classifiedas equity are not remeasured, and subsequent settlement is entered against equity.Intra-company transactions, balances, and unrealised gains and losses on transactions between group companies are eliminated. The financial statements of subsidiaries are restated where neces-sary to achieve consistency with the group's accounting policies.2.4 Functional currency and presentation currencyThe group\u2019s presentation currency is NOK. Each entity in the group determines its own functional currency, and items included in the income statement of each entity are measured using that functional currency. The functional currency is the currency within the primary economic environment in which the entity operates. Transactions in foreign currencies are initially recorded in the functional currency at the rate on the transaction date. Monetary items denominated in foreign currencies are translated using the functional currency spot rates of exchange on the reporting date. Non-monetary items that are measured at historical cost in a foreign currency are trans-lated using the exchange rate at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the rate on the reporting date. All currency translation differences are recognised in the income statement and statement of comprehensive income.The assets and liabilities of foreign entities are translated into the presentation currency at the rate on the reporting date, and related income statement items are translated at average exchange rates per quarter. Currency translation differences arising on the transla-tion are recognised as other comprehensive income. In the consol-idated financial statements, currency translation differences linked to net investments in foreign operations are included in other com-prehensive income until disposal of the net investment, at which point they are recognised in the income statement.2.5 Segment informationThere are no material differences in risks and returns in the economic environments in which the company operates. KMC Properties has one segment, industrial- and logistic properties. Consequently, the company is only present in one business seg-ment. KMC Properties ASA is present in following geographic mar-kets per 31 December 2022:Amounts in Norway Sweden Denmark Netherland Finland Other TotalNOK million2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Rental income 171 122 39 28 31 24 27 27 5 5 - - 273 205 Investment property 3 360 2 622 848 362 646 383 453 415 59 57 - 143 5 366 3 982 According to IFRS 8, disclosure must be made if revenue from a single customer exceeds 10%. KMC Properties ASA has rental income from 5 customers that exceeds 10% of total rental income in 2022:Amounts in BEWI Insula Gr\u00f8ntvedt Scana Other TotalNOK million2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Rental income 125 94 52 48 30 24 31 11 35 29 273 205 Investment property 46% 46% 19% 23% 11% 12% 11% 5% 13% 14% 100% 100%3.1 Investment propertyInvestment property comprises completed property held to generate rental income or for capital appreciation or both. Property held under a lease is classified as investment property when the definition of an investment property is met. Investment property is recognised initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and initial leasing commissions to bring the property to the condition necessary for it to be capable of operating. The carrying amount also includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met.Subsequent to initial recognition, investment property is carried at fair value. Gains or losses arising from changes in fair value are included in the income statement in the year in which they arise. Investment property is derecognised when it has been disposed of or permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the withdrawal or disposal of investment property are recognised in the income statement in the year of disposal. Gains or losses on the disposal of investment property are determined as the difference between net selling price and the carrying amount of the asset at the time of sale.3.2 LeasingLeases in which KMC Properties is the lessee mainly comprise site leaseholds. The group recognises a lease liability for site lease-holds based on the premise that the leases are perpetual and a corresponding right-of-use asset is recognised as an investment property. KMC Properties has chosen to recognise right-of-use assets sep-arately in the balance sheet. Site leasehold fees are recognised as financial expenses in profit or loss. Other leases refer to offices, land leases, passenger cars and office machinery. A right-of-use asset and a lease liability based on the term of the lease are rec-ognised for these items. Rent is distributed in profit or loss between depreciation and interest expenses.3.3 Financial assets3.3.1 Classification, recognition and measurement Financial assets within the scope of IFRS 9 are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash \ufb02ow characteristics and the group\u2019s business model for managing them. With the excep-tion of trade receivables that do not contain a significant financing component or for which the group has applied the practical expe-dient, the group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a financial asset to be classified and measured at amor-tised cost or fair value through other comprehensive income (OCI), it needs to give rise to cash \ufb02ows that are \u2018solely payments of prin-cipal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash \ufb02ows that are not SPPI are classified and measured at fair value through profit or loss, irre-spective of the business model.The group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting contractual cash \ufb02ows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash \ufb02ows.The group measures financial assets at amortised cost if both of the following conditions are met: 1) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash \ufb02ows, and 2) The contractual terms of the financial asset give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impair-ment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified, or impaired. Since the group\u2019s financial assets (trade (rent) and other receiva-bles, cash, and short-term deposits) meet these conditions, they are subsequently measured at amortised cost. The group has entered a cross currency interest rate swap, this derivative is carriedat fair value through profit or loss.All the group\u2019s currency-, interest-rate swaps and forward exchange contracts are used as economic hedges. Hedge accounting is not applied. Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently recog-nised continuously at their fair value. Changes in the fair value of derivatives are recognised in the income statement under change financial income/expenses (see Note 10 & 12). The realised pay-able part of the interest-rate swap agreements is presented under financial cost.3.3.2 Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecog-nised (i.e., removed from the group\u2019s consolidated statement of financial position) when: 1) The rights to receive cash \ufb02ows from the asset have expired, or 2) The group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the group has transferred substantially all the risks and rewards of the asset, or (b) the group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset When the group has transferred its rights to receive cash \ufb02ows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor trans-ferred control of the asset, the group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the group also recognises an associated liability. The trans-ferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that the group has retained. 3.3.3 Impairment of trade (rent) receivablesFor trade (rent) receivables the group applies a simplified approach in calculating expected credit losses (ECLs). ECLs are based on the difference between the contractual cash \ufb02ows due in accord-ance with the contract and all the cash \ufb02ows that the group expects to receive, discounted at an approximation of the original effective interest rate. Therefore, the group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ECLs at of 31 December 2022 and 2021 are imma-terial, so no provisions have been made.3.4 Financial liabilities3.4.1 Classification, recognition and measurement Financial liabilities are classified at initial recognition, and subse-quently measured at amortised cost, with some exemptions. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attrib-utable transaction costs. The group\u2019s financial liabilities include trade and other payables and loans and borrowings including bank overdrafts.After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or pre-mium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance expenses in the statement of profit or loss.3.4.2 Derecognition A financial liability is derecognised when the obligation under the liability 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 liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.3.5 Trade (rent) receivables Rent receivables are recognised at their original invoiced value except where the time value of money is material, in which case rent receivables are recognised at fair value and subsequently meas-ured at amortised cost. Refer to accounting policies on financial assets in note 3.4.3.6 Cash and cash equivalentsCash and cash equivalents include cash in hand and deposits held with banks. See note 16 for additional information regarding the bond disposal account.3.7 Share capital and treasury sharesOrdinary shares are classified as equity. Costs directly attributa-ble to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Own equity instruments which are bought back (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue, or cancellation of the group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in other equity/ other contributed equity. Voting rights related to treas-ury shares are cancelled and no provision is made for payment of dividends on treasury shares.3.8 Related-party transactionsA person or a company (or other legal entities) is considered as a related party if he, she or it, directly or indirectly, has the pos-sibility to exercise control or in\ufb02uence over another party in con-nection with financial and operational decisions. Parties are also considered related if they are under control or significant in\ufb02uence. Loans to certain subsidiaries are considered as part of the group\u2019s net investment. Exchange rate changes related to monetary items (receivables and liabilities) which are a part of the company\u2019s net investment in foreign entities are treated as currency translation differences, and thus entered against equity.3.9 Taxes payable and deferred taxThe tax expense for the period comprises taxes payable and change in deferred tax. However, deferred tax is not recorded if it arises on initial recognition of an asset or liability in a transaction, other than a business combination, that affects neither accounting nor taxa-ble profit or loss on the transaction date. Deferred tax assets are recognised only to the extent that it is probable that there will be future taxable income against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the tempo-rary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the reporting date and are expected to apply when the related tax asset is realised, or the deferred tax liability is settled. The provision for deferred tax is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities.Pursuant to the exception in IAS 12, deferred tax is not recognised when buying a company which is not a business. A provision for deferred tax is made after subsequent increases in the value beyond initial cost, while a fall in value below initial cost will only reverse previous provisions for deferred tax. Furthermore, an increase in temporary differences related to tax depreciation will give grounds for a recognition of deferred tax. Tax effects on other comprehensive income are separated and pre-sented via other comprehensive income. These include exchange differences on net investments in foreign entities.3.10 Revenue recognitionThe group earns revenue from acting as a lessor in operating leases which do not transfer substantially all of the risks and rewards incidental to ownership of an investment property. Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease term and is included in revenue in the statement of profit or loss due to its operating nature, except for contingent rental income which is recognised when it arises. Initial direct costs incurred in negotiating and arranging an oper-ating lease are recognised as an expense over the lease term on the same basis as the lease income. Lease incentives are rec-ognised as a reduction of rental revenue on a straight-line basis over the lease term.3.11 Interest incomeInterest income is recognised in income as it is earned using the effective interest method. When a receivable is impaired, the group reduces the carrying amount to its recoverable amount, which is the estimated future cash \ufb02ow discounted at the original effective interest rate of the instrument. Interest income on impaired loans is recognised using the effective interest rate.3.12 Classification of assets and liabilitiesThe group presents assets and liabilities in the statement of finan-cial position based on current/non-current classification. An asset is current when it is expected to be realised or intended to sold or consumed in the normal operating cycle, held primarily for the pur-pose of trading, expected to be realised within twelve months after the reporting period, or cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current.A liability is current when it is expected to be settled in the normal operating cycle, it is held primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as noncurrent assets and liabilities. 3.13 Financial instrumentsDerivatives are financial instruments at fair value through profit and loss unless the derivative is designated as a hedge account-ing instrument.3.14 Discontinued operationIn the beginning of 2022, the group decided to exit the Russian mar-ket and initiated an active process to locate a buyer for its Russian subsidiary owning the company\u2019s office building in Moscow. The investment in Russia is consequently presented as a discontinued operation and the associated assets and liabilities presented as held for sale in accordance with IFRS 5. The Russian subsidiary was sold in the fourth quarter of 2022. Comparative figures are changed accordingly.In the first half of 2022 the company decided to exit the Russian In the fourth quarter KMC Properties sold and receive payment market and initiated a sale of its Russian subsidiary owning the for the Russian entity. A complete sanction control and ownership company\u2019s office building in Moscow. The investment in Russia was research has been carried out of the buyer. The settlement has consequently presented as a discontinued operation and the asso-been made outside Russia. The remaining liabilities held for sale ciated assets and liabilities presented as held for sale in accord-applies to a subsidiary in Cyprus under liquidation which is con-ance with IFRS 5. sidered immaterial.Amounts in NOK millions 2022 2021Rental income 22 21 Property expenses (12) (9)Net operating income 11 12 Administration expenses (3) (3)Net realised financials 0 0 Net income from property management 8 10 Net unrealised financials 0 - Changes in value of financial instruments - - Changes in value of investment properties (89) (7)Profit before tax (81) 2 Current tax 1 (1)Deferred tax - - Profit from continued operations (81) 2The group is exposed through its operations to the following finan-Principal financial instruments cial risks:The principal financial instruments owned by the group are as fol-lows: \u25a0Credit risk \u25a0 Interest rate risk \u25a0Trade receivables \u25a0 Foreign exchange risk \u25a0Cash and cash equivalents \u25a0 Other market price risk \u25a0Trade and other payables \u25a0 Liquidity risk,and \u25a0Bank overdrafts \u25a0 Climate risk \u25a0Floating-rate bank loans \u25a0Fixed rate bank loansIn common with all other businesses, the group is exposed to risks \u25a0Interest rate swaps, andthat arise from its use of financial instruments. This note describes \u25a0Forward currency contracts the group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. FINANCIAL INSTRUMENTS BY CATEGORY:Financial assets Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202231.12.2022 Total 31.12.202131.12.2021 TotalCash and cash equivalents 187 - 187 208 - 208 Currency and interestswaps - 180 180 - 68 68 Trade receivables (non-interest bearing) 7 - 7 24 - 24 Total financial assets 194 180 374 232 68 300 Financial liabilities Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202231.12.2022 Total 31.12.202131.12.2021 TotalNon-current interest-bearing liabilities 1 217 - 1 217 2 275 - 2 275 Land plot lease agreements (financial liability) 19 - 19 19 - 19 Other financial liabilities 20 - 20 10 - 10 Current interest-bearing liabilites 1 905 1 905 - - Trade payables (non-interest bearing) 38 - 38 24 - 24 Total financial liabilities 3 199 - 3 199 2 328 - 2 328 Net financial assets and liabilities (3 005) 180 (2 825) (2 096) 68 (2 027)Financial instruments at amortised cost Level 1 - Quoted prices in active markets that the entity can access Financial instruments at amortised cost includes cash and cash at the measurement date.equivalents, trade and other receivables, trade and other payables, and loans and borrowings. Due to their short-term nature, the car-Level 2 \u2013 Use of a model with inputs other than level 1 that are rying value of cash and cash equivalents, trade and other receiv-directly or indirectly observable market data.ables, and trade and other payables approximates their fair value. Level 3 - Use of a model with inputs that are not based on observ-Financial instruments measured at fair valueable market data.The table below shows an analysis of fair values of financial instru-ments in the statement of financial position, grouped by level in the All financial derivates are currency and interest swap agree-fair value hierarchy:ments booked at fair value according to level 2.Financial assets measured at fair value Amounts in NOK million Fair value level 2022 2021Financial derivatives Level 2 180 68 There were no transfers between levels during the period.DerivativesThe fair value of financial derivatives, including currency forward statement. Changes in the value of the derivatives are presented exchange contracts/swaps and interest-rate swaps, is determined by under \u201cChanges in value of financial instruments\u201d. Interest income the net present value of future cash \ufb02ows, calculated using quoted from financial derivates is presented under \u201cNet realised financials\u201d.interest-rate curves and exchange rates at the balance-sheet date. The technical calculations are generally performed by the group\u2019s The fair value of interest rate swaps is the estimated amount the banks. The group has tested these valuations for reasonableness.group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the con-The group uses derivatives to manage its interest rate risk. Deriv-tracts\u2019 remaining term to maturity. The derivatives are classified on atives are initially recognised at fair value on the date on which the balance sheet as current or non-current, depending on whether the contract was signed, and subsequently at fair value. Gains or they are expected to be redeemed under or over 12 months from losses on remeasurement at fair value are recognised in the income the balance sheet date.General objectives, policies and processesThe Board has overall responsibility for the determination of the group's risk management objectives and policies and, whilst retain-ing ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the group's finance function. The Board receives monthly reports from the group Finan-cial Controller through which it reviews the effectiveness of the pro-cesses put in place and the appropriateness of the objectives and policies it sets. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the group's competitiveness and \ufb02exibility. Further details regard-ing these policies are set out below:The group is exposed to market risk (including interest rate risk), currency risk, credit risk and liquidity risk. The risk policies are continuously being assessed by the Board of Directors and the appropriate policies and procedures to identify, measure and man-age the financial risks has been implemented. The group\u2019s overall risk management programme seeks to minimise potential adverse effects on the group\u2019s financial performance.5.1 Market riskMarket risk is the risk that the fair value of future cash \ufb02ows of a finan-cial instrument will \ufb02uctuate because of changes in market prices.(i) Currency riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their func-tional currency. The group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency) with the cash generated from their own operations in that currency. Where group entities have liabilities denominated in a currency other than their functional currency (and have insufficient reserves of that currency to settle them), cash already denominated in that currency will, where possible, be transferred from elsewhere within the group.The group is predominantly exposed to currency risk on lease con-tracts in EUR, SEK and DKK, and the risk is hedged using cur-rency swaps.Apart from these particular cash-\ufb02ows the group aims to fund expenses and investments in the respective currency and to man-age foreign exchange risk at a local level by matching the currency in which revenue is generated and expenses are incurred.At 31 December the group's net exposure to foreign exchange risk was as follows:Net foreign currency financial assets / liabilities 2022Amounts in NOK million SEK DKK EUR TotalNet exposure NOK (360) (167) (328) (856)Net foreign currency financial assets / liabilities 2021Amounts in NOK million SEK DKK EUR TotalNet exposure NOK (92) (152) (312) (557)(ii) Interest rate risk on cash \ufb02ows and fair value The group is exposed to cash \ufb02ow interest rate risk from long-term borrowings at variable rate, and the risk is hedged using interest rate swaps, see details in note 11 and 15.During both 2021 and 2022, the group's borrowings at variable rate were denominated in NOK.Calculated on the existing funding terms for the group\u2019s inter-est-bearing liabilities on 31 December 2022, a rise in market interest rates of 1 percentage point would have increased KMC Properties annualised interest expenses by NOK 12.8 million.5.2 Liquidity risk Liquidity risk is the risk that the group will not be able to meet its obligations at maturity, and the risk that the group will not be able to meet its obligations without a significant increase in cost. The group\u2019s objective is to maintain a reasonable balance between debt and equity and to have sufficient available cash to fulfil obligations from the group\u2019s activity.The table below illustrates the maturity structure of liabilities. Maturity structureTotal Amounts in NOK millioncash \ufb02ow Year 1 Year 2 Year 3-5 After year 5Financial liability as of 31 December 2022Principal payment on Loans from credit institutions 3 116 1 893 81 1 009 133 Payment of interest and interest swap - 181 181 181 - Other long-term liabilities 20 3 - - 17 Trade payables 37 37 - - - Other current payables 41 41 Total 3 214 2 155 262 1 190 150 Maturity structureTotal Amounts in NOK millioncash \ufb02ow Year 1 Year 2 Year 3-5 After year 5Financial liability as of 31 December 2021Principal payment on Loans from credit institutions 2 275 - 1 838 437 - Payment of interest and interest swap - 99 99 99 - Other long-term liabilities 10 4 - - 6 Trade payables 24 24 - - - Other current payables 34 34 - - - Total 2 343 161 1 938 536 6 5.3 Capital risk managementThe main purpose of the group\u2019s capital management is to main-tain a reasonable balance between debt and equity. The group\u2019s goal is to have an LTV ratio of 50-65 per cent. The target is set with consideration to value development in the group and the opportu-nity to obtain the necessary financing. The EPRA LTV ratio as of 31 December is 56.2%.There are covenants on existing financing related to; loan to value, interest cover ratio and liquidity. Reference is made to note 16 for description of the covenants. Both during 2022, and as of 31 December 2022, the group was in compliance with all financial cov-enants, and the group expects to be in compliance going forward. The senior secured bond loan has a maturity date on 11 December 2023. The company\u2019s highest priority is secure refinancing of the portfolio at improved financial terms within the first six months of 2023. KMC Properties is currently in active dialogue with potential creditors, including banks, bondholders, and providers of private debt, and expects the refinancing to be composed of various finan-cial sources. There will be a general uncertainty related to the out-come of the refinancing until it is secured, and this poses a risk to the company. However, based on the current processes the board is confident that the refinancing will be successful. 5.4 Climate riskPhysical climate risk is the danger that climate-related events such as extreme weather cause damage to buildings or interruptions. This can lead to losses and affect the return on investments neg-ative. Furthermore, in the transition to the low-emission society, there is a risk that buildings that are not assessed as sustainable will receive regulatory restrictions, yield lower or lost rental income, and become more difficult to sell in the future.Management and the board follow developments in the market regarding the importance of climate risk for the development in the market value of investment property. So far, climate risk has not affected the valuations, but it is assumed that the buyer group is somewhat smaller for properties that have a higher risk linked to climate change.Physical risk and transition risk related to climate change on the road to a low-emission society are highly relevant for the group. Climate risk is further dealt with in the sustainability report.Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations about future events which are believed to be reasonable under current circumstances. Corporate management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual figures. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabili-ties in the next financial year are outlined below.6.1 Fair value of investment properties Investment property is valued at its fair value based on a quarterly valuation update based on external valuations. The valuations on 31 December 2022 were obtained by Cushman & Wakefield.The valuations are mainly based on the discounted cash \ufb02ow method, which involves discounting future cash \ufb02ows over a spec-ified period using an estimated discount rate and then adding a residual value at the end of the period. Future cash \ufb02ows are cal-culated on the basis of cash \ufb02ows from signed leases, as well as future cash \ufb02ows based on an expected market rent at the end The external valuer performs their valuations on the basis of the of the lease terms. Both contractual and expected cash \ufb02ows are information they have received, and estimate future market rents, included in the calculations. Fair-value assessment of investment yields, in\ufb02ation, and other relevant parameters. Each individual properties, therefore, depends largely on assumptions related to property is assessed in terms of its market position, rental income market rents, discount rates, and in\ufb02ation. Market rents are based (contractual rents versus market rents) and ownership costs, with on individual assessments of each property and the segmentation estimates being made for anticipated vacancy levels and the need of different areas within the properties if relevant. To the extent for alterations and upgrades where applicable. The remaining that specific development potential is associated with a property, term of the leases is also assessed for risk, along with any spe-an assessment is made of whether this support or in\ufb02uences fair cial clauses in the contracts. Each property is also compared with value. Updated macroeconomic assumptions for interest-rate lev-recently sold properties in the same segment (location, type of els, in\ufb02ation expectations, and so forth are applied in the calcu-property, mix of tenants, etc).lations. Based on an assessment of the properties, tenants, and macroeconomic conditions at the balance sheet date, cash \ufb02ows The sensitivity of the fair-value assessment of investment properties are discounted using discount rates based on individual assess-depends to a considerable extent on assumptions related to yield, ments of each property.interest rates, market rents and operating costs for the properties. Reference is made to note 11 Investment property. The group mainly enters into long-term lease agreements with solid counterparties, strategically located for tenants.The group's future accumulated rent from operational lease contracts at 31 December Amounts in NOK million 2022 2021\u2264 1 year 367 232Between 1 and 2 years 367 252Between 2 and 3 years 367 232Between 3 and 4 years 367 232Between 4 and 5 years 367 232\u2265 5 years 2 351 1 451Total 4 187 2 630 1)The group's lease contracts at 31 December 2022 have the following maturity structure measured in annual rentAmounts in NOK million No of contractsContract rent Contract rent,%\u2264 1 year 1 4 1%Between 1 and 5 years 1 0 0%Between 5 and 10 years 24 109 29%\u2264 10 years 39 258 70%Total 65 371 100% 1)The group's lease contracts at 31 December 2021 have the following maturity structure measured in annual rent 2)Amounts in NOK million No of contracts Contract rent Contract rent,%\u2264 1 year 105 16 7%Between 1 and 5 years 21 4 2%Between 5 and 10 years 22 94 37%\u2264 10 years 23 138 55%Total 171 252 100%1) The rent is stated as the annualised undicounted contractual rent, and is therefore not reconsiable with the rental income for the year for accounting purposes.2) Gasfield is included with 105 contracts with maturity under 1 year, and 20 of 21 contracts with maturity between 1 and 5 years.Amounts in NOK million 2022 2021Property expenses Insurance premium 1 1 Property tax 1 1 Mainenance - 1 Other property expenses 0 0 Total property expenses 3 3 Administration expensesPersonnel expenses 31 23Legal, agency and consultancy fees 12 34Accounting 1 2Auditors 5 4Other operating expenses 3 1Total administration expenses 52 64Auditor fees full year basisStatutory audit 5 4Tax advice 0 0Other services not related to auditing - - Other assrurance services - 0Total auditor expenses (excl. VAT) 5 4Personnel expensesSalaries, performance-related pay and other taxable benefits 24 15Employers\u2019 Natural Insurance contributions 3 2Pension expenses 1 0Other personnel expenses 1 4Board fees 2 2Total personnel expenses 31 23Number of full-time equivalent employees 12 9Employee's may purchase shares in the company at a 20% discount Renumeration to senior executivesfor an amount limited upwards to NOK 1 million, on condition that The total remuneration of the CEO and other Senior Executives the employee is obliged to hold the shares for a three-year period consists of a fixed package of salary and benefits supplemented (lock-up period). The Board decides how the transaction shall be by cashbased short-term incentive (STI), share purchase scheme arranged within the authorisations granted by the general meeting.(on the same terms as all other employees), pension and insur-ance arrangements.Overview of total renumeration to senior executives 2022Total Variable cash Pension Benefits remu neration 1)Amounts in NOK million Salarysalary (STI)costsin kind2022Liv Malvik, CEO 2.5 0.7 0.1 0.0 3.3Kristoffer Holmen, CFO 2.1 1.0 0.1 0.0 3.3Audun Aasen, COO 1.3 0.8 0.1 0.2 2.4Kristoffer Formo, head of M&A 1.3 0.1 0.1 0.1 1.7 2)Ove R\u00f8d Henriksen, CAO1.3 0.6 0.1 0.0 2.1Total 8.5 3.2 0.6 0.3 12.71) Includes the provision based on targets met in 2022, which will be paid out in 2023. 50% of the variable compensation shall be paid out two years from grant, on condition that the employee is employed with the company at the end of the two-year period and has not given notice to terminate his or her employment. The deferred share of the variable compensation shall be indexed against the share price of KMC Properties ASA (KMC), start-ing at market price at grant.2) Ove R\u00f8d Henriksen was employed in KMC Properties ASA 17.01.2022.Overview of total renumeration to senior executives 2021Total Variable cash Pension Benefits remu neration 1)Amounts in NOK million Salarysalary (STI)costsin kind2021Liv Malvik, CEO 2.0 1.5 0.1 0.0 3.6 2)Kristoffer Holmen, CFO1.0 1.1 0.1 0.0 2.2Audun Aasen, COO 1.2 0.6 0.1 0.2 2.0 3)Kristoffer Formo, head of M&A1.1 0.6 0.1 0.0 1.8Total 5.3 3.8 0.3 0.2 9.71) Includes the provision based on targets met in 2021, which will be paid out in 2022. 50% of the variable compensation shall be paid out two years from grant, on condition that the employee is employed with the company at the end of the two-year period and has not given notice to terminate his or her employment. The deferred share of the variable compensation shall be indexed against the share price of KMC Properties ASA (KMC), start-ing at market price at grant.2) Kristoffer Holmen was employed in KMC Properties ASA 1.5.2021. Berfore this CFO was hired and expenses included under Other operating expenses.3) Kristoffer Formo was employed in KMC Properties ASA 15.3.2021.Overview of total renumeration to the board of directorsTotal Total Committee remuneration remuneration 1) 1)Amounts in NOK million Board feesfees20222021P\u00e5l Aglen (from 1 June 2022) 0.3 - 0.3 -Morten Eivindss\u00f8n Astrup 0.3 0.0 0.3 0.3Nini H\u00f8egh Nergaard 0.3 - 0.3 0.2Anna Musiej Aanensen 0.3 0.1 0.4 0.3Stig W\u00e6rnes 0.3 0.1 0.4 0.3Marianne Bekken 0.3 - 0.3 0.2John Thoresen (from June 2022) 0.2 - 0.2 -Anders Dyrseth (until June 2022) 0.2 - 0.2 0.4Thorbj\u00f8rn Fj\u00e6rtoft Pedersen (until June 2022) 0.1 - 0.1 0.1B\u00f8rge Klungerbo (until June 2021) - - - 0.1Total 2.0 0.2 2.2 1.91) The overview of the remuneration of the Board of Directors shows remuneration earned in the financial year.Amounts in NOK million 2022 2021Interest income 3 7 Interest income from financial derivates 16 4 Interest expenses (142) (93)Net realised financials (122) (82)Amounts in NOK million 2022 2021Net currency exchange differences 44 (47)Amortisation of capitalised borrowing cost (6) (6)Interest expense on lease liabilities (1) (1)Other financial expenses/income (3) 1 Net unrealised financials 35 (53)The valuation of the properties at 31 December 2022 has been per-alia, market rent rates, market discount rates and market capitalisa-formed by an independent expert valuer, Cushman & Wakefield. tion rates. The carrying value of the properties in the balance sheet The variables used for valuation are both company specific and re\ufb02ects the values given a long-term perspective. Also see note 6 marked derived. Company specific variables include contractual for critical accounting estimates and assumptions.rental income and expenses. Market derived variables include, inter Amounts in NOK million 2022 2021Opening balance 4 002 3 090 Classified as held for sale (143) - Purchase of investment properties 1 308 520 Upgrades of investment properties 139 140 Sale of investment properties - - Change in value 41 310 Currency translation effect 38 (58)Value at period end before adjustment of right-of-use asset 5 385 4 002 Adjustment of right-of-use asset (20) (19)Value at period end 5 366 3 982 The sensitivity of the fair-value assessment of investment properties assuming all other variables remained constant (amounts in NOK depends to a considerable extent on assumptions related to yield, million). However, there are interrelationships between these var-interest rates, market rents and operating costs for the properties. iables, and it is expected that a change in one variable may in\ufb02u-The table below presents examples of how changes related to each ence one or more of the other variables.of these variables in\ufb02uenced property values, at 31 December 2022, Variables Change of variables Value change (+) Value change (-)Exit yield +/- 0.25 per cent points (54) 59Discount rate +/- 0.25 per cent points (113) 109Operating costs +/- 10 per cent (10) 10Market rent +/- 10 per cent 278 (217)Average rental growth +/- 0.5 percentages points next 10 years 173 (167)The calculations have been performed by Cushman & Wakefield in connection with the valuations at 31 December 2022.Input for valuations \u2013 overviewInvestment propertyValuation method, reference is made to note 5 Level 3Valuation model DCF DCFWAULT 11.0Net yield (interval) 4.12%-13.31%Contract rent at 31 December 2022, measured in annual rent (NOK million) 375Amounts in NOK million 2022 2021Trade receivables (non-interest bearing) 7 24Other receivables 7 27Total other receivables 14 51Financial derivatives 180 67Age analysis of trade receivablesAmounts in NOK million 2022 2021Not overdue 6 110-30 days 1 931-60 days 0 361-90 days - 191 days - 0Total trade receivables 7 24The group has cross currency and interest rate swaps to hedge risk against exchange rate and interest rate \ufb02ucturations.Amounts in millionCurrency Market value Market value Start Maturity Fixed Fixed Swap agreementamount31.12.202231.12.2021datedatecurrency rateinterestEUR/NOK = EURIBOR = Interest & currency NOK 335 NOK 16 NOK 2323.12.202011.12.202310.630-0.51%Interest & currency NOK 240 NOK 32 NOK 2023.12.202011.12.2023 SEK/NOK = 1.050 STIBOR = 0.017%DANISH IBOR = Interest & currency NOK 165 NOK 7 NOK 1123.12.202011.12.2023 DKK/NOK = 1.428-0.505%Interest NOK 500 NOK 56 NOK 12 13.07. 202131.12.2030Not applicable NIBOR = 1.5175%11.12.2023EURIBOR = 1 )Interest EUR 32 EUR 4 EUR 013.12.2027Not applicable-0.03%11.12.2023STIBOR = 1)Interest SEK 120 SEK 11 SEK 213.12.2027Not applicable0.686%11.12.2023DANISH IBOR = 1)Interest DKK 120 DKK 13 DKK 113.12.2027Not applicable0.215%Interest NOK 35 NOK 1 10.02.202210.02.2027Not applicable NIBOR = 2.305%1) The swap agreement is a forward starting interest rate swap.Amounts in NOK million 2022 2021Bank deposits 185 166 Disposal account 0 41 Restricted bank deposits 1 0 Total bank deposits 187 208 Restricted bank deposits relate to the withholding tax account .Share capital and nominal value31.12.2022Shares issued 323 893 649 Nominal amount in NOK 0.2Share capital in NOK 64 778 730 No of shares as of 31 December 2020 240 765 311 Issue of shares subsequent offering 19.02.2021 981 233 Issue of shares privat placement 16.09.2021 37 500 000 Issue of shares employee offering 18.10.2021 750 000 Issue of shares subsequent offering 27.10.2021 1 875 000 No of shares as of 31 December 2021 281 871 544 Issue of shares privat placement 22.02.2022 2 772 105 Issue of shares privat placement 04.11.2022 39 250 000 No of shares as of 31 December 2022 323 893 649 All shares are fully paid. There is only one share class. All shares list shows the shareholder register from VPS at 31 December 2022 have equal rights. KMC Properties ASA is listed on the Oslo B\u00f8rs Any trades via brokers before the closing date which is registered (Oslo Stock Exchange) under the symbol KMCP. The shareholder after the closing date is not re\ufb02ected in the shareholder list.Shareholder % holding Country Type of shareholder SharesBEWI Invest AS 42.9% Norway Ordinary 139 019 470 HAAS AS 23.7% Norway Ordinary 76 875 801 Fr\u00f8y Kapital AS 4.0% Norway Ordinary 13 020 833 Surfside Holding AS 3.1% Norway Ordinary 10 000 000 Nordea Bank Abp 2.7% Sweden Nominee 8 597 653 Credit Suisse (Luxembourg) S.A. 2.0% Luxenbourg Nominee 6 500 000 Carnegie Investment Bank AB 1.7% Sweden Nominee 5 625 000 Constructio AS 1.7% Norway Ordinary 5 607 141 M2 Asset Management AB 1.6% Sweden Ordinary 5 171 825 Formo AS 1.2% Norway Ordinary 3 740 000 Total 10 largest shareholders 85% 274 157 723 Other shareholders 15% 49 735 926 Total 100% 323 893 649 * Nominee = Nominee Accounts; foreign institutions holding shares on behalf of clients.\ue61dShares controlled by directors Via % holding SharesP\u00e5l Magnus Aglen Aglen Holding AS 0.3% 820 500 Morten Eivindss\u00f8n Astrup Surfside Holding AS 3.1% 10 000 000 Hege Aasen Veiseth 0.0% - Haakon S\u00e6ter 0.0% - Nini H\u00f8egh Nergaard 0.0% - 1)Marianne Bekken0.0% - 2)John ThoresenKastor Invest AS 0.7% 2 242 856 Anna Musiej Aanensen 0.0% - Stig W\u00e6rnes Snew\u00e6r AS 0.1% 278 540 Sum shares controlled by directors 4.0% 13 341 896 1) Owns indirectly through Marbek Invest AS. Marbek Invest AS owns 26.03% of the shares in Bekken Invest AS, which in turn owns 69.89% of the shares in Bewi Invest AS. Bewi Invest AS owns 42.92% in KMC Properties ASA. Marianne Bekken owns 100% of Marbek Invest AS.2) Owns Indirectly through Kastor Invest AS. John Thoresen owns 28% of the shares in Bajato AS, wich owns 50% of Kastor Invest Holding AS. Kastor Invest Holding AS owns 100% of the Shares in Kastor Invest AS. Shares controlled by senior executives Via % holding SharesLiv Malvik, CEO 0.1% 179 285 Kristoffer Holmen, CFO Mejdell Holmen Holding AS 0.0% 125 000 Ove R\u00f8d Henriksen, CAO Substrata AS 0.0% 9 630 Audun Aasen, COO Tripla Invest AS 0.2% 577 000 Kristoffer Formo, head of M&A Formo AS 1.2% 3 740 000 Sum shares controlled by senior executives 1.4% 4 630 915 Income tax expenseAmounts in NOK million 2022 2021Tax payable, current year (9) (3)Change in deferred tax (29) (74)Income tax expense (38) (77)Income tax payable is calculated as followsProfit before tax 282 380 Profit before tax from discontinued operations (81) 2 Other permanent differences 31 6 Changes in temporary differences (209) (375)Profit for tax purposes 23 13 Tax payable on the balance sheet 5 3 Reconciliation of income tax expenseAmounts in NOK million 2022 2021Profit before tax (including discontinued operations) 201 382 Estimated tax based on 22% (44) (84)Tax effects of:Deferred tax assets that are not recognised in the balance sheet - 4 Change in temporary differences due to different tax regimes (2) 4 Changes in fair value investment properties witout tax effect 15 - Permanent differences (7) (1)Income tax expense (38) (77)Effective tax rate 19.0% 20.3%Deferred income taxThe group has offset deferred tax assets and deferred tax liabilities on the balance sheet as the group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. The following net value was recognised:Amounts in NOK million 2022 2021Deferred tax liability 231 191 Deferred tax assets 68 59 Net deferred tax 163 132 CHANGE IN DEFERRED TAX (+)/DEFERRED TAX ASSETS (-) Movment in temporary differences Investment Financial Current Loss carried Amounts in NOK millionproperty instrumentsassets forward Other Total 1 January 2021 497 - 15 (233) (50) 229 Recognised in profit and loss 298 67 (4) (66) 17 312 Acquisition of subsidiaries - - - (3) - (3)31 December 2021 795 67 11 (302) (33) 538 Recognised in profit and loss 48 111 0 22 - 181 Acquisition of subsidiaries - - - - 10 10 31 December 2022 844 178 11 (280) (23) 729 Change in temporary differences based on nominal tax rate 191 Change in deffered tax based on nominal tax rate (42)Differences due to different tax regimes and currency effects (2)Other differences 6 Change in deferred tax (38)Non-current interest bearing liabilities2022 2021Nominal Market Carrying Nominal Market Carrying Amounts in NOK millionvaluevalueamountvaluevalueamountBond loans - - - 1 850 1 836 1 838 Bank loans 1 223 1 223 1 217 437 437 437 Total non-current interest bearing liabilities 1 223 1 223 1 217 2 287 2 273 2 275 Current interest bearing liabilities2022 2021Nominal Market Carrying Nominal Market Carrying Amounts in NOK millionvaluevalueamountvaluevalueamountBond loans 1 850 1 862 1 844 - - -Bank loans 61 61 61 - - -Total current interest bearing liabilities 1 911 1 923 1 905 - - - The market value on the bond loans is the observed mid-price on the reporting date. Changes in liabilties arising from financing activitiesReclas-Amortisation ification of capital-Newto current First year ised borrow-Amounts in NOK million 31.12.2021 liabilitiesRepaymentliabilitiesinstallmenting cost 31.12.2022Non-current interest bearing liabilities 2 275 849 (20) (1 838) (43) (6) 1 217 Current interest bearing liabilities 0 18 1 838 43 6 1 905 Total 2 275 867 (20) - - 0 3 122 Reference is made to 5.2 for maturity analysis on the interest bearing liabilities. Interest-bearing debt at 31 December 2022Weighted Weighted average In average Weighted amortisation Weighted compliance NOK current average interest plan bank loans average years to with 1)millioninterestterms(years)final maturitycovenants?Bond loan 1 850 7.54% 3 months None 1 YesNIBOR + 4.25%Bank Loan 1 266 5.96% 3-/6 months 23 4 YesNIBOR/STIBOR+2.64%Construction loan 18 6.04% 3 months N/A N/A YesNIBOR+2.75%Revolving credit facility - 5.54% 3 months N/A N/A YesNIBOR + 2.25%Total 3 134 6.89% N/ASwap agreements (1.15%)Total including swap agree- 3 134 5.74%ments1) 3 months Nibor is set to 3.29% in line with the latest interest rate determination on the bond loan 6 months Nibor is set to 3.85% in line with the latest interest rate determination on the bank loan 6 months Stibor is set to 2.65% in line with the latest interest rate determination on the bank loan Key terms:\ue61dNOK 1 850 000 000 senior secured bond. Guarantees and security certain covenants that only apply to KMC Properties AS and its is shared with certain hedging providers and one or more revolving direct and indirect subsidiaries and which, to a certain extent, \"ring-credit facilities and, under the terms of an intercreditor agreement, fences\" this part of the group. These covenants include restrictions the bond issue ranks behind the relevant hedging providers and on mergers and de-mergers, additional limitations on investments, the revolving credit facilities in the payment waterfall. limitations on disposals of assets and requirements for re-invest-ing disposal proceeds, additional restrictions on incurring financial Call option: Voluntary redemption of bond (i) prior to 11 June 2023 indebtedness, negative pledge, requirements as to insurances, in done with a \"make whole\" compensation to bondholders and (ii) requirements for maintenance and managements of properties and after 11 June 2023 until (but not including) Final Maturity is done limitations on alteration of property lease agreements. at 101% of the nominal amount of redeemed bond. Financial covenants: The Issuer must ensure compliance with the Put option: Upon a change of control, failure to list the bond or a following financial covenants (maintenance covenants), measure de-listing of the Issuer's share from Oslo B\u00f8rs, exercisable at 101% on the group as a whole: of the nominal amount of the redeemed bond. Interest cover ratio (ICR) of not less than 1.5x Net-loan-to-value ratio below (NLTV) 75% Guarantors and Security: KMC Properties AS and substantially Liquidity not less than an amount equal to net interest costs for all of its direct and indirect subsidiaries (i) are guarantors for the the next 6 months bond issue and (ii) substantially all of their assets (and the shares in KMC Properties AS) are granted as security for the bond issue. In addition (incurrence covenants): General undertakings (covenants): Customary general undertak- \u25a0Any distribution from the Issuer is subject to an NLTV of not ings applicable to the Issuer and all its direct and indirect subsidi-less than 65% and a liquidity that is 1.5x higher than the aries, including maintaining authorisations, compliance with laws, liquidity requirement above; and continuation of business, pari passu ranking, limitations on invest- \u25a0the incurrence of certain otherwise permissible new financial ments, limitations on distributions, certain financial support restric-indebtedness is subject to a loan-to-value ratio of 60%. tions, restrictions on limiting subsidiaries' right to make distributions. \u25a0The group was in compliance with all covenants related to its liabilities at 31 December 2022. Additional undertakings (covenants) for KMC Properties AS: In \ue61dadditional to the general undertakings set out above, there are Security bond loan: Amounts in NOK million 2022 2021Pledged property portfolio 3 029 2 943 Disposal account 41 - 1)Opening balance security 3 070 2 943 Investments in pledged property portfolio 197 111 Sale of assets in pledged property portfolio (144) (133)In\ufb02ow disposal account 144 133 Out\ufb02ow dispoal account (184) (93) 2)Fair value and translation adjustments pledged property portfolio(28) 79 Value security end of period 3 055 3 041 1) The bond is secured by, in addition to mortgages over the properties, share charges over the shares of the guarantors, pledges over bank accounts, Norwegian \ufb02oating charges over trade receivables, and certain other \ufb02oating charges / enterprise mortgages in Finland, Denmark and Sweden.2) In accordance with valuation from Cushman & Wakefield at 31 December 2022.The bond terms governing the bond issue, require that all funds Eiendom AS from KMC Properties AS to KMC Properties IV Norway received from sale of pledged properties shall be paid into a bank AS for NOK 144 million in the third and fourth quarter of 2022. The account blocked and pledged in favour of the bond holders (the purchase was done using standard terms, and the price was based \u201cDisposal Account\u201d). on Cushman and Wakefield\u2019s valuation of the properties. The pur-chase price was paid to the Disposal Account and used to buy the Funds from the Disposal Account may be used to finance devel-two property companies KMC Fars\u00f8 A/S and KMC Nyk\u00f8bing Mors opment of properties in the bond security package. Hence, in A/S for NOK 138 million. Additionally Nordic Trustee has released accordance with the bond terms, KMC Properties ASA sold KMC NOK 21 million from the Disposal Account to finance the invest-Kongsvinger AS, KMC Balsfjord AS, KMC Kvenild AS and Hitra ments in existing properties in the pledged property portfolio.At the end of the year, KMC Properties had 11 properties (8) granted site leaseholds. KMC Properties recognises a right-of-use asset and a corresponding liability at the lease commencement date.Amounts in NOK million 2022 2021Beginning of year 19 17 Additions 1 3 Adjustments (0) (1)Depreciation (1) (0)Value at year-end 19 19 Other current liabilitiesAmounts in NOK million 2022 2021 Trade payables (non-interest bearing) 37 24Taxes payable 0 3Value added taxes payable 5 5Other current liabilities (non-interest bearing) 36 29Sum other current liabilities 79 61Other non-current liabilitiesAmounts in NOK million 2022 2021 Lease liabilities 19 19 Deferred stamp duty 3 3 Prepaid rent 17 - Other non-current liabilities 0 8 Sum other non-current liabilities 39 29 Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries incorporated in incorporated in incorporated in Denmarkincorporated in incorporated in NorwaySwedenHollandFinlandBotngaard Eiendom AS Genevad V\u00e5rg\u00e5rda Holding AB KMC Fars\u00f8 A/S Holland Industrial Properties B.V Pesca Property Finland Oy (Finland)Fagernessletta 10 AS KMC Eiendom Sverige ABKMC Industrial Properties Denmark Oldenzaal Investment properties B.V Pesca Property Kuopio Oy (Finland)ApSFagerviksveien 2A og 2B AS KMC F\u00e5rtickan AB KMC Nyk\u00f8bing Mors A/S Someren Investment properties B.VFNH Eiendom AS KMC Kramfors AB KMC Properties III Denmark ApS Wijchen Investment properties B.VHamarvik Eiendom AS KMC MergeCo 1 AB KMC Properties IV Denmark ApS Zwartsluis Investment properties B.VHitra Eiendom AS KMC MergeCo 2 AB KMC Skelvej ApSHofstadvegen 15 AS KMC MergeCo 3 AB Pesca Property Denmark A/SIndustrieiendom Nord AS KMC MergeCo 4 AB Pesca Property Fredrikshavn A/SKampenveien 5 AS KMC Norrk\u00f6ping AB Pesca Property Hvide Sande A/SKMC Balsfjord AS KMC Properties III Sweden ABKMC Energy AS KMC Skurup ABKMC Havnegata 16 AS KMC T\u00e4by ABKMC Hitra II AS KMC Urshult ABKMC Holsneset AS KMC V\u00e5mb ABKMC Industrial Properties Norway AS KMC Kl\u00e4desholmen ABSubsidiaries incorporated in other countriesKMC Kvenild AS Pesca Property Kungshamn ABKMC Liaveien 22 AS Pesca Property Sweden ABTiberton Yard Holding 2 Ltd (Cyprus)KMC Oppdal AS Pesca Property Varberg ABKMC Properties AS V\u00e4rg\u00e4rda Genevad Fastighet AB KMC Properties Holdco ASKMC Properties II ASKMC Properties II Denmark AS KMC Properties II Norway ASKMC Properties II Sweden ASKMC Properties II Utland ASKMC Properties III ASKMC Properties III Norway ASKMC Properties IV ASKMC Properties IV Norway ASKMC Properties Nederland ASKMC Properties Sverige Danmark ASKMC Properties V ASKMC Senja ASKMC SPV I ASKMC SPV II ASKMC Uthaug ASKMCP II Norway Midt-Norge ASKMCP II Norway Nord-Norge ASKMCP II Norway Vestlandet ASLevanger Eiendom ASMaritime Group Eiendom ASPesca Property ASPesca Property B\u00e5tsfjord ASPesca Property Gjerdsvika ASPesca Property Hav\u00f8ysund ASPesca Property Invest ASPesca Property Kongsvinger ASPesca Property Leknes ASPesca Property Norway ASRantex Eiendom ASSkatt\u00f8rvegen 78 ASStj\u00f8rdal Eiendom ASStoremyra 200 AS\u00d8stre Rosten 102 AS\u00d8stre Rosten 102 B ASThe table below sets out KMC Properties ASA (including its subsid-iaries) material investments and acquisitions with related parties. Purchase priceDate Target/propertyNOK million 1)20 December 2021Kampenveien 5 AS 44 2)8 November 2022Jackon Eiendom AS 895 2)30 November 2022Fagervikveien 2A og 2B AS 251) On this date, KMC Properties ASA was 41.3% owned by EBE Eiendom AS, which at this date was owned 100% by BEWI Invest AS%. BEWI Invest AS owned 100% of Kampenveien 5 AS through the 100% owned subsidiary Fr\u00f8ya Invest AS. The purchase prices were based on valuations by external valuators.2) On this date, KMC Properties ASA was 46.91% owned by BEWI Invest AS, which at this date was owned 70.9% by Bekken Invest AS, and 29.1% by Kastor Invest Holding AS. The acquisition was made in competition with other companies.The tenant BEWI is regarded as related party by their ownership in KMC Properties ASA has in 2022 purchased services for NOK 2 KMC Properties ASA through Bewi Invest AS. Reference is made million from BEWI related companies, mainly cost of interim hiring to note 2.5 Segment information for detailed information.of employees and office rent.Basic earnings per share is calcuated by dividing the net profit KMC Properties has not issued options or other financial instru-attributable to shareholders by the weighted average number of ments which have a dilutive effect on outstanding shares.ordinary shares outstanding during the year.2022 2021 Net profit attributable to ordinary equity holders of parent company (NOK million) 163 305 Weighted average number of shares 291 127 783 252 939 671Net profit per share attrutable to ordinary equity holders (NOK) 0.56 1.21Reference is made to note 13 Shareholder capital and shareholders for detailed information on changes in number of shares.AcquisitionThe property is located next to the meat processing facility acquired On 2 January 2023, KMC Properties completed its acquisition of a by KMC Properties in February 2022, also with a lease agreement logistic property, including a dry-, cold- and freeze storage facility with Kuraas. As a part of the new agreement, Kuraas replaced its outside Narvik, Norway, for NOK 90 million. The acquisition was existing contract with 6 years remaining lease, with a new 15-year announced on 7 December 2022.triple-net bare house agreement for the processing facility.2The property in Narvik is composed of 22 357 m BTA of land and In addition, KMC Properties has signed a lease agreement with Ser-2216 400 m of a building erected in 1998, 2001 and 2011, and sub-vicegrossistene for an additional 4 100 m, with an initial lease of stantially upgraded in 2011. The property is strategically located in 10 years and an option to extend. Servicegrossistene is the largest a logistic hub south of Narvik city center, close to the E6 motorway, specialist for delivery of groceries to large households in Norway.the railway and port terminal.The annualised lease for the current contracts amounts to NOK 5.7 The property has a lease agreement with the Norwegian meat pro-million for 2023 and NOK 8.0 million (excluding CPI adjustment) for 2ducer Kuraas AS for approximately 4 500 m, with an initial lease 2024. The contracts will be subject to 100 per cent CPI adjustment of 15 years and an option to extend.from 1 January 2024. In addition, almost half the property is currently vacant, enabling a potential for significant additional income. Other mattersNo other events have taken place after the balance sheet date that would have had a material effect on the financial statements or any assessments carried out.",
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},
"pp-value-11-2": {
"value": "2.1 Basis of PreparationThe financial statements are prepared in accordance with appli-cable IFRS standards and interpretations, as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The financial statements of the subsidiaries are prepared for the same reporting period as the par-ent company.The financial statements include KMC Properties ASA and subsid-iaries. Acquired properties are included in the financial statements from the date of acquisition. Management makes estimates and assumptions concerning the future. The accounting estimates will by definition seldom be fully in accordance with the final outcome. Estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabili-ties relate primarily to the valuation of investment property. All notes are in NOK millions, unless otherwise is indicated. The financial statements for 2022 have been prepared on a going concern basis.Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.2.2 Accounting principlesThe consolidated financial statements are based on historical cost, except for the following: \u25a0Financial instruments at fair value through profit or loss \u25a0Investment properties which are measured at fair value.The consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-3": {
"value": "2.1 Basis of PreparationThe financial statements are prepared in accordance with appli-cable IFRS standards and interpretations, as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The financial statements of the subsidiaries are prepared for the same reporting period as the par-ent company.The financial statements include KMC Properties ASA and subsid-iaries. Acquired properties are included in the financial statements from the date of acquisition. Management makes estimates and assumptions concerning the future. The accounting estimates will by definition seldom be fully in accordance with the final outcome. Estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabili-ties relate primarily to the valuation of investment property. All notes are in NOK millions, unless otherwise is indicated. The financial statements for 2022 have been prepared on a going concern basis.Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.2.2 Accounting principlesThe consolidated financial statements are based on historical cost, except for the following: \u25a0Financial instruments at fair value through profit or loss \u25a0Investment properties which are measured at fair value.The consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-4": {
"value": "2.1 Basis of PreparationThe financial statements are prepared in accordance with appli-cable IFRS standards and interpretations, as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The financial statements of the subsidiaries are prepared for the same reporting period as the par-ent company.The financial statements include KMC Properties ASA and subsid-iaries. Acquired properties are included in the financial statements from the date of acquisition. Management makes estimates and assumptions concerning the future. The accounting estimates will by definition seldom be fully in accordance with the final outcome. Estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabili-ties relate primarily to the valuation of investment property. All notes are in NOK millions, unless otherwise is indicated. The financial statements for 2022 have been prepared on a going concern basis.Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.2.2 Accounting principlesThe consolidated financial statements are based on historical cost, except for the following: \u25a0Financial instruments at fair value through profit or loss \u25a0Investment properties which are measured at fair value.The consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-5": {
"value": "2.1 Basis of PreparationThe financial statements are prepared in accordance with appli-cable IFRS standards and interpretations, as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The financial statements of the subsidiaries are prepared for the same reporting period as the par-ent company.The financial statements include KMC Properties ASA and subsid-iaries. Acquired properties are included in the financial statements from the date of acquisition. Management makes estimates and assumptions concerning the future. The accounting estimates will by definition seldom be fully in accordance with the final outcome. Estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabili-ties relate primarily to the valuation of investment property. All notes are in NOK millions, unless otherwise is indicated. The financial statements for 2022 have been prepared on a going concern basis.Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.2.2 Accounting principlesThe consolidated financial statements are based on historical cost, except for the following: \u25a0Financial instruments at fair value through profit or loss \u25a0Investment properties which are measured at fair value.The consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-12-2": {
"value": "2.3 Basis of consolidation and business combinationsSubsidiaries are all entities over which the group has control. Con-trol exists when the group is exposed to, or has rights to, variable returns as a result of involvement with the company, and the group is able to impact returns through its power over the company.Control is normally achieved when the group owns \u2013 directly or indi-rectly \u2013 more than 50 per cent of the voting shares in the company. The effect of any existing voting rights resulting from exercisable options is included in the assessment of control. The group also assesses whether control exists where fewer than 50 per cent of the voting rights are held, but the group is nevertheless in a posi-tion to control the relevant activities.Such companies are included in the consolidated financial state-ments from the date on which the group obtains control over the company. In the same way, the company is deconsolidated when control over the company ceases. The acquisition method is applied to business combinations. The consideration transferred is measured at the fair value of assets transferred, liabilities incurred, and equity instruments issued. The consideration also includes the fair value of any asset or liabil-ity resulting from a contingent consideration arrangement. Costs related to business combinations are expensed as incurred. Identi-fiable assets and liabilities are recognised at fair value at the acqui-sition date. Non-controlling interests in the acquiree are measured on a case-by-case basis either at fair value or at their share of the acquiree\u2019s net assets.For accounting purposes, acquisitions of subsidiaries that do not constitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties,are treated as asset acquisitions. The cost of acquisition is then attributed to the individual identifiable assets and liabilities based on their relative fair values on the acquisition date. Expenses asso-ciated with the transaction are capitalised under the investment property. In such cases, deferred tax liabilities or assets are not recognised, except for deferred taxes related to losses carried for-ward, in accordance with the exceptions in IAS 12.In the case of a step acquisition, equity interests from previous acquisitions are remeasured at the control date to fair value through profit and loss. Any contingent consideration is recognised at fair value at the acquisition date. In accordance with IFRS 9, subse-quent changes to the fair value of the contingent consideration are recognised in the income statement or as a change to other com-prehensive income if the contingent consideration is classified as an asset or liability. Contingent considerations classifiedas equity are not remeasured, and subsequent settlement is entered against equity.Intra-company transactions, balances, and unrealised gains and losses on transactions between group companies are eliminated. The financial statements of subsidiaries are restated where neces-sary to achieve consistency with the group's accounting policies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-2": {
"value": "2.4 Functional currency and presentation currencyThe group\u2019s presentation currency is NOK. Each entity in the group determines its own functional currency, and items included in the income statement of each entity are measured using that functional currency. The functional currency is the currency within the primary economic environment in which the entity operates. Transactions in foreign currencies are initially recorded in the functional currency at the rate on the transaction date. Monetary items denominated in foreign currencies are translated using the functional currency spot rates of exchange on the reporting date. Non-monetary items that are measured at historical cost in a foreign currency are trans-lated using the exchange rate at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the rate on the reporting date. All currency translation differences are recognised in the income statement and statement of comprehensive income.The assets and liabilities of foreign entities are translated into the presentation currency at the rate on the reporting date, and related income statement items are translated at average exchange rates per quarter. Currency translation differences arising on the transla-tion are recognised as other comprehensive income. In the consol-idated financial statements, currency translation differences linked to net investments in foreign operations are included in other com-prehensive income until disposal of the net investment, at which point they are recognised in the income statement.3.1 Investment propertyInvestment property comprises completed property held to generate rental income or for capital appreciation or both. Property held under a lease is classified as investment property when the definition of an investment property is met. Investment property is recognised initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and initial leasing commissions to bring the property to the condition necessary for it to be capable of operating. The carrying amount also includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met.Subsequent to initial recognition, investment property is carried at fair value. Gains or losses arising from changes in fair value are included in the income statement in the year in which they arise. Investment property is derecognised when it has been disposed of or permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the withdrawal or disposal of investment property are recognised in the income statement in the year of disposal. Gains or losses on the disposal of investment property are determined as the difference between net selling price and the carrying amount of the asset at the time of sale.3.2 LeasingLeases in which KMC Properties is the lessee mainly comprise site leaseholds. The group recognises a lease liability for site lease-holds based on the premise that the leases are perpetual and a corresponding right-of-use asset is recognised as an investment property. KMC Properties has chosen to recognise right-of-use assets sep-arately in the balance sheet. Site leasehold fees are recognised as financial expenses in profit or loss. Other leases refer to offices, land leases, passenger cars and office machinery. A right-of-use asset and a lease liability based on the term of the lease are rec-ognised for these items. Rent is distributed in profit or loss between depreciation and interest expenses.3.3 Financial assets3.3.1 Classification, recognition and measurement Financial assets within the scope of IFRS 9 are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash \ufb02ow characteristics and the group\u2019s business model for managing them. With the excep-tion of trade receivables that do not contain a significant financing component or for which the group has applied the practical expe-dient, the group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a financial asset to be classified and measured at amor-tised cost or fair value through other comprehensive income (OCI), it needs to give rise to cash \ufb02ows that are \u2018solely payments of prin-cipal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash \ufb02ows that are not SPPI are classified and measured at fair value through profit or loss, irre-spective of the business model.The group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting contractual cash \ufb02ows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash \ufb02ows.The group measures financial assets at amortised cost if both of the following conditions are met: 1) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash \ufb02ows, and 2) The contractual terms of the financial asset give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impair-ment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified, or impaired. Since the group\u2019s financial assets (trade (rent) and other receiva-bles, cash, and short-term deposits) meet these conditions, they are subsequently measured at amortised cost. The group has entered a cross currency interest rate swap, this derivative is carriedat fair value through profit or loss.All the group\u2019s currency-, interest-rate swaps and forward exchange contracts are used as economic hedges. Hedge accounting is not applied. Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently recog-nised continuously at their fair value. Changes in the fair value of derivatives are recognised in the income statement under change financial income/expenses (see Note 10 & 12). The realised pay-able part of the interest-rate swap agreements is presented under financial cost.3.3.2 Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecog-nised (i.e., removed from the group\u2019s consolidated statement of financial position) when: 1) The rights to receive cash \ufb02ows from the asset have expired, or 2) The group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the group has transferred substantially all the risks and rewards of the asset, or (b) the group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset When the group has transferred its rights to receive cash \ufb02ows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor trans-ferred control of the asset, the group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the group also recognises an associated liability. The trans-ferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that the group has retained. 3.3.3 Impairment of trade (rent) receivablesFor trade (rent) receivables the group applies a simplified approach in calculating expected credit losses (ECLs). ECLs are based on the difference between the contractual cash \ufb02ows due in accord-ance with the contract and all the cash \ufb02ows that the group expects to receive, discounted at an approximation of the original effective interest rate. Therefore, the group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ECLs at of 31 December 2022 and 2021 are imma-terial, so no provisions have been made.3.4 Financial liabilities3.4.1 Classification, recognition and measurement Financial liabilities are classified at initial recognition, and subse-quently measured at amortised cost, with some exemptions. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attrib-utable transaction costs. The group\u2019s financial liabilities include trade and other payables and loans and borrowings including bank overdrafts.After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or pre-mium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance expenses in the statement of profit or loss.3.4.2 Derecognition A financial liability is derecognised when the obligation under the liability 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 liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.3.5 Trade (rent) receivables Rent receivables are recognised at their original invoiced value except where the time value of money is material, in which case rent receivables are recognised at fair value and subsequently meas-ured at amortised cost. Refer to accounting policies on financial assets in note 3.4.3.6 Cash and cash equivalentsCash and cash equivalents include cash in hand and deposits held with banks. See note 16 for additional information regarding the bond disposal account.3.7 Share capital and treasury sharesOrdinary shares are classified as equity. Costs directly attributa-ble to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Own equity instruments which are bought back (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue, or cancellation of the group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in other equity/ other contributed equity. Voting rights related to treas-ury shares are cancelled and no provision is made for payment of dividends on treasury shares.3.8 Related-party transactionsA person or a company (or other legal entities) is considered as a related party if he, she or it, directly or indirectly, has the pos-sibility to exercise control or in\ufb02uence over another party in con-nection with financial and operational decisions. Parties are also considered related if they are under control or significant in\ufb02uence. Loans to certain subsidiaries are considered as part of the group\u2019s net investment. Exchange rate changes related to monetary items (receivables and liabilities) which are a part of the company\u2019s net investment in foreign entities are treated as currency translation differences, and thus entered against equity.3.9 Taxes payable and deferred taxThe tax expense for the period comprises taxes payable and change in deferred tax. However, deferred tax is not recorded if it arises on initial recognition of an asset or liability in a transaction, other than a business combination, that affects neither accounting nor taxa-ble profit or loss on the transaction date. Deferred tax assets are recognised only to the extent that it is probable that there will be future taxable income against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the tempo-rary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the reporting date and are expected to apply when the related tax asset is realised, or the deferred tax liability is settled. The provision for deferred tax is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities.Pursuant to the exception in IAS 12, deferred tax is not recognised when buying a company which is not a business. A provision for deferred tax is made after subsequent increases in the value beyond initial cost, while a fall in value below initial cost will only reverse previous provisions for deferred tax. Furthermore, an increase in temporary differences related to tax depreciation will give grounds for a recognition of deferred tax. Tax effects on other comprehensive income are separated and pre-sented via other comprehensive income. These include exchange differences on net investments in foreign entities.3.10 Revenue recognitionThe group earns revenue from acting as a lessor in operating leases which do not transfer substantially all of the risks and rewards incidental to ownership of an investment property. Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease term and is included in revenue in the statement of profit or loss due to its operating nature, except for contingent rental income which is recognised when it arises. Initial direct costs incurred in negotiating and arranging an oper-ating lease are recognised as an expense over the lease term on the same basis as the lease income. Lease incentives are rec-ognised as a reduction of rental revenue on a straight-line basis over the lease term.3.11 Interest incomeInterest income is recognised in income as it is earned using the effective interest method. When a receivable is impaired, the group reduces the carrying amount to its recoverable amount, which is the estimated future cash \ufb02ow discounted at the original effective interest rate of the instrument. Interest income on impaired loans is recognised using the effective interest rate.3.12 Classification of assets and liabilitiesThe group presents assets and liabilities in the statement of finan-cial position based on current/non-current classification. An asset is current when it is expected to be realised or intended to sold or consumed in the normal operating cycle, held primarily for the pur-pose of trading, expected to be realised within twelve months after the reporting period, or cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current.A liability is current when it is expected to be settled in the normal operating cycle, it is held primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as noncurrent assets and liabilities. 3.13 Financial instrumentsDerivatives are financial instruments at fair value through profit and loss unless the derivative is designated as a hedge account-ing instrument.3.14 Discontinued operationIn the beginning of 2022, the group decided to exit the Russian mar-ket and initiated an active process to locate a buyer for its Russian subsidiary owning the company\u2019s office building in Moscow. The investment in Russia is consequently presented as a discontinued operation and the associated assets and liabilities presented as held for sale in accordance with IFRS 5. The Russian subsidiary was sold in the fourth quarter of 2022. Comparative figures are changed accordingly.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "2.4 Functional currency and presentation currencyThe group\u2019s presentation currency is NOK. Each entity in the group determines its own functional currency, and items included in the income statement of each entity are measured using that functional currency. The functional currency is the currency within the primary economic environment in which the entity operates. Transactions in foreign currencies are initially recorded in the functional currency at the rate on the transaction date. Monetary items denominated in foreign currencies are translated using the functional currency spot rates of exchange on the reporting date. Non-monetary items that are measured at historical cost in a foreign currency are trans-lated using the exchange rate at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the rate on the reporting date. All currency translation differences are recognised in the income statement and statement of comprehensive income.The assets and liabilities of foreign entities are translated into the presentation currency at the rate on the reporting date, and related income statement items are translated at average exchange rates per quarter. Currency translation differences arising on the transla-tion are recognised as other comprehensive income. In the consol-idated financial statements, currency translation differences linked to net investments in foreign operations are included in other com-prehensive income until disposal of the net investment, at which point they are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-17-2": {
"value": "2.5 Segment informationThere are no material differences in risks and returns in the economic environments in which the company operates. KMC Properties has one segment, industrial- and logistic properties. Consequently, the company is only present in one business seg-ment. KMC Properties ASA is present in following geographic mar-kets per 31 December 2022:Amounts in Norway Sweden Denmark Netherland Finland Other TotalNOK million2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Rental income 171 122 39 28 31 24 27 27 5 5 - - 273 205 Investment property 3 360 2 622 848 362 646 383 453 415 59 57 - 143 5 366 3 982 According to IFRS 8, disclosure must be made if revenue from a single customer exceeds 10%. KMC Properties ASA has rental income from 5 customers that exceeds 10% of total rental income in 2022:Amounts in BEWI Insula Gr\u00f8ntvedt Scana Other TotalNOK million2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Rental income 125 94 52 48 30 24 31 11 35 29 273 205 Investment property 46% 46% 19% 23% 11% 12% 11% 5% 13% 14% 100% 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "3.1 Investment propertyInvestment property comprises completed property held to generate rental income or for capital appreciation or both. Property held under a lease is classified as investment property when the definition of an investment property is met. Investment property is recognised initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and initial leasing commissions to bring the property to the condition necessary for it to be capable of operating. The carrying amount also includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met.Subsequent to initial recognition, investment property is carried at fair value. Gains or losses arising from changes in fair value are included in the income statement in the year in which they arise. Investment property is derecognised when it has been disposed of or permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the withdrawal or disposal of investment property are recognised in the income statement in the year of disposal. Gains or losses on the disposal of investment property are determined as the difference between net selling price and the carrying amount of the asset at the time of sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "3.2 LeasingLeases in which KMC Properties is the lessee mainly comprise site leaseholds. The group recognises a lease liability for site lease-holds based on the premise that the leases are perpetual and a corresponding right-of-use asset is recognised as an investment property. KMC Properties has chosen to recognise right-of-use assets sep-arately in the balance sheet. Site leasehold fees are recognised as financial expenses in profit or loss. Other leases refer to offices, land leases, passenger cars and office machinery. A right-of-use asset and a lease liability based on the term of the lease are rec-ognised for these items. Rent is distributed in profit or loss between depreciation and interest expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-3": {
"value": "3.3 Financial assets3.3.1 Classification, recognition and measurement Financial assets within the scope of IFRS 9 are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash \ufb02ow characteristics and the group\u2019s business model for managing them. With the excep-tion of trade receivables that do not contain a significant financing component or for which the group has applied the practical expe-dient, the group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a financial asset to be classified and measured at amor-tised cost or fair value through other comprehensive income (OCI), it needs to give rise to cash \ufb02ows that are \u2018solely payments of prin-cipal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash \ufb02ows that are not SPPI are classified and measured at fair value through profit or loss, irre-spective of the business model.The group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash \ufb02ows. The business model determines whether cash \ufb02ows will result from collecting contractual cash \ufb02ows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash \ufb02ows.The group measures financial assets at amortised cost if both of the following conditions are met: 1) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash \ufb02ows, and 2) The contractual terms of the financial asset give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impair-ment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified, or impaired. Since the group\u2019s financial assets (trade (rent) and other receiva-bles, cash, and short-term deposits) meet these conditions, they are subsequently measured at amortised cost. The group has entered a cross currency interest rate swap, this derivative is carriedat fair value through profit or loss.All the group\u2019s currency-, interest-rate swaps and forward exchange contracts are used as economic hedges. Hedge accounting is not applied. Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently recog-nised continuously at their fair value. Changes in the fair value of derivatives are recognised in the income statement under change financial income/expenses (see Note 10 & 12). The realised pay-able part of the interest-rate swap agreements is presented under financial cost.3.3.2 Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecog-nised (i.e., removed from the group\u2019s consolidated statement of financial position) when: 1) The rights to receive cash \ufb02ows from the asset have expired, or 2) The group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the group has transferred substantially all the risks and rewards of the asset, or (b) the group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset When the group has transferred its rights to receive cash \ufb02ows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor trans-ferred control of the asset, the group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the group also recognises an associated liability. The trans-ferred asset and the associated liability are measured on a basis that re\ufb02ects the rights and obligations that the group has retained. 3.3.3 Impairment of trade (rent) receivablesFor trade (rent) receivables the group applies a simplified approach in calculating expected credit losses (ECLs). ECLs are based on the difference between the contractual cash \ufb02ows due in accord-ance with the contract and all the cash \ufb02ows that the group expects to receive, discounted at an approximation of the original effective interest rate. Therefore, the group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ECLs at of 31 December 2022 and 2021 are imma-terial, so no provisions have been made.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "3.4 Financial liabilities3.4.1 Classification, recognition and measurement Financial liabilities are classified at initial recognition, and subse-quently measured at amortised cost, with some exemptions. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attrib-utable transaction costs. The group\u2019s financial liabilities include trade and other payables and loans and borrowings including bank overdrafts.After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or pre-mium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance expenses in the statement of profit or loss.3.4.2 Derecognition A financial liability is derecognised when the obligation under the liability 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 liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "3.5 Trade (rent) receivables Rent receivables are recognised at their original invoiced value except where the time value of money is material, in which case rent receivables are recognised at fair value and subsequently meas-ured at amortised cost. Refer to accounting policies on financial assets in note 3.4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "3.6 Cash and cash equivalentsCash and cash equivalents include cash in hand and deposits held with banks. See note 16 for additional information regarding the bond disposal account.3.8 Related-party transactionsA person or a company (or other legal entities) is considered as a related party if he, she or it, directly or indirectly, has the pos-sibility to exercise control or in\ufb02uence over another party in con-nection with financial and operational decisions. Parties are also considered related if they are under control or significant in\ufb02uence. Loans to certain subsidiaries are considered as part of the group\u2019s net investment. Exchange rate changes related to monetary items (receivables and liabilities) which are a part of the company\u2019s net investment in foreign entities are treated as currency translation differences, and thus entered against equity.3.12 Classification of assets and liabilitiesThe group presents assets and liabilities in the statement of finan-cial position based on current/non-current classification. An asset is current when it is expected to be realised or intended to sold or consumed in the normal operating cycle, held primarily for the pur-pose of trading, expected to be realised within twelve months after the reporting period, or cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current.A liability is current when it is expected to be settled in the normal operating cycle, it is held primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as noncurrent assets and liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-3": {
"value": "3.7 Share capital and treasury sharesOrdinary shares are classified as equity. Costs directly attributa-ble to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Own equity instruments which are bought back (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue, or cancellation of the group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in other equity/ other contributed equity. Voting rights related to treas-ury shares are cancelled and no provision is made for payment of dividends on treasury shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "3.9 Taxes payable and deferred taxThe tax expense for the period comprises taxes payable and change in deferred tax. However, deferred tax is not recorded if it arises on initial recognition of an asset or liability in a transaction, other than a business combination, that affects neither accounting nor taxa-ble profit or loss on the transaction date. Deferred tax assets are recognised only to the extent that it is probable that there will be future taxable income against which the temporary differences can be utilised. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the tempo-rary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the reporting date and are expected to apply when the related tax asset is realised, or the deferred tax liability is settled. The provision for deferred tax is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities.Pursuant to the exception in IAS 12, deferred tax is not recognised when buying a company which is not a business. A provision for deferred tax is made after subsequent increases in the value beyond initial cost, while a fall in value below initial cost will only reverse previous provisions for deferred tax. Furthermore, an increase in temporary differences related to tax depreciation will give grounds for a recognition of deferred tax. Tax effects on other comprehensive income are separated and pre-sented via other comprehensive income. These include exchange differences on net investments in foreign entities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-3": {
"value": "3.10 Revenue recognitionThe group earns revenue from acting as a lessor in operating leases which do not transfer substantially all of the risks and rewards incidental to ownership of an investment property. Rental income arising from operating leases on investment property is accounted for on a straight-line basis over the lease term and is included in revenue in the statement of profit or loss due to its operating nature, except for contingent rental income which is recognised when it arises. Initial direct costs incurred in negotiating and arranging an oper-ating lease are recognised as an expense over the lease term on the same basis as the lease income. Lease incentives are rec-ognised as a reduction of rental revenue on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "3.11 Interest incomeInterest income is recognised in income as it is earned using the effective interest method. When a receivable is impaired, the group reduces the carrying amount to its recoverable amount, which is the estimated future cash \ufb02ow discounted at the original effective interest rate of the instrument. Interest income on impaired loans is recognised using the effective interest rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "3.13 Financial instrumentsDerivatives are financial instruments at fair value through profit and loss unless the derivative is designated as a hedge account-ing instrument.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-3": {
"value": "3.14 Discontinued operationIn the beginning of 2022, the group decided to exit the Russian mar-ket and initiated an active process to locate a buyer for its Russian subsidiary owning the company\u2019s office building in Moscow. The investment in Russia is consequently presented as a discontinued operation and the associated assets and liabilities presented as held for sale in accordance with IFRS 5. The Russian subsidiary was sold in the fourth quarter of 2022. Comparative figures are changed accordingly.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-2": {
"value": "In the first half of 2022 the company decided to exit the Russian In the fourth quarter KMC Properties sold and receive payment market and initiated a sale of its Russian subsidiary owning the for the Russian entity. A complete sanction control and ownership company\u2019s office building in Moscow. The investment in Russia was research has been carried out of the buyer. The settlement has consequently presented as a discontinued operation and the asso-been made outside Russia. The remaining liabilities held for sale ciated assets and liabilities presented as held for sale in accord-applies to a subsidiary in Cyprus under liquidation which is con-ance with IFRS 5. sidered immaterial.Amounts in NOK millions 2022 2021Rental income 22 21 Property expenses (12) (9)Net operating income 11 12 Administration expenses (3) (3)Net realised financials 0 0 Net income from property management 8 10 Net unrealised financials 0 - Changes in value of financial instruments - - Changes in value of investment properties (89) (7)Profit before tax (81) 2 Current tax 1 (1)Deferred tax - - Profit from continued operations (81) 2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-3": {
"value": "In the first half of 2022 the company decided to exit the Russian In the fourth quarter KMC Properties sold and receive payment market and initiated a sale of its Russian subsidiary owning the for the Russian entity. A complete sanction control and ownership company\u2019s office building in Moscow. The investment in Russia was research has been carried out of the buyer. The settlement has consequently presented as a discontinued operation and the asso-been made outside Russia. The remaining liabilities held for sale ciated assets and liabilities presented as held for sale in accord-applies to a subsidiary in Cyprus under liquidation which is con-ance with IFRS 5. sidered immaterial.Amounts in NOK millions 2022 2021Rental income 22 21 Property expenses (12) (9)Net operating income 11 12 Administration expenses (3) (3)Net realised financials 0 0 Net income from property management 8 10 Net unrealised financials 0 - Changes in value of financial instruments - - Changes in value of investment properties (89) (7)Profit before tax (81) 2 Current tax 1 (1)Deferred tax - - Profit from continued operations (81) 2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-4": {
"value": "In the first half of 2022 the company decided to exit the Russian In the fourth quarter KMC Properties sold and receive payment market and initiated a sale of its Russian subsidiary owning the for the Russian entity. A complete sanction control and ownership company\u2019s office building in Moscow. The investment in Russia was research has been carried out of the buyer. The settlement has consequently presented as a discontinued operation and the asso-been made outside Russia. The remaining liabilities held for sale ciated assets and liabilities presented as held for sale in accord-applies to a subsidiary in Cyprus under liquidation which is con-ance with IFRS 5. sidered immaterial.Amounts in NOK millions 2022 2021Rental income 22 21 Property expenses (12) (9)Net operating income 11 12 Administration expenses (3) (3)Net realised financials 0 0 Net income from property management 8 10 Net unrealised financials 0 - Changes in value of financial instruments - - Changes in value of investment properties (89) (7)Profit before tax (81) 2 Current tax 1 (1)Deferred tax - - Profit from continued operations (81) 2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-2": {
"value": "The group is exposed through its operations to the following finan-Principal financial instruments cial risks:The principal financial instruments owned by the group are as fol-lows: \u25a0Credit risk \u25a0 Interest rate risk \u25a0Trade receivables \u25a0 Foreign exchange risk \u25a0Cash and cash equivalents \u25a0 Other market price risk \u25a0Trade and other payables \u25a0 Liquidity risk,and \u25a0Bank overdrafts \u25a0 Climate risk \u25a0Floating-rate bank loans \u25a0Fixed rate bank loansIn common with all other businesses, the group is exposed to risks \u25a0Interest rate swaps, andthat arise from its use of financial instruments. This note describes \u25a0Forward currency contracts the group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. FINANCIAL INSTRUMENTS BY CATEGORY:Financial assets Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202231.12.2022 Total 31.12.202131.12.2021 TotalCash and cash equivalents 187 - 187 208 - 208 Currency and interestswaps - 180 180 - 68 68 Trade receivables (non-interest bearing) 7 - 7 24 - 24 Total financial assets 194 180 374 232 68 300 Financial liabilities Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202231.12.2022 Total 31.12.202131.12.2021 TotalNon-current interest-bearing liabilities 1 217 - 1 217 2 275 - 2 275 Land plot lease agreements (financial liability) 19 - 19 19 - 19 Other financial liabilities 20 - 20 10 - 10 Current interest-bearing liabilites 1 905 1 905 - - Trade payables (non-interest bearing) 38 - 38 24 - 24 Total financial liabilities 3 199 - 3 199 2 328 - 2 328 Net financial assets and liabilities (3 005) 180 (2 825) (2 096) 68 (2 027)Financial instruments at amortised cost Level 1 - Quoted prices in active markets that the entity can access Financial instruments at amortised cost includes cash and cash at the measurement date.equivalents, trade and other receivables, trade and other payables, and loans and borrowings. Due to their short-term nature, the car-Level 2 \u2013 Use of a model with inputs other than level 1 that are rying value of cash and cash equivalents, trade and other receiv-directly or indirectly observable market data.ables, and trade and other payables approximates their fair value. Level 3 - Use of a model with inputs that are not based on observ-Financial instruments measured at fair valueable market data.The table below shows an analysis of fair values of financial instru-ments in the statement of financial position, grouped by level in the All financial derivates are currency and interest swap agree-fair value hierarchy:ments booked at fair value according to level 2.Financial assets measured at fair value Amounts in NOK million Fair value level 2022 2021Financial derivatives Level 2 180 68 There were no transfers between levels during the period.DerivativesThe fair value of financial derivatives, including currency forward statement. Changes in the value of the derivatives are presented exchange contracts/swaps and interest-rate swaps, is determined by under \u201cChanges in value of financial instruments\u201d. Interest income the net present value of future cash \ufb02ows, calculated using quoted from financial derivates is presented under \u201cNet realised financials\u201d.interest-rate curves and exchange rates at the balance-sheet date. The technical calculations are generally performed by the group\u2019s The fair value of interest rate swaps is the estimated amount the banks. The group has tested these valuations for reasonableness.group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the con-The group uses derivatives to manage its interest rate risk. Deriv-tracts\u2019 remaining term to maturity. The derivatives are classified on atives are initially recognised at fair value on the date on which the balance sheet as current or non-current, depending on whether the contract was signed, and subsequently at fair value. Gains or they are expected to be redeemed under or over 12 months from losses on remeasurement at fair value are recognised in the income the balance sheet date.General objectives, policies and processesThe Board has overall responsibility for the determination of the group's risk management objectives and policies and, whilst retain-ing ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the group's finance function. The Board receives monthly reports from the group Finan-cial Controller through which it reviews the effectiveness of the pro-cesses put in place and the appropriateness of the objectives and policies it sets. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the group's competitiveness and \ufb02exibility. Further details regard-ing these policies are set out below:The group is exposed to market risk (including interest rate risk), currency risk, credit risk and liquidity risk. The risk policies are continuously being assessed by the Board of Directors and the appropriate policies and procedures to identify, measure and man-age the financial risks has been implemented. The group\u2019s overall risk management programme seeks to minimise potential adverse effects on the group\u2019s financial performance.5.1 Market riskMarket risk is the risk that the fair value of future cash \ufb02ows of a finan-cial instrument will \ufb02uctuate because of changes in market prices.(i) Currency riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their func-tional currency. The group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency) with the cash generated from their own operations in that currency. Where group entities have liabilities denominated in a currency other than their functional currency (and have insufficient reserves of that currency to settle them), cash already denominated in that currency will, where possible, be transferred from elsewhere within the group.The group is predominantly exposed to currency risk on lease con-tracts in EUR, SEK and DKK, and the risk is hedged using cur-rency swaps.Apart from these particular cash-\ufb02ows the group aims to fund expenses and investments in the respective currency and to man-age foreign exchange risk at a local level by matching the currency in which revenue is generated and expenses are incurred.At 31 December the group's net exposure to foreign exchange risk was as follows:Net foreign currency financial assets / liabilities 2022Amounts in NOK million SEK DKK EUR TotalNet exposure NOK (360) (167) (328) (856)Net foreign currency financial assets / liabilities 2021Amounts in NOK million SEK DKK EUR TotalNet exposure NOK (92) (152) (312) (557)(ii) Interest rate risk on cash \ufb02ows and fair value The group is exposed to cash \ufb02ow interest rate risk from long-term borrowings at variable rate, and the risk is hedged using interest rate swaps, see details in note 11 and 15.During both 2021 and 2022, the group's borrowings at variable rate were denominated in NOK.Calculated on the existing funding terms for the group\u2019s inter-est-bearing liabilities on 31 December 2022, a rise in market interest rates of 1 percentage point would have increased KMC Properties annualised interest expenses by NOK 12.8 million.5.2 Liquidity risk Liquidity risk is the risk that the group will not be able to meet its obligations at maturity, and the risk that the group will not be able to meet its obligations without a significant increase in cost. The group\u2019s objective is to maintain a reasonable balance between debt and equity and to have sufficient available cash to fulfil obligations from the group\u2019s activity.The table below illustrates the maturity structure of liabilities. Maturity structureTotal Amounts in NOK millioncash \ufb02ow Year 1 Year 2 Year 3-5 After year 5Financial liability as of 31 December 2022Principal payment on Loans from credit institutions 3 116 1 893 81 1 009 133 Payment of interest and interest swap - 181 181 181 - Other long-term liabilities 20 3 - - 17 Trade payables 37 37 - - - Other current payables 41 41 Total 3 214 2 155 262 1 190 150 Maturity structureTotal Amounts in NOK millioncash \ufb02ow Year 1 Year 2 Year 3-5 After year 5Financial liability as of 31 December 2021Principal payment on Loans from credit institutions 2 275 - 1 838 437 - Payment of interest and interest swap - 99 99 99 - Other long-term liabilities 10 4 - - 6 Trade payables 24 24 - - - Other current payables 34 34 - - - Total 2 343 161 1 938 536 6 5.3 Capital risk managementThe main purpose of the group\u2019s capital management is to main-tain a reasonable balance between debt and equity. The group\u2019s goal is to have an LTV ratio of 50-65 per cent. The target is set with consideration to value development in the group and the opportu-nity to obtain the necessary financing. The EPRA LTV ratio as of 31 December is 56.2%.There are covenants on existing financing related to; loan to value, interest cover ratio and liquidity. Reference is made to note 16 for description of the covenants. Both during 2022, and as of 31 December 2022, the group was in compliance with all financial cov-enants, and the group expects to be in compliance going forward. The senior secured bond loan has a maturity date on 11 December 2023. The company\u2019s highest priority is secure refinancing of the portfolio at improved financial terms within the first six months of 2023. KMC Properties is currently in active dialogue with potential creditors, including banks, bondholders, and providers of private debt, and expects the refinancing to be composed of various finan-cial sources. There will be a general uncertainty related to the out-come of the refinancing until it is secured, and this poses a risk to the company. However, based on the current processes the board is confident that the refinancing will be successful. 5.4 Climate riskPhysical climate risk is the danger that climate-related events such as extreme weather cause damage to buildings or interruptions. This can lead to losses and affect the return on investments neg-ative. Furthermore, in the transition to the low-emission society, there is a risk that buildings that are not assessed as sustainable will receive regulatory restrictions, yield lower or lost rental income, and become more difficult to sell in the future.Management and the board follow developments in the market regarding the importance of climate risk for the development in the market value of investment property. So far, climate risk has not affected the valuations, but it is assumed that the buyer group is somewhat smaller for properties that have a higher risk linked to climate change.Physical risk and transition risk related to climate change on the road to a low-emission society are highly relevant for the group. Climate risk is further dealt with in the sustainability report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-3": {
"value": "The group is exposed through its operations to the following finan-Principal financial instruments cial risks:The principal financial instruments owned by the group are as fol-lows: \u25a0Credit risk \u25a0 Interest rate risk \u25a0Trade receivables \u25a0 Foreign exchange risk \u25a0Cash and cash equivalents \u25a0 Other market price risk \u25a0Trade and other payables \u25a0 Liquidity risk,and \u25a0Bank overdrafts \u25a0 Climate risk \u25a0Floating-rate bank loans \u25a0Fixed rate bank loansIn common with all other businesses, the group is exposed to risks \u25a0Interest rate swaps, andthat arise from its use of financial instruments. This note describes \u25a0Forward currency contracts the group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-3": {
"value": "FINANCIAL INSTRUMENTS BY CATEGORY:Financial assets Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202231.12.2022 Total 31.12.202131.12.2021 TotalCash and cash equivalents 187 - 187 208 - 208 Currency and interestswaps - 180 180 - 68 68 Trade receivables (non-interest bearing) 7 - 7 24 - 24 Total financial assets 194 180 374 232 68 300 Financial liabilities Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202231.12.2022 Total 31.12.202131.12.2021 TotalNon-current interest-bearing liabilities 1 217 - 1 217 2 275 - 2 275 Land plot lease agreements (financial liability) 19 - 19 19 - 19 Other financial liabilities 20 - 20 10 - 10 Current interest-bearing liabilites 1 905 1 905 - - Trade payables (non-interest bearing) 38 - 38 24 - 24 Total financial liabilities 3 199 - 3 199 2 328 - 2 328 Net financial assets and liabilities (3 005) 180 (2 825) (2 096) 68 (2 027)Financial instruments at amortised cost Level 1 - Quoted prices in active markets that the entity can access Financial instruments at amortised cost includes cash and cash at the measurement date.equivalents, trade and other receivables, trade and other payables, and loans and borrowings. Due to their short-term nature, the car-Level 2 \u2013 Use of a model with inputs other than level 1 that are rying value of cash and cash equivalents, trade and other receiv-directly or indirectly observable market data.ables, and trade and other payables approximates their fair value. Level 3 - Use of a model with inputs that are not based on observ-Financial instruments measured at fair valueable market data.The table below shows an analysis of fair values of financial instru-ments in the statement of financial position, grouped by level in the All financial derivates are currency and interest swap agree-fair value hierarchy:ments booked at fair value according to level 2.Financial assets measured at fair value Amounts in NOK million Fair value level 2022 2021Financial derivatives Level 2 180 68 There were no transfers between levels during the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-4": {
"value": "FINANCIAL INSTRUMENTS BY CATEGORY:Financial assets Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202231.12.2022 Total 31.12.202131.12.2021 TotalCash and cash equivalents 187 - 187 208 - 208 Currency and interestswaps - 180 180 - 68 68 Trade receivables (non-interest bearing) 7 - 7 24 - 24 Total financial assets 194 180 374 232 68 300 Financial liabilities Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202231.12.2022 Total 31.12.202131.12.2021 TotalNon-current interest-bearing liabilities 1 217 - 1 217 2 275 - 2 275 Land plot lease agreements (financial liability) 19 - 19 19 - 19 Other financial liabilities 20 - 20 10 - 10 Current interest-bearing liabilites 1 905 1 905 - - Trade payables (non-interest bearing) 38 - 38 24 - 24 Total financial liabilities 3 199 - 3 199 2 328 - 2 328 Net financial assets and liabilities (3 005) 180 (2 825) (2 096) 68 (2 027)Financial instruments at amortised cost Level 1 - Quoted prices in active markets that the entity can access Financial instruments at amortised cost includes cash and cash at the measurement date.equivalents, trade and other receivables, trade and other payables, and loans and borrowings. Due to their short-term nature, the car-Level 2 \u2013 Use of a model with inputs other than level 1 that are rying value of cash and cash equivalents, trade and other receiv-directly or indirectly observable market data.ables, and trade and other payables approximates their fair value. Level 3 - Use of a model with inputs that are not based on observ-Financial instruments measured at fair valueable market data.The table below shows an analysis of fair values of financial instru-ments in the statement of financial position, grouped by level in the All financial derivates are currency and interest swap agree-fair value hierarchy:ments booked at fair value according to level 2.Financial assets measured at fair value Amounts in NOK million Fair value level 2022 2021Financial derivatives Level 2 180 68 There were no transfers between levels during the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-5": {
"value": "FINANCIAL INSTRUMENTS BY CATEGORY:Financial assets Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202231.12.2022 Total 31.12.202131.12.2021 TotalCash and cash equivalents 187 - 187 208 - 208 Currency and interestswaps - 180 180 - 68 68 Trade receivables (non-interest bearing) 7 - 7 24 - 24 Total financial assets 194 180 374 232 68 300 Financial liabilities Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202231.12.2022 Total 31.12.202131.12.2021 TotalNon-current interest-bearing liabilities 1 217 - 1 217 2 275 - 2 275 Land plot lease agreements (financial liability) 19 - 19 19 - 19 Other financial liabilities 20 - 20 10 - 10 Current interest-bearing liabilites 1 905 1 905 - - Trade payables (non-interest bearing) 38 - 38 24 - 24 Total financial liabilities 3 199 - 3 199 2 328 - 2 328 Net financial assets and liabilities (3 005) 180 (2 825) (2 096) 68 (2 027)Financial instruments at amortised cost Level 1 - Quoted prices in active markets that the entity can access Financial instruments at amortised cost includes cash and cash at the measurement date.equivalents, trade and other receivables, trade and other payables, and loans and borrowings. Due to their short-term nature, the car-Level 2 \u2013 Use of a model with inputs other than level 1 that are rying value of cash and cash equivalents, trade and other receiv-directly or indirectly observable market data.ables, and trade and other payables approximates their fair value. Level 3 - Use of a model with inputs that are not based on observ-Financial instruments measured at fair valueable market data.The table below shows an analysis of fair values of financial instru-ments in the statement of financial position, grouped by level in the All financial derivates are currency and interest swap agree-fair value hierarchy:ments booked at fair value according to level 2.Financial assets measured at fair value Amounts in NOK million Fair value level 2022 2021Financial derivatives Level 2 180 68 There were no transfers between levels during the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-3": {
"value": "DerivativesThe fair value of financial derivatives, including currency forward statement. Changes in the value of the derivatives are presented exchange contracts/swaps and interest-rate swaps, is determined by under \u201cChanges in value of financial instruments\u201d. Interest income the net present value of future cash \ufb02ows, calculated using quoted from financial derivates is presented under \u201cNet realised financials\u201d.interest-rate curves and exchange rates at the balance-sheet date. The technical calculations are generally performed by the group\u2019s The fair value of interest rate swaps is the estimated amount the banks. The group has tested these valuations for reasonableness.group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the con-The group uses derivatives to manage its interest rate risk. Deriv-tracts\u2019 remaining term to maturity. The derivatives are classified on atives are initially recognised at fair value on the date on which the balance sheet as current or non-current, depending on whether the contract was signed, and subsequently at fair value. Gains or they are expected to be redeemed under or over 12 months from losses on remeasurement at fair value are recognised in the income the balance sheet date.General objectives, policies and processesThe Board has overall responsibility for the determination of the group's risk management objectives and policies and, whilst retain-ing ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the group's finance function. The Board receives monthly reports from the group Finan-cial Controller through which it reviews the effectiveness of the pro-cesses put in place and the appropriateness of the objectives and policies it sets. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the group's competitiveness and \ufb02exibility. Further details regard-ing these policies are set out below:The group is exposed to market risk (including interest rate risk), currency risk, credit risk and liquidity risk. The risk policies are continuously being assessed by the Board of Directors and the appropriate policies and procedures to identify, measure and man-age the financial risks has been implemented. The group\u2019s overall risk management programme seeks to minimise potential adverse effects on the group\u2019s financial performance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-3": {
"value": "5.1 Market riskMarket risk is the risk that the fair value of future cash \ufb02ows of a finan-cial instrument will \ufb02uctuate because of changes in market prices.(i) Currency riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their func-tional currency. The group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency) with the cash generated from their own operations in that currency. Where group entities have liabilities denominated in a currency other than their functional currency (and have insufficient reserves of that currency to settle them), cash already denominated in that currency will, where possible, be transferred from elsewhere within the group.The group is predominantly exposed to currency risk on lease con-tracts in EUR, SEK and DKK, and the risk is hedged using cur-rency swaps.Apart from these particular cash-\ufb02ows the group aims to fund expenses and investments in the respective currency and to man-age foreign exchange risk at a local level by matching the currency in which revenue is generated and expenses are incurred.At 31 December the group's net exposure to foreign exchange risk was as follows:Net foreign currency financial assets / liabilities 2022Amounts in NOK million SEK DKK EUR TotalNet exposure NOK (360) (167) (328) (856)Net foreign currency financial assets / liabilities 2021Amounts in NOK million SEK DKK EUR TotalNet exposure NOK (92) (152) (312) (557)(ii) Interest rate risk on cash \ufb02ows and fair value The group is exposed to cash \ufb02ow interest rate risk from long-term borrowings at variable rate, and the risk is hedged using interest rate swaps, see details in note 11 and 15.During both 2021 and 2022, the group's borrowings at variable rate were denominated in NOK.Calculated on the existing funding terms for the group\u2019s inter-est-bearing liabilities on 31 December 2022, a rise in market interest rates of 1 percentage point would have increased KMC Properties annualised interest expenses by NOK 12.8 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-3": {
"value": "5.2 Liquidity risk Liquidity risk is the risk that the group will not be able to meet its obligations at maturity, and the risk that the group will not be able to meet its obligations without a significant increase in cost. The group\u2019s objective is to maintain a reasonable balance between debt and equity and to have sufficient available cash to fulfil obligations from the group\u2019s activity.The table below illustrates the maturity structure of liabilities. Maturity structureTotal Amounts in NOK millioncash \ufb02ow Year 1 Year 2 Year 3-5 After year 5Financial liability as of 31 December 2022Principal payment on Loans from credit institutions 3 116 1 893 81 1 009 133 Payment of interest and interest swap - 181 181 181 - Other long-term liabilities 20 3 - - 17 Trade payables 37 37 - - - Other current payables 41 41 Total 3 214 2 155 262 1 190 150 Maturity structureTotal Amounts in NOK millioncash \ufb02ow Year 1 Year 2 Year 3-5 After year 5Financial liability as of 31 December 2021Principal payment on Loans from credit institutions 2 275 - 1 838 437 - Payment of interest and interest swap - 99 99 99 - Other long-term liabilities 10 4 - - 6 Trade payables 24 24 - - - Other current payables 34 34 - - - Total 2 343 161 1 938 536 6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-2": {
"value": "Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations about future events which are believed to be reasonable under current circumstances. Corporate management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual figures. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabili-ties in the next financial year are outlined below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-2": {
"value": "6.1 Fair value of investment properties Investment property is valued at its fair value based on a quarterly valuation update based on external valuations. The valuations on 31 December 2022 were obtained by Cushman & Wakefield.The valuations are mainly based on the discounted cash \ufb02ow method, which involves discounting future cash \ufb02ows over a spec-ified period using an estimated discount rate and then adding a residual value at the end of the period. Future cash \ufb02ows are cal-culated on the basis of cash \ufb02ows from signed leases, as well as future cash \ufb02ows based on an expected market rent at the end The external valuer performs their valuations on the basis of the of the lease terms. Both contractual and expected cash \ufb02ows are information they have received, and estimate future market rents, included in the calculations. Fair-value assessment of investment yields, in\ufb02ation, and other relevant parameters. Each individual properties, therefore, depends largely on assumptions related to property is assessed in terms of its market position, rental income market rents, discount rates, and in\ufb02ation. Market rents are based (contractual rents versus market rents) and ownership costs, with on individual assessments of each property and the segmentation estimates being made for anticipated vacancy levels and the need of different areas within the properties if relevant. To the extent for alterations and upgrades where applicable. The remaining that specific development potential is associated with a property, term of the leases is also assessed for risk, along with any spe-an assessment is made of whether this support or in\ufb02uences fair cial clauses in the contracts. Each property is also compared with value. Updated macroeconomic assumptions for interest-rate lev-recently sold properties in the same segment (location, type of els, in\ufb02ation expectations, and so forth are applied in the calcu-property, mix of tenants, etc).lations. Based on an assessment of the properties, tenants, and macroeconomic conditions at the balance sheet date, cash \ufb02ows The sensitivity of the fair-value assessment of investment properties are discounted using discount rates based on individual assess-depends to a considerable extent on assumptions related to yield, ments of each property.interest rates, market rents and operating costs for the properties. Reference is made to note 11 Investment property. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-2": {
"value": "The group mainly enters into long-term lease agreements with solid counterparties, strategically located for tenants.The group's future accumulated rent from operational lease contracts at 31 December Amounts in NOK million 2022 2021\u2264 1 year 367 232Between 1 and 2 years 367 252Between 2 and 3 years 367 232Between 3 and 4 years 367 232Between 4 and 5 years 367 232\u2265 5 years 2 351 1 451Total 4 187 2 630 1)The group's lease contracts at 31 December 2022 have the following maturity structure measured in annual rentAmounts in NOK million No of contractsContract rent Contract rent,%\u2264 1 year 1 4 1%Between 1 and 5 years 1 0 0%Between 5 and 10 years 24 109 29%\u2264 10 years 39 258 70%Total 65 371 100% 1)The group's lease contracts at 31 December 2021 have the following maturity structure measured in annual rent 2)Amounts in NOK million No of contracts Contract rent Contract rent,%\u2264 1 year 105 16 7%Between 1 and 5 years 21 4 2%Between 5 and 10 years 22 94 37%\u2264 10 years 23 138 55%Total 171 252 100%1) The rent is stated as the annualised undicounted contractual rent, and is therefore not reconsiable with the rental income for the year for accounting purposes.2) Gasfield is included with 105 contracts with maturity under 1 year, and 20 of 21 contracts with maturity between 1 and 5 years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-2": {
"value": "Amounts in NOK million 2022 2021Property expenses Insurance premium 1 1 Property tax 1 1 Mainenance - 1 Other property expenses 0 0 Total property expenses 3 3 Administration expensesPersonnel expenses 31 23Legal, agency and consultancy fees 12 34Accounting 1 2Auditors 5 4Other operating expenses 3 1Total administration expenses 52 64",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-3": {
"value": "Administration expensesPersonnel expenses 31 23Legal, agency and consultancy fees 12 34Accounting 1 2Auditors 5 4Other operating expenses 3 1Total administration expenses 52 64Personnel expensesSalaries, performance-related pay and other taxable benefits 24 15Employers\u2019 Natural Insurance contributions 3 2Pension expenses 1 0Other personnel expenses 1 4Board fees 2 2Total personnel expenses 31 23Number of full-time equivalent employees 12 9Employee's may purchase shares in the company at a 20% discount Renumeration to senior executivesfor an amount limited upwards to NOK 1 million, on condition that The total remuneration of the CEO and other Senior Executives the employee is obliged to hold the shares for a three-year period consists of a fixed package of salary and benefits supplemented (lock-up period). The Board decides how the transaction shall be by cashbased short-term incentive (STI), share purchase scheme arranged within the authorisations granted by the general meeting.(on the same terms as all other employees), pension and insur-ance arrangements.Overview of total renumeration to senior executives 2022Total Variable cash Pension Benefits remu neration 1)Amounts in NOK million Salarysalary (STI)costsin kind2022Liv Malvik, CEO 2.5 0.7 0.1 0.0 3.3Kristoffer Holmen, CFO 2.1 1.0 0.1 0.0 3.3Audun Aasen, COO 1.3 0.8 0.1 0.2 2.4Kristoffer Formo, head of M&A 1.3 0.1 0.1 0.1 1.7 2)Ove R\u00f8d Henriksen, CAO1.3 0.6 0.1 0.0 2.1Total 8.5 3.2 0.6 0.3 12.71) Includes the provision based on targets met in 2022, which will be paid out in 2023. 50% of the variable compensation shall be paid out two years from grant, on condition that the employee is employed with the company at the end of the two-year period and has not given notice to terminate his or her employment. The deferred share of the variable compensation shall be indexed against the share price of KMC Properties ASA (KMC), start-ing at market price at grant.2) Ove R\u00f8d Henriksen was employed in KMC Properties ASA 17.01.2022.Overview of total renumeration to senior executives 2021Total Variable cash Pension Benefits remu neration 1)Amounts in NOK million Salarysalary (STI)costsin kind2021Liv Malvik, CEO 2.0 1.5 0.1 0.0 3.6 2)Kristoffer Holmen, CFO1.0 1.1 0.1 0.0 2.2Audun Aasen, COO 1.2 0.6 0.1 0.2 2.0 3)Kristoffer Formo, head of M&A1.1 0.6 0.1 0.0 1.8Total 5.3 3.8 0.3 0.2 9.71) Includes the provision based on targets met in 2021, which will be paid out in 2022. 50% of the variable compensation shall be paid out two years from grant, on condition that the employee is employed with the company at the end of the two-year period and has not given notice to terminate his or her employment. The deferred share of the variable compensation shall be indexed against the share price of KMC Properties ASA (KMC), start-ing at market price at grant.2) Kristoffer Holmen was employed in KMC Properties ASA 1.5.2021. Berfore this CFO was hired and expenses included under Other operating expenses.3) Kristoffer Formo was employed in KMC Properties ASA 15.3.2021.Overview of total renumeration to the board of directorsTotal Total Committee remuneration remuneration 1) 1)Amounts in NOK million Board feesfees20222021P\u00e5l Aglen (from 1 June 2022) 0.3 - 0.3 -Morten Eivindss\u00f8n Astrup 0.3 0.0 0.3 0.3Nini H\u00f8egh Nergaard 0.3 - 0.3 0.2Anna Musiej Aanensen 0.3 0.1 0.4 0.3Stig W\u00e6rnes 0.3 0.1 0.4 0.3Marianne Bekken 0.3 - 0.3 0.2John Thoresen (from June 2022) 0.2 - 0.2 -Anders Dyrseth (until June 2022) 0.2 - 0.2 0.4Thorbj\u00f8rn Fj\u00e6rtoft Pedersen (until June 2022) 0.1 - 0.1 0.1B\u00f8rge Klungerbo (until June 2021) - - - 0.1Total 2.0 0.2 2.2 1.91) The overview of the remuneration of the Board of Directors shows remuneration earned in the financial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-2": {
"value": "Auditor fees full year basisStatutory audit 5 4Tax advice 0 0Other services not related to auditing - - Other assrurance services - 0Total auditor expenses (excl. VAT) 5 4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-3": {
"value": "Personnel expensesSalaries, performance-related pay and other taxable benefits 24 15Employers\u2019 Natural Insurance contributions 3 2Pension expenses 1 0Other personnel expenses 1 4Board fees 2 2Total personnel expenses 31 23Number of full-time equivalent employees 12 9Employee's may purchase shares in the company at a 20% discount Renumeration to senior executivesfor an amount limited upwards to NOK 1 million, on condition that The total remuneration of the CEO and other Senior Executives the employee is obliged to hold the shares for a three-year period consists of a fixed package of salary and benefits supplemented (lock-up period). The Board decides how the transaction shall be by cashbased short-term incentive (STI), share purchase scheme arranged within the authorisations granted by the general meeting.(on the same terms as all other employees), pension and insur-ance arrangements.Overview of total renumeration to senior executives 2022Total Variable cash Pension Benefits remu neration 1)Amounts in NOK million Salarysalary (STI)costsin kind2022Liv Malvik, CEO 2.5 0.7 0.1 0.0 3.3Kristoffer Holmen, CFO 2.1 1.0 0.1 0.0 3.3Audun Aasen, COO 1.3 0.8 0.1 0.2 2.4Kristoffer Formo, head of M&A 1.3 0.1 0.1 0.1 1.7 2)Ove R\u00f8d Henriksen, CAO1.3 0.6 0.1 0.0 2.1Total 8.5 3.2 0.6 0.3 12.71) Includes the provision based on targets met in 2022, which will be paid out in 2023. 50% of the variable compensation shall be paid out two years from grant, on condition that the employee is employed with the company at the end of the two-year period and has not given notice to terminate his or her employment. The deferred share of the variable compensation shall be indexed against the share price of KMC Properties ASA (KMC), start-ing at market price at grant.2) Ove R\u00f8d Henriksen was employed in KMC Properties ASA 17.01.2022.Overview of total renumeration to senior executives 2021Total Variable cash Pension Benefits remu neration 1)Amounts in NOK million Salarysalary (STI)costsin kind2021Liv Malvik, CEO 2.0 1.5 0.1 0.0 3.6 2)Kristoffer Holmen, CFO1.0 1.1 0.1 0.0 2.2Audun Aasen, COO 1.2 0.6 0.1 0.2 2.0 3)Kristoffer Formo, head of M&A1.1 0.6 0.1 0.0 1.8Total 5.3 3.8 0.3 0.2 9.71) Includes the provision based on targets met in 2021, which will be paid out in 2022. 50% of the variable compensation shall be paid out two years from grant, on condition that the employee is employed with the company at the end of the two-year period and has not given notice to terminate his or her employment. The deferred share of the variable compensation shall be indexed against the share price of KMC Properties ASA (KMC), start-ing at market price at grant.2) Kristoffer Holmen was employed in KMC Properties ASA 1.5.2021. Berfore this CFO was hired and expenses included under Other operating expenses.3) Kristoffer Formo was employed in KMC Properties ASA 15.3.2021.Overview of total renumeration to the board of directorsTotal Total Committee remuneration remuneration 1) 1)Amounts in NOK million Board feesfees20222021P\u00e5l Aglen (from 1 June 2022) 0.3 - 0.3 -Morten Eivindss\u00f8n Astrup 0.3 0.0 0.3 0.3Nini H\u00f8egh Nergaard 0.3 - 0.3 0.2Anna Musiej Aanensen 0.3 0.1 0.4 0.3Stig W\u00e6rnes 0.3 0.1 0.4 0.3Marianne Bekken 0.3 - 0.3 0.2John Thoresen (from June 2022) 0.2 - 0.2 -Anders Dyrseth (until June 2022) 0.2 - 0.2 0.4Thorbj\u00f8rn Fj\u00e6rtoft Pedersen (until June 2022) 0.1 - 0.1 0.1B\u00f8rge Klungerbo (until June 2021) - - - 0.1Total 2.0 0.2 2.2 1.91) The overview of the remuneration of the Board of Directors shows remuneration earned in the financial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-2": {
"value": "Amounts in NOK million 2022 2021Interest income 3 7 Interest income from financial derivates 16 4 Interest expenses (142) (93)Net realised financials (122) (82)Amounts in NOK million 2022 2021Net currency exchange differences 44 (47)Amortisation of capitalised borrowing cost (6) (6)Interest expense on lease liabilities (1) (1)Other financial expenses/income (3) 1 Net unrealised financials 35 (53)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-3": {
"value": "Amounts in NOK million 2022 2021Interest income 3 7 Interest income from financial derivates 16 4 Interest expenses (142) (93)Net realised financials (122) (82)Amounts in NOK million 2022 2021Net currency exchange differences 44 (47)Amortisation of capitalised borrowing cost (6) (6)Interest expense on lease liabilities (1) (1)Other financial expenses/income (3) 1 Net unrealised financials 35 (53)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-4": {
"value": "Amounts in NOK million 2022 2021Interest income 3 7 Interest income from financial derivates 16 4 Interest expenses (142) (93)Net realised financials (122) (82)Amounts in NOK million 2022 2021Net currency exchange differences 44 (47)Amortisation of capitalised borrowing cost (6) (6)Interest expense on lease liabilities (1) (1)Other financial expenses/income (3) 1 Net unrealised financials 35 (53)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-2": {
"value": "The valuation of the properties at 31 December 2022 has been per-alia, market rent rates, market discount rates and market capitalisa-formed by an independent expert valuer, Cushman & Wakefield. tion rates. The carrying value of the properties in the balance sheet The variables used for valuation are both company specific and re\ufb02ects the values given a long-term perspective. Also see note 6 marked derived. Company specific variables include contractual for critical accounting estimates and assumptions.rental income and expenses. Market derived variables include, inter Amounts in NOK million 2022 2021Opening balance 4 002 3 090 Classified as held for sale (143) - Purchase of investment properties 1 308 520 Upgrades of investment properties 139 140 Sale of investment properties - - Change in value 41 310 Currency translation effect 38 (58)Value at period end before adjustment of right-of-use asset 5 385 4 002 Adjustment of right-of-use asset (20) (19)Value at period end 5 366 3 982 The sensitivity of the fair-value assessment of investment properties assuming all other variables remained constant (amounts in NOK depends to a considerable extent on assumptions related to yield, million). However, there are interrelationships between these var-interest rates, market rents and operating costs for the properties. iables, and it is expected that a change in one variable may in\ufb02u-The table below presents examples of how changes related to each ence one or more of the other variables.of these variables in\ufb02uenced property values, at 31 December 2022, Variables Change of variables Value change (+) Value change (-)Exit yield +/- 0.25 per cent points (54) 59Discount rate +/- 0.25 per cent points (113) 109Operating costs +/- 10 per cent (10) 10Market rent +/- 10 per cent 278 (217)Average rental growth +/- 0.5 percentages points next 10 years 173 (167)The calculations have been performed by Cushman & Wakefield in connection with the valuations at 31 December 2022.Input for valuations \u2013 overviewInvestment propertyValuation method, reference is made to note 5 Level 3Valuation model DCF DCFWAULT 11.0Net yield (interval) 4.12%-13.31%Contract rent at 31 December 2022, measured in annual rent (NOK million) 375",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-65-2": {
"value": "Amounts in NOK million 2022 2021Trade receivables (non-interest bearing) 7 24Other receivables 7 27Total other receivables 14 51Financial derivatives 180 67",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-66-2": {
"value": "Age analysis of trade receivablesAmounts in NOK million 2022 2021Not overdue 6 110-30 days 1 931-60 days 0 361-90 days - 191 days - 0Total trade receivables 7 24The group has cross currency and interest rate swaps to hedge risk against exchange rate and interest rate \ufb02ucturations.Amounts in millionCurrency Market value Market value Start Maturity Fixed Fixed Swap agreementamount31.12.202231.12.2021datedatecurrency rateinterestEUR/NOK = EURIBOR = Interest & currency NOK 335 NOK 16 NOK 2323.12.202011.12.202310.630-0.51%Interest & currency NOK 240 NOK 32 NOK 2023.12.202011.12.2023 SEK/NOK = 1.050 STIBOR = 0.017%DANISH IBOR = Interest & currency NOK 165 NOK 7 NOK 1123.12.202011.12.2023 DKK/NOK = 1.428-0.505%Interest NOK 500 NOK 56 NOK 12 13.07. 202131.12.2030Not applicable NIBOR = 1.5175%11.12.2023EURIBOR = 1 )Interest EUR 32 EUR 4 EUR 013.12.2027Not applicable-0.03%11.12.2023STIBOR = 1)Interest SEK 120 SEK 11 SEK 213.12.2027Not applicable0.686%11.12.2023DANISH IBOR = 1)Interest DKK 120 DKK 13 DKK 113.12.2027Not applicable0.215%Interest NOK 35 NOK 1 10.02.202210.02.2027Not applicable NIBOR = 2.305%1) The swap agreement is a forward starting interest rate swap.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-66-3": {
"value": "Age analysis of trade receivablesAmounts in NOK million 2022 2021Not overdue 6 110-30 days 1 931-60 days 0 361-90 days - 191 days - 0Total trade receivables 7 24The group has cross currency and interest rate swaps to hedge risk against exchange rate and interest rate \ufb02ucturations.Amounts in millionCurrency Market value Market value Start Maturity Fixed Fixed Swap agreementamount31.12.202231.12.2021datedatecurrency rateinterestEUR/NOK = EURIBOR = Interest & currency NOK 335 NOK 16 NOK 2323.12.202011.12.202310.630-0.51%Interest & currency NOK 240 NOK 32 NOK 2023.12.202011.12.2023 SEK/NOK = 1.050 STIBOR = 0.017%DANISH IBOR = Interest & currency NOK 165 NOK 7 NOK 1123.12.202011.12.2023 DKK/NOK = 1.428-0.505%Interest NOK 500 NOK 56 NOK 12 13.07. 202131.12.2030Not applicable NIBOR = 1.5175%11.12.2023EURIBOR = 1 )Interest EUR 32 EUR 4 EUR 013.12.2027Not applicable-0.03%11.12.2023STIBOR = 1)Interest SEK 120 SEK 11 SEK 213.12.2027Not applicable0.686%11.12.2023DANISH IBOR = 1)Interest DKK 120 DKK 13 DKK 113.12.2027Not applicable0.215%Interest NOK 35 NOK 1 10.02.202210.02.2027Not applicable NIBOR = 2.305%1) The swap agreement is a forward starting interest rate swap.",
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"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-67-2": {
"value": "Amounts in NOK million 2022 2021Bank deposits 185 166 Disposal account 0 41 Restricted bank deposits 1 0 Total bank deposits 187 208 Restricted bank deposits relate to the withholding tax account .",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-68-2": {
"value": "Share capital and nominal value31.12.2022Shares issued 323 893 649 Nominal amount in NOK 0.2Share capital in NOK 64 778 730 No of shares as of 31 December 2020 240 765 311 Issue of shares subsequent offering 19.02.2021 981 233 Issue of shares privat placement 16.09.2021 37 500 000 Issue of shares employee offering 18.10.2021 750 000 Issue of shares subsequent offering 27.10.2021 1 875 000 No of shares as of 31 December 2021 281 871 544 Issue of shares privat placement 22.02.2022 2 772 105 Issue of shares privat placement 04.11.2022 39 250 000 No of shares as of 31 December 2022 323 893 649 All shares are fully paid. There is only one share class. All shares list shows the shareholder register from VPS at 31 December 2022 have equal rights. KMC Properties ASA is listed on the Oslo B\u00f8rs Any trades via brokers before the closing date which is registered (Oslo Stock Exchange) under the symbol KMCP. The shareholder after the closing date is not re\ufb02ected in the shareholder list.Shareholder % holding Country Type of shareholder SharesBEWI Invest AS 42.9% Norway Ordinary 139 019 470 HAAS AS 23.7% Norway Ordinary 76 875 801 Fr\u00f8y Kapital AS 4.0% Norway Ordinary 13 020 833 Surfside Holding AS 3.1% Norway Ordinary 10 000 000 Nordea Bank Abp 2.7% Sweden Nominee 8 597 653 Credit Suisse (Luxembourg) S.A. 2.0% Luxenbourg Nominee 6 500 000 Carnegie Investment Bank AB 1.7% Sweden Nominee 5 625 000 Constructio AS 1.7% Norway Ordinary 5 607 141 M2 Asset Management AB 1.6% Sweden Ordinary 5 171 825 Formo AS 1.2% Norway Ordinary 3 740 000 Total 10 largest shareholders 85% 274 157 723 Other shareholders 15% 49 735 926 Total 100% 323 893 649 * Nominee = Nominee Accounts; foreign institutions holding shares on behalf of clients.\ue61dShares controlled by directors Via % holding SharesP\u00e5l Magnus Aglen Aglen Holding AS 0.3% 820 500 Morten Eivindss\u00f8n Astrup Surfside Holding AS 3.1% 10 000 000 Hege Aasen Veiseth 0.0% - Haakon S\u00e6ter 0.0% - Nini H\u00f8egh Nergaard 0.0% - 1)Marianne Bekken0.0% - 2)John ThoresenKastor Invest AS 0.7% 2 242 856 Anna Musiej Aanensen 0.0% - Stig W\u00e6rnes Snew\u00e6r AS 0.1% 278 540 Sum shares controlled by directors 4.0% 13 341 896 1) Owns indirectly through Marbek Invest AS. Marbek Invest AS owns 26.03% of the shares in Bekken Invest AS, which in turn owns 69.89% of the shares in Bewi Invest AS. Bewi Invest AS owns 42.92% in KMC Properties ASA. Marianne Bekken owns 100% of Marbek Invest AS.2) Owns Indirectly through Kastor Invest AS. John Thoresen owns 28% of the shares in Bajato AS, wich owns 50% of Kastor Invest Holding AS. Kastor Invest Holding AS owns 100% of the Shares in Kastor Invest AS. Shares controlled by senior executives Via % holding SharesLiv Malvik, CEO 0.1% 179 285 Kristoffer Holmen, CFO Mejdell Holmen Holding AS 0.0% 125 000 Ove R\u00f8d Henriksen, CAO Substrata AS 0.0% 9 630 Audun Aasen, COO Tripla Invest AS 0.2% 577 000 Kristoffer Formo, head of M&A Formo AS 1.2% 3 740 000 Sum shares controlled by senior executives 1.4% 4 630 915 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-70-2": {
"value": "Income tax expenseAmounts in NOK million 2022 2021Tax payable, current year (9) (3)Change in deferred tax (29) (74)Income tax expense (38) (77)Income tax payable is calculated as followsProfit before tax 282 380 Profit before tax from discontinued operations (81) 2 Other permanent differences 31 6 Changes in temporary differences (209) (375)Profit for tax purposes 23 13 Tax payable on the balance sheet 5 3 Reconciliation of income tax expenseAmounts in NOK million 2022 2021Profit before tax (including discontinued operations) 201 382 Estimated tax based on 22% (44) (84)Tax effects of:Deferred tax assets that are not recognised in the balance sheet - 4 Change in temporary differences due to different tax regimes (2) 4 Changes in fair value investment properties witout tax effect 15 - Permanent differences (7) (1)Income tax expense (38) (77)Effective tax rate 19.0% 20.3%",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-2": {
"value": "Deferred income taxThe group has offset deferred tax assets and deferred tax liabilities on the balance sheet as the group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. The following net value was recognised:Amounts in NOK million 2022 2021Deferred tax liability 231 191 Deferred tax assets 68 59 Net deferred tax 163 132 CHANGE IN DEFERRED TAX (+)/DEFERRED TAX ASSETS (-) Movment in temporary differences Investment Financial Current Loss carried Amounts in NOK millionproperty instrumentsassets forward Other Total 1 January 2021 497 - 15 (233) (50) 229 Recognised in profit and loss 298 67 (4) (66) 17 312 Acquisition of subsidiaries - - - (3) - (3)31 December 2021 795 67 11 (302) (33) 538 Recognised in profit and loss 48 111 0 22 - 181 Acquisition of subsidiaries - - - - 10 10 31 December 2022 844 178 11 (280) (23) 729 Change in temporary differences based on nominal tax rate 191 Change in deffered tax based on nominal tax rate (42)Differences due to different tax regimes and currency effects (2)Other differences 6 Change in deferred tax (38)",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-73-2": {
"value": "Non-current interest bearing liabilities2022 2021Nominal Market Carrying Nominal Market Carrying Amounts in NOK millionvaluevalueamountvaluevalueamountBond loans - - - 1 850 1 836 1 838 Bank loans 1 223 1 223 1 217 437 437 437 Total non-current interest bearing liabilities 1 223 1 223 1 217 2 287 2 273 2 275 Current interest bearing liabilities2022 2021Nominal Market Carrying Nominal Market Carrying Amounts in NOK millionvaluevalueamountvaluevalueamountBond loans 1 850 1 862 1 844 - - -Bank loans 61 61 61 - - -Total current interest bearing liabilities 1 911 1 923 1 905 - - - The market value on the bond loans is the observed mid-price on the reporting date. Changes in liabilties arising from financing activitiesReclas-Amortisation ification of capital-Newto current First year ised borrow-Amounts in NOK million 31.12.2021 liabilitiesRepaymentliabilitiesinstallmenting cost 31.12.2022Non-current interest bearing liabilities 2 275 849 (20) (1 838) (43) (6) 1 217 Current interest bearing liabilities 0 18 1 838 43 6 1 905 Total 2 275 867 (20) - - 0 3 122 Reference is made to 5.2 for maturity analysis on the interest bearing liabilities. Interest-bearing debt at 31 December 2022Weighted Weighted average In average Weighted amortisation Weighted compliance NOK current average interest plan bank loans average years to with 1)millioninterestterms(years)final maturitycovenants?Bond loan 1 850 7.54% 3 months None 1 YesNIBOR + 4.25%Bank Loan 1 266 5.96% 3-/6 months 23 4 YesNIBOR/STIBOR+2.64%Construction loan 18 6.04% 3 months N/A N/A YesNIBOR+2.75%Revolving credit facility - 5.54% 3 months N/A N/A YesNIBOR + 2.25%Total 3 134 6.89% N/ASwap agreements (1.15%)Total including swap agree- 3 134 5.74%ments1) 3 months Nibor is set to 3.29% in line with the latest interest rate determination on the bond loan 6 months Nibor is set to 3.85% in line with the latest interest rate determination on the bank loan 6 months Stibor is set to 2.65% in line with the latest interest rate determination on the bank loan Key terms:\ue61dNOK 1 850 000 000 senior secured bond. Guarantees and security certain covenants that only apply to KMC Properties AS and its is shared with certain hedging providers and one or more revolving direct and indirect subsidiaries and which, to a certain extent, \"ring-credit facilities and, under the terms of an intercreditor agreement, fences\" this part of the group. These covenants include restrictions the bond issue ranks behind the relevant hedging providers and on mergers and de-mergers, additional limitations on investments, the revolving credit facilities in the payment waterfall. limitations on disposals of assets and requirements for re-invest-ing disposal proceeds, additional restrictions on incurring financial Call option: Voluntary redemption of bond (i) prior to 11 June 2023 indebtedness, negative pledge, requirements as to insurances, in done with a \"make whole\" compensation to bondholders and (ii) requirements for maintenance and managements of properties and after 11 June 2023 until (but not including) Final Maturity is done limitations on alteration of property lease agreements. at 101% of the nominal amount of redeemed bond. Financial covenants: The Issuer must ensure compliance with the Put option: Upon a change of control, failure to list the bond or a following financial covenants (maintenance covenants), measure de-listing of the Issuer's share from Oslo B\u00f8rs, exercisable at 101% on the group as a whole: of the nominal amount of the redeemed bond. Interest cover ratio (ICR) of not less than 1.5x Net-loan-to-value ratio below (NLTV) 75% Guarantors and Security: KMC Properties AS and substantially Liquidity not less than an amount equal to net interest costs for all of its direct and indirect subsidiaries (i) are guarantors for the the next 6 months bond issue and (ii) substantially all of their assets (and the shares in KMC Properties AS) are granted as security for the bond issue. In addition (incurrence covenants): General undertakings (covenants): Customary general undertak- \u25a0Any distribution from the Issuer is subject to an NLTV of not ings applicable to the Issuer and all its direct and indirect subsidi-less than 65% and a liquidity that is 1.5x higher than the aries, including maintaining authorisations, compliance with laws, liquidity requirement above; and continuation of business, pari passu ranking, limitations on invest- \u25a0the incurrence of certain otherwise permissible new financial ments, limitations on distributions, certain financial support restric-indebtedness is subject to a loan-to-value ratio of 60%. tions, restrictions on limiting subsidiaries' right to make distributions. \u25a0The group was in compliance with all covenants related to its liabilities at 31 December 2022. Additional undertakings (covenants) for KMC Properties AS: In \ue61dadditional to the general undertakings set out above, there are Security bond loan: Amounts in NOK million 2022 2021Pledged property portfolio 3 029 2 943 Disposal account 41 - 1)Opening balance security 3 070 2 943 Investments in pledged property portfolio 197 111 Sale of assets in pledged property portfolio (144) (133)In\ufb02ow disposal account 144 133 Out\ufb02ow dispoal account (184) (93) 2)Fair value and translation adjustments pledged property portfolio(28) 79 Value security end of period 3 055 3 041 1) The bond is secured by, in addition to mortgages over the properties, share charges over the shares of the guarantors, pledges over bank accounts, Norwegian \ufb02oating charges over trade receivables, and certain other \ufb02oating charges / enterprise mortgages in Finland, Denmark and Sweden.2) In accordance with valuation from Cushman & Wakefield at 31 December 2022.The bond terms governing the bond issue, require that all funds Eiendom AS from KMC Properties AS to KMC Properties IV Norway received from sale of pledged properties shall be paid into a bank AS for NOK 144 million in the third and fourth quarter of 2022. The account blocked and pledged in favour of the bond holders (the purchase was done using standard terms, and the price was based \u201cDisposal Account\u201d). on Cushman and Wakefield\u2019s valuation of the properties. The pur-chase price was paid to the Disposal Account and used to buy the Funds from the Disposal Account may be used to finance devel-two property companies KMC Fars\u00f8 A/S and KMC Nyk\u00f8bing Mors opment of properties in the bond security package. Hence, in A/S for NOK 138 million. Additionally Nordic Trustee has released accordance with the bond terms, KMC Properties ASA sold KMC NOK 21 million from the Disposal Account to finance the invest-Kongsvinger AS, KMC Balsfjord AS, KMC Kvenild AS and Hitra ments in existing properties in the pledged property portfolio.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-75-2": {
"value": "At the end of the year, KMC Properties had 11 properties (8) granted site leaseholds. KMC Properties recognises a right-of-use asset and a corresponding liability at the lease commencement date.Amounts in NOK million 2022 2021Beginning of year 19 17 Additions 1 3 Adjustments (0) (1)Depreciation (1) (0)Value at year-end 19 19 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-76-2": {
"value": "Other current liabilitiesAmounts in NOK million 2022 2021 Trade payables (non-interest bearing) 37 24Taxes payable 0 3Value added taxes payable 5 5Other current liabilities (non-interest bearing) 36 29Sum other current liabilities 79 61Other non-current liabilitiesAmounts in NOK million 2022 2021 Lease liabilities 19 19 Deferred stamp duty 3 3 Prepaid rent 17 - Other non-current liabilities 0 8 Sum other non-current liabilities 39 29 ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-76-3": {
"value": "Other current liabilitiesAmounts in NOK million 2022 2021 Trade payables (non-interest bearing) 37 24Taxes payable 0 3Value added taxes payable 5 5Other current liabilities (non-interest bearing) 36 29Sum other current liabilities 79 61",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-76-4": {
"value": "Other current liabilitiesAmounts in NOK million 2022 2021 Trade payables (non-interest bearing) 37 24Taxes payable 0 3Value added taxes payable 5 5Other current liabilities (non-interest bearing) 36 29Sum other current liabilities 79 61",
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-77-3": {
"value": "Other non-current liabilitiesAmounts in NOK million 2022 2021 Lease liabilities 19 19 Deferred stamp duty 3 3 Prepaid rent 17 - Other non-current liabilities 0 8 Sum other non-current liabilities 39 29 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
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"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-77-4": {
"value": "Other non-current liabilitiesAmounts in NOK million 2022 2021 Lease liabilities 19 19 Deferred stamp duty 3 3 Prepaid rent 17 - Other non-current liabilities 0 8 Sum other non-current liabilities 39 29 ",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-78-2": {
"value": "Subsidiaries Subsidiaries Subsidiaries Subsidiaries Subsidiaries incorporated in incorporated in incorporated in Denmarkincorporated in incorporated in NorwaySwedenHollandFinlandBotngaard Eiendom AS Genevad V\u00e5rg\u00e5rda Holding AB KMC Fars\u00f8 A/S Holland Industrial Properties B.V Pesca Property Finland Oy (Finland)Fagernessletta 10 AS KMC Eiendom Sverige ABKMC Industrial Properties Denmark Oldenzaal Investment properties B.V Pesca Property Kuopio Oy (Finland)ApSFagerviksveien 2A og 2B AS KMC F\u00e5rtickan AB KMC Nyk\u00f8bing Mors A/S Someren Investment properties B.VFNH Eiendom AS KMC Kramfors AB KMC Properties III Denmark ApS Wijchen Investment properties B.VHamarvik Eiendom AS KMC MergeCo 1 AB KMC Properties IV Denmark ApS Zwartsluis Investment properties B.VHitra Eiendom AS KMC MergeCo 2 AB KMC Skelvej ApSHofstadvegen 15 AS KMC MergeCo 3 AB Pesca Property Denmark A/SIndustrieiendom Nord AS KMC MergeCo 4 AB Pesca Property Fredrikshavn A/SKampenveien 5 AS KMC Norrk\u00f6ping AB Pesca Property Hvide Sande A/SKMC Balsfjord AS KMC Properties III Sweden ABKMC Energy AS KMC Skurup ABKMC Havnegata 16 AS KMC T\u00e4by ABKMC Hitra II AS KMC Urshult ABKMC Holsneset AS KMC V\u00e5mb ABKMC Industrial Properties Norway AS KMC Kl\u00e4desholmen ABSubsidiaries incorporated in other countriesKMC Kvenild AS Pesca Property Kungshamn ABKMC Liaveien 22 AS Pesca Property Sweden ABTiberton Yard Holding 2 Ltd (Cyprus)KMC Oppdal AS Pesca Property Varberg ABKMC Properties AS V\u00e4rg\u00e4rda Genevad Fastighet AB KMC Properties Holdco ASKMC Properties II ASKMC Properties II Denmark AS KMC Properties II Norway ASKMC Properties II Sweden ASKMC Properties II Utland ASKMC Properties III ASKMC Properties III Norway ASKMC Properties IV ASKMC Properties IV Norway ASKMC Properties Nederland ASKMC Properties Sverige Danmark ASKMC Properties V ASKMC Senja ASKMC SPV I ASKMC SPV II ASKMC Uthaug ASKMCP II Norway Midt-Norge ASKMCP II Norway Nord-Norge ASKMCP II Norway Vestlandet ASLevanger Eiendom ASMaritime Group Eiendom ASPesca Property ASPesca Property B\u00e5tsfjord ASPesca Property Gjerdsvika ASPesca Property Hav\u00f8ysund ASPesca Property Invest ASPesca Property Kongsvinger ASPesca Property Leknes ASPesca Property Norway ASRantex Eiendom ASSkatt\u00f8rvegen 78 ASStj\u00f8rdal Eiendom ASStoremyra 200 AS\u00d8stre Rosten 102 AS\u00d8stre Rosten 102 B AS",
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-79-2": {
"value": "The table below sets out KMC Properties ASA (including its subsid-iaries) material investments and acquisitions with related parties. Purchase priceDate Target/propertyNOK million 1)20 December 2021Kampenveien 5 AS 44 2)8 November 2022Jackon Eiendom AS 895 2)30 November 2022Fagervikveien 2A og 2B AS 251) On this date, KMC Properties ASA was 41.3% owned by EBE Eiendom AS, which at this date was owned 100% by BEWI Invest AS%. BEWI Invest AS owned 100% of Kampenveien 5 AS through the 100% owned subsidiary Fr\u00f8ya Invest AS. The purchase prices were based on valuations by external valuators.2) On this date, KMC Properties ASA was 46.91% owned by BEWI Invest AS, which at this date was owned 70.9% by Bekken Invest AS, and 29.1% by Kastor Invest Holding AS. The acquisition was made in competition with other companies.The tenant BEWI is regarded as related party by their ownership in KMC Properties ASA has in 2022 purchased services for NOK 2 KMC Properties ASA through Bewi Invest AS. Reference is made million from BEWI related companies, mainly cost of interim hiring to note 2.5 Segment information for detailed information.of employees and office rent.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-2": {
"value": "Basic earnings per share is calcuated by dividing the net profit KMC Properties has not issued options or other financial instru-attributable to shareholders by the weighted average number of ments which have a dilutive effect on outstanding shares.ordinary shares outstanding during the year.2022 2021 Net profit attributable to ordinary equity holders of parent company (NOK million) 163 305 Weighted average number of shares 291 127 783 252 939 671Net profit per share attrutable to ordinary equity holders (NOK) 0.56 1.21Reference is made to note 13 Shareholder capital and shareholders for detailed information on changes in number of shares.",
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-2": {
"value": "AcquisitionThe property is located next to the meat processing facility acquired On 2 January 2023, KMC Properties completed its acquisition of a by KMC Properties in February 2022, also with a lease agreement logistic property, including a dry-, cold- and freeze storage facility with Kuraas. As a part of the new agreement, Kuraas replaced its outside Narvik, Norway, for NOK 90 million. The acquisition was existing contract with 6 years remaining lease, with a new 15-year announced on 7 December 2022.triple-net bare house agreement for the processing facility.2The property in Narvik is composed of 22 357 m BTA of land and In addition, KMC Properties has signed a lease agreement with Ser-2216 400 m of a building erected in 1998, 2001 and 2011, and sub-vicegrossistene for an additional 4 100 m, with an initial lease of stantially upgraded in 2011. The property is strategically located in 10 years and an option to extend. Servicegrossistene is the largest a logistic hub south of Narvik city center, close to the E6 motorway, specialist for delivery of groceries to large households in Norway.the railway and port terminal.The annualised lease for the current contracts amounts to NOK 5.7 The property has a lease agreement with the Norwegian meat pro-million for 2023 and NOK 8.0 million (excluding CPI adjustment) for 2ducer Kuraas AS for approximately 4 500 m, with an initial lease 2024. The contracts will be subject to 100 per cent CPI adjustment of 15 years and an option to extend.from 1 January 2024. In addition, almost half the property is currently vacant, enabling a potential for significant additional income. Other mattersNo other events have taken place after the balance sheet date that would have had a material effect on the financial statements or any assessments carried out.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-83-1": {
"value": "Dyre Halses gate 1aNO-7042 Trondheim",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}