{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"KIT": "http://kitron.com/2023-12-31",
"ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://kitron.com/2023-12-31/5967007LIEEXZXIG6009-2023-12-31.xsd"
]
},
"facts": {
"f1763": {
"value": "775200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1766": {
"value": "641000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1773": {
"value": "528300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RawMaterialsAndConsumablesUsed",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1776": {
"value": "439400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RawMaterialsAndConsumablesUsed",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1782": {
"value": "122400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1785": {
"value": "108000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1791": {
"value": "17600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1794": {
"value": "16000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1800": {
"value": "37200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1803": {
"value": "32700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1808": {
"value": "705600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1811": {
"value": "596000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1817": {
"value": "1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherGainsLosses",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1820": {
"value": "200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherGainsLosses",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1825": {
"value": "70700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1829": {
"value": "45200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1836": {
"value": "8400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1839": {
"value": "1700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1845": {
"value": "14400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1848": {
"value": "8400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1852": {
"value": "-6000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1855": {
"value": "-6600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1860": {
"value": "64700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1863": {
"value": "38600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1871": {
"value": "13700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1874": {
"value": "10300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1878": {
"value": "51100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1882": {
"value": "28300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1888": {
"value": "51100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1891": {
"value": "28300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1899": {
"value": "0.26",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f1902": {
"value": "0.14",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f1908": {
"value": "0.26",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f1911": {
"value": "0.14",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f1942": {
"value": "51100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1945": {
"value": "28300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1953": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1956": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1959": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1963": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1970": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxChangeInValueOfForwardElementsOfForwardContracts",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1973": {
"value": "600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxChangeInValueOfForwardElementsOfForwardContracts",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1978": {
"value": "2800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1981": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1987": {
"value": "-4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1990": {
"value": "3300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1993": {
"value": "-2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1997": {
"value": "3900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2002": {
"value": "-2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2006": {
"value": "3900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2011": {
"value": "49000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2015": {
"value": "32200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2022": {
"value": "49000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2025": {
"value": "32200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2052": {
"value": "44800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2055": {
"value": "45000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2061": {
"value": "27200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2064": {
"value": "30300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2071": {
"value": "47800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2074": {
"value": "34200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2080": {
"value": "26900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2083": {
"value": "24200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2089": {
"value": "6200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2092": {
"value": "8700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2098": {
"value": "900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentReceivables",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2101": {
"value": "1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentReceivables",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2107": {
"value": "153900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2111": {
"value": "143500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2118": {
"value": "166400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2121": {
"value": "172700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2127": {
"value": "131300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2130": {
"value": "143500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2136": {
"value": "77900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentContractAssets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2139": {
"value": "59400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentContractAssets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2145": {
"value": "12200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2148": {
"value": "13900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2154": {
"value": "39000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2157": {
"value": "25900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2163": {
"value": "426900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2167": {
"value": "415500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2173": {
"value": "580800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2177": {
"value": "559000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2214": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2217": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2223": {
"value": "75400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2226": {
"value": "75400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2231": {
"value": "200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AccumulatedOtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2234": {
"value": "2300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AccumulatedOtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2239": {
"value": "106000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2242": {
"value": "63700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2248": {
"value": "183500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2252": {
"value": "143300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2260": {
"value": "5400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2263": {
"value": "6300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2269": {
"value": "113300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2272": {
"value": "119400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2278": {
"value": "500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2281": {
"value": "500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2286": {
"value": "1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2289": {
"value": "1200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2295": {
"value": "120300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2299": {
"value": "127400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2306": {
"value": "181900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2309": {
"value": "192100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2315": {
"value": "33800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentPayables",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2318": {
"value": "28600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentPayables",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2324": {
"value": "6300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2327": {
"value": "6200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2333": {
"value": "55100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2336": {
"value": "61300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2342": {
"value": "277100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2346": {
"value": "288200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2352": {
"value": "397300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2356": {
"value": "415600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2362": {
"value": "580800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2366": {
"value": "559000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2445": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f2448": {
"value": "75400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f2451": {
"value": "-1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"f2454": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f2457": {
"value": "-500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f2460": {
"value": "41100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f2463": {
"value": "116800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2467": {
"value": "28300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f2470": {
"value": "28300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2474": {
"value": "4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f2477": {
"value": "4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2481": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f2484": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2490": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2496": {
"value": "-700000",
"decimals": -5,
"dimensions": {
"concept": "KIT:IncreaseDecreaseThroughTerminationOfOptionsAgainstCashConsideration",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f2499": {
"value": "-700000",
"decimals": -5,
"dimensions": {
"concept": "KIT:IncreaseDecreaseThroughTerminationOfOptionsAgainstCashConsideration",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2504": {
"value": "800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f2507": {
"value": "800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2512": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2516": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"f2519": {
"value": "3900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f2522": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f2525": {
"value": "3900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2529": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f2532": {
"value": "75400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f2535": {
"value": "-1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"f2538": {
"value": "3800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f2541": {
"value": "-500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f2544": {
"value": "63700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f2547": {
"value": "143300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2551": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f2554": {
"value": "75400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f2557": {
"value": "-1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"f2560": {
"value": "3800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f2563": {
"value": "-500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f2566": {
"value": "63700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f2569": {
"value": "143300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2573": {
"value": "51100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f2576": {
"value": "51100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2580": {
"value": "8400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f2583": {
"value": "8400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2587": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f2590": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2596": {
"value": "-1200000",
"decimals": -5,
"dimensions": {
"concept": "KIT:IncreaseDecreaseThroughTerminationOfOptionsAgainstCashConsideration",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f2599": {
"value": "-1200000",
"decimals": -5,
"dimensions": {
"concept": "KIT:IncreaseDecreaseThroughTerminationOfOptionsAgainstCashConsideration",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2604": {
"value": "700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f2607": {
"value": "700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2611": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"f2614": {
"value": "-2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f2617": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f2620": {
"value": "-2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2624": {
"value": "1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"f2627": {
"value": "75400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"f2630": {
"value": "-1000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember",
"unit": "iso4217:EUR"
}
},
"f2633": {
"value": "1800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:EUR"
}
},
"f2636": {
"value": "-900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MiscellaneousOtherReservesMember",
"unit": "iso4217:EUR"
}
},
"f2639": {
"value": "106000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:EUR"
}
},
"f2642": {
"value": "183500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2672": {
"value": "77100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2675": {
"value": "29900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2680": {
"value": "5100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2683": {
"value": "1200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2688": {
"value": "12400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2691": {
"value": "6900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2696": {
"value": "10800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2699": {
"value": "6100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2705": {
"value": "59000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2709": {
"value": "18100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2716": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2719": {
"value": "86800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2725": {
"value": "15800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2728": {
"value": "9300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2733": {
"value": "200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2738": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2744": {
"value": "600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2747": {
"value": "300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2752": {
"value": "-16300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2756": {
"value": "-96400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2762": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2765": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2771": {
"value": "8700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2774": {
"value": "120500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2781": {
"value": "-900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2784": {
"value": "-6900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2790": {
"value": "10400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2793": {
"value": "39000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2798": {
"value": "8600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2801": {
"value": "5700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2806": {
"value": "8400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2809": {
"value": "4900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2815": {
"value": "9900000",
"decimals": -5,
"dimensions": {
"concept": "KIT:IncreaseDecreaseInCurrentAdvancesFromFactoringClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2818": {
"value": "3900000",
"decimals": -5,
"dimensions": {
"concept": "KIT:IncreaseDecreaseInCurrentAdvancesFromFactoringClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2823": {
"value": "100000",
"decimals": -5,
"dimensions": {
"concept": "KIT:EffectOfExchangeRateChangesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2828": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "KIT:EffectOfExchangeRateChangesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2833": {
"value": "-29500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2837": {
"value": "60200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2842": {
"value": "13300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2846": {
"value": "-18100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2852": {
"value": "25900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2855": {
"value": "42800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2860": {
"value": "-200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2863": {
"value": "1200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2868": {
"value": "39000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f2872": {
"value": "25900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"s7_notes__6__5": {
"value": "Notes to the consolidated financial statementsNote 1 - General Information Kitron ASA and its subsidiaries (the group) comprise one of Scandinavia\u2019s leading enterprises in the development, industrialisation and manufacturing of electronics for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The group has operations in Norway, Sweden, Denmark, Lithuania, Germany, Poland, Czech Republic, India, China, Malaysia and the US. Kitron ASA has its head office at Billingstad outside Oslo in Norway and is listed on the Oslo Stock Exchange. The consolidated accounts were considered and approved by the company\u2019s Board of directors on 20 March 2024.Note 2 - Basis of preparation, consolidation and segment reporting The most significant accounting principles applied in the preparation of the consolidated financial statements are detailed below or in relevant notes. These principles have been applied uniformly in all the periods unless otherwise stated.Basis for preparationThe consolidated financial statements of Kitron ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.Changes in accounting policy and disclosuresNew standards and interpretations adopted by the company and other changes in accounting policiesThe Group has applied certain amendments to the standards and interpretations that are effective for annual periods beginning 1 January 2023. These amendments and interpretations applied did not have any impacts in the amounts recognised in the current or previous periods and are not expected to affect future periods. The amendments to IAS 1 required companies to provide information about material accounting policy information, as compared to the requirement to disclose \u201csignificant\u201d accounting policies before this amendment was effective. To assist companies in assessing materiality, the IFRS Practice Statement 2 Making Materiality Judgements provides guidance and examples on how to make materiality judgements for accounting policy information disclosures. The application of this amendment to IAS 1 resulted in the review and reorganisation of accounting policy information provided in the previous annual financial statements of the Group.Kitron is from 1 January 2023 presenting its consolidated financial statements in EUR. The change in presentation currency has been treated as a change in accounting policy in accordance with IAS 8. The presentation of financial statements with notes has been changed from NOK thousand to EUR million. See note 30 for more information.New standards and interpretations not yet adoptedCertain amendments to accounting standards have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the Group. These amendments are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured 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.Segment reportingThe Corporate management (Chief Operating Decision Maker) has evaluated that the group operates in only one segment; Electronics Manufacturing Services (EMS). There is therefore no separate segment reporting in Kitron. Kitron\u2019s long-term strategy has communicated targets for revenue growth, EBIT and ROOC. These long-term targets are broken down into annual budgets.Translation of foreign currenciesFunctional and presentation currenciesThe accounts of the individual units are compiled in the principal currency used in the economic area in which the unit operates (the functional currency). The consolidated accounts are presented in EUR. The functional- and the presentation currency for the parent company is NOK.Transaction and balance sheet itemsForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates, are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses). Group companiesThe income statements and balance sheets for group units (none of which are affected by hyperinflation) in functional currencies which differ from the presentation currency are translated as follows: \u25a0 The balance sheet is translated at the closing exchange rate on the balance sheet date \u25a0 The income statement is translated at the average exchange rate \u25a0 Translation differences are recognised in OCI and specified separately \u25a0 Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rateNote 3 - Financial riskThe company is exposed through its business to a number of financial risks. The corporate routines for risk management focus on the unpredictability of the financial markets, and endeavour to minimise potential negative effects arising from the company\u2019s financial dispositions.Market riskCurrency risk: the group is exposed to changes in foreign exchange rates because a significant share of the group\u2019s goods and services are sold in such currencies. At the same time raw material are bought in foreign currency and the operating costs in foreign group entities are in local currency. To reduce the currency risk the company\u2019s standard contracts include currency clauses which allow the company to adjust the price when the actual exchange rate differs significantly from the agreed base rate. The Group has not established other significant currency hedge arrangements over and above its standard contracts with customers. The most significant foreign currencies are NOK, SEK, EUR and USD. The group has significant investments in foreign operations whose net assets are exposed to foreign currency translation risk in DKK, SEK, EUR, USD, PLN and RMB.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the USD with all variables held constant, post\u2013tax profit for the year would have been EUR 0.1 million (2022: EUR 0.1 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of US dollar denominated bank deposits, trade receivables and debt.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the NOK with all variables held constant, post\u2013tax profit for the year would have been EUR 0.4 million (2022: EUR 0.2 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of NOK denominated bank deposits, trade receivables and debt.At 31 December if the EUR currency had weakened/straightened by 1 percent against the SEK with all variables held constant, post-tax for the year would have been EUR 0.1 million (2022: EUR 0.0 million) higher/lower, mainly as a result of foreign exchange gains/losses on translation of SEK denominated bank deposit, trade receivables and dept.Price risk: the company is exposed to price risk both because raw materials follow international market prices for electronic and mechanical components and because the company\u2019s goods and services are subject to price pressures. Routines have been established for procurement by the company\u2019s own sourcing organisation, which negotiates group contracts. The sourcing function allows Kitron to achieve improved material prices.Credit riskCredit risk arises from cash and cash equivalents, deposits with bank, accounts receivables and contract assets. The major part of accounts receivable are credit insured in all geographical areas. Kitron accordingly bears credit risk only for accounts receivable which are not insured. The company has routines to ensure that uninsured sales on credit are made only to creditworthy customers.The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.Liquidity riskCash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance 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 borrowing facilities at all times so that the group does not breach borrowing limits or covenants on any of its borrowing facilities.Kitron\u2019s financing is primarily short-term and based on factoring finance for accounts receivable. This means that fluctuations in turnover affect the company\u2019s liquidity. In addition, drawing facilities have been established in banks which counteract the liquidity fluctuations related to turnover.The table below shows the group\u2019s financial loans including interest into relevant maturity groupings based on the remaining period at the balance sheet date to contractual maturity date.Periods to maturity of financial liabilities incl. interest (undiscounted numbers):Less than Between one Between two More than EUR millionone year and two yearsand five yearsfive yearsAt 31 December 2023Bank overdraft 11.0 - - -Leasing 10.1 10.1 8.0 -Factoring debt 23.4 - - -Other financial loans 11.0 11.0 13.8 75.4Trade and other payables 173.3 - - -Total 228.9 21.1 21.8 75.4At 31 December 2022Bank overdraft 14.2 - - -Leasing 6.3 9.8 8.5 0.4Factoring debt 33.0 - - -Other financial loans 10.0 9.1 27.4 69.9Trade and other payables 168.4 - - -Total 231.9 18.9 35.9 70.3Interest rate riskThe group\u2019s interest rate risk arises mainly from short-term borrowings (factoring debt and bank overdraft) and long-term bank debt. The group\u2019s borrowings are mainly with variable rates which expose the group to cash flow interest rate risk.Interest on the group\u2019s interest-bearing debt is charged at the relevant market rate prevailing at any given time (mainly one-month interbank offered rate \u2013 Nibor, Stibor, or Libor as the case may be \u2013 plus the agreed interest margin). There will not occur any gain/loss on the balance sheet amounts in case interest rates are increased or lowered. At 31 December 2023, if interest rate on NOK borrowings had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.8 million (2022: EUR 0.7 million) lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings. At 31 December 2023, if interest rate on borrowings in other currency had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.9 million (2022: EUR 0.7 million) lower/higher. External financing for the group\u2019s operational companies takes place in the functional currency. No interest rate instruments have been established in the group. The group does not have significant interest-bearing assets, so that its income and cash flow from operational activities are not significantly exposed to changes in the market interest rate.Capital risk 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, issue new shares or sell assets to reduce debt.The gearing ratios at 31 December 2023 and 2022 were as follows:EUR million 2023 2022Total borrowings (note 21) 168.4 180.7Cash and cash equivalents (note 17) (39.0) (25.9)Net debt 129.4 154.8Total equity 183.5 143.3Total capital 312.9 298.1Gearing ratio 41 % 52 %Note 4 - Significant accounting judgements, estimates and assumptionsEstimates and discretionary assessments are based on historical experience and other factors, including expectations of future events that are considered likely under present conditions. The group prepares estimates and makes assumptions about the future.Accounting estimates derived from these will by definition seldom accord fully with the outcome. Estimates and assumptions which represent a substantial risk for significant changes in the carrying amount of assets and liabilities during the coming fiscal year are discussed below.Deferred tax assetsThe group performs annual tests for impairment of deferred tax assets. Part of the basis for recognising deferred tax assets are based on applying the loss carried forward against future taxable income in the group. This requires the use of estimates for calculating future taxable income. See note 22 for details.Impairment testing of goodwill The group performs annual tests to assess the fall in value of goodwill. The recoverable amount from cash generating units is determined based on present-value calculations of expected annual cash flows. These calculations require the use of estimates for cash flows and the choice of discount rate before tax for discounting the cash flows. Additional information is disclosed in note 13.Note 5 - Geographical breakdown of revenues and assetsThe revenues come from sales of goods and services in the fields of development, industrialization and production to customers involved in Connectivity, Defence/Aerospace, Electrification, Industry and Medical devices. Revenues by line of businessThe table shows the EMS turnover by industry:EUR million 2023 2022Connectivity 140.4 138.7 Electrification 245.1 157.0 Industry 211.1 188.0 Medical devices 66.7 74.8 Defence/Aerospace 111.8 82.5 Total sales 775.2 641.0 Geographical breakdown revenuesThe geographical distribution is based on countries where the different customers are located.EUR million 2023 2022Norway 100.7 76.9 Sweden 278.4 195.9 Rest of Europe 303.7 280.0 USA 73.9 69.0 Other 18.5 19.2 Total sales 775.2 641.0 The largest customer counts for 8.1 % (6.8 %) of sales, the next two counts for 5.1 % (5.5 % and 4.6%) and the others are below 4.8 % (4.1 %) each.Geographical breakdown of assetsNorway Sweden DenmarkEUR million 2023 2022 2023 2022 2023 2022Assets 9.1 10.7 6.0 5.0 28.1 30.4 Lituania Poland GermanyEUR million 2023 2022 2023 2022 2023 2022Assets 10.1 9.0 22.1 12.4 0.0 0.0 Czech Republic China USAEUR million 2023 2022 2023 2022 2023 2022Assets 11.2 7.0 7.2 8.9 4.6 5.4 India MalaysiaEUR million 2023 2022 2023 2022Assets 0.1 0.0 3.3 - Included in assets under geographical segment is property, plant and equipment, intangible and right of use assets excluding deferred tax asset and goodwill.Note 6 - Revenues Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties.Sales of goodsThe group manufactures and sells electronics that are embedded in the customer\u2019s own products as well as box-build electronic products in the EMS market. The products are manufactured based on the customer\u2019s specifications and quality standards, and the group does not own the intellectual property of the products. Sales are recognized based on estimated percentage of completion for the relevant contracts going forward as control is transferred to the customer over time. This is determined based on the actual cost relative to the total expected cost. The purchase price agreed between the parties is fixed and specified for each good or service provided. The customer is obligated to pay a minimum fee based on the order status if the order is cancelled. Some contracts include multiple deliverables, such as test development, engineering change orders and production. These are accounted for as separate performance obligations. In this case, the transaction price will be allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on expected cost-plus margin. In fixed-price contracts, the customer pays the fixed unit amount based on a payment schedule. If the goods/ services rendered by the group exceed the payment, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized.Sales of servicesSales of services embrace development assignments and services related to industrialisation. Service deliveries are partly project based and partly hourly based. Sales of project-based services are recognised in the period in which the services are rendered, based on the degree of completion of the relevant project. The degree of completion is determined by measuring the services provided as a proportion of the total services to be rendered. Hourly-based services are recognised in the period when the service is rendered. Revenues consist ofEUR million 2023 2022Revenues from contracts with customers 775.2 641.0 Total revenues 775.2 641.0 Timing of revenue recognition EUR million 2023 2022Revenues from contracts with customers, over time *) 775.2 641.0 *) Sale of services share in 2023 estimated to 2-4 % (2022: 2-4 %)Note 7 - Other gains / (losses)EUR million 2023 2022Currency gains 11.1 11.0 Currency losses (10.0) (10.7)Other gains/(losses) 1.1 0.2 Other gains/(losses) consist of currency effects related to operations.Note 8 - Employee benefits EUR million 2023 2022Payroll 97.5 85.9Payroll tax 15.6 11.7Net pension costs defined benefit plans (note 23) 0.0 0.0Pension costs defined contribution plans 5.4 5.1Share-based payment consideration 0.7 0.8Other remuneration 3.4 4.5Total 122.4 108.0Average number of man-years (including hired-ins) 3 112 2 809Average number of employees 2 671 2 459Note 9 - Financial income and expensesInterest on bank deposits is recognised in the period when it is earned. EUR million 2023 2022Interest income 4.9 1.2 Other financial income 0.2 0.2 Foreign currency gains related to borrowings, cash and cash equivalents 3.3 0.3 Finance income 8.4 1.7 Interest expenses (13.3) (6.9)Other financial expenses (1.1) (1.5)Finance expenses (14.4) (8.4)Net financial items (6.0) (6.6)Note 10 - Income tax expenseThe 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. EUR million 2023 2022Tax payable 12.5 11.0Deferred tax (Note 22) 1.2 (0.7)Income tax expense 13.7 10.3The tax on the group\u2019s profit before tax differs from the theoretical amount that would arise using the domestic tax rate applicable to profits of the consolidated entities as follows:EUR million 2023 2022Ordinary profit before tax 64.7 38.6 Tax calculated at the domestic rate (22%) 14.2 8.5 Expenses not deducible for tax purposes 0.1 0.7 Effect of tax exemption (1.2) (0.5)Tax loss for which no deferred income tax asset was recognised 0.6 2.3 Other adjustments 0.3 0.1 Effect on different tax rates in countries in which the group operates (0.3) (0.7) Tax cost 13.7 10.3 The income tax expense is calculated using the domestic tax rate.The tax rate is 22.0 % in Norway, 20.6 % in Sweden, 22 % in Denmark, 15.0 % in Lithuania, 25.0 % in China, 19.0 % in Czech Republic, 16.5 % in Hong Kong, 30.9 % in USA, 19.0 % in Poland and 15.0 % in Germany.The tax (charge)/credit relating to components of other comprehensive income is as follows:2023 2022Before Tax (charge) After Before Tax (charge) After EUR milliontaxcredittaxtaxcredittaxActuarial gain / (losses) pensions (0.0) 0.0 (0.0) (0.0) 0.0 (0.0) Exchange differences on translation of (5.1) 0.1 (5.0) 3.3 - 3.3foreign operationsGains of hedging 3.2 (0.4) 2.8 0.1 - 0.1Gain/(loss) forward contracts (0.1) 0.0 (0.1) 0.7 (0.2) 0.6 Other comprehensive income (1.8) (0.5) (2.0) 4.1 (0.2) 3.9Current tax - - Deferred tax 0.5 0.2Note 11 - Earnings per shareBasic earnings per share is calculated by dividing the profit attributable to equity holders of the company by weighted average number of ordinary shares in issue during the year. The company has no own shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one category, which is share options, of dilutive potential ordinary shares. A calculation is done to determine the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share options. The number of shares calculated is compared with the number of shares that would have been issued assuming the exercise of the share options (note 19).EUR million 2023 2022Profit attributable to equity holders of the company 51.1 28.3 Profit used to determine basic and diluted earnings per share 51.1 28.3 Weighted average number of ordinary shares in issue (thousands) 197 992 197 244 Adjusted for share options (thousands) 2 008 2 158 Weighted average number of ordinary shares for diluted earnings per share (thousands) 200 000 200 136 Basic earnings per share (EUR) 0.26 0.14 Diluted earnings per share (EUR) 0.26 0.14Note 12 - Property, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \u25a0 Buildings: 20-33 years \u25a0 Machinery and operating equipment: 3-10 yearsLand is not depreciated. Right-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for in note 26 \u201cLeases\u201d. .Machinery and Buildings Right-of-use Total EUR millionequipment and landassetsAt 1 January 2022Acquisition cost 110.3 21.2 32.0 163.4 Accumulated depreciation/impairment (98.2) (12.0) (8.0) (118.1)Accounting carrying amount 12.1 9.2 24.0 45.3 Fiscal 2022Opening balance 12.1 9.2 24.0 45.3 BB Electronic acquisition 5.3 5.7 3.0 14.0Currency translation adjustment 1.3 1.2 0.8 3.3Additions 8.8 0.2 2.5 11.4 Depreciation (6.9) (1.5) (4.8) (13.3)Impact from NOK to EUR conversion (0.6) (0.5) (1.2) (2.2)Closing balance 20.0 14.3 24.2 58.5 At 31 December 2022Acquisition cost 125.0 27.8 37.1 189.9Accumulated depreciation/impairment (105.0) (13.5) (12.8) (131.4)Accounting carrying amount 20.0 14.3 24.2 58.5 Machinery and Buildings Right-of-use Total EUR millionequipment and landassetsFiscal 2023Opening balance 20.0 14.3 24.2 58.5 Currency translation adjustment (0.9) (0.4) (0.2) (1.5)Additions 19.0 3.9 9.9 32.8 Reclassification 0.9 (0.9) - Disposals (0.4) (0.0) 0.0 (0.4)Depreciation (7.0) (1.5) (6.2) (14.7)Closing balance 31.6 16.2 26.9 74.7 At 31 December 2023Acquisition cost 143.7 31.2 46.0 220.8 Accumulated depreciation/impairment (112.0) (15.0) (19.1) (146.1)Accounting carrying amount 31.6 16.2 26.9 74.7 Machinery and equipment, buildings and land were provided at 31 December as security for EUR 6.6 million and EUR 5.7 million (2022: EUR 12.1 million and EUR 4.0 million), see note 21.Note 13 - GoodwillGoodwill is the difference between the sum of the consideration paid, non-controlling interests recognised and previously held interests at fair value for the acquisition of a business and the fair value of the acquiree\u2019s net identifiable assets at the acquisition date. Goodwill is tested annually for impairment and recognised in the balance sheet at its acquisition cost less impairment charges. Impairment losses on goodwill are not reversed. The goodwill is allocated to relevant cash generating units at the time of the acquisition. The allocation is made to those cash-generating units or groups of such units which are expected to benefit from the acquisition. The group allocates goodwill to cash generating units in each country in which it operates.EUR million GoodwillAt 1 January 2022Acquisition cost 4.1 Accumulated impairment charge (0.4)Accounting carrying amount 3.7 Fiscal 2022Opening balance 3.7 Conversion differences 1.7 Additions 39.6 Closing balance 45.0 At 31 December 2022Acquisition cost 45.4 Accumulated impairment charge (0.4)Accounting carrying amount 45.0 Fiscal 2023Opening balance 45.0 Conversion differences (0.2)Closing balance 44.8 At 31 December 2023Acquisition cost 45.2 Accumulated impairment charge (0.4)Accounting carrying amount 44.8 The company\u2019s cash-generating units are identified by countryEUR million 2023 2022Norway 0.1 0.1Sweden 0.3 0.3Denmark 41.3 41.5Lithuania 1.9 1.9Germany 0.2 0.2USA 1.0 1.0Total 44.8 45.0The recoverable amount for a cash-generating unit is based on a calculation of value in use.The following table sets out the key assumptions for those cash-generating units that have significant goodwill allocated to them:2023 2022Denmark DenmarkGrowth rate in the forecast period 2.0 % 2.0 %Long-term growth rate 2.0 % 2.0 %Budgeted EBIT-margin 6.0 % 8.0 %Growth in other expenses in the forecast period 2.0 % 2.0 %Discount rate 23.6 % 22.4 %Assumption Approach used to determining values Average annual growth rate over the five-year forecast period is 2% and is based on expected Growth rate in the forecast periodinflation on a long term basis.The growth rate does not exceed the long-term growth rates of the market in which the business Long-term growth rateoperates and is determined to be 2% per year. Budgeted gross margin Based on past performance and management\u2019s expectations for the future.Fixed costs of the CGUs, which do not vary significantly with sales volumes or prices. Management Growth in other expenses in the forecasts these costs based on the current structure of the business, adjusting for inflationary forecast periodincreases but not reflecting any future restructurings or cost-saving measures.Discount rate is based on the WACC model and converted to pre-tax numbers. The discount rate is Discount ratein accordance with the discount rate that followed from the purchase price in the transaction and divided into the asset categories based on a judgement of risikiness of each asset.Impairment chargeThe present value of goodwill is estimated well above the carrying amount. There is a substantial buffer before goodwill is in a impairment scenario.Impact of possible changes in key assumptionsThe directors and management have considered and assessed reasonably possible changes for the key assumptions and have not identified any instances that could cause the carrying amount of the Danish cash-generating unit to exceed its recoverable amount. For the other cash-generating units the cash flow assumption is based on financial budgets approved by the company\u2019s board. These calculations are based on growth assumptions which correspond with industry expectations of growth in the EMS market in the coming years and no significant changes in margins. The calculated values are also sustainable against write offs due to a fair change in assumptions. The calculations are based on cash flows for the next three years and a residual value for future earnings.Note 14 - Intangible assetsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years. EUR million System software Other intangible assets Customer contracts 1) TotalAt 1 January 2022Acquisition cost 11.2 0.7 - 11.9 Accumulated depreciation (7.2) (0.2) - (7.4)Accounting carrying amount 4.0 0.5 - 4.5 Fiscal 2022Opening balance 4.0 0.5 4.5 Aqusition BB Electronics 1) - 2.3 25.2 27.5 Currency translation adjustment (0.2) (0.2) 1.1 0.7 Additions 0.2 0.0 - 0.3 Depreciation (0.6) (0.3) (1.7) (2.7)Closing balance 3.4 2.3 24.6 30.3 At 31 December 2022Acquisition cost 11.2 2.8 26.4 40.4 Accumulated depreciation (7.8) (0.5) (1.7) (10.1)Accounting carrying amount 3.4 2.3 24.6 30.3 Fiscal 2023Opening balance 3.4 2.3 24.6 30.3 Currency translation adjustment (0.8) (0.0) (0.0) (0.8)Additions 0.5 0.0 0.0 0.6 Disposals (0.1) - - (0.1)Depreciation (0.7) (0.3) (1.8) (2.8)Closing balance 2.4 2.0 22.9 27.2 At 31 December 2023Acquisition cost 10.9 2.9 26.4 40.2 Accumulated depreciation (8.6) (0.9) (3.5) (12.9)Accounting carrying amount 2.4 2.0 22.9 27.2 1) In 2022, Kitron acquired the BB Electronics group. As a part of the valuation of the group the customers were valued more than bookvalue. The valuation of customer contracts are based on a \u201cmulti-period excess earnings\u201d-method. This approach calculates a cash flow of excess values generated by existing customers, taking into account the cost of using other assets in the company. The value is assumed to be equal to the sum of the discounted cash flows over the remaining lifetime, which is set to 15 years Additions to System software in 2023 refers to various software updates, managed by central IT department in Kitron ASA. It will be depreciated over 5-7 years. Note 15 - Accounts receivable and other receivablesAccounts receivables are recognized initially at fair value and subsequently measured at fair value less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group. To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets. Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. EUR million 2023 2022Accounts receivable 131.7 143.5Provision for bad debts (0.4) 0.0Accounts receivable - net 131.3 143.5EUR million 2023 2022Earned non-invoiced income 0.2 0.2Prepaid costs 1.6 3.1Other 10.5 10.5Other current receivables 12.2 13.9Fair value of accounts receivable and other receivables:EUR million 2023 2022Accounts receivable - net 131.3 143.5Accounts receivable - net 131.3 143.5For other current receivables, the carrying amount is virtually identical with the fair value.As of 31 December 2023 accounts receivables of EUR 15.6 million (2022: EUR 17.9 million) were past due. These relate to a number of independent customers for whom there is no recent history of default.The ageing analysis of these trade receivables is as follows:EUR million 2023 2022Not past due 115.8 125.6Past due 1-30 days 13.7 14.0Past due 31-60 days 0.9 2.4Past due 61-90 days 0.4 0.6Past due > 90 days 0.5 1.0Total 131.3 143.5As of 31 December 2023 EUR 0.4 milion of trade receivables were impaired and provided for (2022: EUR 0.0 million).The carrying amount of the group\u2019s trade and other receivables are denominated in the following currencies:EUR million 2023 2022CNY 5.5 8.7EUR 55.1 50.9NOK 15.0 32.7SEK 15.6 11.5USD 44.3 30.6GBP 0.0 0.1CZK 0.2 1.0DKK 7.7 22.3INR 0.0 0.1PLN 0.1 0.0MYR 0.0 0.0Total 143.6 157.9Movements on the group provision for impairment of trade receivables are as follows:EUR million 2023 2022Provision at 1 January 0.0 0.0Provision for trade receivables (0.4) 0.0Receivables written off during the year as uncollectable 0.0 0.0Provision at 31 December (0.4) 0.0The creation and release of provision for impaired receivables have been included in other operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash.The maximum exposure to credit risk at the reporting date is the carrying value of the receivables mentioned above. The group does not hold any collateral as security. However, the group has credit insurance that reduces the credit risk on account receivables. See note 3.EUR 0.4 million impairment charge was recognised in the profit and loss account for the year (2022: EUR 0.0 million). Impairment charge is assessed based on historical losses and expected credit losses.See note 3, credit risk. No special concentration of accounts receivable exists which poses an abnormal credit risk. Accounts receivable and other receivables at 31 December 2023 provided security for EUR 44.5 million (2022: EUR 52.2 million), see note 21. Contract assetsThe group has recognised assets related to contract with customers. No increase in loss allowance in 2023 (2022 EUR 0.0 thousands). EUR million 2023 2022Contract assets 77.9 59.4Loss allowance - -Contract assets - net 77.9 59.4Note 16 - InventoriesInventory comprises purchased raw materials and semi-finished products. It is stated at the lower of average acquisition cost and net realisable value. Cost is determined using the weighted average method. Finished goods and work in progress are included in contract assets, ref. note 15.EUR million 2023 2022Raw materials and purchased semi-manufactures 166.4 172.7 Total inventory 166.4 172.7 For obsolete goods in year 2023 there was recognised a change of EUR 4.1 million. In 2022 EUR 0,2 million. Impairment charge recorded in the balance sheet as per 31 December 2023 was EUR 7.9 million (2022 EUR 3.7 million). As the majority of the inventory is tailored materials and held for particular customer\u2019s products, there are agreements in place that compensate for obsolescence for tailored materials. These agreements have been taken into consideration when measuring the obsolescence reserve for the inventory. Note 17 - Cash and cash equivalentsCash and cash equivalents include cash and deposits in bank accounts. .EUR million 2023 2022Cash and cash equivalents 39.0 25.9Cash, cash equivalents and bank overdraft comprise:EUR million 2023 2022Cash and cash equivalents 39.0 25.9Overdraft drawn down (Note 21) (12.8) (13.7)Total 26.1 12.2EUR million 2023 2022Bank overdraft facilities 31 December 34.1 38.2Net drawn on overdraft facilities 31 December (12.8) (13.7)Locked-in bank deposits 31 DecemberSecurity for lease contracts - 0.1Security for specific employee purposes 0.0 -Total 0.0 0.1Kitron ASA has established a group account agreement with the company\u2019s main bank. This encompass Kitron ASA and Norwegian, Swedish, Danish, German, Polish and US subsidiaries.Note 18 - Share capital and premium reserveThe share capital comprises the number of shares multiplied by their nominal value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received.Share capital and share premium reserveNumber of shares EUR millionShare capital Premium reserve Total(thousands) At 1 January 2022 197 014 1.9 75.4 77.3Issue of new shares 677 0.0 - 0.0At 31 December 2022 197 691 1.9 75.4 77.3At 1 January 2023 197 691 1.9 75.4 77.3Issue of new shares 526 0.0 - 0.0At 31 December 2023 198 217 1.9 75.4 77.3Shares and shareholder informationThe company\u2019s share capital at 31 December 2023 comprised 198 217 134 shares with a nominal value of NOK 0.10 each. Each share carries one vote. There were 10 558 shareholders at 31 December 2023 (31 December 2022: 9 026 shareholders).The 20 largest shareholders in Kitron ASA at 31 December 2023:Shareholder Number PercentageFOLKETRYGDFONDET 15 858 694 8.00 %VERDIPAPIRFOND ODIN NORGE 14 583 457 7.36 %VEVLEN G\u00c5RD AS 10 500 000 5.30 %MP PENSJON PK 9 681 628 4.88 %AAT INVEST AS 8 200 000 4.14 %J.P. Morgan SE 5 456 043 2.75 %Avanza Bank AB 1) 5 098 381 2.57 %VJ INVEST AS 4 904 522 2.47 %VERDIPAPIRFONDET HOLBERG NORGE 4 150 000 2.09 %The Bank of New York Mellon SA/NV 4 000 000 2.02 %State Street Bank and Trust Comp 3 425 946 1.73 %VARNER EQUITIES AS 3 039 436 1.53 %VERDIPAPIRFONDET DNB SMB 2 804 943 1.42 %VPF FONDSFINANS NORDEN 2 700 000 1.36 %Danske Invest Norge Vekst 2 329 743 1.18 %VERDIPAPIRFONDET EQUINOR AKSJER NO 2 099 448 1.06 %CACEIS Bank 1 748 369 0.88 %J.P. Morgan SE 1 715 029 0.87 %The Bank of New York Mellon SA/NV 1 700 000 0.86 %BNP Paribas 1 667 798 0.84 %Total 20 largest shareholders 105 663 437 53.31 %Total other shareholders 92 553 697 46.69 %Total outstanding shares 198 217 134 100.00 %1) Beneficial owner: CEO Peter Nilsson 2 633 157 shares (1,33 per cent)Authorization to the Board to issue sharesAuthorization to strengthen equity and incentive schemes The ordinary general meeting of 28 April 2023 authorized the Board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: \u25a0 The share capital may, in one or more rounds, in total be increased with up to NOK 1,976,910.53. \u25a0 The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authroization in item 3, exceeds NOK 3,953,821.06. \u25a0 The authorization shall be valid until the Annual General Meeting in 2024, but no later than 30 June 2024. \u25a0 The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. \u25a0 The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. \u25a0 The authorization is limited to encompass capital requirements or issuance of consideration shares in relation to strengthening of Kitron ASA\u2019s equity, joint ventures or joint business operations, remuneration to members of the Board of Directors of Kitron ASA, incentive schemes, and acquisition of property and business within Kitron ASA\u2019s purpose \u25a0 The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization. \u25a0 This authorization replaces any previously granted authorizations for the Board of Directors to increase the share capital.Strategic authorizationThe ordinary general meeting of 28 April 2023 authorized the Board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: \u25a0 The share capital may, in one or more rounds, in total be increased with up to NOK 3,953,821.06. \u25a0 The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authorization in item 3, exceeds NOK 3,953,821.06. \u25a0 The authorization shall be valid until the Annual General Meeting in 2024, but no later than 30 June 2024. \u25a0 The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. \u25a0 The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. \u25a0 The authorization is limited to include strengthening of Kitron ASA\u2019s equity and issuing of consideration shares in connection with acquisition of other companies or enterprises within Kitron ASA\u2019s purpose. \u25a0 The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization.Authorization to the Board to buy own sharesThe ordinary general meeting on 28 April 2023 authorized the Board of directors of Kitron ASA to acquire Kitron ASA\u2019s own shares, for the purpose of ownership or charge, in accordance with the Norwegian Public Limited Liability Companies Act sections 9-4 and 9-5 on the following conditions. \u25a0 The Board of Directors may acquire shares in Kitron ASA, on one or several occasions, provided that the total combined nominal value of the acquired shares after the acquisition must not exceed ten per cent of the share capital, i.e. up to a total nominal value of NOK 1,976,910.53. The authorization also includes contract liens in the shares of Kitron ASA. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 Under this authorization the Board of Directors may pay minimum NOK 1 per share and maximum the prevailing market price per share on the day the offer is made, provided, however, that the maximum amount does not exceed NOK 100 per share. \u25a0 Any and all previous authorizations given to the Board of Directors to acquire own shares shall be, and hereby are, withdrawn with effect from the date this authorization is registered with the Norwegian Register of Business Enterprises. \u25a0 Shares acquired according to the authorization shall either be cancelled, used as remuneration to the members of the Board of Directors of Kitron ASA, used in incentive schemes or be used as consideration in connection with acquisition of other companies or businesses, joint ventures or joint business operations, and acquisition of property and business within Kitron ASA\u2019s purpose. \u25a0 This authorization shall be valid until the 2024 annual general meeting, but not longer than 30 June 2024.Note 19 - Share based paymentThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. Further details around the arrangement are described below.The Company has implemented a share option program for its Senior Executives comprising of up to 5,000,000 shares. The share option program was implemented in 2018 and is divided into four three-year subprograms, each with an allocation of 1,250,000 options, where the first program started in 2019, and is followed by one program every year until 2022.The share option program entails that Senior Executives, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested for each subprogram are linked to the development of the market capitalization at Oslo Stock Exchange, adjusted for dividends and share buy-backs. For each program to vest fully, the market capitalization adjusted for dividends and share buy-backs must increase 50 per cent. The program starts to vest at an increase of 20 per cent and will vest linearly between 20 per cent to 50 per cent. The Company can require that a number of shares for which the employee is entitled to subscribe is being converted to a cash consideration which the company uses to pay taxes.Each subprogram is capped at 200 per cent increase of the market capitalization, adjusted for dividends and share buy-backs.Any shares delivered as a result of exercising options are subject to a three-year lock-up period. During the first year of the lock-up period, no sales are allowed. The following two years, 1/8 of the option shares are released each quarter of the calendar year. Further, the program has a claw back clause that provides the Company with a right to purchase option shares if the option holder\u2019s employment with the Company is terminated and the criteria of the program are not met during the lock-up program.The Company utilizes a Monte Carlo simulation to determine the impact of stock option grants in accordance with IFRS 2, Share-based payment, on the Company\u2019s net income.The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be outstanding until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance fulfillment and takes this into account in the valuation.During the period ended 31 December 2023, the Company has had share-based payment arrangements for employees, as described below.Fair value of Share Options granted is calculated using the Monte Carlo option pricing model. The weighted average inputs to Monte Carlo model and Fair values per 31 December 2023 are listed below (calculated at grant):Granted 2021 2022Exercise price (NOK) 0.10 0.10Share price at grant date (NOK) 20.15 19.70Expected life from grant date 2,94 years 2,68 years Volatility 35 % 41.2%Interest rate 1.12% 3.61%Fair value per option (NOK) 6.30 8.89Expected volatility is based on historical volatility of the Company. The Company is listed on the Oslo Stock Exchange. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total expensed amount in 2023 arising from the option plans are EUR 696 thousand, not including social security (2022: EUR 798 thousand). The total carrying amount per 31 December 2023 is EUR 528 thousand, not including social security (2022: EUR 1 219 thousand). Accrued social security at 31 December 2023 is EUR 777 thousand (2022: EUR 627 thousand).Quantity and weighted average pricesActivity Number of instruments Weighted Average Strike Price (NOK)Outstanding OB (01.01.2022) 3 420 000 0.10Granted 1 175 000 0.10Exercised (1 170 000) -Forfeited (25 000) 0.10Expired - -Outstanding CB (31.12.2022) 3 400 000 0.10Vested CB - -Options not granted CB (31.12.2022) 350 000 0.10Outstanding OB (01.01.2023) 3 400 000 0.10Granted 50 000 0.10Exercised (1 250 000) 0.10Forfeited - 0.10Expired - -Outstanding CB (31.12.2023) 2 200 000 0.10Vested CB - -Options not granted CB (31.12.2023) 300 000 0.10Outstanding instruments Vested instruments Number of Weighted Average Weighted Average Vested instruments Weighted Average Strike priceinstrumentsremaining contractual lifeStrike Price31.12.2023Strike Price0.10 NOK 2 200 000 1.18 0.10 NOK 0 -Board Number of shares Number of options2023 2022 2023 2022Tuomo L\u00e4hdesm\u00e4ki, chairman 297 105 291 668 - -Gro Br\u00e6kken, board member 52 810 51 280 - -Espen Gundersen, board member 57 810 56 280 - -Maalfrid Brath, board member 32 690 29 499 - -Petra Grandinson, board member 22 943 20 494 - -Michael Lundgaard Thomsen, board member 8 689 6 240 - -Jarle Larsen, employee elected board member 21 154 19 624Tone Aas, employee elected board member 1 530 - - -Henriette Stene, employee elected board member 1 530 - - -Corporate management team Number of shares Number of options2023 2022 2023 2022Peter Nilsson, CEO 2 633 157 2 471 102 495 000 905 000Cathrin Nylander, CFO 1 081 992 1 035 249 175 000 295 000Kristoffer Askl\u00f6v, COO 144 080 101 561 200 000 300 000Stian Haugen, CTO 100 851 51 561 175 000 295 000Mindaugas Sestokas,Vice President and Managing Director 480 619 418 978 175 000 295 000Hans Petter Thomassen, Vice President and Managing 517 657 470 062 175 000 295 000DirectorStefan Hansson Mutas, Managing Director 340 544 295 281 175 000 295 000Zygimantas Dirse, Managing Director 596 763 535 122 175 000 295 000Carsten Christensen, CEO Kitron A/S (joined 10.01.2022) 7 167 51 561 290 000 300 000Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. EUR million 2023 2022Accounts payable 139.4 139.8 Deposits received *) 42.4 52.3 Accounts payable 181.9 192.1*)Deposits from customers2023 2022EUR millionPublic duties 3.2 5.1 Payable to related parties (note 27) 1.3 1.5 Employee related accruals 11.2 10.4Social security cost 3.2 1.7Other accruals *) 15.0 9.9Other payables 33.8 28.6 *) Mainly ordinary periodical accruals, prepayment from customers and cost incurred but invoices not yet received.The carrying amount of the group\u2019s trade and other payables are denominated in the following currencies:EUR million 2023 2022Trade and other payablesUSD 81.5 97.5 EUR 57.7 54.6 NOK 25.7 22.5 SEK 17.5 11.4 CNY 13.5 24.1 DKK 12.0 1.4 CZK 7.0 1.6 PLN 0.8 7.6 Others 0.0 (0.1) Total trade and other payables 215.7 220.7Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. EUR million 2023 2022Long-term interest bearing debtLeasing 17.0 15.5Other 1) 96.2 103.9Total 113.3 119.4Current interest bearing debtDebt to credit institutions 2) (Note 17) 12.8 13.7Factoring debt 3) 22.1 32.0Leasing 9.5 6.0Other 1) 10.7 9.5Total 55.1 61.3Total interest bearing debt 168.3 180.71) Other long-term and current interest bearing debt consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The group account agreement is regarded to be a unit of account, and is presented net. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2023 of EUR 10,4 million (2022: EUR 9.5 million). Draft split on currency pr 31.12. was (all following numbers are presented in EUR): EUR -13.8 million (-17.5), NOK -20.2 million (-13.1), USD 22,8 million (23.3) and other EUR 0.9 million (2.2 million). Interest is payable at a rate of IBOR and a margin.3) Kitron has per 31 December 2023 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal.Interest is payable at a rate of IBOR and a margin.The loan facilities with the company\u2019s main bank, described in 1) and 2), include covenants relating to factors as the company\u2019s gearing ratio, earnings and loan-to-value ratio.The company complies with these covenants at 31 December 2023.Unrestricted bank deposits and unused credit lines amounted to EUR 61.8 million for the group at 31 December 2023 (EUR 37.2 million at 31 December 2022).Periods to maturity of long-term interest bearing debt:EUR million 2023 2022Between one and two years 20.2 18.1Between two and five years 20.1 34.3Over 5 years 73.0 67.0Total 113.3 119.4Carrying amount and fair value of long-term interest bearing debt: Carrying amount Fair valueEUR million 2023 2022 2023 2022Leasing 17.0 15.5 16.4 14.4Other 96.2 103.9 76.7 88.5Total 113.3 119.4 93.1 102.9Fair value is based on discounted cash flow with a discount rate of 6.0 per cent (2022: 5.0 per cent). The carrying amount of current loans is virtually identical with fair value. The fair value calculations are based on level 3 valuation method. Inputs in assets and liabilities are not based on observable market data.Carrying amount of the group\u2019s interest bearing debt in various currencies:EUR million 2023 2022NOK 75.7 87.5SEK 10.6 7.6EUR 65.7 66.1USD 13.0 14.0CNY 2.7 4.1DKK 0.7 1.4CZK - 0.0MYR 0.7 -INR 0.0 -Total 168.3 180.7Interest bearing debt include EUR 156.9 million (2022: EUR 167.9 million) in secured commitments (bank loans and other secured loans). MortgagesEUR million 2023 2022Debt secured by mortgages 156.9 167.9Carrying amount of the group\u2019s assets provided as security:EUR million 2023 2022Buildings and land 5.7 4.0Machinery and equipment 15.9 12.1Receivables 44.5 52.2Inventory and contract assets 133.2 113.9Total 199.3 182.3For the Swedish entity there are company mortgages of EUR 4.2 million at 31 December 2023 (2022: EUR 4.2 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment.The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to EUR 15.1 million at 31 December 2023 (2022: EUR 8.7 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods.The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled EUR 0.3 million (2022: EUR 0.3 million) and EUR 2.0 million (2022: EUR 1.7 million) respectively for the group.Per 31 December 2023 Kitron ASA has granted the following parent company guarantees: \u25a0 EUR 25.9 million related to lease obligations for the polish subsidiary Kitron sp. z o.o (2022: EUR 16.2 million) \u25a0 EUR 10.0 million related to factoring agreement for the polish subsidiary Kitron sp. z o.o (2022: EUR 0.0 million) \u25a0 NOK 350 million related to bank financing for Kitron AS and Kitron AB (2022: NOK 350 million).Note 22 - Deferred income taxDeferred income tax is provided in full, using the liability method, 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 also 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 tax is determined using tax rates and laws which have been substantially 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 settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit. Deferred tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary differences is controlled by the group and it is probable that they will not be reversed in the foreseeable future. Deferred tax is recognised net when the group has a legal right to net deferred tax assets against deferred tax in the balance sheet and if the deferred tax is payable to the same tax authority.Deferred tax asset:EUR million 2023 2022Deferred tax asset to be recovered after more than 12 months 6.2 8.7 Deferred tax liability:Deferred tax liability to be recovered after more than 12 months 5.4 6.3 Deferred tax asset (net) 0.8 2.4 Change in carrying amount of deferred tax asset:EUR million 2023 2022Opening balance 2.4 7.0 Currency translation differences (0.1) 0.3 Profit and loss account (1.2) 0.7 Business combinations - (5.6)Other comprehensive income (0.5) (0.2) Equity for the period 0.3 0.2 Closing balance 0.8 2.4 Changes in deferred tax assets and deferred tax (with netting in same tax regime).Deferred tax liabilities:Deferred Customer EUR million Fixed assets Contract assetsTotalcapital gaincontractsAt 1 January 2022 0.7 1.0 0.0 - 1.7 Profit/(loss) for the period (0.4) 0.2 0.0 (0.4) (0.6) Other comprehensive income - - - - - Business combinations 0.3 0.4 - 5.8 6.5 Currency translation differences 0.1 0.0 - 0.2 0.3 At 31 December 2022 0.7 1.6 0.0 5.6 7.9 0.7 1.6 0.0 5.6 7.9 At 1 January 2023Profit/(loss) for the period 0.2 1.5 0.4 (0.2) 1.9 Other comprehensive income - - - - - Currency translation differences 0.0 (0.2) 0.0 (0.3) (0.5) At 31 December 2023 0.9 2.9 0.5 5.0 9.3 Deferred tax asset:Provision and Loss carried EUR millionPension Totalcurrent assetsforwardAt 1 January 2022 0.4 8.2 0.1 8.7 Profit/(loss) for the period 0.1 0.0 0.0 0.0 Business combinations 0.8 - - 0.8 Other comprehensive income - (0.2) 0.0 (0.2) Equity for the period - 0.2 - 0.2 Currency translation differences 0.2 0.4 - 0.6 At 31 December 2022 1.5 8.7 0.1 10.2 At 1 January 2023 1.5 8.7 0.1 10.2 Profit/(loss) for the period 1.2 (0.5) 0.0 0.6 Business combinations - - - - Other comprehensive income - (0.5) 0.0 (0.5) Equity for the period - 0.3 - 0.3 Currency translation differences 0.1 (0.7) 0.0 (0.6) At 31 December 2023 2.7 7.3 0.1 10.1 Deferred tax assets related to tax loss carried forward is recognised in the balance sheet to the extent that it is probable that the group can apply this against future taxable profit. Tax losses carried forward are related to the operations in Norway and USA.Deferred tax assets related to losses carried forward amounted to EUR 2.2 million in Norway (2022: EUR 3.6 million) and EUR 5.1 million in USA (2022: EUR 5.3 million).The group did not recognise deferred tax assets of EUR 2.7 million (2022: EUR 2.2 million) related to tax losses carried forward for the operation in the USA.The business improvements made and the expected development on future sales and profitability warrant deferred tax assets in the balance sheet of Kitron Technologies Inc. Utilization time for State tax losses carried forward is 20 years and infinite for Federal tax losses carried forward. There are no restrictions on the right to carry the tax loss forward in other countries.Note 23 - Retirement benefit obligationsGroup companies have various pension schemes. These schemes are generally funded through payments to insurance companies or pension funds based on periodic actuarial calculations. The group has both defined contribution and defined benefit plans. From 2016 the group has defined benefit plan for former CEO only. A defined benefit plan is one that is not a defined contribution plan, and typically defines an amount of pension benefit an employee will receive on retirement. That benefit is normally dependent on one or more factors such as age, years of service and pay. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. An independent actuary calculates the pension commitment annually. The present value of the defined benefit obligations is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds. Estimated payroll tax on the net pension commitment calculated by an actuary is added to the carrying amount of the obligation. Changes in pension plan benefits are recognised immediately in the income statement. Actuarial gains and losses are recognised in other comprehensive income. The pension plans in Norway comply with the Norwegian mandatory service pension act. The pension obligation below is relating to life-long pension benefits to a former CEO. The pension plan is unfunded. The AFP-scheme is a defined benefit multi-enterprise 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. UnfundedEUR million 2023 2022Carrying amount of the obligationPension commitments 0.5 0.5Costs recognised in the profit and loss account (incl in note 8)Pension costs (gain) defined benefit plans 0.0 0.0Cost recognised in other comprehensive incomeActuarial losses (gains) pensions 0.0 0.0Defined pension benefit plansCarrying amount of the obligation is determined as follows Present value of pension obligation (0.5) (0.5)Fair value of plan asset - - Net commitments in unfunded defined benefit plans (0.5) (0.5)Hereof payroll tax on the pension obligations (0.1) (0.1)Net pension obligation in the balance sheet (0.5) (0.5)UnfundedEUR million 2023 2022Net pension costs compriseInterest cost 0.0 0.0Total, included in payroll costs 0.0 0.0Change in carrying amount of pension commitmentsOpening balance (0.5) (0.5)Cost recognised in the profit and loss account for the year 0.0 0.0Cost reccognised in other comprehensive income 0.0 0.0Benefits paid 0.1 0.1Closing balance (0.5) (0.5)The following assumptions have been applied in calculating pension commitments:Discount rate 3.7% 3.2%Annual pension adjustment 3.5% 3.5%Social security tax rate 14.1% 14.1%Assumptions on mortality rates are based on published statistics in Norway K2013 K2013Number of employees in defined benefit plans 1 1Note 24 - Dividends per sharePossible dividend payments to the company\u2019s shareholders are recognised as a liability in the group\u2019s financial statements in the period when the dividend is approved by the general meeting. For 2022 a dividend of NOK 0.50 per share was paid. The Kitron Board of Directors will propose a dividend of NOK 0.75 per share for the financial year 2023 to the Annual General Meeting in April 2024.The dividend will be payable to shareholders registered in Kitron\u2019s shareholder register with the Norwegian Central Securities Depository (Euronext Securities Oslo \u2013 formerly named Euronext VPS) as of expiry of 25 April 2024 (being shareholders as of the date of the Annual General Meeting\u2019s resolution).The total proposed dividend is NOK 148.7 million. Note 25 - Cash flow from operationsEUR million 2023 2022Profit/(loss) before tax 64.7 38.6 Depreciation and impairment 17.6 16.0 Change in inventory 6.3 (38.8)Change in contract assets (18.5) (11.6)Change in accounts receivable and other short term receivables 13.8 (34.8)Change in accounts payable and other short term payables (5.0) 57.1 Change in pension funds/obligations (0.0) (0.3)Effect from option costs 0.7 0.8Effect from vesting of options (1.5) (0.7)Change in other items 0.5 1.0 Interest cost - net 8.4 5.7 Foreign exchange losses / (gains) on operating activities (10.0) (3.0)Cash flow from operations 77.1 29.9 Interest bearing debt presented as financing activities in the cash flow statement:EUR million 2023 2022Leasing - long-term 17.0 15.5 Leasing - short-term 9.5 6.0 Total lease liablities 26.5 21.6 Long-term bank loans 96.2 103.9 Short-term bank loans 10.7 9.5Factoring debt 22.1 32.0Debt to credit institutions 12.8 13.7Total borrowings 141.8 159.1EUR million Leases Borrowings Factoring TotalInterest bearing debt as at 31 December 2021 19.8 44.3 35.9 100.0Acqusition of subsidiaries 3.0 (1.1) 1.9Cash flows (5.4) 81.2 (4.1) 71.7Lease liabilities recognised 4.6 - 4.6Foreign exchange adjustments 1.2 4.1 0.2 5.5Other non-cash movements (1.6) (1.4) (3.0)Interest bearing debt as at 31 December 2022 21.6 127.1 32.0 180.7EUR million Leases Borrowings Factoring TotalInterest bearing debt as at 31 December 2022 21.6 127.1 32.0 180.7Cash flows (8.6) (4.4) (8.2) (21.1)Lease liabilities recognised 15.5 - 15.5Foreign exchange adjustments (2.0) (3.0) (1.7) (6.7)Interest bearing debt as at 31 December 2023 26.5 119.7 22.1 168.3Note 26 - LeasesThe group\u2019s leasing activities and how they are accounted forThe group leases various properties, equipment and cars. Rental contracts are typically made for fixed periods of 1 to 12 years but may have extension options as described below. 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, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability 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. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the group\u2019s incremental borrowing rate.\ue878Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-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. Kitron does not have lease agreements with variable lease payments of any significance. Extension and termination options are included in a number of property leases across the group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor. In 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). Amounts recognised in the balance sheetThe balance sheet shows the following amounts relating to leases:EUR million 2023 2022Right-of-use assetsBuildings and land 11.7 12.1Machinery and equipment 15.2 12.1Total 26.9 24.2Lease liabilities*Current 9.5 6.0Non-Current 17.0 15.5Total 26.5 21.6*included in the line items \u201cInterest bearing debt\u201d in the balance sheet. Additions to the right-of-use assets in 2023 were EUR 9.9 million (2022: EUR 2.5 million) (Note 12). Amounts recognised in the consolidated income statement The consolidated income statement shows the following amounts relating to leases: EUR million 2023 2022Depreciation charge of right-of-use assetsBuildings and land 3.2 2.9Machinery and equipment 3.0 2.4Total 6.2 5.4Interest expense 0.9 0.9Expenses relating to short-term leases 0.1 0.1Expenses relating to leases of low-value 0.1 0.1Expenses relating to variable lease payments not included in lease liabilities - - Income from subleasing right of use assets - - Gains or losses arising from sale and leaseback transactions - - The total cash outflow for leases in 2023 was EUR 8.6 million (2022: EUR 5.7 million).Note 27 - Related partiesEUR 1000 2023 2022Remuneration of senior executivesPay and other benefits (1) 7 813 6 173Balance items at 31 December resulting from purchase/sale of goods and services Payable to related parties:Senior executives (1) 2 216 1 610Total 2 216 1 610(1) Senior executives comprise the corporate management team at Kitron ASA.Remuneration of senior executives, directors and auditorEUR 1000 2023 2022Directors' fee: 273 299 - chairman 56 60 - board members 217 239Auditors fee 646 592 - statutory audit 619 426 - other attestation services 4 8 - tax related services 12 110 - other services 10 47The company has not given any loans or security for directors or senior executives at 31 December 2023.For more information about remuneration of senior executives, see separate Remuneration Report available at www.kitron.com.Note 28 - Interest in subsidiariesSet out below are the group\u2019s principal subsidiaries at 31 December 2023. Unless otherwise stated, the subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the group and the proportion of ownership interests held equals to the voting rights held by group. The country of incorporation or registration is also their place of principal place of business.Company name Country of incorporation Shareholding Voting share Principal activities Kitron AS Arendal, Norway 100% 100% EMS manufacturingKitron AB J\u00f6nk\u00f6ping, Sweden 100% 100% EMS manufacturingKitron Hong Kong Ltd Hong Kong 100% 100% Trading, sourcingKitron GmbH N\u00fcrtingen, Germany 100% 100% Sales Kitron Holding USA Inc Delaware, USA 100% 100% ShareholdingUAB Kitron Real Estate Kaunas, Lithuania 100% 100% Property UAB Kitron Kaunas, Lithuania 100% 100% EMS manufacturingKitron sp. z o.o Grudziadz, Poland 100% 100% EMS ManufacturingKitron A/S Horsens, Denmark 100% 100% EMS manufacturingKitron Holding A/S Denmark Horsens, Denmark 100% 100% ShareholdingKitron Electronics Manufacturing Senai, Malaysia 100% 100% EMS manufacturingSdn. Bhd.The Kitron Hong Kong Ltd subsidiary owns shares in the following subsidiaries:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Electronics Manufacturing Ningbo China 100% 100% EMS manufacturing(Ningbo) CO., Ltd.Kitron Electromechanical (Ningbo) Ningbo China 100% 100% PurchasingCO. LtdThe Kitron Holding USA Inc subsidiary owns shares in the following subsidiaries:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Technologies Inc Delaware, USA 100% 100% EMS manufacturingKitron Systems Inc Delaware, USA 100% 100% DormantThe Kitron A/S subsidiary in Denmark owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Electronics Manufacturing Suzhou, China 100% 100% EMS manufacturing(Suzhou) Co. LtdKitron Holding Czech a.s Lanskroun, Czech 100% 100% ShareholdingKitron India ApS Horsens, Denmark 100% 100% ShareholdingEMS manufacturing TCBB India Private Limited Chennai, India 100% 100%under establishmentKitron Electronics Manufacturing (Suzhou) Co. Ltd owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Electromechanical (Suzhou) Suzhou, China 100% 100% TradingCo. Ltd. Kitron Holding Czech a.s owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Czech a.s. Lanskroun, Czech 100% 100% EMS manufacturingNote 29 - Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are reducing cost price of the related assets. The group has received grants in 2023 of EUR 0.3 million (2022: 0.4). EUR 0.05 million was (2022: 0.2) for employee training, EUR 0.1 million for wage refund and EUR 0.15 million (2022: 0.3) was for business reward and different subsidies.The amount has reduced payroll expenses and other operating expenses correspondingly. Note 30 - Change in presentation currencyKitron is from 1 January 2023 presenting its consolidated financial statements in EUR. The change in presentation currency from NOK to EUR is due to Kitron\u2019s activities now being primarily outside of Norway and transactions, revenue and costs increasingly being denominated in EUR. The change in presentation currency has been treated as a change in accounting policy in accordance with IAS 8. Balance sheet items including opening balance at 1 January 2022 are converted by using currency rate at balance sheet date. For profit and loss statements currency conversion is based on weighted average currency rates for the reporting period. Currency rates used in conversion is as follows:31.12.2022 01.01.2022 01.01.2022-31.12.2022EUR/NOK 10.51 9.99 10.11Weighted average currency rate (EUR/NOK) for the period 01.01.2023 - 31.12.2023 is 11.44. Currency rate (EUR/NOK) at 31.12.2023 is 11.24.Converted financial statements from implementation are disclosed below and are also available at www.kitron.com. Consolidated profit and loss statement EUR million NOK millionFull year 2022 Full year 2022RevenueRevenues 641.0 6 486.7 Operating costsCost of materials 439.4 4 445.3 Payroll expenses 108.0 1 092.5 Depreciation and impairments 16.0 161.4 Other operational expenses 32.7 330.9 Total operating cost 596.0 6 030.2 Other gains / (losses) 0.2 3.0 Operating profit/(loss) 45.2 459.6 Financial income and expensesFinance income 1.7 17.4 Finance expenses (8.4) (84.8)Net financial items (6.6) (67.4)Profit (loss) before tax 38.6 392.2 Tax 10.3 105.1 Profit (loss) for the period 28.3 287.1 Consolidated balance sheet EUR million NOK million31.12.2022 01.01.2022 31.12.2022 01.01.2022ASSETSGoodwill 45.0 3.7 472.9 36.9 Other intangible assets 30.3 4.5 318.5 44.9 Property, plant and equipment 34.2 21.3 359.9 212.9 Right-of-use assets 24.2 24.0 254.6 239.5 Deferred tax assets 8.7 7.4 91.7 74.0 Other receivables 1.0 1.0 10.4 10.3 Total non-current assets 143.5 61.9 1 507.9 618.6 Inventory 172.7 88.1 1 815.5 880.3 Accounts receivable 143.5 86.5 1 508.2 864.6 Contract assets 59.4 40.1 624.6 400.6 Other receivables 13.9 11.7 145.8 117.3 Cash and cash equivalents 25.9 42.8 272.7 428.0 Total current assets 415.5 269.4 4 366.7 2 690.8 Total assets 559.0 331.3 5 874.7 3 309.4 LIABILITIES AND EQUITYEquity 143.3 122.9 1 506.5 1 228.0 Total equity 143.3 122.9 1 506.5 1 228.0 Deferred tax liabilities 6.3 0.4 66.4 4.2 Interest bearing debt 119.4 20.6 1 255.2 206.2 Pension commitments 0.5 0.6 5.3 5.6 Other liabilities 1.2 0.4 12.1 4.2 Total non-current liabilities 127.4 22.0 1 339.0 220.2 Accounts payable 192.1 91.9 2 018.6 917.8 Other payables 28.6 13.1 301.1 131.1 Tax payable 6.2 1.9 65.4 19.1 Interest bearing debt 61.3 79.4 644.1 793.2 Total current liabilities 288.2 186.3 3 029.1 1 861.1 Total liabilities and equity 559.0 331.3 5 874.7 3 309.4 Condensed cash flow statement EUR million NOK millionFull year 2022 Full year 2022Profit before tax 38.6 392.2 Depreciations 16.0 161.4 Change in inventory, accounts receivable, contract assets and accounts payable (32.1) (399.9)Change in net other current assets and other operating related items (4.4) 29.0 Net cash flow from operating activities *) 18.1 182.8 Net cash flow from investing activities (96.4) (960.5)Net cash flow from financing activities *) 60.2 620.2 Change in cash and cash equivalents (18.1) (157.4)Cash and cash equivalents opening balance 42.8 428.0 Currency conversion of cash and cash equivalents 1.2 2.1 Cash and cash equivalents closing balance 25.9 272.7 *) Change in factoring debt is reclassified from net cash flow from operating activities to net cash flow from financing activities.Consolidated statement of comprehensive income EUR million NOK millionFull year 2022 Full year 2022Profit (loss) for the period 28.3 287.1 Actuarial gain / losses pensions (0.0) (0.2)Gain / losses forward contract 0.6 5.8 Exchange differences on translation 3.4 34.4 Total comprehensive income for the period 32.2 327.3 Allocated to shareholders 32.2 327.3Note 31 - HedgingHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/ (losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold. Kitron ASA acquired BB Electronics (from 2023: Kitron A/S) with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of DKK 448.9 million in intangible assets and goodwill net after tax. Part of the acquisition was financed by a EUR 52.1 million term loan in bank (converted from NOK at 30 March 2022).Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in Kitron A/S and the EUR loan. The total net assets of Kitron A/S and the net excess values in intangible assets and goodwill constitute the hedged objects and the EUR loan constitutes the hedging instrument.The nature of the risk being hedgedThe hedged items and the hedging instrument will be translated using the \u201cindirect method\u201d, that is translation to NOK and further to EUR at balance sheet date. Currency translation effects will be created due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets. See quantitative information in the tables below:Hedging instrument Currency 2023 2022 Balance sheet itemCarrying amount (31 December)Interest bearing debt - Bank loan (5-year term loan) EUR million 33.9 44.3(Current/Non-current)DKK eqvivalent 252.2 330.2Change in carrying amount of bank loan NOK million 26.0 44.8Hedging objects Currency 2023 2022 Balance sheet itemCarrying amount (31 December) - Net equity Kitron A/S DKK million 343.0 316.8 Equity - Goodwill DKK million 309.1 309.1 Goodwill - Customer contracts DKK million 170.2 183.4 Intangible assets - Deferred tax DKK million (37.4) (40.4) Deferred tax liabilitiesTotal 784.9 769.0Change in value of hedged objects NOK million 57.7 45.6Net effect presented in Other Comprehensive Income EUR million 2.8 0.1Hedge ratio (31 December) 3.3 2.3Note 32 - Subsequent eventsThere have been no events to date in 2024 that significantly affect the result for 2023 or valuation of the company\u2019s assets and liabilities at the balance sheet date. HEAD OFFICEKitron ASA PO Box 97, NO-1375 Billingstad, NorwayVisiting address:Olav Brunborgs vei 4 1396 BillingstadTel: +47 66 10 00 00",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__6": {
"value": "Note 1 - General Information Kitron ASA and its subsidiaries (the group) comprise one of Scandinavia\u2019s leading enterprises in the development, industrialisation and manufacturing of electronics for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The group has operations in Norway, Sweden, Denmark, Lithuania, Germany, Poland, Czech Republic, India, China, Malaysia and the US. Kitron ASA has its head office at Billingstad outside Oslo in Norway and is listed on the Oslo Stock Exchange. The consolidated accounts were considered and approved by the company\u2019s Board of directors on 20 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__10": {
"value": "Kitron ASA and its subsidiaries (the group) comprise one of Scandinavia\u2019s leading enterprises in the development, industrialisation and manufacturing of electronics for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__108": {
"value": "Kitron ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__11": {
"value": "Kitron ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__7": {
"value": "Kitron ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__12": {
"value": "The group has operations in Norway, Sweden, Denmark, Lithuania, Germany, Poland, Czech Republic, India, China, Malaysia and the US.",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__8": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__9": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__13": {
"value": "The consolidated accounts were considered and approved by the company\u2019s Board of directors on 20 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__14": {
"value": "Note 2 - Basis of preparation, consolidation and segment reporting The most significant accounting principles applied in the preparation of the consolidated financial statements are detailed below or in relevant notes. These principles have been applied uniformly in all the periods unless otherwise stated.Basis for preparationThe consolidated financial statements of Kitron ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.Changes in accounting policy and disclosuresNew standards and interpretations adopted by the company and other changes in accounting policiesThe Group has applied certain amendments to the standards and interpretations that are effective for annual periods beginning 1 January 2023. These amendments and interpretations applied did not have any impacts in the amounts recognised in the current or previous periods and are not expected to affect future periods. The amendments to IAS 1 required companies to provide information about material accounting policy information, as compared to the requirement to disclose \u201csignificant\u201d accounting policies before this amendment was effective. To assist companies in assessing materiality, the IFRS Practice Statement 2 Making Materiality Judgements provides guidance and examples on how to make materiality judgements for accounting policy information disclosures. The application of this amendment to IAS 1 resulted in the review and reorganisation of accounting policy information provided in the previous annual financial statements of the Group.Kitron is from 1 January 2023 presenting its consolidated financial statements in EUR. The change in presentation currency has been treated as a change in accounting policy in accordance with IAS 8. The presentation of financial statements with notes has been changed from NOK thousand to EUR million. See note 30 for more information.New standards and interpretations not yet adoptedCertain amendments to accounting standards have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the Group. These amendments are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured 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.Segment reportingThe Corporate management (Chief Operating Decision Maker) has evaluated that the group operates in only one segment; Electronics Manufacturing Services (EMS). There is therefore no separate segment reporting in Kitron. Kitron\u2019s long-term strategy has communicated targets for revenue growth, EBIT and ROOC. These long-term targets are broken down into annual budgets.Translation of foreign currenciesFunctional and presentation currenciesThe accounts of the individual units are compiled in the principal currency used in the economic area in which the unit operates (the functional currency). The consolidated accounts are presented in EUR. The functional- and the presentation currency for the parent company is NOK.Transaction and balance sheet itemsForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates, are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses). Group companiesThe income statements and balance sheets for group units (none of which are affected by hyperinflation) in functional currencies which differ from the presentation currency are translated as follows: \u25a0 The balance sheet is translated at the closing exchange rate on the balance sheet date \u25a0 The income statement is translated at the average exchange rate \u25a0 Translation differences are recognised in OCI and specified separately \u25a0 Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__21": {
"value": "segment reporting The most significant accounting principles applied in the preparation of the consolidated financial statements are detailed below or in relevant notes. These principles have been applied uniformly in all the periods unless otherwise stated.Basis for preparationThe consolidated financial statements of Kitron ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.Changes in accounting policy and disclosuresNew standards and interpretations adopted by the company and other changes in accounting policiesThe Group has applied certain amendments to the standards and interpretations that are effective for annual periods beginning 1 January 2023. These amendments and interpretations applied did not have any impacts in the amounts recognised in the current or previous periods and are not expected to affect future periods. The amendments to IAS 1 required companies to provide information about material accounting policy information, as compared to the requirement to disclose \u201csignificant\u201d accounting policies before this amendment was effective. To assist companies in assessing materiality, the IFRS Practice Statement 2 Making Materiality Judgements provides guidance and examples on how to make materiality judgements for accounting policy information disclosures. The application of this amendment to IAS 1 resulted in the review and reorganisation of accounting policy information provided in the previous annual financial statements of the Group.Kitron is from 1 January 2023 presenting its consolidated financial statements in EUR. The change in presentation currency has been treated as a change in accounting policy in accordance with IAS 8. The presentation of financial statements with notes has been changed from NOK thousand to EUR million. See note 30 for more information.New standards and interpretations not yet adoptedCertain amendments to accounting standards have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the Group. These amendments are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured 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.Segment reportingThe Corporate management (Chief Operating Decision Maker) has evaluated that the group operates in only one segment; Electronics Manufacturing Services (EMS). There is therefore no separate segment reporting in Kitron. Kitron\u2019s long-term strategy has communicated targets for revenue growth, EBIT and ROOC. These long-term targets are broken down into annual budgets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__16": {
"value": "Basis for preparationThe consolidated financial statements of Kitron ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__15": {
"value": "Basis for preparationThe consolidated financial statements of Kitron ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__17": {
"value": "Changes in accounting policy and disclosuresNew standards and interpretations adopted by the company and other changes in accounting policiesThe Group has applied certain amendments to the standards and interpretations that are effective for annual periods beginning 1 January 2023. These amendments and interpretations applied did not have any impacts in the amounts recognised in the current or previous periods and are not expected to affect future periods. The amendments to IAS 1 required companies to provide information about material accounting policy information, as compared to the requirement to disclose \u201csignificant\u201d accounting policies before this amendment was effective. To assist companies in assessing materiality, the IFRS Practice Statement 2 Making Materiality Judgements provides guidance and examples on how to make materiality judgements for accounting policy information disclosures. The application of this amendment to IAS 1 resulted in the review and reorganisation of accounting policy information provided in the previous annual financial statements of the Group.Kitron is from 1 January 2023 presenting its consolidated financial statements in EUR. The change in presentation currency has been treated as a change in accounting policy in accordance with IAS 8. The presentation of financial statements with notes has been changed from NOK thousand to EUR million. See note 30 for more information.New standards and interpretations not yet adoptedCertain amendments to accounting standards have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the Group. These amendments are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__20": {
"value": "Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__19": {
"value": "Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__18-1": {
"value": "Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured 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.Note 28 - Interest in subsidiariesSet out below are the group\u2019s principal subsidiaries at 31 December 2023. Unless otherwise stated, the subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the group and the proportion of ownership interests held equals to the voting rights held by group. The country of incorporation or registration is also their place of principal place of business.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__22-1": {
"value": "Translation of foreign currenciesFunctional and presentation currenciesThe accounts of the individual units are compiled in the principal currency used in the economic area in which the unit operates (the functional currency). The consolidated accounts are presented in EUR. The functional- and the presentation currency for the parent company is NOK.Transaction and balance sheet itemsForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates, are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses). Group companiesThe income statements and balance sheets for group units (none of which are affected by hyperinflation) in functional currencies which differ from the presentation currency are translated as follows: \u25a0 The balance sheet is translated at the closing exchange rate on the balance sheet date \u25a0 The income statement is translated at the average exchange rate \u25a0 Translation differences are recognised in OCI and specified separately \u25a0 Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rateNote 31 - HedgingHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/ (losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold. Kitron ASA acquired BB Electronics (from 2023: Kitron A/S) with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of DKK 448.9 million in intangible assets and goodwill net after tax. Part of the acquisition was financed by a EUR 52.1 million term loan in bank (converted from NOK at 30 March 2022).Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in Kitron A/S and the EUR loan. The total net assets of Kitron A/S and the net excess values in intangible assets and goodwill constitute the hedged objects and the EUR loan constitutes the hedging instrument.The nature of the risk being hedgedThe hedged items and the hedging instrument will be translated using the \u201cindirect method\u201d, that is translation to NOK and further to EUR at balance sheet date. Currency translation effects will be created due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__23": {
"value": "Note 3 - Financial riskThe company is exposed through its business to a number of financial risks. The corporate routines for risk management focus on the unpredictability of the financial markets, and endeavour to minimise potential negative effects arising from the company\u2019s financial dispositions.Market riskCurrency risk: the group is exposed to changes in foreign exchange rates because a significant share of the group\u2019s goods and services are sold in such currencies. At the same time raw material are bought in foreign currency and the operating costs in foreign group entities are in local currency. To reduce the currency risk the company\u2019s standard contracts include currency clauses which allow the company to adjust the price when the actual exchange rate differs significantly from the agreed base rate. The Group has not established other significant currency hedge arrangements over and above its standard contracts with customers. The most significant foreign currencies are NOK, SEK, EUR and USD. The group has significant investments in foreign operations whose net assets are exposed to foreign currency translation risk in DKK, SEK, EUR, USD, PLN and RMB.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the USD with all variables held constant, post\u2013tax profit for the year would have been EUR 0.1 million (2022: EUR 0.1 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of US dollar denominated bank deposits, trade receivables and debt.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the NOK with all variables held constant, post\u2013tax profit for the year would have been EUR 0.4 million (2022: EUR 0.2 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of NOK denominated bank deposits, trade receivables and debt.At 31 December if the EUR currency had weakened/straightened by 1 percent against the SEK with all variables held constant, post-tax for the year would have been EUR 0.1 million (2022: EUR 0.0 million) higher/lower, mainly as a result of foreign exchange gains/losses on translation of SEK denominated bank deposit, trade receivables and dept.Price risk: the company is exposed to price risk both because raw materials follow international market prices for electronic and mechanical components and because the company\u2019s goods and services are subject to price pressures. Routines have been established for procurement by the company\u2019s own sourcing organisation, which negotiates group contracts. The sourcing function allows Kitron to achieve improved material prices.Credit riskCredit risk arises from cash and cash equivalents, deposits with bank, accounts receivables and contract assets. The major part of accounts receivable are credit insured in all geographical areas. Kitron accordingly bears credit risk only for accounts receivable which are not insured. The company has routines to ensure that uninsured sales on credit are made only to creditworthy customers.The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.Liquidity riskCash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance 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 borrowing facilities at all times so that the group does not breach borrowing limits or covenants on any of its borrowing facilities.Kitron\u2019s financing is primarily short-term and based on factoring finance for accounts receivable. This means that fluctuations in turnover affect the company\u2019s liquidity. In addition, drawing facilities have been established in banks which counteract the liquidity fluctuations related to turnover.The table below shows the group\u2019s financial loans including interest into relevant maturity groupings based on the remaining period at the balance sheet date to contractual maturity date.Periods to maturity of financial liabilities incl. interest (undiscounted numbers):Less than Between one Between two More than EUR millionone year and two yearsand five yearsfive yearsAt 31 December 2023Bank overdraft 11.0 - - -Leasing 10.1 10.1 8.0 -Factoring debt 23.4 - - -Other financial loans 11.0 11.0 13.8 75.4Trade and other payables 173.3 - - -Total 228.9 21.1 21.8 75.4At 31 December 2022Bank overdraft 14.2 - - -Leasing 6.3 9.8 8.5 0.4Factoring debt 33.0 - - -Other financial loans 10.0 9.1 27.4 69.9Trade and other payables 168.4 - - -Total 231.9 18.9 35.9 70.3Interest rate riskThe group\u2019s interest rate risk arises mainly from short-term borrowings (factoring debt and bank overdraft) and long-term bank debt. The group\u2019s borrowings are mainly with variable rates which expose the group to cash flow interest rate risk.Interest on the group\u2019s interest-bearing debt is charged at the relevant market rate prevailing at any given time (mainly one-month interbank offered rate \u2013 Nibor, Stibor, or Libor as the case may be \u2013 plus the agreed interest margin). There will not occur any gain/loss on the balance sheet amounts in case interest rates are increased or lowered. At 31 December 2023, if interest rate on NOK borrowings had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.8 million (2022: EUR 0.7 million) lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings. At 31 December 2023, if interest rate on borrowings in other currency had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.9 million (2022: EUR 0.7 million) lower/higher. External financing for the group\u2019s operational companies takes place in the functional currency. No interest rate instruments have been established in the group. The group does not have significant interest-bearing assets, so that its income and cash flow from operational activities are not significantly exposed to changes in the market interest rate.Capital risk 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, issue new shares or sell assets to reduce debt.The gearing ratios at 31 December 2023 and 2022 were as follows:EUR million 2023 2022Total borrowings (note 21) 168.4 180.7Cash and cash equivalents (note 17) (39.0) (25.9)Net debt 129.4 154.8Total equity 183.5 143.3Total capital 312.9 298.1Gearing ratio 41 % 52 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__24-1": {
"value": "Market riskCurrency risk: the group is exposed to changes in foreign exchange rates because a significant share of the group\u2019s goods and services are sold in such currencies. At the same time raw material are bought in foreign currency and the operating costs in foreign group entities are in local currency. To reduce the currency risk the company\u2019s standard contracts include currency clauses which allow the company to adjust the price when the actual exchange rate differs significantly from the agreed base rate. The Group has not established other significant currency hedge arrangements over and above its standard contracts with customers. The most significant foreign currencies are NOK, SEK, EUR and USD. The group has significant investments in foreign operations whose net assets are exposed to foreign currency translation risk in DKK, SEK, EUR, USD, PLN and RMB.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the USD with all variables held constant, post\u2013tax profit for the year would have been EUR 0.1 million (2022: EUR 0.1 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of US dollar denominated bank deposits, trade receivables and debt.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the NOK with all variables held constant, post\u2013tax profit for the year would have been EUR 0.4 million (2022: EUR 0.2 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of NOK denominated bank deposits, trade receivables and debt.At 31 December if the EUR currency had weakened/straightened by 1 percent against the SEK with all variables held constant, post-tax for the year would have been EUR 0.1 million (2022: EUR 0.0 million) higher/lower, mainly as a result of foreign exchange gains/losses on translation of SEK denominated bank deposit, trade receivables and dept.Price risk: the company is exposed to price risk both because raw materials follow international market prices for electronic and mechanical components and because the company\u2019s goods and services are subject to price pressures. Routines have been established for procurement by the company\u2019s own sourcing organisation, which negotiates group contracts. The sourcing function allows Kitron to achieve improved material prices.Interest rate riskThe group\u2019s interest rate risk arises mainly from short-term borrowings (factoring debt and bank overdraft) and long-term bank debt. The group\u2019s borrowings are mainly with variable rates which expose the group to cash flow interest rate risk.Interest on the group\u2019s interest-bearing debt is charged at the relevant market rate prevailing at any given time (mainly one-month interbank offered rate \u2013 Nibor, Stibor, or Libor as the case may be \u2013 plus the agreed interest margin). There will not occur any gain/loss on the balance sheet amounts in case interest rates are increased or lowered. At 31 December 2023, if interest rate on NOK borrowings had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.8 million (2022: EUR 0.7 million) lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings. At 31 December 2023, if interest rate on borrowings in other currency had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.9 million (2022: EUR 0.7 million) lower/higher. External financing for the group\u2019s operational companies takes place in the functional currency. No interest rate instruments have been established in the group. The group does not have significant interest-bearing assets, so that its income and cash flow from operational activities are not significantly exposed to changes in the market interest rate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__25": {
"value": "Credit riskCredit risk arises from cash and cash equivalents, deposits with bank, accounts receivables and contract assets. The major part of accounts receivable are credit insured in all geographical areas. Kitron accordingly bears credit risk only for accounts receivable which are not insured. The company has routines to ensure that uninsured sales on credit are made only to creditworthy customers.The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__26": {
"value": "Liquidity riskCash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance 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 borrowing facilities at all times so that the group does not breach borrowing limits or covenants on any of its borrowing facilities.Kitron\u2019s financing is primarily short-term and based on factoring finance for accounts receivable. This means that fluctuations in turnover affect the company\u2019s liquidity. In addition, drawing facilities have been established in banks which counteract the liquidity fluctuations related to turnover.The table below shows the group\u2019s financial loans including interest into relevant maturity groupings based on the remaining period at the balance sheet date to contractual maturity date.Periods to maturity of financial liabilities incl. interest (undiscounted numbers):Less than Between one Between two More than EUR millionone year and two yearsand five yearsfive yearsAt 31 December 2023Bank overdraft 11.0 - - -Leasing 10.1 10.1 8.0 -Factoring debt 23.4 - - -Other financial loans 11.0 11.0 13.8 75.4Trade and other payables 173.3 - - -Total 228.9 21.1 21.8 75.4At 31 December 2022Bank overdraft 14.2 - - -Leasing 6.3 9.8 8.5 0.4Factoring debt 33.0 - - -Other financial loans 10.0 9.1 27.4 69.9Trade and other payables 168.4 - - -Total 231.9 18.9 35.9 70.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__28": {
"value": "Capital risk 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, issue new shares or sell assets to reduce debt.The gearing ratios at 31 December 2023 and 2022 were as follows:EUR million 2023 2022Total borrowings (note 21) 168.4 180.7Cash and cash equivalents (note 17) (39.0) (25.9)Net debt 129.4 154.8Total equity 183.5 143.3Total capital 312.9 298.1Gearing ratio 41 % 52 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__29": {
"value": "Note 4 - Significant accounting judgements, estimates and assumptionsEstimates and discretionary assessments are based on historical experience and other factors, including expectations of future events that are considered likely under present conditions. The group prepares estimates and makes assumptions about the future.Accounting estimates derived from these will by definition seldom accord fully with the outcome. Estimates and assumptions which represent a substantial risk for significant changes in the carrying amount of assets and liabilities during the coming fiscal year are discussed below.Deferred tax assetsThe group performs annual tests for impairment of deferred tax assets. Part of the basis for recognising deferred tax assets are based on applying the loss carried forward against future taxable income in the group. This requires the use of estimates for calculating future taxable income. See note 22 for details.Impairment testing of goodwill The group performs annual tests to assess the fall in value of goodwill. The recoverable amount from cash generating units is determined based on present-value calculations of expected annual cash flows. These calculations require the use of estimates for cash flows and the choice of discount rate before tax for discounting the cash flows. Additional information is disclosed in note 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__30-1": {
"value": "Deferred tax assetsThe group performs annual tests for impairment of deferred tax assets. Part of the basis for recognising deferred tax assets are based on applying the loss carried forward against future taxable income in the group. This requires the use of estimates for calculating future taxable income. See note 22 for details.Note 22 - Deferred income taxDeferred income tax is provided in full, using the liability method, 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 also 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 tax is determined using tax rates and laws which have been substantially 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 settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit. Deferred tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary differences is controlled by the group and it is probable that they will not be reversed in the foreseeable future. Deferred tax is recognised net when the group has a legal right to net deferred tax assets against deferred tax in the balance sheet and if the deferred tax is payable to the same tax authority",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__31-1": {
"value": "Impairment testing of goodwill The group performs annual tests to assess the fall in value of goodwill. The recoverable amount from cash generating units is determined based on present-value calculations of expected annual cash flows. These calculations require the use of estimates for cash flows and the choice of discount rate before tax for discounting the cash flows. Additional information is disclosed in note 13.Note 13 - GoodwillGoodwill is the difference between the sum of the consideration paid, non-controlling interests recognised and previously held interests at fair value for the acquisition of a business and the fair value of the acquiree\u2019s net identifiable assets at the acquisition date. Goodwill is tested annually for impairment and recognised in the balance sheet at its acquisition cost less impairment charges. Impairment losses on goodwill are not reversed. The goodwill is allocated to relevant cash generating units at the time of the acquisition. The allocation is made to those cash-generating units or groups of such units which are expected to benefit from the acquisition. The group allocates goodwill to cash generating units in each country in which it operates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__33-1": {
"value": "Note 5 - Geographical breakdown of revenues and assetsThe revenues come from sales of goods and services in the fields of development, industrialization and production to customers involved in Connectivity, Defence/Aerospace, Electrification, Industry and Medical devices. Revenues by line of businessThe table shows the EMS turnover by industry:EUR million 2023 2022Connectivity 140.4 138.7 Electrification 245.1 157.0 Industry 211.1 188.0 Medical devices 66.7 74.8 Defence/Aerospace 111.8 82.5 Total sales 775.2 641.0 Geographical breakdown revenuesThe geographical distribution is based on countries where the different customers are located.EUR million 2023 2022Norway 100.7 76.9 Sweden 278.4 195.9 Rest of Europe 303.7 280.0 USA 73.9 69.0 Other 18.5 19.2 Total sales 775.2 641.0 The largest customer counts for 8.1 % (6.8 %) of sales, the next two counts for 5.1 % (5.5 % and 4.6%) and the others are below 4.8 % (4.1 %) each.Geographical breakdown of assetsNorway Sweden DenmarkEUR million 2023 2022 2023 2022 2023 2022Assets 9.1 10.7 6.0 5.0 28.1 30.4 Lituania Poland GermanyEUR million 2023 2022 2023 2022 2023 2022Assets 10.1 9.0 22.1 12.4 0.0 0.0 Czech Republic China USAEUR million 2023 2022 2023 2022 2023 2022Assets 11.2 7.0 7.2 8.9 4.6 5.4 India MalaysiaEUR million 2023 2022 2023 2022Assets 0.1 0.0 3.3 - Included in assets under geographical segment is property, plant and equipment, intangible and right of use assets excluding deferred tax asset and goodwill.Note 6 - Revenues Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties.Sales of goodsThe group manufactures and sells electronics that are embedded in the customer\u2019s own products as well as box-build electronic products in the EMS market. The products are manufactured based on the customer\u2019s specifications and quality standards, and the group does not own the intellectual property of the products. Sales are recognized based on estimated percentage of completion for the relevant contracts going forward as control is transferred to the customer over time. This is determined based on the actual cost relative to the total expected cost. The purchase price agreed between the parties is fixed and specified for each good or service provided. The customer is obligated to pay a minimum fee based on the order status if the order is cancelled. Some contracts include multiple deliverables, such as test development, engineering change orders and production. These are accounted for as separate performance obligations. In this case, the transaction price will be allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on expected cost-plus margin. In fixed-price contracts, the customer pays the fixed unit amount based on a payment schedule. If the goods/ services rendered by the group exceed the payment, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized.Sales of servicesSales of services embrace development assignments and services related to industrialisation. Service deliveries are partly project based and partly hourly based. Sales of project-based services are recognised in the period in which the services are rendered, based on the degree of completion of the relevant project. The degree of completion is determined by measuring the services provided as a proportion of the total services to be rendered. Hourly-based services are recognised in the period when the service is rendered. Revenues consist ofEUR million 2023 2022Revenues from contracts with customers 775.2 641.0 Total revenues 775.2 641.0 Timing of revenue recognition EUR million 2023 2022Revenues from contracts with customers, over time *) 775.2 641.0 *) Sale of services share in 2023 estimated to 2-4 % (2022: 2-4 %)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__32": {
"value": "Note 5 - Geographical breakdown of revenues and assetsThe revenues come from sales of goods and services in the fields of development, industrialization and production to customers involved in Connectivity, Defence/Aerospace, Electrification, Industry and Medical devices. Revenues by line of businessThe table shows the EMS turnover by industry:EUR million 2023 2022Connectivity 140.4 138.7 Electrification 245.1 157.0 Industry 211.1 188.0 Medical devices 66.7 74.8 Defence/Aerospace 111.8 82.5 Total sales 775.2 641.0 Geographical breakdown revenuesThe geographical distribution is based on countries where the different customers are located.EUR million 2023 2022Norway 100.7 76.9 Sweden 278.4 195.9 Rest of Europe 303.7 280.0 USA 73.9 69.0 Other 18.5 19.2 Total sales 775.2 641.0 The largest customer counts for 8.1 % (6.8 %) of sales, the next two counts for 5.1 % (5.5 % and 4.6%) and the others are below 4.8 % (4.1 %) each.Geographical breakdown of assetsNorway Sweden DenmarkEUR million 2023 2022 2023 2022 2023 2022Assets 9.1 10.7 6.0 5.0 28.1 30.4 Lituania Poland GermanyEUR million 2023 2022 2023 2022 2023 2022Assets 10.1 9.0 22.1 12.4 0.0 0.0 Czech Republic China USAEUR million 2023 2022 2023 2022 2023 2022Assets 11.2 7.0 7.2 8.9 4.6 5.4 India MalaysiaEUR million 2023 2022 2023 2022Assets 0.1 0.0 3.3 - Included in assets under geographical segment is property, plant and equipment, intangible and right of use assets excluding deferred tax asset and goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__34": {
"value": "Geographical breakdown of assetsNorway Sweden DenmarkEUR million 2023 2022 2023 2022 2023 2022Assets 9.1 10.7 6.0 5.0 28.1 30.4 Lituania Poland GermanyEUR million 2023 2022 2023 2022 2023 2022Assets 10.1 9.0 22.1 12.4 0.0 0.0 Czech Republic China USAEUR million 2023 2022 2023 2022 2023 2022Assets 11.2 7.0 7.2 8.9 4.6 5.4 India MalaysiaEUR million 2023 2022 2023 2022Assets 0.1 0.0 3.3 - Included in assets under geographical segment is property, plant and equipment, intangible and right of use assets excluding deferred tax asset and goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__36": {
"value": "Note 6 - Revenues Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties.Sales of goodsThe group manufactures and sells electronics that are embedded in the customer\u2019s own products as well as box-build electronic products in the EMS market. The products are manufactured based on the customer\u2019s specifications and quality standards, and the group does not own the intellectual property of the products. Sales are recognized based on estimated percentage of completion for the relevant contracts going forward as control is transferred to the customer over time. This is determined based on the actual cost relative to the total expected cost. The purchase price agreed between the parties is fixed and specified for each good or service provided. The customer is obligated to pay a minimum fee based on the order status if the order is cancelled. Some contracts include multiple deliverables, such as test development, engineering change orders and production. These are accounted for as separate performance obligations. In this case, the transaction price will be allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on expected cost-plus margin. In fixed-price contracts, the customer pays the fixed unit amount based on a payment schedule. If the goods/ services rendered by the group exceed the payment, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized.Sales of servicesSales of services embrace development assignments and services related to industrialisation. Service deliveries are partly project based and partly hourly based. Sales of project-based services are recognised in the period in which the services are rendered, based on the degree of completion of the relevant project. The degree of completion is determined by measuring the services provided as a proportion of the total services to be rendered. Hourly-based services are recognised in the period when the service is rendered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__37": {
"value": "Note 7 - Other gains / (losses)EUR million 2023 2022Currency gains 11.1 11.0 Currency losses (10.0) (10.7)Other gains/(losses) 1.1 0.2 Other gains/(losses) consist of currency effects related to operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__39": {
"value": "Note 8 - Employee benefits EUR million 2023 2022Payroll 97.5 85.9Payroll tax 15.6 11.7Net pension costs defined benefit plans (note 23) 0.0 0.0Pension costs defined contribution plans 5.4 5.1Share-based payment consideration 0.7 0.8Other remuneration 3.4 4.5Total 122.4 108.0Average number of man-years (including hired-ins) 3 112 2 809Average number of employees 2 671 2 459",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__38-1": {
"value": "Note 8 - Employee benefits EUR million 2023 2022Payroll 97.5 85.9Payroll tax 15.6 11.7Net pension costs defined benefit plans (note 23) 0.0 0.0Pension costs defined contribution plans 5.4 5.1Share-based payment consideration 0.7 0.8Other remuneration 3.4 4.5Total 122.4 108.0Average number of man-years (including hired-ins) 3 112 2 809Average number of employees 2 671 2 459Note 23 - Retirement benefit obligationsGroup companies have various pension schemes. These schemes are generally funded through payments to insurance companies or pension funds based on periodic actuarial calculations. The group has both defined contribution and defined benefit plans. From 2016 the group has defined benefit plan for former CEO only. A defined benefit plan is one that is not a defined contribution plan, and typically defines an amount of pension benefit an employee will receive on retirement. That benefit is normally dependent on one or more factors such as age, years of service and pay. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. An independent actuary calculates the pension commitment annually. The present value of the defined benefit obligations is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds. Estimated payroll tax on the net pension commitment calculated by an actuary is added to the carrying amount of the obligation. Changes in pension plan benefits are recognised immediately in the income statement. Actuarial gains and losses are recognised in other comprehensive income. The pension plans in Norway comply with the Norwegian mandatory service pension act. The pension obligation below is relating to life-long pension benefits to a former CEO. The pension plan is unfunded. The AFP-scheme is a defined benefit multi-enterprise 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. UnfundedEUR million 2023 2022Carrying amount of the obligationPension commitments 0.5 0.5Costs recognised in the profit and loss account (incl in note 8)Pension costs (gain) defined benefit plans 0.0 0.0Cost recognised in other comprehensive incomeActuarial losses (gains) pensions 0.0 0.0Defined pension benefit plansCarrying amount of the obligation is determined as follows Present value of pension obligation (0.5) (0.5)Fair value of plan asset - - Net commitments in unfunded defined benefit plans (0.5) (0.5)Hereof payroll tax on the pension obligations (0.1) (0.1)Net pension obligation in the balance sheet (0.5) (0.5)UnfundedEUR million 2023 2022Net pension costs compriseInterest cost 0.0 0.0Total, included in payroll costs 0.0 0.0Change in carrying amount of pension commitmentsOpening balance (0.5) (0.5)Cost recognised in the profit and loss account for the year 0.0 0.0Cost reccognised in other comprehensive income 0.0 0.0Benefits paid 0.1 0.1Closing balance (0.5) (0.5)The following assumptions have been applied in calculating pension commitments:Discount rate 3.7% 3.2%Annual pension adjustment 3.5% 3.5%Social security tax rate 14.1% 14.1%Assumptions on mortality rates are based on published statistics in Norway K2013 K2013Number of employees in defined benefit plans 1 1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__44": {
"value": "Note 9 - Financial income and expensesInterest on bank deposits is recognised in the period when it is earned. EUR million 2023 2022Interest income 4.9 1.2 Other financial income 0.2 0.2 Foreign currency gains related to borrowings, cash and cash equivalents 3.3 0.3 Finance income 8.4 1.7 Interest expenses (13.3) (6.9)Other financial expenses (1.1) (1.5)Finance expenses (14.4) (8.4)Net financial items (6.0) (6.6)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__43": {
"value": "Note 9 - Financial income and expensesInterest on bank deposits is recognised in the period when it is earned. EUR million 2023 2022Interest income 4.9 1.2 Other financial income 0.2 0.2 Foreign currency gains related to borrowings, cash and cash equivalents 3.3 0.3 Finance income 8.4 1.7 Interest expenses (13.3) (6.9)Other financial expenses (1.1) (1.5)Finance expenses (14.4) (8.4)Net financial items (6.0) (6.6)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__42": {
"value": "Note 9 - Financial income and expensesInterest on bank deposits is recognised in the period when it is earned. EUR million 2023 2022Interest income 4.9 1.2 Other financial income 0.2 0.2 Foreign currency gains related to borrowings, cash and cash equivalents 3.3 0.3 Finance income 8.4 1.7 Interest expenses (13.3) (6.9)Other financial expenses (1.1) (1.5)Finance expenses (14.4) (8.4)Net financial items (6.0) (6.6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__41": {
"value": "Note 9 - Financial income and expensesInterest on bank deposits is recognised in the period when it is earned. EUR million 2023 2022Interest income 4.9 1.2 Other financial income 0.2 0.2 Foreign currency gains related to borrowings, cash and cash equivalents 3.3 0.3 Finance income 8.4 1.7 Interest expenses (13.3) (6.9)Other financial expenses (1.1) (1.5)Finance expenses (14.4) (8.4)Net financial items (6.0) (6.6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__40": {
"value": "Note 9 - Financial income and expensesInterest on bank deposits is recognised in the period when it is earned. EUR million 2023 2022Interest income 4.9 1.2 Other financial income 0.2 0.2 Foreign currency gains related to borrowings, cash and cash equivalents 3.3 0.3 Finance income 8.4 1.7 Interest expenses (13.3) (6.9)Other financial expenses (1.1) (1.5)Finance expenses (14.4) (8.4)Net financial items (6.0) (6.6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__46": {
"value": "Note 10 - Income tax expenseThe 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__45": {
"value": "Note 10 - Income tax expenseThe 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. EUR million 2023 2022Tax payable 12.5 11.0Deferred tax (Note 22) 1.2 (0.7)Income tax expense 13.7 10.3The tax on the group\u2019s profit before tax differs from the theoretical amount that would arise using the domestic tax rate applicable to profits of the consolidated entities as follows:EUR million 2023 2022Ordinary profit before tax 64.7 38.6 Tax calculated at the domestic rate (22%) 14.2 8.5 Expenses not deducible for tax purposes 0.1 0.7 Effect of tax exemption (1.2) (0.5)Tax loss for which no deferred income tax asset was recognised 0.6 2.3 Other adjustments 0.3 0.1 Effect on different tax rates in countries in which the group operates (0.3) (0.7) Tax cost 13.7 10.3 The income tax expense is calculated using the domestic tax rate.The tax rate is 22.0 % in Norway, 20.6 % in Sweden, 22 % in Denmark, 15.0 % in Lithuania, 25.0 % in China, 19.0 % in Czech Republic, 16.5 % in Hong Kong, 30.9 % in USA, 19.0 % in Poland and 15.0 % in Germany.The tax (charge)/credit relating to components of other comprehensive income is as follows:2023 2022Before Tax (charge) After Before Tax (charge) After EUR milliontaxcredittaxtaxcredittaxActuarial gain / (losses) pensions (0.0) 0.0 (0.0) (0.0) 0.0 (0.0) Exchange differences on translation of (5.1) 0.1 (5.0) 3.3 - 3.3foreign operationsGains of hedging 3.2 (0.4) 2.8 0.1 - 0.1Gain/(loss) forward contracts (0.1) 0.0 (0.1) 0.7 (0.2) 0.6 Other comprehensive income (1.8) (0.5) (2.0) 4.1 (0.2) 3.9Current tax - - Deferred tax 0.5 0.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__48": {
"value": "Note 11 - Earnings per shareBasic earnings per share is calculated by dividing the profit attributable to equity holders of the company by weighted average number of ordinary shares in issue during the year. The company has no own shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one category, which is share options, of dilutive potential ordinary shares. A calculation is done to determine the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share options. The number of shares calculated is compared with the number of shares that would have been issued assuming the exercise of the share options (note 19).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__47": {
"value": "Note 11 - Earnings per shareBasic earnings per share is calculated by dividing the profit attributable to equity holders of the company by weighted average number of ordinary shares in issue during the year. The company has no own shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one category, which is share options, of dilutive potential ordinary shares. A calculation is done to determine the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share options. The number of shares calculated is compared with the number of shares that would have been issued assuming the exercise of the share options (note 19).EUR million 2023 2022Profit attributable to equity holders of the company 51.1 28.3 Profit used to determine basic and diluted earnings per share 51.1 28.3 Weighted average number of ordinary shares in issue (thousands) 197 992 197 244 Adjusted for share options (thousands) 2 008 2 158 Weighted average number of ordinary shares for diluted earnings per share (thousands) 200 000 200 136 Basic earnings per share (EUR) 0.26 0.14 Diluted earnings per share (EUR) 0.26 0.14",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__52-1": {
"value": "Note 12 - Property, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \u25a0 Buildings: 20-33 years \u25a0 Machinery and operating equipment: 3-10 yearsLand is not depreciated. Right-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for in note 26 \u201cLeases\u201d. .Machinery and Buildings Right-of-use Total EUR millionequipment and landassetsAt 1 January 2022Acquisition cost 110.3 21.2 32.0 163.4 Accumulated depreciation/impairment (98.2) (12.0) (8.0) (118.1)Accounting carrying amount 12.1 9.2 24.0 45.3 Fiscal 2022Opening balance 12.1 9.2 24.0 45.3 BB Electronic acquisition 5.3 5.7 3.0 14.0Currency translation adjustment 1.3 1.2 0.8 3.3Additions 8.8 0.2 2.5 11.4 Depreciation (6.9) (1.5) (4.8) (13.3)Impact from NOK to EUR conversion (0.6) (0.5) (1.2) (2.2)Closing balance 20.0 14.3 24.2 58.5 At 31 December 2022Acquisition cost 125.0 27.8 37.1 189.9Accumulated depreciation/impairment (105.0) (13.5) (12.8) (131.4)Accounting carrying amount 20.0 14.3 24.2 58.5 Machinery and Buildings Right-of-use Total EUR millionequipment and landassetsFiscal 2023Opening balance 20.0 14.3 24.2 58.5 Currency translation adjustment (0.9) (0.4) (0.2) (1.5)Additions 19.0 3.9 9.9 32.8 Reclassification 0.9 (0.9) - Disposals (0.4) (0.0) 0.0 (0.4)Depreciation (7.0) (1.5) (6.2) (14.7)Closing balance 31.6 16.2 26.9 74.7 At 31 December 2023Acquisition cost 143.7 31.2 46.0 220.8 Accumulated depreciation/impairment (112.0) (15.0) (19.1) (146.1)Accounting carrying amount 31.6 16.2 26.9 74.7 Machinery and equipment, buildings and land were provided at 31 December as security for EUR 6.6 million and EUR 5.7 million (2022: EUR 12.1 million and EUR 4.0 million), see note 21.Note 13 - GoodwillGoodwill is the difference between the sum of the consideration paid, non-controlling interests recognised and previously held interests at fair value for the acquisition of a business and the fair value of the acquiree\u2019s net identifiable assets at the acquisition date. Goodwill is tested annually for impairment and recognised in the balance sheet at its acquisition cost less impairment charges. Impairment losses on goodwill are not reversed. The goodwill is allocated to relevant cash generating units at the time of the acquisition. The allocation is made to those cash-generating units or groups of such units which are expected to benefit from the acquisition. The group allocates goodwill to cash generating units in each country in which it operates.EUR million GoodwillAt 1 January 2022Acquisition cost 4.1 Accumulated impairment charge (0.4)Accounting carrying amount 3.7 Fiscal 2022Opening balance 3.7 Conversion differences 1.7 Additions 39.6 Closing balance 45.0 At 31 December 2022Acquisition cost 45.4 Accumulated impairment charge (0.4)Accounting carrying amount 45.0 Fiscal 2023Opening balance 45.0 Conversion differences (0.2)Closing balance 44.8 At 31 December 2023Acquisition cost 45.2 Accumulated impairment charge (0.4)Accounting carrying amount 44.8 The company\u2019s cash-generating units are identified by countryEUR million 2023 2022Norway 0.1 0.1Sweden 0.3 0.3Denmark 41.3 41.5Lithuania 1.9 1.9Germany 0.2 0.2USA 1.0 1.0Total 44.8 45.0The recoverable amount for a cash-generating unit is based on a calculation of value in use.The following table sets out the key assumptions for those cash-generating units that have significant goodwill allocated to them:2023 2022Denmark DenmarkGrowth rate in the forecast period 2.0 % 2.0 %Long-term growth rate 2.0 % 2.0 %Budgeted EBIT-margin 6.0 % 8.0 %Growth in other expenses in the forecast period 2.0 % 2.0 %Discount rate 23.6 % 22.4 %Assumption Approach used to determining values Average annual growth rate over the five-year forecast period is 2% and is based on expected Growth rate in the forecast periodinflation on a long term basis.The growth rate does not exceed the long-term growth rates of the market in which the business Long-term growth rateoperates and is determined to be 2% per year. Budgeted gross margin Based on past performance and management\u2019s expectations for the future.Fixed costs of the CGUs, which do not vary significantly with sales volumes or prices. Management Growth in other expenses in the forecasts these costs based on the current structure of the business, adjusting for inflationary forecast periodincreases but not reflecting any future restructurings or cost-saving measures.Discount rate is based on the WACC model and converted to pre-tax numbers. The discount rate is Discount ratein accordance with the discount rate that followed from the purchase price in the transaction and divided into the asset categories based on a judgement of risikiness of each asset.Impairment chargeThe present value of goodwill is estimated well above the carrying amount. There is a substantial buffer before goodwill is in a impairment scenario.Impact of possible changes in key assumptionsThe directors and management have considered and assessed reasonably possible changes for the key assumptions and have not identified any instances that could cause the carrying amount of the Danish cash-generating unit to exceed its recoverable amount. For the other cash-generating units the cash flow assumption is based on financial budgets approved by the company\u2019s board. These calculations are based on growth assumptions which correspond with industry expectations of growth in the EMS market in the coming years and no significant changes in margins. The calculated values are also sustainable against write offs due to a fair change in assumptions. The calculations are based on cash flows for the next three years and a residual value for future earnings.Note 14 - Intangible assetsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years. EUR million System software Other intangible assets Customer contracts 1) TotalAt 1 January 2022Acquisition cost 11.2 0.7 - 11.9 Accumulated depreciation (7.2) (0.2) - (7.4)Accounting carrying amount 4.0 0.5 - 4.5 Fiscal 2022Opening balance 4.0 0.5 4.5 Aqusition BB Electronics 1) - 2.3 25.2 27.5 Currency translation adjustment (0.2) (0.2) 1.1 0.7 Additions 0.2 0.0 - 0.3 Depreciation (0.6) (0.3) (1.7) (2.7)Closing balance 3.4 2.3 24.6 30.3 At 31 December 2022Acquisition cost 11.2 2.8 26.4 40.4 Accumulated depreciation (7.8) (0.5) (1.7) (10.1)Accounting carrying amount 3.4 2.3 24.6 30.3 Fiscal 2023Opening balance 3.4 2.3 24.6 30.3 Currency translation adjustment (0.8) (0.0) (0.0) (0.8)Additions 0.5 0.0 0.0 0.6 Disposals (0.1) - - (0.1)Depreciation (0.7) (0.3) (1.8) (2.8)Closing balance 2.4 2.0 22.9 27.2 At 31 December 2023Acquisition cost 10.9 2.9 26.4 40.2 Accumulated depreciation (8.6) (0.9) (3.5) (12.9)Accounting carrying amount 2.4 2.0 22.9 27.2 1) In 2022, Kitron acquired the BB Electronics group. As a part of the valuation of the group the customers were valued more than bookvalue. The valuation of customer contracts are based on a \u201cmulti-period excess earnings\u201d-method. This approach calculates a cash flow of excess values generated by existing customers, taking into account the cost of using other assets in the company. The value is assumed to be equal to the sum of the discounted cash flows over the remaining lifetime, which is set to 15 years Additions to System software in 2023 refers to various software updates, managed by central IT department in Kitron ASA. It will be depreciated over 5-7 years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__51-1": {
"value": "Note 12 - Property, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \u25a0 Buildings: 20-33 years \u25a0 Machinery and operating equipment: 3-10 yearsLand is not depreciated. Right-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for in note 26 \u201cLeases\u201d.Note 14 - Intangible assetsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__50": {
"value": "Note 12 - Property, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \u25a0 Buildings: 20-33 years \u25a0 Machinery and operating equipment: 3-10 yearsLand is not depreciated. Right-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for in note 26 \u201cLeases\u201d. .Machinery and Buildings Right-of-use Total EUR millionequipment and landassetsAt 1 January 2022Acquisition cost 110.3 21.2 32.0 163.4 Accumulated depreciation/impairment (98.2) (12.0) (8.0) (118.1)Accounting carrying amount 12.1 9.2 24.0 45.3 Fiscal 2022Opening balance 12.1 9.2 24.0 45.3 BB Electronic acquisition 5.3 5.7 3.0 14.0Currency translation adjustment 1.3 1.2 0.8 3.3Additions 8.8 0.2 2.5 11.4 Depreciation (6.9) (1.5) (4.8) (13.3)Impact from NOK to EUR conversion (0.6) (0.5) (1.2) (2.2)Closing balance 20.0 14.3 24.2 58.5 At 31 December 2022Acquisition cost 125.0 27.8 37.1 189.9Accumulated depreciation/impairment (105.0) (13.5) (12.8) (131.4)Accounting carrying amount 20.0 14.3 24.2 58.5 Machinery and Buildings Right-of-use Total EUR millionequipment and landassetsFiscal 2023Opening balance 20.0 14.3 24.2 58.5 Currency translation adjustment (0.9) (0.4) (0.2) (1.5)Additions 19.0 3.9 9.9 32.8 Reclassification 0.9 (0.9) - Disposals (0.4) (0.0) 0.0 (0.4)Depreciation (7.0) (1.5) (6.2) (14.7)Closing balance 31.6 16.2 26.9 74.7 At 31 December 2023Acquisition cost 143.7 31.2 46.0 220.8 Accumulated depreciation/impairment (112.0) (15.0) (19.1) (146.1)Accounting carrying amount 31.6 16.2 26.9 74.7 Machinery and equipment, buildings and land were provided at 31 December as security for EUR 6.6 million and EUR 5.7 million (2022: EUR 12.1 million and EUR 4.0 million), see note 21.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__49": {
"value": "Note 12 - Property, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \u25a0 Buildings: 20-33 years \u25a0 Machinery and operating equipment: 3-10 yearsLand is not depreciated. Right-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for in note 26 \u201cLeases\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__55": {
"value": "Note 13 - GoodwillGoodwill is the difference between the sum of the consideration paid, non-controlling interests recognised and previously held interests at fair value for the acquisition of a business and the fair value of the acquiree\u2019s net identifiable assets at the acquisition date. Goodwill is tested annually for impairment and recognised in the balance sheet at its acquisition cost less impairment charges. Impairment losses on goodwill are not reversed. The goodwill is allocated to relevant cash generating units at the time of the acquisition. The allocation is made to those cash-generating units or groups of such units which are expected to benefit from the acquisition. The group allocates goodwill to cash generating units in each country in which it operates.EUR million GoodwillAt 1 January 2022Acquisition cost 4.1 Accumulated impairment charge (0.4)Accounting carrying amount 3.7 Fiscal 2022Opening balance 3.7 Conversion differences 1.7 Additions 39.6 Closing balance 45.0 At 31 December 2022Acquisition cost 45.4 Accumulated impairment charge (0.4)Accounting carrying amount 45.0 Fiscal 2023Opening balance 45.0 Conversion differences (0.2)Closing balance 44.8 At 31 December 2023Acquisition cost 45.2 Accumulated impairment charge (0.4)Accounting carrying amount 44.8 The company\u2019s cash-generating units are identified by countryEUR million 2023 2022Norway 0.1 0.1Sweden 0.3 0.3Denmark 41.3 41.5Lithuania 1.9 1.9Germany 0.2 0.2USA 1.0 1.0Total 44.8 45.0The recoverable amount for a cash-generating unit is based on a calculation of value in use.The following table sets out the key assumptions for those cash-generating units that have significant goodwill allocated to them:2023 2022Denmark DenmarkGrowth rate in the forecast period 2.0 % 2.0 %Long-term growth rate 2.0 % 2.0 %Budgeted EBIT-margin 6.0 % 8.0 %Growth in other expenses in the forecast period 2.0 % 2.0 %Discount rate 23.6 % 22.4 %Assumption Approach used to determining values Average annual growth rate over the five-year forecast period is 2% and is based on expected Growth rate in the forecast periodinflation on a long term basis.The growth rate does not exceed the long-term growth rates of the market in which the business Long-term growth rateoperates and is determined to be 2% per year. Budgeted gross margin Based on past performance and management\u2019s expectations for the future.Fixed costs of the CGUs, which do not vary significantly with sales volumes or prices. Management Growth in other expenses in the forecasts these costs based on the current structure of the business, adjusting for inflationary forecast periodincreases but not reflecting any future restructurings or cost-saving measures.Discount rate is based on the WACC model and converted to pre-tax numbers. The discount rate is Discount ratein accordance with the discount rate that followed from the purchase price in the transaction and divided into the asset categories based on a judgement of risikiness of each asset.Impairment chargeThe present value of goodwill is estimated well above the carrying amount. There is a substantial buffer before goodwill is in a impairment scenario.Impact of possible changes in key assumptionsThe directors and management have considered and assessed reasonably possible changes for the key assumptions and have not identified any instances that could cause the carrying amount of the Danish cash-generating unit to exceed its recoverable amount. For the other cash-generating units the cash flow assumption is based on financial budgets approved by the company\u2019s board. These calculations are based on growth assumptions which correspond with industry expectations of growth in the EMS market in the coming years and no significant changes in margins. The calculated values are also sustainable against write offs due to a fair change in assumptions. The calculations are based on cash flows for the next three years and a residual value for future earnings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__59": {
"value": "Note 14 - Intangible assetsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years. EUR million System software Other intangible assets Customer contracts 1) TotalAt 1 January 2022Acquisition cost 11.2 0.7 - 11.9 Accumulated depreciation (7.2) (0.2) - (7.4)Accounting carrying amount 4.0 0.5 - 4.5 Fiscal 2022Opening balance 4.0 0.5 4.5 Aqusition BB Electronics 1) - 2.3 25.2 27.5 Currency translation adjustment (0.2) (0.2) 1.1 0.7 Additions 0.2 0.0 - 0.3 Depreciation (0.6) (0.3) (1.7) (2.7)Closing balance 3.4 2.3 24.6 30.3 At 31 December 2022Acquisition cost 11.2 2.8 26.4 40.4 Accumulated depreciation (7.8) (0.5) (1.7) (10.1)Accounting carrying amount 3.4 2.3 24.6 30.3 Fiscal 2023Opening balance 3.4 2.3 24.6 30.3 Currency translation adjustment (0.8) (0.0) (0.0) (0.8)Additions 0.5 0.0 0.0 0.6 Disposals (0.1) - - (0.1)Depreciation (0.7) (0.3) (1.8) (2.8)Closing balance 2.4 2.0 22.9 27.2 At 31 December 2023Acquisition cost 10.9 2.9 26.4 40.2 Accumulated depreciation (8.6) (0.9) (3.5) (12.9)Accounting carrying amount 2.4 2.0 22.9 27.2 1) In 2022, Kitron acquired the BB Electronics group. As a part of the valuation of the group the customers were valued more than bookvalue. The valuation of customer contracts are based on a \u201cmulti-period excess earnings\u201d-method. This approach calculates a cash flow of excess values generated by existing customers, taking into account the cost of using other assets in the company. The value is assumed to be equal to the sum of the discounted cash flows over the remaining lifetime, which is set to 15 years Additions to System software in 2023 refers to various software updates, managed by central IT department in Kitron ASA. It will be depreciated over 5-7 years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__56": {
"value": "Note 14 - Intangible assetsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__64-1": {
"value": "Note 15 - Accounts receivable and other receivablesAccounts receivables are recognized initially at fair value and subsequently measured at fair value less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group. To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets. Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__63": {
"value": "Note 15 - Accounts receivable and other receivablesAccounts receivables are recognized initially at fair value and subsequently measured at fair value less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group. To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets. Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. EUR million 2023 2022Accounts receivable 131.7 143.5Provision for bad debts (0.4) 0.0Accounts receivable - net 131.3 143.5EUR million 2023 2022Earned non-invoiced income 0.2 0.2Prepaid costs 1.6 3.1Other 10.5 10.5Other current receivables 12.2 13.9Fair value of accounts receivable and other receivables:EUR million 2023 2022Accounts receivable - net 131.3 143.5Accounts receivable - net 131.3 143.5For other current receivables, the carrying amount is virtually identical with the fair value.As of 31 December 2023 accounts receivables of EUR 15.6 million (2022: EUR 17.9 million) were past due. These relate to a number of independent customers for whom there is no recent history of default.The ageing analysis of these trade receivables is as follows:EUR million 2023 2022Not past due 115.8 125.6Past due 1-30 days 13.7 14.0Past due 31-60 days 0.9 2.4Past due 61-90 days 0.4 0.6Past due > 90 days 0.5 1.0Total 131.3 143.5As of 31 December 2023 EUR 0.4 milion of trade receivables were impaired and provided for (2022: EUR 0.0 million).The carrying amount of the group\u2019s trade and other receivables are denominated in the following currencies:EUR million 2023 2022CNY 5.5 8.7EUR 55.1 50.9NOK 15.0 32.7SEK 15.6 11.5USD 44.3 30.6GBP 0.0 0.1CZK 0.2 1.0DKK 7.7 22.3INR 0.0 0.1PLN 0.1 0.0MYR 0.0 0.0Total 143.6 157.9Movements on the group provision for impairment of trade receivables are as follows:EUR million 2023 2022Provision at 1 January 0.0 0.0Provision for trade receivables (0.4) 0.0Receivables written off during the year as uncollectable 0.0 0.0Provision at 31 December (0.4) 0.0The creation and release of provision for impaired receivables have been included in other operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash.The maximum exposure to credit risk at the reporting date is the carrying value of the receivables mentioned above. The group does not hold any collateral as security. However, the group has credit insurance that reduces the credit risk on account receivables. See note 3.EUR 0.4 million impairment charge was recognised in the profit and loss account for the year (2022: EUR 0.0 million). Impairment charge is assessed based on historical losses and expected credit losses.See note 3, credit risk. No special concentration of accounts receivable exists which poses an abnormal credit risk. Accounts receivable and other receivables at 31 December 2023 provided security for EUR 44.5 million (2022: EUR 52.2 million), see note 21. Contract assetsThe group has recognised assets related to contract with customers. No increase in loss allowance in 2023 (2022 EUR 0.0 thousands). EUR million 2023 2022Contract assets 77.9 59.4Loss allowance - -Contract assets - net 77.9 59.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__62": {
"value": "Note 15 - Accounts receivable and other receivablesAccounts receivables are recognized initially at fair value and subsequently measured at fair value less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group. To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets. Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. EUR million 2023 2022Accounts receivable 131.7 143.5Provision for bad debts (0.4) 0.0Accounts receivable - net 131.3 143.5EUR million 2023 2022Earned non-invoiced income 0.2 0.2Prepaid costs 1.6 3.1Other 10.5 10.5Other current receivables 12.2 13.9Fair value of accounts receivable and other receivables:EUR million 2023 2022Accounts receivable - net 131.3 143.5Accounts receivable - net 131.3 143.5For other current receivables, the carrying amount is virtually identical with the fair value.As of 31 December 2023 accounts receivables of EUR 15.6 million (2022: EUR 17.9 million) were past due. These relate to a number of independent customers for whom there is no recent history of default.The ageing analysis of these trade receivables is as follows:EUR million 2023 2022Not past due 115.8 125.6Past due 1-30 days 13.7 14.0Past due 31-60 days 0.9 2.4Past due 61-90 days 0.4 0.6Past due > 90 days 0.5 1.0Total 131.3 143.5As of 31 December 2023 EUR 0.4 milion of trade receivables were impaired and provided for (2022: EUR 0.0 million).The carrying amount of the group\u2019s trade and other receivables are denominated in the following currencies:EUR million 2023 2022CNY 5.5 8.7EUR 55.1 50.9NOK 15.0 32.7SEK 15.6 11.5USD 44.3 30.6GBP 0.0 0.1CZK 0.2 1.0DKK 7.7 22.3INR 0.0 0.1PLN 0.1 0.0MYR 0.0 0.0Total 143.6 157.9Movements on the group provision for impairment of trade receivables are as follows:EUR million 2023 2022Provision at 1 January 0.0 0.0Provision for trade receivables (0.4) 0.0Receivables written off during the year as uncollectable 0.0 0.0Provision at 31 December (0.4) 0.0The creation and release of provision for impaired receivables have been included in other operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash.The maximum exposure to credit risk at the reporting date is the carrying value of the receivables mentioned above. The group does not hold any collateral as security. However, the group has credit insurance that reduces the credit risk on account receivables. See note 3.EUR 0.4 million impairment charge was recognised in the profit and loss account for the year (2022: EUR 0.0 million). Impairment charge is assessed based on historical losses and expected credit losses.See note 3, credit risk. No special concentration of accounts receivable exists which poses an abnormal credit risk. Accounts receivable and other receivables at 31 December 2023 provided security for EUR 44.5 million (2022: EUR 52.2 million), see note 21. Contract assetsThe group has recognised assets related to contract with customers. No increase in loss allowance in 2023 (2022 EUR 0.0 thousands). EUR million 2023 2022Contract assets 77.9 59.4Loss allowance - -Contract assets - net 77.9 59.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__61": {
"value": "Note 15 - Accounts receivable and other receivablesAccounts receivables are recognized initially at fair value and subsequently measured at fair value less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group. To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets. Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. EUR million 2023 2022Accounts receivable 131.7 143.5Provision for bad debts (0.4) 0.0Accounts receivable - net 131.3 143.5EUR million 2023 2022Earned non-invoiced income 0.2 0.2Prepaid costs 1.6 3.1Other 10.5 10.5Other current receivables 12.2 13.9Fair value of accounts receivable and other receivables:EUR million 2023 2022Accounts receivable - net 131.3 143.5Accounts receivable - net 131.3 143.5For other current receivables, the carrying amount is virtually identical with the fair value.As of 31 December 2023 accounts receivables of EUR 15.6 million (2022: EUR 17.9 million) were past due. These relate to a number of independent customers for whom there is no recent history of default.The ageing analysis of these trade receivables is as follows:EUR million 2023 2022Not past due 115.8 125.6Past due 1-30 days 13.7 14.0Past due 31-60 days 0.9 2.4Past due 61-90 days 0.4 0.6Past due > 90 days 0.5 1.0Total 131.3 143.5As of 31 December 2023 EUR 0.4 milion of trade receivables were impaired and provided for (2022: EUR 0.0 million).The carrying amount of the group\u2019s trade and other receivables are denominated in the following currencies:EUR million 2023 2022CNY 5.5 8.7EUR 55.1 50.9NOK 15.0 32.7SEK 15.6 11.5USD 44.3 30.6GBP 0.0 0.1CZK 0.2 1.0DKK 7.7 22.3INR 0.0 0.1PLN 0.1 0.0MYR 0.0 0.0Total 143.6 157.9Movements on the group provision for impairment of trade receivables are as follows:EUR million 2023 2022Provision at 1 January 0.0 0.0Provision for trade receivables (0.4) 0.0Receivables written off during the year as uncollectable 0.0 0.0Provision at 31 December (0.4) 0.0The creation and release of provision for impaired receivables have been included in other operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash.The maximum exposure to credit risk at the reporting date is the carrying value of the receivables mentioned above. The group does not hold any collateral as security. However, the group has credit insurance that reduces the credit risk on account receivables. See note 3.EUR 0.4 million impairment charge was recognised in the profit and loss account for the year (2022: EUR 0.0 million). Impairment charge is assessed based on historical losses and expected credit losses.See note 3, credit risk. No special concentration of accounts receivable exists which poses an abnormal credit risk. Accounts receivable and other receivables at 31 December 2023 provided security for EUR 44.5 million (2022: EUR 52.2 million), see note 21. Contract assetsThe group has recognised assets related to contract with customers. No increase in loss allowance in 2023 (2022 EUR 0.0 thousands). EUR million 2023 2022Contract assets 77.9 59.4Loss allowance - -Contract assets - net 77.9 59.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__60": {
"value": "Note 15 - Accounts receivable and other receivablesAccounts receivables are recognized initially at fair value and subsequently measured at fair value less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group. To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets. Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__66": {
"value": "Note 16 - InventoriesInventory comprises purchased raw materials and semi-finished products. It is stated at the lower of average acquisition cost and net realisable value. Cost is determined using the weighted average method. Finished goods and work in progress are included in contract assets, ref. note 15.EUR million 2023 2022Raw materials and purchased semi-manufactures 166.4 172.7 Total inventory 166.4 172.7 For obsolete goods in year 2023 there was recognised a change of EUR 4.1 million. In 2022 EUR 0,2 million. Impairment charge recorded in the balance sheet as per 31 December 2023 was EUR 7.9 million (2022 EUR 3.7 million). As the majority of the inventory is tailored materials and held for particular customer\u2019s products, there are agreements in place that compensate for obsolescence for tailored materials. These agreements have been taken into consideration when measuring the obsolescence reserve for the inventory.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__65": {
"value": "Note 16 - InventoriesInventory comprises purchased raw materials and semi-finished products. It is stated at the lower of average acquisition cost and net realisable value. Cost is determined using the weighted average method. Finished goods and work in progress are included in contract assets, ref. note 15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__69": {
"value": "Note 17 - Cash and cash equivalentsCash and cash equivalents include cash and deposits in bank accounts. .EUR million 2023 2022Cash and cash equivalents 39.0 25.9Cash, cash equivalents and bank overdraft comprise:EUR million 2023 2022Cash and cash equivalents 39.0 25.9Overdraft drawn down (Note 21) (12.8) (13.7)Total 26.1 12.2EUR million 2023 2022Bank overdraft facilities 31 December 34.1 38.2Net drawn on overdraft facilities 31 December (12.8) (13.7)Locked-in bank deposits 31 DecemberSecurity for lease contracts - 0.1Security for specific employee purposes 0.0 -Total 0.0 0.1Kitron ASA has established a group account agreement with the company\u2019s main bank. This encompass Kitron ASA and Norwegian, Swedish, Danish, German, Polish and US subsidiaries.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "Note 17 - Cash and cash equivalentsCash and cash equivalents include cash and deposits in bank accounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__67": {
"value": "Note 17 - Cash and cash equivalentsCash and cash equivalents include cash and deposits in bank accounts. .EUR million 2023 2022Cash and cash equivalents 39.0 25.9Cash, cash equivalents and bank overdraft comprise:EUR million 2023 2022Cash and cash equivalents 39.0 25.9Overdraft drawn down (Note 21) (12.8) (13.7)Total 26.1 12.2EUR million 2023 2022Bank overdraft facilities 31 December 34.1 38.2Net drawn on overdraft facilities 31 December (12.8) (13.7)Locked-in bank deposits 31 DecemberSecurity for lease contracts - 0.1Security for specific employee purposes 0.0 -Total 0.0 0.1Kitron ASA has established a group account agreement with the company\u2019s main bank. This encompass Kitron ASA and Norwegian, Swedish, Danish, German, Polish and US subsidiaries.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__71": {
"value": "Note 18 - Share capital and premium reserveThe share capital comprises the number of shares multiplied by their nominal value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received.Share capital and share premium reserveNumber of shares EUR millionShare capital Premium reserve Total(thousands) At 1 January 2022 197 014 1.9 75.4 77.3Issue of new shares 677 0.0 - 0.0At 31 December 2022 197 691 1.9 75.4 77.3At 1 January 2023 197 691 1.9 75.4 77.3Issue of new shares 526 0.0 - 0.0At 31 December 2023 198 217 1.9 75.4 77.3Shares and shareholder informationThe company\u2019s share capital at 31 December 2023 comprised 198 217 134 shares with a nominal value of NOK 0.10 each. Each share carries one vote. There were 10 558 shareholders at 31 December 2023 (31 December 2022: 9 026 shareholders).The 20 largest shareholders in Kitron ASA at 31 December 2023:Shareholder Number PercentageFOLKETRYGDFONDET 15 858 694 8.00 %VERDIPAPIRFOND ODIN NORGE 14 583 457 7.36 %VEVLEN G\u00c5RD AS 10 500 000 5.30 %MP PENSJON PK 9 681 628 4.88 %AAT INVEST AS 8 200 000 4.14 %J.P. Morgan SE 5 456 043 2.75 %Avanza Bank AB 1) 5 098 381 2.57 %VJ INVEST AS 4 904 522 2.47 %VERDIPAPIRFONDET HOLBERG NORGE 4 150 000 2.09 %The Bank of New York Mellon SA/NV 4 000 000 2.02 %State Street Bank and Trust Comp 3 425 946 1.73 %VARNER EQUITIES AS 3 039 436 1.53 %VERDIPAPIRFONDET DNB SMB 2 804 943 1.42 %VPF FONDSFINANS NORDEN 2 700 000 1.36 %Danske Invest Norge Vekst 2 329 743 1.18 %VERDIPAPIRFONDET EQUINOR AKSJER NO 2 099 448 1.06 %CACEIS Bank 1 748 369 0.88 %J.P. Morgan SE 1 715 029 0.87 %The Bank of New York Mellon SA/NV 1 700 000 0.86 %BNP Paribas 1 667 798 0.84 %Total 20 largest shareholders 105 663 437 53.31 %Total other shareholders 92 553 697 46.69 %Total outstanding shares 198 217 134 100.00 %1) Beneficial owner: CEO Peter Nilsson 2 633 157 shares (1,33 per cent)Authorization to the Board to issue sharesAuthorization to strengthen equity and incentive schemes The ordinary general meeting of 28 April 2023 authorized the Board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: \u25a0 The share capital may, in one or more rounds, in total be increased with up to NOK 1,976,910.53. \u25a0 The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authroization in item 3, exceeds NOK 3,953,821.06. \u25a0 The authorization shall be valid until the Annual General Meeting in 2024, but no later than 30 June 2024. \u25a0 The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. \u25a0 The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. \u25a0 The authorization is limited to encompass capital requirements or issuance of consideration shares in relation to strengthening of Kitron ASA\u2019s equity, joint ventures or joint business operations, remuneration to members of the Board of Directors of Kitron ASA, incentive schemes, and acquisition of property and business within Kitron ASA\u2019s purpose \u25a0 The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization. \u25a0 This authorization replaces any previously granted authorizations for the Board of Directors to increase the share capital.Strategic authorizationThe ordinary general meeting of 28 April 2023 authorized the Board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: \u25a0 The share capital may, in one or more rounds, in total be increased with up to NOK 3,953,821.06. \u25a0 The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authorization in item 3, exceeds NOK 3,953,821.06. \u25a0 The authorization shall be valid until the Annual General Meeting in 2024, but no later than 30 June 2024. \u25a0 The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. \u25a0 The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. \u25a0 The authorization is limited to include strengthening of Kitron ASA\u2019s equity and issuing of consideration shares in connection with acquisition of other companies or enterprises within Kitron ASA\u2019s purpose. \u25a0 The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization.Authorization to the Board to buy own sharesThe ordinary general meeting on 28 April 2023 authorized the Board of directors of Kitron ASA to acquire Kitron ASA\u2019s own shares, for the purpose of ownership or charge, in accordance with the Norwegian Public Limited Liability Companies Act sections 9-4 and 9-5 on the following conditions. \u25a0 The Board of Directors may acquire shares in Kitron ASA, on one or several occasions, provided that the total combined nominal value of the acquired shares after the acquisition must not exceed ten per cent of the share capital, i.e. up to a total nominal value of NOK 1,976,910.53. The authorization also includes contract liens in the shares of Kitron ASA. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 Under this authorization the Board of Directors may pay minimum NOK 1 per share and maximum the prevailing market price per share on the day the offer is made, provided, however, that the maximum amount does not exceed NOK 100 per share. \u25a0 Any and all previous authorizations given to the Board of Directors to acquire own shares shall be, and hereby are, withdrawn with effect from the date this authorization is registered with the Norwegian Register of Business Enterprises. \u25a0 Shares acquired according to the authorization shall either be cancelled, used as remuneration to the members of the Board of Directors of Kitron ASA, used in incentive schemes or be used as consideration in connection with acquisition of other companies or businesses, joint ventures or joint business operations, and acquisition of property and business within Kitron ASA\u2019s purpose.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__70": {
"value": "Note 18 - Share capital and premium reserveThe share capital comprises the number of shares multiplied by their nominal value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__75": {
"value": "Note 19 - Share based paymentThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. Further details around the arrangement are described below.The Company has implemented a share option program for its Senior Executives comprising of up to 5,000,000 shares. The share option program was implemented in 2018 and is divided into four three-year subprograms, each with an allocation of 1,250,000 options, where the first program started in 2019, and is followed by one program every year until 2022.The share option program entails that Senior Executives, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested for each subprogram are linked to the development of the market capitalization at Oslo Stock Exchange, adjusted for dividends and share buy-backs. For each program to vest fully, the market capitalization adjusted for dividends and share buy-backs must increase 50 per cent. The program starts to vest at an increase of 20 per cent and will vest linearly between 20 per cent to 50 per cent. The Company can require that a number of shares for which the employee is entitled to subscribe is being converted to a cash consideration which the company uses to pay taxes.Each subprogram is capped at 200 per cent increase of the market capitalization, adjusted for dividends and share buy-backs.Any shares delivered as a result of exercising options are subject to a three-year lock-up period. During the first year of the lock-up period, no sales are allowed. The following two years, 1/8 of the option shares are released each quarter of the calendar year. Further, the program has a claw back clause that provides the Company with a right to purchase option shares if the option holder\u2019s employment with the Company is terminated and the criteria of the program are not met during the lock-up program.The Company utilizes a Monte Carlo simulation to determine the impact of stock option grants in accordance with IFRS 2, Share-based payment, on the Company\u2019s net income.The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be outstanding until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance fulfillment and takes this into account in the valuation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__74": {
"value": "Note 19 - Share based paymentThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. Further details around the arrangement are described below.The Company has implemented a share option program for its Senior Executives comprising of up to 5,000,000 shares. The share option program was implemented in 2018 and is divided into four three-year subprograms, each with an allocation of 1,250,000 options, where the first program started in 2019, and is followed by one program every year until 2022.The share option program entails that Senior Executives, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested for each subprogram are linked to the development of the market capitalization at Oslo Stock Exchange, adjusted for dividends and share buy-backs. For each program to vest fully, the market capitalization adjusted for dividends and share buy-backs must increase 50 per cent. The program starts to vest at an increase of 20 per cent and will vest linearly between 20 per cent to 50 per cent. The Company can require that a number of shares for which the employee is entitled to subscribe is being converted to a cash consideration which the company uses to pay taxes.Each subprogram is capped at 200 per cent increase of the market capitalization, adjusted for dividends and share buy-backs.Any shares delivered as a result of exercising options are subject to a three-year lock-up period. During the first year of the lock-up period, no sales are allowed. The following two years, 1/8 of the option shares are released each quarter of the calendar year. Further, the program has a claw back clause that provides the Company with a right to purchase option shares if the option holder\u2019s employment with the Company is terminated and the criteria of the program are not met during the lock-up program.The Company utilizes a Monte Carlo simulation to determine the impact of stock option grants in accordance with IFRS 2, Share-based payment, on the Company\u2019s net income.The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be outstanding until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance fulfillment and takes this into account in the valuation.During the period ended 31 December 2023, the Company has had share-based payment arrangements for employees, as described below.Fair value of Share Options granted is calculated using the Monte Carlo option pricing model. The weighted average inputs to Monte Carlo model and Fair values per 31 December 2023 are listed below (calculated at grant):Granted 2021 2022Exercise price (NOK) 0.10 0.10Share price at grant date (NOK) 20.15 19.70Expected life from grant date 2,94 years 2,68 years Volatility 35 % 41.2%Interest rate 1.12% 3.61%Fair value per option (NOK) 6.30 8.89Expected volatility is based on historical volatility of the Company. The Company is listed on the Oslo Stock Exchange. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total expensed amount in 2023 arising from the option plans are EUR 696 thousand, not including social security (2022: EUR 798 thousand). The total carrying amount per 31 December 2023 is EUR 528 thousand, not including social security (2022: EUR 1 219 thousand). Accrued social security at 31 December 2023 is EUR 777 thousand (2022: EUR 627 thousand).Quantity and weighted average pricesActivity Number of instruments Weighted Average Strike Price (NOK)Outstanding OB (01.01.2022) 3 420 000 0.10Granted 1 175 000 0.10Exercised (1 170 000) -Forfeited (25 000) 0.10Expired - -Outstanding CB (31.12.2022) 3 400 000 0.10Vested CB - -Options not granted CB (31.12.2022) 350 000 0.10Outstanding OB (01.01.2023) 3 400 000 0.10Granted 50 000 0.10Exercised (1 250 000) 0.10Forfeited - 0.10Expired - -Outstanding CB (31.12.2023) 2 200 000 0.10Vested CB - -Options not granted CB (31.12.2023) 300 000 0.10Outstanding instruments Vested instruments Number of Weighted Average Weighted Average Vested instruments Weighted Average Strike priceinstrumentsremaining contractual lifeStrike Price31.12.2023Strike Price0.10 NOK 2 200 000 1.18 0.10 NOK 0 -Board Number of shares Number of options2023 2022 2023 2022Tuomo L\u00e4hdesm\u00e4ki, chairman 297 105 291 668 - -Gro Br\u00e6kken, board member 52 810 51 280 - -Espen Gundersen, board member 57 810 56 280 - -Maalfrid Brath, board member 32 690 29 499 - -Petra Grandinson, board member 22 943 20 494 - -Michael Lundgaard Thomsen, board member 8 689 6 240 - -Jarle Larsen, employee elected board member 21 154 19 624Tone Aas, employee elected board member 1 530 - - -Henriette Stene, employee elected board member 1 530 - - -Corporate management team Number of shares Number of options2023 2022 2023 2022Peter Nilsson, CEO 2 633 157 2 471 102 495 000 905 000Cathrin Nylander, CFO 1 081 992 1 035 249 175 000 295 000Kristoffer Askl\u00f6v, COO 144 080 101 561 200 000 300 000Stian Haugen, CTO 100 851 51 561 175 000 295 000Mindaugas Sestokas,Vice President and Managing Director 480 619 418 978 175 000 295 000Hans Petter Thomassen, Vice President and Managing 517 657 470 062 175 000 295 000DirectorStefan Hansson Mutas, Managing Director 340 544 295 281 175 000 295 000Zygimantas Dirse, Managing Director 596 763 535 122 175 000 295 000Carsten Christensen, CEO Kitron A/S (joined 10.01.2022) 7 167 51 561 290 000 300 000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__73": {
"value": "Note 19 - Share based paymentThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. Further details around the arrangement are described below.The Company has implemented a share option program for its Senior Executives comprising of up to 5,000,000 shares. The share option program was implemented in 2018 and is divided into four three-year subprograms, each with an allocation of 1,250,000 options, where the first program started in 2019, and is followed by one program every year until 2022.The share option program entails that Senior Executives, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested for each subprogram are linked to the development of the market capitalization at Oslo Stock Exchange, adjusted for dividends and share buy-backs. For each program to vest fully, the market capitalization adjusted for dividends and share buy-backs must increase 50 per cent. The program starts to vest at an increase of 20 per cent and will vest linearly between 20 per cent to 50 per cent. The Company can require that a number of shares for which the employee is entitled to subscribe is being converted to a cash consideration which the company uses to pay taxes.Each subprogram is capped at 200 per cent increase of the market capitalization, adjusted for dividends and share buy-backs.Any shares delivered as a result of exercising options are subject to a three-year lock-up period. During the first year of the lock-up period, no sales are allowed. The following two years, 1/8 of the option shares are released each quarter of the calendar year. Further, the program has a claw back clause that provides the Company with a right to purchase option shares if the option holder\u2019s employment with the Company is terminated and the criteria of the program are not met during the lock-up program.The Company utilizes a Monte Carlo simulation to determine the impact of stock option grants in accordance with IFRS 2, Share-based payment, on the Company\u2019s net income.The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be outstanding until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance fulfillment and takes this into account in the valuation.During the period ended 31 December 2023, the Company has had share-based payment arrangements for employees, as described below.Fair value of Share Options granted is calculated using the Monte Carlo option pricing model. The weighted average inputs to Monte Carlo model and Fair values per 31 December 2023 are listed below (calculated at grant):Granted 2021 2022Exercise price (NOK) 0.10 0.10Share price at grant date (NOK) 20.15 19.70Expected life from grant date 2,94 years 2,68 years Volatility 35 % 41.2%Interest rate 1.12% 3.61%Fair value per option (NOK) 6.30 8.89Expected volatility is based on historical volatility of the Company. The Company is listed on the Oslo Stock Exchange. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total expensed amount in 2023 arising from the option plans are EUR 696 thousand, not including social security (2022: EUR 798 thousand). The total carrying amount per 31 December 2023 is EUR 528 thousand, not including social security (2022: EUR 1 219 thousand). Accrued social security at 31 December 2023 is EUR 777 thousand (2022: EUR 627 thousand).Quantity and weighted average pricesActivity Number of instruments Weighted Average Strike Price (NOK)Outstanding OB (01.01.2022) 3 420 000 0.10Granted 1 175 000 0.10Exercised (1 170 000) -Forfeited (25 000) 0.10Expired - -Outstanding CB (31.12.2022) 3 400 000 0.10Vested CB - -Options not granted CB (31.12.2022) 350 000 0.10Outstanding OB (01.01.2023) 3 400 000 0.10Granted 50 000 0.10Exercised (1 250 000) 0.10Forfeited - 0.10Expired - -Outstanding CB (31.12.2023) 2 200 000 0.10Vested CB - -Options not granted CB (31.12.2023) 300 000 0.10Outstanding instruments Vested instruments Number of Weighted Average Weighted Average Vested instruments Weighted Average Strike priceinstrumentsremaining contractual lifeStrike Price31.12.2023Strike Price0.10 NOK 2 200 000 1.18 0.10 NOK 0 -Board Number of shares Number of options2023 2022 2023 2022Tuomo L\u00e4hdesm\u00e4ki, chairman 297 105 291 668 - -Gro Br\u00e6kken, board member 52 810 51 280 - -Espen Gundersen, board member 57 810 56 280 - -Maalfrid Brath, board member 32 690 29 499 - -Petra Grandinson, board member 22 943 20 494 - -Michael Lundgaard Thomsen, board member 8 689 6 240 - -Jarle Larsen, employee elected board member 21 154 19 624Tone Aas, employee elected board member 1 530 - - -Henriette Stene, employee elected board member 1 530 - - -Corporate management team Number of shares Number of options2023 2022 2023 2022Peter Nilsson, CEO 2 633 157 2 471 102 495 000 905 000Cathrin Nylander, CFO 1 081 992 1 035 249 175 000 295 000Kristoffer Askl\u00f6v, COO 144 080 101 561 200 000 300 000Stian Haugen, CTO 100 851 51 561 175 000 295 000Mindaugas Sestokas,Vice President and Managing Director 480 619 418 978 175 000 295 000Hans Petter Thomassen, Vice President and Managing 517 657 470 062 175 000 295 000DirectorStefan Hansson Mutas, Managing Director 340 544 295 281 175 000 295 000Zygimantas Dirse, Managing Director 596 763 535 122 175 000 295 000Carsten Christensen, CEO Kitron A/S (joined 10.01.2022) 7 167 51 561 290 000 300 000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__72-1": {
"value": "Note 19 - Share based paymentThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. Further details around the arrangement are described below.The Company has implemented a share option program for its Senior Executives comprising of up to 5,000,000 shares. The share option program was implemented in 2018 and is divided into four three-year subprograms, each with an allocation of 1,250,000 options, where the first program started in 2019, and is followed by one program every year until 2022.The share option program entails that Senior Executives, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested for each subprogram are linked to the development of the market capitalization at Oslo Stock Exchange, adjusted for dividends and share buy-backs. For each program to vest fully, the market capitalization adjusted for dividends and share buy-backs must increase 50 per cent. The program starts to vest at an increase of 20 per cent and will vest linearly between 20 per cent to 50 per cent. The Company can require that a number of shares for which the employee is entitled to subscribe is being converted to a cash consideration which the company uses to pay taxes.Each subprogram is capped at 200 per cent increase of the market capitalization, adjusted for dividends and share buy-backs.Any shares delivered as a result of exercising options are subject to a three-year lock-up period. During the first year of the lock-up period, no sales are allowed. The following two years, 1/8 of the option shares are released each quarter of the calendar year. Further, the program has a claw back clause that provides the Company with a right to purchase option shares if the option holder\u2019s employment with the Company is terminated and the criteria of the program are not met during the lock-up program.The Company utilizes a Monte Carlo simulation to determine the impact of stock option grants in accordance with IFRS 2, Share-based payment, on the Company\u2019s net income.The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be outstanding until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance fulfillment and takes this into account in the valuation.Note 23 - Retirement benefit obligationsGroup companies have various pension schemes. These schemes are generally funded through payments to insurance companies or pension funds based on periodic actuarial calculations. The group has both defined contribution and defined benefit plans. From 2016 the group has defined benefit plan for former CEO only. A defined benefit plan is one that is not a defined contribution plan, and typically defines an amount of pension benefit an employee will receive on retirement. That benefit is normally dependent on one or more factors such as age, years of service and pay. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. An independent actuary calculates the pension commitment annually. The present value of the defined benefit obligations is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds. Estimated payroll tax on the net pension commitment calculated by an actuary is added to the carrying amount of the obligation. Changes in pension plan benefits are recognised immediately in the income statement. Actuarial gains and losses are recognised in other comprehensive income. The pension plans in Norway comply with the Norwegian mandatory service pension act. The pension obligation below is relating to life-long pension benefits to a former CEO. The pension plan is unfunded. The AFP-scheme is a defined benefit multi-enterprise 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:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__80": {
"value": "Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. EUR million 2023 2022Accounts payable 139.4 139.8 Deposits received *) 42.4 52.3 Accounts payable 181.9 192.1*)Deposits from customers2023 2022EUR millionPublic duties 3.2 5.1 Payable to related parties (note 27) 1.3 1.5 Employee related accruals 11.2 10.4Social security cost 3.2 1.7Other accruals *) 15.0 9.9Other payables 33.8 28.6 *) Mainly ordinary periodical accruals, prepayment from customers and cost incurred but invoices not yet received.The carrying amount of the group\u2019s trade and other payables are denominated in the following currencies:EUR million 2023 2022Trade and other payablesUSD 81.5 97.5 EUR 57.7 54.6 NOK 25.7 22.5 SEK 17.5 11.4 CNY 13.5 24.1 DKK 12.0 1.4 CZK 7.0 1.6 PLN 0.8 7.6 Others 0.0 (0.1) Total trade and other payables 215.7 220.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__79": {
"value": "Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. EUR million 2023 2022Accounts payable 139.4 139.8 Deposits received *) 42.4 52.3 Accounts payable 181.9 192.1*)Deposits from customers2023 2022EUR millionPublic duties 3.2 5.1 Payable to related parties (note 27) 1.3 1.5 Employee related accruals 11.2 10.4Social security cost 3.2 1.7Other accruals *) 15.0 9.9Other payables 33.8 28.6 *) Mainly ordinary periodical accruals, prepayment from customers and cost incurred but invoices not yet received.The carrying amount of the group\u2019s trade and other payables are denominated in the following currencies:EUR million 2023 2022Trade and other payablesUSD 81.5 97.5 EUR 57.7 54.6 NOK 25.7 22.5 SEK 17.5 11.4 CNY 13.5 24.1 DKK 12.0 1.4 CZK 7.0 1.6 PLN 0.8 7.6 Others 0.0 (0.1) Total trade and other payables 215.7 220.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__77": {
"value": "Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. EUR million 2023 2022Accounts payable 139.4 139.8 Deposits received *) 42.4 52.3 Accounts payable 181.9 192.1*)Deposits from customers2023 2022EUR millionPublic duties 3.2 5.1 Payable to related parties (note 27) 1.3 1.5 Employee related accruals 11.2 10.4Social security cost 3.2 1.7Other accruals *) 15.0 9.9Other payables 33.8 28.6 *) Mainly ordinary periodical accruals, prepayment from customers and cost incurred but invoices not yet received.The carrying amount of the group\u2019s trade and other payables are denominated in the following currencies:EUR million 2023 2022Trade and other payablesUSD 81.5 97.5 EUR 57.7 54.6 NOK 25.7 22.5 SEK 17.5 11.4 CNY 13.5 24.1 DKK 12.0 1.4 CZK 7.0 1.6 PLN 0.8 7.6 Others 0.0 (0.1) Total trade and other payables 215.7 220.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__76": {
"value": "Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__85": {
"value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__84": {
"value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. EUR million 2023 2022Long-term interest bearing debtLeasing 17.0 15.5Other 1) 96.2 103.9Total 113.3 119.4Current interest bearing debtDebt to credit institutions 2) (Note 17) 12.8 13.7Factoring debt 3) 22.1 32.0Leasing 9.5 6.0Other 1) 10.7 9.5Total 55.1 61.3Total interest bearing debt 168.3 180.71) Other long-term and current interest bearing debt consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The group account agreement is regarded to be a unit of account, and is presented net. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2023 of EUR 10,4 million (2022: EUR 9.5 million). Draft split on currency pr 31.12. was (all following numbers are presented in EUR): EUR -13.8 million (-17.5), NOK -20.2 million (-13.1), USD 22,8 million (23.3) and other EUR 0.9 million (2.2 million). Interest is payable at a rate of IBOR and a margin.3) Kitron has per 31 December 2023 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal.Interest is payable at a rate of IBOR and a margin.The loan facilities with the company\u2019s main bank, described in 1) and 2), include covenants relating to factors as the company\u2019s gearing ratio, earnings and loan-to-value ratio.The company complies with these covenants at 31 December 2023.Unrestricted bank deposits and unused credit lines amounted to EUR 61.8 million for the group at 31 December 2023 (EUR 37.2 million at 31 December 2022).Periods to maturity of long-term interest bearing debt:EUR million 2023 2022Between one and two years 20.2 18.1Between two and five years 20.1 34.3Over 5 years 73.0 67.0Total 113.3 119.4Carrying amount and fair value of long-term interest bearing debt: Carrying amount Fair valueEUR million 2023 2022 2023 2022Leasing 17.0 15.5 16.4 14.4Other 96.2 103.9 76.7 88.5Total 113.3 119.4 93.1 102.9Fair value is based on discounted cash flow with a discount rate of 6.0 per cent (2022: 5.0 per cent). The carrying amount of current loans is virtually identical with fair value. The fair value calculations are based on level 3 valuation method. Inputs in assets and liabilities are not based on observable market data.Carrying amount of the group\u2019s interest bearing debt in various currencies:EUR million 2023 2022NOK 75.7 87.5SEK 10.6 7.6EUR 65.7 66.1USD 13.0 14.0CNY 2.7 4.1DKK 0.7 1.4CZK - 0.0MYR 0.7 -INR 0.0 -Total 168.3 180.7Interest bearing debt include EUR 156.9 million (2022: EUR 167.9 million) in secured commitments (bank loans and other secured loans). MortgagesEUR million 2023 2022Debt secured by mortgages 156.9 167.9Carrying amount of the group\u2019s assets provided as security:EUR million 2023 2022Buildings and land 5.7 4.0Machinery and equipment 15.9 12.1Receivables 44.5 52.2Inventory and contract assets 133.2 113.9Total 199.3 182.3For the Swedish entity there are company mortgages of EUR 4.2 million at 31 December 2023 (2022: EUR 4.2 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment.The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to EUR 15.1 million at 31 December 2023 (2022: EUR 8.7 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods.The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled EUR 0.3 million (2022: EUR 0.3 million) and EUR 2.0 million (2022: EUR 1.7 million) respectively for the group.Per 31 December 2023 Kitron ASA has granted the following parent company guarantees:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__83": {
"value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. EUR million 2023 2022Long-term interest bearing debtLeasing 17.0 15.5Other 1) 96.2 103.9Total 113.3 119.4Current interest bearing debtDebt to credit institutions 2) (Note 17) 12.8 13.7Factoring debt 3) 22.1 32.0Leasing 9.5 6.0Other 1) 10.7 9.5Total 55.1 61.3Total interest bearing debt 168.3 180.71) Other long-term and current interest bearing debt consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The group account agreement is regarded to be a unit of account, and is presented net. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2023 of EUR 10,4 million (2022: EUR 9.5 million). Draft split on currency pr 31.12. was (all following numbers are presented in EUR): EUR -13.8 million (-17.5), NOK -20.2 million (-13.1), USD 22,8 million (23.3) and other EUR 0.9 million (2.2 million). Interest is payable at a rate of IBOR and a margin.3) Kitron has per 31 December 2023 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal.Interest is payable at a rate of IBOR and a margin.The loan facilities with the company\u2019s main bank, described in 1) and 2), include covenants relating to factors as the company\u2019s gearing ratio, earnings and loan-to-value ratio.The company complies with these covenants at 31 December 2023.Unrestricted bank deposits and unused credit lines amounted to EUR 61.8 million for the group at 31 December 2023 (EUR 37.2 million at 31 December 2022).Periods to maturity of long-term interest bearing debt:EUR million 2023 2022Between one and two years 20.2 18.1Between two and five years 20.1 34.3Over 5 years 73.0 67.0Total 113.3 119.4Carrying amount and fair value of long-term interest bearing debt: Carrying amount Fair valueEUR million 2023 2022 2023 2022Leasing 17.0 15.5 16.4 14.4Other 96.2 103.9 76.7 88.5Total 113.3 119.4 93.1 102.9Fair value is based on discounted cash flow with a discount rate of 6.0 per cent (2022: 5.0 per cent). The carrying amount of current loans is virtually identical with fair value. The fair value calculations are based on level 3 valuation method. Inputs in assets and liabilities are not based on observable market data.Carrying amount of the group\u2019s interest bearing debt in various currencies:EUR million 2023 2022NOK 75.7 87.5SEK 10.6 7.6EUR 65.7 66.1USD 13.0 14.0CNY 2.7 4.1DKK 0.7 1.4CZK - 0.0MYR 0.7 -INR 0.0 -Total 168.3 180.7Interest bearing debt include EUR 156.9 million (2022: EUR 167.9 million) in secured commitments (bank loans and other secured loans). MortgagesEUR million 2023 2022Debt secured by mortgages 156.9 167.9Carrying amount of the group\u2019s assets provided as security:EUR million 2023 2022Buildings and land 5.7 4.0Machinery and equipment 15.9 12.1Receivables 44.5 52.2Inventory and contract assets 133.2 113.9Total 199.3 182.3For the Swedish entity there are company mortgages of EUR 4.2 million at 31 December 2023 (2022: EUR 4.2 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment.The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to EUR 15.1 million at 31 December 2023 (2022: EUR 8.7 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods.The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled EUR 0.3 million (2022: EUR 0.3 million) and EUR 2.0 million (2022: EUR 1.7 million) respectively for the group.Per 31 December 2023 Kitron ASA has granted the following parent company guarantees:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__82": {
"value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. EUR million 2023 2022Long-term interest bearing debtLeasing 17.0 15.5Other 1) 96.2 103.9Total 113.3 119.4Current interest bearing debtDebt to credit institutions 2) (Note 17) 12.8 13.7Factoring debt 3) 22.1 32.0Leasing 9.5 6.0Other 1) 10.7 9.5Total 55.1 61.3Total interest bearing debt 168.3 180.71) Other long-term and current interest bearing debt consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The group account agreement is regarded to be a unit of account, and is presented net. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2023 of EUR 10,4 million (2022: EUR 9.5 million). Draft split on currency pr 31.12. was (all following numbers are presented in EUR): EUR -13.8 million (-17.5), NOK -20.2 million (-13.1), USD 22,8 million (23.3) and other EUR 0.9 million (2.2 million). Interest is payable at a rate of IBOR and a margin.3) Kitron has per 31 December 2023 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal.Interest is payable at a rate of IBOR and a margin.The loan facilities with the company\u2019s main bank, described in 1) and 2), include covenants relating to factors as the company\u2019s gearing ratio, earnings and loan-to-value ratio.The company complies with these covenants at 31 December 2023.Unrestricted bank deposits and unused credit lines amounted to EUR 61.8 million for the group at 31 December 2023 (EUR 37.2 million at 31 December 2022).Periods to maturity of long-term interest bearing debt:EUR million 2023 2022Between one and two years 20.2 18.1Between two and five years 20.1 34.3Over 5 years 73.0 67.0Total 113.3 119.4Carrying amount and fair value of long-term interest bearing debt: Carrying amount Fair valueEUR million 2023 2022 2023 2022Leasing 17.0 15.5 16.4 14.4Other 96.2 103.9 76.7 88.5Total 113.3 119.4 93.1 102.9Fair value is based on discounted cash flow with a discount rate of 6.0 per cent (2022: 5.0 per cent). The carrying amount of current loans is virtually identical with fair value. The fair value calculations are based on level 3 valuation method. Inputs in assets and liabilities are not based on observable market data.Carrying amount of the group\u2019s interest bearing debt in various currencies:EUR million 2023 2022NOK 75.7 87.5SEK 10.6 7.6EUR 65.7 66.1USD 13.0 14.0CNY 2.7 4.1DKK 0.7 1.4CZK - 0.0MYR 0.7 -INR 0.0 -Total 168.3 180.7Interest bearing debt include EUR 156.9 million (2022: EUR 167.9 million) in secured commitments (bank loans and other secured loans). MortgagesEUR million 2023 2022Debt secured by mortgages 156.9 167.9Carrying amount of the group\u2019s assets provided as security:EUR million 2023 2022Buildings and land 5.7 4.0Machinery and equipment 15.9 12.1Receivables 44.5 52.2Inventory and contract assets 133.2 113.9Total 199.3 182.3For the Swedish entity there are company mortgages of EUR 4.2 million at 31 December 2023 (2022: EUR 4.2 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment.The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to EUR 15.1 million at 31 December 2023 (2022: EUR 8.7 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods.The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled EUR 0.3 million (2022: EUR 0.3 million) and EUR 2.0 million (2022: EUR 1.7 million) respectively for the group.Per 31 December 2023 Kitron ASA has granted the following parent company guarantees:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__81": {
"value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__87": {
"value": "Note 22 - Deferred income taxDeferred income tax is provided in full, using the liability method, 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 also 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 tax is determined using tax rates and laws which have been substantially 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 settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit. Deferred tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary differences is controlled by the group and it is probable that they will not be reversed in the foreseeable future. Deferred tax is recognised net when the group has a legal right to net deferred tax assets against deferred tax in the balance sheet and if the deferred tax is payable to the same tax authority.Deferred tax asset:EUR million 2023 2022Deferred tax asset to be recovered after more than 12 months 6.2 8.7 Deferred tax liability:Deferred tax liability to be recovered after more than 12 months 5.4 6.3 Deferred tax asset (net) 0.8 2.4 Change in carrying amount of deferred tax asset:EUR million 2023 2022Opening balance 2.4 7.0 Currency translation differences (0.1) 0.3 Profit and loss account (1.2) 0.7 Business combinations - (5.6)Other comprehensive income (0.5) (0.2) Equity for the period 0.3 0.2 Closing balance 0.8 2.4 Changes in deferred tax assets and deferred tax (with netting in same tax regime).Deferred tax liabilities:Deferred Customer EUR million Fixed assets Contract assetsTotalcapital gaincontractsAt 1 January 2022 0.7 1.0 0.0 - 1.7 Profit/(loss) for the period (0.4) 0.2 0.0 (0.4) (0.6) Other comprehensive income - - - - - Business combinations 0.3 0.4 - 5.8 6.5 Currency translation differences 0.1 0.0 - 0.2 0.3 At 31 December 2022 0.7 1.6 0.0 5.6 7.9 0.7 1.6 0.0 5.6 7.9 At 1 January 2023Profit/(loss) for the period 0.2 1.5 0.4 (0.2) 1.9 Other comprehensive income - - - - - Currency translation differences 0.0 (0.2) 0.0 (0.3) (0.5) At 31 December 2023 0.9 2.9 0.5 5.0 9.3 Deferred tax asset:Provision and Loss carried EUR millionPension Totalcurrent assetsforwardAt 1 January 2022 0.4 8.2 0.1 8.7 Profit/(loss) for the period 0.1 0.0 0.0 0.0 Business combinations 0.8 - - 0.8 Other comprehensive income - (0.2) 0.0 (0.2) Equity for the period - 0.2 - 0.2 Currency translation differences 0.2 0.4 - 0.6 At 31 December 2022 1.5 8.7 0.1 10.2 At 1 January 2023 1.5 8.7 0.1 10.2 Profit/(loss) for the period 1.2 (0.5) 0.0 0.6 Business combinations - - - - Other comprehensive income - (0.5) 0.0 (0.5) Equity for the period - 0.3 - 0.3 Currency translation differences 0.1 (0.7) 0.0 (0.6) At 31 December 2023 2.7 7.3 0.1 10.1 Deferred tax assets related to tax loss carried forward is recognised in the balance sheet to the extent that it is probable that the group can apply this against future taxable profit. Tax losses carried forward are related to the operations in Norway and USA.Deferred tax assets related to losses carried forward amounted to EUR 2.2 million in Norway (2022: EUR 3.6 million) and EUR 5.1 million in USA (2022: EUR 5.3 million).The group did not recognise deferred tax assets of EUR 2.7 million (2022: EUR 2.2 million) related to tax losses carried forward for the operation in the USA.The business improvements made and the expected development on future sales and profitability warrant deferred tax assets in the balance sheet of Kitron Technologies Inc. Utilization time for State tax losses carried forward is 20 years and infinite for Federal tax losses carried forward. There are no restrictions on the right to carry the tax loss forward in other countries.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__91": {
"value": "Note 24 - Dividends per sharePossible dividend payments to the company\u2019s shareholders are recognised as a liability in the group\u2019s financial statements in the period when the dividend is approved by the general meeting. For 2022 a dividend of NOK 0.50 per share was paid. The Kitron Board of Directors will propose a dividend of NOK 0.75 per share for the financial year 2023 to the Annual General Meeting in April 2024.The dividend will be payable to shareholders registered in Kitron\u2019s shareholder register with the Norwegian Central Securities Depository (Euronext Securities Oslo \u2013 formerly named Euronext VPS) as of expiry of 25 April 2024 (being shareholders as of the date of the Annual General Meeting\u2019s resolution).The total proposed dividend is NOK 148.7 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__90": {
"value": "Note 24 - Dividends per sharePossible dividend payments to the company\u2019s shareholders are recognised as a liability in the group\u2019s financial statements in the period when the dividend is approved by the general meeting. For 2022 a dividend of NOK 0.50 per share was paid. The Kitron Board of Directors will propose a dividend of NOK 0.75 per share for the financial year 2023 to the Annual General Meeting in April 2024.The dividend will be payable to shareholders registered in Kitron\u2019s shareholder register with the Norwegian Central Securities Depository (Euronext Securities Oslo \u2013 formerly named Euronext VPS) as of expiry of 25 April 2024 (being shareholders as of the date of the Annual General Meeting\u2019s resolution).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__92": {
"value": "Note 25 - Cash flow from operationsEUR million 2023 2022Profit/(loss) before tax 64.7 38.6 Depreciation and impairment 17.6 16.0 Change in inventory 6.3 (38.8)Change in contract assets (18.5) (11.6)Change in accounts receivable and other short term receivables 13.8 (34.8)Change in accounts payable and other short term payables (5.0) 57.1 Change in pension funds/obligations (0.0) (0.3)Effect from option costs 0.7 0.8Effect from vesting of options (1.5) (0.7)Change in other items 0.5 1.0 Interest cost - net 8.4 5.7 Foreign exchange losses / (gains) on operating activities (10.0) (3.0)Cash flow from operations 77.1 29.9 Interest bearing debt presented as financing activities in the cash flow statement:EUR million 2023 2022Leasing - long-term 17.0 15.5 Leasing - short-term 9.5 6.0 Total lease liablities 26.5 21.6 Long-term bank loans 96.2 103.9 Short-term bank loans 10.7 9.5Factoring debt 22.1 32.0Debt to credit institutions 12.8 13.7Total borrowings 141.8 159.1EUR million Leases Borrowings Factoring TotalInterest bearing debt as at 31 December 2021 19.8 44.3 35.9 100.0Acqusition of subsidiaries 3.0 (1.1) 1.9Cash flows (5.4) 81.2 (4.1) 71.7Lease liabilities recognised 4.6 - 4.6Foreign exchange adjustments 1.2 4.1 0.2 5.5Other non-cash movements (1.6) (1.4) (3.0)Interest bearing debt as at 31 December 2022 21.6 127.1 32.0 180.7EUR million Leases Borrowings Factoring TotalInterest bearing debt as at 31 December 2022 21.6 127.1 32.0 180.7Cash flows (8.6) (4.4) (8.2) (21.1)Lease liabilities recognised 15.5 - 15.5Foreign exchange adjustments (2.0) (3.0) (1.7) (6.7)Interest bearing debt as at 31 December 2023 26.5 119.7 22.1 168.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__94": {
"value": "Note 26 - LeasesThe group\u2019s leasing activities and how they are accounted forThe group leases various properties, equipment and cars. Rental contracts are typically made for fixed periods of 1 to 12 years but may have extension options as described below. 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, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability 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. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the group\u2019s incremental borrowing rate.\ue878Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-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. Kitron does not have lease agreements with variable lease payments of any significance. Extension and termination options are included in a number of property leases across the group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor. In 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). Amounts recognised in the balance sheetThe balance sheet shows the following amounts relating to leases:EUR million 2023 2022Right-of-use assetsBuildings and land 11.7 12.1Machinery and equipment 15.2 12.1Total 26.9 24.2Lease liabilities*Current 9.5 6.0Non-Current 17.0 15.5Total 26.5 21.6*included in the line items \u201cInterest bearing debt\u201d in the balance sheet. Additions to the right-of-use assets in 2023 were EUR 9.9 million (2022: EUR 2.5 million) (Note 12). Amounts recognised in the consolidated income statement The consolidated income statement shows the following amounts relating to leases: EUR million 2023 2022Depreciation charge of right-of-use assetsBuildings and land 3.2 2.9Machinery and equipment 3.0 2.4Total 6.2 5.4Interest expense 0.9 0.9Expenses relating to short-term leases 0.1 0.1Expenses relating to leases of low-value 0.1 0.1Expenses relating to variable lease payments not included in lease liabilities - - Income from subleasing right of use assets - - Gains or losses arising from sale and leaseback transactions - - The total cash outflow for leases in 2023 was EUR 8.6 million (2022: EUR 5.7 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__93": {
"value": "Note 26 - LeasesThe group\u2019s leasing activities and how they are accounted forThe group leases various properties, equipment and cars. Rental contracts are typically made for fixed periods of 1 to 12 years but may have extension options as described below. 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, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability 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. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the group\u2019s incremental borrowing rate.\ue878Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-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. Kitron does not have lease agreements with variable lease payments of any significance. Extension and termination options are included in a number of property leases across the group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor. In 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).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__96": {
"value": "Note 27 - Related partiesEUR 1000 2023 2022Remuneration of senior executivesPay and other benefits (1) 7 813 6 173Balance items at 31 December resulting from purchase/sale of goods and services Payable to related parties:Senior executives (1) 2 216 1 610Total 2 216 1 610(1) Senior executives comprise the corporate management team at Kitron ASA.Remuneration of senior executives, directors and auditorEUR 1000 2023 2022Directors' fee: 273 299 - chairman 56 60 - board members 217 239Auditors fee 646 592 - statutory audit 619 426 - other attestation services 4 8 - tax related services 12 110 - other services 10 47The company has not given any loans or security for directors or senior executives at 31 December 2023.For more information about remuneration of senior executives, see separate Remuneration Report available at www.kitron.com.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__95": {
"value": "Note 27 - Related partiesEUR 1000 2023 2022Remuneration of senior executivesPay and other benefits (1) 7 813 6 173Balance items at 31 December resulting from purchase/sale of goods and services Payable to related parties:Senior executives (1) 2 216 1 610Total 2 216 1 610(1) Senior executives comprise the corporate management team at Kitron ASA.Remuneration of senior executives, directors and auditorEUR 1000 2023 2022Directors' fee: 273 299 - chairman 56 60 - board members 217 239Auditors fee 646 592 - statutory audit 619 426 - other attestation services 4 8 - tax related services 12 110 - other services 10 47The company has not given any loans or security for directors or senior executives at 31 December 2023.For more information about remuneration of senior executives, see separate Remuneration Report available at www.kitron.com.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__97": {
"value": "Note 28 - Interest in subsidiariesSet out below are the group\u2019s principal subsidiaries at 31 December 2023. Unless otherwise stated, the subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the group and the proportion of ownership interests held equals to the voting rights held by group. The country of incorporation or registration is also their place of principal place of business.Company name Country of incorporation Shareholding Voting share Principal activities Kitron AS Arendal, Norway 100% 100% EMS manufacturingKitron AB J\u00f6nk\u00f6ping, Sweden 100% 100% EMS manufacturingKitron Hong Kong Ltd Hong Kong 100% 100% Trading, sourcingKitron GmbH N\u00fcrtingen, Germany 100% 100% Sales Kitron Holding USA Inc Delaware, USA 100% 100% ShareholdingUAB Kitron Real Estate Kaunas, Lithuania 100% 100% Property UAB Kitron Kaunas, Lithuania 100% 100% EMS manufacturingKitron sp. z o.o Grudziadz, Poland 100% 100% EMS ManufacturingKitron A/S Horsens, Denmark 100% 100% EMS manufacturingKitron Holding A/S Denmark Horsens, Denmark 100% 100% ShareholdingKitron Electronics Manufacturing Senai, Malaysia 100% 100% EMS manufacturingSdn. Bhd.The Kitron Hong Kong Ltd subsidiary owns shares in the following subsidiaries:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Electronics Manufacturing Ningbo China 100% 100% EMS manufacturing(Ningbo) CO., Ltd.Kitron Electromechanical (Ningbo) Ningbo China 100% 100% PurchasingCO. LtdThe Kitron Holding USA Inc subsidiary owns shares in the following subsidiaries:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Technologies Inc Delaware, USA 100% 100% EMS manufacturingKitron Systems Inc Delaware, USA 100% 100% DormantThe Kitron A/S subsidiary in Denmark owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Electronics Manufacturing Suzhou, China 100% 100% EMS manufacturing(Suzhou) Co. LtdKitron Holding Czech a.s Lanskroun, Czech 100% 100% ShareholdingKitron India ApS Horsens, Denmark 100% 100% ShareholdingEMS manufacturing TCBB India Private Limited Chennai, India 100% 100%under establishmentKitron Electronics Manufacturing (Suzhou) Co. Ltd owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Electromechanical (Suzhou) Suzhou, China 100% 100% TradingCo. Ltd. Kitron Holding Czech a.s owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Czech a.s. Lanskroun, Czech 100% 100% EMS manufacturing",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__100": {
"value": "Note 29 - Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are reducing cost price of the related assets. The group has received grants in 2023 of EUR 0.3 million (2022: 0.4). EUR 0.05 million was (2022: 0.2) for employee training, EUR 0.1 million for wage refund and EUR 0.15 million (2022: 0.3) was for business reward and different subsidies.The amount has reduced payroll expenses and other operating expenses correspondingly.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__99": {
"value": "Note 29 - Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are reducing cost price of the related assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__101": {
"value": "Note 30 - Change in presentation currencyKitron is from 1 January 2023 presenting its consolidated financial statements in EUR. The change in presentation currency from NOK to EUR is due to Kitron\u2019s activities now being primarily outside of Norway and transactions, revenue and costs increasingly being denominated in EUR. The change in presentation currency has been treated as a change in accounting policy in accordance with IAS 8. Balance sheet items including opening balance at 1 January 2022 are converted by using currency rate at balance sheet date. For profit and loss statements currency conversion is based on weighted average currency rates for the reporting period. Currency rates used in conversion is as follows:31.12.2022 01.01.2022 01.01.2022-31.12.2022EUR/NOK 10.51 9.99 10.11Weighted average currency rate (EUR/NOK) for the period 01.01.2023 - 31.12.2023 is 11.44. Currency rate (EUR/NOK) at 31.12.2023 is 11.24.Converted financial statements from implementation are disclosed below and are also available at www.kitron.com. Consolidated profit and loss statement EUR million NOK millionFull year 2022 Full year 2022RevenueRevenues 641.0 6 486.7 Operating costsCost of materials 439.4 4 445.3 Payroll expenses 108.0 1 092.5 Depreciation and impairments 16.0 161.4 Other operational expenses 32.7 330.9 Total operating cost 596.0 6 030.2 Other gains / (losses) 0.2 3.0 Operating profit/(loss) 45.2 459.6 Financial income and expensesFinance income 1.7 17.4 Finance expenses (8.4) (84.8)Net financial items (6.6) (67.4)Profit (loss) before tax 38.6 392.2 Tax 10.3 105.1 Profit (loss) for the period 28.3 287.1 Consolidated balance sheet EUR million NOK million31.12.2022 01.01.2022 31.12.2022 01.01.2022ASSETSGoodwill 45.0 3.7 472.9 36.9 Other intangible assets 30.3 4.5 318.5 44.9 Property, plant and equipment 34.2 21.3 359.9 212.9 Right-of-use assets 24.2 24.0 254.6 239.5 Deferred tax assets 8.7 7.4 91.7 74.0 Other receivables 1.0 1.0 10.4 10.3 Total non-current assets 143.5 61.9 1 507.9 618.6 Inventory 172.7 88.1 1 815.5 880.3 Accounts receivable 143.5 86.5 1 508.2 864.6 Contract assets 59.4 40.1 624.6 400.6 Other receivables 13.9 11.7 145.8 117.3 Cash and cash equivalents 25.9 42.8 272.7 428.0 Total current assets 415.5 269.4 4 366.7 2 690.8 Total assets 559.0 331.3 5 874.7 3 309.4 LIABILITIES AND EQUITYEquity 143.3 122.9 1 506.5 1 228.0 Total equity 143.3 122.9 1 506.5 1 228.0 Deferred tax liabilities 6.3 0.4 66.4 4.2 Interest bearing debt 119.4 20.6 1 255.2 206.2 Pension commitments 0.5 0.6 5.3 5.6 Other liabilities 1.2 0.4 12.1 4.2 Total non-current liabilities 127.4 22.0 1 339.0 220.2 Accounts payable 192.1 91.9 2 018.6 917.8 Other payables 28.6 13.1 301.1 131.1 Tax payable 6.2 1.9 65.4 19.1 Interest bearing debt 61.3 79.4 644.1 793.2 Total current liabilities 288.2 186.3 3 029.1 1 861.1 Total liabilities and equity 559.0 331.3 5 874.7 3 309.4 Condensed cash flow statement EUR million NOK millionFull year 2022 Full year 2022Profit before tax 38.6 392.2 Depreciations 16.0 161.4 Change in inventory, accounts receivable, contract assets and accounts payable (32.1) (399.9)Change in net other current assets and other operating related items (4.4) 29.0 Net cash flow from operating activities *) 18.1 182.8 Net cash flow from investing activities (96.4) (960.5)Net cash flow from financing activities *) 60.2 620.2 Change in cash and cash equivalents (18.1) (157.4)Cash and cash equivalents opening balance 42.8 428.0 Currency conversion of cash and cash equivalents 1.2 2.1 Cash and cash equivalents closing balance 25.9 272.7 *) Change in factoring debt is reclassified from net cash flow from operating activities to net cash flow from financing activities.Consolidated statement of comprehensive income EUR million NOK millionFull year 2022 Full year 2022Profit (loss) for the period 28.3 287.1 Actuarial gain / losses pensions (0.0) (0.2)Gain / losses forward contract 0.6 5.8 Exchange differences on translation 3.4 34.4 Total comprehensive income for the period 32.2 327.3 Allocated to shareholders 32.2 327.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__105": {
"value": "Note 31 - HedgingHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/ (losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold. Kitron ASA acquired BB Electronics (from 2023: Kitron A/S) with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of DKK 448.9 million in intangible assets and goodwill net after tax. Part of the acquisition was financed by a EUR 52.1 million term loan in bank (converted from NOK at 30 March 2022).Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in Kitron A/S and the EUR loan. The total net assets of Kitron A/S and the net excess values in intangible assets and goodwill constitute the hedged objects and the EUR loan constitutes the hedging instrument.The nature of the risk being hedgedThe hedged items and the hedging instrument will be translated using the \u201cindirect method\u201d, that is translation to NOK and further to EUR at balance sheet date. Currency translation effects will be created due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__104": {
"value": "Note 31 - HedgingHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/ (losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold. Kitron ASA acquired BB Electronics (from 2023: Kitron A/S) with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of DKK 448.9 million in intangible assets and goodwill net after tax. Part of the acquisition was financed by a EUR 52.1 million term loan in bank (converted from NOK at 30 March 2022).Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in Kitron A/S and the EUR loan. The total net assets of Kitron A/S and the net excess values in intangible assets and goodwill constitute the hedged objects and the EUR loan constitutes the hedging instrument.The nature of the risk being hedgedThe hedged items and the hedging instrument will be translated using the \u201cindirect method\u201d, that is translation to NOK and further to EUR at balance sheet date. Currency translation effects will be created due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets. See quantitative information in the tables below:Hedging instrument Currency 2023 2022 Balance sheet itemCarrying amount (31 December)Interest bearing debt - Bank loan (5-year term loan) EUR million 33.9 44.3(Current/Non-current)DKK eqvivalent 252.2 330.2Change in carrying amount of bank loan NOK million 26.0 44.8Hedging objects Currency 2023 2022 Balance sheet itemCarrying amount (31 December) - Net equity Kitron A/S DKK million 343.0 316.8 Equity - Goodwill DKK million 309.1 309.1 Goodwill - Customer contracts DKK million 170.2 183.4 Intangible assets - Deferred tax DKK million (37.4) (40.4) Deferred tax liabilitiesTotal 784.9 769.0Change in value of hedged objects NOK million 57.7 45.6Net effect presented in Other Comprehensive Income EUR million 2.8 0.1Hedge ratio (31 December) 3.3 2.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__103": {
"value": "Note 31 - HedgingHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/ (losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold. Kitron ASA acquired BB Electronics (from 2023: Kitron A/S) with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of DKK 448.9 million in intangible assets and goodwill net after tax. Part of the acquisition was financed by a EUR 52.1 million term loan in bank (converted from NOK at 30 March 2022).Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in Kitron A/S and the EUR loan. The total net assets of Kitron A/S and the net excess values in intangible assets and goodwill constitute the hedged objects and the EUR loan constitutes the hedging instrument.The nature of the risk being hedgedThe hedged items and the hedging instrument will be translated using the \u201cindirect method\u201d, that is translation to NOK and further to EUR at balance sheet date. Currency translation effects will be created due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__106": {
"value": "Note 32 - Subsequent eventsThere have been no events to date in 2024 that significantly affect the result for 2023 or valuation of the company\u2019s assets and liabilities at the balance sheet date. HEAD OFFICEKitron ASA PO Box 97, NO-1375 Billingstad, NorwayVisiting address:Olav Brunborgs vei 4 1396 BillingstadTel: +47 66 10 00 00",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__110": {
"value": "PO Box 97, NO-1375 Billingstad, Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__109": {
"value": "Olav Brunborgs vei 4 1396 Billingstad",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXIG6009",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}