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1 Accounting principles
1.1 Basis of preparation
The consolidated financial statements for Europris
ASA (\u201dthe group\u201d) have been prepared in accordance
with the IFRS\u00ae Accounting Standards as adopted by
the EU, as well as Norwegian disclosure requirements
pursuant to section 3-9 of the Norwegian Accounting
Act at 31 December 2024. The accounting policies
adopted are consistent with those of the previous
financial year.
The board approved the consolidated financial
statements on 20 March 2025.
The consolidated financial statements have been
prepared on a historical cost basis with the following
exceptions:
\u2022 derivative instruments are recognised at fair
value through profit and loss.
The group has applied the going concern
assumption in preparing its consolidated financial
statements. When assessing this assumption,
management has assessed all available information
regarding future expectations.
The preparation of financial statements in
conformity with the IFRS requires the use of certain
critical accounting estimates. It also requires
management to exercise its judgement in the process
of applying the group\u2019s accounting policies. The areas
involving a higher degree of judgement or complexity
or where the assumptions and estimates are
significant for the consolidated financial statements
are disclosed in note 3.
The group\u2019s intention is to adopt relevant new and
amended standards and interpretations when they
become effective.
1.2 Consolidation
The consolidated financial statements include the
parent company Europris ASA and all its subsidiaries.
Subsidiaries are all entities over which the group has
control, following the principles set out in IFRS 10
Consolidated Financial Statement, and are fully
consolidated from the date on which control is
transferred to the group.
Company
Ownership/voting share
Europris ASA
parent company
Europris Holding ASA
100%
Europris AS
100%
Europris Butikkdrift AS
100%
Runsvengruppen AB (\u00d6oB)
100%
Lekekassen Holding AS
100%
\u00c5ndalsnes Lavpris AS
100%
Strikkemekka Holding AS
67%
Lunehjem.no AS
67%
Based on the application guidance in IFRS 10,
using the control term as the decisive criterion to
decide whether a company should be included in the
consolidated financial statements, the group has
determined that it does not control its franchisees and
the franchises are therefore not consolidated.
Otta Lavpris AS was acquired by Europris AS at
January 2024 and merged with Europris Butikkdrift AS
with effect from 1 January 2024. In addition, the
remaining 80 per cent of Runsvengruppen AB (\u00d6oB)
were acquired by Europris AS in May 2024.
The group applies the acquisition method to account
for business combinations. Any non-controlling
interest in the acquiree is recognised on an
acquisition-by-acquisition basis, either at fair value or
at the non-controlling interest\u2019s proportionate share of
the recognised amounts of the acquiree\u2019s identifiable
net assets.
Goodwill is initially measured as the excess of the
aggregate consideration transferred and the amount
of non-controlling interest over the net identifiable
assets acquired and liabilities assumed. If this
consideration is lower than the fair value of the net
assets of the subsidiary acquired, the difference is
recognised in profit and loss.
Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with
the policies adopted by the group.
1.3 Investment in associates
The group held an interest in an associate,
Runsvengruppen AB, up until May 2024. Associates
are accounted for using the equity method from the
date when significant influence is achieved until such
influence ceases.
The group\u2019s share of the results of operations of the
associate is shown on the face of the statement of
profit or loss outside operation profit. In addition, when
there has been a change recognised directly in the
equity of the associate, the group recognises its share
of any changes, when applicable, in the statement of
changes in equity.
Goodwill relating to the associate is included in the
carrying amount of the investment and is not tested
for impairment individually. If there are indications that
the investment in the associate is impaired, the group
will perform an impairment test of the carrying amount
of the investment. Any impairment losses are
recognised as share of profit of an associate in the
statement of profit or loss.
1.4 Segment reporting
The Europris group has two reportable segments
The chief operating decision-maker, who is
responsible for allocating resources and assessing
performance of the operating segments, has been
identified as the group management. The segments
are reported in accordance with how the chief
operating decision-maker evaluates profitability and
achievements.
1.5 Foreign currency translation
Foreign currency transactions are translated into the
functional currency of the respective group entity,
using the exchange rates prevailing at the dates of the
transactions (spot exchange rate). Foreign exchange
gains and losses resulting from the settlement of such
trans- actions and from the re-measurement of
monetary items denominated in foreign currency at
year-end exchange rates are recognised in the
income statement. Non- monetary items are not re-
translated at year-end and are measured at historical
cost (translated using the exchange rates at the
transaction date), except for non-monetary items
measured at fair value which are translated using the
exchange rates at the date when fair value was
determined.
Non-monetary items which are measured at fair
value in foreign currency are translated into the
functional currency at the reporting date. Changes in
exchange rates are recognised continuously in
operating profit.
The consolidated financial statements are presented
in NOK, which is the group\u2019s presentation currency.
1.6 Revenue from contracts with
customers
Revenue from contracts with customers is
recognised when control of the goods or services is
transferred to the customer at an amount which
reflects the consideration which the group expects to
be entitled to in exchange for those goods or services.
The group has generally concluded that it is the
principal in its revenue arrangements, because it
typically controls the goods or services before
transferring them to the customer.
Revenue from the sale of goods
The group operates a chain of stores in the discount
variety retail sector and online stores which sells
consumer goods, including sales to franchise stores.
The group recognises revenue from the sale of goods
at the point in time when control of the goods is
transferred to the customer, generally at the point of
delivery. Retail sales are usually settled in cash or by
debit or credit cards.
Certain contracts provide a customer with a right to
return the goods within a specified period. The group
uses the expected value method to estimate the
goods which will not be returned, because this
method best predicts the amount of variable
consideration to which the group will be entitled.
Revenue from online stores is recognised when
control of the goods is transferred to the customer,
which is the point of delivery to the carrier. The return
policy for online sales is the same as for store sales,
and the expected return rate is calculated using the
same method as described above. Sales from online
store is settled by debit or credit cards.
Franchise fee
The fees received from franchises are recorded as
\u201cother income\u201d. The franchise fee is calculated based
on a percentage of the sales.
1.7 Current and deferred income tax
The tax expense for the period comprises current
and deferred tax. Tax is recognised in the income
statement, except to the extent that it relates to items
recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity
respectively.
The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted
at the balance sheet date.
Management periodically evaluates positions taken
in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation. It
establishes provisions where appropriate on the basis
of amounts expected to be paid to the tax authorities.
Deferred income tax is recognised on temporary
differences arising between the tax bases of assets
and liabilities and their carrying amounts in the
consolidated financial statements. However, deferred
tax liabilities are not recognised with regard to
goodwill arising from business combinations. Deferred
income tax is determined using tax rates (and laws)
which have been enacted or substantively enacted by
the balance sheet date and are expected to apply
when the related deferred income tax asset is realised
or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to
the extent that it is probable that future taxable profit
will be available against which the temporary
differences can be utilised.
Deferred income tax liabilities are provided on
taxable temporary differences arising from
investments in subsidiaries, associates and joint
arrangements, except for the deferred income tax
liability where the timing of the reversal of the
temporary difference is controlled by the group and it
is probable that the temporary difference will not
reverse in the foreseeable future. Generally, the group
is unable to control the reversal of the temporary
difference for associates.
Deferred income tax assets are recognised on
deductible temporary differences arising from
investments in subsidiaries, associates and joint
arrangements only to the extent that it is probable the
temporary difference will reverse in the future and
there is sufficient taxable profit available against which
the temporary difference can be utilised.
Deferred income tax assets and liabilities are offset
when there is a legally enforceable right to offset
current tax assets against current tax liabilities, and
when the deferred income tax assets and liabilities
relate to income taxes levied by the same taxation
authority on either the same taxable entity or different
taxable entities and there is an intention to settle the
balances on a net basis.
The group has adopted the amendments to IAS 12.
The IASB amends the scope of IAS 12 to clarify that
the standard applies to income taxes arising from tax
law enacted or substantively enacted to implement
the Pillar Two model rules published by the OECD,
including tax law that implements qualified domestic
minimum top-up taxes described in those rules.
The amendments introduce a temporary exception
to the accounting requirements for deferred taxes in
IAS 12, so that an entity would neither recognise nor
disclose information about deferred tax assets and
liabilities related to Pillar Two income taxes.
Following the amendments, the group is required to
disclose that it has applied the exception and to
disclose separately its current tax expense (income)
related to Pillar Two income taxes.
1.8 Property, plant and equipment
Property, plant and equipment are recorded at
historical cost less depreciation. Historical cost
includes expenditure which is directly attributable to
the acquisition of the items. Subsequent costs are
included in the asset\u2019s carrying amount or recognised
as a separate asset, as appropriate, only when it is
probable that future economic benefits associated
with the item will flow to the group and the cost of the
item can be measured reliably. The carrying amount
of replaced parts is derecognised when replaced. All
other repairs and maintenance expenditures are
recognised in profit and loss in the period when the
expense is incurred.
Depreciation of property, plant and equipment is
calculated using the straight-line method to depreciate
their cost to their residual value over the estimated
useful lives, as follows:
technical and electrical installations
5-15 years
fixture and fittings
7-10 years
vehicles
5 years
machinery and equipment
3 years
IT equipment
3 years
buildings
5-25 years
land
not depreciated
The residual values and useful lives of the assets
are reviewed and adjusted, if appropriate, at the end
of each reporting period.
An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s
carrying amount is greater than its estimated
recoverable amount.
Gains and losses on disposals are determined by
comparing the proceeds with the carrying amount and
are recognised in the income statement.
1.9 Leases
Identifying a lease
At the inception of a contract, the group assesses
whether the contract is or contains a lease. A contract
is or contains a lease if the contract conveys the right
to control the use of an identified asset for a period of
time in exchange for a consideration.
The group as a lessee
Separating components in the lease contract
For contracts which constitute or contain a lease,
the group separates lease components if it benefits
from the use of each underlying asset either on its
own or together with other resources which are readily
available, and the underlying asset is neither highly
dependent on, nor highly interrelated with, the other
underlying assets in the contract. The group then
accounts for each lease component in the contract as
a lease separately from non-lease components of the
contract.
Recognition of leases and exemptions
At the lease commencement date, the group
recognises a lease liability and corresponding right-of-
use asset for all lease agreements in which it is the
lessee, except for the following exemptions applied:
\u2022 short-term leases (defined as 12 months or less)
\u2022 low-value assets
For these leases, the group recognises the lease
payments as other operating expenses in the
statement of profit or loss when they are incurred.
Lease liabilities
The lease liability is recognised at the commence-
ment date of the lease. The group measures the lease
liability at the present value of the lease payments for
the right to use the underlying asset during the lease
term which were not paid at the commencement date.
The lease term represents the non-cancellable period
of the lease together with periods covered by an
option to extend the lease if the lessee is reasonably
certain to exercise that option.
The lease payments included in the measurement
comprise:
\u2022 fixed lease payments (including in-substance
fixed payments), less any lease incentives
receivable
\u2022 variable lease payments which depend on an
index or a rate, initially measured using the index
or rate as at the commencement date
\u2022 the exercise price of a purchase option, if the
group is reasonably certain to exercise that
option
\u2022 payments of penalties for terminating the lease, if
the lease term reflects the group exercising an
option to terminate the lease.
The lease liability is subsequently measured by
increasing the carrying amount to reflect interest on
the lease liability, reducing the carrying amount to
reflect the lease payments made and remeasuring the
carrying amount to reflect any reassessment or lease
modifications, or to reflect adjustments in lease
payments due to an adjustment in an index or rate.
The group does not include variable lease
payments in the lease liability. Instead, the group
recognises these variable lease expenses in profit or
loss.
The group presents its lease liabilities as separate
line items in the statement of financial position.
Right-of-use assets
The group measures the right-of use asset at cost,
less any accumulated depreciation and impairment
losses, adjusted for any remeasurement of lease
liabilities. The cost of the right-of-use asset comprises:
\u2022 the amount of the initial measurement of the
lease liability recognised
\u2022 any lease payments made at or before the
commencement date, less any incentives
received
\u2022 any initial direct costs incurred by the group
\u2022 an estimate of the costs to be incurred by the
group in dismantling and removing the underlying
asset, restoring the site on which it is located or
restoring the underlying asset to the condition
required by the terms and conditions of the lease,
unless those costs are incurred to produce
inventories.
The group applies the depreciation requirements in
IAS 16 Property, Plant and Equipment in depreciating
the right-of-use asset, except that the right-of-use
asset is depreciated from the commencement date to
the earlier of the lease term and the remaining useful
life of the right-of-use asset.
The group applies IAS 36 Impairment of Assets to
determine whether the right-of-use asset is impaired
and to account for any impairment loss identified.
Store profitability is monitored on an ongoing basis
and stores that deliver below expectations are
followed up and necessary measures implemented.
1.10 Intangible assets
Goodwill
Goodwill arises on the acquisition of subsidiaries
and represents the excess of the consideration
transferred, the amount of any non-controlling interest
in the acquiree and the fair value at the acquisition
date of any previous equity interest in the acquiree
over the fair value of the identifiable net assets
acquired. If the total consideration transferred, non-
controlling interest recognised and previously held
interest measured at fair value are less than the fair
value of the net assets of the subsidiary acquired, in
the case of a bargain purchase, the difference is
recognised directly in the income statement.
For the purpose of impairment testing, goodwill
acquired in a business combination is allocated to the
cash generating unit (CGU) which is expected to
benefit from the synergies of the combination. Each
unit or group of units to which the goodwill is allocated
represents the lowest level within the entity at which
the goodwill is monitored for internal management
purposes. Goodwill is monitored at the operating
segment level.
Goodwill impairment reviews are performed
annually or more frequently if events or changes in
circumstances indicate a potential impairment. The
carrying value of the CGU containing the goodwill is
compared to the recoverable amount, which is the
higher of value in use and the fair value less costs of
disposal. Any impairment is recognised immediately
as an expense and is not subsequently reversed.
Trademarks and contractual rights
Separately acquired trademarks and contractual
rights are recognised at cost. Trademarks and
contractual rights acquired in a business combination
are recognised at fair value at the acquisition date.
Trademarks (the brand name \u201cEuropris\u201d and
\u201cLekekassen\u201d) are deemed to have an indefinite
lifetime and are not amortised as a consequence, but
tested for impairment annually. Contractual rights and
licences have a finite useful life and are carried at cost
less accumulated amortisation. Amortisation is
calculated using the straight-line method to allocate
the cost of contractual rights over their estimated
useful life.
Software
Costs associated with maintaining computer
software programmes are recognised as an expense
as incurred. Development costs which are directly
attributable to the design and testing of identifiable
and unique software products controlled by the group
are recognised as intangible assets when the
following criteria are met:
\u2022 it is technically feasible to complete the software
product so that it will be available for use
\u2022 management intends to complete the software
product and use or sell it
\u2022 there is an ability to use or sell the software
product
\u2022 it can be demonstrated how the software product
will generate probable future economic benefits
\u2022 adequate technical, financial and other resources
to complete the development and to use or sell
the software product are available
\u2022 the expenditure attributable to the software
product during its development can be reliably
measured.
Computer software development costs recognised
as assets are amortised over their estimated useful
lives of three years.
1.11 Financial instruments
A financial instrument is any contract which gives
rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
Financial assets
The group\u00b4s financial assets are derivatives, trade
receivables, other receivables and cash.
The classification of financial assets at initial
recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the group\u2019s
business model for managing them. With the
exception of trade receivables which do not contain a
significant financing component, the group initially
measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through other
comprehensive income, transaction costs.
The group classifies its financial assets in these
categories:
\u2022 financial assets at amortised cost
\u2022 derivatives at fair value through profit and loss.
The group does not apply hedge accounting.
Financial assets at amortised cost
The group measures financial assets at amortised
cost if both of the following conditions are met:
\u2022 the financial asset is held within a business
model with the objective to hold financial assets
in order to collect contractual cash flows
\u2022 the contractual terms of the financial asset give
rise on specified dates to cash flows which 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
derecognised, modified or impaired.
The group\u2019s financial assets at amortised cost
include trade receivables and other current deposits.
Trade receivables which do not contain a significant
financing component are measured at the transaction
price determined under IFRS 15 Revenue from
contracts with customers. Receivables are
subsequently measured at amortised cost using the
EIR method minus provision for expected credit
losses.
Derivatives at fair value through profit and loss
Derivatives at fair value are carried in the statement
of financial position at fair value with net changes in
fair value in profit or loss. The category includes
foreign exchange contracts, interest rate swaps and
options.
Derecognition of financial assets
A financial asset (or, where applicable, part of a
financial asset or part of a group of similar financial
assets) is primarily derecognised (in other words,
removed from the group\u2019s consolidated statement of
financial position) when:
\u2022 the rights to receive cash flows from the asset
have expired, or
\u2022 the group has transferred its rights to receive
cash flows from the asset or has assumed an
obligation to pay the received cash flows in full
without material delay to a third party under a
\u201dpass- through\u201d 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.
Financial liabilities
Financial liabilities are classified, at initial
recognition, as loans and borrowings, payables, or
derivatives through profit and loss. Derivatives are
recognised initially at fair value and, in the case of
loans and borrowings and payables, net of directly
attributable transaction costs. Derivatives are financial
liabilities when the fair value is negative, accounted
for in the same way as derivatives as assets.
Loans, borrowings and payables
After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised
cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are
derecognised as well as through the EIR amortisation
process.
Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or
costs which are an integral part of the EIR. The EIR
amortisation is included as finance costs in the
statement of profit or loss. Payables are measured at
their nominal amount when the effect of discounting is
not material.
Borrowings are classified as current unless the
group has an unconditional right to delay the payment
of the debt for more than 12 months from the
reporting date.
Derecognition of financial liabilities
A financial liability is derecognised when the
obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is
replaced by another from the same lender on
substantially different terms, or the terms of an
existing liability are substantially modified, such an
exchange or modification is treated as the
derecognition of the original liability and the
recognition of a new liability. The difference in the
respective carrying amounts is recognised in the
statement of profit or loss.
1.12 Inventories and cost of goods sold
Inventories are stated at the lower of cost and net
realisable value. Net realisable value is the estimated
selling price in the ordinary course of business less
the estimated costs of completion and the estimated
costs necessary to make the sale. Historical cost is
calculated using a weighted average historical cost
and includes expenditures directly linked to getting the
goods to their final location and condition.
Foreseeable obsolescence is assessed continuously.
The group\u2019s inventories consist solely of goods
purchased for resale.
Goods for sale are often purchased in currencies
other than the local currency, and the purchase price
in local currency is locked in through the use of
foreign currency derivative contracts. Both unrealised
and realised gains or losses on the foreign currency
derivatives which are economic hedges for inventory
purchases are included as part of cost of goods sold
(COGS). Similarly, unrealised foreign currency
exchange gains and losses on inventory trade
payables and realised foreign currency exchange
gains or losses at the time of payment are also
included as part of COGS.
1.13 Cash
Cash includes cash in hand and bank deposits.
Bank overdrafts are presented in the statement of
cash flows less cash.
1.14 Treasury shares
When treasury shares are repurchased, the
purchase price including directly attributable costs is
recognised in equity. Treasury shares are presented
as a reduction in equity. Losses or gains on
transactions involving treasury shares are not
recognised in the statement of comprehensive
income.
1.15 Post-employment benefits
The group has two post-employment schemes: one
defined contribution and one contractual retirement
scheme. The contractual retirement scheme is
effective from 1 January 2011 and is deemed to be a
defined benefit multi-employer plan, but recognised as
a defined contribution agreement since insufficient
reliable information is available to estimate the group\u2019s
proportionate share of pension expense, liability and
funds in the collective scheme.
In a defined contribution arrangement, the group
contributes to a public or private insurance plan. The
group has no remaining liabilities after the contribution
to the insurance plan has been made. The
contributions are recognised as a personnel expense
when they are incurred.
1.16 Provisions
Provisions for environmental restoration,
restructuring costs and legal claims are recognised
when the group has an existing legal or constructive
obligation as a result of past events, it is probable that
an outflow of resources will be required to settle the
obligation, and the amount can be reliably estimated.
Provisions are recognised when the group has an
existing obligation (legal or constructive) as a result of
a past event, it is probable (more likely than not) that
an outflow of economic resources will be required
from the group, and the amount can be estimated
reliably. The timing or amount of the outflow may still
be uncertain. Provisions are measured at the
estimated expenditure required to settle the existing
obligation, based on the most reliable evidence
available at the reporting date, including the risks and
uncertainties associated with the existing obligation.
A provision for warranties is recognised when the
underlying products or services are sold. The
provision is based on historical warranty data and an
assessment of all possible outcomes and the
accompanying probabilities.
1.17 Written put options over non-
controlling interest
The group has written put options over non-
controlling interests in Strikkemekka Holding AS
(\u201cStrikkemekka\u201d). The holder of the non-controlling
shares is also the CEO of Strikkemekka. If the CEO
resigns, the group has a right and an obligation to
purchase the shares in Strikkemekka for a cash
consideration. The consideration to be paid is based
on a multiple of EBITDA. At initial recognition, a
financial liability is recognised for the present value of
the redemption amount, with a corresponding charge
directly to shareholders\u2019 equity. The present value of
the redemption amount is estimated to be no less
than equal to the amount payable if the put option
were exercised at the end of the period. The financial
liability is remeasured to reflect changes in the
estimated redemption amount, with a corresponding
charge to shareholders\u2019 equity.
The non-controlling interest continues to be
recognised, and is attributed its share of profit and
loss and total comprehensive income.
1.18 Contingent liabilities and assets
Contingent liabilities are not recognised in the
financial statements. In cases where the possible
outflow of economic resources as a result of existing
obligations is considered improbable or remote, no
liability is recognised.
A contingent asset is not recognised in the financial
statements, but disclosed if it is probable that the
benefit will flow to the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-288": { "value": "
1.1 Basis of preparation
The consolidated financial statements for Europris
ASA (\u201dthe group\u201d) have been prepared in accordance
with the IFRS\u00ae Accounting Standards as adopted by
the EU, as well as Norwegian disclosure requirements
pursuant to section 3-9 of the Norwegian Accounting
Act at 31 December 2024. The accounting policies
adopted are consistent with those of the previous
financial year.
The board approved the consolidated financial
statements on 20 March 2025.
The consolidated financial statements have been
prepared on a historical cost basis with the following
exceptions:
\u2022 derivative instruments are recognised at fair
value through profit and loss.
The group has applied the going concern
assumption in preparing its consolidated financial
statements. When assessing this assumption,
management has assessed all available information
regarding future expectations.
The preparation of financial statements in
conformity with the IFRS requires the use of certain
critical accounting estimates. It also requires
management to exercise its judgement in the process
of applying the group\u2019s accounting policies. The areas
involving a higher degree of judgement or complexity
or where the assumptions and estimates are
significant for the consolidated financial statements
are disclosed in note 3.
The group\u2019s intention is to adopt relevant new and
amended standards and interpretations when they
become effective.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-289": { "value": "
The consolidated financial statements for Europris
ASA (\u201dthe group\u201d) have been prepared in accordance
with the IFRS\u00ae Accounting Standards as adopted by
the EU, as well as Norwegian disclosure requirements
pursuant to section 3-9 of the Norwegian Accounting
Act at 31 December 2024. The accounting policies
adopted are consistent with those of the previous
financial year.
The board approved the consolidated financial
statements on 20 March 2025.
The consolidated financial statements have been
prepared on a historical cost basis with the following
exceptions:
\u2022 derivative instruments are recognised at fair
value through profit and loss.
The group has applied the going concern
assumption in preparing its consolidated financial
statements. When assessing this assumption,
management has assessed all available information
regarding future expectations.
The preparation of financial statements in
conformity with the IFRS requires the use of certain
critical accounting estimates. It also requires
management to exercise its judgement in the process
of applying the group\u2019s accounting policies. The areas
involving a higher degree of judgement or complexity
or where the assumptions and estimates are
significant for the consolidated financial statements
are disclosed in note 3.
The group\u2019s intention is to adopt relevant new and
amended standards and interpretations when they
become effective.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-290": { "value": "Europris ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-292": { "value": "
1.2 Consolidation
The consolidated financial statements include the
parent company Europris ASA and all its subsidiaries.
Subsidiaries are all entities over which the group has
control, following the principles set out in IFRS 10
Consolidated Financial Statement, and are fully
consolidated from the date on which control is
transferred to the group.
Company
Ownership/voting share
Europris ASA
parent company
Europris Holding ASA
100%
Europris AS
100%
Europris Butikkdrift AS
100%
Runsvengruppen AB (\u00d6oB)
100%
Lekekassen Holding AS
100%
\u00c5ndalsnes Lavpris AS
100%
Strikkemekka Holding AS
67%
Lunehjem.no AS
67%
Based on the application guidance in IFRS 10,
using the control term as the decisive criterion to
decide whether a company should be included in the
consolidated financial statements, the group has
determined that it does not control its franchisees and
the franchises are therefore not consolidated.
Otta Lavpris AS was acquired by Europris AS at
January 2024 and merged with Europris Butikkdrift AS
with effect from 1 January 2024. In addition, the
remaining 80 per cent of Runsvengruppen AB (\u00d6oB)
were acquired by Europris AS in May 2024.
The group applies the acquisition method to account
for business combinations. Any non-controlling
interest in the acquiree is recognised on an
acquisition-by-acquisition basis, either at fair value or
at the non-controlling interest\u2019s proportionate share of
the recognised amounts of the acquiree\u2019s identifiable
net assets.
Goodwill is initially measured as the excess of the
aggregate consideration transferred and the amount
of non-controlling interest over the net identifiable
assets acquired and liabilities assumed. If this
consideration is lower than the fair value of the net
assets of the subsidiary acquired, the difference is
recognised in profit and loss.
Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with
the policies adopted by the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-291": { "value": "
1.2 Consolidation
The consolidated financial statements include the
parent company Europris ASA and all its subsidiaries.
Subsidiaries are all entities over which the group has
control, following the principles set out in IFRS 10
Consolidated Financial Statement, and are fully
consolidated from the date on which control is
transferred to the group.
Company
Ownership/voting share
Europris ASA
parent company
Europris Holding ASA
100%
Europris AS
100%
Europris Butikkdrift AS
100%
Runsvengruppen AB (\u00d6oB)
100%
Lekekassen Holding AS
100%
\u00c5ndalsnes Lavpris AS
100%
Strikkemekka Holding AS
67%
Lunehjem.no AS
67%
Based on the application guidance in IFRS 10,
using the control term as the decisive criterion to
decide whether a company should be included in the
consolidated financial statements, the group has
determined that it does not control its franchisees and
the franchises are therefore not consolidated.
Otta Lavpris AS was acquired by Europris AS at
January 2024 and merged with Europris Butikkdrift AS
with effect from 1 January 2024. In addition, the
remaining 80 per cent of Runsvengruppen AB (\u00d6oB)
were acquired by Europris AS in May 2024.
The group applies the acquisition method to account
for business combinations. Any non-controlling
interest in the acquiree is recognised on an
acquisition-by-acquisition basis, either at fair value or
at the non-controlling interest\u2019s proportionate share of
the recognised amounts of the acquiree\u2019s identifiable
net assets.
Goodwill is initially measured as the excess of the
aggregate consideration transferred and the amount
of non-controlling interest over the net identifiable
assets acquired and liabilities assumed. If this
consideration is lower than the fair value of the net
assets of the subsidiary acquired, the difference is
recognised in profit and loss.
Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with
the policies adopted by the group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-293": { "value": "Europris ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-294": { "value": "Europris ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-295": { "value": "
The group applies the acquisition method to account
for business combinations. Any non-controlling
interest in the acquiree is recognised on an
acquisition-by-acquisition basis, either at fair value or
at the non-controlling interest\u2019s proportionate share of
the recognised amounts of the acquiree\u2019s identifiable
net assets.
Goodwill is initially measured as the excess of the
aggregate consideration transferred and the amount
of non-controlling interest over the net identifiable
assets acquired and liabilities assumed. If this
consideration is lower than the fair value of the net
assets of the subsidiary acquired, the difference is
recognised in profit and loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-296": { "value": "
1.3 Investment in associates
The group held an interest in an associate,
Runsvengruppen AB, up until May 2024. Associates
are accounted for using the equity method from the
date when significant influence is achieved until such
influence ceases.
The group\u2019s share of the results of operations of the
associate is shown on the face of the statement of
profit or loss outside operation profit. In addition, when
there has been a change recognised directly in the
equity of the associate, the group recognises its share
of any changes, when applicable, in the statement of
changes in equity.
Goodwill relating to the associate is included in the
carrying amount of the investment and is not tested
for impairment individually. If there are indications that
the investment in the associate is impaired, the group
will perform an impairment test of the carrying amount
of the investment. Any impairment losses are
recognised as share of profit of an associate in the
statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-297": { "value": "
1.4 Segment reporting
The Europris group has two reportable segments
The chief operating decision-maker, who is
responsible for allocating resources and assessing
performance of the operating segments, has been
identified as the group management. The segments
are reported in accordance with how the chief
operating decision-maker evaluates profitability and
achievements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-298": { "value": "
1.5 Foreign currency translation
Foreign currency transactions are translated into the
functional currency of the respective group entity,
using the exchange rates prevailing at the dates of the
transactions (spot exchange rate). Foreign exchange
gains and losses resulting from the settlement of such
trans- actions and from the re-measurement of
monetary items denominated in foreign currency at
year-end exchange rates are recognised in the
income statement. Non- monetary items are not re-
translated at year-end and are measured at historical
cost (translated using the exchange rates at the
transaction date), except for non-monetary items
measured at fair value which are translated using the
exchange rates at the date when fair value was
determined.
Non-monetary items which are measured at fair
value in foreign currency are translated into the
functional currency at the reporting date. Changes in
exchange rates are recognised continuously in
operating profit.
The consolidated financial statements are presented
in NOK, which is the group\u2019s presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-299": { "value": "
1.6 Revenue from contracts with
customers
Revenue from contracts with customers is
recognised when control of the goods or services is
transferred to the customer at an amount which
reflects the consideration which the group expects to
be entitled to in exchange for those goods or services.
The group has generally concluded that it is the
principal in its revenue arrangements, because it
typically controls the goods or services before
transferring them to the customer.
Revenue from the sale of goods
The group operates a chain of stores in the discount
variety retail sector and online stores which sells
consumer goods, including sales to franchise stores.
The group recognises revenue from the sale of goods
at the point in time when control of the goods is
transferred to the customer, generally at the point of
delivery. Retail sales are usually settled in cash or by
debit or credit cards.
Certain contracts provide a customer with a right to
return the goods within a specified period. The group
uses the expected value method to estimate the
goods which will not be returned, because this
method best predicts the amount of variable
consideration to which the group will be entitled.
Revenue from online stores is recognised when
control of the goods is transferred to the customer,
which is the point of delivery to the carrier. The return
policy for online sales is the same as for store sales,
and the expected return rate is calculated using the
same method as described above. Sales from online
store is settled by debit or credit cards.
Franchise fee
The fees received from franchises are recorded as
\u201cother income\u201d. The franchise fee is calculated based
on a percentage of the sales.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-300": { "value": "
Franchise fee
The fees received from franchises are recorded as
\u201cother income\u201d. The franchise fee is calculated based
on a percentage of the sales.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFranchiseFeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-301": { "value": "
1.7 Current and deferred income tax
The tax expense for the period comprises current
and deferred tax. Tax is recognised in the income
statement, except to the extent that it relates to items
recognised in other comprehensive income or directly
in equity. In this case, the tax is also recognised in
other comprehensive income or directly in equity
respectively.
The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted
at the balance sheet date.
Management periodically evaluates positions taken
in tax returns with respect to situations in which
applicable tax regulation is subject to interpretation. It
establishes provisions where appropriate on the basis
of amounts expected to be paid to the tax authorities.
Deferred income tax is recognised on temporary
differences arising between the tax bases of assets
and liabilities and their carrying amounts in the
consolidated financial statements. However, deferred
tax liabilities are not recognised with regard to
goodwill arising from business combinations. Deferred
income tax is determined using tax rates (and laws)
which have been enacted or substantively enacted by
the balance sheet date and are expected to apply
when the related deferred income tax asset is realised
or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to
the extent that it is probable that future taxable profit
will be available against which the temporary
differences can be utilised.
Deferred income tax liabilities are provided on
taxable temporary differences arising from
investments in subsidiaries, associates and joint
arrangements, except for the deferred income tax
liability where the timing of the reversal of the
temporary difference is controlled by the group and it
is probable that the temporary difference will not
reverse in the foreseeable future. Generally, the group
is unable to control the reversal of the temporary
difference for associates.
Deferred income tax assets are recognised on
deductible temporary differences arising from
investments in subsidiaries, associates and joint
arrangements only to the extent that it is probable the
temporary difference will reverse in the future and
there is sufficient taxable profit available against which
the temporary difference can be utilised.
Deferred income tax assets and liabilities are offset
when there is a legally enforceable right to offset
current tax assets against current tax liabilities, and
when the deferred income tax assets and liabilities
relate to income taxes levied by the same taxation
authority on either the same taxable entity or different
taxable entities and there is an intention to settle the
balances on a net basis.
The group has adopted the amendments to IAS 12.
The IASB amends the scope of IAS 12 to clarify that
the standard applies to income taxes arising from tax
law enacted or substantively enacted to implement
the Pillar Two model rules published by the OECD,
including tax law that implements qualified domestic
minimum top-up taxes described in those rules.
The amendments introduce a temporary exception
to the accounting requirements for deferred taxes in
IAS 12, so that an entity would neither recognise nor
disclose information about deferred tax assets and
liabilities related to Pillar Two income taxes.
Following the amendments, the group is required to
disclose that it has applied the exception and to
disclose separately its current tax expense (income)
related to Pillar Two income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-302": { "value": "
Deferred income tax is recognised on temporary
differences arising between the tax bases of assets
and liabilities and their carrying amounts in the
consolidated financial statements. However, deferred
tax liabilities are not recognised with regard to
goodwill arising from business combinations. Deferred
income tax is determined using tax rates (and laws)
which have been enacted or substantively enacted by
the balance sheet date and are expected to apply
when the related deferred income tax asset is realised
or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to
the extent that it is probable that future taxable profit
will be available against which the temporary
differences can be utilised.
Deferred income tax liabilities are provided on
taxable temporary differences arising from
investments in subsidiaries, associates and joint
arrangements, except for the deferred income tax
liability where the timing of the reversal of the
temporary difference is controlled by the group and it
is probable that the temporary difference will not
reverse in the foreseeable future. Generally, the group
is unable to control the reversal of the temporary
difference for associates.
Deferred income tax assets are recognised on
deductible temporary differences arising from
investments in subsidiaries, associates and joint
arrangements only to the extent that it is probable the
temporary difference will reverse in the future and
there is sufficient taxable profit available against which
the temporary difference can be utilised.
Deferred income tax assets and liabilities are offset
when there is a legally enforceable right to offset
current tax assets against current tax liabilities, and
when the deferred income tax assets and liabilities
relate to income taxes levied by the same taxation
authority on either the same taxable entity or different
taxable entities and there is an intention to settle the
balances on a net basis.
The group has adopted the amendments to IAS 12.
The IASB amends the scope of IAS 12 to clarify that
the standard applies to income taxes arising from tax
law enacted or substantively enacted to implement
the Pillar Two model rules published by the OECD,
including tax law that implements qualified domestic
minimum top-up taxes described in those rules.
The amendments introduce a temporary exception
to the accounting requirements for deferred taxes in
IAS 12, so that an entity would neither recognise nor
disclose information about deferred tax assets and
liabilities related to Pillar Two income taxes.
Following the amendments, the group is required to
disclose that it has applied the exception and to
disclose separately its current tax expense (income)
related to Pillar Two income taxes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-303": { "value": "
1.8 Property, plant and equipment
Property, plant and equipment are recorded at
historical cost less depreciation. Historical cost
includes expenditure which is directly attributable to
the acquisition of the items. Subsequent costs are
included in the asset\u2019s carrying amount or recognised
as a separate asset, as appropriate, only when it is
probable that future economic benefits associated
with the item will flow to the group and the cost of the
item can be measured reliably. The carrying amount
of replaced parts is derecognised when replaced. All
other repairs and maintenance expenditures are
recognised in profit and loss in the period when the
expense is incurred.
Depreciation of property, plant and equipment is
calculated using the straight-line method to depreciate
their cost to their residual value over the estimated
useful lives, as follows:
technical and electrical installations
5-15 years
fixture and fittings
7-10 years
vehicles
5 years
machinery and equipment
3 years
IT equipment
3 years
buildings
5-25 years
land
not depreciated
The residual values and useful lives of the assets
are reviewed and adjusted, if appropriate, at the end
of each reporting period.
An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s
carrying amount is greater than its estimated
recoverable amount.
Gains and losses on disposals are determined by
comparing the proceeds with the carrying amount and
are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-304": { "value": "
Depreciation of property, plant and equipment is
calculated using the straight-line method to depreciate
their cost to their residual value over the estimated
useful lives, as follows:
technical and electrical installations
5-15 years
fixture and fittings
7-10 years
vehicles
5 years
machinery and equipment
3 years
IT equipment
3 years
buildings
5-25 years
land
not depreciated
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-305": { "value": "
1.9 Leases
Identifying a lease
At the inception of a contract, the group assesses
whether the contract is or contains a lease. A contract
is or contains a lease if the contract conveys the right
to control the use of an identified asset for a period of
time in exchange for a consideration.
The group as a lessee
Separating components in the lease contract
For contracts which constitute or contain a lease,
the group separates lease components if it benefits
from the use of each underlying asset either on its
own or together with other resources which are readily
available, and the underlying asset is neither highly
dependent on, nor highly interrelated with, the other
underlying assets in the contract. The group then
accounts for each lease component in the contract as
a lease separately from non-lease components of the
contract.
Recognition of leases and exemptions
At the lease commencement date, the group
recognises a lease liability and corresponding right-of-
use asset for all lease agreements in which it is the
lessee, except for the following exemptions applied:
\u2022 short-term leases (defined as 12 months or less)
\u2022 low-value assets
For these leases, the group recognises the lease
payments as other operating expenses in the
statement of profit or loss when they are incurred.
Lease liabilities
The lease liability is recognised at the commence-
ment date of the lease. The group measures the lease
liability at the present value of the lease payments for
the right to use the underlying asset during the lease
term which were not paid at the commencement date.
The lease term represents the non-cancellable period
of the lease together with periods covered by an
option to extend the lease if the lessee is reasonably
certain to exercise that option.
The lease payments included in the measurement
comprise:
\u2022 fixed lease payments (including in-substance
fixed payments), less any lease incentives
receivable
\u2022 variable lease payments which depend on an
index or a rate, initially measured using the index
or rate as at the commencement date
\u2022 the exercise price of a purchase option, if the
group is reasonably certain to exercise that
option
\u2022 payments of penalties for terminating the lease, if
the lease term reflects the group exercising an
option to terminate the lease.
The lease liability is subsequently measured by
increasing the carrying amount to reflect interest on
the lease liability, reducing the carrying amount to
reflect the lease payments made and remeasuring the
carrying amount to reflect any reassessment or lease
modifications, or to reflect adjustments in lease
payments due to an adjustment in an index or rate.
The group does not include variable lease
payments in the lease liability. Instead, the group
recognises these variable lease expenses in profit or
loss.
The group presents its lease liabilities as separate
line items in the statement of financial position.
Right-of-use assets
The group measures the right-of use asset at cost,
less any accumulated depreciation and impairment
losses, adjusted for any remeasurement of lease
liabilities. The cost of the right-of-use asset comprises:
\u2022 the amount of the initial measurement of the
lease liability recognised
\u2022 any lease payments made at or before the
commencement date, less any incentives
received
\u2022 any initial direct costs incurred by the group
\u2022 an estimate of the costs to be incurred by the
group in dismantling and removing the underlying
asset, restoring the site on which it is located or
restoring the underlying asset to the condition
required by the terms and conditions of the lease,
unless those costs are incurred to produce
inventories.
The group applies the depreciation requirements in
IAS 16 Property, Plant and Equipment in depreciating
the right-of-use asset, except that the right-of-use
asset is depreciated from the commencement date to
the earlier of the lease term and the remaining useful
life of the right-of-use asset.
The group applies IAS 36 Impairment of Assets to
determine whether the right-of-use asset is impaired
and to account for any impairment loss identified.
Store profitability is monitored on an ongoing basis
and stores that deliver below expectations are
followed up and necessary measures implemented.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-306": { "value": "
1.10 Intangible assets
Goodwill
Goodwill arises on the acquisition of subsidiaries
and represents the excess of the consideration
transferred, the amount of any non-controlling interest
in the acquiree and the fair value at the acquisition
date of any previous equity interest in the acquiree
over the fair value of the identifiable net assets
acquired. If the total consideration transferred, non-
controlling interest recognised and previously held
interest measured at fair value are less than the fair
value of the net assets of the subsidiary acquired, in
the case of a bargain purchase, the difference is
recognised directly in the income statement.
For the purpose of impairment testing, goodwill
acquired in a business combination is allocated to the
cash generating unit (CGU) which is expected to
benefit from the synergies of the combination. Each
unit or group of units to which the goodwill is allocated
represents the lowest level within the entity at which
the goodwill is monitored for internal management
purposes. Goodwill is monitored at the operating
segment level.
Goodwill impairment reviews are performed
annually or more frequently if events or changes in
circumstances indicate a potential impairment. The
carrying value of the CGU containing the goodwill is
compared to the recoverable amount, which is the
higher of value in use and the fair value less costs of
disposal. Any impairment is recognised immediately
as an expense and is not subsequently reversed.
Trademarks and contractual rights
Separately acquired trademarks and contractual
rights are recognised at cost. Trademarks and
contractual rights acquired in a business combination
are recognised at fair value at the acquisition date.
Trademarks (the brand name \u201cEuropris\u201d and
\u201cLekekassen\u201d) are deemed to have an indefinite
lifetime and are not amortised as a consequence, but
tested for impairment annually. Contractual rights and
licences have a finite useful life and are carried at cost
less accumulated amortisation. Amortisation is
calculated using the straight-line method to allocate
the cost of contractual rights over their estimated
useful life.
Software
Costs associated with maintaining computer
software programmes are recognised as an expense
as incurred. Development costs which are directly
attributable to the design and testing of identifiable
and unique software products controlled by the group
are recognised as intangible assets when the
following criteria are met:
\u2022 it is technically feasible to complete the software
product so that it will be available for use
\u2022 management intends to complete the software
product and use or sell it
\u2022 there is an ability to use or sell the software
product
\u2022 it can be demonstrated how the software product
will generate probable future economic benefits
\u2022 adequate technical, financial and other resources
to complete the development and to use or sell
the software product are available
\u2022 the expenditure attributable to the software
product during its development can be reliably
measured.
Computer software development costs recognised
as assets are amortised over their estimated useful
lives of three years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-307": { "value": "
Goodwill
Goodwill arises on the acquisition of subsidiaries
and represents the excess of the consideration
transferred, the amount of any non-controlling interest
in the acquiree and the fair value at the acquisition
date of any previous equity interest in the acquiree
over the fair value of the identifiable net assets
acquired. If the total consideration transferred, non-
controlling interest recognised and previously held
interest measured at fair value are less than the fair
value of the net assets of the subsidiary acquired, in
the case of a bargain purchase, the difference is
recognised directly in the income statement.
For the purpose of impairment testing, goodwill
acquired in a business combination is allocated to the
cash generating unit (CGU) which is expected to
benefit from the synergies of the combination. Each
unit or group of units to which the goodwill is allocated
represents the lowest level within the entity at which
the goodwill is monitored for internal management
purposes. Goodwill is monitored at the operating
segment level.
Goodwill impairment reviews are performed
annually or more frequently if events or changes in
circumstances indicate a potential impairment. The
carrying value of the CGU containing the goodwill is
compared to the recoverable amount, which is the
higher of value in use and the fair value less costs of
disposal. Any impairment is recognised immediately
as an expense and is not subsequently reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-308": { "value": "
Trademarks and contractual rights
Separately acquired trademarks and contractual
rights are recognised at cost. Trademarks and
contractual rights acquired in a business combination
are recognised at fair value at the acquisition date.
Trademarks (the brand name \u201cEuropris\u201d and
\u201cLekekassen\u201d) are deemed to have an indefinite
lifetime and are not amortised as a consequence, but
tested for impairment annually. Contractual rights and
licences have a finite useful life and are carried at cost
less accumulated amortisation. Amortisation is
calculated using the straight-line method to allocate
the cost of contractual rights over their estimated
useful life.
Software
Costs associated with maintaining computer
software programmes are recognised as an expense
as incurred. Development costs which are directly
attributable to the design and testing of identifiable
and unique software products controlled by the group
are recognised as intangible assets when the
following criteria are met:
\u2022 it is technically feasible to complete the software
product so that it will be available for use
\u2022 management intends to complete the software
product and use or sell it
\u2022 there is an ability to use or sell the software
product
\u2022 it can be demonstrated how the software product
will generate probable future economic benefits
\u2022 adequate technical, financial and other resources
to complete the development and to use or sell
the software product are available
\u2022 the expenditure attributable to the software
product during its development can be reliably
measured.
Computer software development costs recognised
as assets are amortised over their estimated useful
lives of three years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-309": { "value": "
1.11 Financial instruments
A financial instrument is any contract which gives
rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
Financial assets
The group\u00b4s financial assets are derivatives, trade
receivables, other receivables and cash.
The classification of financial assets at initial
recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the group\u2019s
business model for managing them. With the
exception of trade receivables which do not contain a
significant financing component, the group initially
measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through other
comprehensive income, transaction costs.
The group classifies its financial assets in these
categories:
\u2022 financial assets at amortised cost
\u2022 derivatives at fair value through profit and loss.
The group does not apply hedge accounting.
Financial assets at amortised cost
The group measures financial assets at amortised
cost if both of the following conditions are met:
\u2022 the financial asset is held within a business
model with the objective to hold financial assets
in order to collect contractual cash flows
\u2022 the contractual terms of the financial asset give
rise on specified dates to cash flows which 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
derecognised, modified or impaired.
The group\u2019s financial assets at amortised cost
include trade receivables and other current deposits.
Trade receivables which do not contain a significant
financing component are measured at the transaction
price determined under IFRS 15 Revenue from
contracts with customers. Receivables are
subsequently measured at amortised cost using the
EIR method minus provision for expected credit
losses.
Derivatives at fair value through profit and loss
Derivatives at fair value are carried in the statement
of financial position at fair value with net changes in
fair value in profit or loss. The category includes
foreign exchange contracts, interest rate swaps and
options.
Derecognition of financial assets
A financial asset (or, where applicable, part of a
financial asset or part of a group of similar financial
assets) is primarily derecognised (in other words,
removed from the group\u2019s consolidated statement of
financial position) when:
\u2022 the rights to receive cash flows from the asset
have expired, or
\u2022 the group has transferred its rights to receive
cash flows from the asset or has assumed an
obligation to pay the received cash flows in full
without material delay to a third party under a
\u201dpass- through\u201d 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.
Financial liabilities
Financial liabilities are classified, at initial
recognition, as loans and borrowings, payables, or
derivatives through profit and loss. Derivatives are
recognised initially at fair value and, in the case of
loans and borrowings and payables, net of directly
attributable transaction costs. Derivatives are financial
liabilities when the fair value is negative, accounted
for in the same way as derivatives as assets.
Loans, borrowings and payables
After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised
cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are
derecognised as well as through the EIR amortisation
process.
Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or
costs which are an integral part of the EIR. The EIR
amortisation is included as finance costs in the
statement of profit or loss. Payables are measured at
their nominal amount when the effect of discounting is
not material.
Borrowings are classified as current unless the
group has an unconditional right to delay the payment
of the debt for more than 12 months from the
reporting date.
Derecognition of financial liabilities
A financial liability is derecognised when the
obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is
replaced by another from the same lender on
substantially different terms, or the terms of an
existing liability are substantially modified, such an
exchange or modification is treated as the
derecognition of the original liability and the
recognition of a new liability. The difference in the
respective carrying amounts is recognised in the
statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-310": { "value": "
Financial assets
The group\u00b4s financial assets are derivatives, trade
receivables, other receivables and cash.
The classification of financial assets at initial
recognition depends on the financial asset\u2019s
contractual cash flow characteristics and the group\u2019s
business model for managing them. With the
exception of trade receivables which do not contain a
significant financing component, the group initially
measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through other
comprehensive income, transaction costs.
The group classifies its financial assets in these
categories:
\u2022 financial assets at amortised cost
\u2022 derivatives at fair value through profit and loss.
The group does not apply hedge accounting.
Financial assets at amortised cost
The group measures financial assets at amortised
cost if both of the following conditions are met:
\u2022 the financial asset is held within a business
model with the objective to hold financial assets
in order to collect contractual cash flows
\u2022 the contractual terms of the financial asset give
rise on specified dates to cash flows which 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
derecognised, modified or impaired.
The group\u2019s financial assets at amortised cost
include trade receivables and other current deposits.
Trade receivables which do not contain a significant
financing component are measured at the transaction
price determined under IFRS 15 Revenue from
contracts with customers. Receivables are
subsequently measured at amortised cost using the
EIR method minus provision for expected credit
losses.
Derivatives at fair value through profit and loss
Derivatives at fair value are carried in the statement
of financial position at fair value with net changes in
fair value in profit or loss. The category includes
foreign exchange contracts, interest rate swaps and
options.
Derecognition of financial assets
A financial asset (or, where applicable, part of a
financial asset or part of a group of similar financial
assets) is primarily derecognised (in other words,
removed from the group\u2019s consolidated statement of
financial position) when:
\u2022 the rights to receive cash flows from the asset
have expired, or
\u2022 the group has transferred its rights to receive
cash flows from the asset or has assumed an
obligation to pay the received cash flows in full
without material delay to a third party under a
\u201dpass- through\u201d 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-311": { "value": "derivatives at fair value through profit and loss.
The group does not apply hedge accounting.
Financial assets at amortised cost
The group measures financial assets at amortised
cost if both of the following conditions are met:
\u2022 the financial asset is held within a business
model with the objective to hold financial assets
in order to collect contractual cash flows
\u2022 the contractual terms of the financial asset give
rise on specified dates to cash flows which 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
derecognised, modified or impaired.
The group\u2019s financial assets at amortised cost
include trade receivables and other current deposits.
Trade receivables which do not contain a significant
financing component are measured at the transaction
price determined under IFRS 15 Revenue from
contracts with customers. Receivables are
subsequently measured at amortised cost using the
EIR method minus provision for expected credit
losses.
Derivatives at fair value through profit and loss
Derivatives at fair value are carried in the statement
of financial position at fair value with net changes in
fair value in profit or loss. The category includes
foreign exchange contracts, interest rate swaps and
options.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-312": { "value": "
Derecognition of financial assets
A financial asset (or, where applicable, part of a
financial asset or part of a group of similar financial
assets) is primarily derecognised (in other words,
removed from the group\u2019s consolidated statement of
financial position) when:
\u2022 the rights to receive cash flows from the asset
have expired, or
\u2022 the group has transferred its rights to receive
cash flows from the asset or has assumed an
obligation to pay the received cash flows in full
without material delay to a third party under a
\u201dpass- through\u201d 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-313": { "value": "
Financial liabilities
Financial liabilities are classified, at initial
recognition, as loans and borrowings, payables, or
derivatives through profit and loss. Derivatives are
recognised initially at fair value and, in the case of
loans and borrowings and payables, net of directly
attributable transaction costs. Derivatives are financial
liabilities when the fair value is negative, accounted
for in the same way as derivatives as assets.
Loans, borrowings and payables
After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised
cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are
derecognised as well as through the EIR amortisation
process.
Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees or
costs which are an integral part of the EIR. The EIR
amortisation is included as finance costs in the
statement of profit or loss. Payables are measured at
their nominal amount when the effect of discounting is
not material.
Borrowings are classified as current unless the
group has an unconditional right to delay the payment
of the debt for more than 12 months from the
reporting date.
Derecognition of financial liabilities
A financial liability is derecognised when the
obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is
replaced by another from the same lender on
substantially different terms, or the terms of an
existing liability are substantially modified, such an
exchange or modification is treated as the
derecognition of the original liability and the
recognition of a new liability. The difference in the
respective carrying amounts is recognised in the
statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-314": { "value": "
1.12 Inventories and cost of goods sold
Inventories are stated at the lower of cost and net
realisable value. Net realisable value is the estimated
selling price in the ordinary course of business less
the estimated costs of completion and the estimated
costs necessary to make the sale. Historical cost is
calculated using a weighted average historical cost
and includes expenditures directly linked to getting the
goods to their final location and condition.
Foreseeable obsolescence is assessed continuously.
The group\u2019s inventories consist solely of goods
purchased for resale.
Goods for sale are often purchased in currencies
other than the local currency, and the purchase price
in local currency is locked in through the use of
foreign currency derivative contracts. Both unrealised
and realised gains or losses on the foreign currency
derivatives which are economic hedges for inventory
purchases are included as part of cost of goods sold
(COGS). Similarly, unrealised foreign currency
exchange gains and losses on inventory trade
payables and realised foreign currency exchange
gains or losses at the time of payment are also
included as part of COGS.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-315": { "value": "
Goods for sale are often purchased in currencies
other than the local currency, and the purchase price
in local currency is locked in through the use of
foreign currency derivative contracts. Both unrealised
and realised gains or losses on the foreign currency
derivatives which are economic hedges for inventory", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-316": { "value": "
1.13 Cash
Cash includes cash in hand and bank deposits.
Bank overdrafts are presented in the statement of
cash flows less cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-317": { "value": "
1.14 Treasury shares
When treasury shares are repurchased, the
purchase price including directly attributable costs is
recognised in equity. Treasury shares are presented
as a reduction in equity. Losses or gains on
transactions involving treasury shares are not
recognised in the statement of comprehensive
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-318": { "value": "
1.15 Post-employment benefits
The group has two post-employment schemes: one
defined contribution and one contractual retirement
scheme. The contractual retirement scheme is
effective from 1 January 2011 and is deemed to be a
defined benefit multi-employer plan, but recognised as
a defined contribution agreement since insufficient
reliable information is available to estimate the group\u2019s
proportionate share of pension expense, liability and
funds in the collective scheme.
In a defined contribution arrangement, the group
contributes to a public or private insurance plan. The
group has no remaining liabilities after the contribution
to the insurance plan has been made. The
contributions are recognised as a personnel expense
when they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-319": { "value": "
1.16 Provisions
Provisions for environmental restoration,
restructuring costs and legal claims are recognised
when the group has an existing legal or constructive
obligation as a result of past events, it is probable that
an outflow of resources will be required to settle the
obligation, and the amount can be reliably estimated.
Provisions are recognised when the group has an
existing obligation (legal or constructive) as a result of
a past event, it is probable (more likely than not) that
an outflow of economic resources will be required
from the group, and the amount can be estimated
reliably. The timing or amount of the outflow may still
be uncertain. Provisions are measured at the
estimated expenditure required to settle the existing
obligation, based on the most reliable evidence
available at the reporting date, including the risks and
uncertainties associated with the existing obligation.
A provision for warranties is recognised when the
underlying products or services are sold. The
provision is based on historical warranty data and an
assessment of all possible outcomes and the
accompanying probabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-320": { "value": "
A provision for warranties is recognised when the
underlying products or services are sold. The
provision is based on historical warranty data and an
assessment of all possible outcomes and the
accompanying probabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-321": { "value": "
1.17 Written put options over non-
controlling interest
The group has written put options over non-
controlling interests in Strikkemekka Holding AS
(\u201cStrikkemekka\u201d). The holder of the non-controlling
shares is also the CEO of Strikkemekka. If the CEO
resigns, the group has a right and an obligation to
purchase the shares in Strikkemekka for a cash
consideration. The consideration to be paid is based
on a multiple of EBITDA. At initial recognition, a
financial liability is recognised for the present value of
the redemption amount, with a corresponding charge
directly to shareholders\u2019 equity. The present value of
the redemption amount is estimated to be no less
than equal to the amount payable if the put option
were exercised at the end of the period. The financial
liability is remeasured to reflect changes in the
estimated redemption amount, with a corresponding
charge to shareholders\u2019 equity.
The non-controlling interest continues to be
recognised, and is attributed its share of profit and
loss and total comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-322": { "value": "
1.18 Contingent liabilities and assets
Contingent liabilities are not recognised in the
financial statements. In cases where the possible
outflow of economic resources as a result of existing
obligations is considered improbable or remote, no
liability is recognised.
A contingent asset is not recognised in the financial
statements, but disclosed if it is probable that the
benefit will flow to the group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-323": { "value": "
2 Financial risk management
The group's core business is discount variety retail.
This exposes the group to a variety of financial risks:
market (including currency, fair value interest-rate and
price), credit and liquidity risk. The goal of the group's
overall risk management programme is to minimise
potential adverse financial performance effects of these
risks, which result from unpredictable changes in
capital markets. The group uses financial derivatives to
hedge against certain risks. Hedge accounting is not
applied.
The financial risk management programme for the
group is carried out by its central treasury department
under policies approved and monitored by the board.
The treasury department identifies, evaluates, hedges
and reports financial risks in cooperation with the
various operating units in the group. The board
approves the principles of overall risk management as
well as policies covering specific areas, such as
currency exchange risk, interest-rate risk, credit risk,
the use of financial derivatives and liquidity
management.
2.1 Market risk
2.1.a Currency exchange risk
The group is exposed to currency exchange risk
arising from the import of goods for sale. These
transactions are mainly settled in USD and EUR. The
group aims to achieve predictable cash outflows in
local currencies by using forward contracts as a
hedging strategy for its exposure to USD and EUR.
The hedging strategy is based on an assessment of the
possibilities and estimated time period required to
adjust the business to the changes in foreign exchange
rates. The following table illustrates the sensitivity of
the group to potential currency changes.
Figures are stated in NOK 1,000
Foreign currency
sensitivity
Changes in
currency
Effect on post-tax profit
2024
2023
USD/NOK
+10%
-52,063
-46,443
-10%
+52,063
+46,443
EUR/NOK
+10%
-22,544
-17,867
-10%
+22,544
+17,867
Foreign currency
sensitivity
Changes in
currency
Effect on post-tax profit
2024
2023
USD/SEK
+10%
-9,942
na
-10%
+9,942
na
EUR/SEK
+10%
-4,322
na
-10%
+4,322
na
Hedge accounting is not applied.
2.1.b Interest-rate risk
The group's exposure to interest-rate risk arises from
its bank borrowings. The interest-bearing debt has
floating rates, which means it is affected by changes in
interest-rates. The group's financial policy includes a
detailed description of hedging, and 60 per cent of the
principal of the group's bank loans is presently hedged.
The current interest-rate swaps expire in July 2027 and
2030. Management monitors development in the
market, and regularly assesses the exposure to
interest-rate risk. The interest-rate risk which arises
from loans with a floating interest rate is managed by
using interest-rate swaps. The following table illustrates
the sensitivity of the group to potential interest-rate
changes.
Figures are stated in NOK 1,000
Interest-rate sensitivity
Changes in
interest rate
Effect on post-
tax profit
2024
+1%
-3,355
-1%
+3,355
2023
+1%
-3,792
-1%
+3,792
Hedge accounting is not applied.
2.1.c Price risk
The group has limited exposure to price risk.
2.2 Credit risk
The group has limited exposure to credit risk, since
most of its revenue transactions are settled by cash or
debit cards. However, a small share of its revenue
comes from franchise agreements, where each
franchisee is granted credit. As a franchisor, the group
monitors its franchisees closely to mitigate the credit
risk. In addition, sales to B2B customers are a very
small part of total revenues. Losses on trade
receivables have historically been limited.
2.3 Liquidity risk
The treasury department prepares and monitors cash
flow forecasts of the groups's liquidity requirements to
ensure that the group has sufficient cash to meet
operational commitments, and to maintain sufficient
flexibility to meet unused credit facility requirements
(see note 22) without breaching financial covenants.\u00a0
The following table sets out the contractual maturities (representing undiscounted cash flows) of financial liabilities.
Figures are stated in NOK 1,000
At 31.12.2024
Up to 6
months
Between 6 and
12 months
Between 1
and 2 years
Between 2 and
5 years
Total
Borrowings
304,480
304,480
Accounts payable
1,255,066
-
-
-
1,255,066
Other current liabilities
629,841
-
-
-
629,841
Borrowings including interest
21,656
21,656
43,063
1,126,913
1,213,288
Put option liability
30,390
-
-
-
30,390
Derivatives
14,952
-
-
-
14,952
Total
2,256,385
21,656
43,063
1,126,913
3,448,016
At 31.12.2023
Up to 6
months
Between 6 and
12 months
Between 1
and 2 years
Between 2 and
5 years
Total
Accounts payable
879,881
-
-
-
879,881
Other current liabilities
348,079
-
-
-
348,079
Borrowings including interest
23,169
22,961
45,342
1,131,400
1,222,870
Put option liability
27,980
-
-
-
27,980
Derivatives
31,274
-
-
-
31,274
Total
1,310,383
22,961
45,342
1,131,400
2,510,084
2.4 Capital management risk
The group's objectives when managing capital are to
ensure the ability to continue as a going concern in
order to provide returns for shareholders and to
maintain an optimal capital structure to reduce the cost
of capital, including compliance with covenants in the
loan agreements (see note 22 for further details). The
long-term financial ambition is a dividend policy of
paying out 50-60 per cent of net profit while maintaining
an efficient balance sheet.
At 31 December 2024, the group\u2019s equity totalled
NOK 4,109 million, which corresponded to an equity
ratio of 35.6 per cent. The board considers Europris\u2019
capital structure to be adequate in relation to the
group\u2019s objectives, strategy and risk profile.
2.5 Climate risk
At 31 December 2024, no material climate risks have
been identified that will have an impact on the
consolidated financial statements of the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-324": { "value": "
2.1 Market risk
2.1.a Currency exchange risk
The group is exposed to currency exchange risk
arising from the import of goods for sale. These
transactions are mainly settled in USD and EUR. The
group aims to achieve predictable cash outflows in
local currencies by using forward contracts as a
hedging strategy for its exposure to USD and EUR.
The hedging strategy is based on an assessment of the
possibilities and estimated time period required to
adjust the business to the changes in foreign exchange
rates. The following table illustrates the sensitivity of
the group to potential currency changes.
Figures are stated in NOK 1,000
Foreign currency
sensitivity
Changes in
currency
Effect on post-tax profit
2024
2023
USD/NOK
+10%
-52,063
-46,443
-10%
+52,063
+46,443
EUR/NOK
+10%
-22,544
-17,867
-10%
+22,544
+17,867
Foreign currency
sensitivity
Changes in
currency
Effect on post-tax profit
2024
2023
USD/SEK
+10%
-9,942
na
-10%
+9,942
na
EUR/SEK
+10%
-4,322
na
-10%
+4,322
na
Hedge accounting is not applied.
2.1.b Interest-rate risk
The group's exposure to interest-rate risk arises from
its bank borrowings. The interest-bearing debt has
floating rates, which means it is affected by changes in
interest-rates. The group's financial policy includes a
detailed description of hedging, and 60 per cent of the
principal of the group's bank loans is presently hedged.
The current interest-rate swaps expire in July 2027 and
2030. Management monitors development in the
market, and regularly assesses the exposure to
interest-rate risk. The interest-rate risk which arises
from loans with a floating interest rate is managed by
using interest-rate swaps. The following table illustrates
the sensitivity of the group to potential interest-rate
changes.
Figures are stated in NOK 1,000
Interest-rate sensitivity
Changes in
interest rate
Effect on post-
tax profit
2024
+1%
-3,355
-1%
+3,355
2023
+1%
-3,792
-1%
+3,792
Hedge accounting is not applied.
2.1.c Price risk
The group has limited exposure to price risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-325": { "value": "
2.2 Credit risk
The group has limited exposure to credit risk, since
most of its revenue transactions are settled by cash or
debit cards. However, a small share of its revenue
comes from franchise agreements, where each
franchisee is granted credit. As a franchisor, the group
monitors its franchisees closely to mitigate the credit
risk. In addition, sales to B2B customers are a very
small part of total revenues. Losses on trade
receivables have historically been limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-326": { "value": "
2.3 Liquidity risk
The treasury department prepares and monitors cash
flow forecasts of the groups's liquidity requirements to
ensure that the group has sufficient cash to meet
operational commitments, and to maintain sufficient
flexibility to meet unused credit facility requirements
(see note 22) without breaching financial covenants.\u00a0
The following table sets out the contractual maturities (representing undiscounted cash flows) of financial liabilities.
Figures are stated in NOK 1,000
At 31.12.2024
Up to 6
months
Between 6 and
12 months
Between 1
and 2 years
Between 2 and
5 years
Total
Borrowings
304,480
304,480
Accounts payable
1,255,066
-
-
-
1,255,066
Other current liabilities
629,841
-
-
-
629,841
Borrowings including interest
21,656
21,656
43,063
1,126,913
1,213,288
Put option liability
30,390
-
-
-
30,390
Derivatives
14,952
-
-
-
14,952
Total
2,256,385
21,656
43,063
1,126,913
3,448,016
At 31.12.2023
Up to 6
months
Between 6 and
12 months
Between 1
and 2 years
Between 2 and
5 years
Total
Accounts payable
879,881
-
-
-
879,881
Other current liabilities
348,079
-
-
-
348,079
Borrowings including interest
23,169
22,961
45,342
1,131,400
1,222,870
Put option liability
27,980
-
-
-
27,980
Derivatives
31,274
-
-
-
31,274
Total
1,310,383
22,961
45,342
1,131,400
2,510,084
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-327": { "value": "
2.4 Capital management risk
The group's objectives when managing capital are to
ensure the ability to continue as a going concern in
order to provide returns for shareholders and to
maintain an optimal capital structure to reduce the cost
of capital, including compliance with covenants in the
loan agreements (see note 22 for further details). The
long-term financial ambition is a dividend policy of
paying out 50-60 per cent of net profit while maintaining
an efficient balance sheet.
At 31 December 2024, the group\u2019s equity totalled
NOK 4,109 million, which corresponded to an equity
ratio of 35.6 per cent. The board considers Europris\u2019
capital structure to be adequate in relation to the
group\u2019s objectives, strategy and risk profile.
2.5 Climate risk
At 31 December 2024, no material climate risks have
been identified that will have an impact on the
consolidated financial statements of the group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-328": { "value": "
3. Critical accounting estimates
and judgements
Estimates and judgements are continuously
evaluated and are based on historical experience and
other factors, including expectations of future events
which are believed to be reasonable.
3.1 Critical accounting estimates and
assumptions
The group prepares estimates and assumptions
regarding future expectations. The resulting accounting
estimates will by definition seldom equal the related
actual results. Estimates and assumptions which
represent a significant risk of causing material
adjustments to the book value of assets and liabilities
within the next financial year are discussed below.
3.1.a Provision for obsolescence
The group makes provision for obsolescence. These
provisions are based on a detailed assessment of the
age distribution of inventory items and whether the
goods are part of an active or expired product range.
The assessment is made on each individual inventory
item and the obsolescence provision increases the
longer the item remains in stock. Goods older than
three years have the highest write-down rate.\u00a0Write-
down for obsolescence is made when the cost of the
goods is higher than the expected net sales value.
These provisions are estimate-based and require in-
depth knowledge about goods and market.
3.1.b IFRS 16 Leases
In determining the lease term for each contract, the
group must continuously assess whether there are
extension options and termination rights which should
be taken into account when determining the rental
period. The group has established guidelines for these
assessments.\u00a0Typically, lease contracts are
renegotiated at the end of the non-cancellable period,
and a new contract is entered into on better terms in
the form of both shorter duration and lower rent. This
means that extension options in the lease contracts are
not normally included in the IFRS 16 calculation.
Determination of the discount rate as a basis for
calculating the present value of future lease liabilities
also involves the use of discretion. A fixed methodology
has also been established for this process. The
approach is based on interval division of the leases
according to the remaining term of the contracts. The
basis for the discount rate calculation is a risk free
interest rate plus a margin reflecting the maturity of the
contracts.
3.1.c Written put options over non- controlling
interest
The group has a written put option over the non-
controlling interests in Strikkemekka Holding AS
(\"Strikkemekka\"). The holder of the non-controlling
shares is also the CEO of Strikkemekka. If the CEOs
resigns, the group has a right and an obligation to
purchase the shares in Strikkemekka for a cash
consideration. The consideration to be paid is based on
a multiple of EBITDA. According to IAS 32 Financial
Instruments: Presentation, a financial liability should
initially be recognised at the present value of the
redemption amount with a corresponding charge to
equity. The IFRS does not provide guidance on which
component of equity should be charged, and on
whether the non-controlling interest should continue to
be recognised. The group has thus exercised
judgement in developing its accounting policy.
The group has considered that the present ownership
interest of the non-controlling shares remains with the
non-controlling shareholders. The group has thus
considered it appropriate to continue to recognise the
non-controlling interest in the statement of financial
position, and to attribute its share of profit and loss and
other comprehensive income to the non-controlling
interests. The financial liabilities for the put option over
the non-controlling interests are therefore recognised
with a corresponding charge to shareholders\u2019 equity.
IAS 32 provides limited guidance on how the financial
liability for the written put option over the non-
controlling interest should be measured when the
purchase date and/or the redemption amount are/is not
known, but subject to a formula. When developing an
accounting principle, the group has considered
guidance in other IFRS standards, more specifically the
guidance in IFRS 13 Fair Value Measurement, which
states that the fair value of a financial liability with a
demand feature is no less than the amount payable on
demand, discounted from the first date that the amount
could be required to be paid. The group has
established an accounting principle where the financial
liability is estimated to be no less than equal to the
amount payable if the put option were exercised at the
end of the period.\u00a0
The financial liability for the put option over the non-
controlling interests is remeasured to reflect changes in
the estimated redemption amount.
3.1.d Business combinations
We refer to note 15 related to the acquisition of \u00d6oB.
The group estimates the fair value of the consideration
and fair values of identified assets and liabilities when
allocating the consideration. Fair values are based on
estimates depending on certain key factors, such as
expected future cash flows and margins.
3.2. Judgements in applying the group\u2019s
accounting principles
IFRS 10 (Consolidated financial statements) requires
entities to consolidate entities they control. The
standard provides extended guidance to determine
whether control is present. Franchising is explicitly
mentioned in the standard. The franchises are not
included in the consolidated financial statements of
Europris ASA. This is based on a judgement of the
criteria in IFRS 10 of whether Europris controls the
franchises. Through the franchise agreements,
Europris essentially has control and rights related to
protection of the brand name and the concept. Such
rights are not sufficient to gain control under the
provisions of IFRS 10. The decision-making rights
which affect variable returns are primarily held by the
franchisee and the financial risk of the business lies
with the franchisee. Based on an assessment of these
criteria in IFRS 10, Europris does not control the
franchisees, and they are thus not consolidated.
The group confirms that there have not been any
other judgements which are deemed to have a
significant impact on the consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-329": { "value": "
4 Segment information
The group management is the group\u2019s chief operating decision-maker. The segments are reported in accordance with
how the chief operating decision-maker evaluates profitability and achievements. The segment structure has changed
due to the acquisition and consolidation of Runsvengruppen AB (\u00d6oB) in 2024. The Norway segment relates to
Europris and the Sweden segment relates to \u00d6oB. The pure play companies Lekekassen, Strikkemekka and
Lunehjem, are all individually below the threshold for being reportable and are integrated into the Norway segment.
\u00d6oB was consolidated into the group's financial statements as of 2 May 2024.
2024
(Amounts in NOK million)
Norway
Sweden
Total
Total operating income
9,878
2,873
12,750
Cost of goods sold
5,467
1,971
7,437
Gross profit
4,411
902
5,313
Opex
2,379
774
3,153
EBITDA
2,032
128
2,160
EBIT (Operating profit)
1,339
(102)
1,237
Gross margin (%)
44.7%
31.4%
41.7%
Opex-to-sales ratio (%)
24.1%
26.9%
24.7%
EBITDA margin (%)
20.6%
4.5%
16.9%
EBIT margin (%) (Operating profit margin)
13.6%
(3.5%)
9.7%
Inventory
2,485
807
3,292
Total assets
9,326
2,219
11,545
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-333": { "value": "
5 Total operating income
The group operates chains of stores in the discount variety retail sector, both in Norway and in Sweden, and online
stores which sells consumer goods, including sales to franchise stores. The split between revenues in Norway and
Sweden is specified in note 4 Segment information.
Figures are stated in NOK 1,000
2024
2023
Revenue from stores
12,001,605
8,744,561
Revenue from wholesale
630,368
633,916
Revenue
12,631,972
9,378,477
Income from franchise fees
68,905
70,624
Other income
49,382
17,819
Total other income
118,287
88,443
Total operating income
12,750,259
9,466,921
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-332": { "value": "
5 Total operating income
The group operates chains of stores in the discount variety retail sector, both in Norway and in Sweden, and online
stores which sells consumer goods, including sales to franchise stores. The split between revenues in Norway and
Sweden is specified in note 4 Segment information.
Figures are stated in NOK 1,000
2024
2023
Revenue from stores
12,001,605
8,744,561
Revenue from wholesale
630,368
633,916
Revenue
12,631,972
9,378,477
Income from franchise fees
68,905
70,624
Other income
49,382
17,819
Total other income
118,287
88,443
Total operating income
12,750,259
9,466,921
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-331": { "value": "
5 Total operating income
The group operates chains of stores in the discount variety retail sector, both in Norway and in Sweden, and online
stores which sells consumer goods, including sales to franchise stores. The split between revenues in Norway and
Sweden is specified in note 4 Segment information.
Figures are stated in NOK 1,000
2024
2023
Revenue from stores
12,001,605
8,744,561
Revenue from wholesale
630,368
633,916
Revenue
12,631,972
9,378,477
Income from franchise fees
68,905
70,624
Other income
49,382
17,819
Total other income
118,287
88,443
Total operating income
12,750,259
9,466,921
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-330": { "value": "
5 Total operating income
The group operates chains of stores in the discount variety retail sector, both in Norway and in Sweden, and online
stores which sells consumer goods, including sales to franchise stores. The split between revenues in Norway and
Sweden is specified in note 4 Segment information.
Figures are stated in NOK 1,000
2024
2023
Revenue from stores
12,001,605
8,744,561
Revenue from wholesale
630,368
633,916
Revenue
12,631,972
9,378,477
Income from franchise fees
68,905
70,624
Other income
49,382
17,819
Total other income
118,287
88,443
Total operating income
12,750,259
9,466,921
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-334": { "value": "
6 Employee benefit expense and remuneration to auditor
Figures are stated in NOK 1,000
2024
2023
Pay expenses
1,502,052
1,166,335
Social security costs
267,959
158,655
Pension expenses
59,255
33,645
Other benefits
35,769
14,446
Total
1,865,036
1,373,081
Full-time employees
3,071
2,144
The group is required by Norwegian law to have a mandatory occupational pension plan. The group has a pension
plan which fulfil the legal requirements, which covers all employees and is a defined contribution plan.
Figures are stated in NOK 1,000
2024
2023
Auditor fees
Audit services
4,584
3,151
Other assurance services
1,182
71
Total
5,766
3,222
Other assurance services include sustainability reporting certification cost of NOK 1,180,000. Auditor fees are
presented exclusive of VAT. No auditor fees have been recorded in equity in connection with equity transactions.
Pension liabilities
Figures are stated in NOK 1,000
The group has a contractual retirement pension scheme (AFP). This is a multi-employer plan, and accounted for as a
defined contribution plan. The annual premium is expensed. The entity pays a premium currently set at an average of
2.5 per cent of total employee salary. Pension cost (premium) in 2024 was NOK 10,234 (2023: NOK 9,160).
In addition, the group has a pension agreement with DNB which fulfil the legal requirement under Norwegian law and
covers all employees. The scheme is a defined contribution plan. Pension costs in 2024 were NOK 49,021 (2023: NOK
24,486). This scheme had 5,352 members in 2024 (2023: 3,826).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-335": { "value": "
Figures are stated in NOK 1,000
2024
2023
Auditor fees
Audit services
4,584
3,151
Other assurance services
1,182
71
Total
5,766
3,222
Other assurance services include sustainability reporting certification cost of NOK 1,180,000. Auditor fees are
presented exclusive of VAT. No auditor fees have been recorded in equity in connection with equity transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-336": { "value": "
7 Management remuneration
Figures are stated in NOK 1,000
Title
Salary
Bonus
Pension
Other
Total
Espen Eldal
CEO
4,376
4,410
150
18
8,955
Stina Charlene Byre
CFO
2,300
845
150
165
3,460
Total
6,676
5,255
300
184
12,415
More details on salary for senior executives are provided in the remuneration report for 2024.The remuneration report
is included as an attachment to the notice of the annual general meeting.
Remuneration statement
The board provided a statement on salary and other
remuneration for senior executives to the annual
general meeting on 30 April 2024.
Remuneration guidelines
The board has established guidelines for the
remuneration of the members of the executive
management. The company's policy is to offer the
executive management competitive remuneration
based on current market standards as well as on group
and individual performance. The remuneration consists
of a basic salary element combined with a
performance-based bonus programme as set out
below. The executive management participates in the
company\u2019s insurance policies and can be entitled to
certain fringe benefits. The remuneration committee is
a sub-committee of the board which acts as a
preparatory and advisory body in relation to the group\u2019s
remuneration of the executive management and
ensures thorough and independent preparation of
matters relating to the compensation of executive
personnel.
Bonus programme
Europris has established a bonus scheme for the
executive management, which is based on financial
and operational performance. The maximum bonus
grant for a financial year under this scheme is 13.5
months of gross base salary for the CEO and up to
nine months of gross base salary for other senior
executives. Maximum bonus payment during any
single financial year is 12 months gross salary.
Restricted share programme
In accordance with the remuneration guidelines
senior executives may participate in a restricted share
programme for an investment amount limited to NOK
500,000. This programme is subject to annual approval
by the board. Shares acquired through this programme
are subject to a three-year lock-in period. Each
restricted share will be issued at a purchase price
corresponding to the volume-weighted average price of
the company's shares on the Oslo Stock Exchange
during the 10 trading days before the award, adjusted
for the reduction in value from the three-year transfer
restriction. The reduced value applicable to the
programme run in 2024 was 14 per cent. Costs for
share purchases are borne by the participants, and the
company does not provide credit or financing.
The share programme was run in 2024 and
completed on 21 May 2024. Europris ASA sold in total
22,621 shares in this programme. The market price for
the shares, ie, the volume weighted average for the 10
trading days before the allocation date (2 May-16 May
2024), was NOK 69.39. The purchase price, adjusted
for the reduced value from the restrictions, was NOK
59.67.
No loans or issued guarantees have been provided
to the executive management group, the directors or
other related parties.
Remuneration of the board of directors
Annual fees paid in 2024 for the board of directors:
Board of directors
Chair
NOK
620,000 per year
Director
NOK
326,000 per year
Audit committee
Chair
NOK
101,000 per year
Member
NOK
65,500 per year
Remuneration committee
Chair
NOK
39,500 per year
Member
NOK
27,500 per year
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-337": { "value": "
9 Other operating expenses
Figures are stated in NOK 1,000
2024
2023
Leasing and other cost of premises
164,740
100,909
Transport/distribution
322,037
273,932
Marketing and other expenses
801,285
473,585
Total
1,288,062
848,426
Leasing and other cost of premises relates to variable lease payments, in addition to payments for short-term leases
and low-value assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-340": { "value": "
10 Financial income and expenses
Figures are stated in NOK 1,000
2024
2023
Financial income:
Other interest income
479
163
Other financial income
9,328
496
Gain in fair value of financial instruments
\u2013 Unrealised interest-rate swap income
1,802
-
Total
11,609
659
Financial expenses:
Interest to financial institutions
64,487
58,750
Leasing interest cost
116,575
95,120
Other interest expense
1,400
194
Amortised interest on bank loan
694
5,232
Other financial expenses
30,157
26,536
\u2013 Unrealised interest-rate swap loss
-
5,345
Total
213,313
191,176
Net financial income (expense)
(201,704)
(190,517)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-339": { "value": "
10 Financial income and expenses
Figures are stated in NOK 1,000
2024
2023
Financial income:
Other interest income
479
163
Other financial income
9,328
496
Gain in fair value of financial instruments
\u2013 Unrealised interest-rate swap income
1,802
-
Total
11,609
659
Financial expenses:
Interest to financial institutions
64,487
58,750
Leasing interest cost
116,575
95,120
Other interest expense
1,400
194
Amortised interest on bank loan
694
5,232
Other financial expenses
30,157
26,536
\u2013 Unrealised interest-rate swap loss
-
5,345
Total
213,313
191,176
Net financial income (expense)
(201,704)
(190,517)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-338": { "value": "
10 Financial income and expenses
Figures are stated in NOK 1,000
2024
2023
Financial income:
Other interest income
479
163
Other financial income
9,328
496
Gain in fair value of financial instruments
\u2013 Unrealised interest-rate swap income
1,802
-
Total
11,609
659
Financial expenses:
Interest to financial institutions
64,487
58,750
Leasing interest cost
116,575
95,120
Other interest expense
1,400
194
Amortised interest on bank loan
694
5,232
Other financial expenses
30,157
26,536
\u2013 Unrealised interest-rate swap loss
-
5,345
Total
213,313
191,176
Net financial income (expense)
(201,704)
(190,517)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-341": { "value": "
11 Income tax expense
Figures are stated in NOK 1,000
2024
2023
Tax payable
Current tax on profit for the year
247,097
253,717
Tax from partly owned subsidiaries
1,096
1,130
Total tax payable in the balance sheet
248,193
254,847
Deferred tax
Change in temporary differences
(44,360)
(11,321)
Change in temporary differences related to mergers and acquisitions
27,107
(467)
Total deferred tax
(17,253)
(11,788)
Total income tax expense
230,940
243,060
Tax on the group\u2019s pre-tax profit differs from the theoretical amount which would arise from using the weighted
average tax rate applicable to the profits of the consolidated entities as follows:
Figures are stated in NOK 1,000
2024
2023
Profit before tax
1,068,978
1,151,912
Tax calculated at domestic tax rates applicable to profits
237,041
253,421
Tax effects from:
- Non-taxable income
(26,692)
(25,420)
- Non-deductible expenses
12,301
21,729
- Other directly recognised differences
8,290
(6,670)
Tax expense recognised in the income statement
230,940
243,060
Effective tax rate
21.6%
21.1%
2024
2023
The analysis of deferred tax assets and deferred tax liabilities is as follows
Deferred tax assets
- Deferred tax assets to be recovered later than 12 months
(11,623)
(7,690)
- Deferred tax assets to be recovered within 12 months
(90,488)
(82,595)
Deferred tax assets
(102,111)
(90,285)
Deferred tax liabilities
- Deferred tax liabilities to be recovered later than 12 months
124,591
127,689
- Deferred tax liabilities to be recovered within 12 months
-
-
Deferred tax liabilities
124,591
127,689
Loss carried forward
(66,910)
(12)
Deferred tax related to directly recognised differences
17,083
8,909
Deferred tax liabilities (net)
(27,347)
46,301
Deferred tax asset/liability rates
18%
22%
Change in deferred tax liabilities recognised in the balance sheet
Balance at 01.01.
46,301
57,622
Change during the year recognised in the income statement
(73,649)
(11,321)
Balance at 31.12. (net)
(27,347)
46,301
Deferred tax asset not offset due to different taxation
(83,407)
-
Deferred tax not offset due to different taxation
56,060
46,301
Specification of change in deferred tax liabilities/tax assets
Figures are stated in NOK 1,000
Tangible
fixed assets
Non-current
debt
Total
Deferred tax liabilities
Balance at 01.01.2023
132,321
1,025
133,346
Recognised deferred tax in profit for the period
(5,166)
(491)
(5,657)
Balance at 31.12.2023
127,155
534
127,689
Balance at 01.01.2024
127,155
534
127,689
Recognised deferred tax in profit for the period
(2,945)
(153)
(3,098)
Balance at 31.12.2024
124,210
381
124,591
Figures are stated in NOK 1,000
Inventories
Receivables
Provision for
other liabilities
Loss carried
forward
Total
Deferred tax assets
Balance at 01.01.2023
(77,574)
(466)
(13,513)
(102)
(91,656)
Recognised deferred tax in profit for the period
(4,887)
333
5,823
90
1,359
Balance at 31.12.2023
(82,462)
(133)
(7,690)
(12)
(90,297)
Balance at 01.01.2024
(82,462)
(133)
(7,690)
(12)
(90,297)
Recognised deferred tax in profit for the period
(7,881)
(12)
(3,933)
(66,898)
(78,724)
Balance at 31.12.2024
(90,343)
(145)
(11,623)
(66,910)
(169,021)
The group has applied the temporary exception, introduced in May 2023, from the accounting requirements for
deferred taxes in IAS 12, so that the group neither recognises nor discloses information about deferred tax assets and
liabilities related to Pillar Two income taxes. The group is continuing to assess the impact of the Pillar Two income
taxes legislation on its future financial performance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-342": { "value": "
Figures are stated in NOK 1,000
2024
2023
Tax payable
Current tax on profit for the year
247,097
253,717
Tax from partly owned subsidiaries
1,096
1,130
Total tax payable in the balance sheet
248,193
254,847
Deferred tax
Change in temporary differences
(44,360)
(11,321)
Change in temporary differences related to mergers and acquisitions
27,107
(467)
Total deferred tax
(17,253)
(11,788)
Total income tax expense
230,940
243,060
2024
2023
The analysis of deferred tax assets and deferred tax liabilities is as follows
Deferred tax assets
- Deferred tax assets to be recovered later than 12 months
(11,623)
(7,690)
- Deferred tax assets to be recovered within 12 months
(90,488)
(82,595)
Deferred tax assets
(102,111)
(90,285)
Deferred tax liabilities
- Deferred tax liabilities to be recovered later than 12 months
124,591
127,689
- Deferred tax liabilities to be recovered within 12 months
-
-
Deferred tax liabilities
124,591
127,689
Loss carried forward
(66,910)
(12)
Deferred tax related to directly recognised differences
17,083
8,909
Deferred tax liabilities (net)
(27,347)
46,301
Deferred tax asset/liability rates
18%
22%
Change in deferred tax liabilities recognised in the balance sheet
Balance at 01.01.
46,301
57,622
Change during the year recognised in the income statement
(73,649)
(11,321)
Balance at 31.12. (net)
(27,347)
46,301
Deferred tax asset not offset due to different taxation
(83,407)
-
Deferred tax not offset due to different taxation
56,060
46,301
Specification of change in deferred tax liabilities/tax assets
Figures are stated in NOK 1,000
Tangible
fixed assets
Non-current
debt
Total
Deferred tax liabilities
Balance at 01.01.2023
132,321
1,025
133,346
Recognised deferred tax in profit for the period
(5,166)
(491)
(5,657)
Balance at 31.12.2023
127,155
534
127,689
Balance at 01.01.2024
127,155
534
127,689
Recognised deferred tax in profit for the period
(2,945)
(153)
(3,098)
Balance at 31.12.2024
124,210
381
124,591
Figures are stated in NOK 1,000
Inventories
Receivables
Provision for
other liabilities
Loss carried
forward
Total
Deferred tax assets
Balance at 01.01.2023
(77,574)
(466)
(13,513)
(102)
(91,656)
Recognised deferred tax in profit for the period
(4,887)
333
5,823
90
1,359
Balance at 31.12.2023
(82,462)
(133)
(7,690)
(12)
(90,297)
Balance at 01.01.2024
(82,462)
(133)
(7,690)
(12)
(90,297)
Recognised deferred tax in profit for the period
(7,881)
(12)
(3,933)
(66,898)
(78,724)
Balance at 31.12.2024
(90,343)
(145)
(11,623)
(66,910)
(169,021)
The group has applied the temporary exception, introduced in May 2023, from the accounting requirements for
deferred taxes in IAS 12, so that the group neither recognises nor discloses information about deferred tax assets and
liabilities related to Pillar Two income taxes. The group is continuing to assess the impact of the Pillar Two income
taxes legislation on its future financial performance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-343": { "value": "
12 Intangible assets
Figures are stated in NOK 1,000
Software
Trademarks
Contractual rights
Goodwill
Total
Financial year 2023
Carrying amount at 01.01.2023
92,967
591,267
-
2,191,053
2,875,287
Additions through the acquisition of subsidiaries
-
-
-
323
323
Additions
21,718
-
-
-
21,718
Amortisation
(36,291)
-
-
-
(36,291)
Carrying amount at 31.12.2023
78,394
591,267
-
2,191,378
2,861,038
At 31.12.2023
Acquisition cost
317,532
622,140
250,700
2,191,378
3,381,749
Accumulated amortisation
(239,138)
(30,873)
(172,356)
-
(442,367)
Accumulated impairment
-
-
(78,344)
-
(78,344)
Net carrying amount 31.12.2023
78,394
591,267
-
2,191,378
2,861,038
Financial year 2024
Carrying amount at 01.01.2024
78,394
591,267
-
2,191,378
2,861,038
Additions through the acquisition of subsidiaries
21,832
223
-
277,766
299,821
Exchange differences
521
4
-
6,617
7,142
Additions
8,295
-
-
-
8,295
Amortisation
(34,512)
(107)
-
-
(34,619)
Carrying amount at 31.12.2024
74,529
591,387
-
2,475,761
3,141,677
At 31.12.2024
Acquisition cost
348,225
622,368
250,700
2,475,761
3,697,053
Exchange differences
(45)
(1)
-
-
(46)
Accumulated amortisation
(273,650)
(30,980)
(172,356)
-
(476,986)
Accumulated impairment
-
-
(78,344)
-
(78,344)
Net carrying amount 31.12.2024
74,529
591,387
-
2,475,761
3,141,677
The group\u2019s trademarks are linked to the brand
names \u201dEuropris\u201d and \u201dLekekassen\u201d. The \u201dEuropris\u201d
name has existed for a long time and has shown a
healthy development since its origination. The
\u201dLekekassen\u201d name is a strong brand which is linked to
the online store Lekekassen - Norway\u2019s largest online
toy store. There are clear intentions to retain and
further develop both brand names for the foreseeable
future. As a consequence, the brand names are not
depreciated, but tested for impairment annually.
The contractual rights are related to franchise
agreements.
Goodwill comprises a number of elements, mainly
related to the Europris concept. Most significant is the
well positioned business and the established reputation
in the market. The skilled workforce, as well as supplier
and customer relations (non-contractual), are also
important elements. For goodwill related to the
acquisition of \u00d6oB, please refer to note 15.
Impairment testing of goodwill and
trademarks
Goodwill and the trademarks are annually tested for
impairment by comparing their carrying amount and
recoverable amount (greater of fair value less costs to
sell and value in use). Goodwill is allocated to the
groups of cash-generating units which are expected to
benefit from the synergies of the combination. From
2024 the group has two operating segments (Norway
and Sweden) and goodwill will be tested for impairment
at these levels, which represent the lowest level in the
entity at which goodwill is monitored for internal
management purposes.
Goodwill and trademarks (Norway)
The recoverable amount of a cash-generating unit is
calculated on the basis of the value which the asset will
provide to the business (value in use). In this
calculation, the forecasts of future cash flows are
based on budgets and long-term plans approved by the
management covering a five-year period (2025-2029).
The gross margin is stable in the period, and in range
with the historical performance. EBITDA percentages of
sales are also stable in the 2024-2029 period. Cash
flows beyond the five-year period are calculated using
the expected inflation rate as a long-term growth rate. A
market-based rate of return of 8.9 per cent before tax
(9.6 per cent in 2023) is derived using the weighted
average cost of capital (WACC) model.
Goodwill (Sweden)
Runsvengruppen AB (\u00d6oB) was acquired 20 per cent
in 2018 and the remaining 80 per cent in May 2024.
The goodwill related to the segment Sweden (based on
a preliminary fair value calculation, see note 15
Business combinations), is tested for impairment as of
31 December 2024.
Trademark Lekekassen
Lekekassen was acquired in 2021 (67 percent) and
the rest of the shares were acquired in 2023.\u00a0
Lekekassen is defined as a separate cash-generating
unit and the brand name Lekekassen is tested for
impairment at this level. The recoverable amount of a
cash-generating unit is calculated on the basis of the
value which the asset will provide to the business
(value in use). In this calculation, the forecasts of future
cash flows are based on budgets and long-term plans
approved by the management covering a five-year
period (2025-2029). The gross margin is stable in the
period, and in range with the historical performance.
EBITDA percentages of sales are also stable in the
2025-2029 period. Cash flows beyond the five-year
period are calculated using the expected inflation rate
as a long-term growth rate. A market-based rate of
return of 16.0 per cent before tax (16.2 per cent in
2023) is derived using the weighted average cost of
capital (WACC) model.
The recoverable amount exceeds the carrying
amount of the group's goodwill and trademarks. The
group has also done sensitivity tests. No reasonable
changes in key assumptions would lead to impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-344": { "value": "
The group\u2019s trademarks are linked to the brand
names \u201dEuropris\u201d and \u201dLekekassen\u201d. The \u201dEuropris\u201d
name has existed for a long time and has shown a
healthy development since its origination. The
\u201dLekekassen\u201d name is a strong brand which is linked to
the online store Lekekassen - Norway\u2019s largest online
toy store. There are clear intentions to retain and
further develop both brand names for the foreseeable
future. As a consequence, the brand names are not
depreciated, but tested for impairment annually.
The contractual rights are related to franchise
agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-345": { "value": "
Goodwill comprises a number of elements, mainly
related to the Europris concept. Most significant is the
well positioned business and the established reputation
in the market. The skilled workforce, as well as supplier
and customer relations (non-contractual), are also
important elements. For goodwill related to the
acquisition of \u00d6oB, please refer to note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-346": { "value": "
13 Property, plant and equipment
Figures are stated in NOK 1,000
Land
Buildings
Fixtures and
fittings
Total
Financial year 2023
Carrying amount at 01.01.2023
21,225
113,230
338,070
472,525
Additions through the acquisition of subsidiaries
-
-
348
348
Additions
-
701
119,282
119,983
Disposals
-
-
(84)
(84)
Depreciation charge for the year
-
(6,201)
(77,084)
(83,284)
Carrying amount at 31.12.2023
21,225
107,730
380,532
509,487
At 31.12.2023
Accumulated cost
21,225
122,300
957,132
1,100,656
Disposals at cost
-
-
(84)
(84)
Accumulated depreciation
-
(14,570)
(576,515)
(591,085)
Net carrying amount 31.12.2023
21,225
107,730
380,532
509,487
Financial year 2024
Carrying amount at 01.01.2024
21,225
107,730
380,532
509,487
Additions through the acquisition of subsidiaries
-
12,984
68,319
81,303
Exchange differences
-
338
1,453
1,791
Additions
-
(2,174)
132,535
130,362
Disposals
-
-
-
-
Depreciation charge for the year
-
(2,792)
(108,162)
(110,954)
Carrying amount at 31.12.2024
21,225
116,087
474,677
611,988
At 31.12.2024
Accumulated cost
21,225
133,110
1,157,902
1,312,236
Disposals at cost
-
-
-
-
Exchange differences
-
338
1,453
1,791
Accumulated depreciation
-
(17,362)
(684,678)
(702,039)
Net carrying amount 31.12.2024
21,225
116,087
474,677
611,988
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-347": { "value": "
14 Leases
Figures are stated in NOK 1,000
Buildings
Vehicles
Fixtures and
fittings
Total
Right-of-use assets
Carrying amount at 01.01.2024
2,429,541
18,399
93,297
2,541,237
Additions
664,565
16,455
5,609
686,629
Additions through the acquisition of subsidiaries
743,065
1,370
25,350
769,786
Exchange differences
17,495
32
599
18,126
Adjustments (CPI)
62,690
-
-
62,690
Depreciation
(745,980)
(11,481)
(19,893)
(777,354)
Terminations
(6,381)
-
-
(6,381)
Net carrying amount 31.12.2024
3,164,996
24,776
104,961
3,294,733
Lease liabilities
2024
2023
Carrying amount at 01.01.
2,668,623
2,536,991
Additions
686,270
527,227
Additions through the acquisition of subsidiaries
791,391
13,977
Exchange differences
12,566
-
Adjustments (CPI)
62,690
120,600
Interest expense
116,575
95,120
Lease payments
(877,235)
(625,292)
Net carrying amount 31.12.
3,460,881
2,668,623
Undiscounted lease liabilities and maturity of cash outflows
Less than one year
904,858
602,358
One-five years
2,071,861
1,586,907
More than five years
768,853
687,904
Total undiscounted lease liabilities at 31.12.
3,745,572
2,877,169
Current lease liabilities
894,019
588,626
Non-current lease liabilities
2,566,863
2,079,997
Total lease liabilities at 31.12.
3,460,882
2,668,623
Lease expenses recognised in consolidated income statement
Interest expense on lease liabilities
116,575
95,120
Variable lease payments
1,122
1,028
Operating expenses related to short-term leases
17,582
17,370
Operating expenses related to low-value assets
895
1,180
Payments in lease agreements
903,368
643,637
Practical expedients applied
The group also leases smaller machinery and equipment with contract terms of 1 to 3 years. The group has elected
to apply the practical expedient of low value assets for some of these leases and does not recognise lease liabilities or
right-of-use assets. The leases are instead expensed when they incur. The group has also applied the practical
expedient to not recognise lease liabilities and right-of-use assets for short-term leases, presented in the table above.
Variable lease payments
In addition to the lease liabilities above, the group is committed to pay variable lease payments for some of their
leases. The variable lease payments are expensed as incurred.
Extension options
The lease term represents the non-cancellable period of the lease together with periods covered by an option to
extend the lease if the lessee is reasonably certain to exercise that option.
Generally it is not considered reasonable certain that extension options will be exercised. Typically, lease contracts
are renegotiated at the end of the non-cancellable period, and a new contract is entered into on better terms, in the
form of both shorter duration and lower rent. This means that extension options in the lease contracts are not normally
included in the IFRS 16 calculation.
There are no indications of a need for impairment of right-of-use assets in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-348": { "value": "
15 Business combinations
In June 2018, the group acquired 20 per cent of Runsvengruppen AB (\u00d6oB), a Swedish discount variety retailer. In
addition to the 20 per cent holding of shares, Europris held an option to acquire the remaining 80 per cent of the
shares.
\u00d6oB has its head office in Sk\u00e4nninge and runs 93 stores across Sweden. The acquisition of \u00d6oB is an important
strategic milestone on the path of creating a Nordic champion in discount variety retail. Europris and \u00d6oB are similar
concepts and leading brands in their segment. Operationally, \u00d6oB has lost market share over time, has seen declining
profitability and will need a turnaround to operate profitably in the future. The turnaround will be based on category
harmonisation and joint sourcing with Europris, improving the customer experience in addition to strengthening the
execution across the value chain.
On 2 May 2024, the group closed the acquisition of the remaining 80 per cent of \u00d6oB and became full owner of the
company. The final purchase price was NOK 200.5 million, of which NOK 187.5 million was paid with Europris treasury
shares and NOK 13 million was paid in cash (netted towards outstanding payments from the seller of awarded costs
under the arbitration award of 19 December 2023). Europris transferred 2,579,678 treasury shares to the seller, RuNor
AS, and these shares are subject to a customary 12-month lock-up. The lock-up for the initial consideration shares
delivered in 2019 is no longer in force (the remaining balance of the initial consideration shares is 853,648 shares). In
total RuNor AS held 3,433,326 shares, corresponding to 2.06 per cent of the share capital in Europris ASA.
Purchase consideration
Figures in NOK million
Cash
13
Strike option (value of shares 2 May 2024)
172
Fair value of option to acquire 80 per cent
134
Fair value of initial 20 per cent share
80
Total consideration
399
Net cash from acquisition in the consolidated statements of cash flows
Figures in NOK million
Cash paid in purchase consideration
(13)
Cash at the acquisition date
32
Net cash
19
According to IFRS 3 Business combinations, a step acquisition shall be remeasured to fair value at the acquisition
date. This includes a fair value measurement of the option to acquire the remaining shares. In total, a gain of NOK 32
million is recognised in profit and loss as a result of the fair value assessment of the option. The remeasurement of the
initial 20 per cent stake has resulted in a gain amounting to NOK 17 million. The group recorded an estimated loss of
NOK 16 million on its 20 per cent stake up until the point of control.
\u00d6oB was consolidated into the Europris group's financial statements as of 2 May 2024, at which point Europris
obtained control. \u00d6oB had total revenues of SEK 1,227 million and loss of SEK 240 million in the period up to 2 May
and total revenues of SEK 2,818 million and loss of SEK 103 million in the period from 2 May to 31 December 2024.
\u00a0The preliminary fair value calculation of \u00d6oB is estimated to NOK 399 million based on NOK/SEK exchange rate at
the acquisition date. An excess value of NOK 280 million is identified in the preliminary purchase price allocation, which
is mainly related to buildings and goodwill. A final allocation between the various items remains to be concluded within
May 2025. In the annual financial statements for 2024 NOK 277 million is allocated to goodwill.
\u00a0The preliminary amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set
out in the table below.
Figures in NOK million
Total fixed assets
1
Inventories
776
Receivables
148
Cash
32
Total assets
1,829
Non-current liabilities
615
Current liabilities
1,092
Net assets
122
Goodwill
277
Net asset acquired
399
Goodwill comprises a number of elements which individually cannot be quantified. Most significant is the established
reputation in the market and the skilled workforce. These are important elements to succeed with the turnaround
process which will be based on category harmonisation and joint sourcing with Europris, improving the customer
experience in addition to strengthening the execution across the value chain
Acquisitions in the year ending 31 December 2023
On 28 March 2023, the group acquired the remaining 33 per cent of the shares in Lekekassen for a purchase price of
NOK 212 million paid in cash. Following the resignation from the CEO of Lekekassen, Andreas Skalleberg, the
remaining shares were purchased from his company Andrino Invest AS. Consequently the put option liability which was
recognised for Europris\u2019 obligation to purchase these shares, with a corresponding charge directly to shareholders
equity, was reversed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-349": { "value": "
16 Non-controlling interests
Figures are stated in NOK 1,000
2024
2023
Changes in non-controlling interests
Non-controlling interests 01.01
50,575
322,082
Increase/(decrease) due to acquisitions in companies with non-controlling interests
-
(252,054)
Non-controlling interests\u2019 share of profit/loss
802
218
Dividend to non-controlling interests
(78)
(20,034)
Translation differences
-
364
Non-controlling interests 31.12
51,299
50,575
Breakdown of non-controlling interests' share of profit/loss
Lunehjem.no AS
(434)
(299)
Strikkemekka Holding AS
1,236
516
Total non-controlling interests' share of profit/loss
802
218
Breakdown of non-controlling interests
Lunehjem.no AS
5,549
5,983
Strikkemekka Holding AS
45,750
44,591
Total non-controlling interests
51,299
50,575
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-350": { "value": "
17 Earnings per share
Earnings per share are calculated by dividing profit attributable to ordinary shareholders by a weighted average of
ordinary shares outstanding during the period. The average number of shares outstanding was adjusted to take
account of the holding of treasury shares.
Figures are stated in NOK 1,000, except per share amounts
2024
2023
Profit for the period
838,038
908,852
Profit available to holders of ordinary shares
837,236
908,634
Number of ordinary shares
166,969
166,969
Weighted average of ordinary shares outstanding
162,673
161,035
Earnings per ordinary share (basic)
5.15
5.64
Earnings per ordinary share (diluted)
5.15
5.64
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-351": { "value": "
18 Trade receivables and other receivables
Figures are stated in NOK 1,000
2024
2023
Trade receivables
Trade receivables
227,801
218,521
Provision for impairment
(880)
(850)
Net trade receivables
226,921
217,671
Other receivables
Allocated market support
42,110
40,180
Other receivables
156,316
69,222
Other receivables
198,426
109,402
Total
425,347
327,073
Non-current receivables
Deposits and loans to franchisees
1,794
1,990
Other receivables
1,794
1,990
Total current and non-current receivables
427,142
329,063
The carrying amount of trade receivables and other receivables is assessed as not differing materially from fair value.
Figures are stated in NOK 1,000
2024
2023
Provision for impairment of trade receivables
At 01.01
850
600
Change in provision
30
250
At 31.12
880
850
Ageing of trade receivables
Not due
219,328
198,962
Due
7,594
18,709
Total
226,921
217,671
Accounts receivable older than 90 days constituted an insignificant portion of overdue items at 31.12. This applies to
both years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-353": { "value": "
19 Inventories and cost of goods sold
Figures are stated in NOK 1,000
2024
2023
Inventories
3,378,914
2,169,343
- Provision for obsolescence
(86,625)
(26,644)
Booked value
3,292,289
2,142,699
Provision for obsolescence
At 01.01
(26,644)
(18,892)
Change in accruals
(59,981)
(7,752)
Provision for impairment at 31.12
(86,625)
(26,644)
Carrying amount of inventory which has been impaired
627,400
427,205
The group makes provisions for impairment of inventory. These provisions are estimated and require in-depth
knowledge of the goods and market conditions. See more details in note 3.1.a.
Figures are stated in NOK 1,000
2024
2023
Cost of goods sold
7,450,553
5,278,035
Foreign exchange currency effects
(13,099)
(2,359)
Net cost of goods sold
7,437,455
5,275,676
Unrealised gains and losses are classified as part of the cost of goods sold (COGS) in the profit or loss statement.
Similarly, unrealised foreign currency exchange gains and losses on inventory trade payables are also included as part
of COGS. All gains and losses, both realised and unrealised, related to the purchase of inventory are included as part
of COGS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-352": { "value": "
19 Inventories and cost of goods sold
Figures are stated in NOK 1,000
2024
2023
Inventories
3,378,914
2,169,343
- Provision for obsolescence
(86,625)
(26,644)
Booked value
3,292,289
2,142,699
Provision for obsolescence
At 01.01
(26,644)
(18,892)
Change in accruals
(59,981)
(7,752)
Provision for impairment at 31.12
(86,625)
(26,644)
Carrying amount of inventory which has been impaired
627,400
427,205
The group makes provisions for impairment of inventory. These provisions are estimated and require in-depth
knowledge of the goods and market conditions. See more details in note 3.1.a.
Figures are stated in NOK 1,000
2024
2023
Cost of goods sold
7,450,553
5,278,035
Foreign exchange currency effects
(13,099)
(2,359)
Net cost of goods sold
7,437,455
5,275,676
Unrealised gains and losses are classified as part of the cost of goods sold (COGS) in the profit or loss statement.
Similarly, unrealised foreign currency exchange gains and losses on inventory trade payables are also included as part
of COGS. All gains and losses, both realised and unrealised, related to the purchase of inventory are included as part
of COGS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-354": { "value": "
20 Cash
Figures are stated in NOK 1,000
2024
2023
Cash
603,362
676,323
Total
603,362
676,323
Net cash in the consolidated statement of cash flows includes the following:
Figures are stated in NOK 1,000
2024
2023
Cash
599,884
673,161
Bank deposits restricted for employee tax withholdings
3,478
3,162
Net cash
603,362
676,323
The group has established a guarantee for employee tax withholdings of a total of NOK 65 million.
The group has overdraft facilities of NOK 1,947 million. See note 22 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-355": { "value": "
21 Share capital and shareholder information
The share capital of Europris is NOK 166,968,888, consisting of 166,968,888 shares with a par value of NOK 1. The
company\u2019s share capital consists of one class of shares, where all shares have the same voting rights.
Major shareholders at 31 December 2024
Number of shares
Share of capital
Folketrygdfondet
23,667,643
14.2%
Fidelity Investments (FMR)
15,150,945
9.1%
Alfred Berg Kapitalforvaltning
11,561,674
6.9%
DNB Asset Management AS
8,688,245
5.2%
Storebrand Asset Management
7,042,518
4.2%
Vanguard
6,289,779
3.8%
Holberg Fonder
5,395,000
3.2%
KLP Kapitalforvaltning AS
4,588,352
2.7%
Handelsbanken Fonder
4,539,064
2.7%
Arctic Fund Management
3,873,864
2.3%
Runor AS
3,433,326
2.1%
SR-Forvaltning AS
3,328,413
2.0%
Europris ASA
3,319,636
2.0%
Nordea Funds
3,047,976
1.8%
Egil Christen Dahl
3,000,000
1.8%
Dimensional Fund Advisors
2,649,443
1.6%
Degroof Petercam
2,565,000
1.5%
BlackRock
2,496,558
1.5%
Sissener AS
2,350,000
1.4%
Swedbank Robur Fonder
2,200,000
1.3%
Others
47,781,452
28.6%
Total shares
166,968,888
100.0%
Shares held by directors, CEO and CFO
Title
Number of shares
Tom Vidar Rygh (directly and indirectly through Retiro AS)
Chair
620,227
P\u00e5l Wibe (Nordkronen II AS)
Director
143,572
Jon Martin Klafstad (AS Master Trading)
Director
13,982
Hege B\u00f8mark
Director
8,129
Bente Sollid (Digital Hverdag AS)
Director
2,038
Espen Eldal (directly and indirectly through Knipen AS)
CEO
629,098
Stina C Byre
CFO
28,271
Treasury shares at 31 December 2024
Nominal value
Number of shares
Fair value (NOK)
Shares owned by Europris ASA
3,319,636
3,319,636
241,337,537
Treasury shares have been deducted from equity at cost. The nominal value of the shares has been deducted from
paid-in capital.
Change in number of treasury shares:
Treasury shares 01.01.2024
5,921,935
Payment for 80 per cent of Runsvengruppen AB with treasury shares
(2,579,678)
Sale of treasury shares to senior executives
(22,621)
Treasury shares 31.12.2024
3,319,636
Average cost price for treasury shares is NOK 48.86.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-356": { "value": "
Treasury shares have been deducted from equity at cost. The nominal value of the shares has been deducted from
paid-in capital.
Change in number of treasury shares:
Treasury shares 01.01.2024
5,921,935
Payment for 80 per cent of Runsvengruppen AB with treasury shares
(2,579,678)
Sale of treasury shares to senior executives
(22,621)
Treasury shares 31.12.2024
3,319,636
Average cost price for treasury shares is NOK 48.86.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-357": { "value": "
22 Bank borrowings
On 30 June 2023, the group entered into a financing agreement with DNB, Nordea and Danske Bank. The
agreement has a 3 + 1 + 1-year structure. The first year option has been exercised.
2024
2023
Figures are stated in NOK 1,000
Amortised cost
Nominal value
Amortised cost
Nominal value
Non-current liabilities
Debt to financial institutions
1,018,516
1,020,250
1,041,843
1,044,271
Sub-total
1,018,516
1,020,250
1,041,843
1,044,271
The amortised cost of the bank debt is assessed as not differing materially from fair value. The group's business risk
and credit risk have not changed significantly in the period.
2024
2023
Current liabilities
First-year instalment non-current debt
5,000
5,000
Overdraft facilities \u2013 off-balance sheet
The loan facility includes an overdraft facility, which consists of
Overdraft and multi-currency group account
737,200
325,500
Revolving facility loan
1,200,000
1,200,000
Guarantees
10,000
10,000
Total
1,947,200
1,535,500
Drawn guarantees
306,232
7,145
Undrawn overdraft facilities
1,640,968
1,528,355
Convenants related to bank agreement
At 31.12.2024
Leverage ratio \u2013 net debt/adjusted EBITDA (excl IFRS 16 according to the bank agreement)
3.50
Europris leverage ratio \u2013 net debt/adjusted EBITDA (excl IFRS 16 according to the bank agreement)
0.61
Covenants are measured and reported quarterly. In the bank agreement, the covenant (leverage ratio) will be at 3.5
for any test date in the remainder of the agreement period.
The group was in compliance with financial covenants in 2024.
Maturity structure including interest
2024
2023
Within one year
43,313
46,129
One to two years
43,063
45,342
Two to five years
1,126,913
1,131,400
After five years
-
-
See note 2.3 for the maturity structure of all financial liabilities.
Effective interest rate at 31.12
2024
2023
Term loan
3.92%
3.72%
No assets are currently pledged under the loan agreement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-358": { "value": "
23 Derivatives
Figures are stated in NOK 1,000
2024
2023
Forward exchange contracts \u2013 expiring within one year
16,516
446
Interest-rate swaps \u2013 expiring after one year
73,124
71,322
Option at fair value through profit or loss
-
101,789
Total derivatives \u2013 asset
89,640
173,557
Forward exchange contracts \u2013 expiring within one year
14,952
31,274
Total derivatives \u2013 liability
14,952
31,274
Net derivative asset (liability)
74,688
142,282
Forward exchange contracts
The group faces currency risk arising from purchases in foreign currencies. The group hedges currency fluctuations
by entering into forward exchange contracts. The group does not use hedge accounting. Forward exchange contracts
are measured at fair value through profit and loss.
Amount in
NOK 1,000
Average
exchange rate
Termination
Nominal principal forward contracts to purchase (USD)
346,953
10.91
Jan-May 2025
Nominal principal forward contracts to purchase (EUR)
156,017
11.82
Jan-May 2025
Amount in
SEK 1,000
Average
exchange rate
Termination
Nominal principal forward contracts to purchase (USD)
141,316
10.71
Jan-Apr 2025
Nominal principal forward contracts to purchase (EUR)
50,602
11.47
Jan-Apr 2025
Interest rate swaps
The group has entered into interest-rate swap agreements of a total of NOK 600 million to hedge part of its interest-
rate risk fluctuations. Of these contracts, NOK 300 million expires in July 2027 and NOK 300 million in July 2030. With
these contracts 60 per cent of the principal of the group's bank loans is presently hedged.
The group does not use hedge accounting. The interest-rate swaps are measured at fair value through profit and
loss.
2024
2023
Lowest fixed interest rate in interest-rate swap agreements
0.780%
0.780%
Highest fixed interest rate in interest-rate swap agreements
0.917%
0.917%
Nominal principal in interest-rate swaps
600,000
600,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-360": { "value": "
24 Financial instruments by category
Figures are stated in NOK 1,000
2024
2023
Financial assets measured at amortised cost
Non-current receivables
1,794
1,990
Trade receivables
226,921
217,671
Other receivables
198,426
55,611
Cash
603,362
676,323
Financial liabilities measured at amortised cost
Non-current debt
(1,018,516)
(1,041,843)
First year instalment non-current debt
(304,480)
(5,000)
Accounts payable
(1,255,066)
(879,881)
Put option liability
(30,390)
(27,980)
Other current payables
(1,047,492)
(744,672)
Assets/liabilities measured at fair value through profit and loss
Derivatives - asset
89,640
71,768
Option at fair value through profit or loss
-
101,789
Derivatives - liability
(14,952)
(31,274)
Net financial instruments
(2,550,752)
(1,605,499)
All the group's financial instruments measured at fair value are classified as level 2. Level 2 consists of financial
instruments with no quoted prices in active markets for identical assets or liabilities which are observable for the asset
or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 2 assets and liabilities are
measured by using valuation methods. These valuation methods utilise observed data and the group's own estimates.
If all significant data required to measure the fair value of an instrument is observable data, then the instrument is
classified as level 2.
Special valuation methods which are being used to value financial instruments include:
\u2013 fair value of interest-rate swaps is measured as the net present value of estimated future cash flows based on the
observable yield curve
\u2013 fair value of forward exchange contracts is measured as the net present value of the difference between the
contractual forward rate and the forward rate of the currency at the balance-sheet date, multiplied by the
contractual volume in foreign currency..
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-359": { "value": "
24 Financial instruments by category
Figures are stated in NOK 1,000
2024
2023
Financial assets measured at amortised cost
Non-current receivables
1,794
1,990
Trade receivables
226,921
217,671
Other receivables
198,426
55,611
Cash
603,362
676,323
Financial liabilities measured at amortised cost
Non-current debt
(1,018,516)
(1,041,843)
First year instalment non-current debt
(304,480)
(5,000)
Accounts payable
(1,255,066)
(879,881)
Put option liability
(30,390)
(27,980)
Other current payables
(1,047,492)
(744,672)
Assets/liabilities measured at fair value through profit and loss
Derivatives - asset
89,640
71,768
Option at fair value through profit or loss
-
101,789
Derivatives - liability
(14,952)
(31,274)
Net financial instruments
(2,550,752)
(1,605,499)
All the group's financial instruments measured at fair value are classified as level 2. Level 2 consists of financial
instruments with no quoted prices in active markets for identical assets or liabilities which are observable for the asset
or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 2 assets and liabilities are
measured by using valuation methods. These valuation methods utilise observed data and the group's own estimates.
If all significant data required to measure the fair value of an instrument is observable data, then the instrument is
classified as level 2.
Special valuation methods which are being used to value financial instruments include:
\u2013 fair value of interest-rate swaps is measured as the net present value of estimated future cash flows based on the
observable yield curve
\u2013 fair value of forward exchange contracts is measured as the net present value of the difference between the
contractual forward rate and the forward rate of the currency at the balance-sheet date, multiplied by the
contractual volume in foreign currency..
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-361": { "value": "
25 Reconciliation of liabilities arising from financing activities
Non-cash changes
Figures are stated in NOK 1,000
Financial
liabilities
01.01.
Cash flows
Acquisition of
subsidiaries
Leases
Other
changes
Total 31.12
2024
Borrowings
1,046,843
(166,411)
441,870
694
1,322,996
Lease liabilities
2,668,623
(760,660)
791,391
748,960
3,460,882
Financial liabilities
3,715,466
(927,070)
1,233,261
748,960
13,260
4,783,877
2023
Borrowings
1,090,349
(45,738)
-
2,232
1,046,843
Lease liabilities
2,536,991
(530,172)
13,977
647,827
2,668,623
Financial liabilities
3,627,340
(575,911)
13,977
647,827
2,232
3,715,466
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-362": { "value": "
26 Related parties
The group\u2019s related parties include its associates, key management personnel, directors and major shareholders.
All subsidiaries included in note 1.2 are related parties of Europris ASA.
For management remuneration, refer to note 7 \u2013 Management remuneration.
No significant transactions were conducted with related parties in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-363": { "value": "
27 Contingent liabilities
There are no significant contingent liabilities at 31.12.2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-364": { "value": "
28 Events after the balance-sheet date
The board will propose the distribution of an ordinary dividend of NOK 3.50 per share for fiscal 2024. The dividend
amounts to NOK 573 million excluding treasury shares.
There were no other subsequent events after the balance sheet date and before the date of the approval of the
financial statements which provide new information about conditions which existed at the balance sheet date which are
not currently reflected in the financial statements, or significant events after the balance sheet date which require
further disclosures.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-365": { "value": "Europris ASA Dikeveien 57, P O Box 1421 NO-1661 Rolvs\u00f8y Switchboard: +47 971 39 000 email: ir@europris.no www.europris.no", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGA8G28", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }