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"value": "NOTE 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES2.2 Consolidation and equity accountingSubsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Further information on entities included in the consolidated financial statements is presented in note 8. The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.Acquisition-related costs are expensed as incurred.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies. 2.4 Foreign currency translation(a) Functional and presentation currencyEach entity in the group determines its functional currency based on the economic environment in which it operates, and items included in the financial statements of each entity are measured using that functional currency. When preparing the financial statements of each individual group entity, transactions in currencies other than the entity\u2019s functional currency are recognised in the functional currency, using the transaction date\u2019s currency rate. The consolidated financial statements are presented in NOK, which is the group\u2019s presentation and functional currency.2.3 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker which is the group\u2019 Board of Directors (BoD). The group sells home textiles across Norway, Sweden, Finland and Estonia under the name KID Interi\u00f8r and Hemtex. Within the Group, segment Kid relates to all operations in Norway and segment Hemtex relates to Sweden, Estonia and Finland. The Group also sells home interior products through the Group\u2019s online websites which is considered part of the operating segments Kid and Hemtex respectively as the online platforms are considered supplements to the stores and not separate segments.Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. The carrying amount of equity-accounted investments is tested for impairment. Further information on joint ventures is presented in note 8. (b) Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within `finance income or costs\u2019.2.7 Impairment of non-financial assetsGoodwill and intangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.2.6 Intangible assetsGoodwillGoodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments KID and Hemtex.Trademarks and licences Separately acquired trademarks and licences are shown at historical cost. Trademarks and licences acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is calculated using the straight-line method to allocate the cost of licences over their estimated useful lives of 9 to 10 years. Trademarks (\u201cKid Interior\u201d brand name) have an indefinite useful life.Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. These costs are amortised over their estimated useful lives of four to seven years.2.5 Property, plant and equipmentProperty, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.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. Repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:Leased movables and shop fittings 5 yearsFixtures 3-5 yearsThe assets\u2019 residual values and useful lives 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 (note 2.7).Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within `Other (losses)/gains \u2013 net\u2019 in the income statement.Property, plant and equipment classified as facilities under construction is held at cost less any recognised provision for impairment. Depreciation is not initiated until the assets are brought into use on store opening.2.8.1 ClassificationThe Group classifies its financial assets in the following categories: at fair value (either through OCI or profit or loss) or amortised cost. The classification is based on the SPPI model (Solely payments of principal and interest) in IFRS 9 and based on the Groups business model. (a) Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss are derivative instruments not designated as hedging instruments. The Group currently have one cross currency interest swap contract defined as financial asset at fair value through profit or loss.(b) Financial assets at amortised cost Trade receivables, based on the classification model SPPI are held at amortized cost. All trade receivables are classified as current assets. 2.8.2 Recognition and measurementTrade receivables are initially recognised at their fair value and subsequently measured at amortised cost. Trade receivables are evaluated for possible impairment each reporting period using the simplified credit loss model. See section 2.11. Trade receivables are derecognised when the right to receive cash flows has expired. 2.9 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.2.16 Liabilities from financial institutionsBorrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.Fees and commission costs paid on the establishment and maintenance of short-term bank borrowing facilities are recognised as bank transaction costs in the accounting period when the costs are paid. These costs are not amortised and deferred as the loans are usually re-paid within a few months. 2.11 Derivative financial instruments and hedge accounting policiesThe Group enters into certain derivative contracts to provide economic hedges for parts of the Group\u2019s exposure to currency rate risk and interest rate risk. These contracts meet the criteria of hedge accounting.Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. Derivatives that are designated as hedging instruments for cash flow hedges are measured at fair value over Other comprehensive income as long as the hedge meets IFRS 9 hedge criteria. The Group does not designate any derivatives as fair value hedges. At inception of the hedge relationship, the group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The group documents its risk management objective and strategy for undertaking its hedge transactions. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs, resulting in the recognition of a non-financial asset such as inventory. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss.2.13 Cash and cash equivalentsFor the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. As of year-end 2021 and 2022 the Group did not have any outstanding bank overdrafts. Cash is initially recognised at fair value and subsequently measured at amortised cost.2.10 Impairment of financial assets Financial assets carried at amortised cost - trade receivablesThe majority of the Group\u2019s sales are \u201cover the counter\u201d in the KID and Hemtex stores to individuals, where payment is received from the customer at the time of the sale. Therefore in the majority of sales transactions, a trade receivable is not recognised. Sales to businesses or government institutions, for example schools or hospitals, a trade receivables is recognised at delivery of the inventory to the customer. These receivables have low credit risk and the majority of receivables over the past several years have been collected in full and on time. The group applies the simplified approach, whereby expected lifetime losses are recognised from initial recognition of the receivables is used.2.12 Inventories, purchased goods and changes in inventoryInventories 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 applicable selling expenses. The cost of purchased goods sold comprises the direct costs (purchase price), import duties and freight as well as the hedging reserve. A significant part of the inventory purchases are denominated in USD and hedged to Norwegian and Swedish kroner with currency derivatives designated as cash flow hedges. Cost of purchased goods sold is determined using a combination of specific identification and weighted-average costing. Changes in inventory also includes a provision for obsolescence and lost goods. 2.15 Trade payablesTrade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. 2.14 Share capitalOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.2.17 Current and deferred income taxThe 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 in the countries where the company and its subsidiaries operate and generate taxable income. 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 if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that 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 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. Only were there is an agreement in place that gives the group the ability to control the reversal of the temporary difference not recognised.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 taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.2.18 ProvisionsProvisions for legal claims, service warranties and make good obligations are recognised when the group has a present 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 measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.2.19 Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The group recognises revenue when control of a good or service transfers to a customer. The group bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.a) Sales of goodsThe group operates a chain of retail outlets for selling interior products. Sales of goods are recognised when a group entity sells a product to the customer. Retail sales are usually in cash or by debit/credit card.It is the group\u2019s policy to sell its products to the retail customer with a right to return within 14 days in Kid and 30 days in Hemtex. Accumulated experience is used to estimate and provide for such returns at the time of sale. Revenue is adjusted for the value of expected returns. Kid does not operate any loyalty programmes. Hemtex has a royalty program where customers receive points based on the consideration paid. When 2 000 points is earned during half a year the customer receive av bonus check of 50 kroner and revenue is adjusted accordingly. (b) Internet revenue Revenue from the sale of goods over the internet is recognised at the point that control of the inventory have passed to the customer, which is the point of delivery to the carrier. Revenue is adjusted for the value of expected returns. The return policy for products sold over the internet is the same as for products sold in the stores. Transactions are settled by credit or payment card.2.20 Interest incomeInterest income arises primarily from interest received on short-term bank deposits, and is recognised as earned. 2.21 Dividend distribution Dividend distributions to the shareholders is recognised as a liability in the Group financial statements in the period in which the dividends are approved by the shareholders at the annual shareholder meeting.2.22 Employee benefitsThe company has various pension schemes. The pension schemes are financed through payments to insurance companies, with the exception of the early retirement pension scheme (AFP). The company has both defined contribution plans and the AFP scheme. (a) Pension obligationsFor defined contribution plans, the group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.The company also has an agreed early retirement scheme (AFP). The new AFP-scheme, in force from 1 January 2011, is a defined benefit multi-employer scheme, but is recognised in the accounts as a defined contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and pension funds in the scheme. The company\u2019s liabilities are therefore not recognised as debt in the balance sheet.2.23 Lease contractsThe group leases various offices, warehouses, retail stores, equipment and vehicles. Rental contracts for the retail stores represent a significant part of the number of contracts and values, and are typically made for fixed periods of 6 months to 8 years. The contracts may include extension options.Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments, less any lease incentives receivable\u2022 amounts expected to be payable by the group under residual value guarantees\u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option- and\ue61f payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.\ue61fThe incremental borrowing rate used takes into consideration the lenght of the contract as well as whether the location of the store is central or not.The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.Right-of-use assets are measured at cost comprising the following: the amount of the initial measurement of lease liability any lease payments made at or before the commencement date less any lease incentives received\ue61f any initial direct costs, and restoration costs.Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss.\ue61fShort-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture.Some property leases contain variable payment terms that are linked to sales generated from a store.\ue61f Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs.Extension and termination options are included in a number of store leases across the group. These are used to maximise operational flexibility in terms of managing the assets used in the group\u2019s operations. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-2": {
"value": "2.1 Basis of preparationThe consolidated financial statements of Kid ASA have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) interpretations as adopted by the European Union and the Norwegian Companies Act 1998 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-10-1": {
"value": "The accounts were approved and authorized for issue by the Board 13. April 2023.2.1.1 New and amended standards adopted by the GroupThere are no new or amended standards adopted by the Group during the year with impact on the amounts recognised in prior periods or that would significantly affect the current or future periods.NOTE 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES2.1 Basis of preparationThe consolidated financial statements of Kid ASA have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) interpretations as adopted by the European Union and the Norwegian Companies Act 1998 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.2.2 Consolidation and equity accountingSubsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Further information on entities included in the consolidated financial statements is presented in note 8. The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.Acquisition-related costs are expensed as incurred.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies. 2.4 Foreign currency translation(a) Functional and presentation currencyEach entity in the group determines its functional currency based on the economic environment in which it operates, and items included in the financial statements of each entity are measured using that functional currency. When preparing the financial statements of each individual group entity, transactions in currencies other than the entity\u2019s functional currency are recognised in the functional currency, using the transaction date\u2019s currency rate. The consolidated financial statements are presented in NOK, which is the group\u2019s presentation and functional currency.2.3 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker which is the group\u2019 Board of Directors (BoD). The group sells home textiles across Norway, Sweden, Finland and Estonia under the name KID Interi\u00f8r and Hemtex. Within the Group, segment Kid relates to all operations in Norway and segment Hemtex relates to Sweden, Estonia and Finland. The Group also sells home interior products through the Group\u2019s online websites which is considered part of the operating segments Kid and Hemtex respectively as the online platforms are considered supplements to the stores and not separate segments.Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. The carrying amount of equity-accounted investments is tested for impairment. Further information on joint ventures is presented in note 8. (b) Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within `finance income or costs\u2019.2.7 Impairment of non-financial assetsGoodwill and intangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.2.6 Intangible assetsGoodwillGoodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments KID and Hemtex.Trademarks and licences Separately acquired trademarks and licences are shown at historical cost. Trademarks and licences acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is calculated using the straight-line method to allocate the cost of licences over their estimated useful lives of 9 to 10 years. Trademarks (\u201cKid Interior\u201d brand name) have an indefinite useful life.Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. These costs are amortised over their estimated useful lives of four to seven years.2.5 Property, plant and equipmentProperty, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.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. Repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:Leased movables and shop fittings 5 yearsFixtures 3-5 yearsThe assets\u2019 residual values and useful lives 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 (note 2.7).Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within `Other (losses)/gains \u2013 net\u2019 in the income statement.Property, plant and equipment classified as facilities under construction is held at cost less any recognised provision for impairment. Depreciation is not initiated until the assets are brought into use on store opening.2.8.1 ClassificationThe Group classifies its financial assets in the following categories: at fair value (either through OCI or profit or loss) or amortised cost. The classification is based on the SPPI model (Solely payments of principal and interest) in IFRS 9 and based on the Groups business model. (a) Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss are derivative instruments not designated as hedging instruments. The Group currently have one cross currency interest swap contract defined as financial asset at fair value through profit or loss.(b) Financial assets at amortised cost Trade receivables, based on the classification model SPPI are held at amortized cost. All trade receivables are classified as current assets. 2.8.2 Recognition and measurementTrade receivables are initially recognised at their fair value and subsequently measured at amortised cost. Trade receivables are evaluated for possible impairment each reporting period using the simplified credit loss model. See section 2.11. Trade receivables are derecognised when the right to receive cash flows has expired. 2.9 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.2.16 Liabilities from financial institutionsBorrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.Fees and commission costs paid on the establishment and maintenance of short-term bank borrowing facilities are recognised as bank transaction costs in the accounting period when the costs are paid. These costs are not amortised and deferred as the loans are usually re-paid within a few months. 2.11 Derivative financial instruments and hedge accounting policiesThe Group enters into certain derivative contracts to provide economic hedges for parts of the Group\u2019s exposure to currency rate risk and interest rate risk. These contracts meet the criteria of hedge accounting.Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. Derivatives that are designated as hedging instruments for cash flow hedges are measured at fair value over Other comprehensive income as long as the hedge meets IFRS 9 hedge criteria. The Group does not designate any derivatives as fair value hedges. At inception of the hedge relationship, the group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The group documents its risk management objective and strategy for undertaking its hedge transactions. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs, resulting in the recognition of a non-financial asset such as inventory. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss.2.13 Cash and cash equivalentsFor the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. As of year-end 2021 and 2022 the Group did not have any outstanding bank overdrafts. Cash is initially recognised at fair value and subsequently measured at amortised cost.2.10 Impairment of financial assets Financial assets carried at amortised cost - trade receivablesThe majority of the Group\u2019s sales are \u201cover the counter\u201d in the KID and Hemtex stores to individuals, where payment is received from the customer at the time of the sale. Therefore in the majority of sales transactions, a trade receivable is not recognised. Sales to businesses or government institutions, for example schools or hospitals, a trade receivables is recognised at delivery of the inventory to the customer. These receivables have low credit risk and the majority of receivables over the past several years have been collected in full and on time. The group applies the simplified approach, whereby expected lifetime losses are recognised from initial recognition of the receivables is used.2.12 Inventories, purchased goods and changes in inventoryInventories 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 applicable selling expenses. The cost of purchased goods sold comprises the direct costs (purchase price), import duties and freight as well as the hedging reserve. A significant part of the inventory purchases are denominated in USD and hedged to Norwegian and Swedish kroner with currency derivatives designated as cash flow hedges. Cost of purchased goods sold is determined using a combination of specific identification and weighted-average costing. Changes in inventory also includes a provision for obsolescence and lost goods. 2.15 Trade payablesTrade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. 2.14 Share capitalOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.2.17 Current and deferred income taxThe 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 in the countries where the company and its subsidiaries operate and generate taxable income. 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 if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that 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 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. Only were there is an agreement in place that gives the group the ability to control the reversal of the temporary difference not recognised.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 taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.2.18 ProvisionsProvisions for legal claims, service warranties and make good obligations are recognised when the group has a present 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 measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.2.19 Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The group recognises revenue when control of a good or service transfers to a customer. The group bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.a) Sales of goodsThe group operates a chain of retail outlets for selling interior products. Sales of goods are recognised when a group entity sells a product to the customer. Retail sales are usually in cash or by debit/credit card.It is the group\u2019s policy to sell its products to the retail customer with a right to return within 14 days in Kid and 30 days in Hemtex. Accumulated experience is used to estimate and provide for such returns at the time of sale. Revenue is adjusted for the value of expected returns. Kid does not operate any loyalty programmes. Hemtex has a royalty program where customers receive points based on the consideration paid. When 2 000 points is earned during half a year the customer receive av bonus check of 50 kroner and revenue is adjusted accordingly. (b) Internet revenue Revenue from the sale of goods over the internet is recognised at the point that control of the inventory have passed to the customer, which is the point of delivery to the carrier. Revenue is adjusted for the value of expected returns. The return policy for products sold over the internet is the same as for products sold in the stores. Transactions are settled by credit or payment card.2.20 Interest incomeInterest income arises primarily from interest received on short-term bank deposits, and is recognised as earned. 2.21 Dividend distribution Dividend distributions to the shareholders is recognised as a liability in the Group financial statements in the period in which the dividends are approved by the shareholders at the annual shareholder meeting.2.22 Employee benefitsThe company has various pension schemes. The pension schemes are financed through payments to insurance companies, with the exception of the early retirement pension scheme (AFP). The company has both defined contribution plans and the AFP scheme. (a) Pension obligationsFor defined contribution plans, the group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.The company also has an agreed early retirement scheme (AFP). The new AFP-scheme, in force from 1 January 2011, is a defined benefit multi-employer scheme, but is recognised in the accounts as a defined contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and pension funds in the scheme. The company\u2019s liabilities are therefore not recognised as debt in the balance sheet.2.23 Lease contractsThe group leases various offices, warehouses, retail stores, equipment and vehicles. Rental contracts for the retail stores represent a significant part of the number of contracts and values, and are typically made for fixed periods of 6 months to 8 years. The contracts may include extension options.Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments, less any lease incentives receivable\u2022 amounts expected to be payable by the group under residual value guarantees\u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option- and\ue61f payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.\ue61fThe incremental borrowing rate used takes into consideration the lenght of the contract as well as whether the location of the store is central or not.The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.Right-of-use assets are measured at cost comprising the following: the amount of the initial measurement of lease liability any lease payments made at or before the commencement date less any lease incentives received\ue61f any initial direct costs, and restoration costs.Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss.\ue61fShort-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture.Some property leases contain variable payment terms that are linked to sales generated from a store.\ue61f Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs.Extension and termination options are included in a number of store leases across the group. These are used to maximise operational flexibility in terms of managing the assets used in the group\u2019s operations. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor.NOTE 3 | FINANCIAL RISK MANAGEMENT3.1 Financial risk factorsThe group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk and cash flow interest rate risk), credit risk and liquidity risk. The group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group\u2019s financial performance. The group uses derivative financial instruments to hedge certain risk exposures. The company applies hedge accounting in accordance with IFRS 9. The group\u2019s risk management is predominantly controlled by a central finance department under policies approved by the board of directors. Group Finance identifies, evaluates and hedges financial risks in close cooperation with the group\u2019s operating units in KID and Hemtex. The board provides written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity. (a) Market risk(i) Foreign exchange riskExposures to currency exchange rates arise from the group\u2019s international purchases, which are primarily denominated in USD. The group uses foreign currency derivative contracts to hedge foreign exchange risk which are recorded at fair value over OCI. At 31. December 2022, the group had future contracts for 100% of the anticipated USD cash flow for a period of 11 months. The Group has adopted IFRS 9 and uses hedge accounting, see note 22 for further information.The following table illustrates the sensitivity on the company\u2019s financial instruments of a 10% change in USD against the Norwegian and Swedish kroner based on the year-end fair value of the instruments with all other variables (e.g. changes of prices on products sold) held constant. Due to the Groups hedging strategy, the change in fair value on unrealized forward contracts are recognised through OCI, and any gain/loss in P&L upon realization is offset against currency effects on the the hedged object. Se note 22 for more information.At 31 December 2022 +10% change -10% changeEffect on OCI (FX derivatives NOK/USD) 40,109 -40,109Effect on OCI (FX derivatives SEK/USD) 21,637 -21,637At 31 December 2021 +10% change -10% changeEffect on OCI (FX derivatives NOK/USD) 29,136 -29,136Effect on OCI (FX derivatives SEK/USD) 16,169 -16,169The Group is exposed to currency risk related to the operations in Sweden, Finland and Estonia as these entities have a different functional currency than the Group reporting currency. This translation exposure do not result in an immediate cash flow effect, however it is closely monitored since it may have an impact on the covenants for the Group. The net profit from the foreign subsidiaries in 2022 was MNOK 53.9 and total assets at year end was MNOK 910.4.(ii) Interest riskThe group\u2019s interest rate risk arises from long-term borrowings and bank deposits. Borrowings issued at variable rates expose the group to cash flow interest rate risk which is partially offset by cash held at variable rates and hedging contracts. As NIBOR and STIBOR will not be replaced in the near future, we have considered that the Group is not effected by the IBOR-reform as per 31 December 2022. The company is also subject to interest rate risk related to short term bank overdraft drawn during the financial year. Borrowings at variable rates expose the Group to cash flow interest rate risk. Fixed-interest contracts are used to reduce this risk. The following tables illustrate the sensitivity on the company\u2019s financial instruments of a +/- 1% change in interest based on the year-end fair value of the instruments with all other variables held constant with the effect over OCI. Due to the Groups hedging strategy, the change in fair value on unrealized interest contracts are recognised through OCI, and any gain/loss in P&L upon realization is offset against interest effects on the the hedged object. Se note 22 for more information.The sensitivity of the unhedged part of the long term loan is presented illustrating a +/- 1% change in interest based on the floating interest rate at year end and the outstanding unhedged part of the loan.(b) Credit riskThe group\u2019s turnover comes mainly from cash sales or debit/credit card based sales where settlement in cash takes place within a few days of the sales transaction. As such, the group has limited exposure to credit risk relating to accounts receivable balances. Credit risk also arises from derivative financial instruments and deposits with banks and financial institutions. However, counterparts are limited to financial institutions with high creditworthiness. Historically, default and losses related to credit risk have been low.(c) Liquidity riskLiquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due. The group has capital-intensive inventory in central warehouse and stores and has fluctuations related to working capital due to seasonality and the timing of the deliveries and payments.Cash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed loan facilities (note 18) at all times so that the group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. Such forecasting takes into consideration the group\u2019s debt financing plans, covenant compliance and compliance with internal balance sheet ratio targets.Surplus cash is used to pay out dividends and reduce long term borrowings.The table below analyses the group\u2019s non-derivative financial liabilities and net-settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.Between Between Between Less than1 and 2 2 and 3 3 and 4 Over 4 At 31 December 20221 yearyearsyearsyearsyearsBorrowings (ex finance lease liabilities) 40,067 39,505 38,942 465,042 - Lease liabilities 273,020 212,366 153,213 106,496 126,741 Trade and other payables 324,275 - - - - 637,362 251,871 192,155 571,538 126,741Interest swapAt 31 December 2022 +1% change -1% changeEffect on OCI 15,847 -15,847At 31 December 2021 +1% change -1% changeEffect on OCI 1,799 -1,799Cross currency interest swapAt 31 December 2022 +1% change -1% changeEffect on interest cost 10,064 -10,064At 31 December 2021 +1% change -1% changeEffect on interest cost 2,170 -2,170Unhedged part of interest bearing loansAt 31 December 2022 +1% change -1% changeEffect on interest cost 1,016 -1,016At 31 December 2021 +1% change -1% changeEffect on interest cost 336 -3363.3 Fair value estimationThe Group has financial instruments carried at fair value. The different levels have been defined as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).The financial instruments carried at fair value relates to derivative instruments. These instruments are included in level 2. Refer to note 23 for further information on derivative instrumentsLess thanBetween 1 Between 2 Between 3 Over 4 At 31 December 20211 yearand 2 yearsand 3 yearsand 4 yearsyearsBorrowings (ex finance lease liabilities) 104,365 38,192 37,630 37,067 365,023 Lease liabilities 259,278 206,871 149,997 96,301 138,602 Trade and other payables 357,615 - - - - 721,258 245,063 187,627 133,368 503,625Loans consist of one long term loan to Nordea refinanced during the year. Refer to note 18 for information on the external loan. 3.2 Capital managementThe group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, reduce excess loan repayments, exploit available credit facilities or sell financial assets. Kid\u2019s dividend policy is a pay-out ratio of 80-100% of adjusted net profit, with semi-annual payments. The company will deploy a dynamic distribution policy, and any excess capital will be returned to shareholders.The group monitors capital on the basis of the gearing ratio. This ratio is calculated as net interest bearing debt divided by EBITDA. Net interest bearing debt is calculated as total borrowings (including `current and non-current borrowings\u2019 as shown in the consolidated balance sheet excluded financial derivatives) less cash and cash equivalents. EBITDA is calculated as earnings before interest, tax, depreciation and amortisation.The company has had a strategic focus to reduced long term borrowings and reach and maintain a sustainable quarterly gearing ratio below 2,5. The gearing ratios at 31 December 2022 and 2021 were as follows:2022 2021Total external borrowings (note 18) 551,646 546,628Less: cash and cash equivalents (note 16) (75,721) (239,331)Net interest bearing debt 475,925 307,297EBITDA 717,524 877,567Gearing ratio 0.66 0.35 The Group has covenants limits related to gearing ratio and EBITDA. For more information about covenant-limits, refer note 18.The board of directors has proposed a dividend of NOK 3.00 per share to be paid in May 2023. Including the prepayment of NOK 2.50 per share paid in December 2022, the total dividend of NOK 5.50 represents 90 % of Group net income for 2022.NOTE 4 | SEGMENT INFORMATIONThe operating segments are identified on the basis of the reports which Group management (the chief decision-maker) uses to assess performance and profitability at a strategic level. The Group sells interior products mainly through wholly owned stores. Within the Group, Kid Interior relates to Norway and Hemtex relates to Sweden, Estonia and Finland. The Group also sells home interior products through the Group\u2019s online websites which is considered part of the operating segments Kid and Hemtex respectively. Over 99% of the products are sold under own brands.Group management evaluates the results from the segments based on EBITDA. The method of measurement excludes the effect of non-recurring costs, such as restructuring costs and legal costs on acquisition.Geographical informationKid Group sells home interior products in 156 fully owned stores across Norway and 130 stores across EU, of which 116 were in Sweden, 8 in Finland and 6 in Estonia. Of the stores in EU, 119 are owned by Hemtex and 11 are franchises. Revenue2022 2021Norway 1,983,602 1,883,498 Sweden 1,062,366 1,096,695 Finland 83,024 80,771 Estonia 48,999 36,132 Total 3,177,991 3,097,096 Information reported to Group management from the reporting segments.2022KID Interior Hemtex TotalRevenue 1,983,602 1,194,389 3,177,991 Cost of goods sold -827,978 -503,635 -1,331,613 Gross profit 1,155,624 690,754 1,846,378 Other operating revenue 106 5,130 5,236 Operating expense (OPEX) -657,867 -476,227 -1,134,093 EBITDA 497,863 219,657 717,521 Operating profit 296,485 72,740 369,225 - - - Gross margin (%) 58.3% 57.8% 58.1%OPEX to sales margin (%) -33.2% -39.9% -35.7%EBITDA margin (%) 25.1% 18.4% 22.6% - - - Inventory 421,992 246,762 668,753 Total assets 2,575,552 910,368 3,485,919 2021KID Interior Hemtex TotalRevenue 1,883,498 1,213,598 3,097,096 Purchased goods and change in inventory -702,266 -457,240 -1,159,506 Gross profit 1,181,232 756,358 1,937,590 Other operating revenue 503 9,507 10,010 Operating expense (OPEX) -603,282 -466,751 -1,070,033 EBITDA 578,453 299,114 877,567 Operating profit 391,442 149,749 541,190 - - - Gross margin (%) 62.7% 62.3% 62.6%OPEX to sales margin (%) -32.0% -38.5% -34.6%EBITDA margin (%) 30.7% 24.6% 28.3% - - - Inventory 413,016 233,748 646,764 Total assets 2,632,304 902,520 3,534,824 NOTE 5 | CRITICAL ACCOUNTING ESTIMATES AND SIGNIFICANT JUDGEMENTSEstimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 5.1 Critical accounting estimates and assumptionsGroup management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. 5.1.1 Estimated value-in-use to support the value of trademark and goodwillThe Group tests annually whether the Group\u2019s trademark and goodwill has suffered any impairment in accordance with IAS 36. The recoverable amounts of the defined cash-generating units, KID Interi\u00f8r and Hemtex, have been determined based on value-in-use calculations. These calculations require use of estimates, and included considerations of sustainability topics with possible financial materiality. The impairment tests are especially sensitive for negative changes in long-term revenue growth and gross margin.See note 12 \u2013 Intangible assets for more information. 5.1.2 Critical judgements in determining the lease termIn determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Most extension options in store leases have not been included in the lease liability, because the group has the market power to renegotiate rental terms rather than exercising options and also has the financial power to replace the stores without significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not exercised) or the group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. 5.2 Critical judgements in applying the entity\u2019s accounting policies There has not been identified any other critical judgements in applying the entity\u2019s accounting policies.6c Audit fees2022 2021Statutory audit 2,245 1,967Other assurance services 48 68Tax related services 137 44Other assistance 0 7Total fees 2,430 2,0866a Employee benefit expense2022 2021Wages and salaries 505,913 497,468Social security costs 97,328 99,191Pension costs - defined contribution plans (note 20) 18,289 12,517Other benefits 8,362 8,128Total employee benefit expense 629,892 617,304Average number of full-time employees 958 930There has not been any loans to employees or guarantees granted to employees for either 2022 or 2021. Refer to note 19 for specification of salary-related accruals included in Other short term liabilities.6b Benefits key management personnel and board of directors2022Accrued Other Key Management Personnel Salary PensionbonusBenefits TotalCEO, CFO, VD Hemtex 8,611 605 -892 377 8,702Board of directors 2,128 2,1282021Accrued Other Key Management Personnel Salary PensionbonusBenefits TotalCEO, CFO, VD Hemtex 8,315 657 5,925 331 15,229Board of directors 1,948 1,948There has not been any loans or guarantees granted to key management personnel for either 2021 or 2022.CEO have 6 months salary as termination benefit.There are no share based payments. For more information on remuneration, please refer to Remuneration report 2022 as approved by the Board of Directors. The Remuneration report is subject to an advisory vote by the General Meeting in 2023, and published as part of the appendices to the Notice of Annual General Meeting at investor.kid.no.Proportion of shares directly held Name Place of business Nature of businessby parent (%)Kid Interi\u00f8r AS Norway Interior goods retailer 100Kid Logistikk AS Norway Logistics 100Kid Eiendom AS Norway Logistics 100Hemtex AB Sweden Interior goods retailer 100Hemtex OY Finland Interior goods retailer 100Kid International Logistic AB Sweden Logistics 100All subsidiary undertakings are included in the consolidation.The group had the following joint ventures at 31 December 2022.Place of Nature of Measurement Ownership Carrying NamebusinessrelationshipmethodshareamountPrognosgatan Holding AS Norway Joint venture Equity method 50% 30As per year-end the the joint venture is reflected in the statement of financial position. Per 31 December 2022, the share of result from joint ventures is MNOK -2.8 (MNOK 0). The carrying amount is TNOK 0 (TNOK 0.3) and MNOK -2,7 has been classified as other short term liabilities related to the investment. Refer to note 21 for infomation for loans to JV.In November 2021 Kid ASA entered into a commercial cooperation through its Norwegian wholly owned subsidiary Hemtex Logistikk AS with Fabritius Gruppen AS establishing a joint venture,\u201dPrognosgatan Holding AS\u201d, for the purpose of a plot and for constructing a new warehouse facility in Sweden. The Joint Venture is controlled by Kid (through Hemtex Logistikk AS, renamed Kid Eiendom AS) and Fabritius on a 50/50% basis. Fabritius is wholly owned by Gjelsten Holding AS, which currently also holds 10.24% of the shares in Kid ASA. NOTE 7 | FINANCE INCOME AND COSTS2022 2021Finance costsBank interest cost 18,137 15,690Bank charges 3,845 2,933*Other finance costs1,998 17,853Interest on lease liability 28,497 26,908Total finance costs 52,477 63,384Finance incomeInterest income on short-term bank deposits 1,178 3*Other finance income3,770 7,359Total finance income 4,948 7,361Net finance costs -47,528 -56,023* Realized and unrealized currency gain/loss and change in fair value of cross currency interest swap are included in other finance costs and other finance income. Commitments and contingent liabilities in respect of joint venturesAn agreement with the construction entrepreneur was signed in December 2021. Kid Eiendom AS has provided a guarantee equal to 5% of the total contracted amount MNOK 147.5.An updated lease agreement has been signed between Prognosgatan Fastights AB (lessor) and Kid International Logistic AB (lessee) for the use of the planned central warehouse and offices in the warehouse. Kid ASA will place a customary parent company guarantee in favour of the lessor for an amount equal to 12 months of rent inclusive VAT under the lease agreement.NOTE 9 | INCOME TAX EXPENSE2022 2021Current taxCurrent tax on profits for the year Norway 57,997 81,174*Current tax on profits for the year Sweden12,360 25,968Total current tax in income tax expense 70,357 107,142*Of which is prepaid during the year. Refer to reconciliation of payable tax below.Changes in deferred tax related to income tax expense -689 -6,402Income tax expense 69,668 100,740Reconciliation between tax expense and product of accounting profit, multiplied by the applicable tax rate:2022 2021Profit before tax 318,912 485,167Tax calculated at domestic tax rate (22%) applicable to profits 70,161 106,737Tax effects of:Expenses not deductible for tax purposes/(Income not subject to tax) -4 -530Effect of different tax rates -488 -5,466Income tax expense 69,669 100,741Tax charge in percent of profit before tax 22 % 21 %Reconciliation of payable taxNorway Sweden TotalPayable tax 31.12.21 81,174 9,161 90,335Paid taxes during the year -81,565 -24,006 -105,571Payable tax on this years result 58,136 12,360 70,496Tax receivable classified as other receiveables per 31.12.22 2,485 2,485Payable tax 31.12.22 57,745 -0 57,744 The movement in deferred income tax assets and liabilities during the year, taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:Specification of deferred tax/deferred tax assetTrademark and other intangible Right of 31.12.2022 PP&Eassetsuse asset Derivatives Other SumDeferred tax liability (Norway) 2,218 -321,109 7,450 -10,935 -348 -322,723 Deferred tax asset (Sweden) 6,619 -10,837 3,862 -2,117 4,331 1,859 Net deferred tax 8,838 -331,946 11,312 -13,052 3,983 -320,865 Trademark and other intangible Right of 31.12.2021 PP&Eassetsuse asset Derivatives Other SumDeferred tax liability (Norway) -332,280 -332,280 Deferred tax asset (Norway) 310 5,996 -786 1,525 7,046 Deferred tax asset (Sweden) 11,343 3,082 -2,039 3,531 15,918 Net deferred tax 11,653 -332,280 9,079 -2,825 5,056 -309,317 The change in net deferred tax was: Net deferred tax per 31.12.21 -309,317 Recognized in P&L -689Recognized in OCI 22 -35,877Recognized directly in equity 26,121Translation differences -1,103Net deferred tax per 31.12.22 -320,865 NOTE 10 | EARNINGS PER SHAREThere exists only one class of shares.2022 2021Weighted average number of shares 40,645,162 40,645,162Net profit for the year 249,244 384,426Earnings per share (basic and diluted) (Expressed in NOK per share) 6.13 9.46Dividends per share paid in May 4.0 4.4 Dividends per share paid in December (November) 2.5 4.6 Refer to note 3.2 for proposed dividend at year end.NOTE 11 | PROPERTY, PLANT AND EQUIPMENTAssets under Fixtures and constructionfittings Autostore TotalYear ended 31 December 2022Opening net book amount 2,646 178,850 21,661 203,158Additions 26,949 81,905 0 108,854Reclassifications 0 0 - Depreciation charge 0 -64,666 -6,235 -70,901Currency translation differences 0 -3,867 0 -3,867Closing net book amount 29,596 192,222 15,426 237,244At 31 December 2022Cost or valuation 29,596 785,301 31,177 846,074Accumulated depreciation 0 -579,651 -15,751 -595,402Currency translation differences 0 -13,428 0 -13,428Net book amount 29,596 192,222 15,425 237,244Year ended 31 December 2021Opening net book amount 2,646 168,969 27,897 199,512Additions 0 74,541 0 74,541Reclassifications 0 0 0Depreciation charge - -62,091 -6,235 -68,327Currency translation differences - -2,569 0 -2,569Closing net book amount 2,646 178,850 21,661 203,157At 31 December 2021Cost or valuation 2,646 703,397 31,177 737,220Accumulated depreciation - -514,985 -9,515 -524,501Currency translation differences - -9,561 0 -9,561Net book amount 2,646 178,850 21,661 203,158Assets under construction relates to fixed assets not ready for use, mainly related to the new warehouse in Bor\u00e5s as well as store refurbishings. As such, these items are not depreciated until ready for use.Indicators of impairment of property, plant and equipment have been assessed. Management concluded that there were no indicators as per 31 December 2022. NOTE 12 | INTANGIBLE ASSETSSoftware Trademark Goodwill TotalCostAt 1 January 2021 28,409 1,515,484 72,281 1,616,174 Additions 16,223 - - 16,223 Currency translation differences -260 -3,696 -1,995 -5,951 As at 31 December 2021 44,371 1,511,788 70,286 1,626,446 Additions 20,871 - - 20,871 Currency translation differences -775 -1,564 -4,807 -7,146 As at 31 December 2022 64,467 1,510,224 65,479 1,640,171 Accumulated amortisation and impairmentAt 1 January 2021 -22,784 - - -22,784 Amortisation charge -2,489 - - -2,489 As at 31 December 2021 -25,273 - - -25,273 At 1 January 2022 -25,273 - - -25,273 Amortisation charge -3,865 - - -3,865 As at 31 December 2022 -29,138 - - -29,138 Net book valueCost 44,372 1,511,788 70,286 1,626,446 Accumulated amortisation and impairment -25,275 - - -25,275 As at 31 December 2021 19,096 1,511,788 70,286 1,601,170 Cost 64,467 1,510,224 65,479 1,640,170 Accumulated amortisation and impairment -29,140 - - -29,141 As at 31 December 2022 35,326 1,510,224 65,479 1,611,029 Useful life 4-7 years Indefinite IndefiniteImpairment tests for trademark and goodwillThe group tests whether trademark and goodwill has suffered any impairment on an annual basis. The recoverable amount is determined based on value-in-use calculations which require the use of assumptions. The calculations use cash flow projections based on financial budgets and assumptions approved by board covering a five-year period. Cash flows beyond the five-year period are extrapolated using an estimated growth rate of 1%. These growth rates are consistent with forecasts included in industry reports.Trademark Kid InteriorThe trademark Kid was acquired in 2005 and is related to the original cost of the subsidiaries and the company brand Kid Interi\u00f8r. Kid Interi\u00f8r was founded in 1937 and has long traditions within its business area. Kid Interi\u00f8r is a well known brand among the population in Norway and there is a clear intention to retain and further develop this brand. As a consequence, the brand name is not amortised, but tested for impairment annually.The following table sets out the key assumptions used in the impairment test: 2022 2021Sales volume (% annual growth rate) 1.6 2.0 Gross margin (%) 60.9 60.8 Other operating costs (%) 45.2 44.1 Annual capital expenditure (MNOK) 50.0 50.0Discount rate pre tax (%) 10.3 9.2 The recoverable amount of the trademark is estimated to be MNOK 2755 (2021 \u2013 MNOK 3266). This exceeds the carrying amount of the trademark Kid Interi\u00f8r at 31 December 2022 which is MNOK 1460 (2021 \u2013 MNOK 1460).The recoverable amount of the trademark would equal the carrying amount if the key assumptions were to change as follows:2022 2021From To From ToSales volume (% annual growth rate) 1.6 -0.7 2.0 -1.5Budgeted gross margin (%) 60.9 56.0 60.8 51.3Discount rate pre tax (%) 10.3 16.2 9.2 18.9The Directors and management have considered and assessed reasonably possible changes for other key assumptions and have not identified any instances that could cause the carrying amount of the trademark to exceed its recoverable amount. These considerations and assessments includes sustainability topics with possible financial materiality.Trademark and goodwill HemtexThe trademark Hemtex was acquired in May 2019 and relates to the Swedish interior goods retailer Hemtex International and its subsidiaries in Finland and Estonia. Hemtex was founded in 1973 and has long traditions within its business area. Hemtex is a well known brand among the population and there is a clear intention to retain and further develop this brand. As a consequence, the brand name is not amortised, but will be tested for impairment annually. The group has tested whether the trademark and goodwill for impairment at year end. The following table sets out the key assumptions used in the impairment test: 2022 2021Sales volume (% annual growth rate) 2.2 2.1Gross margin (%) 61.0 60.8Other operating costs (% of revenue) 50.3 46.8Annual capital expenditure (MNOK) 50.0 50.0Discount rate pre tax (%) 10.1 8.7 The recoverable amount of the trademark and goodwill is estimated to be MNOK 891. This exceeds the carrying amount of the trademark and goodwill in Hemtex at 31 December 2022 which is MNOK 116.The recoverable amount of the trademark and goodwill would equal its carrying amount if the key assumptions were to change as follows:2022 2021From To From ToSales volume (% annual growth rate) 2.2 -0.1 2.1 -2.2Budgeted gross margin (%) 61.0 57.0 60.8 51.9Discount rate pre tax (%) 10.1 30.2 8.7 41.1The Directors and management have considered and assessed reasonably possible changes for other key assumptions and have not identified any instances that could cause the carrying amount of the trademark to exceed its recoverable amount.NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,120NOTE 14 | TRADE RECEIVABLESTrade receivablesThe carrying amounts of the Group\u2019s trade and other receivables are entirely denominated in the currency in the country in which the company operates, ie NOK, SEK and EUR. The maximum exposure to credit risk at the reporting date is the carrying value of the trade receivables. The Group has not pledged any of the trade receivables as collateral or security. Management has evaluated the trade receivables credit risk to be insignificant and the trade receivables are recognised in the financial statements at full face value. Other receivablesOther receivables consists mainly of prepayments for operating expenses and rental payments for retail locations.31 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832NOTE 15 | INVENTORIES2022 2021Inventory at purchase cost 674,815 654,013 Inventory write-downs to net realizable value -6,061 -7,248 Inventories 668,753 646,764 Recognized loss on inventories2022 2021Lost and damaged goods 13,530 12,399Change in provision for obsolescence -1,187 3,297Recognized loss on inventories in cost of goods sold 12,343 15,696NOTE 16 | CASH AND CASH EQUIVALENTS2022 2021Cash in bank and in hand 63,458 230,169Short-term bank overnight deposits 12,521 9,420Cash and cash equivalents (excluding bank overdrafts) 75,721 239,331The Group does not have any restricted cash bank accounts. See note 18 for further information on employee tax guarantee.NOTE 17 | SHARE CAPITAL AND PREMIUMShare capital (all amounts in NOK)Number of Ordinary Total shares shares Face valueface valueAt 31 December 2022 40,645,162 40,645,162 1.2 48,774,194At 31 December 2021 40,645,162 40,645,162 1.2 48,774,194The top 20 shareholders per 31.12 are the following: 31 December 2022Company # Shares OwnershipGjelsten Holding AS 4,161,291 10.24 %Verdipapirfondet Alfred Berg Gamba 2,908,652 7.16 %Pareto Aksje Norge Verdipapirfond 2,268,735 5.58 %Soci\u00e9t\u00e9 G\u00e9n\u00e9rale 2,050,000 5.04 %Folketrygdfondet 1,892,193 4.66 %Verdipapirfondet Holberg Norge 1,639,520 4.03 %Salt Value AS 1,601,267 3.94 %Stenshagen Invest AS 1,464,600 3.60 %J.P. Morgan SE 1,105,802 2.72 %VJ Invest AS 1,032,824 2.54 %State Street Bank and Trust Comp 720,115 1.77 %Forsvarets Personellservice 707,500 1.74 %Verdipapirfondet Eika Spar 634,114 1.56 %Varner Equities AS 613,176 1.51 %Verdipapirfondet Nordea Avkastning 556,584 1.37 %The Bank of New York Mellon SA/NV 535,031 1.32 %Verdipapirfondet KLP Aksjenorge 517,769 1.27 %Verdipapirfondet Eika Norge 461,834 1.14 %Goldman Sachs International 440,161 1.08 %Verdipapirfondet Nordea Kapital 418,730 1.03 %Key Management Personnel Share holdings 31.12.2022 31.12.2021Anders Fjeld 130,000 130,000 Eystein Lund 50,286 50,286 Anders Lorentzson na na Board of DirectorsPetter Schouw-Hansen 54,808 54,808 Liv Berstad 0 0 Gyrid Skalleberg Inger\u00f8 3,007 3,007 Karin Bing Orgland 32,629 32,629 Rune Marsdal 20,427 20,427 Espen Gundersen 4,000 n/a 31 December 2021Company # Shares OwnershipGjelsten Holding AS 4,161,291 10.24 %Verdipapirfondet Alfred Berg Gamba 3,064,628 7.54 %Pareto Aksje Norge Verdipapirfond 2,109,785 5.19 %Soci\u00e9t\u00e9 G\u00e9n\u00e9rale 2,050,000 5.04 %Folketrygdfondet 1,895,403 4.66 %Stenshagen Invest AS 1,464,600 3.60 %Salt Value AS 1,151,387 2.83 %State Street Bank and Trust Comp 1,058,923 2.61 %Verdipapirfondet Holberg Norge 950,000 2.34 %VJ Invest AS 887,025 2.18 %J.P. Morgan Bank Luxembourg S.A. 824,619 2.03 %Verdipapirfondet KLP Akjenorge 742,769 1.83 %Forsvarets Personellservice 682,300 1.68 %Verdipapirfondet Nordea Kapital 663,988 1.63 %Verdipapirfondet Eika Spar 630,752 1.55 %Verdipapirfondet Nordea Avkastning 596,524 1.47 %Varner Equities AS 538,877 1.33 %Verdipapirfondet Pareto Investment 469,000 1.15 %Verdipapirfondet Eika Norge 461,834 1.14 %Goldman Sachs International 440,161 1.08 %Share premium AmountAt 31 December 2014 156,874Equity issue November 2015 164,175At 31 December 2022 321,049NOTE 18 | LIABILITIES TO FINANCIAL INSTITUTIONS2022 2021Long termBank loans 521,646 451,628Total long term liabilities to financial institutions 521,646 451,628Short termBank loans 30,000 95,000 Total short term liabilities to financial institutions 30,000 95,000Total liabilities to financial institutions 551,646 546,628(a) Bank loansIn April 2021, Kid ASA entered into a renewed agreement with Nordea securing a term loan structure of NOK 611.7 million.In addition, the group also renewed the existing revolving credit facility, overdraft agreement and the NOK 115 million L/C- and guarantee facility. An additional short term credit facility agreement of MNOK 100 was signed in December 2022. The bank loan mature May 2026. The interest rate of the majority of the total term loan is fixed through interest rate swap agreements. For the revolving credit facility and overdraft, the average interest rate was 3,12%.Total loans include secured liabilities (bank and collateralised loan) of TNOK 551 646 (2021: TNOK 481 628) and revolving credit facility of TNOK 0 (2021: TNOK 65 000). The group has a bank overdraft of TNOK 247 000 which was partially used 284 days during the year (212 days), but not at year end. The Bank loans are secured by 100% of the shares in Kid Interi\u00f8r AS.TNOK 395 000 (included in the 1-5 years in table below) of the external loan with floating interest rate is swapped to a fixed interest rate of 1.876% by means of interest rate derivatives to maintain the desired split between fixed and floating interest rates and is subject to hedge accounting.TSEK 55 000 (included in the 1-5 years in table below) of the external loan with floating interest rate is swapped to fixed interest rates of 1.460% and currency SEK by means of a cross currency interest rate derivative to maintain the desired split between fixed and floating interest rates and currency exposure. The effect of change in the fair value of the derivative is booked against financial income/expense.The bank overdraft are secured by inventory, trade receivables, property, plant and equipment, 100% of the shares in Kid Logistikk AS and the rental agreement related to the HQ in Drammen. Since the bank overdraft was not utilized at year end 2022 or 2021, none of the assets were pledged as collateral.The exposure of the Group\u2019s loans to interest rate changes and the contractual re-pricing dates at the end of thereporting period are as follows:2022 20216 months or less 10,000 10,0006-12 months 20,000 85,0001-5 years 521,646 451,628Total liabilities to financial institutions 551,646 546,628The carrying amounts and fair value of the loans are as follows:2022 2021Bank loans 551,646 546,628Total carrying amount of liabilities to financial institutions 551,646 521,964The fair value of current loans equals their carrying amount, as the loans bear a floating interest priced at marketrate.Included in the 1-5 years category in the table above is a TNOK 551 700 loan, where the group entered aninterest swap agreement in 2019 covering TNOK 395 000 as well as a cross-currency interest swap covering TSEK 55 000. The carrying amounts of the Group\u2019s loans are denominated in the following currencies:2022 2021NOK 496,646 461,628SEK (through swap-agreement) 55,000 85,000 Total 551,646 546,628The Group has the following granted loan facilities and guarantees:2022 2021Revolving credit facility 130,000 130,000 Short term credit facility 100,000 0Unused bank overdraft 247,000 247,000Employee tax guarantee 21,300 16,800Letter of credit limit 115,000 115,000Following covenants is regulated by contract:Interval Limit 2022 Limit 2021Gearing ratio (NIBD/EBITDA ex IFRS 16) annually 2.25 2.25EBITDA Last twelve monthes (in NOK millions) ex IFRS 16 quarterly 175 175The Group has been compliant with covenants at all intervals.NOTE 20 | POST\ue61fEMPLOYMENT BENEFITSThe table below outlines where the group\u2019s post-employment amounts and activity are included in the financial statements.Income statement charge included in operating profit for: 2022 2021Pensions earned this year - the group pension scheme 17,417 12,259Pensions earned this year - the agreed early retirement scheme (AFP) 872 258Social security fees 3,630 2,356Net pension expenses 21,919 14,87220.1 AFP scheme The subsidiary Kid Logistikk AS and 11 of our stores have an agreed early retirement scheme (AFP). The AFP-scheme, in force from 1st of January 2011, is a defined benefit multi-enterprise scheme, but is recognised in the accounts as defined contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and pension funds in the scheme. The company\u2019s liabilities are therefore not recognised as debt in the balance sheet.Other short term liabilities 2022 2021Salary related accruals 96,042 111,743 Goods in transit 28,440 36,124 Giftcards, store credits and other sales related accruals 35,263 26,674 Accrued rental expenses 13,396 6,447 Other accruals 28,674 16,877 Total other short term liabilities 201,815 197,865Other operating expenses 2022 2021Rental costs for shops and storage (incl shared operating expenses) 24 109,812 92,318Advertising and other marketing costs 133,551 123,230Other expenses 260,835 238,091Total other expenses 504,198 452,730NOTE 21 | RELATED PARTIESThe Group\u2019s related parties include its associates, joint ventures, key management and members of the board.None of the Board members have been granted loans or guarantees in the current year. Furthermore, none of the Board members are included in the Group\u2019s pension or bonus plans.The following table provides the total amount of transactions that have been entered into with related parties during the total year of 2022 and 2021:Related party 2022 2021Prognosgatan Holding AS (Loan) 23,795 - Total 23,795 - NOTE 22 | HEDGE ACCOUNTING AND RESERVESCash flow hedge reserveWhere all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the hedged floating rate loans and inventory at the fixed foreign currency rate for the hedged purchases.Derivatives are only used for economic hedging purposes and not as speculative investments.Hedge effectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.For hedges of foreign currency purchases, the group enters into hedge relationships where the critical terms of the hedging instrument match or are closely aligned with the terms of the hedged item, being currencies, amount and maturity. The group therefore performs a qualitative assessment of effectiveness and monitor the forecasted purchases on a regular basis to ensure that the forward contracts match the purchases and are used within the acceptable period in accordance with the policy. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the group assess effectiveness relating to the hedge ratio and rebalances the contracts to ensure effectiveness. In hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the group or the derivative counterparty. The group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount. The group does not hedge 100% of its loans, therefore the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. As all critical terms matched during the year, there is an economic relationship.Currency hedgesThe company uses hedging instruments as part of its management of foreign currency risk associated with its highly probable inventory purchases. These include foreign currency forward contracts which are designated in the cash flow hedge relationships. To the extent these hedges are effective; the change in fair value of the hedging instrument is recognised in the cash flow hedge reserve through Other comprehensive income. The group treasury\u2019s risk management policy is to hedge up to a 100% of forecasted US dollar cash flows for inventory purchases up to 9-11 months in advance, subject to a review of the cost of implementing each hedge. In Kid, 100% of forecasted EUR cash flows for inventory purchases up to 9-11 months in advance are also hedged. For the year ended 31 December 2022, approximately 100% of inventory purchases were hedged in respect of foreign currency risk. At 31 December 2022, approximately 100% of forecasted US dollar inventory purchases during 2022 qualified as \u2018highly probable\u2019 forecast transactions for hedge accounting purposes (for 2021, approximately 100% of inventory purchases were hedged and approximately 100% of the purchases qualified as \u2018highly probable\u2019 as at 31 December 2021). As such, no inefficiency was recognised in 2022 (or in 2021). The weighted average buy rate for SEK/USD currency hedges realized in 2022 was 8.88 compared to a weighted average spot rate of 10.19. For NOK/USD currency hedges realized in 2022 the weighted average buy rate was 8.82 compared to a weighted average spot rate of 9.64.Interest hedgesThe company\u2019s interest exposure mainly arises from external funding in bank and debt capital markets. The company uses interest rate swaps to achieve the desired fixed/floating ratio of the external debt. Hedge accounting is applied using the cash flow model for interest rate swaps which means that gains and losses from floating to fixed interest rates as of December 31, 2022 are recognized through Other Comprehensive Income and will be continuously released to the income statement until the bank borrowings are repaid. This is done based on the periodic market-to-market revaluation of the interest rate swaps whose fair value tends to reach zero upon maturity.Hedge ineffectiveness for interest rate swaps is assessed using the same principles as for hedges of foreign currency purchases. It may occur due to: the credit value/debit value adjustment on the interest rate swaps which is not matched by the loan, and differences in critical terms between the interest rate swaps and loans. TNOK 395,000 of the external loans with floating interest rates are swapped to a fixed interest rate of 1,876% with maturity 16 August 2029. The effect on interest expense in 2022 related to the interest rate swap was NOK -731,562 (NOK -6,559,801).There was no recognised ineffectiveness during 2022 (or in 2021) in relation to the interest rate swap. Reconciliation of Other reserves Currency cash Interest cash Translation flow hedges flow hedges difference Total Opening balance net of tax 01.01.2022 11,309 -2,163 -4,171 4,975Changes in fair value through OCI 131,210 31,866 163,076 Changes in deferred tax on cash flow hedges -28,866 -7,010 -35,877through OCIRealized cash flow hedges net of tax -92,609 -92,609Translation difference -8,920 -8,920 Closing balance net of tax 31.12.2022 21,044 22,692 -13,091 30,645 Currency cash Interest cash Translation flow hedges flow hedges difference Total Opening balance net of tax 01.01.2021 -42,856 -19,481 7,871 -54,466 Changes in fair value through OCI 32,461 22,202 54,663 Changes in deferred tax on cash flow hedges -7,141 -4,884 -12,026through OCIRealized cash flow hedges net of tax 28,846 28,846Translation difference -12,041 -12,041 Closing balance net of tax 31.12.2021 11,309 -2,163 -4,171 4,975NOTE 23 | NET DEBT RECONCILIATIONThe below table sets out an overview over net debt.2022 2021Cash and cash equivalents 75,721 239,331 Borrowings - repayable within one year (including overdraft) -30,000 -95,000Borrowings - repayable after one year -521,646 -451,628Lease liabilities - payed within one year -258,257 -249,737Lease liabilities - payed after one year -523,528 -517,550Net debt -1,257,710 -1,074,584Cash and liquid investments 75,721 239,331Gross debt - fixed interest rates -551,646 -481,628Gross debt - variable interest rates - -65,000Lease liabilities -781,785 -767,287Net debt -1,257,710 -1,074,584At year end the fair value of the hedging instruments were as follows:31 December 2022 Changes over OCI Changes over P&L Derivative Derivative Derivative Derivative assetsliabilities assetsliabilities Currency cash flow hedges 25,440 7,229 Interest cash flow hedges 29,338 - - Cross currency interest swap 4,672 Sum 54,778 7,229 4,672 - 31 December 2021 Changes over OCI Changes over P&L Derivative Derivative Derivative Derivative assetsliabilities assetsliabilities Currency cash flow hedges 15,742 2,638 Interest cash flow hedges 2,528 - Cross currency interest swap 1,697 Sum 15,742 5,166 1,697 - Lease Total Cash/ bank Totalliabilty Borrowingsdebtoverdraftnet debtOpening balanse at 1 January 2022 -767,287 -546,628 -1,313,915 239,331 -1,074,584 Cash flows - - - -164,302 -164,302 Proceeds from borrowings - -230,000 -230,000 - -230,000 Repayment of principals 263,350 225,119 488,469 - 488,469 -Non Cashflow activities -New lease liabilities -283,391 - -283,391 - -283,391 Foreign exchange adjustments and 5,543 -137 5,406 693 6,099 other adjustmentsClosing balanse at 31 December 2022 -781,785 -551,646 -1,333,431 75,721 -1,257,710 Opening balanse at 1 January 2021 -819,245 -521,777 -1,341,022 301,273 -1,039,749 Cash flows - - - -62,631 -62,631 Proceeds from borrowings - -130,000 -130,000 - -130,000 Repayment of principals 264,951 103,678 368,629 - 368,629 -Non Cashflow activities -New lease liabilities -221,459 - -221,459 - -221,459 Foreign exchange adjustments and 8,466 1,471 9,937 689 10,626 other adjustmentsClosing balanse at 31 December 2021 -767,287 -546,628 -1,313,915 239,331 -1,074,584 NOTE 24 | LEASESRight of-use-assets 2022 2021Carrying amount at 01.01. 756,940 821,683 Additions and adjustments* 283,391 221,459 Depreciation -273,530 -266,273Currency translation differences -6,067 -19,929Net carrying amount 31.21. 760,734 756,940 Lease liabilities 2022 2021Carrying amount at 01.01. 767,287 819,245Additions and adjustments* 283,391 221,459 Interest expense 28,497 26,908Lease payments -291,320 -287,034Currency translation differences -6,070 -13,291Total lease liabilities 31.12. 781,785 767,287*Included in additions and adjustments are new contracts, renegotiated contracts, extentions and index adjustments on existing contracts.Lease contracts is mainly related to rental agreements for stores and warehouse. Indicators of impairment of right of use contracts have been assessed at the lowest CGU level, being the stores. Management concluded that there were no indicators as per 31 December 2022.In addition to turnover based lease payments, variable rental costs such as shared operating costs and marketing costs are excluded from IFRS 16 leases. See below for expenses included in other operating expenses related to lease contracts:2022 2021Rental costs exluded from IFRS 16 18,040 13,229 Shared operating costs 71,374 59,571 Marketing costs 20,398 19,518 Sum 19 109,812 92,318 Lease payments 291,320 287,034 Total payments related to lease contracts 401,132 379,352 2022 2021Number of lease contracts 288 305Right to renewal of lease contract 83 70Percentage of lease contracts with option to renewal 29% 23%Number of lease contracts by geography 2022 2021Norway 150 149Sweden 124 140Finland 8 10Estonia 6 6NOTE 25 | SUBSEQUENT EVENTSThere have been no significant events after the end of the reporting period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6458": {
"value": "The accounts were approved and authorized for issue by the Board 13. April 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-1": {
"value": "The preparation of financial statements in conformity with 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 5.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-2": {
"value": "2.1.1 New and amended standards adopted by the GroupThere are no new or amended standards adopted by the Group during the year with impact on the amounts recognised in prior periods or that would significantly affect the current or future periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-2": {
"value": "2.2 Consolidation and equity accountingSubsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Further information on entities included in the consolidated financial statements is presented in note 8. The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.Acquisition-related costs are expensed as incurred.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. The carrying amount of equity-accounted investments is tested for impairment. Further information on joint ventures is presented in note 8. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-4": {
"value": "2.2 Consolidation and equity accountingSubsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Further information on entities included in the consolidated financial statements is presented in note 8. The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.Acquisition-related costs are expensed as incurred.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. The carrying amount of equity-accounted investments is tested for impairment. Further information on joint ventures is presented in note 8. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-5": {
"value": "2.2 Consolidation and equity accountingSubsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Further information on entities included in the consolidated financial statements is presented in note 8. The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.Acquisition-related costs are expensed as incurred.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. The carrying amount of equity-accounted investments is tested for impairment. Further information on joint ventures is presented in note 8. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-6": {
"value": "2.2 Consolidation and equity accountingSubsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Further information on entities included in the consolidated financial statements is presented in note 8. The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.Acquisition-related costs are expensed as incurred.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. The carrying amount of equity-accounted investments is tested for impairment. Further information on joint ventures is presented in note 8. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-7": {
"value": "2.2 Consolidation and equity accountingSubsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Further information on entities included in the consolidated financial statements is presented in note 8. The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.Acquisition-related costs are expensed as incurred.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated balance sheet. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group\u2019s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. The carrying amount of equity-accounted investments is tested for impairment. Further information on joint ventures is presented in note 8. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-3": {
"value": "2.3 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker which is the group\u2019 Board of Directors (BoD). The group sells home textiles across Norway, Sweden, Finland and Estonia under the name KID Interi\u00f8r and Hemtex. Within the Group, segment Kid relates to all operations in Norway and segment Hemtex relates to Sweden, Estonia and Finland. The Group also sells home interior products through the Group\u2019s online websites which is considered part of the operating segments Kid and Hemtex respectively as the online platforms are considered supplements to the stores and not separate segments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "2.4 Foreign currency translation(a) Functional and presentation currencyEach entity in the group determines its functional currency based on the economic environment in which it operates, and items included in the financial statements of each entity are measured using that functional currency. When preparing the financial statements of each individual group entity, transactions in currencies other than the entity\u2019s functional currency are recognised in the functional currency, using the transaction date\u2019s currency rate. The consolidated financial statements are presented in NOK, which is the group\u2019s presentation and functional currency.(b) Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within `finance income or costs\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-4": {
"value": "2.4 Foreign currency translation(a) Functional and presentation currencyEach entity in the group determines its functional currency based on the economic environment in which it operates, and items included in the financial statements of each entity are measured using that functional currency. When preparing the financial statements of each individual group entity, transactions in currencies other than the entity\u2019s functional currency are recognised in the functional currency, using the transaction date\u2019s currency rate. The consolidated financial statements are presented in NOK, which is the group\u2019s presentation and functional currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "2.5 Property, plant and equipmentProperty, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.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. Repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:Leased movables and shop fittings 5 yearsFixtures 3-5 yearsThe assets\u2019 residual values and useful lives 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 (note 2.7).Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within `Other (losses)/gains \u2013 net\u2019 in the income statement.Property, plant and equipment classified as facilities under construction is held at cost less any recognised provision for impairment. Depreciation is not initiated until the assets are brought into use on store opening.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-4": {
"value": "2.5 Property, plant and equipmentProperty, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.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. Repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:Leased movables and shop fittings 5 yearsFixtures 3-5 yearsThe assets\u2019 residual values and useful lives 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 (note 2.7).Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within `Other (losses)/gains \u2013 net\u2019 in the income statement.Property, plant and equipment classified as facilities under construction is held at cost less any recognised provision for impairment. Depreciation is not initiated until the assets are brought into use on store opening.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-5": {
"value": "2.5 Property, plant and equipmentProperty, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.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. Repairs and maintenance are charged to the income statement during the financial period in which they are incurred.Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives, as follows:Leased movables and shop fittings 5 yearsFixtures 3-5 yearsThe assets\u2019 residual values and useful lives 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 (note 2.7).Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within `Other (losses)/gains \u2013 net\u2019 in the income statement.Property, plant and equipment classified as facilities under construction is held at cost less any recognised provision for impairment. Depreciation is not initiated until the assets are brought into use on store opening.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-20-3": {
"value": "2.6 Intangible assetsGoodwillGoodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments KID and Hemtex.Trademarks and licences Separately acquired trademarks and licences are shown at historical cost. Trademarks and licences acquired in a business combination are recognised at fair value at the acquisition date. Amortisation is calculated using the straight-line method to allocate the cost of licences over their estimated useful lives of 9 to 10 years. Trademarks (\u201cKid Interior\u201d brand name) have an indefinite useful life.Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. These costs are amortised over their estimated useful lives of four to seven years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "2.7 Impairment of non-financial assetsGoodwill and intangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.2.8.2 Recognition and measurementTrade receivables are initially recognised at their fair value and subsequently measured at amortised cost. Trade receivables are evaluated for possible impairment each reporting period using the simplified credit loss model. See section 2.11. Trade receivables are derecognised when the right to receive cash flows has expired. 2.10 Impairment of financial assets Financial assets carried at amortised cost - trade receivablesThe majority of the Group\u2019s sales are \u201cover the counter\u201d in the KID and Hemtex stores to individuals, where payment is received from the customer at the time of the sale. Therefore in the majority of sales transactions, a trade receivable is not recognised. Sales to businesses or government institutions, for example schools or hospitals, a trade receivables is recognised at delivery of the inventory to the customer. These receivables have low credit risk and the majority of receivables over the past several years have been collected in full and on time. The group applies the simplified approach, whereby expected lifetime losses are recognised from initial recognition of the receivables is used.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-4": {
"value": "2.7 Impairment of non-financial assetsGoodwill and intangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "2.8.1 ClassificationThe Group classifies its financial assets in the following categories: at fair value (either through OCI or profit or loss) or amortised cost. The classification is based on the SPPI model (Solely payments of principal and interest) in IFRS 9 and based on the Groups business model. (a) Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss are derivative instruments not designated as hedging instruments. The Group currently have one cross currency interest swap contract defined as financial asset at fair value through profit or loss.(b) Financial assets at amortised cost Trade receivables, based on the classification model SPPI are held at amortized cost. All trade receivables are classified as current assets. 2.8.2 Recognition and measurementTrade receivables are initially recognised at their fair value and subsequently measured at amortised cost. Trade receivables are evaluated for possible impairment each reporting period using the simplified credit loss model. See section 2.11. Trade receivables are derecognised when the right to receive cash flows has expired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-4": {
"value": "2.8.1 ClassificationThe Group classifies its financial assets in the following categories: at fair value (either through OCI or profit or loss) or amortised cost. The classification is based on the SPPI model (Solely payments of principal and interest) in IFRS 9 and based on the Groups business model. (a) Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss are derivative instruments not designated as hedging instruments. The Group currently have one cross currency interest swap contract defined as financial asset at fair value through profit or loss.2.8.2 Recognition and measurementTrade receivables are initially recognised at their fair value and subsequently measured at amortised cost. Trade receivables are evaluated for possible impairment each reporting period using the simplified credit loss model. See section 2.11. Trade receivables are derecognised when the right to receive cash flows has expired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-5": {
"value": "2.8.1 ClassificationThe Group classifies its financial assets in the following categories: at fair value (either through OCI or profit or loss) or amortised cost. The classification is based on the SPPI model (Solely payments of principal and interest) in IFRS 9 and based on the Groups business model. (a) Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss are derivative instruments not designated as hedging instruments. The Group currently have one cross currency interest swap contract defined as financial asset at fair value through profit or loss.2.8.2 Recognition and measurementTrade receivables are initially recognised at their fair value and subsequently measured at amortised cost. Trade receivables are evaluated for possible impairment each reporting period using the simplified credit loss model. See section 2.11. Trade receivables are derecognised when the right to receive cash flows has expired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-6": {
"value": "2.8.1 ClassificationThe Group classifies its financial assets in the following categories: at fair value (either through OCI or profit or loss) or amortised cost. The classification is based on the SPPI model (Solely payments of principal and interest) in IFRS 9 and based on the Groups business model. (b) Financial assets at amortised cost Trade receivables, based on the classification model SPPI are held at amortized cost. All trade receivables are classified as current assets. 2.8.2 Recognition and measurementTrade receivables are initially recognised at their fair value and subsequently measured at amortised cost. Trade receivables are evaluated for possible impairment each reporting period using the simplified credit loss model. See section 2.11. Trade receivables are derecognised when the right to receive cash flows has expired. 2.10 Impairment of financial assets Financial assets carried at amortised cost - trade receivablesThe majority of the Group\u2019s sales are \u201cover the counter\u201d in the KID and Hemtex stores to individuals, where payment is received from the customer at the time of the sale. Therefore in the majority of sales transactions, a trade receivable is not recognised. Sales to businesses or government institutions, for example schools or hospitals, a trade receivables is recognised at delivery of the inventory to the customer. These receivables have low credit risk and the majority of receivables over the past several years have been collected in full and on time. The group applies the simplified approach, whereby expected lifetime losses are recognised from initial recognition of the receivables is used.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-26-3": {
"value": "2.9 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-5": {
"value": "2.10 Impairment of financial assets Financial assets carried at amortised cost - trade receivablesThe majority of the Group\u2019s sales are \u201cover the counter\u201d in the KID and Hemtex stores to individuals, where payment is received from the customer at the time of the sale. Therefore in the majority of sales transactions, a trade receivable is not recognised. Sales to businesses or government institutions, for example schools or hospitals, a trade receivables is recognised at delivery of the inventory to the customer. These receivables have low credit risk and the majority of receivables over the past several years have been collected in full and on time. The group applies the simplified approach, whereby expected lifetime losses are recognised from initial recognition of the receivables is used.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "2.11 Derivative financial instruments and hedge accounting policiesThe Group enters into certain derivative contracts to provide economic hedges for parts of the Group\u2019s exposure to currency rate risk and interest rate risk. These contracts meet the criteria of hedge accounting.Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and they are subsequently remeasured to their fair value at the end of each reporting period. Derivatives that are designated as hedging instruments for cash flow hedges are measured at fair value over Other comprehensive income as long as the hedge meets IFRS 9 hedge criteria. The Group does not designate any derivatives as fair value hedges. At inception of the hedge relationship, the group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The group documents its risk management objective and strategy for undertaking its hedge transactions. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs, resulting in the recognition of a non-financial asset such as inventory. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "2.12 Inventories, purchased goods and changes in inventoryInventories 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 applicable selling expenses. The cost of purchased goods sold comprises the direct costs (purchase price), import duties and freight as well as the hedging reserve. A significant part of the inventory purchases are denominated in USD and hedged to Norwegian and Swedish kroner with currency derivatives designated as cash flow hedges. Cost of purchased goods sold is determined using a combination of specific identification and weighted-average costing. Changes in inventory also includes a provision for obsolescence and lost goods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-3": {
"value": "2.13 Cash and cash equivalentsFor the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. As of year-end 2021 and 2022 the Group did not have any outstanding bank overdrafts. Cash is initially recognised at fair value and subsequently measured at amortised cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-3": {
"value": "2.14 Share capitalOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "2.15 Trade payablesTrade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "2.16 Liabilities from financial institutionsBorrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.Fees and commission costs paid on the establishment and maintenance of short-term bank borrowing facilities are recognised as bank transaction costs in the accounting period when the costs are paid. These costs are not amortised and deferred as the loans are usually re-paid within a few months. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "2.17 Current and deferred income taxThe 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 in the countries where the company and its subsidiaries operate and generate taxable income. 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 if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that 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 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. Only were there is an agreement in place that gives the group the ability to control the reversal of the temporary difference not recognised.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 taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-4": {
"value": "2.17 Current and deferred income taxThe 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 in the countries where the company and its subsidiaries operate and generate taxable income. 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 if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that 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 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. Only were there is an agreement in place that gives the group the ability to control the reversal of the temporary difference not recognised.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 taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-3": {
"value": "2.18 ProvisionsProvisions for legal claims, service warranties and make good obligations are recognised when the group has a present 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 measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "2.19 Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts, returns and value added taxes. The group recognises revenue when control of a good or service transfers to a customer. The group bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.a) Sales of goodsThe group operates a chain of retail outlets for selling interior products. Sales of goods are recognised when a group entity sells a product to the customer. Retail sales are usually in cash or by debit/credit card.It is the group\u2019s policy to sell its products to the retail customer with a right to return within 14 days in Kid and 30 days in Hemtex. Accumulated experience is used to estimate and provide for such returns at the time of sale. Revenue is adjusted for the value of expected returns. Kid does not operate any loyalty programmes. Hemtex has a royalty program where customers receive points based on the consideration paid. When 2 000 points is earned during half a year the customer receive av bonus check of 50 kroner and revenue is adjusted accordingly. (b) Internet revenue Revenue from the sale of goods over the internet is recognised at the point that control of the inventory have passed to the customer, which is the point of delivery to the carrier. Revenue is adjusted for the value of expected returns. The return policy for products sold over the internet is the same as for products sold in the stores. Transactions are settled by credit or payment card.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-3": {
"value": "2.20 Interest incomeInterest income arises primarily from interest received on short-term bank deposits, and is recognised as earned. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-3": {
"value": "2.21 Dividend distribution Dividend distributions to the shareholders is recognised as a liability in the Group financial statements in the period in which the dividends are approved by the shareholders at the annual shareholder meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-3": {
"value": "2.22 Employee benefitsThe company has various pension schemes. The pension schemes are financed through payments to insurance companies, with the exception of the early retirement pension scheme (AFP). The company has both defined contribution plans and the AFP scheme. (a) Pension obligationsFor defined contribution plans, the group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.The company also has an agreed early retirement scheme (AFP). The new AFP-scheme, in force from 1 January 2011, is a defined benefit multi-employer scheme, but is recognised in the accounts as a defined contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and pension funds in the scheme. The company\u2019s liabilities are therefore not recognised as debt in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-3": {
"value": "2.23 Lease contractsThe group leases various offices, warehouses, retail stores, equipment and vehicles. Rental contracts for the retail stores represent a significant part of the number of contracts and values, and are typically made for fixed periods of 6 months to 8 years. The contracts may include extension options.Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments, less any lease incentives receivable\u2022 amounts expected to be payable by the group under residual value guarantees\u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option- and\ue61f payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.\ue61fThe incremental borrowing rate used takes into consideration the lenght of the contract as well as whether the location of the store is central or not.The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.Right-of-use assets are measured at cost comprising the following: the amount of the initial measurement of lease liability any lease payments made at or before the commencement date less any lease incentives received\ue61f any initial direct costs, and restoration costs.Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss.\ue61fShort-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture.Some property leases contain variable payment terms that are linked to sales generated from a store.\ue61f Variable lease payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs.Extension and termination options are included in a number of store leases across the group. These are used to maximise operational flexibility in terms of managing the assets used in the group\u2019s operations. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-2": {
"value": "NOTE 3 | FINANCIAL RISK MANAGEMENT3.1 Financial risk factorsThe group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk and cash flow interest rate risk), credit risk and liquidity risk. The group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group\u2019s financial performance. The group uses derivative financial instruments to hedge certain risk exposures. The company applies hedge accounting in accordance with IFRS 9. The group\u2019s risk management is predominantly controlled by a central finance department under policies approved by the board of directors. Group Finance identifies, evaluates and hedges financial risks in close cooperation with the group\u2019s operating units in KID and Hemtex. The board provides written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity. (a) Market risk(i) Foreign exchange riskExposures to currency exchange rates arise from the group\u2019s international purchases, which are primarily denominated in USD. The group uses foreign currency derivative contracts to hedge foreign exchange risk which are recorded at fair value over OCI. At 31. December 2022, the group had future contracts for 100% of the anticipated USD cash flow for a period of 11 months. The Group has adopted IFRS 9 and uses hedge accounting, see note 22 for further information.The following table illustrates the sensitivity on the company\u2019s financial instruments of a 10% change in USD against the Norwegian and Swedish kroner based on the year-end fair value of the instruments with all other variables (e.g. changes of prices on products sold) held constant. Due to the Groups hedging strategy, the change in fair value on unrealized forward contracts are recognised through OCI, and any gain/loss in P&L upon realization is offset against currency effects on the the hedged object. Se note 22 for more information.At 31 December 2022 +10% change -10% changeEffect on OCI (FX derivatives NOK/USD) 40,109 -40,109Effect on OCI (FX derivatives SEK/USD) 21,637 -21,637At 31 December 2021 +10% change -10% changeEffect on OCI (FX derivatives NOK/USD) 29,136 -29,136Effect on OCI (FX derivatives SEK/USD) 16,169 -16,169The Group is exposed to currency risk related to the operations in Sweden, Finland and Estonia as these entities have a different functional currency than the Group reporting currency. This translation exposure do not result in an immediate cash flow effect, however it is closely monitored since it may have an impact on the covenants for the Group. The net profit from the foreign subsidiaries in 2022 was MNOK 53.9 and total assets at year end was MNOK 910.4.(ii) Interest riskThe group\u2019s interest rate risk arises from long-term borrowings and bank deposits. Borrowings issued at variable rates expose the group to cash flow interest rate risk which is partially offset by cash held at variable rates and hedging contracts. As NIBOR and STIBOR will not be replaced in the near future, we have considered that the Group is not effected by the IBOR-reform as per 31 December 2022. The company is also subject to interest rate risk related to short term bank overdraft drawn during the financial year. Borrowings at variable rates expose the Group to cash flow interest rate risk. Fixed-interest contracts are used to reduce this risk. The following tables illustrate the sensitivity on the company\u2019s financial instruments of a +/- 1% change in interest based on the year-end fair value of the instruments with all other variables held constant with the effect over OCI. Due to the Groups hedging strategy, the change in fair value on unrealized interest contracts are recognised through OCI, and any gain/loss in P&L upon realization is offset against interest effects on the the hedged object. Se note 22 for more information.The sensitivity of the unhedged part of the long term loan is presented illustrating a +/- 1% change in interest based on the floating interest rate at year end and the outstanding unhedged part of the loan.(b) Credit riskThe group\u2019s turnover comes mainly from cash sales or debit/credit card based sales where settlement in cash takes place within a few days of the sales transaction. As such, the group has limited exposure to credit risk relating to accounts receivable balances. Credit risk also arises from derivative financial instruments and deposits with banks and financial institutions. However, counterparts are limited to financial institutions with high creditworthiness. Historically, default and losses related to credit risk have been low.(c) Liquidity riskLiquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due. The group has capital-intensive inventory in central warehouse and stores and has fluctuations related to working capital due to seasonality and the timing of the deliveries and payments.Cash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed loan facilities (note 18) at all times so that the group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. Such forecasting takes into consideration the group\u2019s debt financing plans, covenant compliance and compliance with internal balance sheet ratio targets.Surplus cash is used to pay out dividends and reduce long term borrowings.The table below analyses the group\u2019s non-derivative financial liabilities and net-settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.Between Between Between Less than1 and 2 2 and 3 3 and 4 Over 4 At 31 December 20221 yearyearsyearsyearsyearsBorrowings (ex finance lease liabilities) 40,067 39,505 38,942 465,042 - Lease liabilities 273,020 212,366 153,213 106,496 126,741 Trade and other payables 324,275 - - - - 637,362 251,871 192,155 571,538 126,741Interest swapAt 31 December 2022 +1% change -1% changeEffect on OCI 15,847 -15,847At 31 December 2021 +1% change -1% changeEffect on OCI 1,799 -1,799Cross currency interest swapAt 31 December 2022 +1% change -1% changeEffect on interest cost 10,064 -10,064At 31 December 2021 +1% change -1% changeEffect on interest cost 2,170 -2,170Unhedged part of interest bearing loansAt 31 December 2022 +1% change -1% changeEffect on interest cost 1,016 -1,016At 31 December 2021 +1% change -1% changeEffect on interest cost 336 -336Less thanBetween 1 Between 2 Between 3 Over 4 At 31 December 20211 yearand 2 yearsand 3 yearsand 4 yearsyearsBorrowings (ex finance lease liabilities) 104,365 38,192 37,630 37,067 365,023 Lease liabilities 259,278 206,871 149,997 96,301 138,602 Trade and other payables 357,615 - - - - 721,258 245,063 187,627 133,368 503,625Loans consist of one long term loan to Nordea refinanced during the year. Refer to note 18 for information on the external loan. 3.2 Capital managementThe group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, reduce excess loan repayments, exploit available credit facilities or sell financial assets. Kid\u2019s dividend policy is a pay-out ratio of 80-100% of adjusted net profit, with semi-annual payments. The company will deploy a dynamic distribution policy, and any excess capital will be returned to shareholders.The group monitors capital on the basis of the gearing ratio. This ratio is calculated as net interest bearing debt divided by EBITDA. Net interest bearing debt is calculated as total borrowings (including `current and non-current borrowings\u2019 as shown in the consolidated balance sheet excluded financial derivatives) less cash and cash equivalents. EBITDA is calculated as earnings before interest, tax, depreciation and amortisation.The company has had a strategic focus to reduced long term borrowings and reach and maintain a sustainable quarterly gearing ratio below 2,5. The gearing ratios at 31 December 2022 and 2021 were as follows:2022 2021Total external borrowings (note 18) 551,646 546,628Less: cash and cash equivalents (note 16) (75,721) (239,331)Net interest bearing debt 475,925 307,297EBITDA 717,524 877,567Gearing ratio 0.66 0.35 The Group has covenants limits related to gearing ratio and EBITDA. For more information about covenant-limits, refer note 18.The board of directors has proposed a dividend of NOK 3.00 per share to be paid in May 2023. Including the prepayment of NOK 2.50 per share paid in December 2022, the total dividend of NOK 5.50 represents 90 % of Group net income for 2022.",
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"pp-value-42-3": {
"value": "(a) Market risk(i) Foreign exchange riskExposures to currency exchange rates arise from the group\u2019s international purchases, which are primarily denominated in USD. The group uses foreign currency derivative contracts to hedge foreign exchange risk which are recorded at fair value over OCI. At 31. December 2022, the group had future contracts for 100% of the anticipated USD cash flow for a period of 11 months. The Group has adopted IFRS 9 and uses hedge accounting, see note 22 for further information.The following table illustrates the sensitivity on the company\u2019s financial instruments of a 10% change in USD against the Norwegian and Swedish kroner based on the year-end fair value of the instruments with all other variables (e.g. changes of prices on products sold) held constant. Due to the Groups hedging strategy, the change in fair value on unrealized forward contracts are recognised through OCI, and any gain/loss in P&L upon realization is offset against currency effects on the the hedged object. Se note 22 for more information.At 31 December 2022 +10% change -10% changeEffect on OCI (FX derivatives NOK/USD) 40,109 -40,109Effect on OCI (FX derivatives SEK/USD) 21,637 -21,637At 31 December 2021 +10% change -10% changeEffect on OCI (FX derivatives NOK/USD) 29,136 -29,136Effect on OCI (FX derivatives SEK/USD) 16,169 -16,169The Group is exposed to currency risk related to the operations in Sweden, Finland and Estonia as these entities have a different functional currency than the Group reporting currency. This translation exposure do not result in an immediate cash flow effect, however it is closely monitored since it may have an impact on the covenants for the Group. The net profit from the foreign subsidiaries in 2022 was MNOK 53.9 and total assets at year end was MNOK 910.4.(ii) Interest riskThe group\u2019s interest rate risk arises from long-term borrowings and bank deposits. Borrowings issued at variable rates expose the group to cash flow interest rate risk which is partially offset by cash held at variable rates and hedging contracts. As NIBOR and STIBOR will not be replaced in the near future, we have considered that the Group is not effected by the IBOR-reform as per 31 December 2022. The company is also subject to interest rate risk related to short term bank overdraft drawn during the financial year. Borrowings at variable rates expose the Group to cash flow interest rate risk. Fixed-interest contracts are used to reduce this risk. The following tables illustrate the sensitivity on the company\u2019s financial instruments of a +/- 1% change in interest based on the year-end fair value of the instruments with all other variables held constant with the effect over OCI. Due to the Groups hedging strategy, the change in fair value on unrealized interest contracts are recognised through OCI, and any gain/loss in P&L upon realization is offset against interest effects on the the hedged object. Se note 22 for more information.The sensitivity of the unhedged part of the long term loan is presented illustrating a +/- 1% change in interest based on the floating interest rate at year end and the outstanding unhedged part of the loan.Interest swapAt 31 December 2022 +1% change -1% changeEffect on OCI 15,847 -15,847At 31 December 2021 +1% change -1% changeEffect on OCI 1,799 -1,799Cross currency interest swapAt 31 December 2022 +1% change -1% changeEffect on interest cost 10,064 -10,064At 31 December 2021 +1% change -1% changeEffect on interest cost 2,170 -2,170Unhedged part of interest bearing loansAt 31 December 2022 +1% change -1% changeEffect on interest cost 1,016 -1,016At 31 December 2021 +1% change -1% changeEffect on interest cost 336 -336",
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"pp-value-43-3": {
"value": "(b) Credit riskThe group\u2019s turnover comes mainly from cash sales or debit/credit card based sales where settlement in cash takes place within a few days of the sales transaction. As such, the group has limited exposure to credit risk relating to accounts receivable balances. Credit risk also arises from derivative financial instruments and deposits with banks and financial institutions. However, counterparts are limited to financial institutions with high creditworthiness. Historically, default and losses related to credit risk have been low.",
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"pp-value-44-3": {
"value": "(c) Liquidity riskLiquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due. The group has capital-intensive inventory in central warehouse and stores and has fluctuations related to working capital due to seasonality and the timing of the deliveries and payments.Cash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed loan facilities (note 18) at all times so that the group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. Such forecasting takes into consideration the group\u2019s debt financing plans, covenant compliance and compliance with internal balance sheet ratio targets.Surplus cash is used to pay out dividends and reduce long term borrowings.The table below analyses the group\u2019s non-derivative financial liabilities and net-settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.Between Between Between Less than1 and 2 2 and 3 3 and 4 Over 4 At 31 December 20221 yearyearsyearsyearsyearsBorrowings (ex finance lease liabilities) 40,067 39,505 38,942 465,042 - Lease liabilities 273,020 212,366 153,213 106,496 126,741 Trade and other payables 324,275 - - - - 637,362 251,871 192,155 571,538 126,741Less thanBetween 1 Between 2 Between 3 Over 4 At 31 December 20211 yearand 2 yearsand 3 yearsand 4 yearsyearsBorrowings (ex finance lease liabilities) 104,365 38,192 37,630 37,067 365,023 Lease liabilities 259,278 206,871 149,997 96,301 138,602 Trade and other payables 357,615 - - - - 721,258 245,063 187,627 133,368 503,625Loans consist of one long term loan to Nordea refinanced during the year. Refer to note 18 for information on the external loan. ",
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"pp-value-48-3": {
"value": "3.2 Capital managementThe group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, reduce excess loan repayments, exploit available credit facilities or sell financial assets. Kid\u2019s dividend policy is a pay-out ratio of 80-100% of adjusted net profit, with semi-annual payments. The company will deploy a dynamic distribution policy, and any excess capital will be returned to shareholders.The group monitors capital on the basis of the gearing ratio. This ratio is calculated as net interest bearing debt divided by EBITDA. Net interest bearing debt is calculated as total borrowings (including `current and non-current borrowings\u2019 as shown in the consolidated balance sheet excluded financial derivatives) less cash and cash equivalents. EBITDA is calculated as earnings before interest, tax, depreciation and amortisation.The company has had a strategic focus to reduced long term borrowings and reach and maintain a sustainable quarterly gearing ratio below 2,5. The gearing ratios at 31 December 2022 and 2021 were as follows:2022 2021Total external borrowings (note 18) 551,646 546,628Less: cash and cash equivalents (note 16) (75,721) (239,331)Net interest bearing debt 475,925 307,297EBITDA 717,524 877,567Gearing ratio 0.66 0.35 The Group has covenants limits related to gearing ratio and EBITDA. For more information about covenant-limits, refer note 18.The board of directors has proposed a dividend of NOK 3.00 per share to be paid in May 2023. Including the prepayment of NOK 2.50 per share paid in December 2022, the total dividend of NOK 5.50 represents 90 % of Group net income for 2022.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-48-4": {
"value": "3.2 Capital managementThe group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, reduce excess loan repayments, exploit available credit facilities or sell financial assets. Kid\u2019s dividend policy is a pay-out ratio of 80-100% of adjusted net profit, with semi-annual payments. The company will deploy a dynamic distribution policy, and any excess capital will be returned to shareholders.The group monitors capital on the basis of the gearing ratio. This ratio is calculated as net interest bearing debt divided by EBITDA. Net interest bearing debt is calculated as total borrowings (including `current and non-current borrowings\u2019 as shown in the consolidated balance sheet excluded financial derivatives) less cash and cash equivalents. EBITDA is calculated as earnings before interest, tax, depreciation and amortisation.The company has had a strategic focus to reduced long term borrowings and reach and maintain a sustainable quarterly gearing ratio below 2,5. The gearing ratios at 31 December 2022 and 2021 were as follows:2022 2021Total external borrowings (note 18) 551,646 546,628Less: cash and cash equivalents (note 16) (75,721) (239,331)Net interest bearing debt 475,925 307,297EBITDA 717,524 877,567Gearing ratio 0.66 0.35 The Group has covenants limits related to gearing ratio and EBITDA. For more information about covenant-limits, refer note 18.The board of directors has proposed a dividend of NOK 3.00 per share to be paid in May 2023. Including the prepayment of NOK 2.50 per share paid in December 2022, the total dividend of NOK 5.50 represents 90 % of Group net income for 2022.NOTE 10 | EARNINGS PER SHAREThere exists only one class of shares.2022 2021Weighted average number of shares 40,645,162 40,645,162Net profit for the year 249,244 384,426Earnings per share (basic and diluted) (Expressed in NOK per share) 6.13 9.46Dividends per share paid in May 4.0 4.4 Dividends per share paid in December (November) 2.5 4.6 Refer to note 3.2 for proposed dividend at year end.",
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"s7_notes__6__5": {
"value": "3",
"decimals": 2,
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"unit": "iso4217:NOK"
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"pp-value-46-2": {
"value": "3.3 Fair value estimationThe Group has financial instruments carried at fair value. The different levels have been defined as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).The financial instruments carried at fair value relates to derivative instruments. These instruments are included in level 2. Refer to note 23 for further information on derivative instruments",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-46-3": {
"value": "3.3 Fair value estimationThe Group has financial instruments carried at fair value. The different levels have been defined as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).\u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).The financial instruments carried at fair value relates to derivative instruments. These instruments are included in level 2. Refer to note 23 for further information on derivative instruments",
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"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-49-2": {
"value": "NOTE 4 | SEGMENT INFORMATIONThe operating segments are identified on the basis of the reports which Group management (the chief decision-maker) uses to assess performance and profitability at a strategic level. The Group sells interior products mainly through wholly owned stores. Within the Group, Kid Interior relates to Norway and Hemtex relates to Sweden, Estonia and Finland. The Group also sells home interior products through the Group\u2019s online websites which is considered part of the operating segments Kid and Hemtex respectively. Over 99% of the products are sold under own brands.Group management evaluates the results from the segments based on EBITDA. The method of measurement excludes the effect of non-recurring costs, such as restructuring costs and legal costs on acquisition.Geographical informationKid Group sells home interior products in 156 fully owned stores across Norway and 130 stores across EU, of which 116 were in Sweden, 8 in Finland and 6 in Estonia. Of the stores in EU, 119 are owned by Hemtex and 11 are franchises. Revenue2022 2021Norway 1,983,602 1,883,498 Sweden 1,062,366 1,096,695 Finland 83,024 80,771 Estonia 48,999 36,132 Total 3,177,991 3,097,096 Information reported to Group management from the reporting segments.2022KID Interior Hemtex TotalRevenue 1,983,602 1,194,389 3,177,991 Cost of goods sold -827,978 -503,635 -1,331,613 Gross profit 1,155,624 690,754 1,846,378 Other operating revenue 106 5,130 5,236 Operating expense (OPEX) -657,867 -476,227 -1,134,093 EBITDA 497,863 219,657 717,521 Operating profit 296,485 72,740 369,225 - - - Gross margin (%) 58.3% 57.8% 58.1%OPEX to sales margin (%) -33.2% -39.9% -35.7%EBITDA margin (%) 25.1% 18.4% 22.6% - - - Inventory 421,992 246,762 668,753 Total assets 2,575,552 910,368 3,485,919 2021KID Interior Hemtex TotalRevenue 1,883,498 1,213,598 3,097,096 Purchased goods and change in inventory -702,266 -457,240 -1,159,506 Gross profit 1,181,232 756,358 1,937,590 Other operating revenue 503 9,507 10,010 Operating expense (OPEX) -603,282 -466,751 -1,070,033 EBITDA 578,453 299,114 877,567 Operating profit 391,442 149,749 541,190 - - - Gross margin (%) 62.7% 62.3% 62.6%OPEX to sales margin (%) -32.0% -38.5% -34.6%EBITDA margin (%) 30.7% 24.6% 28.3% - - - Inventory 413,016 233,748 646,764 Total assets 2,632,304 902,520 3,534,824 NOTE 24 | LEASESRight of-use-assets 2022 2021Carrying amount at 01.01. 756,940 821,683 Additions and adjustments* 283,391 221,459 Depreciation -273,530 -266,273Currency translation differences -6,067 -19,929Net carrying amount 31.21. 760,734 756,940 Lease liabilities 2022 2021Carrying amount at 01.01. 767,287 819,245Additions and adjustments* 283,391 221,459 Interest expense 28,497 26,908Lease payments -291,320 -287,034Currency translation differences -6,070 -13,291Total lease liabilities 31.12. 781,785 767,287*Included in additions and adjustments are new contracts, renegotiated contracts, extentions and index adjustments on existing contracts.Lease contracts is mainly related to rental agreements for stores and warehouse. Indicators of impairment of right of use contracts have been assessed at the lowest CGU level, being the stores. Management concluded that there were no indicators as per 31 December 2022.In addition to turnover based lease payments, variable rental costs such as shared operating costs and marketing costs are excluded from IFRS 16 leases. See below for expenses included in other operating expenses related to lease contracts:2022 2021Rental costs exluded from IFRS 16 18,040 13,229 Shared operating costs 71,374 59,571 Marketing costs 20,398 19,518 Sum 19 109,812 92,318 Lease payments 291,320 287,034 Total payments related to lease contracts 401,132 379,352 2022 2021Number of lease contracts 288 305Right to renewal of lease contract 83 70Percentage of lease contracts with option to renewal 29% 23%Number of lease contracts by geography 2022 2021Norway 150 149Sweden 124 140Finland 8 10Estonia 6 6",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-49-3": {
"value": "NOTE 4 | SEGMENT INFORMATIONThe operating segments are identified on the basis of the reports which Group management (the chief decision-maker) uses to assess performance and profitability at a strategic level. The Group sells interior products mainly through wholly owned stores. Within the Group, Kid Interior relates to Norway and Hemtex relates to Sweden, Estonia and Finland. The Group also sells home interior products through the Group\u2019s online websites which is considered part of the operating segments Kid and Hemtex respectively. Over 99% of the products are sold under own brands.Group management evaluates the results from the segments based on EBITDA. The method of measurement excludes the effect of non-recurring costs, such as restructuring costs and legal costs on acquisition.Geographical informationKid Group sells home interior products in 156 fully owned stores across Norway and 130 stores across EU, of which 116 were in Sweden, 8 in Finland and 6 in Estonia. Of the stores in EU, 119 are owned by Hemtex and 11 are franchises. Revenue2022 2021Norway 1,983,602 1,883,498 Sweden 1,062,366 1,096,695 Finland 83,024 80,771 Estonia 48,999 36,132 Total 3,177,991 3,097,096 Information reported to Group management from the reporting segments.2022KID Interior Hemtex TotalRevenue 1,983,602 1,194,389 3,177,991 Cost of goods sold -827,978 -503,635 -1,331,613 Gross profit 1,155,624 690,754 1,846,378 Other operating revenue 106 5,130 5,236 Operating expense (OPEX) -657,867 -476,227 -1,134,093 EBITDA 497,863 219,657 717,521 Operating profit 296,485 72,740 369,225 - - - Gross margin (%) 58.3% 57.8% 58.1%OPEX to sales margin (%) -33.2% -39.9% -35.7%EBITDA margin (%) 25.1% 18.4% 22.6% - - - Inventory 421,992 246,762 668,753 Total assets 2,575,552 910,368 3,485,919 2021KID Interior Hemtex TotalRevenue 1,883,498 1,213,598 3,097,096 Purchased goods and change in inventory -702,266 -457,240 -1,159,506 Gross profit 1,181,232 756,358 1,937,590 Other operating revenue 503 9,507 10,010 Operating expense (OPEX) -603,282 -466,751 -1,070,033 EBITDA 578,453 299,114 877,567 Operating profit 391,442 149,749 541,190 - - - Gross margin (%) 62.7% 62.3% 62.6%OPEX to sales margin (%) -32.0% -38.5% -34.6%EBITDA margin (%) 30.7% 24.6% 28.3% - - - Inventory 413,016 233,748 646,764 Total assets 2,632,304 902,520 3,534,824 NOTE 24 | LEASESRight of-use-assets 2022 2021Carrying amount at 01.01. 756,940 821,683 Additions and adjustments* 283,391 221,459 Depreciation -273,530 -266,273Currency translation differences -6,067 -19,929Net carrying amount 31.21. 760,734 756,940 Lease liabilities 2022 2021Carrying amount at 01.01. 767,287 819,245Additions and adjustments* 283,391 221,459 Interest expense 28,497 26,908Lease payments -291,320 -287,034Currency translation differences -6,070 -13,291Total lease liabilities 31.12. 781,785 767,287*Included in additions and adjustments are new contracts, renegotiated contracts, extentions and index adjustments on existing contracts.Lease contracts is mainly related to rental agreements for stores and warehouse. Indicators of impairment of right of use contracts have been assessed at the lowest CGU level, being the stores. Management concluded that there were no indicators as per 31 December 2022.In addition to turnover based lease payments, variable rental costs such as shared operating costs and marketing costs are excluded from IFRS 16 leases. See below for expenses included in other operating expenses related to lease contracts:2022 2021Rental costs exluded from IFRS 16 18,040 13,229 Shared operating costs 71,374 59,571 Marketing costs 20,398 19,518 Sum 19 109,812 92,318 Lease payments 291,320 287,034 Total payments related to lease contracts 401,132 379,352 2022 2021Number of lease contracts 288 305Right to renewal of lease contract 83 70Percentage of lease contracts with option to renewal 29% 23%Number of lease contracts by geography 2022 2021Norway 150 149Sweden 124 140Finland 8 10Estonia 6 6",
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"value": "NOTE 4 | SEGMENT INFORMATIONThe operating segments are identified on the basis of the reports which Group management (the chief decision-maker) uses to assess performance and profitability at a strategic level. The Group sells interior products mainly through wholly owned stores. Within the Group, Kid Interior relates to Norway and Hemtex relates to Sweden, Estonia and Finland. The Group also sells home interior products through the Group\u2019s online websites which is considered part of the operating segments Kid and Hemtex respectively. Over 99% of the products are sold under own brands.Group management evaluates the results from the segments based on EBITDA. The method of measurement excludes the effect of non-recurring costs, such as restructuring costs and legal costs on acquisition.Geographical informationKid Group sells home interior products in 156 fully owned stores across Norway and 130 stores across EU, of which 116 were in Sweden, 8 in Finland and 6 in Estonia. Of the stores in EU, 119 are owned by Hemtex and 11 are franchises. Revenue2022 2021Norway 1,983,602 1,883,498 Sweden 1,062,366 1,096,695 Finland 83,024 80,771 Estonia 48,999 36,132 Total 3,177,991 3,097,096 Information reported to Group management from the reporting segments.2022KID Interior Hemtex TotalRevenue 1,983,602 1,194,389 3,177,991 Cost of goods sold -827,978 -503,635 -1,331,613 Gross profit 1,155,624 690,754 1,846,378 Other operating revenue 106 5,130 5,236 Operating expense (OPEX) -657,867 -476,227 -1,134,093 EBITDA 497,863 219,657 717,521 Operating profit 296,485 72,740 369,225 - - - Gross margin (%) 58.3% 57.8% 58.1%OPEX to sales margin (%) -33.2% -39.9% -35.7%EBITDA margin (%) 25.1% 18.4% 22.6% - - - Inventory 421,992 246,762 668,753 Total assets 2,575,552 910,368 3,485,919 2021KID Interior Hemtex TotalRevenue 1,883,498 1,213,598 3,097,096 Purchased goods and change in inventory -702,266 -457,240 -1,159,506 Gross profit 1,181,232 756,358 1,937,590 Other operating revenue 503 9,507 10,010 Operating expense (OPEX) -603,282 -466,751 -1,070,033 EBITDA 578,453 299,114 877,567 Operating profit 391,442 149,749 541,190 - - - Gross margin (%) 62.7% 62.3% 62.6%OPEX to sales margin (%) -32.0% -38.5% -34.6%EBITDA margin (%) 30.7% 24.6% 28.3% - - - Inventory 413,016 233,748 646,764 Total assets 2,632,304 902,520 3,534,824 NOTE 24 | LEASESRight of-use-assets 2022 2021Carrying amount at 01.01. 756,940 821,683 Additions and adjustments* 283,391 221,459 Depreciation -273,530 -266,273Currency translation differences -6,067 -19,929Net carrying amount 31.21. 760,734 756,940 Lease liabilities 2022 2021Carrying amount at 01.01. 767,287 819,245Additions and adjustments* 283,391 221,459 Interest expense 28,497 26,908Lease payments -291,320 -287,034Currency translation differences -6,070 -13,291Total lease liabilities 31.12. 781,785 767,287*Included in additions and adjustments are new contracts, renegotiated contracts, extentions and index adjustments on existing contracts.Lease contracts is mainly related to rental agreements for stores and warehouse. Indicators of impairment of right of use contracts have been assessed at the lowest CGU level, being the stores. Management concluded that there were no indicators as per 31 December 2022.In addition to turnover based lease payments, variable rental costs such as shared operating costs and marketing costs are excluded from IFRS 16 leases. See below for expenses included in other operating expenses related to lease contracts:2022 2021Rental costs exluded from IFRS 16 18,040 13,229 Shared operating costs 71,374 59,571 Marketing costs 20,398 19,518 Sum 19 109,812 92,318 Lease payments 291,320 287,034 Total payments related to lease contracts 401,132 379,352 2022 2021Number of lease contracts 288 305Right to renewal of lease contract 83 70Percentage of lease contracts with option to renewal 29% 23%Number of lease contracts by geography 2022 2021Norway 150 149Sweden 124 140Finland 8 10Estonia 6 6",
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"pp-value-49-5": {
"value": "NOTE 4 | SEGMENT INFORMATIONThe operating segments are identified on the basis of the reports which Group management (the chief decision-maker) uses to assess performance and profitability at a strategic level. The Group sells interior products mainly through wholly owned stores. Within the Group, Kid Interior relates to Norway and Hemtex relates to Sweden, Estonia and Finland. The Group also sells home interior products through the Group\u2019s online websites which is considered part of the operating segments Kid and Hemtex respectively. Over 99% of the products are sold under own brands.Group management evaluates the results from the segments based on EBITDA. The method of measurement excludes the effect of non-recurring costs, such as restructuring costs and legal costs on acquisition.Geographical informationKid Group sells home interior products in 156 fully owned stores across Norway and 130 stores across EU, of which 116 were in Sweden, 8 in Finland and 6 in Estonia. Of the stores in EU, 119 are owned by Hemtex and 11 are franchises. Revenue2022 2021Norway 1,983,602 1,883,498 Sweden 1,062,366 1,096,695 Finland 83,024 80,771 Estonia 48,999 36,132 Total 3,177,991 3,097,096 Information reported to Group management from the reporting segments.2022KID Interior Hemtex TotalRevenue 1,983,602 1,194,389 3,177,991 Cost of goods sold -827,978 -503,635 -1,331,613 Gross profit 1,155,624 690,754 1,846,378 Other operating revenue 106 5,130 5,236 Operating expense (OPEX) -657,867 -476,227 -1,134,093 EBITDA 497,863 219,657 717,521 Operating profit 296,485 72,740 369,225 - - - Gross margin (%) 58.3% 57.8% 58.1%OPEX to sales margin (%) -33.2% -39.9% -35.7%EBITDA margin (%) 25.1% 18.4% 22.6% - - - Inventory 421,992 246,762 668,753 Total assets 2,575,552 910,368 3,485,919 2021KID Interior Hemtex TotalRevenue 1,883,498 1,213,598 3,097,096 Purchased goods and change in inventory -702,266 -457,240 -1,159,506 Gross profit 1,181,232 756,358 1,937,590 Other operating revenue 503 9,507 10,010 Operating expense (OPEX) -603,282 -466,751 -1,070,033 EBITDA 578,453 299,114 877,567 Operating profit 391,442 149,749 541,190 - - - Gross margin (%) 62.7% 62.3% 62.6%OPEX to sales margin (%) -32.0% -38.5% -34.6%EBITDA margin (%) 30.7% 24.6% 28.3% - - - Inventory 413,016 233,748 646,764 Total assets 2,632,304 902,520 3,534,824 6a Employee benefit expense2022 2021Wages and salaries 505,913 497,468Social security costs 97,328 99,191Pension costs - defined contribution plans (note 20) 18,289 12,517Other benefits 8,362 8,128Total employee benefit expense 629,892 617,304Average number of full-time employees 958 930There has not been any loans to employees or guarantees granted to employees for either 2022 or 2021. Refer to note 19 for specification of salary-related accruals included in Other short term liabilities.NOTE 11 | PROPERTY, PLANT AND EQUIPMENTAssets under Fixtures and constructionfittings Autostore TotalYear ended 31 December 2022Opening net book amount 2,646 178,850 21,661 203,158Additions 26,949 81,905 0 108,854Reclassifications 0 0 - Depreciation charge 0 -64,666 -6,235 -70,901Currency translation differences 0 -3,867 0 -3,867Closing net book amount 29,596 192,222 15,426 237,244At 31 December 2022Cost or valuation 29,596 785,301 31,177 846,074Accumulated depreciation 0 -579,651 -15,751 -595,402Currency translation differences 0 -13,428 0 -13,428Net book amount 29,596 192,222 15,425 237,244Year ended 31 December 2021Opening net book amount 2,646 168,969 27,897 199,512Additions 0 74,541 0 74,541Reclassifications 0 0 0Depreciation charge - -62,091 -6,235 -68,327Currency translation differences - -2,569 0 -2,569Closing net book amount 2,646 178,850 21,661 203,157At 31 December 2021Cost or valuation 2,646 703,397 31,177 737,220Accumulated depreciation - -514,985 -9,515 -524,501Currency translation differences - -9,561 0 -9,561Net book amount 2,646 178,850 21,661 203,158Assets under construction relates to fixed assets not ready for use, mainly related to the new warehouse in Bor\u00e5s as well as store refurbishings. As such, these items are not depreciated until ready for use.Indicators of impairment of property, plant and equipment have been assessed. Management concluded that there were no indicators as per 31 December 2022. Other operating expenses 2022 2021Rental costs for shops and storage (incl shared operating expenses) 24 109,812 92,318Advertising and other marketing costs 133,551 123,230Other expenses 260,835 238,091Total other expenses 504,198 452,730NOTE 24 | LEASESRight of-use-assets 2022 2021Carrying amount at 01.01. 756,940 821,683 Additions and adjustments* 283,391 221,459 Depreciation -273,530 -266,273Currency translation differences -6,067 -19,929Net carrying amount 31.21. 760,734 756,940 Lease liabilities 2022 2021Carrying amount at 01.01. 767,287 819,245Additions and adjustments* 283,391 221,459 Interest expense 28,497 26,908Lease payments -291,320 -287,034Currency translation differences -6,070 -13,291Total lease liabilities 31.12. 781,785 767,287*Included in additions and adjustments are new contracts, renegotiated contracts, extentions and index adjustments on existing contracts.Lease contracts is mainly related to rental agreements for stores and warehouse. Indicators of impairment of right of use contracts have been assessed at the lowest CGU level, being the stores. Management concluded that there were no indicators as per 31 December 2022.In addition to turnover based lease payments, variable rental costs such as shared operating costs and marketing costs are excluded from IFRS 16 leases. See below for expenses included in other operating expenses related to lease contracts:2022 2021Rental costs exluded from IFRS 16 18,040 13,229 Shared operating costs 71,374 59,571 Marketing costs 20,398 19,518 Sum 19 109,812 92,318 Lease payments 291,320 287,034 Total payments related to lease contracts 401,132 379,352 2022 2021Number of lease contracts 288 305Right to renewal of lease contract 83 70Percentage of lease contracts with option to renewal 29% 23%Number of lease contracts by geography 2022 2021Norway 150 149Sweden 124 140Finland 8 10Estonia 6 6",
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"pp-value-49-6": {
"value": "NOTE 4 | SEGMENT INFORMATIONThe operating segments are identified on the basis of the reports which Group management (the chief decision-maker) uses to assess performance and profitability at a strategic level. The Group sells interior products mainly through wholly owned stores. Within the Group, Kid Interior relates to Norway and Hemtex relates to Sweden, Estonia and Finland. The Group also sells home interior products through the Group\u2019s online websites which is considered part of the operating segments Kid and Hemtex respectively. Over 99% of the products are sold under own brands.Group management evaluates the results from the segments based on EBITDA. The method of measurement excludes the effect of non-recurring costs, such as restructuring costs and legal costs on acquisition.Geographical informationKid Group sells home interior products in 156 fully owned stores across Norway and 130 stores across EU, of which 116 were in Sweden, 8 in Finland and 6 in Estonia. Of the stores in EU, 119 are owned by Hemtex and 11 are franchises. Revenue2022 2021Norway 1,983,602 1,883,498 Sweden 1,062,366 1,096,695 Finland 83,024 80,771 Estonia 48,999 36,132 Total 3,177,991 3,097,096 Information reported to Group management from the reporting segments.2022KID Interior Hemtex TotalRevenue 1,983,602 1,194,389 3,177,991 Cost of goods sold -827,978 -503,635 -1,331,613 Gross profit 1,155,624 690,754 1,846,378 Other operating revenue 106 5,130 5,236 Operating expense (OPEX) -657,867 -476,227 -1,134,093 EBITDA 497,863 219,657 717,521 Operating profit 296,485 72,740 369,225 - - - Gross margin (%) 58.3% 57.8% 58.1%OPEX to sales margin (%) -33.2% -39.9% -35.7%EBITDA margin (%) 25.1% 18.4% 22.6% - - - Inventory 421,992 246,762 668,753 Total assets 2,575,552 910,368 3,485,919 2021KID Interior Hemtex TotalRevenue 1,883,498 1,213,598 3,097,096 Purchased goods and change in inventory -702,266 -457,240 -1,159,506 Gross profit 1,181,232 756,358 1,937,590 Other operating revenue 503 9,507 10,010 Operating expense (OPEX) -603,282 -466,751 -1,070,033 EBITDA 578,453 299,114 877,567 Operating profit 391,442 149,749 541,190 - - - Gross margin (%) 62.7% 62.3% 62.6%OPEX to sales margin (%) -32.0% -38.5% -34.6%EBITDA margin (%) 30.7% 24.6% 28.3% - - - Inventory 413,016 233,748 646,764 Total assets 2,632,304 902,520 3,534,824 NOTE 11 | PROPERTY, PLANT AND EQUIPMENTAssets under Fixtures and constructionfittings Autostore TotalYear ended 31 December 2022Opening net book amount 2,646 178,850 21,661 203,158Additions 26,949 81,905 0 108,854Reclassifications 0 0 - Depreciation charge 0 -64,666 -6,235 -70,901Currency translation differences 0 -3,867 0 -3,867Closing net book amount 29,596 192,222 15,426 237,244At 31 December 2022Cost or valuation 29,596 785,301 31,177 846,074Accumulated depreciation 0 -579,651 -15,751 -595,402Currency translation differences 0 -13,428 0 -13,428Net book amount 29,596 192,222 15,425 237,244Year ended 31 December 2021Opening net book amount 2,646 168,969 27,897 199,512Additions 0 74,541 0 74,541Reclassifications 0 0 0Depreciation charge - -62,091 -6,235 -68,327Currency translation differences - -2,569 0 -2,569Closing net book amount 2,646 178,850 21,661 203,157At 31 December 2021Cost or valuation 2,646 703,397 31,177 737,220Accumulated depreciation - -514,985 -9,515 -524,501Currency translation differences - -9,561 0 -9,561Net book amount 2,646 178,850 21,661 203,158Assets under construction relates to fixed assets not ready for use, mainly related to the new warehouse in Bor\u00e5s as well as store refurbishings. As such, these items are not depreciated until ready for use.Indicators of impairment of property, plant and equipment have been assessed. Management concluded that there were no indicators as per 31 December 2022. NOTE 24 | LEASESRight of-use-assets 2022 2021Carrying amount at 01.01. 756,940 821,683 Additions and adjustments* 283,391 221,459 Depreciation -273,530 -266,273Currency translation differences -6,067 -19,929Net carrying amount 31.21. 760,734 756,940 Lease liabilities 2022 2021Carrying amount at 01.01. 767,287 819,245Additions and adjustments* 283,391 221,459 Interest expense 28,497 26,908Lease payments -291,320 -287,034Currency translation differences -6,070 -13,291Total lease liabilities 31.12. 781,785 767,287*Included in additions and adjustments are new contracts, renegotiated contracts, extentions and index adjustments on existing contracts.Lease contracts is mainly related to rental agreements for stores and warehouse. Indicators of impairment of right of use contracts have been assessed at the lowest CGU level, being the stores. Management concluded that there were no indicators as per 31 December 2022.In addition to turnover based lease payments, variable rental costs such as shared operating costs and marketing costs are excluded from IFRS 16 leases. See below for expenses included in other operating expenses related to lease contracts:2022 2021Rental costs exluded from IFRS 16 18,040 13,229 Shared operating costs 71,374 59,571 Marketing costs 20,398 19,518 Sum 19 109,812 92,318 Lease payments 291,320 287,034 Total payments related to lease contracts 401,132 379,352 2022 2021Number of lease contracts 288 305Right to renewal of lease contract 83 70Percentage of lease contracts with option to renewal 29% 23%Number of lease contracts by geography 2022 2021Norway 150 149Sweden 124 140Finland 8 10Estonia 6 6",
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"pp-value-49-7": {
"value": "NOTE 4 | SEGMENT INFORMATIONThe operating segments are identified on the basis of the reports which Group management (the chief decision-maker) uses to assess performance and profitability at a strategic level. The Group sells interior products mainly through wholly owned stores. Within the Group, Kid Interior relates to Norway and Hemtex relates to Sweden, Estonia and Finland. The Group also sells home interior products through the Group\u2019s online websites which is considered part of the operating segments Kid and Hemtex respectively. Over 99% of the products are sold under own brands.Group management evaluates the results from the segments based on EBITDA. The method of measurement excludes the effect of non-recurring costs, such as restructuring costs and legal costs on acquisition.Geographical informationKid Group sells home interior products in 156 fully owned stores across Norway and 130 stores across EU, of which 116 were in Sweden, 8 in Finland and 6 in Estonia. Of the stores in EU, 119 are owned by Hemtex and 11 are franchises. Revenue2022 2021Norway 1,983,602 1,883,498 Sweden 1,062,366 1,096,695 Finland 83,024 80,771 Estonia 48,999 36,132 Total 3,177,991 3,097,096 Information reported to Group management from the reporting segments.2022KID Interior Hemtex TotalRevenue 1,983,602 1,194,389 3,177,991 Cost of goods sold -827,978 -503,635 -1,331,613 Gross profit 1,155,624 690,754 1,846,378 Other operating revenue 106 5,130 5,236 Operating expense (OPEX) -657,867 -476,227 -1,134,093 EBITDA 497,863 219,657 717,521 Operating profit 296,485 72,740 369,225 - - - Gross margin (%) 58.3% 57.8% 58.1%OPEX to sales margin (%) -33.2% -39.9% -35.7%EBITDA margin (%) 25.1% 18.4% 22.6% - - - Inventory 421,992 246,762 668,753 Total assets 2,575,552 910,368 3,485,919 2021KID Interior Hemtex TotalRevenue 1,883,498 1,213,598 3,097,096 Purchased goods and change in inventory -702,266 -457,240 -1,159,506 Gross profit 1,181,232 756,358 1,937,590 Other operating revenue 503 9,507 10,010 Operating expense (OPEX) -603,282 -466,751 -1,070,033 EBITDA 578,453 299,114 877,567 Operating profit 391,442 149,749 541,190 - - - Gross margin (%) 62.7% 62.3% 62.6%OPEX to sales margin (%) -32.0% -38.5% -34.6%EBITDA margin (%) 30.7% 24.6% 28.3% - - - Inventory 413,016 233,748 646,764 Total assets 2,632,304 902,520 3,534,824 NOTE 15 | INVENTORIES2022 2021Inventory at purchase cost 674,815 654,013 Inventory write-downs to net realizable value -6,061 -7,248 Inventories 668,753 646,764 Recognized loss on inventories2022 2021Lost and damaged goods 13,530 12,399Change in provision for obsolescence -1,187 3,297Recognized loss on inventories in cost of goods sold 12,343 15,696NOTE 24 | LEASESRight of-use-assets 2022 2021Carrying amount at 01.01. 756,940 821,683 Additions and adjustments* 283,391 221,459 Depreciation -273,530 -266,273Currency translation differences -6,067 -19,929Net carrying amount 31.21. 760,734 756,940 Lease liabilities 2022 2021Carrying amount at 01.01. 767,287 819,245Additions and adjustments* 283,391 221,459 Interest expense 28,497 26,908Lease payments -291,320 -287,034Currency translation differences -6,070 -13,291Total lease liabilities 31.12. 781,785 767,287*Included in additions and adjustments are new contracts, renegotiated contracts, extentions and index adjustments on existing contracts.Lease contracts is mainly related to rental agreements for stores and warehouse. Indicators of impairment of right of use contracts have been assessed at the lowest CGU level, being the stores. Management concluded that there were no indicators as per 31 December 2022.In addition to turnover based lease payments, variable rental costs such as shared operating costs and marketing costs are excluded from IFRS 16 leases. See below for expenses included in other operating expenses related to lease contracts:2022 2021Rental costs exluded from IFRS 16 18,040 13,229 Shared operating costs 71,374 59,571 Marketing costs 20,398 19,518 Sum 19 109,812 92,318 Lease payments 291,320 287,034 Total payments related to lease contracts 401,132 379,352 2022 2021Number of lease contracts 288 305Right to renewal of lease contract 83 70Percentage of lease contracts with option to renewal 29% 23%Number of lease contracts by geography 2022 2021Norway 150 149Sweden 124 140Finland 8 10Estonia 6 6",
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"pp-value-51-2": {
"value": "NOTE 5 | CRITICAL ACCOUNTING ESTIMATES AND SIGNIFICANT JUDGEMENTSEstimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 5.1 Critical accounting estimates and assumptionsGroup management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. 5.1.1 Estimated value-in-use to support the value of trademark and goodwillThe Group tests annually whether the Group\u2019s trademark and goodwill has suffered any impairment in accordance with IAS 36. The recoverable amounts of the defined cash-generating units, KID Interi\u00f8r and Hemtex, have been determined based on value-in-use calculations. These calculations require use of estimates, and included considerations of sustainability topics with possible financial materiality. The impairment tests are especially sensitive for negative changes in long-term revenue growth and gross margin.See note 12 \u2013 Intangible assets for more information. 5.1.2 Critical judgements in determining the lease termIn determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Most extension options in store leases have not been included in the lease liability, because the group has the market power to renegotiate rental terms rather than exercising options and also has the financial power to replace the stores without significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not exercised) or the group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. 5.2 Critical judgements in applying the entity\u2019s accounting policies There has not been identified any other critical judgements in applying the entity\u2019s accounting policies.",
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"value": "6a Employee benefit expense2022 2021Wages and salaries 505,913 497,468Social security costs 97,328 99,191Pension costs - defined contribution plans (note 20) 18,289 12,517Other benefits 8,362 8,128Total employee benefit expense 629,892 617,304Average number of full-time employees 958 930There has not been any loans to employees or guarantees granted to employees for either 2022 or 2021. Refer to note 19 for specification of salary-related accruals included in Other short term liabilities.NOTE 20 | POST\ue61fEMPLOYMENT BENEFITSThe table below outlines where the group\u2019s post-employment amounts and activity are included in the financial statements.Income statement charge included in operating profit for: 2022 2021Pensions earned this year - the group pension scheme 17,417 12,259Pensions earned this year - the agreed early retirement scheme (AFP) 872 258Social security fees 3,630 2,356Net pension expenses 21,919 14,87220.1 AFP scheme The subsidiary Kid Logistikk AS and 11 of our stores have an agreed early retirement scheme (AFP). The AFP-scheme, in force from 1st of January 2011, is a defined benefit multi-enterprise scheme, but is recognised in the accounts as defined contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and pension funds in the scheme. The company\u2019s liabilities are therefore not recognised as debt in the balance sheet.",
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},
"pp-value-53-4": {
"value": "6a Employee benefit expense2022 2021Wages and salaries 505,913 497,468Social security costs 97,328 99,191Pension costs - defined contribution plans (note 20) 18,289 12,517Other benefits 8,362 8,128Total employee benefit expense 629,892 617,304Average number of full-time employees 958 930There has not been any loans to employees or guarantees granted to employees for either 2022 or 2021. Refer to note 19 for specification of salary-related accruals included in Other short term liabilities.Other short term liabilities 2022 2021Salary related accruals 96,042 111,743 Goods in transit 28,440 36,124 Giftcards, store credits and other sales related accruals 35,263 26,674 Accrued rental expenses 13,396 6,447 Other accruals 28,674 16,877 Total other short term liabilities 201,815 197,865",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-5": {
"value": "6a Employee benefit expense2022 2021Wages and salaries 505,913 497,468Social security costs 97,328 99,191Pension costs - defined contribution plans (note 20) 18,289 12,517Other benefits 8,362 8,128Total employee benefit expense 629,892 617,304Average number of full-time employees 958 930There has not been any loans to employees or guarantees granted to employees for either 2022 or 2021. Refer to note 19 for specification of salary-related accruals included in Other short term liabilities.NOTE 18 | LIABILITIES TO FINANCIAL INSTITUTIONS2022 2021Long termBank loans 521,646 451,628Total long term liabilities to financial institutions 521,646 451,628Short termBank loans 30,000 95,000 Total short term liabilities to financial institutions 30,000 95,000Total liabilities to financial institutions 551,646 546,628(a) Bank loansIn April 2021, Kid ASA entered into a renewed agreement with Nordea securing a term loan structure of NOK 611.7 million.In addition, the group also renewed the existing revolving credit facility, overdraft agreement and the NOK 115 million L/C- and guarantee facility. An additional short term credit facility agreement of MNOK 100 was signed in December 2022. The bank loan mature May 2026. The interest rate of the majority of the total term loan is fixed through interest rate swap agreements. For the revolving credit facility and overdraft, the average interest rate was 3,12%.Total loans include secured liabilities (bank and collateralised loan) of TNOK 551 646 (2021: TNOK 481 628) and revolving credit facility of TNOK 0 (2021: TNOK 65 000). The group has a bank overdraft of TNOK 247 000 which was partially used 284 days during the year (212 days), but not at year end. The Bank loans are secured by 100% of the shares in Kid Interi\u00f8r AS.TNOK 395 000 (included in the 1-5 years in table below) of the external loan with floating interest rate is swapped to a fixed interest rate of 1.876% by means of interest rate derivatives to maintain the desired split between fixed and floating interest rates and is subject to hedge accounting.TSEK 55 000 (included in the 1-5 years in table below) of the external loan with floating interest rate is swapped to fixed interest rates of 1.460% and currency SEK by means of a cross currency interest rate derivative to maintain the desired split between fixed and floating interest rates and currency exposure. The effect of change in the fair value of the derivative is booked against financial income/expense.The bank overdraft are secured by inventory, trade receivables, property, plant and equipment, 100% of the shares in Kid Logistikk AS and the rental agreement related to the HQ in Drammen. Since the bank overdraft was not utilized at year end 2022 or 2021, none of the assets were pledged as collateral.The exposure of the Group\u2019s loans to interest rate changes and the contractual re-pricing dates at the end of thereporting period are as follows:2022 20216 months or less 10,000 10,0006-12 months 20,000 85,0001-5 years 521,646 451,628Total liabilities to financial institutions 551,646 546,628The carrying amounts and fair value of the loans are as follows:2022 2021Bank loans 551,646 546,628Total carrying amount of liabilities to financial institutions 551,646 521,964The fair value of current loans equals their carrying amount, as the loans bear a floating interest priced at marketrate.Included in the 1-5 years category in the table above is a TNOK 551 700 loan, where the group entered aninterest swap agreement in 2019 covering TNOK 395 000 as well as a cross-currency interest swap covering TSEK 55 000. The carrying amounts of the Group\u2019s loans are denominated in the following currencies:2022 2021NOK 496,646 461,628SEK (through swap-agreement) 55,000 85,000 Total 551,646 546,628The Group has the following granted loan facilities and guarantees:2022 2021Revolving credit facility 130,000 130,000 Short term credit facility 100,000 0Unused bank overdraft 247,000 247,000Employee tax guarantee 21,300 16,800Letter of credit limit 115,000 115,000Following covenants is regulated by contract:Interval Limit 2022 Limit 2021Gearing ratio (NIBD/EBITDA ex IFRS 16) annually 2.25 2.25EBITDA Last twelve monthes (in NOK millions) ex IFRS 16 quarterly 175 175The Group has been compliant with covenants at all intervals.Other short term liabilities 2022 2021Salary related accruals 96,042 111,743 Goods in transit 28,440 36,124 Giftcards, store credits and other sales related accruals 35,263 26,674 Accrued rental expenses 13,396 6,447 Other accruals 28,674 16,877 Total other short term liabilities 201,815 197,865",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-53-6": {
"value": "6a Employee benefit expense2022 2021Wages and salaries 505,913 497,468Social security costs 97,328 99,191Pension costs - defined contribution plans (note 20) 18,289 12,517Other benefits 8,362 8,128Total employee benefit expense 629,892 617,304Average number of full-time employees 958 930There has not been any loans to employees or guarantees granted to employees for either 2022 or 2021. Refer to note 19 for specification of salary-related accruals included in Other short term liabilities.NOTE 20 | POST\ue61fEMPLOYMENT BENEFITSThe table below outlines where the group\u2019s post-employment amounts and activity are included in the financial statements.Income statement charge included in operating profit for: 2022 2021Pensions earned this year - the group pension scheme 17,417 12,259Pensions earned this year - the agreed early retirement scheme (AFP) 872 258Social security fees 3,630 2,356Net pension expenses 21,919 14,87220.1 AFP scheme The subsidiary Kid Logistikk AS and 11 of our stores have an agreed early retirement scheme (AFP). The AFP-scheme, in force from 1st of January 2011, is a defined benefit multi-enterprise scheme, but is recognised in the accounts as defined contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and pension funds in the scheme. The company\u2019s liabilities are therefore not recognised as debt in the balance sheet.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-54-2": {
"value": "6b Benefits key management personnel and board of directors2022Accrued Other Key Management Personnel Salary PensionbonusBenefits TotalCEO, CFO, VD Hemtex 8,611 605 -892 377 8,702Board of directors 2,128 2,1282021Accrued Other Key Management Personnel Salary PensionbonusBenefits TotalCEO, CFO, VD Hemtex 8,315 657 5,925 331 15,229Board of directors 1,948 1,948There has not been any loans or guarantees granted to key management personnel for either 2021 or 2022.CEO have 6 months salary as termination benefit.There are no share based payments. For more information on remuneration, please refer to Remuneration report 2022 as approved by the Board of Directors. The Remuneration report is subject to an advisory vote by the General Meeting in 2023, and published as part of the appendices to the Notice of Annual General Meeting at investor.kid.no.Key Management Personnel Share holdings 31.12.2022 31.12.2021Anders Fjeld 130,000 130,000 Eystein Lund 50,286 50,286 Anders Lorentzson na na Board of DirectorsPetter Schouw-Hansen 54,808 54,808 Liv Berstad 0 0 Gyrid Skalleberg Inger\u00f8 3,007 3,007 Karin Bing Orgland 32,629 32,629 Rune Marsdal 20,427 20,427 Espen Gundersen 4,000 n/a ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-2": {
"value": "6c Audit fees2022 2021Statutory audit 2,245 1,967Other assurance services 48 68Tax related services 137 44Other assistance 0 7Total fees 2,430 2,086",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-57-2": {
"value": "NOTE 7 | FINANCE INCOME AND COSTS2022 2021Finance costsBank interest cost 18,137 15,690Bank charges 3,845 2,933*Other finance costs1,998 17,853Interest on lease liability 28,497 26,908Total finance costs 52,477 63,384Finance incomeInterest income on short-term bank deposits 1,178 3*Other finance income3,770 7,359Total finance income 4,948 7,361Net finance costs -47,528 -56,023* Realized and unrealized currency gain/loss and change in fair value of cross currency interest swap are included in other finance costs and other finance income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-3": {
"value": "NOTE 7 | FINANCE INCOME AND COSTS2022 2021Finance costsBank interest cost 18,137 15,690Bank charges 3,845 2,933*Other finance costs1,998 17,853Interest on lease liability 28,497 26,908Total finance costs 52,477 63,384Finance incomeInterest income on short-term bank deposits 1,178 3*Other finance income3,770 7,359Total finance income 4,948 7,361Net finance costs -47,528 -56,023* Realized and unrealized currency gain/loss and change in fair value of cross currency interest swap are included in other finance costs and other finance income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-57-4": {
"value": "NOTE 7 | FINANCE INCOME AND COSTS2022 2021Finance costsBank interest cost 18,137 15,690Bank charges 3,845 2,933*Other finance costs1,998 17,853Interest on lease liability 28,497 26,908Total finance costs 52,477 63,384Finance incomeInterest income on short-term bank deposits 1,178 3*Other finance income3,770 7,359Total finance income 4,948 7,361Net finance costs -47,528 -56,023* Realized and unrealized currency gain/loss and change in fair value of cross currency interest swap are included in other finance costs and other finance income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-57-5": {
"value": "NOTE 7 | FINANCE INCOME AND COSTS2022 2021Finance costsBank interest cost 18,137 15,690Bank charges 3,845 2,933*Other finance costs1,998 17,853Interest on lease liability 28,497 26,908Total finance costs 52,477 63,384Finance incomeInterest income on short-term bank deposits 1,178 3*Other finance income3,770 7,359Total finance income 4,948 7,361Net finance costs -47,528 -56,023* Realized and unrealized currency gain/loss and change in fair value of cross currency interest swap are included in other finance costs and other finance income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-57-6": {
"value": "NOTE 7 | FINANCE INCOME AND COSTS2022 2021Finance costsBank interest cost 18,137 15,690Bank charges 3,845 2,933*Other finance costs1,998 17,853Interest on lease liability 28,497 26,908Total finance costs 52,477 63,384Finance incomeInterest income on short-term bank deposits 1,178 3*Other finance income3,770 7,359Total finance income 4,948 7,361Net finance costs -47,528 -56,023* Realized and unrealized currency gain/loss and change in fair value of cross currency interest swap are included in other finance costs and other finance income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-7": {
"value": "NOTE 7 | FINANCE INCOME AND COSTS2022 2021Finance costsBank interest cost 18,137 15,690Bank charges 3,845 2,933*Other finance costs1,998 17,853Interest on lease liability 28,497 26,908Total finance costs 52,477 63,384Finance incomeInterest income on short-term bank deposits 1,178 3*Other finance income3,770 7,359Total finance income 4,948 7,361Net finance costs -47,528 -56,023* Realized and unrealized currency gain/loss and change in fair value of cross currency interest swap are included in other finance costs and other finance income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-8": {
"value": "NOTE 7 | FINANCE INCOME AND COSTS2022 2021Finance costsBank interest cost 18,137 15,690Bank charges 3,845 2,933*Other finance costs1,998 17,853Interest on lease liability 28,497 26,908Total finance costs 52,477 63,384Finance incomeInterest income on short-term bank deposits 1,178 3*Other finance income3,770 7,359Total finance income 4,948 7,361Net finance costs -47,528 -56,023* Realized and unrealized currency gain/loss and change in fair value of cross currency interest swap are included in other finance costs and other finance income. NOTE 11 | PROPERTY, PLANT AND EQUIPMENTAssets under Fixtures and constructionfittings Autostore TotalYear ended 31 December 2022Opening net book amount 2,646 178,850 21,661 203,158Additions 26,949 81,905 0 108,854Reclassifications 0 0 - Depreciation charge 0 -64,666 -6,235 -70,901Currency translation differences 0 -3,867 0 -3,867Closing net book amount 29,596 192,222 15,426 237,244At 31 December 2022Cost or valuation 29,596 785,301 31,177 846,074Accumulated depreciation 0 -579,651 -15,751 -595,402Currency translation differences 0 -13,428 0 -13,428Net book amount 29,596 192,222 15,425 237,244Year ended 31 December 2021Opening net book amount 2,646 168,969 27,897 199,512Additions 0 74,541 0 74,541Reclassifications 0 0 0Depreciation charge - -62,091 -6,235 -68,327Currency translation differences - -2,569 0 -2,569Closing net book amount 2,646 178,850 21,661 203,157At 31 December 2021Cost or valuation 2,646 703,397 31,177 737,220Accumulated depreciation - -514,985 -9,515 -524,501Currency translation differences - -9,561 0 -9,561Net book amount 2,646 178,850 21,661 203,158Assets under construction relates to fixed assets not ready for use, mainly related to the new warehouse in Bor\u00e5s as well as store refurbishings. As such, these items are not depreciated until ready for use.Indicators of impairment of property, plant and equipment have been assessed. Management concluded that there were no indicators as per 31 December 2022. NOTE 12 | INTANGIBLE ASSETSSoftware Trademark Goodwill TotalCostAt 1 January 2021 28,409 1,515,484 72,281 1,616,174 Additions 16,223 - - 16,223 Currency translation differences -260 -3,696 -1,995 -5,951 As at 31 December 2021 44,371 1,511,788 70,286 1,626,446 Additions 20,871 - - 20,871 Currency translation differences -775 -1,564 -4,807 -7,146 As at 31 December 2022 64,467 1,510,224 65,479 1,640,171 Accumulated amortisation and impairmentAt 1 January 2021 -22,784 - - -22,784 Amortisation charge -2,489 - - -2,489 As at 31 December 2021 -25,273 - - -25,273 At 1 January 2022 -25,273 - - -25,273 Amortisation charge -3,865 - - -3,865 As at 31 December 2022 -29,138 - - -29,138 Net book valueCost 44,372 1,511,788 70,286 1,626,446 Accumulated amortisation and impairment -25,275 - - -25,275 As at 31 December 2021 19,096 1,511,788 70,286 1,601,170 Cost 64,467 1,510,224 65,479 1,640,170 Accumulated amortisation and impairment -29,140 - - -29,141 As at 31 December 2022 35,326 1,510,224 65,479 1,611,029 Useful life 4-7 years Indefinite IndefiniteImpairment tests for trademark and goodwillThe group tests whether trademark and goodwill has suffered any impairment on an annual basis. The recoverable amount is determined based on value-in-use calculations which require the use of assumptions. The calculations use cash flow projections based on financial budgets and assumptions approved by board covering a five-year period. Cash flows beyond the five-year period are extrapolated using an estimated growth rate of 1%. These growth rates are consistent with forecasts included in industry reports.Trademark Kid InteriorThe trademark Kid was acquired in 2005 and is related to the original cost of the subsidiaries and the company brand Kid Interi\u00f8r. Kid Interi\u00f8r was founded in 1937 and has long traditions within its business area. Kid Interi\u00f8r is a well known brand among the population in Norway and there is a clear intention to retain and further develop this brand. As a consequence, the brand name is not amortised, but tested for impairment annually.The following table sets out the key assumptions used in the impairment test: 2022 2021Sales volume (% annual growth rate) 1.6 2.0 Gross margin (%) 60.9 60.8 Other operating costs (%) 45.2 44.1 Annual capital expenditure (MNOK) 50.0 50.0Discount rate pre tax (%) 10.3 9.2 The recoverable amount of the trademark is estimated to be MNOK 2755 (2021 \u2013 MNOK 3266). This exceeds the carrying amount of the trademark Kid Interi\u00f8r at 31 December 2022 which is MNOK 1460 (2021 \u2013 MNOK 1460).The recoverable amount of the trademark would equal the carrying amount if the key assumptions were to change as follows:2022 2021From To From ToSales volume (% annual growth rate) 1.6 -0.7 2.0 -1.5Budgeted gross margin (%) 60.9 56.0 60.8 51.3Discount rate pre tax (%) 10.3 16.2 9.2 18.9The Directors and management have considered and assessed reasonably possible changes for other key assumptions and have not identified any instances that could cause the carrying amount of the trademark to exceed its recoverable amount. These considerations and assessments includes sustainability topics with possible financial materiality.Trademark and goodwill HemtexThe trademark Hemtex was acquired in May 2019 and relates to the Swedish interior goods retailer Hemtex International and its subsidiaries in Finland and Estonia. Hemtex was founded in 1973 and has long traditions within its business area. Hemtex is a well known brand among the population and there is a clear intention to retain and further develop this brand. As a consequence, the brand name is not amortised, but will be tested for impairment annually. The group has tested whether the trademark and goodwill for impairment at year end. The following table sets out the key assumptions used in the impairment test: 2022 2021Sales volume (% annual growth rate) 2.2 2.1Gross margin (%) 61.0 60.8Other operating costs (% of revenue) 50.3 46.8Annual capital expenditure (MNOK) 50.0 50.0Discount rate pre tax (%) 10.1 8.7 The recoverable amount of the trademark and goodwill is estimated to be MNOK 891. This exceeds the carrying amount of the trademark and goodwill in Hemtex at 31 December 2022 which is MNOK 116.The recoverable amount of the trademark and goodwill would equal its carrying amount if the key assumptions were to change as follows:2022 2021From To From ToSales volume (% annual growth rate) 2.2 -0.1 2.1 -2.2Budgeted gross margin (%) 61.0 57.0 60.8 51.9Discount rate pre tax (%) 10.1 30.2 8.7 41.1The Directors and management have considered and assessed reasonably possible changes for other key assumptions and have not identified any instances that could cause the carrying amount of the trademark to exceed its recoverable amount.NOTE 22 | HEDGE ACCOUNTING AND RESERVESCash flow hedge reserveWhere all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the hedged floating rate loans and inventory at the fixed foreign currency rate for the hedged purchases.Derivatives are only used for economic hedging purposes and not as speculative investments.Hedge effectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.For hedges of foreign currency purchases, the group enters into hedge relationships where the critical terms of the hedging instrument match or are closely aligned with the terms of the hedged item, being currencies, amount and maturity. The group therefore performs a qualitative assessment of effectiveness and monitor the forecasted purchases on a regular basis to ensure that the forward contracts match the purchases and are used within the acceptable period in accordance with the policy. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the group assess effectiveness relating to the hedge ratio and rebalances the contracts to ensure effectiveness. In hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the group or the derivative counterparty. The group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount. The group does not hedge 100% of its loans, therefore the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. As all critical terms matched during the year, there is an economic relationship.Currency hedgesThe company uses hedging instruments as part of its management of foreign currency risk associated with its highly probable inventory purchases. These include foreign currency forward contracts which are designated in the cash flow hedge relationships. To the extent these hedges are effective; the change in fair value of the hedging instrument is recognised in the cash flow hedge reserve through Other comprehensive income. The group treasury\u2019s risk management policy is to hedge up to a 100% of forecasted US dollar cash flows for inventory purchases up to 9-11 months in advance, subject to a review of the cost of implementing each hedge. In Kid, 100% of forecasted EUR cash flows for inventory purchases up to 9-11 months in advance are also hedged. For the year ended 31 December 2022, approximately 100% of inventory purchases were hedged in respect of foreign currency risk. At 31 December 2022, approximately 100% of forecasted US dollar inventory purchases during 2022 qualified as \u2018highly probable\u2019 forecast transactions for hedge accounting purposes (for 2021, approximately 100% of inventory purchases were hedged and approximately 100% of the purchases qualified as \u2018highly probable\u2019 as at 31 December 2021). As such, no inefficiency was recognised in 2022 (or in 2021). The weighted average buy rate for SEK/USD currency hedges realized in 2022 was 8.88 compared to a weighted average spot rate of 10.19. For NOK/USD currency hedges realized in 2022 the weighted average buy rate was 8.82 compared to a weighted average spot rate of 9.64.Interest hedgesThe company\u2019s interest exposure mainly arises from external funding in bank and debt capital markets. The company uses interest rate swaps to achieve the desired fixed/floating ratio of the external debt. Hedge accounting is applied using the cash flow model for interest rate swaps which means that gains and losses from floating to fixed interest rates as of December 31, 2022 are recognized through Other Comprehensive Income and will be continuously released to the income statement until the bank borrowings are repaid. This is done based on the periodic market-to-market revaluation of the interest rate swaps whose fair value tends to reach zero upon maturity.Hedge ineffectiveness for interest rate swaps is assessed using the same principles as for hedges of foreign currency purchases. It may occur due to: the credit value/debit value adjustment on the interest rate swaps which is not matched by the loan, and differences in critical terms between the interest rate swaps and loans. TNOK 395,000 of the external loans with floating interest rates are swapped to a fixed interest rate of 1,876% with maturity 16 August 2029. The effect on interest expense in 2022 related to the interest rate swap was NOK -731,562 (NOK -6,559,801).There was no recognised ineffectiveness during 2022 (or in 2021) in relation to the interest rate swap. Reconciliation of Other reserves Currency cash Interest cash Translation flow hedges flow hedges difference Total Opening balance net of tax 01.01.2022 11,309 -2,163 -4,171 4,975Changes in fair value through OCI 131,210 31,866 163,076 Changes in deferred tax on cash flow hedges -28,866 -7,010 -35,877through OCIRealized cash flow hedges net of tax -92,609 -92,609Translation difference -8,920 -8,920 Closing balance net of tax 31.12.2022 21,044 22,692 -13,091 30,645 Currency cash Interest cash Translation flow hedges flow hedges difference Total Opening balance net of tax 01.01.2021 -42,856 -19,481 7,871 -54,466 Changes in fair value through OCI 32,461 22,202 54,663 Changes in deferred tax on cash flow hedges -7,141 -4,884 -12,026through OCIRealized cash flow hedges net of tax 28,846 28,846Translation difference -12,041 -12,041 Closing balance net of tax 31.12.2021 11,309 -2,163 -4,171 4,975NOTE 23 | NET DEBT RECONCILIATIONThe below table sets out an overview over net debt.2022 2021Cash and cash equivalents 75,721 239,331 Borrowings - repayable within one year (including overdraft) -30,000 -95,000Borrowings - repayable after one year -521,646 -451,628Lease liabilities - payed within one year -258,257 -249,737Lease liabilities - payed after one year -523,528 -517,550Net debt -1,257,710 -1,074,584Cash and liquid investments 75,721 239,331Gross debt - fixed interest rates -551,646 -481,628Gross debt - variable interest rates - -65,000Lease liabilities -781,785 -767,287Net debt -1,257,710 -1,074,584At year end the fair value of the hedging instruments were as follows:31 December 2022 Changes over OCI Changes over P&L Derivative Derivative Derivative Derivative assetsliabilities assetsliabilities Currency cash flow hedges 25,440 7,229 Interest cash flow hedges 29,338 - - Cross currency interest swap 4,672 Sum 54,778 7,229 4,672 - 31 December 2021 Changes over OCI Changes over P&L Derivative Derivative Derivative Derivative assetsliabilities assetsliabilities Currency cash flow hedges 15,742 2,638 Interest cash flow hedges 2,528 - Cross currency interest swap 1,697 Sum 15,742 5,166 1,697 - Lease Total Cash/ bank Totalliabilty Borrowingsdebtoverdraftnet debtOpening balanse at 1 January 2022 -767,287 -546,628 -1,313,915 239,331 -1,074,584 Cash flows - - - -164,302 -164,302 Proceeds from borrowings - -230,000 -230,000 - -230,000 Repayment of principals 263,350 225,119 488,469 - 488,469 -Non Cashflow activities -New lease liabilities -283,391 - -283,391 - -283,391 Foreign exchange adjustments and 5,543 -137 5,406 693 6,099 other adjustmentsClosing balanse at 31 December 2022 -781,785 -551,646 -1,333,431 75,721 -1,257,710 Opening balanse at 1 January 2021 -819,245 -521,777 -1,341,022 301,273 -1,039,749 Cash flows - - - -62,631 -62,631 Proceeds from borrowings - -130,000 -130,000 - -130,000 Repayment of principals 264,951 103,678 368,629 - 368,629 -Non Cashflow activities -New lease liabilities -221,459 - -221,459 - -221,459 Foreign exchange adjustments and 8,466 1,471 9,937 689 10,626 other adjustmentsClosing balanse at 31 December 2021 -767,287 -546,628 -1,313,915 239,331 -1,074,584 ",
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},
"pp-value-57-9": {
"value": "NOTE 7 | FINANCE INCOME AND COSTS2022 2021Finance costsBank interest cost 18,137 15,690Bank charges 3,845 2,933*Other finance costs1,998 17,853Interest on lease liability 28,497 26,908Total finance costs 52,477 63,384Finance incomeInterest income on short-term bank deposits 1,178 3*Other finance income3,770 7,359Total finance income 4,948 7,361Net finance costs -47,528 -56,023* Realized and unrealized currency gain/loss and change in fair value of cross currency interest swap are included in other finance costs and other finance income. NOTE 23 | NET DEBT RECONCILIATIONThe below table sets out an overview over net debt.2022 2021Cash and cash equivalents 75,721 239,331 Borrowings - repayable within one year (including overdraft) -30,000 -95,000Borrowings - repayable after one year -521,646 -451,628Lease liabilities - payed within one year -258,257 -249,737Lease liabilities - payed after one year -523,528 -517,550Net debt -1,257,710 -1,074,584Cash and liquid investments 75,721 239,331Gross debt - fixed interest rates -551,646 -481,628Gross debt - variable interest rates - -65,000Lease liabilities -781,785 -767,287Net debt -1,257,710 -1,074,584Lease Total Cash/ bank Totalliabilty Borrowingsdebtoverdraftnet debtOpening balanse at 1 January 2022 -767,287 -546,628 -1,313,915 239,331 -1,074,584 Cash flows - - - -164,302 -164,302 Proceeds from borrowings - -230,000 -230,000 - -230,000 Repayment of principals 263,350 225,119 488,469 - 488,469 -Non Cashflow activities -New lease liabilities -283,391 - -283,391 - -283,391 Foreign exchange adjustments and 5,543 -137 5,406 693 6,099 other adjustmentsClosing balanse at 31 December 2022 -781,785 -551,646 -1,333,431 75,721 -1,257,710 Opening balanse at 1 January 2021 -819,245 -521,777 -1,341,022 301,273 -1,039,749 Cash flows - - - -62,631 -62,631 Proceeds from borrowings - -130,000 -130,000 - -130,000 Repayment of principals 264,951 103,678 368,629 - 368,629 -Non Cashflow activities -New lease liabilities -221,459 - -221,459 - -221,459 Foreign exchange adjustments and 8,466 1,471 9,937 689 10,626 other adjustmentsClosing balanse at 31 December 2021 -767,287 -546,628 -1,313,915 239,331 -1,074,584 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-2": {
"value": "Proportion of shares directly held Name Place of business Nature of businessby parent (%)Kid Interi\u00f8r AS Norway Interior goods retailer 100Kid Logistikk AS Norway Logistics 100Kid Eiendom AS Norway Logistics 100Hemtex AB Sweden Interior goods retailer 100Hemtex OY Finland Interior goods retailer 100Kid International Logistic AB Sweden Logistics 100All subsidiary undertakings are included in the consolidation.The group had the following joint ventures at 31 December 2022.Place of Nature of Measurement Ownership Carrying NamebusinessrelationshipmethodshareamountPrognosgatan Holding AS Norway Joint venture Equity method 50% 30As per year-end the the joint venture is reflected in the statement of financial position. Per 31 December 2022, the share of result from joint ventures is MNOK -2.8 (MNOK 0). The carrying amount is TNOK 0 (TNOK 0.3) and MNOK -2,7 has been classified as other short term liabilities related to the investment. Refer to note 21 for infomation for loans to JV.In November 2021 Kid ASA entered into a commercial cooperation through its Norwegian wholly owned subsidiary Hemtex Logistikk AS with Fabritius Gruppen AS establishing a joint venture,\u201dPrognosgatan Holding AS\u201d, for the purpose of a plot and for constructing a new warehouse facility in Sweden. The Joint Venture is controlled by Kid (through Hemtex Logistikk AS, renamed Kid Eiendom AS) and Fabritius on a 50/50% basis. Fabritius is wholly owned by Gjelsten Holding AS, which currently also holds 10.24% of the shares in Kid ASA. Commitments and contingent liabilities in respect of joint venturesAn agreement with the construction entrepreneur was signed in December 2021. Kid Eiendom AS has provided a guarantee equal to 5% of the total contracted amount MNOK 147.5.An updated lease agreement has been signed between Prognosgatan Fastights AB (lessor) and Kid International Logistic AB (lessee) for the use of the planned central warehouse and offices in the warehouse. Kid ASA will place a customary parent company guarantee in favour of the lessor for an amount equal to 12 months of rent inclusive VAT under the lease agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-3": {
"value": "Proportion of shares directly held Name Place of business Nature of businessby parent (%)Kid Interi\u00f8r AS Norway Interior goods retailer 100Kid Logistikk AS Norway Logistics 100Kid Eiendom AS Norway Logistics 100Hemtex AB Sweden Interior goods retailer 100Hemtex OY Finland Interior goods retailer 100Kid International Logistic AB Sweden Logistics 100All subsidiary undertakings are included in the consolidation.The group had the following joint ventures at 31 December 2022.Place of Nature of Measurement Ownership Carrying NamebusinessrelationshipmethodshareamountPrognosgatan Holding AS Norway Joint venture Equity method 50% 30As per year-end the the joint venture is reflected in the statement of financial position. Per 31 December 2022, the share of result from joint ventures is MNOK -2.8 (MNOK 0). The carrying amount is TNOK 0 (TNOK 0.3) and MNOK -2,7 has been classified as other short term liabilities related to the investment. Refer to note 21 for infomation for loans to JV.In November 2021 Kid ASA entered into a commercial cooperation through its Norwegian wholly owned subsidiary Hemtex Logistikk AS with Fabritius Gruppen AS establishing a joint venture,\u201dPrognosgatan Holding AS\u201d, for the purpose of a plot and for constructing a new warehouse facility in Sweden. The Joint Venture is controlled by Kid (through Hemtex Logistikk AS, renamed Kid Eiendom AS) and Fabritius on a 50/50% basis. Fabritius is wholly owned by Gjelsten Holding AS, which currently also holds 10.24% of the shares in Kid ASA. Commitments and contingent liabilities in respect of joint venturesAn agreement with the construction entrepreneur was signed in December 2021. Kid Eiendom AS has provided a guarantee equal to 5% of the total contracted amount MNOK 147.5.An updated lease agreement has been signed between Prognosgatan Fastights AB (lessor) and Kid International Logistic AB (lessee) for the use of the planned central warehouse and offices in the warehouse. Kid ASA will place a customary parent company guarantee in favour of the lessor for an amount equal to 12 months of rent inclusive VAT under the lease agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-4": {
"value": "Proportion of shares directly held Name Place of business Nature of businessby parent (%)Kid Interi\u00f8r AS Norway Interior goods retailer 100Kid Logistikk AS Norway Logistics 100Kid Eiendom AS Norway Logistics 100Hemtex AB Sweden Interior goods retailer 100Hemtex OY Finland Interior goods retailer 100Kid International Logistic AB Sweden Logistics 100All subsidiary undertakings are included in the consolidation.The group had the following joint ventures at 31 December 2022.Place of Nature of Measurement Ownership Carrying NamebusinessrelationshipmethodshareamountPrognosgatan Holding AS Norway Joint venture Equity method 50% 30As per year-end the the joint venture is reflected in the statement of financial position. Per 31 December 2022, the share of result from joint ventures is MNOK -2.8 (MNOK 0). The carrying amount is TNOK 0 (TNOK 0.3) and MNOK -2,7 has been classified as other short term liabilities related to the investment. Refer to note 21 for infomation for loans to JV.In November 2021 Kid ASA entered into a commercial cooperation through its Norwegian wholly owned subsidiary Hemtex Logistikk AS with Fabritius Gruppen AS establishing a joint venture,\u201dPrognosgatan Holding AS\u201d, for the purpose of a plot and for constructing a new warehouse facility in Sweden. The Joint Venture is controlled by Kid (through Hemtex Logistikk AS, renamed Kid Eiendom AS) and Fabritius on a 50/50% basis. Fabritius is wholly owned by Gjelsten Holding AS, which currently also holds 10.24% of the shares in Kid ASA. Commitments and contingent liabilities in respect of joint venturesAn agreement with the construction entrepreneur was signed in December 2021. Kid Eiendom AS has provided a guarantee equal to 5% of the total contracted amount MNOK 147.5.An updated lease agreement has been signed between Prognosgatan Fastights AB (lessor) and Kid International Logistic AB (lessee) for the use of the planned central warehouse and offices in the warehouse. Kid ASA will place a customary parent company guarantee in favour of the lessor for an amount equal to 12 months of rent inclusive VAT under the lease agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-5": {
"value": "The group had the following joint ventures at 31 December 2022.Place of Nature of Measurement Ownership Carrying NamebusinessrelationshipmethodshareamountPrognosgatan Holding AS Norway Joint venture Equity method 50% 30As per year-end the the joint venture is reflected in the statement of financial position. Per 31 December 2022, the share of result from joint ventures is MNOK -2.8 (MNOK 0). The carrying amount is TNOK 0 (TNOK 0.3) and MNOK -2,7 has been classified as other short term liabilities related to the investment. Refer to note 21 for infomation for loans to JV.In November 2021 Kid ASA entered into a commercial cooperation through its Norwegian wholly owned subsidiary Hemtex Logistikk AS with Fabritius Gruppen AS establishing a joint venture,\u201dPrognosgatan Holding AS\u201d, for the purpose of a plot and for constructing a new warehouse facility in Sweden. The Joint Venture is controlled by Kid (through Hemtex Logistikk AS, renamed Kid Eiendom AS) and Fabritius on a 50/50% basis. Fabritius is wholly owned by Gjelsten Holding AS, which currently also holds 10.24% of the shares in Kid ASA. Commitments and contingent liabilities in respect of joint venturesAn agreement with the construction entrepreneur was signed in December 2021. Kid Eiendom AS has provided a guarantee equal to 5% of the total contracted amount MNOK 147.5.An updated lease agreement has been signed between Prognosgatan Fastights AB (lessor) and Kid International Logistic AB (lessee) for the use of the planned central warehouse and offices in the warehouse. Kid ASA will place a customary parent company guarantee in favour of the lessor for an amount equal to 12 months of rent inclusive VAT under the lease agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-2": {
"value": "NOTE 9 | INCOME TAX EXPENSE2022 2021Current taxCurrent tax on profits for the year Norway 57,997 81,174*Current tax on profits for the year Sweden12,360 25,968Total current tax in income tax expense 70,357 107,142*Of which is prepaid during the year. Refer to reconciliation of payable tax below.Changes in deferred tax related to income tax expense -689 -6,402Income tax expense 69,668 100,740Reconciliation between tax expense and product of accounting profit, multiplied by the applicable tax rate:2022 2021Profit before tax 318,912 485,167Tax calculated at domestic tax rate (22%) applicable to profits 70,161 106,737Tax effects of:Expenses not deductible for tax purposes/(Income not subject to tax) -4 -530Effect of different tax rates -488 -5,466Income tax expense 69,669 100,741Tax charge in percent of profit before tax 22 % 21 %Reconciliation of payable taxNorway Sweden TotalPayable tax 31.12.21 81,174 9,161 90,335Paid taxes during the year -81,565 -24,006 -105,571Payable tax on this years result 58,136 12,360 70,496Tax receivable classified as other receiveables per 31.12.22 2,485 2,485Payable tax 31.12.22 57,745 -0 57,744 The movement in deferred income tax assets and liabilities during the year, taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:Specification of deferred tax/deferred tax assetTrademark and other intangible Right of 31.12.2022 PP&Eassetsuse asset Derivatives Other SumDeferred tax liability (Norway) 2,218 -321,109 7,450 -10,935 -348 -322,723 Deferred tax asset (Sweden) 6,619 -10,837 3,862 -2,117 4,331 1,859 Net deferred tax 8,838 -331,946 11,312 -13,052 3,983 -320,865 Trademark and other intangible Right of 31.12.2021 PP&Eassetsuse asset Derivatives Other SumDeferred tax liability (Norway) -332,280 -332,280 Deferred tax asset (Norway) 310 5,996 -786 1,525 7,046 Deferred tax asset (Sweden) 11,343 3,082 -2,039 3,531 15,918 Net deferred tax 11,653 -332,280 9,079 -2,825 5,056 -309,317 The change in net deferred tax was: Net deferred tax per 31.12.21 -309,317 Recognized in P&L -689Recognized in OCI 22 -35,877Recognized directly in equity 26,121Translation differences -1,103Net deferred tax per 31.12.22 -320,865 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-59-3": {
"value": "NOTE 9 | INCOME TAX EXPENSE2022 2021Current taxCurrent tax on profits for the year Norway 57,997 81,174*Current tax on profits for the year Sweden12,360 25,968Total current tax in income tax expense 70,357 107,142*Of which is prepaid during the year. Refer to reconciliation of payable tax below.Changes in deferred tax related to income tax expense -689 -6,402Income tax expense 69,668 100,740Reconciliation between tax expense and product of accounting profit, multiplied by the applicable tax rate:2022 2021Profit before tax 318,912 485,167Tax calculated at domestic tax rate (22%) applicable to profits 70,161 106,737Tax effects of:Expenses not deductible for tax purposes/(Income not subject to tax) -4 -530Effect of different tax rates -488 -5,466Income tax expense 69,669 100,741Tax charge in percent of profit before tax 22 % 21 %Reconciliation of payable taxNorway Sweden TotalPayable tax 31.12.21 81,174 9,161 90,335Paid taxes during the year -81,565 -24,006 -105,571Payable tax on this years result 58,136 12,360 70,496Tax receivable classified as other receiveables per 31.12.22 2,485 2,485Payable tax 31.12.22 57,745 -0 57,744 The movement in deferred income tax assets and liabilities during the year, taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:Specification of deferred tax/deferred tax assetTrademark and other intangible Right of 31.12.2022 PP&Eassetsuse asset Derivatives Other SumDeferred tax liability (Norway) 2,218 -321,109 7,450 -10,935 -348 -322,723 Deferred tax asset (Sweden) 6,619 -10,837 3,862 -2,117 4,331 1,859 Net deferred tax 8,838 -331,946 11,312 -13,052 3,983 -320,865 Trademark and other intangible Right of 31.12.2021 PP&Eassetsuse asset Derivatives Other SumDeferred tax liability (Norway) -332,280 -332,280 Deferred tax asset (Norway) 310 5,996 -786 1,525 7,046 Deferred tax asset (Sweden) 11,343 3,082 -2,039 3,531 15,918 Net deferred tax 11,653 -332,280 9,079 -2,825 5,056 -309,317 The change in net deferred tax was: Net deferred tax per 31.12.21 -309,317 Recognized in P&L -689Recognized in OCI 22 -35,877Recognized directly in equity 26,121Translation differences -1,103Net deferred tax per 31.12.22 -320,865 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-4": {
"value": "NOTE 9 | INCOME TAX EXPENSE2022 2021Current taxCurrent tax on profits for the year Norway 57,997 81,174*Current tax on profits for the year Sweden12,360 25,968Total current tax in income tax expense 70,357 107,142*Of which is prepaid during the year. Refer to reconciliation of payable tax below.Changes in deferred tax related to income tax expense -689 -6,402Income tax expense 69,668 100,740Reconciliation between tax expense and product of accounting profit, multiplied by the applicable tax rate:2022 2021Profit before tax 318,912 485,167Tax calculated at domestic tax rate (22%) applicable to profits 70,161 106,737Tax effects of:Expenses not deductible for tax purposes/(Income not subject to tax) -4 -530Effect of different tax rates -488 -5,466Income tax expense 69,669 100,741Tax charge in percent of profit before tax 22 % 21 %Reconciliation of payable taxNorway Sweden TotalPayable tax 31.12.21 81,174 9,161 90,335Paid taxes during the year -81,565 -24,006 -105,571Payable tax on this years result 58,136 12,360 70,496Tax receivable classified as other receiveables per 31.12.22 2,485 2,485Payable tax 31.12.22 57,745 -0 57,744 The movement in deferred income tax assets and liabilities during the year, taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:Specification of deferred tax/deferred tax assetTrademark and other intangible Right of 31.12.2022 PP&Eassetsuse asset Derivatives Other SumDeferred tax liability (Norway) 2,218 -321,109 7,450 -10,935 -348 -322,723 Deferred tax asset (Sweden) 6,619 -10,837 3,862 -2,117 4,331 1,859 Net deferred tax 8,838 -331,946 11,312 -13,052 3,983 -320,865 Trademark and other intangible Right of 31.12.2021 PP&Eassetsuse asset Derivatives Other SumDeferred tax liability (Norway) -332,280 -332,280 Deferred tax asset (Norway) 310 5,996 -786 1,525 7,046 Deferred tax asset (Sweden) 11,343 3,082 -2,039 3,531 15,918 Net deferred tax 11,653 -332,280 9,079 -2,825 5,056 -309,317 The change in net deferred tax was: Net deferred tax per 31.12.21 -309,317 Recognized in P&L -689Recognized in OCI 22 -35,877Recognized directly in equity 26,121Translation differences -1,103Net deferred tax per 31.12.22 -320,865 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-61-3": {
"value": "NOTE 10 | EARNINGS PER SHAREThere exists only one class of shares.2022 2021Weighted average number of shares 40,645,162 40,645,162Net profit for the year 249,244 384,426Earnings per share (basic and diluted) (Expressed in NOK per share) 6.13 9.46Dividends per share paid in May 4.0 4.4 Dividends per share paid in December (November) 2.5 4.6 Refer to note 3.2 for proposed dividend at year end.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__7": {
"value": "4",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-05-01T00:00:00/2022-05-02T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s7_notes__6__8": {
"value": "2.5",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-12-01T00:00:00/2022-12-02T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
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"pp-value-62-5": {
"value": "NOTE 11 | PROPERTY, PLANT AND EQUIPMENTAssets under Fixtures and constructionfittings Autostore TotalYear ended 31 December 2022Opening net book amount 2,646 178,850 21,661 203,158Additions 26,949 81,905 0 108,854Reclassifications 0 0 - Depreciation charge 0 -64,666 -6,235 -70,901Currency translation differences 0 -3,867 0 -3,867Closing net book amount 29,596 192,222 15,426 237,244At 31 December 2022Cost or valuation 29,596 785,301 31,177 846,074Accumulated depreciation 0 -579,651 -15,751 -595,402Currency translation differences 0 -13,428 0 -13,428Net book amount 29,596 192,222 15,425 237,244Year ended 31 December 2021Opening net book amount 2,646 168,969 27,897 199,512Additions 0 74,541 0 74,541Reclassifications 0 0 0Depreciation charge - -62,091 -6,235 -68,327Currency translation differences - -2,569 0 -2,569Closing net book amount 2,646 178,850 21,661 203,157At 31 December 2021Cost or valuation 2,646 703,397 31,177 737,220Accumulated depreciation - -514,985 -9,515 -524,501Currency translation differences - -9,561 0 -9,561Net book amount 2,646 178,850 21,661 203,158Assets under construction relates to fixed assets not ready for use, mainly related to the new warehouse in Bor\u00e5s as well as store refurbishings. As such, these items are not depreciated until ready for use.Indicators of impairment of property, plant and equipment have been assessed. Management concluded that there were no indicators as per 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-6": {
"value": "NOTE 11 | PROPERTY, PLANT AND EQUIPMENTAssets under Fixtures and constructionfittings Autostore TotalYear ended 31 December 2022Opening net book amount 2,646 178,850 21,661 203,158Additions 26,949 81,905 0 108,854Reclassifications 0 0 - Depreciation charge 0 -64,666 -6,235 -70,901Currency translation differences 0 -3,867 0 -3,867Closing net book amount 29,596 192,222 15,426 237,244At 31 December 2022Cost or valuation 29,596 785,301 31,177 846,074Accumulated depreciation 0 -579,651 -15,751 -595,402Currency translation differences 0 -13,428 0 -13,428Net book amount 29,596 192,222 15,425 237,244Year ended 31 December 2021Opening net book amount 2,646 168,969 27,897 199,512Additions 0 74,541 0 74,541Reclassifications 0 0 0Depreciation charge - -62,091 -6,235 -68,327Currency translation differences - -2,569 0 -2,569Closing net book amount 2,646 178,850 21,661 203,157At 31 December 2021Cost or valuation 2,646 703,397 31,177 737,220Accumulated depreciation - -514,985 -9,515 -524,501Currency translation differences - -9,561 0 -9,561Net book amount 2,646 178,850 21,661 203,158Assets under construction relates to fixed assets not ready for use, mainly related to the new warehouse in Bor\u00e5s as well as store refurbishings. As such, these items are not depreciated until ready for use.Indicators of impairment of property, plant and equipment have been assessed. Management concluded that there were no indicators as per 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-3": {
"value": "NOTE 12 | INTANGIBLE ASSETSSoftware Trademark Goodwill TotalCostAt 1 January 2021 28,409 1,515,484 72,281 1,616,174 Additions 16,223 - - 16,223 Currency translation differences -260 -3,696 -1,995 -5,951 As at 31 December 2021 44,371 1,511,788 70,286 1,626,446 Additions 20,871 - - 20,871 Currency translation differences -775 -1,564 -4,807 -7,146 As at 31 December 2022 64,467 1,510,224 65,479 1,640,171 Accumulated amortisation and impairmentAt 1 January 2021 -22,784 - - -22,784 Amortisation charge -2,489 - - -2,489 As at 31 December 2021 -25,273 - - -25,273 At 1 January 2022 -25,273 - - -25,273 Amortisation charge -3,865 - - -3,865 As at 31 December 2022 -29,138 - - -29,138 Net book valueCost 44,372 1,511,788 70,286 1,626,446 Accumulated amortisation and impairment -25,275 - - -25,275 As at 31 December 2021 19,096 1,511,788 70,286 1,601,170 Cost 64,467 1,510,224 65,479 1,640,170 Accumulated amortisation and impairment -29,140 - - -29,141 As at 31 December 2022 35,326 1,510,224 65,479 1,611,029 Useful life 4-7 years Indefinite IndefiniteImpairment tests for trademark and goodwillThe group tests whether trademark and goodwill has suffered any impairment on an annual basis. The recoverable amount is determined based on value-in-use calculations which require the use of assumptions. The calculations use cash flow projections based on financial budgets and assumptions approved by board covering a five-year period. Cash flows beyond the five-year period are extrapolated using an estimated growth rate of 1%. These growth rates are consistent with forecasts included in industry reports.Trademark Kid InteriorThe trademark Kid was acquired in 2005 and is related to the original cost of the subsidiaries and the company brand Kid Interi\u00f8r. Kid Interi\u00f8r was founded in 1937 and has long traditions within its business area. Kid Interi\u00f8r is a well known brand among the population in Norway and there is a clear intention to retain and further develop this brand. As a consequence, the brand name is not amortised, but tested for impairment annually.The following table sets out the key assumptions used in the impairment test: 2022 2021Sales volume (% annual growth rate) 1.6 2.0 Gross margin (%) 60.9 60.8 Other operating costs (%) 45.2 44.1 Annual capital expenditure (MNOK) 50.0 50.0Discount rate pre tax (%) 10.3 9.2 The recoverable amount of the trademark is estimated to be MNOK 2755 (2021 \u2013 MNOK 3266). This exceeds the carrying amount of the trademark Kid Interi\u00f8r at 31 December 2022 which is MNOK 1460 (2021 \u2013 MNOK 1460).The recoverable amount of the trademark would equal the carrying amount if the key assumptions were to change as follows:2022 2021From To From ToSales volume (% annual growth rate) 1.6 -0.7 2.0 -1.5Budgeted gross margin (%) 60.9 56.0 60.8 51.3Discount rate pre tax (%) 10.3 16.2 9.2 18.9The Directors and management have considered and assessed reasonably possible changes for other key assumptions and have not identified any instances that could cause the carrying amount of the trademark to exceed its recoverable amount. These considerations and assessments includes sustainability topics with possible financial materiality.Trademark and goodwill HemtexThe trademark Hemtex was acquired in May 2019 and relates to the Swedish interior goods retailer Hemtex International and its subsidiaries in Finland and Estonia. Hemtex was founded in 1973 and has long traditions within its business area. Hemtex is a well known brand among the population and there is a clear intention to retain and further develop this brand. As a consequence, the brand name is not amortised, but will be tested for impairment annually. The group has tested whether the trademark and goodwill for impairment at year end. The following table sets out the key assumptions used in the impairment test: 2022 2021Sales volume (% annual growth rate) 2.2 2.1Gross margin (%) 61.0 60.8Other operating costs (% of revenue) 50.3 46.8Annual capital expenditure (MNOK) 50.0 50.0Discount rate pre tax (%) 10.1 8.7 The recoverable amount of the trademark and goodwill is estimated to be MNOK 891. This exceeds the carrying amount of the trademark and goodwill in Hemtex at 31 December 2022 which is MNOK 116.The recoverable amount of the trademark and goodwill would equal its carrying amount if the key assumptions were to change as follows:2022 2021From To From ToSales volume (% annual growth rate) 2.2 -0.1 2.1 -2.2Budgeted gross margin (%) 61.0 57.0 60.8 51.9Discount rate pre tax (%) 10.1 30.2 8.7 41.1The Directors and management have considered and assessed reasonably possible changes for other key assumptions and have not identified any instances that could cause the carrying amount of the trademark to exceed its recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-4": {
"value": "NOTE 12 | INTANGIBLE ASSETSSoftware Trademark Goodwill TotalCostAt 1 January 2021 28,409 1,515,484 72,281 1,616,174 Additions 16,223 - - 16,223 Currency translation differences -260 -3,696 -1,995 -5,951 As at 31 December 2021 44,371 1,511,788 70,286 1,626,446 Additions 20,871 - - 20,871 Currency translation differences -775 -1,564 -4,807 -7,146 As at 31 December 2022 64,467 1,510,224 65,479 1,640,171 Accumulated amortisation and impairmentAt 1 January 2021 -22,784 - - -22,784 Amortisation charge -2,489 - - -2,489 As at 31 December 2021 -25,273 - - -25,273 At 1 January 2022 -25,273 - - -25,273 Amortisation charge -3,865 - - -3,865 As at 31 December 2022 -29,138 - - -29,138 Net book valueCost 44,372 1,511,788 70,286 1,626,446 Accumulated amortisation and impairment -25,275 - - -25,275 As at 31 December 2021 19,096 1,511,788 70,286 1,601,170 Cost 64,467 1,510,224 65,479 1,640,170 Accumulated amortisation and impairment -29,140 - - -29,141 As at 31 December 2022 35,326 1,510,224 65,479 1,611,029 Useful life 4-7 years Indefinite IndefiniteImpairment tests for trademark and goodwillThe group tests whether trademark and goodwill has suffered any impairment on an annual basis. The recoverable amount is determined based on value-in-use calculations which require the use of assumptions. The calculations use cash flow projections based on financial budgets and assumptions approved by board covering a five-year period. Cash flows beyond the five-year period are extrapolated using an estimated growth rate of 1%. These growth rates are consistent with forecasts included in industry reports.Trademark Kid InteriorThe trademark Kid was acquired in 2005 and is related to the original cost of the subsidiaries and the company brand Kid Interi\u00f8r. Kid Interi\u00f8r was founded in 1937 and has long traditions within its business area. Kid Interi\u00f8r is a well known brand among the population in Norway and there is a clear intention to retain and further develop this brand. As a consequence, the brand name is not amortised, but tested for impairment annually.The following table sets out the key assumptions used in the impairment test: 2022 2021Sales volume (% annual growth rate) 1.6 2.0 Gross margin (%) 60.9 60.8 Other operating costs (%) 45.2 44.1 Annual capital expenditure (MNOK) 50.0 50.0Discount rate pre tax (%) 10.3 9.2 The recoverable amount of the trademark is estimated to be MNOK 2755 (2021 \u2013 MNOK 3266). This exceeds the carrying amount of the trademark Kid Interi\u00f8r at 31 December 2022 which is MNOK 1460 (2021 \u2013 MNOK 1460).The recoverable amount of the trademark would equal the carrying amount if the key assumptions were to change as follows:2022 2021From To From ToSales volume (% annual growth rate) 1.6 -0.7 2.0 -1.5Budgeted gross margin (%) 60.9 56.0 60.8 51.3Discount rate pre tax (%) 10.3 16.2 9.2 18.9The Directors and management have considered and assessed reasonably possible changes for other key assumptions and have not identified any instances that could cause the carrying amount of the trademark to exceed its recoverable amount. These considerations and assessments includes sustainability topics with possible financial materiality.Trademark and goodwill HemtexThe trademark Hemtex was acquired in May 2019 and relates to the Swedish interior goods retailer Hemtex International and its subsidiaries in Finland and Estonia. Hemtex was founded in 1973 and has long traditions within its business area. Hemtex is a well known brand among the population and there is a clear intention to retain and further develop this brand. As a consequence, the brand name is not amortised, but will be tested for impairment annually. The group has tested whether the trademark and goodwill for impairment at year end. The following table sets out the key assumptions used in the impairment test: 2022 2021Sales volume (% annual growth rate) 2.2 2.1Gross margin (%) 61.0 60.8Other operating costs (% of revenue) 50.3 46.8Annual capital expenditure (MNOK) 50.0 50.0Discount rate pre tax (%) 10.1 8.7 The recoverable amount of the trademark and goodwill is estimated to be MNOK 891. This exceeds the carrying amount of the trademark and goodwill in Hemtex at 31 December 2022 which is MNOK 116.The recoverable amount of the trademark and goodwill would equal its carrying amount if the key assumptions were to change as follows:2022 2021From To From ToSales volume (% annual growth rate) 2.2 -0.1 2.1 -2.2Budgeted gross margin (%) 61.0 57.0 60.8 51.9Discount rate pre tax (%) 10.1 30.2 8.7 41.1The Directors and management have considered and assessed reasonably possible changes for other key assumptions and have not identified any instances that could cause the carrying amount of the trademark to exceed its recoverable amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-2": {
"value": "NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,12031 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-3": {
"value": "NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,12031 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-4": {
"value": "NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,12031 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-5": {
"value": "NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,12031 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-6": {
"value": "NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,12031 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-7": {
"value": "NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,12031 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-8": {
"value": "NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,12031 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832NOTE 23 | NET DEBT RECONCILIATIONThe below table sets out an overview over net debt.2022 2021Cash and cash equivalents 75,721 239,331 Borrowings - repayable within one year (including overdraft) -30,000 -95,000Borrowings - repayable after one year -521,646 -451,628Lease liabilities - payed within one year -258,257 -249,737Lease liabilities - payed after one year -523,528 -517,550Net debt -1,257,710 -1,074,584Cash and liquid investments 75,721 239,331Gross debt - fixed interest rates -551,646 -481,628Gross debt - variable interest rates - -65,000Lease liabilities -781,785 -767,287Net debt -1,257,710 -1,074,584Lease Total Cash/ bank Totalliabilty Borrowingsdebtoverdraftnet debtOpening balanse at 1 January 2022 -767,287 -546,628 -1,313,915 239,331 -1,074,584 Cash flows - - - -164,302 -164,302 Proceeds from borrowings - -230,000 -230,000 - -230,000 Repayment of principals 263,350 225,119 488,469 - 488,469 -Non Cashflow activities -New lease liabilities -283,391 - -283,391 - -283,391 Foreign exchange adjustments and 5,543 -137 5,406 693 6,099 other adjustmentsClosing balanse at 31 December 2022 -781,785 -551,646 -1,333,431 75,721 -1,257,710 Opening balanse at 1 January 2021 -819,245 -521,777 -1,341,022 301,273 -1,039,749 Cash flows - - - -62,631 -62,631 Proceeds from borrowings - -130,000 -130,000 - -130,000 Repayment of principals 264,951 103,678 368,629 - 368,629 -Non Cashflow activities -New lease liabilities -221,459 - -221,459 - -221,459 Foreign exchange adjustments and 8,466 1,471 9,937 689 10,626 other adjustmentsClosing balanse at 31 December 2021 -767,287 -546,628 -1,313,915 239,331 -1,074,584 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-9": {
"value": "NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,12031 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832NOTE 22 | HEDGE ACCOUNTING AND RESERVESCash flow hedge reserveWhere all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the hedged floating rate loans and inventory at the fixed foreign currency rate for the hedged purchases.Derivatives are only used for economic hedging purposes and not as speculative investments.Hedge effectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.For hedges of foreign currency purchases, the group enters into hedge relationships where the critical terms of the hedging instrument match or are closely aligned with the terms of the hedged item, being currencies, amount and maturity. The group therefore performs a qualitative assessment of effectiveness and monitor the forecasted purchases on a regular basis to ensure that the forward contracts match the purchases and are used within the acceptable period in accordance with the policy. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the group assess effectiveness relating to the hedge ratio and rebalances the contracts to ensure effectiveness. In hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the group or the derivative counterparty. The group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount. The group does not hedge 100% of its loans, therefore the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. As all critical terms matched during the year, there is an economic relationship.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-65-10": {
"value": "NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,12031 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832NOTE 16 | CASH AND CASH EQUIVALENTS2022 2021Cash in bank and in hand 63,458 230,169Short-term bank overnight deposits 12,521 9,420Cash and cash equivalents (excluding bank overdrafts) 75,721 239,331The Group does not have any restricted cash bank accounts. See note 18 for further information on employee tax guarantee.NOTE 23 | NET DEBT RECONCILIATIONThe below table sets out an overview over net debt.2022 2021Cash and cash equivalents 75,721 239,331 Borrowings - repayable within one year (including overdraft) -30,000 -95,000Borrowings - repayable after one year -521,646 -451,628Lease liabilities - payed within one year -258,257 -249,737Lease liabilities - payed after one year -523,528 -517,550Net debt -1,257,710 -1,074,584Cash and liquid investments 75,721 239,331Gross debt - fixed interest rates -551,646 -481,628Gross debt - variable interest rates - -65,000Lease liabilities -781,785 -767,287Net debt -1,257,710 -1,074,584Lease Total Cash/ bank Totalliabilty Borrowingsdebtoverdraftnet debtOpening balanse at 1 January 2022 -767,287 -546,628 -1,313,915 239,331 -1,074,584 Cash flows - - - -164,302 -164,302 Proceeds from borrowings - -230,000 -230,000 - -230,000 Repayment of principals 263,350 225,119 488,469 - 488,469 -Non Cashflow activities -New lease liabilities -283,391 - -283,391 - -283,391 Foreign exchange adjustments and 5,543 -137 5,406 693 6,099 other adjustmentsClosing balanse at 31 December 2022 -781,785 -551,646 -1,333,431 75,721 -1,257,710 Opening balanse at 1 January 2021 -819,245 -521,777 -1,341,022 301,273 -1,039,749 Cash flows - - - -62,631 -62,631 Proceeds from borrowings - -130,000 -130,000 - -130,000 Repayment of principals 264,951 103,678 368,629 - 368,629 -Non Cashflow activities -New lease liabilities -221,459 - -221,459 - -221,459 Foreign exchange adjustments and 8,466 1,471 9,937 689 10,626 other adjustmentsClosing balanse at 31 December 2021 -767,287 -546,628 -1,313,915 239,331 -1,074,584 ",
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"pp-value-65-11": {
"value": "NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,12031 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832NOTE 16 | CASH AND CASH EQUIVALENTS2022 2021Cash in bank and in hand 63,458 230,169Short-term bank overnight deposits 12,521 9,420Cash and cash equivalents (excluding bank overdrafts) 75,721 239,331The Group does not have any restricted cash bank accounts. See note 18 for further information on employee tax guarantee.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-65-12": {
"value": "NOTE 13 | FINANCIAL INSTRUMENTS13.1 Financial instruments by category31 December 2022Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 54,778 4,672 59,449Trade receivables 12,094 - 12,094Cash and bank deposits 75,721 - 75,721Total 87,815 54,778 4,672 147,264Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accounting) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 521,646 521,646long termLong term lease liability 523,528 523,528Short term liabilities to financial 30,000 30,000institutionsShort term lease liability 258,257 258,257Derivatives 7,229 7,229Trade creditors 122,459 122,459Total 1,455,891 7,229 1,463,12031 December 2021Financial assets (derivatives not designated as Financial Financial assets instruments for assets at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalAssets as per balance sheetDerivative financial instruments - 17,439 - 17,439Trade receivables 21,999 - 21,999Cash and bank deposits 239,331 - 239,331Total 261,330 17,439 0 278,769Financial assets (derivatives not designated as Other financial Financial liabilities instruments for liabilities at (cash flow hedge hedge accountin) amortised derivatives) at fair at fair value over costvalue over OCIP&L TotalLiabilities as per balance sheetLiabilities to financial institutions 451,628 451,628long termLong term lease liability 517,550 517,550Short term liabilities to financial 95,000 95,000institutionsShort term lease liability 249,737 249,737Derivatives 5,166 5,166Trade creditors 159,751 159,751Total 1,473,665 5,166 0 1,478,832NOTE 18 | LIABILITIES TO FINANCIAL INSTITUTIONS2022 2021Long termBank loans 521,646 451,628Total long term liabilities to financial institutions 521,646 451,628Short termBank loans 30,000 95,000 Total short term liabilities to financial institutions 30,000 95,000Total liabilities to financial institutions 551,646 546,628(a) Bank loansIn April 2021, Kid ASA entered into a renewed agreement with Nordea securing a term loan structure of NOK 611.7 million.In addition, the group also renewed the existing revolving credit facility, overdraft agreement and the NOK 115 million L/C- and guarantee facility. An additional short term credit facility agreement of MNOK 100 was signed in December 2022. The bank loan mature May 2026. The interest rate of the majority of the total term loan is fixed through interest rate swap agreements. For the revolving credit facility and overdraft, the average interest rate was 3,12%.Total loans include secured liabilities (bank and collateralised loan) of TNOK 551 646 (2021: TNOK 481 628) and revolving credit facility of TNOK 0 (2021: TNOK 65 000). The group has a bank overdraft of TNOK 247 000 which was partially used 284 days during the year (212 days), but not at year end. The Bank loans are secured by 100% of the shares in Kid Interi\u00f8r AS.TNOK 395 000 (included in the 1-5 years in table below) of the external loan with floating interest rate is swapped to a fixed interest rate of 1.876% by means of interest rate derivatives to maintain the desired split between fixed and floating interest rates and is subject to hedge accounting.TSEK 55 000 (included in the 1-5 years in table below) of the external loan with floating interest rate is swapped to fixed interest rates of 1.460% and currency SEK by means of a cross currency interest rate derivative to maintain the desired split between fixed and floating interest rates and currency exposure. The effect of change in the fair value of the derivative is booked against financial income/expense.The bank overdraft are secured by inventory, trade receivables, property, plant and equipment, 100% of the shares in Kid Logistikk AS and the rental agreement related to the HQ in Drammen. Since the bank overdraft was not utilized at year end 2022 or 2021, none of the assets were pledged as collateral.The exposure of the Group\u2019s loans to interest rate changes and the contractual re-pricing dates at the end of thereporting period are as follows:2022 20216 months or less 10,000 10,0006-12 months 20,000 85,0001-5 years 521,646 451,628Total liabilities to financial institutions 551,646 546,628The carrying amounts and fair value of the loans are as follows:2022 2021Bank loans 551,646 546,628Total carrying amount of liabilities to financial institutions 551,646 521,964The fair value of current loans equals their carrying amount, as the loans bear a floating interest priced at marketrate.Included in the 1-5 years category in the table above is a TNOK 551 700 loan, where the group entered aninterest swap agreement in 2019 covering TNOK 395 000 as well as a cross-currency interest swap covering TSEK 55 000. The carrying amounts of the Group\u2019s loans are denominated in the following currencies:2022 2021NOK 496,646 461,628SEK (through swap-agreement) 55,000 85,000 Total 551,646 546,628The Group has the following granted loan facilities and guarantees:2022 2021Revolving credit facility 130,000 130,000 Short term credit facility 100,000 0Unused bank overdraft 247,000 247,000Employee tax guarantee 21,300 16,800Letter of credit limit 115,000 115,000Following covenants is regulated by contract:Interval Limit 2022 Limit 2021Gearing ratio (NIBD/EBITDA ex IFRS 16) annually 2.25 2.25EBITDA Last twelve monthes (in NOK millions) ex IFRS 16 quarterly 175 175The Group has been compliant with covenants at all intervals.NOTE 23 | NET DEBT RECONCILIATIONThe below table sets out an overview over net debt.2022 2021Cash and cash equivalents 75,721 239,331 Borrowings - repayable within one year (including overdraft) -30,000 -95,000Borrowings - repayable after one year -521,646 -451,628Lease liabilities - payed within one year -258,257 -249,737Lease liabilities - payed after one year -523,528 -517,550Net debt -1,257,710 -1,074,584Cash and liquid investments 75,721 239,331Gross debt - fixed interest rates -551,646 -481,628Gross debt - variable interest rates - -65,000Lease liabilities -781,785 -767,287Net debt -1,257,710 -1,074,584Lease Total Cash/ bank Totalliabilty Borrowingsdebtoverdraftnet debtOpening balanse at 1 January 2022 -767,287 -546,628 -1,313,915 239,331 -1,074,584 Cash flows - - - -164,302 -164,302 Proceeds from borrowings - -230,000 -230,000 - -230,000 Repayment of principals 263,350 225,119 488,469 - 488,469 -Non Cashflow activities -New lease liabilities -283,391 - -283,391 - -283,391 Foreign exchange adjustments and 5,543 -137 5,406 693 6,099 other adjustmentsClosing balanse at 31 December 2022 -781,785 -551,646 -1,333,431 75,721 -1,257,710 Opening balanse at 1 January 2021 -819,245 -521,777 -1,341,022 301,273 -1,039,749 Cash flows - - - -62,631 -62,631 Proceeds from borrowings - -130,000 -130,000 - -130,000 Repayment of principals 264,951 103,678 368,629 - 368,629 -Non Cashflow activities -New lease liabilities -221,459 - -221,459 - -221,459 Foreign exchange adjustments and 8,466 1,471 9,937 689 10,626 other adjustmentsClosing balanse at 31 December 2021 -767,287 -546,628 -1,313,915 239,331 -1,074,584 ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-66-2": {
"value": "NOTE 14 | TRADE RECEIVABLESTrade receivablesThe carrying amounts of the Group\u2019s trade and other receivables are entirely denominated in the currency in the country in which the company operates, ie NOK, SEK and EUR. The maximum exposure to credit risk at the reporting date is the carrying value of the trade receivables. The Group has not pledged any of the trade receivables as collateral or security. Management has evaluated the trade receivables credit risk to be insignificant and the trade receivables are recognised in the financial statements at full face value. Other receivablesOther receivables consists mainly of prepayments for operating expenses and rental payments for retail locations.",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-69-4": {
"value": "NOTE 16 | CASH AND CASH EQUIVALENTS2022 2021Cash in bank and in hand 63,458 230,169Short-term bank overnight deposits 12,521 9,420Cash and cash equivalents (excluding bank overdrafts) 75,721 239,331The Group does not have any restricted cash bank accounts. See note 18 for further information on employee tax guarantee.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-70-2": {
"value": "NOTE 17 | SHARE CAPITAL AND PREMIUMShare capital (all amounts in NOK)Number of Ordinary Total shares shares Face valueface valueAt 31 December 2022 40,645,162 40,645,162 1.2 48,774,194At 31 December 2021 40,645,162 40,645,162 1.2 48,774,194The top 20 shareholders per 31.12 are the following: 31 December 2022Company # Shares OwnershipGjelsten Holding AS 4,161,291 10.24 %Verdipapirfondet Alfred Berg Gamba 2,908,652 7.16 %Pareto Aksje Norge Verdipapirfond 2,268,735 5.58 %Soci\u00e9t\u00e9 G\u00e9n\u00e9rale 2,050,000 5.04 %Folketrygdfondet 1,892,193 4.66 %Verdipapirfondet Holberg Norge 1,639,520 4.03 %Salt Value AS 1,601,267 3.94 %Stenshagen Invest AS 1,464,600 3.60 %J.P. Morgan SE 1,105,802 2.72 %VJ Invest AS 1,032,824 2.54 %State Street Bank and Trust Comp 720,115 1.77 %Forsvarets Personellservice 707,500 1.74 %Verdipapirfondet Eika Spar 634,114 1.56 %Varner Equities AS 613,176 1.51 %Verdipapirfondet Nordea Avkastning 556,584 1.37 %The Bank of New York Mellon SA/NV 535,031 1.32 %Verdipapirfondet KLP Aksjenorge 517,769 1.27 %Verdipapirfondet Eika Norge 461,834 1.14 %Goldman Sachs International 440,161 1.08 %Verdipapirfondet Nordea Kapital 418,730 1.03 % 31 December 2021Company # Shares OwnershipGjelsten Holding AS 4,161,291 10.24 %Verdipapirfondet Alfred Berg Gamba 3,064,628 7.54 %Pareto Aksje Norge Verdipapirfond 2,109,785 5.19 %Soci\u00e9t\u00e9 G\u00e9n\u00e9rale 2,050,000 5.04 %Folketrygdfondet 1,895,403 4.66 %Stenshagen Invest AS 1,464,600 3.60 %Salt Value AS 1,151,387 2.83 %State Street Bank and Trust Comp 1,058,923 2.61 %Verdipapirfondet Holberg Norge 950,000 2.34 %VJ Invest AS 887,025 2.18 %J.P. Morgan Bank Luxembourg S.A. 824,619 2.03 %Verdipapirfondet KLP Akjenorge 742,769 1.83 %Forsvarets Personellservice 682,300 1.68 %Verdipapirfondet Nordea Kapital 663,988 1.63 %Verdipapirfondet Eika Spar 630,752 1.55 %Verdipapirfondet Nordea Avkastning 596,524 1.47 %Varner Equities AS 538,877 1.33 %Verdipapirfondet Pareto Investment 469,000 1.15 %Verdipapirfondet Eika Norge 461,834 1.14 %Goldman Sachs International 440,161 1.08 %Share premium AmountAt 31 December 2014 156,874Equity issue November 2015 164,175At 31 December 2022 321,049",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-77-3": {
"value": "Other operating expenses 2022 2021Rental costs for shops and storage (incl shared operating expenses) 24 109,812 92,318Advertising and other marketing costs 133,551 123,230Other expenses 260,835 238,091Total other expenses 504,198 452,730",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-77-4": {
"value": "Other operating expenses 2022 2021Rental costs for shops and storage (incl shared operating expenses) 24 109,812 92,318Advertising and other marketing costs 133,551 123,230Other expenses 260,835 238,091Total other expenses 504,198 452,730",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH53K17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-78-2": {
"value": "NOTE 21 | RELATED PARTIESThe Group\u2019s related parties include its associates, joint ventures, key management and members of the board.None of the Board members have been granted loans or guarantees in the current year. Furthermore, none of the Board members are included in the Group\u2019s pension or bonus plans.The following table provides the total amount of transactions that have been entered into with related parties during the total year of 2022 and 2021:Related party 2022 2021Prognosgatan Holding AS (Loan) 23,795 - Total 23,795 - ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-79-4": {
"value": "NOTE 22 | HEDGE ACCOUNTING AND RESERVESCash flow hedge reserveWhere all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the hedged floating rate loans and inventory at the fixed foreign currency rate for the hedged purchases.Derivatives are only used for economic hedging purposes and not as speculative investments.Hedge effectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.For hedges of foreign currency purchases, the group enters into hedge relationships where the critical terms of the hedging instrument match or are closely aligned with the terms of the hedged item, being currencies, amount and maturity. The group therefore performs a qualitative assessment of effectiveness and monitor the forecasted purchases on a regular basis to ensure that the forward contracts match the purchases and are used within the acceptable period in accordance with the policy. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the group assess effectiveness relating to the hedge ratio and rebalances the contracts to ensure effectiveness. In hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the group or the derivative counterparty. The group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount. The group does not hedge 100% of its loans, therefore the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. As all critical terms matched during the year, there is an economic relationship.Currency hedgesThe company uses hedging instruments as part of its management of foreign currency risk associated with its highly probable inventory purchases. These include foreign currency forward contracts which are designated in the cash flow hedge relationships. To the extent these hedges are effective; the change in fair value of the hedging instrument is recognised in the cash flow hedge reserve through Other comprehensive income. The group treasury\u2019s risk management policy is to hedge up to a 100% of forecasted US dollar cash flows for inventory purchases up to 9-11 months in advance, subject to a review of the cost of implementing each hedge. In Kid, 100% of forecasted EUR cash flows for inventory purchases up to 9-11 months in advance are also hedged. For the year ended 31 December 2022, approximately 100% of inventory purchases were hedged in respect of foreign currency risk. At 31 December 2022, approximately 100% of forecasted US dollar inventory purchases during 2022 qualified as \u2018highly probable\u2019 forecast transactions for hedge accounting purposes (for 2021, approximately 100% of inventory purchases were hedged and approximately 100% of the purchases qualified as \u2018highly probable\u2019 as at 31 December 2021). As such, no inefficiency was recognised in 2022 (or in 2021). The weighted average buy rate for SEK/USD currency hedges realized in 2022 was 8.88 compared to a weighted average spot rate of 10.19. For NOK/USD currency hedges realized in 2022 the weighted average buy rate was 8.82 compared to a weighted average spot rate of 9.64.Interest hedgesThe company\u2019s interest exposure mainly arises from external funding in bank and debt capital markets. The company uses interest rate swaps to achieve the desired fixed/floating ratio of the external debt. Hedge accounting is applied using the cash flow model for interest rate swaps which means that gains and losses from floating to fixed interest rates as of December 31, 2022 are recognized through Other Comprehensive Income and will be continuously released to the income statement until the bank borrowings are repaid. This is done based on the periodic market-to-market revaluation of the interest rate swaps whose fair value tends to reach zero upon maturity.Hedge ineffectiveness for interest rate swaps is assessed using the same principles as for hedges of foreign currency purchases. It may occur due to: the credit value/debit value adjustment on the interest rate swaps which is not matched by the loan, and differences in critical terms between the interest rate swaps and loans. TNOK 395,000 of the external loans with floating interest rates are swapped to a fixed interest rate of 1,876% with maturity 16 August 2029. The effect on interest expense in 2022 related to the interest rate swap was NOK -731,562 (NOK -6,559,801).There was no recognised ineffectiveness during 2022 (or in 2021) in relation to the interest rate swap. Reconciliation of Other reserves Currency cash Interest cash Translation flow hedges flow hedges difference Total Opening balance net of tax 01.01.2022 11,309 -2,163 -4,171 4,975Changes in fair value through OCI 131,210 31,866 163,076 Changes in deferred tax on cash flow hedges -28,866 -7,010 -35,877through OCIRealized cash flow hedges net of tax -92,609 -92,609Translation difference -8,920 -8,920 Closing balance net of tax 31.12.2022 21,044 22,692 -13,091 30,645 Currency cash Interest cash Translation flow hedges flow hedges difference Total Opening balance net of tax 01.01.2021 -42,856 -19,481 7,871 -54,466 Changes in fair value through OCI 32,461 22,202 54,663 Changes in deferred tax on cash flow hedges -7,141 -4,884 -12,026through OCIRealized cash flow hedges net of tax 28,846 28,846Translation difference -12,041 -12,041 Closing balance net of tax 31.12.2021 11,309 -2,163 -4,171 4,975NOTE 23 | NET DEBT RECONCILIATIONThe below table sets out an overview over net debt.2022 2021Cash and cash equivalents 75,721 239,331 Borrowings - repayable within one year (including overdraft) -30,000 -95,000Borrowings - repayable after one year -521,646 -451,628Lease liabilities - payed within one year -258,257 -249,737Lease liabilities - payed after one year -523,528 -517,550Net debt -1,257,710 -1,074,584Cash and liquid investments 75,721 239,331Gross debt - fixed interest rates -551,646 -481,628Gross debt - variable interest rates - -65,000Lease liabilities -781,785 -767,287Net debt -1,257,710 -1,074,584At year end the fair value of the hedging instruments were as follows:31 December 2022 Changes over OCI Changes over P&L Derivative Derivative Derivative Derivative assetsliabilities assetsliabilities Currency cash flow hedges 25,440 7,229 Interest cash flow hedges 29,338 - - Cross currency interest swap 4,672 Sum 54,778 7,229 4,672 - 31 December 2021 Changes over OCI Changes over P&L Derivative Derivative Derivative Derivative assetsliabilities assetsliabilities Currency cash flow hedges 15,742 2,638 Interest cash flow hedges 2,528 - Cross currency interest swap 1,697 Sum 15,742 5,166 1,697 - Lease Total Cash/ bank Totalliabilty Borrowingsdebtoverdraftnet debtOpening balanse at 1 January 2022 -767,287 -546,628 -1,313,915 239,331 -1,074,584 Cash flows - - - -164,302 -164,302 Proceeds from borrowings - -230,000 -230,000 - -230,000 Repayment of principals 263,350 225,119 488,469 - 488,469 -Non Cashflow activities -New lease liabilities -283,391 - -283,391 - -283,391 Foreign exchange adjustments and 5,543 -137 5,406 693 6,099 other adjustmentsClosing balanse at 31 December 2022 -781,785 -551,646 -1,333,431 75,721 -1,257,710 Opening balanse at 1 January 2021 -819,245 -521,777 -1,341,022 301,273 -1,039,749 Cash flows - - - -62,631 -62,631 Proceeds from borrowings - -130,000 -130,000 - -130,000 Repayment of principals 264,951 103,678 368,629 - 368,629 -Non Cashflow activities -New lease liabilities -221,459 - -221,459 - -221,459 Foreign exchange adjustments and 8,466 1,471 9,937 689 10,626 other adjustmentsClosing balanse at 31 December 2021 -767,287 -546,628 -1,313,915 239,331 -1,074,584 ",
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"value": "NOTE 22 | HEDGE ACCOUNTING AND RESERVESCash flow hedge reserveWhere all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the hedged floating rate loans and inventory at the fixed foreign currency rate for the hedged purchases.Derivatives are only used for economic hedging purposes and not as speculative investments.Hedge effectiveness Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.For hedges of foreign currency purchases, the group enters into hedge relationships where the critical terms of the hedging instrument match or are closely aligned with the terms of the hedged item, being currencies, amount and maturity. The group therefore performs a qualitative assessment of effectiveness and monitor the forecasted purchases on a regular basis to ensure that the forward contracts match the purchases and are used within the acceptable period in accordance with the policy. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the group assess effectiveness relating to the hedge ratio and rebalances the contracts to ensure effectiveness. In hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated, or if there are changes in the credit risk of the group or the derivative counterparty. The group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, maturities and notional amount. The group does not hedge 100% of its loans, therefore the hedged item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. As all critical terms matched during the year, there is an economic relationship.Currency hedgesThe company uses hedging instruments as part of its management of foreign currency risk associated with its highly probable inventory purchases. These include foreign currency forward contracts which are designated in the cash flow hedge relationships. To the extent these hedges are effective; the change in fair value of the hedging instrument is recognised in the cash flow hedge reserve through Other comprehensive income. The group treasury\u2019s risk management policy is to hedge up to a 100% of forecasted US dollar cash flows for inventory purchases up to 9-11 months in advance, subject to a review of the cost of implementing each hedge. In Kid, 100% of forecasted EUR cash flows for inventory purchases up to 9-11 months in advance are also hedged. For the year ended 31 December 2022, approximately 100% of inventory purchases were hedged in respect of foreign currency risk. At 31 December 2022, approximately 100% of forecasted US dollar inventory purchases during 2022 qualified as \u2018highly probable\u2019 forecast transactions for hedge accounting purposes (for 2021, approximately 100% of inventory purchases were hedged and approximately 100% of the purchases qualified as \u2018highly probable\u2019 as at 31 December 2021). As such, no inefficiency was recognised in 2022 (or in 2021). The weighted average buy rate for SEK/USD currency hedges realized in 2022 was 8.88 compared to a weighted average spot rate of 10.19. For NOK/USD currency hedges realized in 2022 the weighted average buy rate was 8.82 compared to a weighted average spot rate of 9.64.Interest hedgesThe company\u2019s interest exposure mainly arises from external funding in bank and debt capital markets. The company uses interest rate swaps to achieve the desired fixed/floating ratio of the external debt. Hedge accounting is applied using the cash flow model for interest rate swaps which means that gains and losses from floating to fixed interest rates as of December 31, 2022 are recognized through Other Comprehensive Income and will be continuously released to the income statement until the bank borrowings are repaid. This is done based on the periodic market-to-market revaluation of the interest rate swaps whose fair value tends to reach zero upon maturity.Hedge ineffectiveness for interest rate swaps is assessed using the same principles as for hedges of foreign currency purchases. It may occur due to: the credit value/debit value adjustment on the interest rate swaps which is not matched by the loan, and differences in critical terms between the interest rate swaps and loans. TNOK 395,000 of the external loans with floating interest rates are swapped to a fixed interest rate of 1,876% with maturity 16 August 2029. The effect on interest expense in 2022 related to the interest rate swap was NOK -731,562 (NOK -6,559,801).There was no recognised ineffectiveness during 2022 (or in 2021) in relation to the interest rate swap. Reconciliation of Other reserves Currency cash Interest cash Translation flow hedges flow hedges difference Total Opening balance net of tax 01.01.2022 11,309 -2,163 -4,171 4,975Changes in fair value through OCI 131,210 31,866 163,076 Changes in deferred tax on cash flow hedges -28,866 -7,010 -35,877through OCIRealized cash flow hedges net of tax -92,609 -92,609Translation difference -8,920 -8,920 Closing balance net of tax 31.12.2022 21,044 22,692 -13,091 30,645 Currency cash Interest cash Translation flow hedges flow hedges difference Total Opening balance net of tax 01.01.2021 -42,856 -19,481 7,871 -54,466 Changes in fair value through OCI 32,461 22,202 54,663 Changes in deferred tax on cash flow hedges -7,141 -4,884 -12,026through OCIRealized cash flow hedges net of tax 28,846 28,846Translation difference -12,041 -12,041 Closing balance net of tax 31.12.2021 11,309 -2,163 -4,171 4,975At year end the fair value of the hedging instruments were as follows:31 December 2022 Changes over OCI Changes over P&L Derivative Derivative Derivative Derivative assetsliabilities assetsliabilities Currency cash flow hedges 25,440 7,229 Interest cash flow hedges 29,338 - - Cross currency interest swap 4,672 Sum 54,778 7,229 4,672 - 31 December 2021 Changes over OCI Changes over P&L Derivative Derivative Derivative Derivative assetsliabilities assetsliabilities Currency cash flow hedges 15,742 2,638 Interest cash flow hedges 2,528 - Cross currency interest swap 1,697 Sum 15,742 5,166 1,697 - ",
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"value": "NOTE 25 | SUBSEQUENT EVENTSThere have been no significant events after the end of the reporting period. ",
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"f18043": {
"value": "KID ASA",
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