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"value": "Note 01 Company information KMC Properties ASA (\u201cthe company\u201d) is listed on Oslo Stock Exchange with the ticker KMCP. The company and its subsidiaries (\u201cthe group\u201d) business idea is to acquire and manage commercial industry and logis-tics properties. The group has a diversified portfolio of properties in the Nordics, Belgium, Germany, and the Netherlands. The properties are strategically located and have long lease agreements with solid tenants.The holding company, KMC Properties ASA, is a public limited liability company with headquarter in Trondheim, Norway. The consolidated financial statements were approved by the compa-ny\u2019s Board on 21 March 2024.Note 02 Basis of preparation and accounting principles2.1 Basis of Preparation\u00aeThe financial statements are prepared in accordance with IFRS stand-ards as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The finan-cial statements of the subsidiaries are prepared for the same reporting period as the parent company.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 sel-dom be fully in accordance with the final outcome. Estimates and assumptions which have a significant risk of causing a material adjust-ment to the carrying amounts of assets and liabilities relate primarily to the valuation of investment property. Refer to note 6 related to critical accounting estimates and judgements. The consolidated financial statements are presented in Norwegian kroner (NOK). The majority of the note disclosures are presented in NOK millions, unless otherwise indicated. The consolidated financial statements for 2023 with comparatives for 2022 have been prepared on a going concern basis.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 valueThe 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. Control 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. All acquired companies are included in the consolidated financial state-ments from the date on which the group obtains control over the com-pany. In the same way, the company is deconsolidated when control over the company ceases. For accounting purposes, acquisitions of subsidiaries that do not con-stitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is con-centrated 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 associated with the trans-action 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 forward, in accord-ance with the exceptions in IAS 12. 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 cur-rency. The functional currency is the currency within the primary eco-nomic 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 histori-cal cost in a foreign currency are translated 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 pres-entation 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 translation are recog-nised as other comprehensive income. In the consolidated financial statements, currency translation differences linked to net investments in foreign operations are included in other comprehensive 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 group operates. The group\u2019s highest deci-sion-making authority, which is responsible for allocating resources and assessing the profitability of the operating segments, has been identified as the board of directors and the CEO. KMC Properties has one segment, industrial- and logistic properties. Consequently, the group is only present in one business segment. The group is present in following geographic markets per 31 December 2023: Amounts in Norway Sweden Denmark Netherland Finland Germany Belgium TotalNOK million2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Rental income 226.1 171.2 73.3 38.5 55.0 30.8 35.4 27.3 19.1 4.7 0.5 - 0.1 - 409.4 272.7 Investment property 3 480.7 3 360.0 842.1 848.0 787.6 646.0 474.4 453.0 317.0 59.0 149.5 - 101.7 - 6 153.0 5 366.0 KMC Properties ASA has rental income from 2 customers that exceeds 10 per cent of total rental income in 2023: Amounts in BEWI Insula Gr\u00f8ntvedt Scana Other TotalNOK million2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Rental income 202.4 125.0 61.2 51.5 34.2 30.3 33.8 31.3 77.8 34.7 409.4 272.7Share of rental income 49% 46% 15% 19% 8% 11% 8% 11% 19% 13% 100% 100%Note 03 Summary of significant accounting policies3.1 Investment propertyInvestment property comprises completed property held to generate rental income or for capital appreciation or both. 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 neces-sary 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 leaseholds based on the premise that the leases are perpetual, and a correspond-ing right-of-use asset is recognised as an investment property. KMC Properties has chosen to recognise right-of-use assets separately in the balance sheet. 3.3 Financial assets3.3.1 Classification, recognition and measurement 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 exception of trade receivables that do not contain a significant financing component or for which the group has applied the practical expedient, the group initially measures a financial asset at its fair value plus, in the case of a financialasset 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 principal and interest (SPPI)\u2019 on the principal amount outstanding. This assess-ment 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, irrespective 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 impairment. Gains and losses are recognised in profit or loss when the asset is derecog-nised, 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 carried at fair value through profit or loss.All the group\u2019s currency, interest-rate swaps and forward exchange con-tracts are used as economic hedges. Hedge accounting is not applied. Derivatives are initially recognised at fair value at the date the deriva-tive contract is entered into and are subsequently recognised contin-uously at their fair value. Changes in the fair value of derivatives are recognised in the income statement under changes in value of finan-cial instruments. The realised payable part of the interest-rate swap agreements is presented under net realised financials.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 derecognised (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 own-ership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred 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 rec-ognises an associated liability. The transferred asset and the asso-ciated 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 lifetime approach in calculating expected credit losses (ECLs). The group his-torically has very low to null credit losses. Management evaluates on a regular basis the tenant's credit risk and guarantees in place related to trade receivables when determining the need for a loss allowance. For 2023 and 2022 no provision for an ECL allowance has been rec-ognised, and there have been no losses on accounts receivable dur-ing 2023 and 2022.3.4 Financial liabilities3.4.1 Classification, recognition and measurement Financial liabilities are classified at initial recognition, and subsequently 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 attributa-ble 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 sub-sequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derec-ognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance expenses in the state-ment of profit or loss.3.4.2 Derecognition A financial liability is derecognised when the obligation under the lia-bility 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 derecog-nition 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 receiva-bles are recognised at fair value and subsequently measured at amor-tised 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. 3.7 Share capital and treasury sharesOrdinary shares are classified as equity. Costs directly attributable to the issue of new shares or options are shown in equity as a deduc-tion, 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 con-sideration, if reissued, is recognised in other equity/ other contributed equity. Voting rights related to treasury 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 possibil-ity to exercise control or in\ufb02uence over another party in connection with financial and operational decisions. Parties are also considered related if they are under control or significant in\ufb02uence. Loans to cer-tain 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 for-eign 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 taxable 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 dif-ferences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is con-trolled 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 set-tlement 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 pre-vious provisions for deferred tax. Furthermore, an increase in tem-porary 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 dif-ferences 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 inci-dental 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 operat-ing lease are recognised as an expense over the lease term on the same basis as the lease income. Lease incentives are recognised 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 effec-tive 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 financial position based on current/non-current classification. An asset is cur-rent when it is expected to be realised or intended to sold or consumed in the normal operating cycle, held primarily for the purpose 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 oper-ating 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 classi-fied 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 accounting instru-ment. See also note 3.3.1.3.14 Discontinued operationIn the beginning of 2022, the group decided to exit the Russian market and initiated an active process to locate a buyer for its Russian sub-sidiary owning the company\u2019s office building in Moscow. The invest-ment 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. Note 04 Discontinued operationsIn the first half of 2022 the company decided to exit the Russian mar-ket and initiated a sale of its Russian subsidiary owning the company\u2019s office building in Moscow. The investment in Russia was consequently presented as a discontinued operation and the associated assets and liabilities presented as held for sale in accordance with IFRS 5. In the fourth quarter KMC Properties sold and receive payment for the Russian entity. A complete sanction control and ownership research has been carried out of the buyer. The settlement has been made out-side Russia. The remaining liabilities held for sale applies to a sub-sidiary in Cyprus under liquidation which is considered immaterial.Amounts in NOK millions 2023 2022Rental income - 22.1 Property expenses - (11.6)Net operating income - 10.6 Administration expenses (0.1) (3.0)Net realised financials - 0.2 Net income from property management (0.1) 7.8 Net unrealised financials - 0.0 Changes in value of financial instruments - - Changes in value of investment properties - (89.2)Profit before tax (0.1) (81.4)Current tax - 0.6 Deferred tax - - Loss from discontinued operations (0.1) (80.8)Note 05 Financial risk managementThe group is exposed through its operations to the following finan-cial risks: \u25a0Credit risk \u25a0Interest rate risk \u25a0Foreign exchange risk \u25a0Other market price risk \u25a0Liquidity risk,and \u25a0Climate riskIn common with all other businesses, the group is exposed to risks that arise from its use of financial instruments. This note describes the group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative informa-tion 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 million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalCash and cash equivalents 275.0 - 275.0 186.5 - 186.5 Currency and interest swaps - 149.2 149.2 - 180.0 180.0 Trade receivables (non-interest bearing) 4.7 - 4.7 7.2 - 7.2 Total financial assets 279.8 149.2 429.0 193.7 180.0 373.7 Financial liabilities Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalNon-current interest-bearing liabilities 3 164.0 - 3 164.0 1 217.4 - 1 217.4Land plot lease agreements (financial liability) 23.6 - 23.6 19.1 - 19.1Other non-current liabilities 18.4 18.4 19.8 - 19.8Current interest-bearing liabilities 363.3 363.3 1 904.9 1 904.9Trade payables (non-interest bearing) 22.3 - 22.3 37.6 - 37.6Total financial liabilities 3 591.5 - 3 591.6 3 198.9 - 3 198.9Net financial assets and liabilities (3 311.7) 149.2 (3 162.6) (3 005.2) 180.0 (2 825.2)Financial instruments at amortised cost Financial instruments at amortised cost includes cash and cash equiva-lents, trade and other receivables, trade and other payables, and loans and borrowings. Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. Financial instruments measured at fair valueThe table below shows an analysis of fair values of financial instru-ments in the Statement of Financial Position, grouped by level in the fair value hierarchy:Level 1 - Quoted prices in active markets that the entity can access at the measurement date.Level 2 - Use of a model with inputs other than level 1 that are directly or indirectly observable market data.Level 3 - Use of a model with inputs that are not based on observa-ble market data.All financial derivatives are currency and interest swap agreements booked at fair value according to level 2.Financial assets measured at fair value Amounts in NOK million Fair value level 2023 2022Financial derivatives Level 2 149.2 180.0 There were no transfers between levels during the period.DerivativesThe fair value of financial derivatives, including currency forward exchange contracts/swaps and interest-rate swaps, is determined by the net present value of future cash \ufb02ows, calculated using quoted interest-rate curves and exchange rates at the balance-sheet date. The technical calculations are generally performed by the group\u2019s banks. The group has tested these valuations for reasonableness.The group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeas-urement at fair value are recognised in the income statement. Changes in the value of the derivatives are presented under \u201cChanges in value of financial instruments\u201d. Interest income from financial derivatives is presented under \u201cNet realised financials\u201d.The fair value of interest rate swaps is the estimated amount the group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the bal-ance sheet as non-current.General objectives, policies and processesThe board has overall responsibility for the determination of the group's risk management objectives and policies and, whilst retaining 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 periodic reports from the group\u2019s finance function through which it reviews the effectiveness of the processes 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 regarding these policies are set out below:The group is exposed to market risk (including interest rate risk), cur-rency risk, credit risk and liquidity risk. The risk policies are continu-ously being assessed by the board of directors and the appropriate policies and procedures to identify, measure and manage the finan-cial risks has been implemented. The group\u2019s overall risk management program 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 ofchanges in market prices.(i) Currency riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional cur-rency. 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 func-tional 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 lessor con-tracts in EURO, SEK and DKK. Group seek to finance loans in the same currency as the cash \ufb02ow, if this is not possible hedging using currency swaps is applied. At year end the group has economically hedged these positions 100%.Apart from these particular cash-\ufb02ows the group aims to fund expenses and investments in the respective currency and to manage foreign exchange risk at a local level by matching the currency in which reve-nue is generated and expenses are incurred.At 31 December the group's net exposure to foreign exchange risk was the following the following balance sheet currency exposures on a consolidated level2023:Currency SEK DKK EUR TotalCash and cash equivalents (22.1) (3.5) (162.7) (188.3)Interest-bearing liabilities 428.5 149.3 - 577.8 Net exposure 406.5 145.7 (162.7) 389.5 2022:Currency SEK DKK EUR TotalCash and cash equivalents (21.4) (2.9) (8.1) (32.3)Interest-bearing liabilities 283.4 - - 283.4 Net exposure 262.0 (2.9) (8.1) 251.0 (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 2022 and 2023, the group's borrowings at variable rate were denominated in NOK. Calculated on the existing funding terms for the group\u2019s interest-bearing liabilities on 31 December 2023, a rise in market interest rates of 1 percentage point would have increased KMC Properties annualised interest expenses by NOK 19.6 million.5.2 Liquidity risk Liquidity risk is the risk that The group will not be able to meet its obli-gations 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 objec-tive 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 2023Principal payment on bank and bond loans 3 581.6 363.8 699.8 2 290.6 227.3 Payment of interest and interest swap 1 244.5 326.8 316.1 432.3 169.3 Other non-current liabilities 18.4 - - - 18.4 Trade payables 22.3 22.3 - - -Other current liabilities 103.1 103.1 - - - Total 4 969.8 816.0 1 015.9 2 722.9 415.0 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 bank and bond loans 3 115.9 1 892.8 81.1 1 009.3 132.8 Payment of interest and interest swap 543.0 181.0 181.0 181.0 - Other long-term liabilities 19.8 2.6 - - 17.2 Trade payables 37.4 37.4 - - - Other current liabilities 41.0 41.0 - - - Total 3 757.1 2 154.8 262.1 1 190.3 150.05.3 Capital risk managementThe main purpose of the group\u2019s capital management is to maintain 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 considera-tion to value development in the group and the opportunity to obtain the necessary financing. The EPRA LTV ratio at 31 December is 55.6%.There are covenants on existing financing related to; loan to value, interest cover ratio and liquidity. Reference is made to note 15 for description of the covenants. Both during 2022, and at 31 December 2023, the group was in compliance with all financial covenants, and the group expects to be in compliance going forward.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 negative. Further-more, 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 diffi-cult to sell in the future.Management and the board follow developments in the market regard-ing 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. Note 06 Critical accounting estimates and judgementsEstimates 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 cir-cumstances. Corporate management makes estimates and assump-tions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual figures. The estimates and assump-tions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities 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 val-uation update based on external valuations. The valuations are mainly based on the discounted cash \ufb02ow method, which involves discounting future cash \ufb02ows over a specified period using an estimated discount rate and then adding a residual value at the end of the period. Future cash \ufb02ows are calculated on the basis of cash \ufb02ows from signed leases, as well as future cash \ufb02ows based on an expected market rent at the end of the lease terms. Both contractual and expected cash \ufb02ows are included in the calculations. Fair-value assessment of investment prop-erties, therefore, depends largely on assumptions related to market rents, discount rates, and in\ufb02ation. Market rents are based on individual assessments of each property and the segmentation of different areas within the properties if relevant. To the extent that specific develop-ment potential is associated with a property, an assessment is made of whether this support or in\ufb02uences fair value. Updated macroeco-nomic assumptions for interest-rate levels, in\ufb02ation expectations, and so forth are applied in the calculations. Based on an assessment of the properties, tenants, and macroeconomic conditions at the balance sheet date, cash \ufb02ows are discounted using discount rates based on individual assessments of each property.The external valuers performs their valuations on the basis of the infor-mation they have received, and estimate future market rents, yields, in\ufb02ation, and other relevant parameters. Each individual property is assessed in terms of its market position, rental income (contractual rents versus market rents) and ownership costs, with estimates being made for anticipated vacancy levels and the need for alterations and upgrades where applicable. The remaining term of the leases is also assessed for risk, along with any special clauses in the contracts. Each property is also compared with recently sold properties in the same segment (location, type of property, mix of tenants, etc).The sensitivity of the fair-value assessment of investment properties depends to a considerable extent on assumptions related to yield, interest rates, market rents and operating costs for the properties. Reference is made to note 10 Investment property. 6.2 Classification as operating or finance leaseAll leases where KMC is the lessor are classified as either an operating lease or a finance lease. Leases in which a significant portion of the risks and rewards of ownership are retained by KMC are classified as operating leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the property. Classification of a lease can require significant judgment. When determining lease classification, management makes the clas-sification decision based on the substance of the transaction rather than the form of the contract. Management evaluates all relevant fac-tors that are possible indicators for a transfer of control, including but not limited to the lease term as compared to the economic life of the asset and the present value of the lease payments as compared to the fair value of the underlying property. In addition, if there is a purchase option for the property in the lease contract, management assesses if it is reasonably certain that the option will be exercised taking into consideration the number of years to exercise, lease extension period to gain the rights to the option and other relevant factors. Classifi-cation of a lease as an operating lease or a finance lease is done at lease inception and only reassessed when there is a modification of lease terms. All leases as of year-end 2023 and 2022 are classified as operating leases.Note 07 Tenancy agreementsThe 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 2023 2022\u2264 1 year 457.2 367.3Between 1 and 5 years 457.2 367.3Between 2 and 3 years 457.2 367.3Between 3 and 4 years 457.2 367.2Between 4 and 5 years 452.3 367.2\u2265 5 years 3 041.6 2 351.1Total 5 322.8 4 187.3 1)The group's lease contracts at 31 December 2023 have the following maturity structure measured in annual rentAmounts in NOK million No of contractsContract rent Contract rent,%\u2264 1 year 0 - 0%Between 1 and 5 years 2 5.0 1%Between 5 and 10 years 32 170.3 37%\u2264 10 years 43 281.9 62%Total 77 457. 2 100% 1)The group's lease contracts at 31 December 2022 have the following maturity structure measured in annual rentAmounts in NOK million No of contracts Contract rent Contract rent,%\u2264 1 year 1 3.5 1%Between 1 and 5 years 1 0.0 0%Between 5 and 10 years 24 109.3 29%\u2264 10 years 39 257.9 70%Total 65 370.8 100%1) The rent is stated as the annualised undiscounted contractual rent, and is therefore not reconcilable with the rental income for the year for accounting purposes.Note 08 Property and administration expensesAmounts in NOK million 2023 2022Property expenses Insurance premium 1.4 1.0 Property tax 0.7 1.0 Maintenance - - Other property expenses 2.9 0.5 Total property expenses 5.0 2.5 Administration expensesPersonnel expenses 32.9 28.6Legal, agency and consultancy fees 6.8 12.2Accounting 1.9 1.3Auditors 4.8 4.7Other operating expenses 9.1 5.2Total administration expenses 55.5 52.1Auditor fees full year basisStatutory audit 4.7 4.5 Tax advice 0.1 0.2 Other services not related to auditing - - Other assurance services - - Total auditor expenses (excl. VAT) 4.8 4.7 Personnel expensesSalaries, performance-related pay and other taxable benefits 21.8 21.1 Employers` Natural Insurance contributions 4.5 2.8 Pension expenses 1.1 0.9 Share based payment expense 1.8 - Other personnel expenses 0.8 1.6 Board fees 2.8 2.2 Total personnel expenses 32.9 28.6 Number of full-time equivalent employees 14 12Employees may purchase shares in the company at a 20% discount for an amount limited upwards to NOK 1 million, on condition that the employee is obliged to hold the shares for a three-year period (lock-up period). The board decides how the transaction shall be arranged within the authorisations granted by the general meeting. Employees are included in the company\u2019s option program, reference is made to note 21.Renumeration to senior executivesThe total remuneration of the CEO and other Senior Executives con-sists of a fixed package of salary and benefits supplemented by cash-based short-term incentive (STI), share option program (LTI) (reference is made to note 21), share purchase scheme (on the same terms as all other employees), pension and insurance arrangements.Please refer to the Remuneration Report 2023 for more information. The report can be found on KMC Properties website: https://www.kmcp.no/en/investors/corporate+governanceAmounts in NOK million 2023 2022Salary 8.9 8.5 Variable cash salary (STI) 2.3 3.2 Share based payment expense 1.1 - Pension expense 0.6 0.6 Benefits in kind 0.3 0.3 Senior executives remuneration 13.2 12.7 Board of directors remuneration 2.7 2.5Note 09 FinancialsAmounts in NOK million 2023 2022Interest income 6.7 3.1 Interest income from financial derivatives 50.2 16.1 Interest expense (256.6) (141.6)Net realised financials (199.7) (122.4)Amounts in NOK million 2023 2022Net currency exchange differences 16.0 44.1 Amortised borrowing costs loan (29.2) (6.0)Amortised bond discount (2.0) 0.0 Interest expense on lease liabilities (1.4) (0.7)Other financial expenses/income (1.7) (2.7)Net unrealised financials (18.2) 34.7Note 10 Investment property The valuation of the properties at 31 December 2023 has been per-formed by independent expert valuers. The variables used for valuation are both company specific and marked derived. Company specific var-iables include contractual rental income and expenses. Market derived variables include, inter alia, market rent rates, market discount rates and market capitalisation rates. The carrying value of the properties in the balance sheet re\ufb02ects the values given a long-term perspective. Also see note 6 for critical accounting estimates and assumptions.Amounts in NOK million 2023 2022Opening balance 5 365.6 4 001.6 Classified as held for sale - (142.6)Acquisitions 672.4 1 307.7 1)Development and upgrades205.3 139.3 Sale (101.4) - Change in value (117.4) 41.3 Currency translation effect 128.5 37.8 Other changes - (19.6)Value at period end 6 153.0 5 365.6 1) Of which NOK 4.9 million is capitalised interest in 2023 and NOK 1.2 million in 2022.The sensitivity of the fair-value assessment of investment properties depends to a considerable extent on assumptions related to yield, interest rates, market rents and operating costs for the properties. The table below presents examples of how changes related to each of these variables in\ufb02uenced property values, at 31 December 2023, assuming all other variables remained constant (amounts in NOK mil-lion). However, there are interrelationships between these variables, and it is expected that a change in one variable may in\ufb02uence one or more of the other variables.Variables Change of variables Value change (+) Value change (-)Exit yield +/- 0,25 per cent points (41.9) 44.6Discount rate +/- 0,25 per cent points (117.9) 119.3Operating costs +/- 10 per cent (11.8) 11.3Market rent +/- 10 per cent 220.3 (220.5)Average rental growth +/- 0,5 percentages points next 10 years 191.1 (184.7)The calculations have been performed by Cushman & Wakefield in connection the valuations at 31 December 2023.Input for valuations \u2013 overviewInvestment propertyValuation method, reference is made to note 5 Level 3Valuation model DCF DCFWAULT 11.4Net yield (interval) 4.74%-12.20%Contract rent at 31 December 2023, measured in annual rent (NOK millions) 459Note 11 Other receivables and financial derivativesAmounts in NOK million 2023 2022Trade receivables (non-interest bearing) 4.7 7.0Other receivables 24.0 6.8Total other receivables 28.7 13.8Financial derivatives 149.2 180.0Age analysis of trade receivablesAmounts in NOK million 2023 2022Not overdue 4.5 5.90-30 days 0.2 0.631-60 days 0.0 0.5Total trade receivables 4.7 7.0The group has cross currency and interest rate swaps to hedge risk against exchange rate and interest rate \ufb02uctuations.Swap agreements 2023:Amounts in millionCurrency Market value Start Maturity Fixed Fixed Swap agreementamount31.12.2022datedatecurrency rateinterestInterest DKK 75 DKK 6 11.12.2023 13.12.2027 Not applicable CIBOR = 0.22%Interest EUR 32 EUR 3 11.12. 2023 13.12.2027 Not applicable EURIBOR = -0.03%Interest NOK 235 NOK 25 11.12. 2023 11.12.2027 Not applicable NIBOR = 1.5175%Interest NOK 265 NOK 28 11.09.2023 11.12.2030 Not applicable NIBOR = 1.5175% 1)Interest NOK 70 NOK 6 06.01.202406.01.2028 Not applicable NIBOR = 0.885% 1)Interest NOK 135 NOK (2) 06.01.202406.01.2029 Not applicable NIBOR = 3.53Interest SEK 69.6 SEK 5 11.12.2023 13.12.2027 Not applicable STIBOR = 0.686%Interest SEK 100 SEK 0 28.12.2023 31.01.2029 Not applicable STIBOR = 2.4125%Interest SEK 50.4 SEK 3 11.12.2023 13.12.2027 Not applicable STIBOR = 0.686% 1)Interest SEK 75 SEK (0) 08.01.202406.01.2029 Not applicable STIBOR = 2.405Currency NOK 470 NOK 19 06.07.2023 06.07.2026 EUR/NOK = 11.63 Spread (Bond): 5.015%Currency NOK 430 NOK 22 06.07.2023 06.07.2026 DKK/NOK = 1.56 Spread (Bond): 4.645%1) The swap agreement is a forward starting interest rate swap.Swap agreements 2022:Amounts in millionCurrency Market value Start Maturity Fixed Fixed 1)Swap agreementamount31.12.2022datedatecurrency rateinterestInterest & currency NOK 335 NOK 16 23.12.2020 11.12.2023 EUR/NOK = 10.630 EURIBOR = -0.51%Interest & currency NOK 240 NOK 32 23.12.2020 11.12.2023 SEK/NOK = 1.050 STIBOR = 0.017%Interest & currency NOK 165 NOK 7 23.12.2020 11.12.2023 DKK/NOK = 1.428 DANISH IBOR = -0.505%Interest NOK 500 NOK 56 13.07.2021 31.12.2030 Not applicable NIBOR = 1.5175%1)Interest EUR 32 EUR 4 11.12.202313.12.2027 Not applicable EURIBOR = -0.03%1)Interest SEK 120 SEK 11 11.12.202313.12.2027 Not applicable STIBOR = 0,686%1)Interest DKK 120 DKK 13 11.12.202313.12.2027 Not applicable DANISH IBOR = 0.215%Interest NOK 35 NOK 1 10.02.2022 10.02.2027 Not applicable NIBOR = 2,305%1) The swap agreement is a forward starting interest rate swap.Note 12 Cash and Bank depositisAmounts in NOK million 2023 2022Bank deposits 137.9 185.4 Disposal account 136.0 0.4 Restricted bank deposits (withholding tax account) 1.1 0.7 Total bank deposits 275.0 186.5 The bond terms governing the bond issue, require that all funds received from sale of pledged properties shall be paid into a bank account pledged in favour of the bond holders. Funds from the disposal account may be used to financing (in whole or in part) of any permitted acquisition (in relation to which additional security shall be granted) or the development, repair or re-building of any property. The fund is to be used to finance the remaining five properties in Belgium, Germany and Poland in the BEWI-transactions expected to be closed in the first half of 2024 and represents the last part of the large NOK 1.9 billion transaction with BEWI ASA announced in 2022.Note 13 Shareholder capital and shareholdersShare capital and nominal value31.12.2023Shares issued 394 129 580 Nominal amount in NOK 0.2 Share capital in NOK 78 825 916 No of shares as of 31 December 2020 240 765 311 Issue of shares subsequent offering 19.02.2021 981 233 Issue of shares private 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 private placement 22.02.2022 2 772 105 Issue of shares private placement 04.11.2022 39 250 000 No of shares as of 31 December 2022 323 893 649 1)Issue of shares private placement 31.03.2023 20 235 931 2)Issue of shares private placement 28.09.2023 50 000 000 No of shares as of 31.12.2023 394 129 580 1) Private placement to BEWI ASA price of NOK 7.33 per share, in total NOK 148.3 millions. BEWI ASA sold the shares in the open market during the year.2) Private placement to Nordika at a subscription price of NOK 5.50 per share, in total NOK 275 millions (transaction cost NOK 2.3 million). Nordika was granted a call option to subscribe for and be allotted additional new shares in KMC Properties for a total amount of NOK 130 million at a subscription price of NOK 5.75 per share. Nordika exercised the call option in January 2024, reference is made to Note 22.All shares are fully paid. There is only one share class. All shares have equal rights. KMC Properties ASA is listed on the Oslo B\u00f8rs (Oslo Stock Exchange) under the symbol KMCP. The shareholder list shows the shareholder register from VPS at 31 December 2023. Any trades via brokers before the closing date which is registered after the closing date is not re\ufb02ected in the shareholder list.Shares at 31 Shareholder % holding Country Type of shareholderDecember 2023BEWI Invest AS 35.3% Norway Ordinary 139 019 470 HAAS AS 19.5% Norway Ordinary 76 875 801 1)Swedbank AB12.7% Sweden Nominee 50 054 500 M2 Asset Management AB 10.6% Sweden Ordinary 41 627 422 Fr\u00f8y Kapital AS 3.3% Norway Ordinary 13 020 833 Surfside Holding AS 2.5% Norway Ordinary 10 000 000 Credit Suisse (Luxembourg) S.A. 1.6% Ireland Nominee 6 500 000 Constructio AS 1.4% Norway Ordinary 5 607 141 Formo AS 0.9% Norway Ordinary 3 740 000 Skandinaviska Enskilda Banken AB 0.9% Sweden Nominee 3 618 890 Total 10 largest shareholders 89% 350 064 057 Other shareholders 11% 44 065 523 Total 100% 394 129 580 1) Of this, Nordika owns 50\ue61d000\ue61d000.Nominee = Nominee Accounts; foreign institutions holding shares on behalf of clients.\ue61dShares at 31 Shareholder % holding Country Type of shareholderDecember 2022BEWI 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% Luxembourg 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 Shares at 31 Shares controlled by directors Via % holdingDecember 2023 1)Bj\u00f8rnar Andr\u00e9 Ulstein Shares held through indirect ownership in BEWI Invest AS0.0% - 2)Marianne Bekken Shares held through indirect ownership in BEWI Invest AS0.0% - 3)John ThoresenShares held through indirect ownership in BEWI Invest AS0.0% - 4) and Kastor Invest AS 5)Morten Eivindss\u00f8n Astrup Surfside Holding AS2.5% 10 000 000 6)Jonas Grander Shares held through indirect ownership in Nordika0.0% - 2 Asset Management AB 7)Mia Arnhult M10.6% 41 627 422 Hege Aasen Veiseth - 0.0% - Haakon S\u00e6ter - 0.0% - Sum shares controlled by directors 13.1% 51 627 422 1) Bj\u00f8rnar Andr\u00e9 Ulstein owns 0.003% of the shares in BEWI Invest AS and has indirect ownership interest in the company. BEWI Invest AS owns 35.27% of the Shares in the company. In addition he holds 0.195% of Bekken Invest AS through his wholly owned company Tindan AS (Bekken Invest AS owns 52.15% of BEWI Invest AS which in turn owns 35.27% of the company's Shares).2) Marianne Bekken has ownership interest in the company through the holding company Marbek Invest AS owning 23.41% of Bekken Invest AS which in turn owns 52.15% of BEWI Invest AS. BEWI Invest AS owns 35.27% of the Shares in the company.3) John Thoresen has ownership interest in the company through the holding company Bajato AS (owned with his children) owning 50% of Kastor Invest Holding AS. Kastor Invest Holding AS owns 10.31% of BEWI Invest AS (BEWI Invest AS owns 35.27% of the Shares in the company) and 10.03% of Bekken Invest AS (Bekken Invest AS owns 52.15% of BEWI Invest AS which in turn owns 35.27% of the Shares in the company).4) Kastor Invest AS is 100% owned by Kastor Invest Holding AS, a company in which 50% of the shares are owned by John Thoresen through the holding company Bajoto AS (with his children).5) Morten Eivindss\u00f8n Astrup holds his Shares in the company through Surfside Holding AS, a company of which he owns 100% of the shares.6) Jonas Grand\u00e9r has indirect ownership interest in the company through his indirect holding of 4.34% of the shares in Nordika.7) Mia Arnhult holds her Shares in the company through M2 Asset Management AB, a company which is wholly owned by her husband, Rutger Arnhult.Shares at 31 Shares controlled by directors Via % holdingDecember 2022P\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% - Marianne Bekken Shares held through indirect ownership in BEWI Invest AS 0.0% - John Thoresen Shares held through indirect ownership and Kastor 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 Shares at Shares controlled by senior executives Via % holding31 December 2023 OptionsLiv Malvik, CEO - 0.0% 179 285 392 598 Kristoffer Holmen, CFO Mejdell Holmen Holding AS 0.0% 125 000 392 598 Ove R\u00f8d Henriksen, CAO Substrata AS 0.0% 9 630 392 598 Audun Aasen, COO Tripla Invest AS 0.1% 577 000 392 598 Kristoffer Formo, Head of M&A Formo AS 0.9% 3 740 000 392 598 Sum shares controlled by senior executives 1.2% 4 630 915 1 962 990 Shares at Shares controlled by senior executives Via % holding31 December 2022 OptionsLiv 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 - Note 14 TaxIncome tax expenseAmounts in NOK million 2023 2022Tax payable, current year (20.1) (8.9)Change in deferred tax (6.2) (29.3)Income tax expense (26.4) (38.3)Income tax payable is calculated as followsProfit before tax (51.6) 282.2 Profit before tax from discontinued operations (0.1) (81.4)Other permanent differences 84.3 30.9 Changes in temporary differences 21.8 (208.6)Profit for tax purposes 54.5 23.2 Tax payable on the balance sheet 12.0 5.1Reconciliation of income tax expenseAmounts in NOK million 2023 2022Profit before tax (including discontinued operations) (51.7) 200.8 Estimated tax based on 22% 11.4 (44.2)Tax effects of:Deferred tax assets that are not recognised in the balance sheet - - Change in temporary differences due to different tax regimes (0.7) (2.1)Changes in fair value investment properties without tax effect (18.4) 14.9 Permanent differences (18.6) (6.8)Income tax expense (26.4) (38.3)Effective tax rate (51.0%) 19.0%Deferred income taxThe group has offset deferred tax assets and deferred tax liabil-ities on the balance sheet as the group has a legally enforcea-ble 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 2023 2022Deferred tax liability 218.3 231.2 Deferred tax assets 82.4 67.8 Net deferred tax 135.9 163.4 CHANGE IN DEFERRED TAX (+)/DEFERRED TAX ASSETS (-) Movment in temporary differences Investment Financial Current Loss carried Amounts in NOK millionproperty instrumentsassets forward Other Total 31 December 2021 795.4 67.4 10.7 (302.1) (33.3) 538.2 Recognised in profit and loss 48.1 110.6 0.2 21.9 - 180.7 Acquisition of subsidiaries - - - - 10.4 10.4 31 December 2022 843.5 178.0 10.9 (280.3) (22.9) 729.3 Recognised in profit and loss (20.6) (33.7) 22.6 (94.3) - (125.9)Acquisition of subsidiaries - - - - - - 31 December 2023 822.9 144.3 33.5 (374.6) (22.9) 603.3 Change in temporary differences based on nominal tax rate (125.9)Change in deffered tax based on nominal tax rate 27.7 Differences due to different tax regimes and currency effects (0.7)Other differences (33.2)Change in deferred tax (6.2)Note 15 Interest bearing liabilities Non-current interest bearing liabilities2023 2022Nominal Market Carrying Nominal Market Carrying Amounts in NOK millionvaluevalueamountvaluevalueamountBond loans 900.0 894.4 882.3 - - - Bank loans 2 317.7 2 317.7 2 281.7 1 223.1 1 223.1 1 217.4 Total non-current interest bearing liabilities 3 217.7 3 212.1 3 164.0 1 223.1 1 223.1 1 217.4 Current interest bearing liabilities2023 2022Nominal Market Carrying Nominal Market Carrying Amounts in NOK millionvaluevalueamountvaluevalueamountBond loans - - - 1 850.0 1 862.0 1 844.3 Bank loans 363.3 363.3 363.3 60.6 60.6 60.6 Total current interest bearing liabilities 363.3 363.3 363.3 1 910.6 1 922.6 1 904.9 Total interest-bearing liabilities 3 581.0 3 575.4 3 527.3 3 133.7 3 145.7 3 122.3 The market value on the bond loans is the observed mid-price on the reporting date. Changes in liabilties arising from financing activities2023 2022BankBond BankBond Amounts in NOK millionloansloans Totalloansloans Total31 December 2022 1 278.0 1 844.3 3 122.4 430.7 1 838.3 2 269.0 Repayment interest-bearing liabilities (315.1) (1 850.0) (2 165.1) (18.7) - (18.7)Proceeds from interest bearing liabilities 1 649.0 864.2 2 513.2 866.0 - 866.0 Amortisation of debt issue costs and bond discount 7.4 23.7 31.1 - 6.0 6.0 Foreign exchange movements 25.6 - 25.6 - - - Total interest-bearing liabilities 2 644.9 882.3 3 527.3 1 278.0 1 844.3 3 122.3 Total non-current interest-bearing liabilities 2 281.7 882.3 3 164.0 1 217.4 - 1 217.4 Total current interest-bearing liabilities 363.3 - 363.3 60.6 1 844.3 1 904.9 Interest paid during the period to bank and bonds134.1 122.5 256.6 31.7 110.0 141.6 Interest on financial derivatives (50.2) (16.1)Interest paid during the period 206.4 125.5 Key terms:\ue61dNOK 900\ue61d000\ue61d000 (with a maximum issue amount of NOK 1\ue61d500\ue61d000\ue61d000 under potential subsequent tap issue) senior secured bond. Guaran-tees and security is shared with certain hedging providers and one or more revolving credit facilities and, under the terms of an intercreditor agreement, the bond issue ranks behind the relevant hedging provid-ers and the revolving credit facilities in the payment waterfall.Call option: Make Whole 1.5-years, thereafter callable @ 100% of par 11/2 / /3 / 1+ /6 of the Margin after 18/24/30 months. Callable @ 100% after 33 months until the Maturity Date.Put option: Upon a change of control, failure to list the bond or a de-list-ing of the Issuer's share from Oslo B\u00f8rs, exercisable at 101% of the nominal amount of the redeemed bond.General undertakings (covenants): Customary general undertakings applicable to the Issuer and all its direct and indirect subsidiaries, including maintaining authorisations, compliance with laws, continua-tion of business, pari passu ranking, limitations on investments, limita-tions on distributions, certain financial support restrictions, restrictions on limiting subsidiaries' right to make distributions.Financial covenants: The Issuer must ensure compliance with the fol-lowing financial covenants (maintenance covenants), measured on the group as a whole: \u25a0Interest cover ratio (ICR) of not less than 1.5x \u25a0Net-loan-to-value ratio below (NLTV) 75% \u25a0Liquidity not less than an amount equal to net interest costs for the next 3 monthsIn addition (incurrence covenants):any distribution from the Issuer is subject to an NLTV of not less than 65% and a liquidity that is 1.5x higher than the liquidity requirement above; and the incurrence of certain otherwise permissible new finan-cial indebtedness is subject to a loan-to-value ratio of 60%Security bond loan: Amounts in NOK million 2023 2022Pledged property portfolio 3 054.8 3 029.1 Properties refinanced in bank (1 561.3) -Disposal account - 40.7 1)Opening balance security1 493.5 3 069.8 Investments in pledged property portfolio 189.8 197.0 Sale of assets in pledged property portfolio (297.7) (143.8)In\ufb02ow disposal account 136.0 143.8 Out\ufb02ow disposal account - (184.0) 2)Fair value and translation adjustments pledged property portfolio57.1 (28.0)Value security end of period 1 578.8 3 054.8 Value of bond loan 900.0 1 850.0 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 2023.Note 16 Site leaseholds, right-of-use assetsAt the end of the year, KMC Properties had 12 properties (11) granted site leaseholds. KMC Properties recognises a right-of-use asset and a corresponding liability at the lease commencement date.Amounts in NOK million 2023 2022Beginning of year 19.1 19.1 Additions 5.7 1.0 Adjustments (1.0) (0.4)Depreciation (0.8) (0.6)Value at year-end 23.0 19.1Note 17 Other current and non-current liabilitiesOther current liabilitiesAmounts in NOK million 2023 2022 Trade payables (non-interest bearing) 22.4 37.4 Taxes payable 12.0 - Value added taxes payable 3.3 5.1 Accrued interest 58.2 21.5 Accrued wages and salaries 10.3 11.8 Pro-contra settlement payable 12.4 - Accrued cost development projects and real estate transfer tax 14.2 - Other current liabilities (non-interest bearing) 4.6 3.1 Other current liabilities 137.4 78.8Other non-current liabilitiesAmounts in NOK million 2023 2022 Lease liabilities 23.6 19.1 Deferred stamp duty - 2.6 Depositum 18.4 17. 2 Other non-current liabilities 42.0 38.9Note 18 Entities and subsidiariesThe group comprises the following legal entities at 31 December 2023. All entities are directly or indirectly owned 100%.Subsidiaries incorporated in NorwayKMC Balsfjord AS KMC Holamyra AS KMC NewCo AS KMC Properties Nederland AS KMC \u00d8stre Rosten 102 ASKMC B\u00e5tsfjord AS KMC Holsneset AS KMC Oppdal AS KMC Properties Nordic AS KMC \u00d8stre Rosten 102 B ASKMC Energy AS KMC Industrial Properties Norway AS KMC Properties AS KMC Properties Poland AS KMC \u00c5gotnes ASKMC Fagernessletta 10 AS KMC Kampenveien 5 AS KMC Properties ASA KMC Properties V AS KMCP II Norway Midt-Norge ASKMC Fagervikveien AS KMC Hofstadvegen 15 AS KMC Properties Belgium AS KMC Properties V Norway AS KMCP II Norway Nord-Norge ASKMC Gjerdsvika AS KMC Holamyra AS KMC Properties Germany AS KMC Properties VII ASKMCP II Norway Vestlandet ASKMC Hamarvik AS KMC Holsneset AS KMC Properties Holdco AS KMC Properties VII Norway ASSentrallager Nord-Norge ASKMC Havnegata 16 AS KMC Industrial Properties Norway AS KMC Properties II AS KMC Senja ASSentrallager Nord-Norge KSKMC Havnegata 24 AS KMC Kampenveien 5 AS KMC Properties II Norway AS KMC Skatt\u00f8rvegen 78 ASSkarvenesveien 3 Eiendom ANSKMC Hav\u00f8ysund AS KMC Kongsvinger AS KMC Properties III AS KMC SPV II ASKMC Hitra AS KMC Kvenild AS KMC Properties III Norway AS KMC Storemyra 200 ASKMC Hitra II AS KMC Leknes AS KMC Properties IV AS KMC Uthaug ASKMC Hofstadvegen 15 AS KMC Lundamo AS KMC Properties IV Norway AS KMC Valsneset ASSubsidiaries incorporated in SwedenKMC F\u00e5rtickan AB KMC Kungshamn AB KMC Properties Sweden AB KMC Urshult ABKMC HoldCo T\u00e4by AB KMC Laholm AB KMC Properties VII Sweden AB KMC Varberg ABKMC Kl\u00e4desholmen AB KMC Norrk\u00f6ping AB KMC Skurup AB KMC V\u00e5mb ABKMC Kramfors AB KMC Properties III Sweden AB KMC T\u00e4by AB KMC V\u00e5rg\u00e5rda ABSubsidiaries incorporated in DenmarkKMC Fars\u00f8 A/S KMC Hedensted ApSKMC Industrial Properties Denmark ApSKMC Properties III Denmark ApS KMC Skelvej ApSKMC Frederikshavn A/S KMC Hvide Sande A/S KMC Nyk\u00f8bing Mors A/S KMC Properties V Denmark ApS KMC Properties Denmark A/SSubsidiaries incorporated in the NetherlandsHolland Industrial Properties B.V Oldenzaal Investment properties B.V Someren Investment properties B.V Wijchen Investment properties B.V Zwartsluis Investment properties B.VSubsidiaries incorporated in FinlandKMC Kuopio Oy KMC Pajakatu Oy KMC Toravantie OyKMC Muurlantie Oy KMC Properties VI Finland Oy Pesca Property Finland OySubsidiaries incorporated in GermanyKMC Mechau GmbH KMC Ohrdruf GmbH KMC Properties Germany GmbHSubsidiaries incorporated in BelgiumKMC Heist-op-den-Berg BV KMC Olen BV KMC Properties Belgium BVSubsidiaries incorporated in PolandKMC Kluczborska Sp. z o.o. KMC Legnicka Sp. z o.o. KMC Narutowicza Sp. z o.o. KMC Properties Poland Sp. z o.o.Subsidiaries incorporated in other countriesTiberton Yard Holding 2 Ltd (Cyprus)Note 19 Related party transactionsThe table below sets out KMC Properties ASA (including its subsidi-aries) material investments and acquisitions with related parties. The total purchase price for the acquisitions was NOK 570.0 million. Date Target/property Related party31 March 2023 Muurlantie 438, Salo, Finland BEWI ASA31 March 2023 Pajakatu 6, Sastamala, Finland BEWI ASA31 March 2023 Toravantie 18, Sastamala, Finland BEWI ASA31 March 2023 Lundagervej 20, Hedensted, Denmark BEWI ASA15 December 2023 Ritzlebener Strasse 1, Mechau, Germany BEWI ASA28 December 2023 Industrielaan 39, Olen, Belgium BEWI ASAThe tenant BEWI is regarded as related parties by their ownership in KMC Properties ASA through BEWI Invest AS. Reference is made to note 2.5 Segment information for detailed information.KMC Properties ASA has in 2023 purchased services for NOK 2.0 mil-lion from BEWI related companies, mainly office rent (NOK 1.7 million) which is an entirely forwarded cost.Note 20 Earnings per shareBasic earnings per share is calculated by dividing the net profit attrib-utable to shareholders by the weighted average number of ordinary shares outstanding during the year.2023 2022 Profit attributable to equity holders of the company (NOK millions) (78.0) 163.2 Weighted average number of shares 352 209 038 290 461 793Net profit per share attributable to ordinary equity holders (NOK) (0.22) 0.56In relation to the private placement 28 September 2023 Nordika were granted a call option to subscribe for and be allotted additional new shares in KMC Properties for a total amount of NOK 130. Nordika exer-cised the call option in January 2024. The shares are not considered to be dilutive. Reference is made to note 13 and 22 for detailed infor-mation on changes in number of shares.Note 21 Shared based paymentThe share option program was introduced in March 2023 and includes all employees in the company.Each option will give the holder the right to acquire one KMCP share from the company. The exercise price for the KMCP Options is NOK 6.4571, which is equal to the volume weighted average trading price (VWAP) of KMCP\u00b4s shares on the Oslo Stock Exchange during the last 30 days before grant date, 29.03.2023. The options have a vesting period of three years from being awarded, whereby 20% of the options will vest after one year, 30% after two years and 50% will vest after three years and may then be exercised in a period of two additional years. The options are non-tradable and conditional upon the option holder being employed by the company or its subsidiaries and not having resigned or being terminated for cause prior to the vesting date. Weighted Average Strike Movements of options during 2023 Number of instrumentsPrice (NOK)Outstanding at 1 January - - Granted 3 238 936 6.46 Exercised - - Expired - - Outstanding at 31 December 3 238 936 6.46 Vested options - - Outstanding Instruments Overview 2023Number of instruments 3 238 936 Weighted Average Strike Price (NOK) 6.46 Vested instruments at 31 December - Weighted Average Strike Price on vested instruments NOK - Weighted Average remaining contractual life (years) 4.24 Fair value pricing assumptions 2023Instrument OptionQuantity at 31 December 3 238 936 Contractual life* 5.00 Strike price (NOK)* 6.46 Share price (NOK)* 6.00 Expected lifetime* 3.30 Volatility* 35.82%Interest rate* 2.94%Dividend* - FV per instrument* 1.57 * Weighted average parameters at grant of instrument Amounts in NOK million 2023Share-based payment expense 1.8 Total Social security provisions -Note 22 Subsequent events AcquisitionIn January 2024, Nordika exercised a call option to subscribe for NOK 130 million of additional new shares in KMC Properties, bringing the ownership in KMC Properties to 17.4 per cent. A total of 22 608 696 new shares was issued to Flugfiskaren AB, a wholly owned subsidiary of Nordika, at a subscription price of NOK 5.75 per share.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.Bratt\u00f8rkaia 13 BNO-7010 Trondheimpost@kmcp.com+47 480 03 175kmcp.no",
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"value": "KMC Properties ASA",
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"value": "KMC Properties ASA",
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"value": "business idea is to acquire and manage commercial industry and logis-tics properties.",
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"value": "is a public limited liability company",
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"value": "Trondheim",
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"value": "Trondheim",
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"value": "Norway",
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"s11_notes__8__18": {
"value": "2.1 Basis of Preparation\u00aeThe financial statements are prepared in accordance with IFRS stand-ards as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The finan-cial statements of the subsidiaries are prepared for the same reporting period as the parent company.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 sel-dom be fully in accordance with the final outcome. Estimates and assumptions which have a significant risk of causing a material adjust-ment to the carrying amounts of assets and liabilities relate primarily to the valuation of investment property. Refer to note 6 related to critical accounting estimates and judgements. The consolidated financial statements are presented in Norwegian kroner (NOK). The majority of the note disclosures are presented in NOK millions, unless otherwise indicated. The consolidated financial statements for 2023 with comparatives for 2022 have been prepared on a going concern basis.",
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"s11_notes__8__17": {
"value": "2.1 Basis of Preparation\u00aeThe financial statements are prepared in accordance with IFRS stand-ards as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The finan-cial statements of the subsidiaries are prepared for the same reporting period as the parent company.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 sel-dom be fully in accordance with the final outcome. Estimates and assumptions which have a significant risk of causing a material adjust-ment to the carrying amounts of assets and liabilities relate primarily to the valuation of investment property. Refer to note 6 related to critical accounting estimates and judgements. The consolidated financial statements are presented in Norwegian kroner (NOK). The majority of the note disclosures are presented in NOK millions, unless otherwise indicated. The consolidated financial statements for 2023 with comparatives for 2022 have been prepared on a going concern basis.",
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"s11_notes__8__16": {
"value": "2.1 Basis of Preparation\u00aeThe financial statements are prepared in accordance with IFRS stand-ards as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The finan-cial statements of the subsidiaries are prepared for the same reporting period as the parent company.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 sel-dom be fully in accordance with the final outcome. Estimates and assumptions which have a significant risk of causing a material adjust-ment to the carrying amounts of assets and liabilities relate primarily to the valuation of investment property. Refer to note 6 related to critical accounting estimates and judgements. The consolidated financial statements are presented in Norwegian kroner (NOK). The majority of the note disclosures are presented in NOK millions, unless otherwise indicated. The consolidated financial statements for 2023 with comparatives for 2022 have been prepared on a going concern basis.",
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"s11_notes__8__15": {
"value": "\u00aeThe financial statements are prepared in accordance with IFRS stand-ards as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
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"s11_notes__8__19-1": {
"value": "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 valueThe consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances.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 cur-rency. The functional currency is the currency within the primary eco-nomic 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 histori-cal cost in a foreign currency are translated 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 pres-entation 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 translation are recog-nised as other comprehensive income. In the consolidated financial statements, currency translation differences linked to net investments in foreign operations are included in other comprehensive income until disposal of the net investment, at which point they are recognised in the income statement.Note 03 Summary of significant accounting policies3.1 Investment propertyInvestment property comprises completed property held to generate rental income or for capital appreciation or both. 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 neces-sary 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 leaseholds based on the premise that the leases are perpetual, and a correspond-ing right-of-use asset is recognised as an investment property. KMC Properties has chosen to recognise right-of-use assets separately in the balance sheet. 3.3 Financial assets3.3.1 Classification, recognition and measurement 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 exception of trade receivables that do not contain a significant financing component or for which the group has applied the practical expedient, the group initially measures a financial asset at its fair value plus, in the case of a financialasset 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 principal and interest (SPPI)\u2019 on the principal amount outstanding. This assess-ment 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, irrespective 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 impairment. Gains and losses are recognised in profit or loss when the asset is derecog-nised, 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 carried at fair value through profit or loss.All the group\u2019s currency, interest-rate swaps and forward exchange con-tracts are used as economic hedges. Hedge accounting is not applied. Derivatives are initially recognised at fair value at the date the deriva-tive contract is entered into and are subsequently recognised contin-uously at their fair value. Changes in the fair value of derivatives are recognised in the income statement under changes in value of finan-cial instruments. The realised payable part of the interest-rate swap agreements is presented under net realised financials.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 derecognised (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 own-ership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred 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 rec-ognises an associated liability. The transferred asset and the asso-ciated 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 lifetime approach in calculating expected credit losses (ECLs). The group his-torically has very low to null credit losses. Management evaluates on a regular basis the tenant's credit risk and guarantees in place related to trade receivables when determining the need for a loss allowance. For 2023 and 2022 no provision for an ECL allowance has been rec-ognised, and there have been no losses on accounts receivable dur-ing 2023 and 2022.3.4 Financial liabilities3.4.1 Classification, recognition and measurement Financial liabilities are classified at initial recognition, and subsequently 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 attributa-ble 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 sub-sequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derec-ognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance expenses in the state-ment of profit or loss.3.4.2 Derecognition A financial liability is derecognised when the obligation under the lia-bility 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 derecog-nition 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 receiva-bles are recognised at fair value and subsequently measured at amor-tised 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. 3.7 Share capital and treasury sharesOrdinary shares are classified as equity. Costs directly attributable to the issue of new shares or options are shown in equity as a deduc-tion, 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 con-sideration, if reissued, is recognised in other equity/ other contributed equity. Voting rights related to treasury 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 possibil-ity to exercise control or in\ufb02uence over another party in connection with financial and operational decisions. Parties are also considered related if they are under control or significant in\ufb02uence. Loans to cer-tain 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 for-eign 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 taxable 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 dif-ferences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is con-trolled 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 set-tlement 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 pre-vious provisions for deferred tax. Furthermore, an increase in tem-porary 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 dif-ferences 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 inci-dental 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 operat-ing lease are recognised as an expense over the lease term on the same basis as the lease income. Lease incentives are recognised 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 effec-tive 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 financial position based on current/non-current classification. An asset is cur-rent when it is expected to be realised or intended to sold or consumed in the normal operating cycle, held primarily for the purpose 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 oper-ating 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 classi-fied 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 accounting instru-ment. See also note 3.3.1.3.14 Discontinued operationIn the beginning of 2022, the group decided to exit the Russian market and initiated an active process to locate a buyer for its Russian sub-sidiary owning the company\u2019s office building in Moscow. The invest-ment 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__20": {
"value": "2.3 Basis of consolidation and business combinationsSubsidiaries are all entities over which the group has control. Control 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. All acquired companies are included in the consolidated financial state-ments from the date on which the group obtains control over the com-pany. In the same way, the company is deconsolidated when control over the company ceases. For accounting purposes, acquisitions of subsidiaries that do not con-stitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is con-centrated 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 associated with the trans-action 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 forward, in accord-ance with the exceptions in IAS 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__22": {
"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 cur-rency. The functional currency is the currency within the primary eco-nomic 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 histori-cal cost in a foreign currency are translated 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 pres-entation 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 translation are recog-nised as other comprehensive income. In the consolidated financial statements, currency translation differences linked to net investments in foreign operations are included in other comprehensive 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__24": {
"value": "2.5 Segment informationThere are no material differences in risks and returns in the economic environments in which the group operates. The group\u2019s highest deci-sion-making authority, which is responsible for allocating resources and assessing the profitability of the operating segments, has been identified as the board of directors and the CEO. KMC Properties has one segment, industrial- and logistic properties. Consequently, the group is only present in one business segment. The group is present in following geographic markets per 31 December 2023: Amounts in Norway Sweden Denmark Netherland Finland Germany Belgium TotalNOK million2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Rental income 226.1 171.2 73.3 38.5 55.0 30.8 35.4 27.3 19.1 4.7 0.5 - 0.1 - 409.4 272.7 Investment property 3 480.7 3 360.0 842.1 848.0 787.6 646.0 474.4 453.0 317.0 59.0 149.5 - 101.7 - 6 153.0 5 366.0 KMC Properties ASA has rental income from 2 customers that exceeds 10 per cent of total rental income in 2023: Amounts in BEWI Insula Gr\u00f8ntvedt Scana Other TotalNOK million2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Rental income 202.4 125.0 61.2 51.5 34.2 30.3 33.8 31.3 77.8 34.7 409.4 272.7Share of rental income 49% 46% 15% 19% 8% 11% 8% 11% 19% 13% 100% 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__25": {
"value": "3.1 Investment propertyInvestment property comprises completed property held to generate rental income or for capital appreciation or both. 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 neces-sary 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__26": {
"value": "3.2 LeasingLeases in which KMC Properties is the lessee mainly comprise site leaseholds. The group recognises a lease liability for site leaseholds based on the premise that the leases are perpetual, and a correspond-ing right-of-use asset is recognised as an investment property. KMC Properties has chosen to recognise right-of-use assets separately in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__27": {
"value": "3.3 Financial assets3.3.1 Classification, recognition and measurement 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 exception of trade receivables that do not contain a significant financing component or for which the group has applied the practical expedient, the group initially measures a financial asset at its fair value plus, in the case of a financialasset 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 principal and interest (SPPI)\u2019 on the principal amount outstanding. This assess-ment 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, irrespective 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 impairment. Gains and losses are recognised in profit or loss when the asset is derecog-nised, 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 carried at fair value through profit or loss.All the group\u2019s currency, interest-rate swaps and forward exchange con-tracts are used as economic hedges. Hedge accounting is not applied. Derivatives are initially recognised at fair value at the date the deriva-tive contract is entered into and are subsequently recognised contin-uously at their fair value. Changes in the fair value of derivatives are recognised in the income statement under changes in value of finan-cial instruments. The realised payable part of the interest-rate swap agreements is presented under net realised financials.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 derecognised (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 own-ership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred 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 rec-ognises an associated liability. The transferred asset and the asso-ciated 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 lifetime approach in calculating expected credit losses (ECLs). The group his-torically has very low to null credit losses. Management evaluates on a regular basis the tenant's credit risk and guarantees in place related to trade receivables when determining the need for a loss allowance. For 2023 and 2022 no provision for an ECL allowance has been rec-ognised, and there have been no losses on accounts receivable dur-ing 2023 and 2022.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__28": {
"value": "3.4 Financial liabilities3.4.1 Classification, recognition and measurement Financial liabilities are classified at initial recognition, and subsequently 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 attributa-ble 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 sub-sequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derec-ognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance expenses in the state-ment of profit or loss.3.4.2 Derecognition A financial liability is derecognised when the obligation under the lia-bility 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 derecog-nition 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__29": {
"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 receiva-bles are recognised at fair value and subsequently measured at amor-tised cost. Refer to accounting policies on financial assets in note 3.4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__30-1": {
"value": "3.6 Cash and cash equivalentsCash and cash equivalents include cash in hand and deposits held with banks.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 possibil-ity to exercise control or in\ufb02uence over another party in connection with financial and operational decisions. Parties are also considered related if they are under control or significant in\ufb02uence. Loans to cer-tain 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 for-eign 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 financial position based on current/non-current classification. An asset is cur-rent when it is expected to be realised or intended to sold or consumed in the normal operating cycle, held primarily for the purpose 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 oper-ating 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 classi-fied as noncurrent assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__31": {
"value": "3.7 Share capital and treasury sharesOrdinary shares are classified as equity. Costs directly attributable to the issue of new shares or options are shown in equity as a deduc-tion, 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 con-sideration, if reissued, is recognised in other equity/ other contributed equity. Voting rights related to treasury 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__35-1": {
"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 taxable 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 dif-ferences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is con-trolled 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 set-tlement 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 pre-vious provisions for deferred tax. Furthermore, an increase in tem-porary 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 dif-ferences on net investments in foreign entities.3.14 Discontinued operationIn the beginning of 2022, the group decided to exit the Russian market and initiated an active process to locate a buyer for its Russian sub-sidiary owning the company\u2019s office building in Moscow. The invest-ment 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__34": {
"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 taxable 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 dif-ferences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is con-trolled 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 set-tlement 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 pre-vious provisions for deferred tax. Furthermore, an increase in tem-porary 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 dif-ferences on net investments in foreign entities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__33": {
"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 taxable 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 dif-ferences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is con-trolled 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 set-tlement 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 pre-vious provisions for deferred tax. Furthermore, an increase in tem-porary 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 dif-ferences on net investments in foreign entities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__36": {
"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 inci-dental 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 operat-ing lease are recognised as an expense over the lease term on the same basis as the lease income. Lease incentives are recognised 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__37": {
"value": "3.11 Interest incomeInterest income is recognised in income as it is earned using the effec-tive 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__39": {
"value": "3.13 Financial instrumentsDerivatives are financial instruments at fair value through profit and loss unless the derivative is designated as a hedge accounting instru-ment. See also note 3.3.1.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__43": {
"value": "Note 04 Discontinued operationsIn the first half of 2022 the company decided to exit the Russian mar-ket and initiated a sale of its Russian subsidiary owning the company\u2019s office building in Moscow. The investment in Russia was consequently presented as a discontinued operation and the associated assets and liabilities presented as held for sale in accordance with IFRS 5. In the fourth quarter KMC Properties sold and receive payment for the Russian entity. A complete sanction control and ownership research has been carried out of the buyer. The settlement has been made out-side Russia. The remaining liabilities held for sale applies to a sub-sidiary in Cyprus under liquidation which is considered immaterial.Amounts in NOK millions 2023 2022Rental income - 22.1 Property expenses - (11.6)Net operating income - 10.6 Administration expenses (0.1) (3.0)Net realised financials - 0.2 Net income from property management (0.1) 7.8 Net unrealised financials - 0.0 Changes in value of financial instruments - - Changes in value of investment properties - (89.2)Profit before tax (0.1) (81.4)Current tax - 0.6 Deferred tax - - Loss from discontinued operations (0.1) (80.8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__42": {
"value": "Note 04 Discontinued operationsIn the first half of 2022 the company decided to exit the Russian mar-ket and initiated a sale of its Russian subsidiary owning the company\u2019s office building in Moscow. The investment in Russia was consequently presented as a discontinued operation and the associated assets and liabilities presented as held for sale in accordance with IFRS 5. In the fourth quarter KMC Properties sold and receive payment for the Russian entity. A complete sanction control and ownership research has been carried out of the buyer. The settlement has been made out-side Russia. The remaining liabilities held for sale applies to a sub-sidiary in Cyprus under liquidation which is considered immaterial.Amounts in NOK millions 2023 2022Rental income - 22.1 Property expenses - (11.6)Net operating income - 10.6 Administration expenses (0.1) (3.0)Net realised financials - 0.2 Net income from property management (0.1) 7.8 Net unrealised financials - 0.0 Changes in value of financial instruments - - Changes in value of investment properties - (89.2)Profit before tax (0.1) (81.4)Current tax - 0.6 Deferred tax - - Loss from discontinued operations (0.1) (80.8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__41": {
"value": "Note 04 Discontinued operationsIn the first half of 2022 the company decided to exit the Russian mar-ket and initiated a sale of its Russian subsidiary owning the company\u2019s office building in Moscow. The investment in Russia was consequently presented as a discontinued operation and the associated assets and liabilities presented as held for sale in accordance with IFRS 5. In the fourth quarter KMC Properties sold and receive payment for the Russian entity. A complete sanction control and ownership research has been carried out of the buyer. The settlement has been made out-side Russia. The remaining liabilities held for sale applies to a sub-sidiary in Cyprus under liquidation which is considered immaterial.Amounts in NOK millions 2023 2022Rental income - 22.1 Property expenses - (11.6)Net operating income - 10.6 Administration expenses (0.1) (3.0)Net realised financials - 0.2 Net income from property management (0.1) 7.8 Net unrealised financials - 0.0 Changes in value of financial instruments - - Changes in value of investment properties - (89.2)Profit before tax (0.1) (81.4)Current tax - 0.6 Deferred tax - - Loss from discontinued operations (0.1) (80.8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__48": {
"value": "Note 05 Financial risk managementThe group is exposed through its operations to the following finan-cial risks: \u25a0Credit risk \u25a0Interest rate risk \u25a0Foreign exchange risk \u25a0Other market price risk \u25a0Liquidity risk,and \u25a0Climate riskIn common with all other businesses, the group is exposed to risks that arise from its use of financial instruments. This note describes the group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative informa-tion 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 million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalCash and cash equivalents 275.0 - 275.0 186.5 - 186.5 Currency and interest swaps - 149.2 149.2 - 180.0 180.0 Trade receivables (non-interest bearing) 4.7 - 4.7 7.2 - 7.2 Total financial assets 279.8 149.2 429.0 193.7 180.0 373.7 Financial liabilities Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalNon-current interest-bearing liabilities 3 164.0 - 3 164.0 1 217.4 - 1 217.4Land plot lease agreements (financial liability) 23.6 - 23.6 19.1 - 19.1Other non-current liabilities 18.4 18.4 19.8 - 19.8Current interest-bearing liabilities 363.3 363.3 1 904.9 1 904.9Trade payables (non-interest bearing) 22.3 - 22.3 37.6 - 37.6Total financial liabilities 3 591.5 - 3 591.6 3 198.9 - 3 198.9Net financial assets and liabilities (3 311.7) 149.2 (3 162.6) (3 005.2) 180.0 (2 825.2)Financial instruments at amortised cost Financial instruments at amortised cost includes cash and cash equiva-lents, trade and other receivables, trade and other payables, and loans and borrowings. Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. Financial instruments measured at fair valueThe table below shows an analysis of fair values of financial instru-ments in the Statement of Financial Position, grouped by level in the fair value hierarchy:Level 1 - Quoted prices in active markets that the entity can access at the measurement date.Level 2 - Use of a model with inputs other than level 1 that are directly or indirectly observable market data.Level 3 - Use of a model with inputs that are not based on observa-ble market data.All financial derivatives are currency and interest swap agreements booked at fair value according to level 2.Financial assets measured at fair value Amounts in NOK million Fair value level 2023 2022Financial derivatives Level 2 149.2 180.0 There were no transfers between levels during the period.DerivativesThe fair value of financial derivatives, including currency forward exchange contracts/swaps and interest-rate swaps, is determined by the net present value of future cash \ufb02ows, calculated using quoted interest-rate curves and exchange rates at the balance-sheet date. The technical calculations are generally performed by the group\u2019s banks. The group has tested these valuations for reasonableness.The group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeas-urement at fair value are recognised in the income statement. Changes in the value of the derivatives are presented under \u201cChanges in value of financial instruments\u201d. Interest income from financial derivatives is presented under \u201cNet realised financials\u201d.The fair value of interest rate swaps is the estimated amount the group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the bal-ance sheet as non-current.General objectives, policies and processesThe board has overall responsibility for the determination of the group's risk management objectives and policies and, whilst retaining 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 periodic reports from the group\u2019s finance function through which it reviews the effectiveness of the processes 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 regarding these policies are set out below:The group is exposed to market risk (including interest rate risk), cur-rency risk, credit risk and liquidity risk. The risk policies are continu-ously being assessed by the board of directors and the appropriate policies and procedures to identify, measure and manage the finan-cial risks has been implemented. The group\u2019s overall risk management program 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 ofchanges in market prices.(i) Currency riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional cur-rency. 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 func-tional 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 lessor con-tracts in EURO, SEK and DKK. Group seek to finance loans in the same currency as the cash \ufb02ow, if this is not possible hedging using currency swaps is applied. At year end the group has economically hedged these positions 100%.Apart from these particular cash-\ufb02ows the group aims to fund expenses and investments in the respective currency and to manage foreign exchange risk at a local level by matching the currency in which reve-nue is generated and expenses are incurred.At 31 December the group's net exposure to foreign exchange risk was the following the following balance sheet currency exposures on a consolidated level2023:Currency SEK DKK EUR TotalCash and cash equivalents (22.1) (3.5) (162.7) (188.3)Interest-bearing liabilities 428.5 149.3 - 577.8 Net exposure 406.5 145.7 (162.7) 389.5 2022:Currency SEK DKK EUR TotalCash and cash equivalents (21.4) (2.9) (8.1) (32.3)Interest-bearing liabilities 283.4 - - 283.4 Net exposure 262.0 (2.9) (8.1) 251.0 (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 2022 and 2023, the group's borrowings at variable rate were denominated in NOK. Calculated on the existing funding terms for the group\u2019s interest-bearing liabilities on 31 December 2023, a rise in market interest rates of 1 percentage point would have increased KMC Properties annualised interest expenses by NOK 19.6 million.5.2 Liquidity risk Liquidity risk is the risk that The group will not be able to meet its obli-gations 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 objec-tive 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 2023Principal payment on bank and bond loans 3 581.6 363.8 699.8 2 290.6 227.3 Payment of interest and interest swap 1 244.5 326.8 316.1 432.3 169.3 Other non-current liabilities 18.4 - - - 18.4 Trade payables 22.3 22.3 - - -Other current liabilities 103.1 103.1 - - - Total 4 969.8 816.0 1 015.9 2 722.9 415.0 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 bank and bond loans 3 115.9 1 892.8 81.1 1 009.3 132.8 Payment of interest and interest swap 543.0 181.0 181.0 181.0 - Other long-term liabilities 19.8 2.6 - - 17.2 Trade payables 37.4 37.4 - - - Other current liabilities 41.0 41.0 - - - Total 3 757.1 2 154.8 262.1 1 190.3 150.05.3 Capital risk managementThe main purpose of the group\u2019s capital management is to maintain 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 considera-tion to value development in the group and the opportunity to obtain the necessary financing. The EPRA LTV ratio at 31 December is 55.6%.There are covenants on existing financing related to; loan to value, interest cover ratio and liquidity. Reference is made to note 15 for description of the covenants. Both during 2022, and at 31 December 2023, the group was in compliance with all financial covenants, and the group expects to be in compliance going forward.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 negative. Further-more, 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 diffi-cult to sell in the future.Management and the board follow developments in the market regard-ing 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:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__47": {
"value": "Note 05 Financial risk managementThe group is exposed through its operations to the following finan-cial risks: \u25a0Credit risk \u25a0Interest rate risk \u25a0Foreign exchange risk \u25a0Other market price risk \u25a0Liquidity risk,and \u25a0Climate riskIn common with all other businesses, the group is exposed to risks that arise from its use of financial instruments. This note describes the group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative informa-tion 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 million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalCash and cash equivalents 275.0 - 275.0 186.5 - 186.5 Currency and interest swaps - 149.2 149.2 - 180.0 180.0 Trade receivables (non-interest bearing) 4.7 - 4.7 7.2 - 7.2 Total financial assets 279.8 149.2 429.0 193.7 180.0 373.7 Financial liabilities Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalNon-current interest-bearing liabilities 3 164.0 - 3 164.0 1 217.4 - 1 217.4Land plot lease agreements (financial liability) 23.6 - 23.6 19.1 - 19.1Other non-current liabilities 18.4 18.4 19.8 - 19.8Current interest-bearing liabilities 363.3 363.3 1 904.9 1 904.9Trade payables (non-interest bearing) 22.3 - 22.3 37.6 - 37.6Total financial liabilities 3 591.5 - 3 591.6 3 198.9 - 3 198.9Net financial assets and liabilities (3 311.7) 149.2 (3 162.6) (3 005.2) 180.0 (2 825.2)Financial instruments at amortised cost Financial instruments at amortised cost includes cash and cash equiva-lents, trade and other receivables, trade and other payables, and loans and borrowings. Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. Financial instruments measured at fair valueThe table below shows an analysis of fair values of financial instru-ments in the Statement of Financial Position, grouped by level in the fair value hierarchy:Level 1 - Quoted prices in active markets that the entity can access at the measurement date.Level 2 - Use of a model with inputs other than level 1 that are directly or indirectly observable market data.Level 3 - Use of a model with inputs that are not based on observa-ble market data.All financial derivatives are currency and interest swap agreements booked at fair value according to level 2.Financial assets measured at fair value Amounts in NOK million Fair value level 2023 2022Financial derivatives Level 2 149.2 180.0 There were no transfers between levels during the period.DerivativesThe fair value of financial derivatives, including currency forward exchange contracts/swaps and interest-rate swaps, is determined by the net present value of future cash \ufb02ows, calculated using quoted interest-rate curves and exchange rates at the balance-sheet date. The technical calculations are generally performed by the group\u2019s banks. The group has tested these valuations for reasonableness.The group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeas-urement at fair value are recognised in the income statement. Changes in the value of the derivatives are presented under \u201cChanges in value of financial instruments\u201d. Interest income from financial derivatives is presented under \u201cNet realised financials\u201d.The fair value of interest rate swaps is the estimated amount the group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the bal-ance sheet as non-current.General objectives, policies and processesThe board has overall responsibility for the determination of the group's risk management objectives and policies and, whilst retaining 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 periodic reports from the group\u2019s finance function through which it reviews the effectiveness of the processes 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 regarding these policies are set out below:The group is exposed to market risk (including interest rate risk), cur-rency risk, credit risk and liquidity risk. The risk policies are continu-ously being assessed by the board of directors and the appropriate policies and procedures to identify, measure and manage the finan-cial risks has been implemented. The group\u2019s overall risk management program 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 ofchanges in market prices.(i) Currency riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional cur-rency. 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 func-tional 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 lessor con-tracts in EURO, SEK and DKK. Group seek to finance loans in the same currency as the cash \ufb02ow, if this is not possible hedging using currency swaps is applied. At year end the group has economically hedged these positions 100%.Apart from these particular cash-\ufb02ows the group aims to fund expenses and investments in the respective currency and to manage foreign exchange risk at a local level by matching the currency in which reve-nue is generated and expenses are incurred.At 31 December the group's net exposure to foreign exchange risk was the following the following balance sheet currency exposures on a consolidated level2023:Currency SEK DKK EUR TotalCash and cash equivalents (22.1) (3.5) (162.7) (188.3)Interest-bearing liabilities 428.5 149.3 - 577.8 Net exposure 406.5 145.7 (162.7) 389.5 2022:Currency SEK DKK EUR TotalCash and cash equivalents (21.4) (2.9) (8.1) (32.3)Interest-bearing liabilities 283.4 - - 283.4 Net exposure 262.0 (2.9) (8.1) 251.0 (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 2022 and 2023, the group's borrowings at variable rate were denominated in NOK. Calculated on the existing funding terms for the group\u2019s interest-bearing liabilities on 31 December 2023, a rise in market interest rates of 1 percentage point would have increased KMC Properties annualised interest expenses by NOK 19.6 million.5.2 Liquidity risk Liquidity risk is the risk that The group will not be able to meet its obli-gations 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 objec-tive 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 2023Principal payment on bank and bond loans 3 581.6 363.8 699.8 2 290.6 227.3 Payment of interest and interest swap 1 244.5 326.8 316.1 432.3 169.3 Other non-current liabilities 18.4 - - - 18.4 Trade payables 22.3 22.3 - - -Other current liabilities 103.1 103.1 - - - Total 4 969.8 816.0 1 015.9 2 722.9 415.0 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 bank and bond loans 3 115.9 1 892.8 81.1 1 009.3 132.8 Payment of interest and interest swap 543.0 181.0 181.0 181.0 - Other long-term liabilities 19.8 2.6 - - 17.2 Trade payables 37.4 37.4 - - - Other current liabilities 41.0 41.0 - - - Total 3 757.1 2 154.8 262.1 1 190.3 150.05.3 Capital risk managementThe main purpose of the group\u2019s capital management is to maintain 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 considera-tion to value development in the group and the opportunity to obtain the necessary financing. The EPRA LTV ratio at 31 December is 55.6%.There are covenants on existing financing related to; loan to value, interest cover ratio and liquidity. Reference is made to note 15 for description of the covenants. Both during 2022, and at 31 December 2023, the group was in compliance with all financial covenants, and the group expects to be in compliance going forward.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 negative. Further-more, 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 diffi-cult to sell in the future.Management and the board follow developments in the market regard-ing 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:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__46": {
"value": "Note 05 Financial risk managementThe group is exposed through its operations to the following finan-cial risks: \u25a0Credit risk \u25a0Interest rate risk \u25a0Foreign exchange risk \u25a0Other market price risk \u25a0Liquidity risk,and \u25a0Climate riskIn common with all other businesses, the group is exposed to risks that arise from its use of financial instruments. This note describes the group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative informa-tion 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 million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalCash and cash equivalents 275.0 - 275.0 186.5 - 186.5 Currency and interest swaps - 149.2 149.2 - 180.0 180.0 Trade receivables (non-interest bearing) 4.7 - 4.7 7.2 - 7.2 Total financial assets 279.8 149.2 429.0 193.7 180.0 373.7 Financial liabilities Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalNon-current interest-bearing liabilities 3 164.0 - 3 164.0 1 217.4 - 1 217.4Land plot lease agreements (financial liability) 23.6 - 23.6 19.1 - 19.1Other non-current liabilities 18.4 18.4 19.8 - 19.8Current interest-bearing liabilities 363.3 363.3 1 904.9 1 904.9Trade payables (non-interest bearing) 22.3 - 22.3 37.6 - 37.6Total financial liabilities 3 591.5 - 3 591.6 3 198.9 - 3 198.9Net financial assets and liabilities (3 311.7) 149.2 (3 162.6) (3 005.2) 180.0 (2 825.2)Financial instruments at amortised cost Financial instruments at amortised cost includes cash and cash equiva-lents, trade and other receivables, trade and other payables, and loans and borrowings. Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. Financial instruments measured at fair valueThe table below shows an analysis of fair values of financial instru-ments in the Statement of Financial Position, grouped by level in the fair value hierarchy:Level 1 - Quoted prices in active markets that the entity can access at the measurement date.Level 2 - Use of a model with inputs other than level 1 that are directly or indirectly observable market data.Level 3 - Use of a model with inputs that are not based on observa-ble market data.All financial derivatives are currency and interest swap agreements booked at fair value according to level 2.Financial assets measured at fair value Amounts in NOK million Fair value level 2023 2022Financial derivatives Level 2 149.2 180.0 There were no transfers between levels during the period.DerivativesThe fair value of financial derivatives, including currency forward exchange contracts/swaps and interest-rate swaps, is determined by the net present value of future cash \ufb02ows, calculated using quoted interest-rate curves and exchange rates at the balance-sheet date. The technical calculations are generally performed by the group\u2019s banks. The group has tested these valuations for reasonableness.The group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeas-urement at fair value are recognised in the income statement. Changes in the value of the derivatives are presented under \u201cChanges in value of financial instruments\u201d. Interest income from financial derivatives is presented under \u201cNet realised financials\u201d.The fair value of interest rate swaps is the estimated amount the group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the bal-ance sheet as non-current.General objectives, policies and processesThe board has overall responsibility for the determination of the group's risk management objectives and policies and, whilst retaining 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 periodic reports from the group\u2019s finance function through which it reviews the effectiveness of the processes 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 regarding these policies are set out below:The group is exposed to market risk (including interest rate risk), cur-rency risk, credit risk and liquidity risk. The risk policies are continu-ously being assessed by the board of directors and the appropriate policies and procedures to identify, measure and manage the finan-cial risks has been implemented. The group\u2019s overall risk management program 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 ofchanges in market prices.(i) Currency riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional cur-rency. 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 func-tional 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 lessor con-tracts in EURO, SEK and DKK. Group seek to finance loans in the same currency as the cash \ufb02ow, if this is not possible hedging using currency swaps is applied. At year end the group has economically hedged these positions 100%.Apart from these particular cash-\ufb02ows the group aims to fund expenses and investments in the respective currency and to manage foreign exchange risk at a local level by matching the currency in which reve-nue is generated and expenses are incurred.At 31 December the group's net exposure to foreign exchange risk was the following the following balance sheet currency exposures on a consolidated level2023:Currency SEK DKK EUR TotalCash and cash equivalents (22.1) (3.5) (162.7) (188.3)Interest-bearing liabilities 428.5 149.3 - 577.8 Net exposure 406.5 145.7 (162.7) 389.5 2022:Currency SEK DKK EUR TotalCash and cash equivalents (21.4) (2.9) (8.1) (32.3)Interest-bearing liabilities 283.4 - - 283.4 Net exposure 262.0 (2.9) (8.1) 251.0 (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 2022 and 2023, the group's borrowings at variable rate were denominated in NOK. Calculated on the existing funding terms for the group\u2019s interest-bearing liabilities on 31 December 2023, a rise in market interest rates of 1 percentage point would have increased KMC Properties annualised interest expenses by NOK 19.6 million.5.2 Liquidity risk Liquidity risk is the risk that The group will not be able to meet its obli-gations 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 objec-tive 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 2023Principal payment on bank and bond loans 3 581.6 363.8 699.8 2 290.6 227.3 Payment of interest and interest swap 1 244.5 326.8 316.1 432.3 169.3 Other non-current liabilities 18.4 - - - 18.4 Trade payables 22.3 22.3 - - -Other current liabilities 103.1 103.1 - - - Total 4 969.8 816.0 1 015.9 2 722.9 415.0 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 bank and bond loans 3 115.9 1 892.8 81.1 1 009.3 132.8 Payment of interest and interest swap 543.0 181.0 181.0 181.0 - Other long-term liabilities 19.8 2.6 - - 17.2 Trade payables 37.4 37.4 - - - Other current liabilities 41.0 41.0 - - - Total 3 757.1 2 154.8 262.1 1 190.3 150.05.3 Capital risk managementThe main purpose of the group\u2019s capital management is to maintain 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 considera-tion to value development in the group and the opportunity to obtain the necessary financing. The EPRA LTV ratio at 31 December is 55.6%.There are covenants on existing financing related to; loan to value, interest cover ratio and liquidity. Reference is made to note 15 for description of the covenants. Both during 2022, and at 31 December 2023, the group was in compliance with all financial covenants, and the group expects to be in compliance going forward.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 negative. Further-more, 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 diffi-cult to sell in the future.Management and the board follow developments in the market regard-ing 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:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__45": {
"value": "Note 05 Financial risk managementThe group is exposed through its operations to the following finan-cial risks: \u25a0Credit risk \u25a0Interest rate risk \u25a0Foreign exchange risk \u25a0Other market price risk \u25a0Liquidity risk,and \u25a0Climate riskIn common with all other businesses, the group is exposed to risks that arise from its use of financial instruments. This note describes the group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative informa-tion 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 million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalCash and cash equivalents 275.0 - 275.0 186.5 - 186.5 Currency and interest swaps - 149.2 149.2 - 180.0 180.0 Trade receivables (non-interest bearing) 4.7 - 4.7 7.2 - 7.2 Total financial assets 279.8 149.2 429.0 193.7 180.0 373.7 Financial liabilities Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalNon-current interest-bearing liabilities 3 164.0 - 3 164.0 1 217.4 - 1 217.4Land plot lease agreements (financial liability) 23.6 - 23.6 19.1 - 19.1Other non-current liabilities 18.4 18.4 19.8 - 19.8Current interest-bearing liabilities 363.3 363.3 1 904.9 1 904.9Trade payables (non-interest bearing) 22.3 - 22.3 37.6 - 37.6Total financial liabilities 3 591.5 - 3 591.6 3 198.9 - 3 198.9Net financial assets and liabilities (3 311.7) 149.2 (3 162.6) (3 005.2) 180.0 (2 825.2)Financial instruments at amortised cost Financial instruments at amortised cost includes cash and cash equiva-lents, trade and other receivables, trade and other payables, and loans and borrowings. Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. Financial instruments measured at fair valueThe table below shows an analysis of fair values of financial instru-ments in the Statement of Financial Position, grouped by level in the fair value hierarchy:Level 1 - Quoted prices in active markets that the entity can access at the measurement date.Level 2 - Use of a model with inputs other than level 1 that are directly or indirectly observable market data.Level 3 - Use of a model with inputs that are not based on observa-ble market data.All financial derivatives are currency and interest swap agreements booked at fair value according to level 2.Financial assets measured at fair value Amounts in NOK million Fair value level 2023 2022Financial derivatives Level 2 149.2 180.0 There were no transfers between levels during the period.DerivativesThe fair value of financial derivatives, including currency forward exchange contracts/swaps and interest-rate swaps, is determined by the net present value of future cash \ufb02ows, calculated using quoted interest-rate curves and exchange rates at the balance-sheet date. The technical calculations are generally performed by the group\u2019s banks. The group has tested these valuations for reasonableness.The group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeas-urement at fair value are recognised in the income statement. Changes in the value of the derivatives are presented under \u201cChanges in value of financial instruments\u201d. Interest income from financial derivatives is presented under \u201cNet realised financials\u201d.The fair value of interest rate swaps is the estimated amount the group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the bal-ance sheet as non-current.General objectives, policies and processesThe board has overall responsibility for the determination of the group's risk management objectives and policies and, whilst retaining 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 periodic reports from the group\u2019s finance function through which it reviews the effectiveness of the processes 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 regarding these policies are set out below:The group is exposed to market risk (including interest rate risk), cur-rency risk, credit risk and liquidity risk. The risk policies are continu-ously being assessed by the board of directors and the appropriate policies and procedures to identify, measure and manage the finan-cial risks has been implemented. The group\u2019s overall risk management program 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 ofchanges in market prices.(i) Currency riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional cur-rency. 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 func-tional 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 lessor con-tracts in EURO, SEK and DKK. Group seek to finance loans in the same currency as the cash \ufb02ow, if this is not possible hedging using currency swaps is applied. At year end the group has economically hedged these positions 100%.Apart from these particular cash-\ufb02ows the group aims to fund expenses and investments in the respective currency and to manage foreign exchange risk at a local level by matching the currency in which reve-nue is generated and expenses are incurred.At 31 December the group's net exposure to foreign exchange risk was the following the following balance sheet currency exposures on a consolidated level2023:Currency SEK DKK EUR TotalCash and cash equivalents (22.1) (3.5) (162.7) (188.3)Interest-bearing liabilities 428.5 149.3 - 577.8 Net exposure 406.5 145.7 (162.7) 389.5 2022:Currency SEK DKK EUR TotalCash and cash equivalents (21.4) (2.9) (8.1) (32.3)Interest-bearing liabilities 283.4 - - 283.4 Net exposure 262.0 (2.9) (8.1) 251.0 (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 2022 and 2023, the group's borrowings at variable rate were denominated in NOK. Calculated on the existing funding terms for the group\u2019s interest-bearing liabilities on 31 December 2023, a rise in market interest rates of 1 percentage point would have increased KMC Properties annualised interest expenses by NOK 19.6 million.5.2 Liquidity risk Liquidity risk is the risk that The group will not be able to meet its obli-gations 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 objec-tive 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 2023Principal payment on bank and bond loans 3 581.6 363.8 699.8 2 290.6 227.3 Payment of interest and interest swap 1 244.5 326.8 316.1 432.3 169.3 Other non-current liabilities 18.4 - - - 18.4 Trade payables 22.3 22.3 - - -Other current liabilities 103.1 103.1 - - - Total 4 969.8 816.0 1 015.9 2 722.9 415.0 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 bank and bond loans 3 115.9 1 892.8 81.1 1 009.3 132.8 Payment of interest and interest swap 543.0 181.0 181.0 181.0 - Other long-term liabilities 19.8 2.6 - - 17.2 Trade payables 37.4 37.4 - - - Other current liabilities 41.0 41.0 - - - Total 3 757.1 2 154.8 262.1 1 190.3 150.05.3 Capital risk managementThe main purpose of the group\u2019s capital management is to maintain 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 considera-tion to value development in the group and the opportunity to obtain the necessary financing. The EPRA LTV ratio at 31 December is 55.6%.There are covenants on existing financing related to; loan to value, interest cover ratio and liquidity. Reference is made to note 15 for description of the covenants. Both during 2022, and at 31 December 2023, the group was in compliance with all financial covenants, and the group expects to be in compliance going forward.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 negative. Further-more, 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 diffi-cult to sell in the future.Management and the board follow developments in the market regard-ing 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:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__44": {
"value": "Note 05 Financial risk managementThe group is exposed through its operations to the following finan-cial risks: \u25a0Credit risk \u25a0Interest rate risk \u25a0Foreign exchange risk \u25a0Other market price risk \u25a0Liquidity risk,and \u25a0Climate riskIn common with all other businesses, the group is exposed to risks that arise from its use of financial instruments. This note describes the group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative informa-tion 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 million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalCash and cash equivalents 275.0 - 275.0 186.5 - 186.5 Currency and interest swaps - 149.2 149.2 - 180.0 180.0 Trade receivables (non-interest bearing) 4.7 - 4.7 7.2 - 7.2 Total financial assets 279.8 149.2 429.0 193.7 180.0 373.7 Financial liabilities Fair value Fair value Amortised through Amortised through cost profit or loss cost profit or loss Amounts in NOK million31.12.202331.12.2023 Total 31.12.202231.12.2022 TotalNon-current interest-bearing liabilities 3 164.0 - 3 164.0 1 217.4 - 1 217.4Land plot lease agreements (financial liability) 23.6 - 23.6 19.1 - 19.1Other non-current liabilities 18.4 18.4 19.8 - 19.8Current interest-bearing liabilities 363.3 363.3 1 904.9 1 904.9Trade payables (non-interest bearing) 22.3 - 22.3 37.6 - 37.6Total financial liabilities 3 591.5 - 3 591.6 3 198.9 - 3 198.9Net financial assets and liabilities (3 311.7) 149.2 (3 162.6) (3 005.2) 180.0 (2 825.2)Financial instruments at amortised cost Financial instruments at amortised cost includes cash and cash equiva-lents, trade and other receivables, trade and other payables, and loans and borrowings. Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. Financial instruments measured at fair valueThe table below shows an analysis of fair values of financial instru-ments in the Statement of Financial Position, grouped by level in the fair value hierarchy:Level 1 - Quoted prices in active markets that the entity can access at the measurement date.Level 2 - Use of a model with inputs other than level 1 that are directly or indirectly observable market data.Level 3 - Use of a model with inputs that are not based on observa-ble market data.All financial derivatives are currency and interest swap agreements booked at fair value according to level 2.Financial assets measured at fair value Amounts in NOK million Fair value level 2023 2022Financial derivatives Level 2 149.2 180.0 There were no transfers between levels during the period.DerivativesThe fair value of financial derivatives, including currency forward exchange contracts/swaps and interest-rate swaps, is determined by the net present value of future cash \ufb02ows, calculated using quoted interest-rate curves and exchange rates at the balance-sheet date. The technical calculations are generally performed by the group\u2019s banks. The group has tested these valuations for reasonableness.The group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeas-urement at fair value are recognised in the income statement. Changes in the value of the derivatives are presented under \u201cChanges in value of financial instruments\u201d. Interest income from financial derivatives is presented under \u201cNet realised financials\u201d.The fair value of interest rate swaps is the estimated amount the group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the bal-ance sheet as non-current.General objectives, policies and processesThe board has overall responsibility for the determination of the group's risk management objectives and policies and, whilst retaining 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 periodic reports from the group\u2019s finance function through which it reviews the effectiveness of the processes 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 regarding these policies are set out below:The group is exposed to market risk (including interest rate risk), cur-rency risk, credit risk and liquidity risk. The risk policies are continu-ously being assessed by the board of directors and the appropriate policies and procedures to identify, measure and manage the finan-cial risks has been implemented. The group\u2019s overall risk management program 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 ofchanges in market prices.(i) Currency riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional cur-rency. 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 func-tional 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 lessor con-tracts in EURO, SEK and DKK. Group seek to finance loans in the same currency as the cash \ufb02ow, if this is not possible hedging using currency swaps is applied. At year end the group has economically hedged these positions 100%.Apart from these particular cash-\ufb02ows the group aims to fund expenses and investments in the respective currency and to manage foreign exchange risk at a local level by matching the currency in which reve-nue is generated and expenses are incurred.At 31 December the group's net exposure to foreign exchange risk was the following the following balance sheet currency exposures on a consolidated level2023:Currency SEK DKK EUR TotalCash and cash equivalents (22.1) (3.5) (162.7) (188.3)Interest-bearing liabilities 428.5 149.3 - 577.8 Net exposure 406.5 145.7 (162.7) 389.5 2022:Currency SEK DKK EUR TotalCash and cash equivalents (21.4) (2.9) (8.1) (32.3)Interest-bearing liabilities 283.4 - - 283.4 Net exposure 262.0 (2.9) (8.1) 251.0 (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 2022 and 2023, the group's borrowings at variable rate were denominated in NOK. Calculated on the existing funding terms for the group\u2019s interest-bearing liabilities on 31 December 2023, a rise in market interest rates of 1 percentage point would have increased KMC Properties annualised interest expenses by NOK 19.6 million.5.2 Liquidity risk Liquidity risk is the risk that The group will not be able to meet its obli-gations 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 objec-tive 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 2023Principal payment on bank and bond loans 3 581.6 363.8 699.8 2 290.6 227.3 Payment of interest and interest swap 1 244.5 326.8 316.1 432.3 169.3 Other non-current liabilities 18.4 - - - 18.4 Trade payables 22.3 22.3 - - -Other current liabilities 103.1 103.1 - - - Total 4 969.8 816.0 1 015.9 2 722.9 415.0 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 bank and bond loans 3 115.9 1 892.8 81.1 1 009.3 132.8 Payment of interest and interest swap 543.0 181.0 181.0 181.0 - Other long-term liabilities 19.8 2.6 - - 17.2 Trade payables 37.4 37.4 - - - Other current liabilities 41.0 41.0 - - - Total 3 757.1 2 154.8 262.1 1 190.3 150.05.3 Capital risk managementThe main purpose of the group\u2019s capital management is to maintain 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 considera-tion to value development in the group and the opportunity to obtain the necessary financing. The EPRA LTV ratio at 31 December is 55.6%.There are covenants on existing financing related to; loan to value, interest cover ratio and liquidity. Reference is made to note 15 for description of the covenants. Both during 2022, and at 31 December 2023, the group was in compliance with all financial covenants, and the group expects to be in compliance going forward.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 negative. Further-more, 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 diffi-cult to sell in the future.Management and the board follow developments in the market regard-ing 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__49": {
"value": "DerivativesThe fair value of financial derivatives, including currency forward exchange contracts/swaps and interest-rate swaps, is determined by the net present value of future cash \ufb02ows, calculated using quoted interest-rate curves and exchange rates at the balance-sheet date. The technical calculations are generally performed by the group\u2019s banks. The group has tested these valuations for reasonableness.The group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on which the contract was signed, and subsequently at fair value. Gains or losses on remeas-urement at fair value are recognised in the income statement. Changes in the value of the derivatives are presented under \u201cChanges in value of financial instruments\u201d. Interest income from financial derivatives is presented under \u201cNet realised financials\u201d.The fair value of interest rate swaps is the estimated amount the group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the bal-ance sheet as non-current.General objectives, policies and processesThe board has overall responsibility for the determination of the group's risk management objectives and policies and, whilst retaining 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 periodic reports from the group\u2019s finance function through which it reviews the effectiveness of the processes 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 regarding these policies are set out below:The group is exposed to market risk (including interest rate risk), cur-rency risk, credit risk and liquidity risk. The risk policies are continu-ously being assessed by the board of directors and the appropriate policies and procedures to identify, measure and manage the finan-cial risks has been implemented. The group\u2019s overall risk management program 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 ofchanges in market prices.(i) Currency riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional cur-rency. 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 func-tional 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 lessor con-tracts in EURO, SEK and DKK. Group seek to finance loans in the same currency as the cash \ufb02ow, if this is not possible hedging using currency swaps is applied. At year end the group has economically hedged these positions 100%.Apart from these particular cash-\ufb02ows the group aims to fund expenses and investments in the respective currency and to manage foreign exchange risk at a local level by matching the currency in which reve-nue is generated and expenses are incurred.At 31 December the group's net exposure to foreign exchange risk was the following the following balance sheet currency exposures on a consolidated level2023:Currency SEK DKK EUR TotalCash and cash equivalents (22.1) (3.5) (162.7) (188.3)Interest-bearing liabilities 428.5 149.3 - 577.8 Net exposure 406.5 145.7 (162.7) 389.5 2022:Currency SEK DKK EUR TotalCash and cash equivalents (21.4) (2.9) (8.1) (32.3)Interest-bearing liabilities 283.4 - - 283.4 Net exposure 262.0 (2.9) (8.1) 251.0 (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 2022 and 2023, the group's borrowings at variable rate were denominated in NOK. Calculated on the existing funding terms for the group\u2019s interest-bearing liabilities on 31 December 2023, a rise in market interest rates of 1 percentage point would have increased KMC Properties annualised interest expenses by NOK 19.6 million.5.2 Liquidity risk Liquidity risk is the risk that The group will not be able to meet its obli-gations 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 objec-tive 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 2023Principal payment on bank and bond loans 3 581.6 363.8 699.8 2 290.6 227.3 Payment of interest and interest swap 1 244.5 326.8 316.1 432.3 169.3 Other non-current liabilities 18.4 - - - 18.4 Trade payables 22.3 22.3 - - -Other current liabilities 103.1 103.1 - - - Total 4 969.8 816.0 1 015.9 2 722.9 415.0 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 bank and bond loans 3 115.9 1 892.8 81.1 1 009.3 132.8 Payment of interest and interest swap 543.0 181.0 181.0 181.0 - Other long-term liabilities 19.8 2.6 - - 17.2 Trade payables 37.4 37.4 - - - Other current liabilities 41.0 41.0 - - - Total 3 757.1 2 154.8 262.1 1 190.3 150.05.3 Capital risk managementThe main purpose of the group\u2019s capital management is to maintain 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 considera-tion to value development in the group and the opportunity to obtain the necessary financing. The EPRA LTV ratio at 31 December is 55.6%.There are covenants on existing financing related to; loan to value, interest cover ratio and liquidity. Reference is made to note 15 for description of the covenants. Both during 2022, and at 31 December 2023, the group was in compliance with all financial covenants, and the group expects to be in compliance going forward.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 negative. Further-more, 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 diffi-cult to sell in the future.Management and the board follow developments in the market regard-ing 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.",
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s11_notes__8__50": {
"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 ofchanges in market prices.(i) Currency riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional cur-rency. 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 func-tional 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 lessor con-tracts in EURO, SEK and DKK. Group seek to finance loans in the same currency as the cash \ufb02ow, if this is not possible hedging using currency swaps is applied. At year end the group has economically hedged these positions 100%.Apart from these particular cash-\ufb02ows the group aims to fund expenses and investments in the respective currency and to manage foreign exchange risk at a local level by matching the currency in which reve-nue is generated and expenses are incurred.At 31 December the group's net exposure to foreign exchange risk was the following the following balance sheet currency exposures on a consolidated level2023:Currency SEK DKK EUR TotalCash and cash equivalents (22.1) (3.5) (162.7) (188.3)Interest-bearing liabilities 428.5 149.3 - 577.8 Net exposure 406.5 145.7 (162.7) 389.5 2022:Currency SEK DKK EUR TotalCash and cash equivalents (21.4) (2.9) (8.1) (32.3)Interest-bearing liabilities 283.4 - - 283.4 Net exposure 262.0 (2.9) (8.1) 251.0 (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 2022 and 2023, the group's borrowings at variable rate were denominated in NOK. Calculated on the existing funding terms for the group\u2019s interest-bearing liabilities on 31 December 2023, a rise in market interest rates of 1 percentage point would have increased KMC Properties annualised interest expenses by NOK 19.6 million.",
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__8__51": {
"value": "5.2 Liquidity risk Liquidity risk is the risk that The group will not be able to meet its obli-gations 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 objec-tive 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 2023Principal payment on bank and bond loans 3 581.6 363.8 699.8 2 290.6 227.3 Payment of interest and interest swap 1 244.5 326.8 316.1 432.3 169.3 Other non-current liabilities 18.4 - - - 18.4 Trade payables 22.3 22.3 - - -Other current liabilities 103.1 103.1 - - - Total 4 969.8 816.0 1 015.9 2 722.9 415.0 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 bank and bond loans 3 115.9 1 892.8 81.1 1 009.3 132.8 Payment of interest and interest swap 543.0 181.0 181.0 181.0 - Other long-term liabilities 19.8 2.6 - - 17.2 Trade payables 37.4 37.4 - - - Other current liabilities 41.0 41.0 - - - Total 3 757.1 2 154.8 262.1 1 190.3 150.0",
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__8__52": {
"value": "Note 06 Critical accounting estimates and judgementsEstimates 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 cir-cumstances. Corporate management makes estimates and assump-tions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual figures. The estimates and assump-tions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities 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 val-uation update based on external valuations. The valuations are mainly based on the discounted cash \ufb02ow method, which involves discounting future cash \ufb02ows over a specified period using an estimated discount rate and then adding a residual value at the end of the period. Future cash \ufb02ows are calculated on the basis of cash \ufb02ows from signed leases, as well as future cash \ufb02ows based on an expected market rent at the end of the lease terms. Both contractual and expected cash \ufb02ows are included in the calculations. Fair-value assessment of investment prop-erties, therefore, depends largely on assumptions related to market rents, discount rates, and in\ufb02ation. Market rents are based on individual assessments of each property and the segmentation of different areas within the properties if relevant. To the extent that specific develop-ment potential is associated with a property, an assessment is made of whether this support or in\ufb02uences fair value. Updated macroeco-nomic assumptions for interest-rate levels, in\ufb02ation expectations, and so forth are applied in the calculations. Based on an assessment of the properties, tenants, and macroeconomic conditions at the balance sheet date, cash \ufb02ows are discounted using discount rates based on individual assessments of each property.The external valuers performs their valuations on the basis of the infor-mation they have received, and estimate future market rents, yields, in\ufb02ation, and other relevant parameters. Each individual property is assessed in terms of its market position, rental income (contractual rents versus market rents) and ownership costs, with estimates being made for anticipated vacancy levels and the need for alterations and upgrades where applicable. The remaining term of the leases is also assessed for risk, along with any special clauses in the contracts. Each property is also compared with recently sold properties in the same segment (location, type of property, mix of tenants, etc).The sensitivity of the fair-value assessment of investment properties depends to a considerable extent on assumptions related to yield, interest rates, market rents and operating costs for the properties. Reference is made to note 10 Investment property. 6.2 Classification as operating or finance leaseAll leases where KMC is the lessor are classified as either an operating lease or a finance lease. Leases in which a significant portion of the risks and rewards of ownership are retained by KMC are classified as operating leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the property. Classification of a lease can require significant judgment. When determining lease classification, management makes the clas-sification decision based on the substance of the transaction rather than the form of the contract. Management evaluates all relevant fac-tors that are possible indicators for a transfer of control, including but not limited to the lease term as compared to the economic life of the asset and the present value of the lease payments as compared to the fair value of the underlying property. In addition, if there is a purchase option for the property in the lease contract, management assesses if it is reasonably certain that the option will be exercised taking into consideration the number of years to exercise, lease extension period to gain the rights to the option and other relevant factors. Classifi-cation of a lease as an operating lease or a finance lease is done at lease inception and only reassessed when there is a modification of lease terms. All leases as of year-end 2023 and 2022 are classified as operating leases.Note 07 Tenancy agreementsThe 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 2023 2022\u2264 1 year 457.2 367.3Between 1 and 5 years 457.2 367.3Between 2 and 3 years 457.2 367.3Between 3 and 4 years 457.2 367.2Between 4 and 5 years 452.3 367.2\u2265 5 years 3 041.6 2 351.1Total 5 322.8 4 187.3 1)The group's lease contracts at 31 December 2023 have the following maturity structure measured in annual rentAmounts in NOK million No of contractsContract rent Contract rent,%\u2264 1 year 0 - 0%Between 1 and 5 years 2 5.0 1%Between 5 and 10 years 32 170.3 37%\u2264 10 years 43 281.9 62%Total 77 457. 2 100% 1)The group's lease contracts at 31 December 2022 have the following maturity structure measured in annual rentAmounts in NOK million No of contracts Contract rent Contract rent,%\u2264 1 year 1 3.5 1%Between 1 and 5 years 1 0.0 0%Between 5 and 10 years 24 109.3 29%\u2264 10 years 39 257.9 70%Total 65 370.8 100%1) The rent is stated as the annualised undiscounted contractual rent, and is therefore not reconcilable with the rental income for the year for accounting purposes.",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__53": {
"value": "6.1 Fair value of investment properties Investment property is valued at its fair value based on a quarterly val-uation update based on external valuations. The valuations are mainly based on the discounted cash \ufb02ow method, which involves discounting future cash \ufb02ows over a specified period using an estimated discount rate and then adding a residual value at the end of the period. Future cash \ufb02ows are calculated on the basis of cash \ufb02ows from signed leases, as well as future cash \ufb02ows based on an expected market rent at the end of the lease terms. Both contractual and expected cash \ufb02ows are included in the calculations. Fair-value assessment of investment prop-erties, therefore, depends largely on assumptions related to market rents, discount rates, and in\ufb02ation. Market rents are based on individual assessments of each property and the segmentation of different areas within the properties if relevant. To the extent that specific develop-ment potential is associated with a property, an assessment is made of whether this support or in\ufb02uences fair value. Updated macroeco-nomic assumptions for interest-rate levels, in\ufb02ation expectations, and so forth are applied in the calculations. Based on an assessment of the properties, tenants, and macroeconomic conditions at the balance sheet date, cash \ufb02ows are discounted using discount rates based on individual assessments of each property.The external valuers performs their valuations on the basis of the infor-mation they have received, and estimate future market rents, yields, in\ufb02ation, and other relevant parameters. Each individual property is assessed in terms of its market position, rental income (contractual rents versus market rents) and ownership costs, with estimates being made for anticipated vacancy levels and the need for alterations and upgrades where applicable. The remaining term of the leases is also assessed for risk, along with any special clauses in the contracts. Each property is also compared with recently sold properties in the same segment (location, type of property, mix of tenants, etc).The sensitivity of the fair-value assessment of investment properties depends to a considerable extent on assumptions related to yield, interest rates, market rents and operating costs for the properties. Reference is made to note 10 Investment property. 6.2 Classification as operating or finance leaseAll leases where KMC is the lessor are classified as either an operating lease or a finance lease. Leases in which a significant portion of the risks and rewards of ownership are retained by KMC are classified as operating leases. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of the property. Classification of a lease can require significant judgment. When determining lease classification, management makes the clas-sification decision based on the substance of the transaction rather than the form of the contract. Management evaluates all relevant fac-tors that are possible indicators for a transfer of control, including but not limited to the lease term as compared to the economic life of the asset and the present value of the lease payments as compared to the fair value of the underlying property. In addition, if there is a purchase option for the property in the lease contract, management assesses if it is reasonably certain that the option will be exercised taking into consideration the number of years to exercise, lease extension period to gain the rights to the option and other relevant factors. Classifi-cation of a lease as an operating lease or a finance lease is done at lease inception and only reassessed when there is a modification of lease terms. All leases as of year-end 2023 and 2022 are classified as operating leases.",
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"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__54": {
"value": "Note 07 Tenancy agreementsThe 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 2023 2022\u2264 1 year 457.2 367.3Between 1 and 5 years 457.2 367.3Between 2 and 3 years 457.2 367.3Between 3 and 4 years 457.2 367.2Between 4 and 5 years 452.3 367.2\u2265 5 years 3 041.6 2 351.1Total 5 322.8 4 187.3 1)The group's lease contracts at 31 December 2023 have the following maturity structure measured in annual rentAmounts in NOK million No of contractsContract rent Contract rent,%\u2264 1 year 0 - 0%Between 1 and 5 years 2 5.0 1%Between 5 and 10 years 32 170.3 37%\u2264 10 years 43 281.9 62%Total 77 457. 2 100% 1)The group's lease contracts at 31 December 2022 have the following maturity structure measured in annual rentAmounts in NOK million No of contracts Contract rent Contract rent,%\u2264 1 year 1 3.5 1%Between 1 and 5 years 1 0.0 0%Between 5 and 10 years 24 109.3 29%\u2264 10 years 39 257.9 70%Total 65 370.8 100%1) The rent is stated as the annualised undiscounted contractual rent, and is therefore not reconcilable with the rental income for the year for accounting purposes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s11_notes__8__57": {
"value": "Note 08 Property and administration expensesAmounts in NOK million 2023 2022Property expenses Insurance premium 1.4 1.0 Property tax 0.7 1.0 Maintenance - - Other property expenses 2.9 0.5 Total property expenses 5.0 2.5 Administration expensesPersonnel expenses 32.9 28.6Legal, agency and consultancy fees 6.8 12.2Accounting 1.9 1.3Auditors 4.8 4.7Other operating expenses 9.1 5.2Total administration expenses 55.5 52.1Auditor fees full year basisStatutory audit 4.7 4.5 Tax advice 0.1 0.2 Other services not related to auditing - - Other assurance services - - Total auditor expenses (excl. VAT) 4.8 4.7 Personnel expensesSalaries, performance-related pay and other taxable benefits 21.8 21.1 Employers` Natural Insurance contributions 4.5 2.8 Pension expenses 1.1 0.9 Share based payment expense 1.8 - Other personnel expenses 0.8 1.6 Board fees 2.8 2.2 Total personnel expenses 32.9 28.6 Number of full-time equivalent employees 14 12Employees may purchase shares in the company at a 20% discount for an amount limited upwards to NOK 1 million, on condition that the employee is obliged to hold the shares for a three-year period (lock-up period). The board decides how the transaction shall be arranged within the authorisations granted by the general meeting. Employees are included in the company\u2019s option program, reference is made to note 21.Renumeration to senior executivesThe total remuneration of the CEO and other Senior Executives con-sists of a fixed package of salary and benefits supplemented by cash-based short-term incentive (STI), share option program (LTI) (reference is made to note 21), share purchase scheme (on the same terms as all other employees), pension and insurance arrangements.Please refer to the Remuneration Report 2023 for more information. The report can be found on KMC Properties website: https://www.kmcp.no/en/investors/corporate+governanceAmounts in NOK million 2023 2022Salary 8.9 8.5 Variable cash salary (STI) 2.3 3.2 Share based payment expense 1.1 - Pension expense 0.6 0.6 Benefits in kind 0.3 0.3 Senior executives remuneration 13.2 12.7 Board of directors remuneration 2.7 2.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__56": {
"value": "Note 08 Property and administration expensesAmounts in NOK million 2023 2022Property expenses Insurance premium 1.4 1.0 Property tax 0.7 1.0 Maintenance - - Other property expenses 2.9 0.5 Total property expenses 5.0 2.5 Administration expensesPersonnel expenses 32.9 28.6Legal, agency and consultancy fees 6.8 12.2Accounting 1.9 1.3Auditors 4.8 4.7Other operating expenses 9.1 5.2Total administration expenses 55.5 52.1Auditor fees full year basisStatutory audit 4.7 4.5 Tax advice 0.1 0.2 Other services not related to auditing - - Other assurance services - - Total auditor expenses (excl. VAT) 4.8 4.7 Personnel expensesSalaries, performance-related pay and other taxable benefits 21.8 21.1 Employers` Natural Insurance contributions 4.5 2.8 Pension expenses 1.1 0.9 Share based payment expense 1.8 - Other personnel expenses 0.8 1.6 Board fees 2.8 2.2 Total personnel expenses 32.9 28.6 Number of full-time equivalent employees 14 12Employees may purchase shares in the company at a 20% discount for an amount limited upwards to NOK 1 million, on condition that the employee is obliged to hold the shares for a three-year period (lock-up period). The board decides how the transaction shall be arranged within the authorisations granted by the general meeting. Employees are included in the company\u2019s option program, reference is made to note 21.Renumeration to senior executivesThe total remuneration of the CEO and other Senior Executives con-sists of a fixed package of salary and benefits supplemented by cash-based short-term incentive (STI), share option program (LTI) (reference is made to note 21), share purchase scheme (on the same terms as all other employees), pension and insurance arrangements.Please refer to the Remuneration Report 2023 for more information. The report can be found on KMC Properties website: https://www.kmcp.no/en/investors/corporate+governanceAmounts in NOK million 2023 2022Salary 8.9 8.5 Variable cash salary (STI) 2.3 3.2 Share based payment expense 1.1 - Pension expense 0.6 0.6 Benefits in kind 0.3 0.3 Senior executives remuneration 13.2 12.7 Board of directors remuneration 2.7 2.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__55": {
"value": "Note 08 Property and administration expensesAmounts in NOK million 2023 2022Property expenses Insurance premium 1.4 1.0 Property tax 0.7 1.0 Maintenance - - Other property expenses 2.9 0.5 Total property expenses 5.0 2.5 Administration expensesPersonnel expenses 32.9 28.6Legal, agency and consultancy fees 6.8 12.2Accounting 1.9 1.3Auditors 4.8 4.7Other operating expenses 9.1 5.2Total administration expenses 55.5 52.1Auditor fees full year basisStatutory audit 4.7 4.5 Tax advice 0.1 0.2 Other services not related to auditing - - Other assurance services - - Total auditor expenses (excl. VAT) 4.8 4.7 Personnel expensesSalaries, performance-related pay and other taxable benefits 21.8 21.1 Employers` Natural Insurance contributions 4.5 2.8 Pension expenses 1.1 0.9 Share based payment expense 1.8 - Other personnel expenses 0.8 1.6 Board fees 2.8 2.2 Total personnel expenses 32.9 28.6 Number of full-time equivalent employees 14 12Employees may purchase shares in the company at a 20% discount for an amount limited upwards to NOK 1 million, on condition that the employee is obliged to hold the shares for a three-year period (lock-up period). The board decides how the transaction shall be arranged within the authorisations granted by the general meeting. Employees are included in the company\u2019s option program, reference is made to note 21.Renumeration to senior executivesThe total remuneration of the CEO and other Senior Executives con-sists of a fixed package of salary and benefits supplemented by cash-based short-term incentive (STI), share option program (LTI) (reference is made to note 21), share purchase scheme (on the same terms as all other employees), pension and insurance arrangements.Please refer to the Remuneration Report 2023 for more information. The report can be found on KMC Properties website: https://www.kmcp.no/en/investors/corporate+governanceAmounts in NOK million 2023 2022Salary 8.9 8.5 Variable cash salary (STI) 2.3 3.2 Share based payment expense 1.1 - Pension expense 0.6 0.6 Benefits in kind 0.3 0.3 Senior executives remuneration 13.2 12.7 Board of directors remuneration 2.7 2.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s11_notes__8__59": {
"value": "Note 09 FinancialsAmounts in NOK million 2023 2022Interest income 6.7 3.1 Interest income from financial derivatives 50.2 16.1 Interest expense (256.6) (141.6)Net realised financials (199.7) (122.4)Amounts in NOK million 2023 2022Net currency exchange differences 16.0 44.1 Amortised borrowing costs loan (29.2) (6.0)Amortised bond discount (2.0) 0.0 Interest expense on lease liabilities (1.4) (0.7)Other financial expenses/income (1.7) (2.7)Net unrealised financials (18.2) 34.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__58": {
"value": "Note 09 FinancialsAmounts in NOK million 2023 2022Interest income 6.7 3.1 Interest income from financial derivatives 50.2 16.1 Interest expense (256.6) (141.6)Net realised financials (199.7) (122.4)Amounts in NOK million 2023 2022Net currency exchange differences 16.0 44.1 Amortised borrowing costs loan (29.2) (6.0)Amortised bond discount (2.0) 0.0 Interest expense on lease liabilities (1.4) (0.7)Other financial expenses/income (1.7) (2.7)Net unrealised financials (18.2) 34.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__60": {
"value": "Note 10 Investment property The valuation of the properties at 31 December 2023 has been per-formed by independent expert valuers. The variables used for valuation are both company specific and marked derived. Company specific var-iables include contractual rental income and expenses. Market derived variables include, inter alia, market rent rates, market discount rates and market capitalisation rates. The carrying value of the properties in the balance sheet re\ufb02ects the values given a long-term perspective. Also see note 6 for critical accounting estimates and assumptions.Amounts in NOK million 2023 2022Opening balance 5 365.6 4 001.6 Classified as held for sale - (142.6)Acquisitions 672.4 1 307.7 1)Development and upgrades205.3 139.3 Sale (101.4) - Change in value (117.4) 41.3 Currency translation effect 128.5 37.8 Other changes - (19.6)Value at period end 6 153.0 5 365.6 1) Of which NOK 4.9 million is capitalised interest in 2023 and NOK 1.2 million in 2022.The sensitivity of the fair-value assessment of investment properties depends to a considerable extent on assumptions related to yield, interest rates, market rents and operating costs for the properties. The table below presents examples of how changes related to each of these variables in\ufb02uenced property values, at 31 December 2023, assuming all other variables remained constant (amounts in NOK mil-lion). However, there are interrelationships between these variables, and it is expected that a change in one variable may in\ufb02uence one or more of the other variables.Variables Change of variables Value change (+) Value change (-)Exit yield +/- 0,25 per cent points (41.9) 44.6Discount rate +/- 0,25 per cent points (117.9) 119.3Operating costs +/- 10 per cent (11.8) 11.3Market rent +/- 10 per cent 220.3 (220.5)Average rental growth +/- 0,5 percentages points next 10 years 191.1 (184.7)The calculations have been performed by Cushman & Wakefield in connection the valuations at 31 December 2023.Input for valuations \u2013 overviewInvestment propertyValuation method, reference is made to note 5 Level 3Valuation model DCF DCFWAULT 11.4Net yield (interval) 4.74%-12.20%Contract rent at 31 December 2023, measured in annual rent (NOK millions) 459",
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"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__61": {
"value": "Note 11 Other receivables and financial derivativesAmounts in NOK million 2023 2022Trade receivables (non-interest bearing) 4.7 7.0Other receivables 24.0 6.8Total other receivables 28.7 13.8Financial derivatives 149.2 180.0Age analysis of trade receivablesAmounts in NOK million 2023 2022Not overdue 4.5 5.90-30 days 0.2 0.631-60 days 0.0 0.5Total trade receivables 4.7 7.0The group has cross currency and interest rate swaps to hedge risk against exchange rate and interest rate \ufb02uctuations.Swap agreements 2023:Amounts in millionCurrency Market value Start Maturity Fixed Fixed Swap agreementamount31.12.2022datedatecurrency rateinterestInterest DKK 75 DKK 6 11.12.2023 13.12.2027 Not applicable CIBOR = 0.22%Interest EUR 32 EUR 3 11.12. 2023 13.12.2027 Not applicable EURIBOR = -0.03%Interest NOK 235 NOK 25 11.12. 2023 11.12.2027 Not applicable NIBOR = 1.5175%Interest NOK 265 NOK 28 11.09.2023 11.12.2030 Not applicable NIBOR = 1.5175% 1)Interest NOK 70 NOK 6 06.01.202406.01.2028 Not applicable NIBOR = 0.885% 1)Interest NOK 135 NOK (2) 06.01.202406.01.2029 Not applicable NIBOR = 3.53Interest SEK 69.6 SEK 5 11.12.2023 13.12.2027 Not applicable STIBOR = 0.686%Interest SEK 100 SEK 0 28.12.2023 31.01.2029 Not applicable STIBOR = 2.4125%Interest SEK 50.4 SEK 3 11.12.2023 13.12.2027 Not applicable STIBOR = 0.686% 1)Interest SEK 75 SEK (0) 08.01.202406.01.2029 Not applicable STIBOR = 2.405Currency NOK 470 NOK 19 06.07.2023 06.07.2026 EUR/NOK = 11.63 Spread (Bond): 5.015%Currency NOK 430 NOK 22 06.07.2023 06.07.2026 DKK/NOK = 1.56 Spread (Bond): 4.645%1) The swap agreement is a forward starting interest rate swap.Swap agreements 2022:Amounts in millionCurrency Market value Start Maturity Fixed Fixed 1)Swap agreementamount31.12.2022datedatecurrency rateinterestInterest & currency NOK 335 NOK 16 23.12.2020 11.12.2023 EUR/NOK = 10.630 EURIBOR = -0.51%Interest & currency NOK 240 NOK 32 23.12.2020 11.12.2023 SEK/NOK = 1.050 STIBOR = 0.017%Interest & currency NOK 165 NOK 7 23.12.2020 11.12.2023 DKK/NOK = 1.428 DANISH IBOR = -0.505%Interest NOK 500 NOK 56 13.07.2021 31.12.2030 Not applicable NIBOR = 1.5175%1)Interest EUR 32 EUR 4 11.12.202313.12.2027 Not applicable EURIBOR = -0.03%1)Interest SEK 120 SEK 11 11.12.202313.12.2027 Not applicable STIBOR = 0,686%1)Interest DKK 120 DKK 13 11.12.202313.12.2027 Not applicable DANISH IBOR = 0.215%Interest NOK 35 NOK 1 10.02.2022 10.02.2027 Not 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__8__62": {
"value": "Note 12 Cash and Bank depositisAmounts in NOK million 2023 2022Bank deposits 137.9 185.4 Disposal account 136.0 0.4 Restricted bank deposits (withholding tax account) 1.1 0.7 Total bank deposits 275.0 186.5 The bond terms governing the bond issue, require that all funds received from sale of pledged properties shall be paid into a bank account pledged in favour of the bond holders. Funds from the disposal account may be used to financing (in whole or in part) of any permitted acquisition (in relation to which additional security shall be granted) or the development, repair or re-building of any property. The fund is to be used to finance the remaining five properties in Belgium, Germany and Poland in the BEWI-transactions expected to be closed in the first half of 2024 and represents the last part of the large NOK 1.9 billion transaction with BEWI ASA announced in 2022.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__8__63": {
"value": "Note 13 Shareholder capital and shareholdersShare capital and nominal value31.12.2023Shares issued 394 129 580 Nominal amount in NOK 0.2 Share capital in NOK 78 825 916 No of shares as of 31 December 2020 240 765 311 Issue of shares subsequent offering 19.02.2021 981 233 Issue of shares private 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 private placement 22.02.2022 2 772 105 Issue of shares private placement 04.11.2022 39 250 000 No of shares as of 31 December 2022 323 893 649 1)Issue of shares private placement 31.03.2023 20 235 931 2)Issue of shares private placement 28.09.2023 50 000 000 No of shares as of 31.12.2023 394 129 580 1) Private placement to BEWI ASA price of NOK 7.33 per share, in total NOK 148.3 millions. BEWI ASA sold the shares in the open market during the year.2) Private placement to Nordika at a subscription price of NOK 5.50 per share, in total NOK 275 millions (transaction cost NOK 2.3 million). Nordika was granted a call option to subscribe for and be allotted additional new shares in KMC Properties for a total amount of NOK 130 million at a subscription price of NOK 5.75 per share. Nordika exercised the call option in January 2024, reference is made to Note 22.All shares are fully paid. There is only one share class. All shares have equal rights. KMC Properties ASA is listed on the Oslo B\u00f8rs (Oslo Stock Exchange) under the symbol KMCP. The shareholder list shows the shareholder register from VPS at 31 December 2023. Any trades via brokers before the closing date which is registered after the closing date is not re\ufb02ected in the shareholder list.Shares at 31 Shareholder % holding Country Type of shareholderDecember 2023BEWI Invest AS 35.3% Norway Ordinary 139 019 470 HAAS AS 19.5% Norway Ordinary 76 875 801 1)Swedbank AB12.7% Sweden Nominee 50 054 500 M2 Asset Management AB 10.6% Sweden Ordinary 41 627 422 Fr\u00f8y Kapital AS 3.3% Norway Ordinary 13 020 833 Surfside Holding AS 2.5% Norway Ordinary 10 000 000 Credit Suisse (Luxembourg) S.A. 1.6% Ireland Nominee 6 500 000 Constructio AS 1.4% Norway Ordinary 5 607 141 Formo AS 0.9% Norway Ordinary 3 740 000 Skandinaviska Enskilda Banken AB 0.9% Sweden Nominee 3 618 890 Total 10 largest shareholders 89% 350 064 057 Other shareholders 11% 44 065 523 Total 100% 394 129 580 1) Of this, Nordika owns 50\ue61d000\ue61d000.Nominee = Nominee Accounts; foreign institutions holding shares on behalf of clients.\ue61dShares at 31 Shareholder % holding Country Type of shareholderDecember 2022BEWI 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% Luxembourg 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 Shares at 31 Shares controlled by directors Via % holdingDecember 2023 1)Bj\u00f8rnar Andr\u00e9 Ulstein Shares held through indirect ownership in BEWI Invest AS0.0% - 2)Marianne Bekken Shares held through indirect ownership in BEWI Invest AS0.0% - 3)John ThoresenShares held through indirect ownership in BEWI Invest AS0.0% - 4) and Kastor Invest AS 5)Morten Eivindss\u00f8n Astrup Surfside Holding AS2.5% 10 000 000 6)Jonas Grander Shares held through indirect ownership in Nordika0.0% - 2 Asset Management AB 7)Mia Arnhult M10.6% 41 627 422 Hege Aasen Veiseth - 0.0% - Haakon S\u00e6ter - 0.0% - Sum shares controlled by directors 13.1% 51 627 422 1) Bj\u00f8rnar Andr\u00e9 Ulstein owns 0.003% of the shares in BEWI Invest AS and has indirect ownership interest in the company. BEWI Invest AS owns 35.27% of the Shares in the company. In addition he holds 0.195% of Bekken Invest AS through his wholly owned company Tindan AS (Bekken Invest AS owns 52.15% of BEWI Invest AS which in turn owns 35.27% of the company's Shares).2) Marianne Bekken has ownership interest in the company through the holding company Marbek Invest AS owning 23.41% of Bekken Invest AS which in turn owns 52.15% of BEWI Invest AS. BEWI Invest AS owns 35.27% of the Shares in the company.3) John Thoresen has ownership interest in the company through the holding company Bajato AS (owned with his children) owning 50% of Kastor Invest Holding AS. Kastor Invest Holding AS owns 10.31% of BEWI Invest AS (BEWI Invest AS owns 35.27% of the Shares in the company) and 10.03% of Bekken Invest AS (Bekken Invest AS owns 52.15% of BEWI Invest AS which in turn owns 35.27% of the Shares in the company).4) Kastor Invest AS is 100% owned by Kastor Invest Holding AS, a company in which 50% of the shares are owned by John Thoresen through the holding company Bajoto AS (with his children).5) Morten Eivindss\u00f8n Astrup holds his Shares in the company through Surfside Holding AS, a company of which he owns 100% of the shares.6) Jonas Grand\u00e9r has indirect ownership interest in the company through his indirect holding of 4.34% of the shares in Nordika.7) Mia Arnhult holds her Shares in the company through M2 Asset Management AB, a company which is wholly owned by her husband, Rutger Arnhult.Shares at 31 Shares controlled by directors Via % holdingDecember 2022P\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% - Marianne Bekken Shares held through indirect ownership in BEWI Invest AS 0.0% - John Thoresen Shares held through indirect ownership and Kastor 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 Shares at Shares controlled by senior executives Via % holding31 December 2023 OptionsLiv Malvik, CEO - 0.0% 179 285 392 598 Kristoffer Holmen, CFO Mejdell Holmen Holding AS 0.0% 125 000 392 598 Ove R\u00f8d Henriksen, CAO Substrata AS 0.0% 9 630 392 598 Audun Aasen, COO Tripla Invest AS 0.1% 577 000 392 598 Kristoffer Formo, Head of M&A Formo AS 0.9% 3 740 000 392 598 Sum shares controlled by senior executives 1.2% 4 630 915 1 962 990 Shares at Shares controlled by senior executives Via % holding31 December 2022 OptionsLiv 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 -",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__64": {
"value": "Note 16 Site leaseholds, right-of-use assetsAt the end of the year, KMC Properties had 12 properties (11) granted site leaseholds. KMC Properties recognises a right-of-use asset and a corresponding liability at the lease commencement date.Amounts in NOK million 2023 2022Beginning of year 19.1 19.1 Additions 5.7 1.0 Adjustments (1.0) (0.4)Depreciation (0.8) (0.6)Value at year-end 23.0 19.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__8__67": {
"value": "Note 17 Other current and non-current liabilitiesOther current liabilitiesAmounts in NOK million 2023 2022 Trade payables (non-interest bearing) 22.4 37.4 Taxes payable 12.0 - Value added taxes payable 3.3 5.1 Accrued interest 58.2 21.5 Accrued wages and salaries 10.3 11.8 Pro-contra settlement payable 12.4 - Accrued cost development projects and real estate transfer tax 14.2 - Other current liabilities (non-interest bearing) 4.6 3.1 Other current liabilities 137.4 78.8Other non-current liabilitiesAmounts in NOK million 2023 2022 Lease liabilities 23.6 19.1 Deferred stamp duty - 2.6 Depositum 18.4 17. 2 Other non-current liabilities 42.0 38.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s11_notes__8__66": {
"value": "Note 17 Other current and non-current liabilitiesOther current liabilitiesAmounts in NOK million 2023 2022 Trade payables (non-interest bearing) 22.4 37.4 Taxes payable 12.0 - Value added taxes payable 3.3 5.1 Accrued interest 58.2 21.5 Accrued wages and salaries 10.3 11.8 Pro-contra settlement payable 12.4 - Accrued cost development projects and real estate transfer tax 14.2 - Other current liabilities (non-interest bearing) 4.6 3.1 Other current liabilities 137.4 78.8Other non-current liabilitiesAmounts in NOK million 2023 2022 Lease liabilities 23.6 19.1 Deferred stamp duty - 2.6 Depositum 18.4 17. 2 Other non-current liabilities 42.0 38.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__8__65": {
"value": "Note 17 Other current and non-current liabilitiesOther current liabilitiesAmounts in NOK million 2023 2022 Trade payables (non-interest bearing) 22.4 37.4 Taxes payable 12.0 - Value added taxes payable 3.3 5.1 Accrued interest 58.2 21.5 Accrued wages and salaries 10.3 11.8 Pro-contra settlement payable 12.4 - Accrued cost development projects and real estate transfer tax 14.2 - Other current liabilities (non-interest bearing) 4.6 3.1 Other current liabilities 137.4 78.8Other non-current liabilitiesAmounts in NOK million 2023 2022 Lease liabilities 23.6 19.1 Deferred stamp duty - 2.6 Depositum 18.4 17. 2 Other non-current liabilities 42.0 38.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__8__68": {
"value": "Note 18 Entities and subsidiariesThe group comprises the following legal entities at 31 December 2023. All entities are directly or indirectly owned 100%.Subsidiaries incorporated in NorwayKMC Balsfjord AS KMC Holamyra AS KMC NewCo AS KMC Properties Nederland AS KMC \u00d8stre Rosten 102 ASKMC B\u00e5tsfjord AS KMC Holsneset AS KMC Oppdal AS KMC Properties Nordic AS KMC \u00d8stre Rosten 102 B ASKMC Energy AS KMC Industrial Properties Norway AS KMC Properties AS KMC Properties Poland AS KMC \u00c5gotnes ASKMC Fagernessletta 10 AS KMC Kampenveien 5 AS KMC Properties ASA KMC Properties V AS KMCP II Norway Midt-Norge ASKMC Fagervikveien AS KMC Hofstadvegen 15 AS KMC Properties Belgium AS KMC Properties V Norway AS KMCP II Norway Nord-Norge ASKMC Gjerdsvika AS KMC Holamyra AS KMC Properties Germany AS KMC Properties VII ASKMCP II Norway Vestlandet ASKMC Hamarvik AS KMC Holsneset AS KMC Properties Holdco AS KMC Properties VII Norway ASSentrallager Nord-Norge ASKMC Havnegata 16 AS KMC Industrial Properties Norway AS KMC Properties II AS KMC Senja ASSentrallager Nord-Norge KSKMC Havnegata 24 AS KMC Kampenveien 5 AS KMC Properties II Norway AS KMC Skatt\u00f8rvegen 78 ASSkarvenesveien 3 Eiendom ANSKMC Hav\u00f8ysund AS KMC Kongsvinger AS KMC Properties III AS KMC SPV II ASKMC Hitra AS KMC Kvenild AS KMC Properties III Norway AS KMC Storemyra 200 ASKMC Hitra II AS KMC Leknes AS KMC Properties IV AS KMC Uthaug ASKMC Hofstadvegen 15 AS KMC Lundamo AS KMC Properties IV Norway AS KMC Valsneset ASSubsidiaries incorporated in SwedenKMC F\u00e5rtickan AB KMC Kungshamn AB KMC Properties Sweden AB KMC Urshult ABKMC HoldCo T\u00e4by AB KMC Laholm AB KMC Properties VII Sweden AB KMC Varberg ABKMC Kl\u00e4desholmen AB KMC Norrk\u00f6ping AB KMC Skurup AB KMC V\u00e5mb ABKMC Kramfors AB KMC Properties III Sweden AB KMC T\u00e4by AB KMC V\u00e5rg\u00e5rda ABSubsidiaries incorporated in DenmarkKMC Fars\u00f8 A/S KMC Hedensted ApSKMC Industrial Properties Denmark ApSKMC Properties III Denmark ApS KMC Skelvej ApSKMC Frederikshavn A/S KMC Hvide Sande A/S KMC Nyk\u00f8bing Mors A/S KMC Properties V Denmark ApS KMC Properties Denmark A/SSubsidiaries incorporated in the NetherlandsHolland Industrial Properties B.V Oldenzaal Investment properties B.V Someren Investment properties B.V Wijchen Investment properties B.V Zwartsluis Investment properties B.VSubsidiaries incorporated in FinlandKMC Kuopio Oy KMC Pajakatu Oy KMC Toravantie OyKMC Muurlantie Oy KMC Properties VI Finland Oy Pesca Property Finland OySubsidiaries incorporated in GermanyKMC Mechau GmbH KMC Ohrdruf GmbH KMC Properties Germany GmbHSubsidiaries incorporated in BelgiumKMC Heist-op-den-Berg BV KMC Olen BV KMC Properties Belgium BVSubsidiaries incorporated in PolandKMC Kluczborska Sp. z o.o. KMC Legnicka Sp. z o.o. KMC Narutowicza Sp. z o.o. KMC Properties Poland Sp. z o.o.Subsidiaries incorporated in other countriesTiberton Yard Holding 2 Ltd (Cyprus)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s11_notes__8__69": {
"value": "Note 19 Related party transactionsThe table below sets out KMC Properties ASA (including its subsidi-aries) material investments and acquisitions with related parties. The total purchase price for the acquisitions was NOK 570.0 million. Date Target/property Related party31 March 2023 Muurlantie 438, Salo, Finland BEWI ASA31 March 2023 Pajakatu 6, Sastamala, Finland BEWI ASA31 March 2023 Toravantie 18, Sastamala, Finland BEWI ASA31 March 2023 Lundagervej 20, Hedensted, Denmark BEWI ASA15 December 2023 Ritzlebener Strasse 1, Mechau, Germany BEWI ASA28 December 2023 Industrielaan 39, Olen, Belgium BEWI ASAThe tenant BEWI is regarded as related parties by their ownership in KMC Properties ASA through BEWI Invest AS. Reference is made to note 2.5 Segment information for detailed information.KMC Properties ASA has in 2023 purchased services for NOK 2.0 mil-lion from BEWI related companies, mainly office rent (NOK 1.7 million) which is an entirely forwarded cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s11_notes__8__70": {
"value": "Note 20 Earnings per shareBasic earnings per share is calculated by dividing the net profit attrib-utable to shareholders by the weighted average number of ordinary shares outstanding during the year.2023 2022 Profit attributable to equity holders of the company (NOK millions) (78.0) 163.2 Weighted average number of shares 352 209 038 290 461 793Net profit per share attributable to ordinary equity holders (NOK) (0.22) 0.56In relation to the private placement 28 September 2023 Nordika were granted a call option to subscribe for and be allotted additional new shares in KMC Properties for a total amount of NOK 130. Nordika exer-cised the call option in January 2024. The shares are not considered to be dilutive. Reference is made to note 13 and 22 for detailed infor-mation on changes in number of shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s11_notes__8__71": {
"value": "Note 21 Shared based paymentThe share option program was introduced in March 2023 and includes all employees in the company.Each option will give the holder the right to acquire one KMCP share from the company. The exercise price for the KMCP Options is NOK 6.4571, which is equal to the volume weighted average trading price (VWAP) of KMCP\u00b4s shares on the Oslo Stock Exchange during the last 30 days before grant date, 29.03.2023. The options have a vesting period of three years from being awarded, whereby 20% of the options will vest after one year, 30% after two years and 50% will vest after three years and may then be exercised in a period of two additional years. The options are non-tradable and conditional upon the option holder being employed by the company or its subsidiaries and not having resigned or being terminated for cause prior to the vesting date. Weighted Average Strike Movements of options during 2023 Number of instrumentsPrice (NOK)Outstanding at 1 January - - Granted 3 238 936 6.46 Exercised - - Expired - - Outstanding at 31 December 3 238 936 6.46 Vested options - - Outstanding Instruments Overview 2023Number of instruments 3 238 936 Weighted Average Strike Price (NOK) 6.46 Vested instruments at 31 December - Weighted Average Strike Price on vested instruments NOK - Weighted Average remaining contractual life (years) 4.24 Fair value pricing assumptions 2023Instrument OptionQuantity at 31 December 3 238 936 Contractual life* 5.00 Strike price (NOK)* 6.46 Share price (NOK)* 6.00 Expected lifetime* 3.30 Volatility* 35.82%Interest rate* 2.94%Dividend* - FV per instrument* 1.57 * Weighted average parameters at grant of instrument Amounts in NOK million 2023Share-based payment expense 1.8 Total Social security provisions -",
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"language": "en",
"entity": "scheme:5967007LIEEXZX8NJK85",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s11_notes__8__11": {
"value": "Bratt\u00f8rkaia 13 BNO-7010 Trondheim",
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"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
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}