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"scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-363": { "value": "196300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "kemira:ReserveForInvestedUnrestrictedEquityMember", "unit": "iso4217:EUR" } }, "f-364": { "value": "-36000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-365": { "value": "-13400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-366": { "value": "764500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-367": { "value": "1669900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-368": { "value": "14700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-369": { "value": "1684600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:74370031Y7RK5H88CQ48", "period": 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The group's material accounting policies for the consolidated financial statements
GROUP PROFILE
Kemira Oyj is a Finnish public limited liability company,
domiciled in Helsinki, and its registered address is
Energiakatu 4, FI-00180 Helsinki, Finland. Kem ira Oyj's shares
are listed on Nasdaq Helsinki Oy. The parent company Kemira
Oyj and its subsidiaries together form the Kemira Group. A list
of subsidiaries is disclosed in Note 6.2.
Kemira is a global chemicals company serving customers in
water-intensive industries. The company provides expertise
in applications and chemicals that improve customers'
efficient use of water, energy, and raw materials. Kemira\u2019s
two segments, Pulp & Paper and Industry & Water, focus on
customers in the pulp & paper and oil & gas, mining and
water treatment industries, respectively.
The Board of Directors of Kemira Oyj has approved the
Consolidated Financial Statements for publication at its
meeting on February 8, 2024. Under the Finnish Limited
Liability Companies Act, the General Meeting of Shareholders
is entitled to decide on the adoption of the financial
statements. A copy of the Consolidated Financial Statements
is available at www.kemira.com or at Energiakatu 4, FI-00180
Helsinki, Finland.
In compliance with the reporting requirements of the
European Single Electronic Format (ESEF),\u00a0 Kemira also
publishes the Consolidated Financial Statements and the
Board of Directors' report as an xHTML file, which is available
at www.kemira.com
BASIS OF PREPARATION FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The Group has prepared its Consolidated Financial
Statements in accordance with the International Financial
Reporting Standards (IFRS) and International Financial
Reporting Interpretations Committee (IFRIC) interpretations,
adopted by the European Union. The Consolidated Financial
Statements have been prepared in accordance with IFRS
standards and IFRIC Interpretations effective on December
31, 2023. The Notes to the Consolidated Financial Statements
also comply with the requirements of the Finnish accounting
and corporate legislation that supplement the IFRS
regulations.
The Consolidated Financial Statements are presented in EUR
million and have been prepared based on historical cost,
except for the items measured at fair value through other
comprehensive income including unlisted PVO/TVO shares,
financial assets and liabilities at fair value through profit or
loss, and share-based payments which are measured at fair
value.
Individual figures presented in the Consolidated Financial
Statements have been rounded to the nearest exact figure.
Therefore, the sum of the individual figures may deviate from
the sum figure presented in the Consolidated Financial
Statements. The key figures are calculated using exact
values.
NEW, AMENDED IFRS STANDARDS AND
IFRIC INTERPRETATIONS INTO EFFECT IN
2023
The Group has applied the following standards and
amendments for the first time to its annual reporting period
commencing January 1, 2023:
\u2022 Amendments to the standard IAS 12, Income taxes:
Deferred taxes related to assets and liabilities arising from
a single transaction. As a result of the amendments,
deferred taxes have also been recognized in connection
with initial recognition of the leases for new lease
contracts ( Note 4.4. Deferred tax liabilities and assets).
\u2022 Amendments to the standard IAS 1, Presentation of
financial statements: Disclosure of accounting policies.
The amendment clarifies in which situations the
accounting policy is material and it must be disclosed. The
amendment did not have any significant impact on the
Consolidated Financial Statements.
\u2022 Amendments to the standard IAS 8, Accounting policies,
changes and errors in accounting estimates: Definition of
accounting estimates. The amendment clarifies the
definition and application of the accounting estimates.
The amendments did not have any significant impact on
the Consolidated Financial Statements.
\u2022 Amendments to IAS 12 Income taxes: International Tax
Reform \u2013 Pillar Two Model Rules. Pillar Two Model Rules
will come into effect in Finland by 1 January 2024 with a
legislation implementing a Council Directive ensuring a
global minimum level of taxation for multinational
enterprise groups and large-scale domestic groups (Pillar
Two). The amendment to IAS 12 requires to disclose that
the exception on recognizing and disclosing information
about deferred tax assets and liabilities that are related to
the Pillar Two income taxes has been applied. Kemira has
applied the exception provided in IAS12, and it has not
recognized or disclosed information on deferred tax
assets or liabilities related to Pillar Two income taxes. It is
not expected that Pillar Two has an impact on the amount
of the Group's income taxes.
NEW, AMENDED IFRS STANDARDS AND
IFRIC INTERPRETATIONS NOT YET
ADOPTED
\u2022 Amendments to the standard IAS 1, Classification of
liabilities into current and non-current. The amendments
clarify how to classify debts as current or non-current
when the entity has the right to postpone the payment of
the debt for at least 12 months.
\u2022 Amendments to IFRS 16 Leases: Lease Liability in Sale and
Leaseback. The amendment requires a seller-lessee to
subsequently measure lease liabilities arising from a
leaseback in a way that it does not recognize any amount
of the gain or loss that relates to the right of use it retains.
The new requirements do not prevent a seller-lessee from
recognizing in profit or loss any gain or loss relating to the
partial or full termination of a lease.
\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7
Financial Instruments: Disclosures: Supplier Finance
Arrangements. The amendment provides additional
disclosures about supplier finance arrangements that
enables investors to assess the effects on a company's
liabilities, cash flow, and exposure to liquidity risk.
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign
Exchange Rates: Lack of Exchangeability. The amendment
provides guidance for identifying a situation where a
currency cannot be considered freely exchangeable and
guides in these situations to take this into account in the
exchange rate used in reporting and provide additional
information on the matter.
New IFRS standards, amendments to standards and IFRIC
interpretations effective on or after January 1, 2024 are not
expected to have a material impact on the Group.
CONSOLIDATION PRINCIPLES OF
SUBSIDIARIES AND NON-CONTROLLING
INTERESTS
The Consolidated Financial Statements include the parent
company Kemira Oyj and its subsidiaries. Subsidiaries are all
entities that the Group has control over (voting rights
generally being over 50 percent). The Group controls an
entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity, and when it 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 de-
consolidated from the date on which this control ceases.
All intra-group transactions are eliminated when preparing
the Consolidated Financial Statements. Intra-group
shareholdings are eliminated using the acquisition method.
The consideration transferred for acquisition of a subsidiary
is defined as an aggregate of the fair values of the assets
transferred, the liabilities assumed, and the equity interest
issued by the Group. The consideration transferred may
include the fair value of any asset or liability resulting from
the contingent consideration arrangement. Acquisition-
related costs are expensed as incurred. Identifiable assets
acquired, and liabilities and contingent liabilities that are
assumed in a business combination are measured at their fair
values on the acquisition date. On an acquisition-by-
acquisition basis, the Group recognizes any non-controlling
interest in the acquiree either at fair value or at the non-
controlling interest\u2019s proportionate share of the acquiree\u2019s
net assets.
The amount that exceeds the aggregate of consideration
transferred, the amount of any non-controlling interest in the
acquiree and the acquisition-date fair value of any previous
equity interest in the acquiree over the fair value of the
Group\u2019s share of the net assets acquired is recognized as
goodwill in the Balance Sheet. If this is less than the fair value
of the net assets of the subsidiary acquired by bargain
purchase, the difference is recognized directly in the Income
Statement.
Net profit or loss for the financial year and other
comprehensive income attributable to the equity holders of
the parent and non-controlling interests are presented in the
Income Statement and in the Statement of Comprehensive
Income. The portion of equity attributable to non-controlling
interests is stated as an individual item separately from the
equity to the equity holders of the parent company. Total
comprehensive income shows separately the total amounts
attributable to the equity holders of the parent company and
to non-controlling interests. The Group recognizes negative
non-controlling interests, unless the non-controlling interest
does not have a binding obligation to cover the losses up to
the amount of their investment.
If the parent company\u2019s ownership interest in the subsidiary
is reduced but control is retained, then the transactions are
treated as equity transactions. When the Group ceases to
have control or significant influence, any retained interest in
the entity is remeasured at its fair value, and the difference is
recognized as profit or loss.
ASSOCIATES
Associated companies are companies over which the Group
exercises significant influence (voting rights generally being
20\u201350 percent), but does not control. Holdings in associated
companies are consolidated using the equity method. If the
Group\u2019s share of the associate\u2019s losses exceeds the carrying
amount of the investment, the exceeding losses will not be
consolidated unless the Group has a commitment to fulfill
the obligations on behalf of the associate. The Group\u2019s share
of the associated companies\u2019 net profit for the financial year
is stated as a separate item in the consolidated Income
Statement in operating profit, in proportion to the Group\u2019s
holdings. The Group\u2019s share of the movements of its
associates in other comprehensive income is recognized in
the Group\u2019s other comprehensive income.
FOREIGN CURRENCY TRANSLATION
The Consolidated Financial Statements are presented in
euros, which is the Group\u2019s presentation currency and the
parent company\u2019s functional and presentation currency.
Items included in the financial statements of each of the
Group\u2019s entities are measured by using the currency of the
primary economic environment in which the entity operates
(the functional currency).
If the functional currency of the subsidiary is other than the
euro, its Income Statement is translated into euros using the
financial year\u2019s average foreign currency exchange rates, and
the balance sheets are translated using the exchange rates
quoted on the balance sheet date. Translating the net profit
for the period using different exchange rates in the Income
Statement and in the balance sheet causes a translation
difference recognized as equity on the Balance Sheet. The
change in this translation difference is presented under
Other Comprehensive Income. Goodwill and fair value
adjustments to the carrying amounts of the assets and
liabilities that arise from the acquisition of a foreign entity are
accounted for as part of the assets and liabilities of the
foreign entity, and are translated into euros at the rate
quoted on the balance sheet date.\u00a0
Translation differences in the loans granted to some foreign
subsidiaries are treated as an increase or decrease in other
comprehensive income. When the Group ceases to have
control over a subsidiary, the accumulated translation
difference is transferred into the Income Statement as part
of the gain or loss on the sale.
In their day-to-day accounting, the Group companies
translate foreign currency transactions into their functional
currency at the exchange rates quoted on the transaction
date. In the Financial Statements, foreign currency
denominated receivables and liabilities are measured at the
exchange rates quoted on the balance sheet date. Non-
monetary items are measured using the rates quoted on the
transaction date. Any foreign exchange gains and losses
related to business operations are treated as adjustments to
sales and purchases. Exchange rate differences associated
with financing transactions and the hedging of the Group\u2019s
overall foreign currency position are stated in foreign
exchange gains or losses under finance income and
expenses.
THE ITEMS IN THE FINANCIAL STATEMENTS
THAT INCLUDE ACCOUNTING ESTIMATES
AND ACCOUNTING POLICIES THAT REQUIRE
JUDGMENT BY THE MANAGEMENT
When preparing Consolidated Financial Statements in
accordance with IFRS, the management is required to make
accounting estimates and assumptions concerning the
future. The resulting accounting estimate will seldom be
equal to the actual results. In addition, management is
required to exercise judgment when applying the accounting
policies.
Estimates and assumptions are continuously evaluated, and
are based on past experience and expectations of future
events that may have financial implications and are
considered to be reasonable under the circumstances.
The following table lists items in the financial statements
that include significant accounting estimates and includes
the notes related to them. Also included are the accounting
policies and the sensitivity analysis applied to the items. The
items that include accounting estimates are subject to a risk
of changes in the carrying amount of assets and liabilities
during the next financial period.
The items in the Financial
Statements
Note in the Financial
Statements
Goodwill
3.1. Goodwill
Fair value of shares in the PVO
Group
3.5. Other shares
Deferred taxes and uncertain
tax positions
2.6. Income taxes and\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
4.4. Deferred tax liabilities and
assets
Defined benefit pension plans
4.5. Defined benefit pension
plans and employee benefits
Provisions
4.6. Provisions
EFFECTS OF THE UKRAINE WAR ON THE
FINANCIAL STATEMENTS
Following the war in Ukraine, Kemira exited Russia in May
2022. At the end of December 2023, Kemira's net assets in
Russia amounted to around EUR 5 million and consisted
mainly of cash and cash equivalents denominated in Russian
roubles. Kemira is working to repatriate funds from Russia.
EFFECTS OF CLIMATE-RELATED MATTERS
IN FINANCIAL STATEMENTS
Sustainability is a key driver of Kemira's profitable growth
strategy. Sustainability at Kemira focuses on five topics:
safety, people, circularity, water, and climate. Kemira's
ambition is to be carbon neutral by 2045.
Climate-related matters have an impact in several areas of
Kemira's Consolidated Financial Statements. As a chemicals
company operating in an energy-intensive industry, Kemira
has two Power Purchase Agreements in wind power and an
ownership in Pohjolan Voima Oyj and Teollisuuden Voima Oyj
(Note 3.5 Other Shares) producing CO2-free electricity with
nuclear and hydro power plants in Finland. CO2-emissions
and energy efficiency matters are considered in capital
investments, thus also affecting non-current\u00a0 assets (Note
3.3 Property, Plant and Equipment) as well as future cash
flow forecasts used in goodwill impairment testing (Note 3.1
Goodwill). Kemira has a partnership with Danimer Scientific
Inc. to develop fully biobased barrier coatings for paper and
board products, generating intangible assets (Note 3.2 Other
Intangible Assets).
In addition, Kemira has an undrawn revolving credit facility of
EUR 400 million with sustainability targets (Note 5.5
Management of Financial Risk). Kemira's long-term incentive
programs for years 2023-2025 and 2024-2026 also include
climate-related targets in the KPIs measured.
The Group's accounting policies
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Segment reporting
Segment information is presented in a manner consistent with the Group\u2019s internal
organizational and reporting structure. Kemira's management evaluates the performance of
the segments based on operative EBITDA and operative EBIT, among other factors. Assets
and liabilities dedicated to a particular segment\u2019s operations are included in that segment\u2019s
total assets and liabilities. Segment assets include property, plant and equipment, intangible
assets, right-of-use assets, investments in associates, inventories, and certain current non-
interest-bearing receivables. Segment liabilities include certain current non-interest-bearing
liabilities. Geographically, Kemira\u2019s operations are divided into three business regions:
Europe, the Middle East and Africa (EMEA), the Americas and the Asia Pacific (APAC).
Revenue recognition
IFRS 15 standard establishes a single comprehensive model for entities to use in accounting
for revenue arising from contracts with customers. The core principle is that an entity should
recognize revenue to depict the transfer of promised goods or services to customers to an
amount that reflects the consideration to which the Group expects to be entitled in
exchange for those goods or services. The Group recognizes revenue when (or as) a
performance obligation is satisfied, i.e. when \u2018control\u2019 of the good or service underlying the
particular performance obligation is transferred to the customer.
The Group's revenue consists mainly of contract types that include sales of chemical
products as well as services and equipment which are related to sales of these chemical
products. In 2023 and 2022, services have not formed a significant part of the Group's
revenue.
Revenue recognition occurs at the point when the control of the products is transferred to
the customer. Generally, in the Group's sales agreements, control is transferred to the
customer based on delivery terms and the revenue is recognized at a point in time.
The Group provides delivery and handling services in conjunction with the sale of chemical
products to customers. The delivery and handling services are recognized at the same time
as revenue from products and are not treated as a separate performance obligation. Kemira
recognizes the sale of products and the delivery and handling services for the same
reporting period.
Discounts provided to customers are not a significant component of the sales price in
Kemira\u2019s sales contracts.
The Group's accounting policies
\"icons-01.svg\"
Government grants
Government grants for investments are recognized as a deduction from the carrying amount
of PP&E. The grants are recognized in the income statement as smaller depreciation over
the asset\u2019s useful life. Government grants for research activities are recognized as a
deduction from expenses. Certain other grants are recognized either as a deduction from
expenses or as other income from operations.
Research and developments costs
Research and development costs are recognized as an expense as incurred. Development
costs are capitalized as intangible assets when it can be shown that a development project
will generate a probable future economic benefit, and the costs attributable to the
development project can reliably be measured. Capitalized development costs include
material, labor, and testing costs, as well as any capitalized borrowing costs that are directly
attributable to bringing the asset ready for its intended use. Other development costs that
do not meet these criteria are recognized as an expense as incurred. Development costs
previously recognized as an expense are not recognized as an asset in the subsequent
periods.
\u2002The Group's accounting policies
\"icons-01.svg\"
Share-based payments
The Group has equity-settled share-based incentive plans under which the Group receives
services from persons as consideration for the share-based rewards. The potential rewards
for these services are provided to the person partly in shares and partly in cash. The Group's
share incentive plan includes persons in several different countries where the Group is
obliged under local tax laws or regulations to pay the tax liability to the tax authorities on
behalf of a person in cash. The Group's share-based incentive plans have been entirely
classified as an equity-settled transaction.
The rewards granted on the basis of a share-based arrangement are recognized as
personnel expenses in the income statement and in equity. The expense is recognized on a
straight-line basis over the vesting period, which is the period over which the specified
vesting conditions are to be satisfied.
The fair value of the share awards has been determined at the grant date minus the
estimated expected dividends that will not be received during the vesting period. The fair
value of the rewards is based on the Group's estimate of the number of shares to which the
right is expected to be vested at the end of the vesting period. An estimate of the number of
shares is reviewed at each balance sheet date. The potential effect of revisions to estimates
is recognized as a personnel expense in the income statement, with the corresponding fair
value adjustment made to equity.
The Group's accounting policies
\"icons-01.svg\"
Depreciation/amortization
Depreciation/amortization is calculated on a straight-line basis over the asset\u2019s estimated
useful life. Land is not depreciated. The most commonly applied depreciation/amortization
periods according to the Group\u2019s accounting policies are presented in the following table.
Depreciation of property, plant and equipment and amortization of intangible assets in years
Buildings and constructions
20-40
Machinery and equipment
3-15
Development costs
a maximum of 8 years
Customer relationships
5-7
Technologies
5-10
Non-compete agreements
3-5
Other intangible assets
5-10
Right-of-use assets
during a lease term
Depreciation/amortization of an asset begins when it is available for use and it ceases at the
moment when the asset is classified under IFRS 5 as held for sale, or is included in the
disposal group.
\u2002The Group's accounting policies
\"icons-01.svg\"
Income taxes
The Group\u2019s tax expense for the period comprises current tax, adjustments from prior tax
periods and deferred tax. Tax is recognized in the income statement, except where it relates
to items recognized in other comprehensive income or directly in equity. In this case, the tax
is also recognized in other comprehensive income or directly in equity.
The current income tax charge is calculated based on tax laws enacted or substantively
enacted on the balance sheet date in the countries where the parent company and its
subsidiaries and associated companies operate and generate taxable income.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Deferred taxes and uncertain tax positions
The management regularly evaluates the positions taken in the tax returns to identify
situations where the applicable tax regulation may be subject to interpretation. The
management evaluates also other potential uncertainties related to the tax positions
identified in the tax audits or tax disputes. Taxes of uncertain tax positions are recognized
based on estimated outcome and probability.
The Group's accounting policies
\"icons-01.svg\"
Earnings per share
The basic earnings per share are calculated by dividing the profit attributable to the equity
owners of the parent company by the weighted average number of shares issued during the
period excluding treasury shares held by parent company Kemira Oyj. The diluted earnings
per share are calculated by adjusting the weighted average number of ordinary shares with
the dilutive effect of all the potential dilutive shares, such as shares from share-based
payments.
The Group's accounting policies
\"icons-01.svg\"
Goodwill
Goodwill arises from business combinations. Goodwill represents the excess of the
consideration transferred, the amount of any non-controlling interest in the acquiree and
the acquisition-date fair value of any previous equity interest in the acquiree over the fair
value of the identifiable net assets acquired. Goodwill is measured at cost less the
accumulated impairment losses.
Impairment testing
On each balance sheet date, the Group assesses whether there is any indication of an
asset\u2019s impairment. If any indication of impairment exists, the recoverable amount of the
asset or the cash-generating unit is calculated on the basis of the value in use or the net
selling price.
For the purpose of impairment testing goodwill, a cash-generating unit has been defined as
an operating segment. Two or more operating segments are not combined into one
reportable segment. The recoverable amount of a reportable segment is defined as its value
in use, which consists of the discounted future cash flows to the unit. Estimates of future
cash flows are based on the continuing use of an asset and forecasts by the management.
Cash flow estimates do not include the effects of improved asset performance, investments,
or future reorganizations.
Goodwill impairment is tested by comparing the recoverable amount with the carrying
amount for the reportable segments Pulp & Paper and Industry & Water. The carrying
amount includes goodwill, intangible assets and PP&E, right-of-use assets, and working
capital. The Group does not have intangible assets with indefinite useful lives other than
goodwill. All goodwill has been allocated to the reportable segments.
An impairment loss is recognized whenever the carrying amount of an asset or a cash-
generating unit exceeds its recoverable amount. An impairment loss is recognized in the
income statement. If there has been a positive change in the estimates used to determine
an asset's recoverable amount since the last impairment loss was recognized, an
impairment loss recognized for previous years is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined if
no impairment loss had been recognized for the previous years. An impairment loss for
goodwill is never reversed.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Impairment test of goodwill
The impairment tests of goodwill and other assets include determining future cash flows
which, with regard to the most significant assumptions, are based on EBITDA margin and
discount rates. Significant adverse developments in cash flows and interest rates may
necessitate the recognition of an impairment loss.
The Group's accounting policies
\"icons-01.svg\"
Other intangible assets
Other intangible assets include, for instance, software and software licenses and patents,
technologies, non-compete agreements and customer relationships acquired in business
combinations. On the contrary, cloud-based software as service acquisitions generally do
not, by their nature, meet the characteristics of an intangible asset and are therefore
recognized as an expense. Intangible assets are measured at cost less accumulated
amortization and any impairment losses. The Group has no intangible assets that have an
indefinite useful life other than goodwill.
Emission rights
Emission rights purchased on the market are accounted for as intangible assets measured
at cost. Emission rights received free of charge are measured at their nominal value (zero).
Emission rights are not amortized. A provision for the fulfillment of the obligation to return
emission rights are recognized if the free-of-charge emissions are not sufficient to cover
actual emissions. The Group\u2019s consolidated balance sheet shows no items related to
emission rights when the volume of actual emissions is lower than that of the free-of-charge
emissions allowances and the Group has not bought allowances on the market.
The Group's accounting policies
\"icons-01.svg\"
Property, plant and equipment
Property, plant and equipment are measured at cost less accumulated depreciation and any
impairment losses. The residual values and useful lives of the assets are reviewed at least at
the end of each financial year. Gains and losses on the sale of non-current assets are
included in other operating income and expenses. Borrowing costs directly attributable to
the acquisition or construction of a qualifying asset are capitalized as part of the cost of
the asset in question when it is probable that they will generate future economic benefits
and the costs can be reliably measured. The costs of major inspections or the overhaul of an
asset performed at regular intervals and identified as separate components are capitalized
and depreciated over their useful lives.
The Group's accounting policies
\"icons-01.svg\"
Leases
At the time of entering into an agreement, the Group assesses whether it is a lease or
whether it contains a lease. An agreement is a lease in accordance with IFRS 16 if the
agreement gives the Group, as lessee, the right to control the asset and control its use for a
specified period, against consideration. The Group's leases are mainly for land, buildings,
and transport equipment.
The lease is recognized as a right-of-use asset and a corresponding liability when the leased
asset is available to the Group. The rent paid is divided into debt and interest expenses.
Interest expenses are recognized in the income statement over the lease term and the asset
is amortized over the lease term. Assets and liabilities arising from leases are initially
measured at present value. Lease liabilities include the net fair value of rentals, consisting of
a fixed payment and a variable rent that are index- or price-level dependent. The lease
liability is discounted to its present value using an interest rate on the additional loan,
consisting of the reference interest rate and the lessee's credit margin, which the lessee
would pay on the acquisition of the corresponding asset by debt financing. This additional
loan rate will vary depending on the duration of the lease and the currency.
The lease term is the period during which the lease cannot be canceled. The Group leases
typically have a fixed term, and some contracts have options for renewal. The option is
included in the lease liability if it is reasonably certain that the option will be exercised. If
there is a change in the estimate of the exercise of the option, the lease liability and the
related asset are reassessed.
A right-of-use asset is measured at cost, which includes the original amount of the lease
liability. In building leases, lease and non-lease components are treated separately wherever
they can be identified and distinguished from the right-of-use asset. In subsequent periods,
the accumulated depreciation and impairment losses are deducted from the asset. Fixed
assets are tested for impairment in accordance with IAS 36 Impairment of Assets.
Payments for short-term and low-value leases are recognized as an expense in the income
statement on a straight-line basis over the lease term. Leases with a maximum term of 12
months are regarded as short-term. Low value assets include IT equipment, office furniture
and other low value machines.
The Group's accounting policies
\"icons-01.svg\"
Other shares
Other shares are classified at fair value through other comprehensive income. Changes in
the fair value of other shares are recognized in other comprehensive income under equity in
the fair value reserve taking the tax effect into account and including gains and losses from
sales. The dividends are recognized in the profit or loss statement. Other shares include
non-listed companies, the shareholdings in Pohjolan Voima Oyj (PVO) and Teollisuuden
Voima Oyj (TVO) representing the largest investments.
PVO and its joint venture TVO comprise a private energy generating group owned by Finnish
manufacturing and power companies, to which it supplies energy at cost. Kemira Group has
A series shares in TVO and A, B, C, G, and M series shares in PVO. The shareholdings of PVO's
B series are related to the holdings in TVO and TVO operates three nuclear power plant units
(Olkiluoto 1, 2 and 3) in Olkiluoto in the municipality of Eurajoki in Finland. Different share
series entitle the shareholder to electricity generated by different power plants. The owners
of each share series are responsible for the fixed costs of the series in question in
proportion to the number of the shares they hold, regardless of whether they use their
power/energy share or not, and for variable costs in proportion to the amount of energy
used.
Kemira Oyj\u2019s ownership in the PVO Group, which entitles it to electricity from the power
plants in regular production is measured at the fair value based on the discounted cash flow
resulting from the difference between the market price of the electricity and the cost price.
The forward electricity price quotations for the Finnish price area published by the Nordic
Electricity Exchange have been used as the basis for the market price for the electricity for
the first five years, and after this, the development of the electricity price is based on a
fundamental simulation model of the Nordic electricity market. The impact of inflation in the
coming years is taken into account in the price of the electricity and the cost prices. The
cost prices are determined by each share series. Future cash flows have been discounted
based on the estimated useful lifecycles of the plants related to each share series, and
hydro power also includes terminal value. The discount rate has been calculated using the
annually determined average weighted cost of capital.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Estimated fair value of shares in the PVO Group
The Group\u2019s shareholding in the unlisted PVO Group is measured at fair value, based on the
discounted cash flow resulting from the difference between the market price of electricity
and the cost price using the valuation model. Developments in the actual fair value may
differ from the estimated value due to factors, such as electricity prices, inflation, the
forecast period, or the discount rate.
\u2002The Group's accounting policies
\"icons-01.svg\"
Business combinations
The acquisition method is applied to business combinations. The consideration transferred
for acquisition of a subsidiary is defined as an aggregate of the fair values of the assets
transferred, the liabilities assumed and the equity interest issued by the Group. The
consideration transferred may include the fair value of any asset or liability resulting from
the contingent consideration arrangement. Acquisition-related costs are expensed as
incurred. Identifiable assets acquired, and liabilities and contingent liabilities that are
assumed in a business combination are measured at their fair values on the acquisition date.
The Group's accounting policies
\"icons-01.svg\"
Non-current assets held for sale
Non-current assets are classified as assets held for sale when their carrying amount is to be
recovered principally through a sale transaction and a sale transaction and a sale is
considered highly probable. Since the time of classification, the assets have been valued at
the lower of carrying amount and fair value less costs to sell. Depreciation on these assets
discontinues at the time of classification. Non-current assets classified as held for sale is
disclosed separately in the balance sheet.
The Group's accounting policies
\"icons-01.svg\"
Inventories
Inventories are measured at the lower of cost and net realizable value. Costs are determined
on a first-in first-out (FIFO) basis or by using a weighted average cost formula, depending on
the nature of the inventory. The cost of finished goods and work in progress include the
proportion of production overheads at normal capacity. The net realizable value is the sales
price received in the ordinary course of business less the estimated costs for completing the
asset and sales costs.
The Group's accounting policies
\"icons-01.svg\"
Trade receivables, loan receivables, and other current receivables
Trade receivables, loan receivables, and other current receivables are initially recognized at
fair value and subsequently measured at amortized cost, taking impairment into account.
These items are subject to a simplified impairment model in accordance with the IFRS 9
standard, where the estimated amount of credit losses is based on the expected credit
losses over their expected life.
The expected credit loss rates for the impairment model vary for trade receivables in EMEA,
Americas, and APAC according to age distribution and geographical area. Credit loss rates
are based on sales payment profiles and historical credit losses.
The expected credit losses for trade receivables are recognized using the simplified
impairment model in accordance with IFRS 9. The expected credit losses are calculated by
multiplying the book value of unpaid trade receivables by the expected credit loss rate
according to geographical area. Any overdue trade receivables over 180 days are assessed
based on a specific risk assessment. In addition, an estimate of a credit loss is recognized
for individual trade receivables when there is objective evidence that the receivables will not
be recovered on all the original terms.
Trade receivables, loan receivables, and other current receivables do not include a
significant financial component.
\u2002The Group's accounting policies
\"icons-01.svg\"
Trade payables and other current liabilities
Trade and other payables are presented as current liabilities if payment is due within 12
months after the financial period. Trade payables are initially recognized at fair value and
subsequently measured at amortized cost.
The Group's accounting policies
\"icons-01.svg\"
Deferred taxes
Deferred tax is recognized, using the liability method, on temporary differences arising
between the tax bases of the assets and liabilities and their carrying amounts in the
Consolidated Financial Statements. Deferred tax in the initial recognition of goodwill is
recognized only in cases where goodwill is locally tax deductible. Deferred income tax is
determined using tax rates (and laws) that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that a future
taxable profit will be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in
subsidiaries and associates, except for deferred income tax liability where the timing of the
reversal of the temporary difference is controlled by the Group and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right
to offset the current tax assets against current tax liabilities, and when the deferred income
taxes assets and liabilities relate to the income taxes levied by the same taxation authority
on either the same tax entity or different taxable entities where there is an intention to
settle the balances on a net basis.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Deferred taxes
For the recognition of deferred tax assets for tax losses and other items, the management
assesses the amount of a probable future taxable profit against which unused tax assets
can be utilized. Actual profits may differ from the forecasts and in such cases affect taxes in
future periods.
The Group's accounting policies
\"icons-01.svg\"
Defined benefit pension plans and employee benefits
The Group has different post-employment schemes, including both defined contribution and
defined benefit pension plans in accordance with the local legislation and practices of the
countries in which it operates. Pension plans are generally funded through contributions to
pension insurance companies or a separate pension fund.
A defined contribution plan is a pension plan under which the Group pays fixed contributions
into a separate entity. The Group has no legal or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay all employees the benefits
relating to employee service in the current and prior periods. A defined benefit plan is a
pension plan that is not a defined contribution plan.
Typically, defined benefit plans define an amount of pension benefit that an employee will
receive on retirement, usually dependent on one or more factors such as their compensation
level and years of service.
The liability recognized in the balance sheet in respect to the defined benefit pension plans
is the present value of the defined benefit obligation at the end of the reporting period less
the fair value of plan assets. The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit method. The present value of the
defined benefit obligation is determined by discounting the estimated future cash outflows
using interest rates of high-quality corporate bonds that are denominated in the currency in
which the benefits will be paid, and with their terms to maturity approximating the terms of
the related pension obligation. In countries where there is no deep market in such bonds, the
market rates for government bonds are used.
Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions are charged or credited to equity in other comprehensive income in the period
in which they arise.
Current service costs are included in the Consolidated Income Statement in the employee
benefit expenses and net interest costs on finance income and finance expense. Past
service costs are recognized immediately in profit or loss.
For defined contribution plans, the Group pays contributions to publicly or privately
administered pension insurance plans on a mandatory, contractual, or voluntary basis. The
Group has no further payment obligations once the contributions have been paid. The
contributions are recognized as employee benefit expenses when they are due. Prepaid
contributions are recognized as an asset to the extent that a cash refund or a reduction in
the future payments is available.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Defined benefit pension plans
Determining pension liabilities under defined benefit pension plans includes a number of
actuarial assumptions, and significant changes in these assumptions may affect the
amounts of pension liabilities and expenses. Actuarial calculations include assumptions by
the management, such as the discount rate and assumptions of salary increases and the
termination of employment contracts. The pension liability is calculated by independent
actuaries.
The Group's accounting policies
\"icons-01.svg\"
Provisions
Provisions for restructuring costs, personnel related costs, environmental obligations, legal
claims, and onerous contracts are recognized when the Group has a present legal or
constructive obligation as a result of past events, and it is probable that an outflow of
resources will be required to settle the obligation and a reliable estimate of the amount of
this obligation can be made. A restructuring provision is recognized when there is a detailed
and appropriate plan prepared for it and the implementation of the plan has begun or has
been notified to those whom the restructuring concerns.
The amount recognized as a provision is the present value of the expenditure expected to be
required to settle the obligation on the balance sheet date using a pre-tax interest rate that
reflects current market assessments of the time value of money and the risks specific to the
obligation.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Provisions
Recognizing provisions requires the management\u2019s estimates, since the precise amount of
obligations related to the provisions is not known when preparing the Financial Statements.
The Group's accounting policies
\"icons-01.svg\"
Dividend distribution
Any dividend proposed by the Board of Directors is not deducted from distributable equity
until it has been approved by the Annual General Meeting.
Interest-bearing liabilities and cash and cash equivalents
The accounting policies for interest-bearing liabilities and cash and cash equivalents are
described in Note 5.4. Financial assets and liabilities by measurement category.
The Group's accounting policies
\"icons-01.svg\"
Treasury shares
Purchases of own shares (treasury shares), including the related costs, are deducted directly
from equity in the Consolidated Financial Statements.
The Group's accounting policies
\"icons-01.svg\"
When a financial asset or financial liability is initially recognized on the trade date, it is
measured at cost, which equals the fair value of the consideration given or received.
Financial Assets
The Group\u2019s financial assets are classified for subsequent measurement as financial assets
at fair value through profit or loss, at amortized cost and at fair value through other
comprehensive income.
Category
Financial instrument
Fair value through profit or loss
Currency forward contracts, currency swaps, interest rate swaps,
electricity derivative contracts and natural gas derivative contracts,
certificates of deposit, and commercial papers
Amortized cost
Non-current loan receivables, cash at bank and in hand, bank
deposits, trade receivables, and other receivables
Fair value through other
comprehensive income
Other investments: shares, derivatives qualifying for hedge
accounting (cash flow or fair value hedging)
Financial assets at fair value through income statements
All derivatives are recognized at fair value on the balance sheet. Fair value is the amount for
which an asset could be exchanged or loans paid between knowledgeable, willing parties in
an arm\u2019s length transaction. These derivative contracts to which hedge accounting in
accordance with IFRS 9 is not applied are classified as financial assets at fair value through
profit or loss. In the balance sheet, these derivative contracts are shown under prepaid
expenses and accrued income and accrued expenses and prepaid income. Any gains or
losses arising from changes in fair value are recognized through profit or loss on the
transaction date.
Financial assets at amortized cost
Financial assets at amortized cost include non-current receivables carried at amortized cost
using the effective interest rate method and accounting for any impairment.
Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand, demand deposits and other
short-term, highly liquid investments. Items classified as cash and cash equivalents have a
maximum maturity of three months from the date of purchase. Credit facilities in use are
included in current interest-bearing liabilities.
Financial assets at fair value through other comprehensive income
The accounting policy of Other shares is described in Notes 3.5. Other shares. The
accounting treatment of change in the fair value of the derivatives qualifying for hedge
accounting is presented in 5.6. Derivatives.
Impairment of financial assets
The Group assesses any impairment losses on its financial instruments on each balance
sheet date. An impairment of a financial asset is recognized in accordance with the
requirements of the expected credit loss model of the IFRS 9 standard. For items measured
at an amortized cost, the amount of the impairment loss equals the difference between the
asset\u2019s carrying amount and the present value of estimated future cash flows from the
receivable. This is discounted at the financial asset\u2019s original effective interest rate. For
items measured at fair value, the fair value determines the amount of impairment.
Impairment charges are recognized in the income statement.
The Group sells certain trade receivables to finance companies within the framework of
limits stipulated in the agreement. The credit risk associated with these sold receivables and
contractual rights to the financial assets in question are transferred from the Group on the
selling date. The related expenses are recognized in the financial expenses.
Financial liabilities
Financial liabilities are classified as financial liabilities accounted at fair value through profit
or loss, at amortized cost and at fair value through other comprehensive income. Financial
liabilities at fair value through profit or loss include derivatives to which hedge accounting is
not applied, whereas derivatives which are qualified for hedge accounting are booked at fair
value through other comprehensive income.
Other financial liabilities are initially recognized in the balance sheet at the initial value of
received net assets with direct costs deducted. Later, these financial liabilities are measured
at amortized cost, and the difference between the received net assets and amortizations is
recognized as an interest cost over the loan term. Changes in the fair value of loans under
fair value hedge accounting are booked in the income statement together with the changes
in the fair value of derivatives under fair value hedge accounting.
If the terms of a loan measured at amortized cost are modified and the loan is not
derecognized, the gain or loss of the modification is booked in the income statement at the
point of modification and amortized over the life of the modified loan. Profit or loss is equal
to the difference between the present value of the cash flows under the original and
modified terms discounted at the original effective interest rate.
Category
Financial instrument
Financial liabilities at fair value through profit or
loss
Currency forward contracts and currency swaps,
interest rate swaps, electricity derivative
contracts, and natural gas derivative contracts
Amortized cost
Current and non-current loans, pension loans,
bonds, lease liabilities, and trade payables
Financial liabilities at fair value through other
comprehensive income
Derivatives qualifying for hedge accounting
(cash flow hedging)
The following levels are used to measure fair value:
Level 1: Fair value is determined based on quoted market prices.
Level 2: Fair value is determined with valuation techniques. Fair value refers either to the
value that is observable from the market value of elements of the financial instrument or the
market value of corresponding financial instruments, or to the value that is observable by
using commonly accepted valuation models and techniques if the market value can be
reliably measured with them.
Level 3: Fair value is determined by using valuation techniques, which use inputs that have a
significant effect on the recorded fair value and the inputs are not based on observable
market data. Level 3 mainly includes the shares of Pohjolan Voima Group.
The Group's accounting policies
\"icons-01.svg\"
Derivatives
The fair values of currency, interest rate, and commodity derivatives,\u00a0 as well as publicly
traded shares are based on prices quoted in active markets on the balance sheet date. The
value of other financial instruments measured at fair value is determined on the basis of
valuation models using information available in the financial market.
All the derivatives are measured at their fair values on the balance sheet date. Changes in
the value of forward contracts are calculated by measuring the contracts against the
forward exchange rates on the balance sheet date and comparing them with the counter
values calculated through the forward exchange rates on the date of entry into the forward
contracts. The fair value of interest rate derivatives is determined using the market value of
similar instruments on the balance sheet date. Other derivatives are measured at the market
price on the balance sheet date.
Derivative assets maturing during the following 12 months are presented in the balance
sheet as part of line item Trade receivables and other receivables whereas derivatives with a
maturity of over 12 months are posted to Other financial assets under Non-current assets .
Derivative liabilities maturing under 12 months are presented in the balance sheet as part of
line item Trade payables and other liabilities where as fair value of derivatives with maturity
after 12 months are posted under Non-current liabilities to Other financial liabilities.
Hedge accounting
Hedge accounting is applied according to IFRS 9. This refers to a method of accounting
aimed at allocating one or more hedging instruments in such a way that their fair value
offsets, in full or in part, the changes in the fair value or cash flows of the hedged item.
Hedged items must be highly probable. The Group applies hedge accounting for hedging
interest rate risk, currency risk, commodity risk, and fair value if interest rate swaps,
electricity derivatives and foreign exchange derivatives meet hedge accounting criteria.
Hedge effectiveness is monitored as required by IFRS 9. Effectiveness refers to the capacity
of a hedging instrument to offset changes in the fair value of the hedged item or cash flows
from a hedged transaction, which are due to the realization of the risk being hedged. A
hedging relationship is considered to be highly effective when the change in the fair value of
the hedging instrument offsets changes in the cash flows attributable to the hedged items.
Hedge effectiveness is assessed\u00a0 prospectively. Hedge effectiveness testing is repeated on
each balance sheet date.
Hedge accounting is discontinued when the criteria for hedge accounting are no longer
fulfilled. Gains or losses recognized in other comprehensive income and presented under
equity are derecognized and transferred immediately in the income statement, if the hedged
item is sold or falls due. However, gains or losses arising from changes in the fair value of
those derivatives not fulfilling the hedge accounting criteria are recognized directly in the
income statement.
At the inception of a hedge, the Group documents the existence of the economic
relationship of the hedged item and hedging instrument, including the identification of the
hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the
objectives of risk management, and the strategy for undertaking hedging, as well as the
description of how hedge effectiveness is assessed.
Cash flow hedging
Cash flow hedging is used to hedge against variability in cash flows attributable to a
particular risk associated with a recognized asset or liability in the balance sheet or a highly
probable forecast transaction. Currency, interest rate, and commodity derivatives are used
as hedging instruments in cash flow hedging. Cash flow hedge accounting, specified in IFRS
9, is applied by the Group to selected hedging items only. Changes in the fair value of
derivative instruments associated with cash flow hedge are recognized in other
comprehensive income (including the tax effect) and presented under equity, providing that
they fulfill the criteria set for hedge accounting and are based on effective hedging. The
ineffective portion of the gain or loss on the hedging instrument is recognized under
financial items in the income statement. Derivatives not fulfilling the hedge accounting
criteria are recognized in financial items through profit or loss.
The Group's accounting policies
\"icons-01.svg\"
Contingent liabilities
A contingent liability is a possible obligation that arises from past events and whose
existence will be confirmed by the occurrence of uncertain future events not wholly within
the control of the Group, or concerns a present obligation which will most probably not
require an outflow of resources embodying economic benefits to settle the obligation; or
when the amount of the obligation cannot be measured with sufficient reliability. Contingent
liability is disclosed in the notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-371": { "value": "
GROUP PROFILE
Kemira Oyj is a Finnish public limited liability company,
domiciled in Helsinki, and its registered address is
Energiakatu 4, FI-00180 Helsinki, Finland. Kem ira Oyj's shares
are listed on Nasdaq Helsinki Oy. The parent company Kemira
Oyj and its subsidiaries together form the Kemira Group. A list
of subsidiaries is disclosed in Note 6.2.
Kemira is a global chemicals company serving customers in
water-intensive industries. The company provides expertise
in applications and chemicals that improve customers'
efficient use of water, energy, and raw materials. Kemira\u2019s
two segments, Pulp & Paper and Industry & Water, focus on
customers in the pulp & paper and oil & gas, mining and
water treatment industries, respectively.
The Board of Directors of Kemira Oyj has approved the
Consolidated Financial Statements for publication at its
meeting on February 8, 2024. Under the Finnish Limited
Liability Companies Act, the General Meeting of Shareholders
is entitled to decide on the adoption of the financial
statements. A copy of the Consolidated Financial Statements
is available at www.kemira.com or at Energiakatu 4, FI-00180
Helsinki, Finland.
In compliance with the reporting requirements of the
European Single Electronic Format (ESEF),\u00a0 Kemira also
publishes the Consolidated Financial Statements and the
Board of Directors' report as an xHTML file, which is available
at www.kemira.com
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-372": { "value": "Kemira Oyj", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-373": { "value": "Kemira Oyj", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-374": { "value": "Kemira Oyj", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-375": { "value": "Oyj", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-376": { "value": "Energiakatu 4, FI-00180 Helsinki, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-377": { "value": "Energiakatu 4, FI-00180 Helsinki, Finland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-378": { "value": "Helsinki, Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-379": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-380": { "value": "Kemira is a global chemicals company serving customers in water-intensive industries. The company provides expertise in applications and chemicals that improve customers' efficient use of water, energy, and raw materials. Kemira\u2019s two segments, Pulp & Paper and Industry & Water, focus on customers in the pulp & paper and oil & gas, mining and water treatment industries, respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-381": { "value": "
The Board of Directors of Kemira Oyj has approved the
Consolidated Financial Statements for publication at its
meeting on February 8, 2024. Under the Finnish Limited
Liability Companies Act, the General Meeting of Shareholders
is entitled to decide on the adoption of the financial
statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-382": { "value": "
BASIS OF PREPARATION FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The Group has prepared its Consolidated Financial
Statements in accordance with the International Financial
Reporting Standards (IFRS) and International Financial
Reporting Interpretations Committee (IFRIC) interpretations,
adopted by the European Union. The Consolidated Financial
Statements have been prepared in accordance with IFRS
standards and IFRIC Interpretations effective on December
31, 2023. The Notes to the Consolidated Financial Statements
also comply with the requirements of the Finnish accounting
and corporate legislation that supplement the IFRS
regulations.
The Consolidated Financial Statements are presented in EUR
million and have been prepared based on historical cost,
except for the items measured at fair value through other
comprehensive income including unlisted PVO/TVO shares,
financial assets and liabilities at fair value through profit or
loss, and share-based payments which are measured at fair
value.
Individual figures presented in the Consolidated Financial
Statements have been rounded to the nearest exact figure.
Therefore, the sum of the individual figures may deviate from
the sum figure presented in the Consolidated Financial
Statements. The key figures are calculated using exact
values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-383": { "value": "
The Group has prepared its Consolidated Financial
Statements in accordance with the International Financial
Reporting Standards (IFRS) and International Financial
Reporting Interpretations Committee (IFRIC) interpretations,
adopted by the European Union. The Consolidated Financial
Statements have been prepared in accordance with IFRS
standards and IFRIC Interpretations effective on December
31, 2023. The Notes to the Consolidated Financial Statements
also comply with the requirements of the Finnish accounting
and corporate legislation that supplement the IFRS
regulations.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-385": { "value": "
CONSOLIDATION PRINCIPLES OF
SUBSIDIARIES AND NON-CONTROLLING
INTERESTS
The Consolidated Financial Statements include the parent
company Kemira Oyj and its subsidiaries. Subsidiaries are all
entities that the Group has control over (voting rights
generally being over 50 percent). The Group controls an
entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity, and when it 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 de-
consolidated from the date on which this control ceases.
All intra-group transactions are eliminated when preparing
the Consolidated Financial Statements. Intra-group
shareholdings are eliminated using the acquisition method.
The consideration transferred for acquisition of a subsidiary
is defined as an aggregate of the fair values of the assets
transferred, the liabilities assumed, and the equity interest
issued by the Group. The consideration transferred may
include the fair value of any asset or liability resulting from
the contingent consideration arrangement. Acquisition-
related costs are expensed as incurred. Identifiable assets
acquired, and liabilities and contingent liabilities that are
assumed in a business combination are measured at their fair
values on the acquisition date. On an acquisition-by-
acquisition basis, the Group recognizes any non-controlling
interest in the acquiree either at fair value or at the non-
controlling interest\u2019s proportionate share of the acquiree\u2019s
net assets.
The amount that exceeds the aggregate of consideration
transferred, the amount of any non-controlling interest in the
acquiree and the acquisition-date fair value of any previous
equity interest in the acquiree over the fair value of the
Group\u2019s share of the net assets acquired is recognized as
goodwill in the Balance Sheet. If this is less than the fair value
of the net assets of the subsidiary acquired by bargain
purchase, the difference is recognized directly in the Income
Statement.
Net profit or loss for the financial year and other
comprehensive income attributable to the equity holders of
the parent and non-controlling interests are presented in the
Income Statement and in the Statement of Comprehensive
Income. The portion of equity attributable to non-controlling
interests is stated as an individual item separately from the
equity to the equity holders of the parent company. Total
comprehensive income shows separately the total amounts
attributable to the equity holders of the parent company and
to non-controlling interests. The Group recognizes negative
non-controlling interests, unless the non-controlling interest
does not have a binding obligation to cover the losses up to
the amount of their investment.
If the parent company\u2019s ownership interest in the subsidiary
is reduced but control is retained, then the transactions are
treated as equity transactions. When the Group ceases to
have control or significant influence, any retained interest in
the entity is remeasured at its fair value, and the difference is
recognized as profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-384": { "value": "
CONSOLIDATION PRINCIPLES OF
SUBSIDIARIES AND NON-CONTROLLING
INTERESTS
The Consolidated Financial Statements include the parent
company Kemira Oyj and its subsidiaries. Subsidiaries are all
entities that the Group has control over (voting rights
generally being over 50 percent). The Group controls an
entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity, and when it 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 de-
consolidated from the date on which this control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-386": { "value": "On an acquisition-by-
acquisition basis, the Group recognizes any non-controlling
interest in the acquiree either at fair value or at the non-
controlling interest\u2019s proportionate share of the acquiree\u2019s
net assets.
The amount that exceeds the aggregate of consideration
transferred, the amount of any non-controlling interest in the
acquiree and the acquisition-date fair value of any previous
equity interest in the acquiree over the fair value of the
Group\u2019s share of the net assets acquired is recognized as
goodwill in the Balance Sheet. If this is less than the fair value
of the net assets of the subsidiary acquired by bargain
purchase, the difference is recognized directly in the Income
Statement.
Net profit or loss for the financial year and other
comprehensive income attributable to the equity holders of
the parent and non-controlling interests are presented in the
Income Statement and in the Statement of Comprehensive
Income. The portion of equity attributable to non-controlling
interests is stated as an individual item separately from the
equity to the equity holders of the parent company. Total
comprehensive income shows separately the total amounts
attributable to the equity holders of the parent company and
to non-controlling interests. The Group recognizes negative
non-controlling interests, unless the non-controlling interest
does not have a binding obligation to cover the losses up to
the amount of their investment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-388": { "value": "
ASSOCIATES
Associated companies are companies over which the Group
exercises significant influence (voting rights generally being
20\u201350 percent), but does not control. Holdings in associated
companies are consolidated using the equity method. If the
Group\u2019s share of the associate\u2019s losses exceeds the carrying
amount of the investment, the exceeding losses will not be
consolidated unless the Group has a commitment to fulfill
the obligations on behalf of the associate. The Group\u2019s share
of the associated companies\u2019 net profit for the financial year
is stated as a separate item in the consolidated Income
Statement in operating profit, in proportion to the Group\u2019s
holdings. The Group\u2019s share of the movements of its
associates in other comprehensive income is recognized in
the Group\u2019s other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-387": { "value": "
ASSOCIATES
Associated companies are companies over which the Group
exercises significant influence (voting rights generally being
20\u201350 percent), but does not control. Holdings in associated
companies are consolidated using the equity method. If the
Group\u2019s share of the associate\u2019s losses exceeds the carrying
amount of the investment, the exceeding losses will not be
consolidated unless the Group has a commitment to fulfill
the obligations on behalf of the associate. The Group\u2019s share
of the associated companies\u2019 net profit for the financial year
is stated as a separate item in the consolidated Income
Statement in operating profit, in proportion to the Group\u2019s
holdings. The Group\u2019s share of the movements of its
associates in other comprehensive income is recognized in
the Group\u2019s other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-390": { "value": "
FOREIGN CURRENCY TRANSLATION
The Consolidated Financial Statements are presented in
euros, which is the Group\u2019s presentation currency and the
parent company\u2019s functional and presentation currency.
Items included in the financial statements of each of the
Group\u2019s entities are measured by using the currency of the
primary economic environment in which the entity operates
(the functional currency).
If the functional currency of the subsidiary is other than the
euro, its Income Statement is translated into euros using the
financial year\u2019s average foreign currency exchange rates, and
the balance sheets are translated using the exchange rates
quoted on the balance sheet date. Translating the net profit
for the period using different exchange rates in the Income
Statement and in the balance sheet causes a translation
difference recognized as equity on the Balance Sheet. The
change in this translation difference is presented under
Other Comprehensive Income. Goodwill and fair value
adjustments to the carrying amounts of the assets and
liabilities that arise from the acquisition of a foreign entity are
accounted for as part of the assets and liabilities of the
foreign entity, and are translated into euros at the rate
quoted on the balance sheet date.\u00a0
Translation differences in the loans granted to some foreign
subsidiaries are treated as an increase or decrease in other
comprehensive income. When the Group ceases to have
control over a subsidiary, the accumulated translation
difference is transferred into the Income Statement as part
of the gain or loss on the sale.
In their day-to-day accounting, the Group companies
translate foreign currency transactions into their functional
currency at the exchange rates quoted on the transaction
date. In the Financial Statements, foreign currency
denominated receivables and liabilities are measured at the
exchange rates quoted on the balance sheet date. Non-
monetary items are measured using the rates quoted on the
transaction date. Any foreign exchange gains and losses
related to business operations are treated as adjustments to
sales and purchases. Exchange rate differences associated
with financing transactions and the hedging of the Group\u2019s
overall foreign currency position are stated in foreign
exchange gains or losses under finance income and
expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-389": { "value": "
FOREIGN CURRENCY TRANSLATION
The Consolidated Financial Statements are presented in
euros, which is the Group\u2019s presentation currency and the
parent company\u2019s functional and presentation currency.
Items included in the financial statements of each of the
Group\u2019s entities are measured by using the currency of the
primary economic environment in which the entity operates
(the functional currency).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-391": { "value": "
THE ITEMS IN THE FINANCIAL STATEMENTS
THAT INCLUDE ACCOUNTING ESTIMATES
AND ACCOUNTING POLICIES THAT REQUIRE
JUDGMENT BY THE MANAGEMENT
When preparing Consolidated Financial Statements in
accordance with IFRS, the management is required to make
accounting estimates and assumptions concerning the
future. The resulting accounting estimate will seldom be
equal to the actual results. In addition, management is
required to exercise judgment when applying the accounting
policies.
Estimates and assumptions are continuously evaluated, and
are based on past experience and expectations of future
events that may have financial implications and are
considered to be reasonable under the circumstances.
The following table lists items in the financial statements
that include significant accounting estimates and includes
the notes related to them. Also included are the accounting
policies and the sensitivity analysis applied to the items. The
items that include accounting estimates are subject to a risk
of changes in the carrying amount of assets and liabilities
during the next financial period.
The items in the Financial
Statements
Note in the Financial
Statements
Goodwill
3.1. Goodwill
Fair value of shares in the PVO
Group
3.5. Other shares
Deferred taxes and uncertain
tax positions
2.6. Income taxes and\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
4.4. Deferred tax liabilities and
assets
Defined benefit pension plans
4.5. Defined benefit pension
plans and employee benefits
Provisions
4.6. Provisions
The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Deferred taxes and uncertain tax positions
The management regularly evaluates the positions taken in the tax returns to identify
situations where the applicable tax regulation may be subject to interpretation. The
management evaluates also other potential uncertainties related to the tax positions
identified in the tax audits or tax disputes. Taxes of uncertain tax positions are recognized
based on estimated outcome and probability.
Impairment testing of goodwill
Goodwill is allocated to the two individual cash-generating units that are the Group's
reportable segments. The reportable segment represents the lowest level within the Group at
which goodwill is monitored for internal management purposes. The Group\u2019s two reportable
segments are Pulp & Paper and Industry & Water. A summary of the tested net book values
and goodwill relating to the Group\u2019s reportable segments is presented in the following table.
2023
2022
EUR Million
Net book
value
of which
goodwill
Net book
value
of which
goodwill
Pulp & Paper
1,263
349
1,275
350
Industry & Water
615
132
891
160
Total
1,878
481
2,165
510
The Group carries out its impairment testing of goodwill annually, or whenever there is an
indication that the recoverable amount may be less than its carrying amount. The recoverable
amounts of cash-generating units have been determined based on value in use calculations
which require the use of estimates and assumptions. The key assumptions in value in use
calculations are the EBITDA margin and discount rate.
The long-term EBITDA margin assumption used for the impairment testing of goodwill is
based on past experience regarding EBITDA margins and reflects the management's
perception of developments in sales prices and sales volumes during the forecast period. The
impact of climate-related risks to the Group's long-term performance have been considered
in the cash flow forecasts. The cash flow forecasts used in the impairment testing are based
on cash flow forecasts approved by the management covering a five-year horizon. The
expected growth used to extrapolate cash flows in the subsequent five-year forecast period
was assumed to be 1% (2022: 1%) in both cash-generating units Pulp & Paper and Industry &
Water.
The discount rates applied were based on the Group's adjusted Weighted Average Cost of
Capital (WACC) before taxes. The risk-adjusted WACC rate was defined for both cash-
generating units. The pre-tax discount rates used in performing the impairment tests of the
Group's reportable segments are presented in the following table.
%
2023
2022
Pulp & Paper
9.3
8.5
Industry & Water
9.3
8.5
In addition, an impairment test based on market value has been carried out as part of
impairment testing. The value in use calculation based on cash flow forecasts has been
validated by comparing it against the quoted market value of Kemira Oyj.
During the financial years 2023 and 2022, impairment tests have not indicated any
impairment, and no impairment loss has been recognized in the income statement.
Sensitivity analysis
In 2023, as part of the impairment testing, the Group carried out a sensitivity analysis that
assessed key changes in assumptions as follows: a decrease of 2 percentage points in EBITDA
margin, a decrease of 10% in estimated cash flow during the forecast period, an increase of 1
and 2 percentage points in the discount rates or a decrease of 10% in cash flows and an
increase of 2 percentage points in the discount rate.
Based on the sensitivity analyses carried out, the management has estimated that changes in
the key assumptions of EBITDA margins, discount rates and cash flows would not result in the
cash-generating units carrying amount exceeding the recoverable amount and therefore
there would be no impairment losses recorded in either of the reportable segments.
The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Impairment test of goodwill
The impairment tests of goodwill and other assets include determining future cash flows
which, with regard to the most significant assumptions, are based on EBITDA margin and
discount rates. Significant adverse developments in cash flows and interest rates may
necessitate the recognition of an impairment loss.
Discounted cash flow assumptions and sensitives
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2022
Short-term discount rate
5.1%
5.1%
Long-term discount rate
5.1%
5.1%
Electricity price estimate EUR/MWh
51.85 - 69.32
57.62 - 85.80
Forward electricity prices EUR/MWh
44.25 - 95.25
68.60 - 158.10
A 10% decrease or increase in the electricity market price in the future would negatively or
positively impact on the fair value of the shares by approximately EUR +/- 98 million (+/- 47).
An increase or decrease of one percentage point in the discount rate would negatively or
positively impact on the fair value of the shares by approximately EUR -49 million (-38) or
approximately EUR 69 million (53).
The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Estimated fair value of shares in the PVO Group
The Group\u2019s shareholding in the unlisted PVO Group is measured at fair value, based on the
discounted cash flow resulting from the difference between the market price of electricity
and the cost price using the valuation model. Developments in the actual fair value may
differ from the estimated value due to factors, such as electricity prices, inflation, the
forecast period, or the discount rate.
The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Deferred taxes
For the recognition of deferred tax assets for tax losses and other items, the management
assesses the amount of a probable future taxable profit against which unused tax assets
can be utilized. Actual profits may differ from the forecasts and in such cases affect taxes in
future periods.
SIGNIFICANT ACTUARIAL ASSUMPTIONS
%
2023
2022
Discount rate
3.1 - 4.5
3.7 - 4.7
Inflation rate
1.6 - 3.1
2.0 - 3.2
Future salary increases
2.1 - 2.5
2.5 - 3.2
Future pension increases
2.0 - 2.3
2.1 - 2.8
The significant assumptions used in calculating the obligations of the Finnish Pension Fund
Neliapila were as follows: discount rate 3.1% (3.8%), inflation rate 2.1% (2.6%), future salary
increases 2.1% (2.6%), and future pension increases 2.3% (2.8%).
Sensitivity analysis
The sensitivity analysis is based on keeping other assumptions constant when one
assumption is changed. In practice, this is unlikely to occur and changes in some of the
assumptions may correlate with each other. When calculating the sensitivity of the defined
benefit obligation to significant actuarial assumptions, the same method has been applied as
when calculating the pension liability recognized within the balance sheet.
If the discount rate would be 0.5 percentage points lower in all of the significant countries, the
defined benefit obligation would increase by EUR 11.9 million (5.1%), if all other assumptions
were held constant.
SENSITIVITY ANALYSIS - PENSION FUND NELIAPILA IN FINLAND
Defined benefit obligation
Impact on defined benefit
obligation
EUR million
2023
2022
2023
2022
Discount rate 3.1% (3.8%)
156.2
156.9
Discount rate +0.5%
149.2
149.8
-4.5%
-4.5%
Discount rate -0.5%
163.8
164.6
4.9%
4.9%
Future pension increases 2.3% (2.8%)
156.2
156.9
Future pension increases +0.5%
163.0
163.8
4.4%
4.4%
Future pension increases -0.5%
149.8
150.5
-4.1%
-4.1%
A change in the mortality assumption where life expectancy is increased by one year will
increase the defined benefit obligation by EUR 6.9 million (4.4%).
SENSITIVITY ANALYSIS - ITP 2 PENSION PLAN IN SWEDEN
Defined benefit obligation
Impact on defined benefit
obligation
EUR million
2023
2022
2023
2022
Discount rate 3.8% (3.65%)
38.2
38.4
Discount rate +0.5%
36.0
36.0
-5.8%
-6.0%
Discount rate -0.5%
40.7
40.9
6.4%
6.7%
Future salary increases 2.1% (2.5%)
38.2
38.4
Future salary increases +0.5%
38.9
39.0
1.6%
1.8%
Future salary increases -0.5%
37.7
37.7
-1.5%
-1.7%
A change in the mortality assumption where life expectancy is increased by one year will
increase the defined benefit obligation by EUR 1.5 million (3.8%).
The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Defined benefit pension plans
Determining pension liabilities under defined benefit pension plans includes a number of
actuarial assumptions, and significant changes in these assumptions may affect the
amounts of pension liabilities and expenses. Actuarial calculations include assumptions by
the management, such as the discount rate and assumptions of salary increases and the
termination of employment contracts. The pension liability is calculated by independent
actuaries.
The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Provisions
Recognizing provisions requires the management\u2019s estimates, since the precise amount of
obligations related to the provisions is not known when preparing the Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-392": { "value": "
2.1 SEGMENT INFORMATION
Kemira's organization consists of two segments: Pulp & Paper and Industry & Water.
Pulp & Paper
Pulp & Paper has expertise in applying chemicals and supporting pulp and paper producers in
innovating and constantly improving their operational efficiency. The segment develops and
sells products to meet the needs of its customers, thus ensuring a leading portfolio of
products and services for the paper wet-end, focusing on packaging and board as well as
tissue products.
Industry & Water
Industry & Water supports municipalities and water intensive industries in the efficient and
sustainable utilization of resources. In water treatment, the segment helps in the optimization
of every stage of the water cycle. In the oil and gas industry, the segment helps to improve
yield from existing reserves and reduce water and energy use.
ALTERNATIVE PERFORMANCE MEASURES
Kemira provides certain financial performance measures (alternative performance measures)
that are not defined by IFRS. Kemira believes that alternative performance measures followed
by capital markets and Kemira management, such as revenue growth in local currencies,
excluding acquisitions and divestments (=organic growth), EBITDA, operative EBITDA,
operative EBIT, cash flow after investing activities and gearing provide useful information
about Kemira\u2019s comparable business performance and financial position. Selected alternative
performance measures are also used as performance criteria in remuneration.
Kemira\u2019s alternative performance measures should not be viewed in isolation from the
equivalent IFRS measures and should instead be read in conjunction with the most directly
comparable IFRS measures. Definitions of the key figures is disclosed in the section
Definitions of key figures.
INCOME STATEMENT ITEMS
2023, EUR million
Pulp &
Paper
Industry
& Water
Group
Revenue \u00b9\u207e
1,748.2
1,635.5
3,383.7
EBITDA \u00b2\u207e
308.0
232.0
540.0
Depreciation, amortization and impairments
-114.6
-89.0
-203.6
Share of the results of associates
0.1
0.0
0.1
Operating profit (EBIT) \u00b2\u207e
193.4
143.0
336.4
Finance costs, net
-44.4
Profit before tax
292.0
Income taxes
-80.7
Net profit for the period
211.3
1) Revenue consists mainly of sales of products to external customers, and there is no internal sales between the
segments.
2) Includes items affecting comparability.
ITEMS AFFECTING COMPARABILITY IN EBITDA AND EBIT
2023, EUR million
Pulp &
Paper
Industry
& Water
Group
Operative EBITDA
330.9
335.8
666.7
Restructuring and streamlining programs
-0.9
Transaction and integration expenses in acquisitions
-0.2
Divestment of businesses and other disposals
-125.9
Other items
0.4
Total items affecting comparability
-22.9
-103.7
-126.7
EBITDA
308.0
232.0
540.0
Operative EBIT
216.3
246.7
463.0
Items affecting comparability in EBITDA
-22.9
-103.7
-126.7
Items affecting comparability in depreciation, amortization
and impairments
0.0
0.0
0.0
Operating profit (EBIT)
193.4
143.0
336.4
Quarterly information on items affecting comparability is disclosed in the section on Reconciliation of IFRS figures.
BALANCE SHEET ITEMS
2023, EUR million
Pulp &
Paper
Industry
& Water
Group
Segment assets
1,539.6
791.2
2,330.8
Reconciliation to total assets as reported in the Group balance
sheet:
Other shares
305.4
Deferred income tax assets
31.8
Other investments
7.9
Defined benefit pension receivables
106.3
Other assets
304.5
Cash and cash equivalents
402.5
Assets classified as held-for-sale
255.6
Total assets
3,489.3
Segment liabilities
276.6
175.8
452.4
Reconciliation to total liabilities as reported in the Group
balance sheet:
Interest-bearing non-current financial liabilities
615.7
Interest-bearing current financial liabilities
322.1
Other liabilities
308.1
Liabilities classified as held-for-sale
104.8
Total liabilities
1,805.1
OTHER ITEMS
2023, EUR million
Pulp &
Paper
Industry
& Water
Group
Capital employed by segments on Dec 31
1,263.0
615.4
1,878.4
Capital employed by segments \u00b9\u207e
1,282.0
873.5
2,155.5
Operative ROCE, %
16.9
28.2
21.5
Capital expenditure
126.2
80.5
206.8
Cash flow after investing activities \u00b2\u207e
216.3
242.5
349.3
1) 12-month rolling average.
2) Cash flows related to financing items and taxes have not been addressed to segments.
INCOME STATEMENT ITEMS
2022, EUR million
Pulp &
Paper
Industry
& Water
Group
Revenue \u00b9\u207e
2,027.7
1,541.9
3,569.6
EBITDA \u00b2\u207e
336.6
222.2
558.8
Depreciation, amortization and impairments \u00b2\u207e
-123.5
-87.8
-211.2
Share of the results of associates
0.3
0.0
0.3
Operating profit (EBIT) \u00b2\u207e
213.1
134.5
347.6
Finance costs, net
-39.4
Profit before tax
308.2
Income taxes
-68.5
Net profit for the period
239.7
1) Revenue consists mainly of sales of products to external customers, and there is no internal sales between the
segments.
2) Includes items affecting comparability.
ITEMS AFFECTING COMPARABILITY IN EBITDA AND EBIT
2022, EUR million
Pulp &
Paper
Industry
& Water
Group
Operative EBITDA
348.0
223.7
571.6
Restructuring and streamlining programs
-4.5
Transaction and integration expenses in acquisitions
0.0
Divestment of businesses and other disposals
-4.6
Other items
-3.6
Total items affecting comparability
-11.4
-1.4
-12.8
EBITDA
336.6
222.2
558.8
Operative EBIT
225.7
135.9
361.6
Items affecting comparability in EBITDA
-11.4
-1.4
-12.8
Items affecting comparability in depreciation, amortization
and impairments
-1.2
0.0
-1.2
Operating profit (EBIT)
213.1
134.5
347.6
Quarterly information on items affecting comparability is disclosed in the section Reconciliation of IFRS figures.
BALANCE SHEET ITEMS
2022, EUR million
Pulp &
Paper
Industry
& Water
Group
Segment assets
1,629.4
1,139.8
2,769.2
Reconciliation to total assets as reported in the Group balance
sheet:
Other shares
383.3
Deferred income tax assets
27.1
Other investments
31.0
Defined benefit pension receivables
78.4
Other assets
111.5
Cash and cash equivalents
250.6
Assets classified as held-for-sale
21.3
Total assets
3,651.1
Segment liabilities
354.9
249.0
603.9
Reconciliation to total liabilities as reported in the Group
balance sheet:
Interest-bearing non-current financial liabilities
838.1
Interest-bearing current financial liabilities
183.7
Other liabilities
340.1
Liabilities classified as held-for-sale
0.7
Total liabilities
1,966.5
OTHER ITEMS
2022, EUR million
Pulp &
Paper
Industry
& Water
Group
Capital employed by segments on Dec 31
1,274.6
890.8
2,165.3
Capital employed by segments \u00b9\u207e
1,337.7
900.3
2,238.0
Operative ROCE, %
16.9
15.1
16.2
Capital expenditure
122.5
75.4
197.9
Cash flow after investing activities \u00b2\u207e
207.2
100.9
222.3
1) 12-month rolling average.
2) Cash flows related to financing items and taxes have not been addressed to segments.
INFORMATION ABOUT GEOGRAPHICAL AREAS:
REVENUE BY GEOGRAPHICAL AREA BASED ON CUSTOMER LOCATION
EUR million
2023
2022
Finland, domicile of the parent company
448.1
546.5
Other Europe, Middle East and Africa
1,171.9
1,286.0
Americas
1,458.8
1,413.6
Asia Pacific
304.9
323.5
Total
3,383.7
3,569.6
NON-CURRENT ASSETS BY GEOGRAPHICAL AREA
EUR million
2023
2022
Finland, domicile of the parent company
821.9
918.9
Other Europe, Middle East and Africa
441.7
499.0
Americas
483.2
619.7
Asia Pacific
166.0
179.7
Total
1,912.8
2,217.3
Information about major customers
The Group has several significant customers. No more than 10% of the Group's revenue was
accumulated from any single external customer in 2023 or 2022.
\u2002The Group's accounting policies
\"icons-01.svg\"
Segment reporting
Segment information is presented in a manner consistent with the Group\u2019s internal
organizational and reporting structure. Kemira's management evaluates the performance of
the segments based on operative EBITDA and operative EBIT, among other factors. Assets
and liabilities dedicated to a particular segment\u2019s operations are included in that segment\u2019s
total assets and liabilities. Segment assets include property, plant and equipment, intangible
assets, right-of-use assets, investments in associates, inventories, and certain current non-
interest-bearing receivables. Segment liabilities include certain current non-interest-bearing
liabilities. Geographically, Kemira\u2019s operations are divided into three business regions:
Europe, the Middle East and Africa (EMEA), the Americas and the Asia Pacific (APAC).
Revenue recognition
IFRS 15 standard establishes a single comprehensive model for entities to use in accounting
for revenue arising from contracts with customers. The core principle is that an entity should
recognize revenue to depict the transfer of promised goods or services to customers to an
amount that reflects the consideration to which the Group expects to be entitled in
exchange for those goods or services. The Group recognizes revenue when (or as) a
performance obligation is satisfied, i.e. when \u2018control\u2019 of the good or service underlying the
particular performance obligation is transferred to the customer.
The Group's revenue consists mainly of contract types that include sales of chemical
products as well as services and equipment which are related to sales of these chemical
products. In 2023 and 2022, services have not formed a significant part of the Group's
revenue.
Revenue recognition occurs at the point when the control of the products is transferred to
the customer. Generally, in the Group's sales agreements, control is transferred to the
customer based on delivery terms and the revenue is recognized at a point in time.
The Group provides delivery and handling services in conjunction with the sale of chemical
products to customers. The delivery and handling services are recognized at the same time
as revenue from products and are not treated as a separate performance obligation. Kemira
recognizes the sale of products and the delivery and handling services for the same
reporting period.
Discounts provided to customers are not a significant component of the sales price in
Kemira\u2019s sales contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-393": { "value": "
INCOME STATEMENT ITEMS
2023, EUR million
Pulp &
Paper
Industry
& Water
Group
Revenue \u00b9\u207e
1,748.2
1,635.5
3,383.7
EBITDA \u00b2\u207e
308.0
232.0
540.0
Depreciation, amortization and impairments
-114.6
-89.0
-203.6
Share of the results of associates
0.1
0.0
0.1
Operating profit (EBIT) \u00b2\u207e
193.4
143.0
336.4
Finance costs, net
-44.4
Profit before tax
292.0
Income taxes
-80.7
Net profit for the period
211.3
1) Revenue consists mainly of sales of products to external customers, and there is no internal sales between the
segments.
2) Includes items affecting comparability.
INCOME STATEMENT ITEMS
2022, EUR million
Pulp &
Paper
Industry
& Water
Group
Revenue \u00b9\u207e
2,027.7
1,541.9
3,569.6
EBITDA \u00b2\u207e
336.6
222.2
558.8
Depreciation, amortization and impairments \u00b2\u207e
-123.5
-87.8
-211.2
Share of the results of associates
0.3
0.0
0.3
Operating profit (EBIT) \u00b2\u207e
213.1
134.5
347.6
Finance costs, net
-39.4
Profit before tax
308.2
Income taxes
-68.5
Net profit for the period
239.7
1) Revenue consists mainly of sales of products to external customers, and there is no internal sales between the
segments.
2) Includes items affecting comparability.
REVENUE BY GEOGRAPHICAL AREA BASED ON CUSTOMER LOCATION
EUR million
2023
2022
Finland, domicile of the parent company
448.1
546.5
Other Europe, Middle East and Africa
1,171.9
1,286.0
Americas
1,458.8
1,413.6
Asia Pacific
304.9
323.5
Total
3,383.7
3,569.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-394": { "value": "The Group's accounting policies
\"icons-01.svg\"
Segment reporting
Segment information is presented in a manner consistent with the Group\u2019s internal
organizational and reporting structure. Kemira's management evaluates the performance of
the segments based on operative EBITDA and operative EBIT, among other factors. Assets
and liabilities dedicated to a particular segment\u2019s operations are included in that segment\u2019s
total assets and liabilities. Segment assets include property, plant and equipment, intangible
assets, right-of-use assets, investments in associates, inventories, and certain current non-
interest-bearing receivables. Segment liabilities include certain current non-interest-bearing
liabilities. Geographically, Kemira\u2019s operations are divided into three business regions:
Europe, the Middle East and Africa (EMEA), the Americas and the Asia Pacific (APAC).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-395": { "value": "
Revenue recognition
IFRS 15 standard establishes a single comprehensive model for entities to use in accounting
for revenue arising from contracts with customers. The core principle is that an entity should
recognize revenue to depict the transfer of promised goods or services to customers to an
amount that reflects the consideration to which the Group expects to be entitled in
exchange for those goods or services. The Group recognizes revenue when (or as) a
performance obligation is satisfied, i.e. when \u2018control\u2019 of the good or service underlying the
particular performance obligation is transferred to the customer.
The Group's revenue consists mainly of contract types that include sales of chemical
products as well as services and equipment which are related to sales of these chemical
products. In 2023 and 2022, services have not formed a significant part of the Group's
revenue.
Revenue recognition occurs at the point when the control of the products is transferred to
the customer. Generally, in the Group's sales agreements, control is transferred to the
customer based on delivery terms and the revenue is recognized at a point in time.
The Group provides delivery and handling services in conjunction with the sale of chemical
products to customers. The delivery and handling services are recognized at the same time
as revenue from products and are not treated as a separate performance obligation. Kemira
recognizes the sale of products and the delivery and handling services for the same
reporting period.
Discounts provided to customers are not a significant component of the sales price in
Kemira\u2019s sales contracts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-396": { "value": "
2.2 OTHER OPERATING INCOME AND EXPENSES
OTHER OPERATING INCOME
EUR million
2023
2022
Gains on the sale of non-current assets\u00a0 \u00b9\u207e
0.1
10.8
Rental income
0.7
0.6
Services
3.1
2.0
Other income from operations\u00a0 \u00b2\u207e
4.8
4.8
Total
8.6
18.2
1) In 2022, gains on the sale of non-current assets relate mainly to sold assets in Uruguay.
2) Other income from operations consists mainly of insurance compensations in 2023 and of indirect tax credits in Brazil
in 2022.
OPERATING EXPENSES
EUR million
2023
2022
Materials and supplies \u00b3\u207e
1,754.2
2,033.0
Employee benefit expenses
440.8
428.9
External services and other expenses \u2074\u207e \u2075\u207e
440.5
332.0
Freights and delivery expenses
216.9
235.4
Total
2,852.3
3,029.3
3) In 2023, materials and supplies included EUR 7.1 million (5.7) Government grants for energy intensive industry in several
European countries.\u00a0
4)\u00a0 Includes equipment costs, travel expenses, leases, office related expenses, insurance, consulting, and other
operational expenses. Other expenses in 2023 include EUR 101.2 million expected loss on divestment of the Oil & Gas
business, including transaction fees. Kemira completed the divestment in February 2024.
5) In 2023, other operating expenses included research and development expenses of EUR 34.2 million (32.8) including
government grants received. Government grants received for R&D were EUR 0.6 million (0.6). The extent of the grants
received reduces the research and development expenses.
EMPLOYEE BENEFIT EXPENSES
EUR million
Note
2023
2022
Wages, salaries and emoluments
Wages and salaries \u2076\u207e
330.4
323.2
Share-based payments
2.3.
13.1
16.0
Total
343.5
339.2
Indirect employee benefit expenses
Expenses for defined benefit pension plans and employee
benefits
4.5.
2.0
2.3
Pension expenses for defined contribution plans
34.9
29.8
Other employee benefit costs
60.4
57.6
Total
97.3
89.7
Total employee benefit expenses
440.8
428.9
6) Includes emoluments of Kemira Oyj's CEO and the Board of Directors.
The salaries and fees of Kemira Oyj's CEO and members of the Board of Directors are
disclosed in Note 6.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-397": { "value": "
OTHER OPERATING INCOME
EUR million
2023
2022
Gains on the sale of non-current assets\u00a0 \u00b9\u207e
0.1
10.8
Rental income
0.7
0.6
Services
3.1
2.0
Other income from operations\u00a0 \u00b2\u207e
4.8
4.8
Total
8.6
18.2
1) In 2022, gains on the sale of non-current assets relate mainly to sold assets in Uruguay.
2) Other income from operations consists mainly of insurance compensations in 2023 and of indirect tax credits in Brazil
in 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-398": { "value": "
OPERATING EXPENSES
EUR million
2023
2022
Materials and supplies \u00b3\u207e
1,754.2
2,033.0
Employee benefit expenses
440.8
428.9
External services and other expenses \u2074\u207e \u2075\u207e
440.5
332.0
Freights and delivery expenses
216.9
235.4
Total
2,852.3
3,029.3
3) In 2023, materials and supplies included EUR 7.1 million (5.7) Government grants for energy intensive industry in several
European countries.\u00a0
4)\u00a0 Includes equipment costs, travel expenses, leases, office related expenses, insurance, consulting, and other
operational expenses. Other expenses in 2023 include EUR 101.2 million expected loss on divestment of the Oil & Gas
business, including transaction fees. Kemira completed the divestment in February 2024.
5) In 2023, other operating expenses included research and development expenses of EUR 34.2 million (32.8) including
government grants received. Government grants received for R&D were EUR 0.6 million (0.6). The extent of the grants
received reduces the research and development expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-399": { "value": "
3) In 2023, materials and supplies included EUR 7.1 million (5.7) Government grants for energy intensive industry in several
European countries.\u00a0
4)\u00a0 Includes equipment costs, travel expenses, leases, office related expenses, insurance, consulting, and other
operational expenses. Other expenses in 2023 include EUR 101.2 million expected loss on divestment of the Oil & Gas
business, including transaction fees. Kemira completed the divestment in February 2024.
5) In 2023, other operating expenses included research and development expenses of EUR 34.2 million (32.8) including
government grants received. Government grants received for R&D were EUR 0.6 million (0.6). The extent of the grants
received reduces the research and development expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-400": { "value": "
5) In 2023, other operating expenses included research and development expenses of EUR 34.2 million (32.8) including
government grants received. Government grants received for R&D were EUR 0.6 million (0.6). The extent of the grants
received reduces the research and development expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-401": { "value": "
EMPLOYEE BENEFIT EXPENSES
EUR million
Note
2023
2022
Wages, salaries and emoluments
Wages and salaries \u2076\u207e
330.4
323.2
Share-based payments
2.3.
13.1
16.0
Total
343.5
339.2
Indirect employee benefit expenses
Expenses for defined benefit pension plans and employee
benefits
4.5.
2.0
2.3
Pension expenses for defined contribution plans
34.9
29.8
Other employee benefit costs
60.4
57.6
Total
97.3
89.7
Total employee benefit expenses
440.8
428.9
6) Includes emoluments of Kemira Oyj's CEO and the Board of Directors.
The salaries and fees of Kemira Oyj's CEO and members of the Board of Directors are
disclosed in Note 6.1.
NUMBER OF PERSONNEL
2023
2022
Average number of personnel by geographical area
Europe, Middle East and Africa
2,512
2,497
Americas
1,506
1,513
Asia Pacific
928
925
Total
4,946
4,936
Personnel in Finland, average
806
780
Personnel outside Finland, average
4,140
4,156
Total
4,946
4,936
Number of personnel on Dec 31
4,915
4,902
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-402": { "value": "
AUDITOR'S FEES AND SERVICES
EUR million
2023
2022
Audit fees
1.8
1.6
Tax services
0.1
0.3
Other services
0.1
0.1
Total
2.0
1.9
Ernst & Young Oy is acting as the principal auditor for Kemira Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-403": { "value": "The Group's accounting policies
\"icons-01.svg\"
Government grants
Government grants for investments are recognized as a deduction from the carrying amount
of PP&E. The grants are recognized in the income statement as smaller depreciation over
the asset\u2019s useful life. Government grants for research activities are recognized as a
deduction from expenses. Certain other grants are recognized either as a deduction from
expenses or as other income from operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-404": { "value": "
Research and developments costs
Research and development costs are recognized as an expense as incurred. Development
costs are capitalized as intangible assets when it can be shown that a development project
will generate a probable future economic benefit, and the costs attributable to the
development project can reliably be measured. Capitalized development costs include
material, labor, and testing costs, as well as any capitalized borrowing costs that are directly
attributable to bringing the asset ready for its intended use. Other development costs that
do not meet these criteria are recognized as an expense as incurred. Development costs
previously recognized as an expense are not recognized as an asset in the subsequent
periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-405": { "value": "
2.3 SHARE-BASED PAYMENTS
Share incentive plans 2019\u20132023
In December 2018, Kemira's Board of Directors of Kemira Oyj decided to establish a long-term
incentive plan for 2019\u20132023. Kemira has a long-term share incentive plan directed towards a
group of key employees, which is composed of two one-year performance periods for the
years 2019 and 2020, and three three-year performance periods for the years 2019\u20132021,
2020\u20132022 and 2021\u20132023.The Board has decided on the plan\u2019s performance criteria and the
targets for each criterion at the beginning of each performance period.
The rewards for the performance periods have been paid partly in Kemira Oyj's shares and
partly in cash. The cash proportion is intended to cover taxes and tax-related costs arising
from the reward to the participant. As a rule, no reward has been paid if a participant's
employment or service has ended before the reward payment.\u00a0 The shares paid as a reward
may not be transferred during the restriction period, which ends two years after the end of
the performance period. If a participant's employment or service has ended during the
restriction period, the participant has, as a rule, gratuitously returned the shares given as a
reward without consideration. The restriction period only applies to the one-year performance
period.
Share incentive plans 2022\u20132026
In December 2021, the Board of Directors of Kemira Oyj decided to establish a long-term share
incentive plan directed to a group of key employees in Kemira. The long-term share incentive
plan includes three three-year performance periods: years 2022\u20132024, 2023\u20132025 and 2024\u2013
2026. The Board shall decide on the plan\u2019s performance criteria and on the required
performance levels for each criterion at the beginning of each performance period. The Board
shall decide on the plan\u2019s participants and share allocations at the beginning of each
performance period.
The potential reward is paid partly in Kemira Oyj's shares and partly in cash. The cash portion
covers taxes and tax-related costs arising from the reward to the participant. As a rule, no
reward will be paid if a participant's employment or service ends before the reward payment.
Share incentive plan
2020
2020-2022
2021-2023
2022-2024
2023-2025
Performance period
(calendar year)
2020
2020-2022
2021-2023
2022-2024
2023-2025
Restriction period of shares
2 years
\u00b9\u207e
\u00b9\u207e
\u00b9\u207e
\u00b9\u207e
Issue year of shares
2021
2023
2024
2025
2026
Share price at the grant date
13.41
13.41
12.57
13.32
14.58
Number of transferred
shares from the plans
194,097
254,375
\u2014
\u2014
\u2014
Estimated number of shares
on December 31, 2023
\u2014
\u2014
492,637
510,950
532,209
Number of participants on
December 31, 2023
\u2014
\u2014
82
86
84
Performance criteria
Intrinsic
value \u00b2\u207e
Intrinsic
value \u00b2\u207e
and organic
growth-%
Intrinsic
value \u00b2\u207e
and organic
growth-%
Intrinsic
value \u00b2\u207e
and organic
growth-%
\u00a0 \u00b3\u207e
1) A restriction period is not applied to three-year performance periods.
2) The amount of the reward is based on the intrinsic value which is defined as follows: operative EBITDA * 8 - net debt.
3) ROCE-%, average organic revenue growth-%, Kemira CO2 emission reduction from Scope 1 & 2 and revenue growth of
renewable products.
Share incentive plan 2024\u20132026
Participation in the long-term share incentive plan\u2019s performance period 2024\u20132026 is
directed to approximately 90 people. The reward to be paid from the 2024\u20132026 performance
period, if the criteria are fulfilled, will amount up to a maximum of 630,000 Kemira Oyj shares.
In addition, a cash proportion covering the taxes and tax-related costs arising from the reward
is included.
Restricted Share Plan 2024
In December 2023, the Board of Directors of Kemira Oyj decided to establish a restricted
share plan. In particular, the Restricted Share Plan can be used as a commitment instrument
in specific executive recruitment situations. The terms allow the plan to be used with careful
consideration also in retention situations.
The restricted share plan is continuous. The Board approves for each calendar year an annual
quota of shares, which can be granted within the respective year under the RSP. The annual
quota shall mean a net number of shares together with a cash proportion required for
covering all taxes. The total amount of shares offered during the year cannot exceed the
respective quota approved by the Board.
The plan offers participants an opportunity to receive a predetermined number of company
shares after a specific restriction period, which can vary from twelve (12) to forty (40) months
with a decision by the Board of Directors. No earning criteria is applied to the restricted share
plan and the delivery of the share reward is subject to the continuation of the employment.
The maximum aggregated amount of shares that may be granted under the Restricted Share
Plan in year 2024 is 70,000 Kemira shares. In addition, a cash proportion intended to cover the
taxes and tax-related costs arising from the reward is included. No persons were under the
plan during 2023.
THE EFFECT OF SHARE-BASED PAYMENTS ON OPERATING PROFIT
EUR million
Note
2023
2022
Rewards provided in shares
5.9
7.4
Rewards provided in cash
7.1
8.6
Total
2.2.
13.1
16.0
The Group's accounting policies
\"icons-01.svg\"
Share-based payments
The Group has equity-settled share-based incentive plans under which the Group receives
services from persons as consideration for the share-based rewards. The potential rewards
for these services are provided to the person partly in shares and partly in cash. The Group's
share incentive plan includes persons in several different countries where the Group is
obliged under local tax laws or regulations to pay the tax liability to the tax authorities on
behalf of a person in cash. The Group's share-based incentive plans have been entirely
classified as an equity-settled transaction.
The rewards granted on the basis of a share-based arrangement are recognized as
personnel expenses in the income statement and in equity. The expense is recognized on a
straight-line basis over the vesting period, which is the period over which the specified
vesting conditions are to be satisfied.
The fair value of the share awards has been determined at the grant date minus the
estimated expected dividends that will not be received during the vesting period. The fair
value of the rewards is based on the Group's estimate of the number of shares to which the
right is expected to be vested at the end of the vesting period. An estimate of the number of
shares is reviewed at each balance sheet date. The potential effect of revisions to estimates
is recognized as a personnel expense in the income statement, with the corresponding fair
value adjustment made to equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-406": { "value": "The Group's accounting policies
\"icons-01.svg\"
Share-based payments
The Group has equity-settled share-based incentive plans under which the Group receives
services from persons as consideration for the share-based rewards. The potential rewards
for these services are provided to the person partly in shares and partly in cash. The Group's
share incentive plan includes persons in several different countries where the Group is
obliged under local tax laws or regulations to pay the tax liability to the tax authorities on
behalf of a person in cash. The Group's share-based incentive plans have been entirely
classified as an equity-settled transaction.
The rewards granted on the basis of a share-based arrangement are recognized as
personnel expenses in the income statement and in equity. The expense is recognized on a
straight-line basis over the vesting period, which is the period over which the specified
vesting conditions are to be satisfied.
The fair value of the share awards has been determined at the grant date minus the
estimated expected dividends that will not be received during the vesting period. The fair
value of the rewards is based on the Group's estimate of the number of shares to which the
right is expected to be vested at the end of the vesting period. An estimate of the number of
shares is reviewed at each balance sheet date. The potential effect of revisions to estimates
is recognized as a personnel expense in the income statement, with the corresponding fair
value adjustment made to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-407": { "value": "
2.4 DEPRECIATION, AMORTIZATION AND IMPAIRMENTS
EUR million
2023
2022
Amortization of intangible assets and depreciation of property, plant
and equipment
Other intangible assets \u00b9\u207e
19.0
21.0
Buildings and constructions
23.8
23.3
Machinery and equipment
116.3
123.0
Other tangible assets
6.4
6.3
Total
165.5
173.6
Depreciations of right-of-use assets
Land
1.6
1.7
Buildings and constructions
10.3
10.2
Machinery and equipment
25.6
24.0
Other tangible assets
0.6
0.8
Total
38.1
36.7
Impairments of intangible assets and property, plant and equipment \u00b2\u207e
Goodwill
0.0
0.0
Buildings and constructions
0.0
0.1
Machinery and equipment
0.0
0.9
Other tangible assets
0.0
0.0
Total
0.0
1.0
Total depreciation, amortization and impairments
203.6
211.2
1) Amortization of intangible assets related to business acquisitions amounted to EUR 6.9 million\u00a0 (9.4) during the
financial year 2023.
2) In 2022, the impairment losses are related to Kemira's exit from the Russian market due to the war in Ukraine.
Goodwill impairment tests are disclosed in Note 3.1. Goodwill.
\u2002The Group's accounting policies
\"icons-01.svg\"
Depreciation/amortization
Depreciation/amortization is calculated on a straight-line basis over the asset\u2019s estimated
useful life. Land is not depreciated. The most commonly applied depreciation/amortization
periods according to the Group\u2019s accounting policies are presented in the following table.
Depreciation of property, plant and equipment and amortization of intangible assets in years
Buildings and constructions
20-40
Machinery and equipment
3-15
Development costs
a maximum of 8 years
Customer relationships
5-7
Technologies
5-10
Non-compete agreements
3-5
Other intangible assets
5-10
Right-of-use assets
during a lease term
Depreciation/amortization of an asset begins when it is available for use and it ceases at the
moment when the asset is classified under IFRS 5 as held for sale, or is included in the
disposal group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-408": { "value": "
2.4 DEPRECIATION, AMORTIZATION AND IMPAIRMENTS
EUR million
2023
2022
Amortization of intangible assets and depreciation of property, plant
and equipment
Other intangible assets \u00b9\u207e
19.0
21.0
Buildings and constructions
23.8
23.3
Machinery and equipment
116.3
123.0
Other tangible assets
6.4
6.3
Total
165.5
173.6
Depreciations of right-of-use assets
Land
1.6
1.7
Buildings and constructions
10.3
10.2
Machinery and equipment
25.6
24.0
Other tangible assets
0.6
0.8
Total
38.1
36.7
Impairments of intangible assets and property, plant and equipment \u00b2\u207e
Goodwill
0.0
0.0
Buildings and constructions
0.0
0.1
Machinery and equipment
0.0
0.9
Other tangible assets
0.0
0.0
Total
0.0
1.0
Total depreciation, amortization and impairments
203.6
211.2
1) Amortization of intangible assets related to business acquisitions amounted to EUR 6.9 million\u00a0 (9.4) during the
financial year 2023.
2) In 2022, the impairment losses are related to Kemira's exit from the Russian market due to the war in Ukraine.
Goodwill impairment tests are disclosed in Note 3.1. Goodwill.
3.1 GOODWILL
EUR Million
Note
2023
2022
Net book value on Jan 1
510.5
514.0
Acquisition of subsidiaries and business acquisitions
2.3
0.0
Impairments
0.0
0.0
Transferred to assets classified as held-for-sale \u00b9\u207e \u00b2\u207e
3.7.
-26.5
-11.3
Exchange differences
-5.3
7.7
Net book value on Dec 31
480.9
510.5
1) In 2023, goodwill was reclassified as held-for-sale assets which is related to the sale of the Oil & Gas business. See
Note 3.7. for further details regarding the held-for-sale assets.
2) In 2022, goodwill was reclassified as held-for-sale assets which is related to the sale of the colorant business within
the Pulp & Paper segment. See Note 3.7. for further details regarding the held-for-sale assets.
Impairment testing of goodwill
Goodwill is allocated to the two individual cash-generating units that are the Group's
reportable segments. The reportable segment represents the lowest level within the Group at
which goodwill is monitored for internal management purposes. The Group\u2019s two reportable
segments are Pulp & Paper and Industry & Water. A summary of the tested net book values
and goodwill relating to the Group\u2019s reportable segments is presented in the following table.
2023
2022
EUR Million
Net book
value
of which
goodwill
Net book
value
of which
goodwill
Pulp & Paper
1,263
349
1,275
350
Industry & Water
615
132
891
160
Total
1,878
481
2,165
510
The Group carries out its impairment testing of goodwill annually, or whenever there is an
indication that the recoverable amount may be less than its carrying amount. The recoverable
amounts of cash-generating units have been determined based on value in use calculations
which require the use of estimates and assumptions. The key assumptions in value in use
calculations are the EBITDA margin and discount rate.
The long-term EBITDA margin assumption used for the impairment testing of goodwill is
based on past experience regarding EBITDA margins and reflects the management's
perception of developments in sales prices and sales volumes during the forecast period. The
impact of climate-related risks to the Group's long-term performance have been considered
in the cash flow forecasts. The cash flow forecasts used in the impairment testing are based
on cash flow forecasts approved by the management covering a five-year horizon. The
expected growth used to extrapolate cash flows in the subsequent five-year forecast period
was assumed to be 1% (2022: 1%) in both cash-generating units Pulp & Paper and Industry &
Water.
The discount rates applied were based on the Group's adjusted Weighted Average Cost of
Capital (WACC) before taxes. The risk-adjusted WACC rate was defined for both cash-
generating units. The pre-tax discount rates used in performing the impairment tests of the
Group's reportable segments are presented in the following table.
%
2023
2022
Pulp & Paper
9.3
8.5
Industry & Water
9.3
8.5
In addition, an impairment test based on market value has been carried out as part of
impairment testing. The value in use calculation based on cash flow forecasts has been
validated by comparing it against the quoted market value of Kemira Oyj.
During the financial years 2023 and 2022, impairment tests have not indicated any
impairment, and no impairment loss has been recognized in the income statement.
Sensitivity analysis
In 2023, as part of the impairment testing, the Group carried out a sensitivity analysis that
assessed key changes in assumptions as follows: a decrease of 2 percentage points in EBITDA
margin, a decrease of 10% in estimated cash flow during the forecast period, an increase of 1
and 2 percentage points in the discount rates or a decrease of 10% in cash flows and an
increase of 2 percentage points in the discount rate.
Based on the sensitivity analyses carried out, the management has estimated that changes in
the key assumptions of EBITDA margins, discount rates and cash flows would not result in the
cash-generating units carrying amount exceeding the recoverable amount and therefore
there would be no impairment losses recorded in either of the reportable segments.
Impairment testing
On each balance sheet date, the Group assesses whether there is any indication of an
asset\u2019s impairment. If any indication of impairment exists, the recoverable amount of the
asset or the cash-generating unit is calculated on the basis of the value in use or the net
selling price.
For the purpose of impairment testing goodwill, a cash-generating unit has been defined as
an operating segment. Two or more operating segments are not combined into one
reportable segment. The recoverable amount of a reportable segment is defined as its value
in use, which consists of the discounted future cash flows to the unit. Estimates of future
cash flows are based on the continuing use of an asset and forecasts by the management.
Cash flow estimates do not include the effects of improved asset performance, investments,
or future reorganizations.
Goodwill impairment is tested by comparing the recoverable amount with the carrying
amount for the reportable segments Pulp & Paper and Industry & Water. The carrying
amount includes goodwill, intangible assets and PP&E, right-of-use assets, and working
capital. The Group does not have intangible assets with indefinite useful lives other than
goodwill. All goodwill has been allocated to the reportable segments.
An impairment loss is recognized whenever the carrying amount of an asset or a cash-
generating unit exceeds its recoverable amount. An impairment loss is recognized in the
income statement. If there has been a positive change in the estimates used to determine
an asset's recoverable amount since the last impairment loss was recognized, an
impairment loss recognized for previous years is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined if
no impairment loss had been recognized for the previous years. An impairment loss for
goodwill is never reversed.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Impairment test of goodwill
The impairment tests of goodwill and other assets include determining future cash flows
which, with regard to the most significant assumptions, are based on EBITDA margin and
discount rates. Significant adverse developments in cash flows and interest rates may
necessitate the recognition of an impairment loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-409": { "value": "The Group's accounting policies
\"icons-01.svg\"
Depreciation/amortization
Depreciation/amortization is calculated on a straight-line basis over the asset\u2019s estimated
useful life. Land is not depreciated. The most commonly applied depreciation/amortization
periods according to the Group\u2019s accounting policies are presented in the following table.
Depreciation of property, plant and equipment and amortization of intangible assets in years
Buildings and constructions
20-40
Machinery and equipment
3-15
Development costs
a maximum of 8 years
Customer relationships
5-7
Technologies
5-10
Non-compete agreements
3-5
Other intangible assets
5-10
Right-of-use assets
during a lease term
Depreciation/amortization of an asset begins when it is available for use and it ceases at the
moment when the asset is classified under IFRS 5 as held for sale, or is included in the
disposal group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-415": { "value": "
2.5 FINANCE INCOME AND EXPENSES
EUR million
2023
2022
Finance income
Dividend income
0.0
0.0
Interest income
Interest income from loans and receivables
10.3
3.5
Interest income from financial assets at fair value through profit or
loss
2.3
1.1
Other finance income
0.1
0.2
Total
12.7
4.8
Finance expense
Interest expenses
Interest expenses from other liabilities
-32.9
-23.5
Interest expenses from financial liabilities at fair value through
profit or loss
-4.2
-6.6
Interest expenses from lease liabilities
-7.8
-7.1
Other finance expenses \u00b9\u207e
-4.5
-5.1
Total
-49.3
-42.3
Exchange differences
Exchange differences from financial assets and liabilities at fair value
through profit or loss
16.6
-22.2
Exchange differences, other
-24.4
20.2
Total
-7.7
-1.9
Total finance income and expenses
-44.4
-39.4
Net finance expenses as a percentage of revenue, %
1.3
1.1
Net interest as a percentage of revenue, %
1.0
0.9
EUR million
2023
2022
Change in Consolidated Statement of Comprehensive Income from
hedge accounting instruments
Cash flow hedge accounting: amount recognized in the Consolidated
Statement of Comprehensive Income \u00b2\u207e
-54.1
39.2
Total
-54.1
39.2
Exchange differences
Realized
13.2
20.0
Unrealized
-20.9
-21.9
Total
-7.7
-1.9
1) Includes EUR 1.2 million (1.8) of arrangement fees relating to loans in 2023.
2) Consists mostly from changes in fair value of\u00a0 derivatives under hedge accounting treatment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-414": { "value": "
2.5 FINANCE INCOME AND EXPENSES
EUR million
2023
2022
Finance income
Dividend income
0.0
0.0
Interest income
Interest income from loans and receivables
10.3
3.5
Interest income from financial assets at fair value through profit or
loss
2.3
1.1
Other finance income
0.1
0.2
Total
12.7
4.8
Finance expense
Interest expenses
Interest expenses from other liabilities
-32.9
-23.5
Interest expenses from financial liabilities at fair value through
profit or loss
-4.2
-6.6
Interest expenses from lease liabilities
-7.8
-7.1
Other finance expenses \u00b9\u207e
-4.5
-5.1
Total
-49.3
-42.3
Exchange differences
Exchange differences from financial assets and liabilities at fair value
through profit or loss
16.6
-22.2
Exchange differences, other
-24.4
20.2
Total
-7.7
-1.9
Total finance income and expenses
-44.4
-39.4
Net finance expenses as a percentage of revenue, %
1.3
1.1
Net interest as a percentage of revenue, %
1.0
0.9
EUR million
2023
2022
Change in Consolidated Statement of Comprehensive Income from
hedge accounting instruments
Cash flow hedge accounting: amount recognized in the Consolidated
Statement of Comprehensive Income \u00b2\u207e
-54.1
39.2
Total
-54.1
39.2
Exchange differences
Realized
13.2
20.0
Unrealized
-20.9
-21.9
Total
-7.7
-1.9
1) Includes EUR 1.2 million (1.8) of arrangement fees relating to loans in 2023.
2) Consists mostly from changes in fair value of\u00a0 derivatives under hedge accounting treatment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-413": { "value": "
2.5 FINANCE INCOME AND EXPENSES
EUR million
2023
2022
Finance income
Dividend income
0.0
0.0
Interest income
Interest income from loans and receivables
10.3
3.5
Interest income from financial assets at fair value through profit or
loss
2.3
1.1
Other finance income
0.1
0.2
Total
12.7
4.8
Finance expense
Interest expenses
Interest expenses from other liabilities
-32.9
-23.5
Interest expenses from financial liabilities at fair value through
profit or loss
-4.2
-6.6
Interest expenses from lease liabilities
-7.8
-7.1
Other finance expenses \u00b9\u207e
-4.5
-5.1
Total
-49.3
-42.3
Exchange differences
Exchange differences from financial assets and liabilities at fair value
through profit or loss
16.6
-22.2
Exchange differences, other
-24.4
20.2
Total
-7.7
-1.9
Total finance income and expenses
-44.4
-39.4
Net finance expenses as a percentage of revenue, %
1.3
1.1
Net interest as a percentage of revenue, %
1.0
0.9
EUR million
2023
2022
Change in Consolidated Statement of Comprehensive Income from
hedge accounting instruments
Cash flow hedge accounting: amount recognized in the Consolidated
Statement of Comprehensive Income \u00b2\u207e
-54.1
39.2
Total
-54.1
39.2
Exchange differences
Realized
13.2
20.0
Unrealized
-20.9
-21.9
Total
-7.7
-1.9
1) Includes EUR 1.2 million (1.8) of arrangement fees relating to loans in 2023.
2) Consists mostly from changes in fair value of\u00a0 derivatives under hedge accounting treatment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-412": { "value": "
2.5 FINANCE INCOME AND EXPENSES
EUR million
2023
2022
Finance income
Dividend income
0.0
0.0
Interest income
Interest income from loans and receivables
10.3
3.5
Interest income from financial assets at fair value through profit or
loss
2.3
1.1
Other finance income
0.1
0.2
Total
12.7
4.8
Finance expense
Interest expenses
Interest expenses from other liabilities
-32.9
-23.5
Interest expenses from financial liabilities at fair value through
profit or loss
-4.2
-6.6
Interest expenses from lease liabilities
-7.8
-7.1
Other finance expenses \u00b9\u207e
-4.5
-5.1
Total
-49.3
-42.3
Exchange differences
Exchange differences from financial assets and liabilities at fair value
through profit or loss
16.6
-22.2
Exchange differences, other
-24.4
20.2
Total
-7.7
-1.9
Total finance income and expenses
-44.4
-39.4
Net finance expenses as a percentage of revenue, %
1.3
1.1
Net interest as a percentage of revenue, %
1.0
0.9
EUR million
2023
2022
Change in Consolidated Statement of Comprehensive Income from
hedge accounting instruments
Cash flow hedge accounting: amount recognized in the Consolidated
Statement of Comprehensive Income \u00b2\u207e
-54.1
39.2
Total
-54.1
39.2
Exchange differences
Realized
13.2
20.0
Unrealized
-20.9
-21.9
Total
-7.7
-1.9
1) Includes EUR 1.2 million (1.8) of arrangement fees relating to loans in 2023.
2) Consists mostly from changes in fair value of\u00a0 derivatives under hedge accounting treatment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-411": { "value": "
2.5 FINANCE INCOME AND EXPENSES
EUR million
2023
2022
Finance income
Dividend income
0.0
0.0
Interest income
Interest income from loans and receivables
10.3
3.5
Interest income from financial assets at fair value through profit or
loss
2.3
1.1
Other finance income
0.1
0.2
Total
12.7
4.8
Finance expense
Interest expenses
Interest expenses from other liabilities
-32.9
-23.5
Interest expenses from financial liabilities at fair value through
profit or loss
-4.2
-6.6
Interest expenses from lease liabilities
-7.8
-7.1
Other finance expenses \u00b9\u207e
-4.5
-5.1
Total
-49.3
-42.3
Exchange differences
Exchange differences from financial assets and liabilities at fair value
through profit or loss
16.6
-22.2
Exchange differences, other
-24.4
20.2
Total
-7.7
-1.9
Total finance income and expenses
-44.4
-39.4
Net finance expenses as a percentage of revenue, %
1.3
1.1
Net interest as a percentage of revenue, %
1.0
0.9
EUR million
2023
2022
Change in Consolidated Statement of Comprehensive Income from
hedge accounting instruments
Cash flow hedge accounting: amount recognized in the Consolidated
Statement of Comprehensive Income \u00b2\u207e
-54.1
39.2
Total
-54.1
39.2
Exchange differences
Realized
13.2
20.0
Unrealized
-20.9
-21.9
Total
-7.7
-1.9
1) Includes EUR 1.2 million (1.8) of arrangement fees relating to loans in 2023.
2) Consists mostly from changes in fair value of\u00a0 derivatives under hedge accounting treatment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-410": { "value": "
2.5 FINANCE INCOME AND EXPENSES
EUR million
2023
2022
Finance income
Dividend income
0.0
0.0
Interest income
Interest income from loans and receivables
10.3
3.5
Interest income from financial assets at fair value through profit or
loss
2.3
1.1
Other finance income
0.1
0.2
Total
12.7
4.8
Finance expense
Interest expenses
Interest expenses from other liabilities
-32.9
-23.5
Interest expenses from financial liabilities at fair value through
profit or loss
-4.2
-6.6
Interest expenses from lease liabilities
-7.8
-7.1
Other finance expenses \u00b9\u207e
-4.5
-5.1
Total
-49.3
-42.3
Exchange differences
Exchange differences from financial assets and liabilities at fair value
through profit or loss
16.6
-22.2
Exchange differences, other
-24.4
20.2
Total
-7.7
-1.9
Total finance income and expenses
-44.4
-39.4
Net finance expenses as a percentage of revenue, %
1.3
1.1
Net interest as a percentage of revenue, %
1.0
0.9
EUR million
2023
2022
Change in Consolidated Statement of Comprehensive Income from
hedge accounting instruments
Cash flow hedge accounting: amount recognized in the Consolidated
Statement of Comprehensive Income \u00b2\u207e
-54.1
39.2
Total
-54.1
39.2
Exchange differences
Realized
13.2
20.0
Unrealized
-20.9
-21.9
Total
-7.7
-1.9
1) Includes EUR 1.2 million (1.8) of arrangement fees relating to loans in 2023.
2) Consists mostly from changes in fair value of\u00a0 derivatives under hedge accounting treatment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-416": { "value": "
2.6 INCOME TAXES
EUR million
2023
2022
Current taxes
-87.3
-72.6
Taxes for prior years
2.6
-2.0
Change in deferred taxes
4.1
6.1
Total
-80.7
-68.5
RECONCILIATION BETWEEN TAX EXPENSE AND TAX CALCULATED AT
DOMESTIC TAX RATE
EUR million
2023
2022
Profit before tax
292.0
308.2
Tax at parent company's tax rate 20%
-58.4
-61.6
Foreign subsidiaries' different tax rate
-8.0
-4.5
Non-deductible expenses and tax-exempt profits
-30.8
1.6
Share of profit or loss of associates
-0.1
-0.1
Tax losses during the period without deferred tax
-1.3
-1.8
Tax for prior years
2.6
-2.0
Effect of change in tax rates
-0.1
0.0
Utilization of prior years' tax losses with no deferred tax
1.0
1.2
Changes in deferred taxes
14.4
-1.3
Income taxes in the Income Statement
-80.7
-68.5
In 2023, the effective tax rate of the Group was 27.6% (22.2%), which was impacted by the
divestment of the Oil & Gas business.
TAX LOSSES AND RELATED DEFERRED TAXES
Tax losses carried
forward
Recognized deferred
taxes
Unrecognized
deferred taxes
EUR million
2023
2022
2023
2022
2023
2022
Expiry within 5 years
42.6
67.6
7.9
9.1
2.2
7.3
Expiry after 5 years
2.5
3.7
0.6
0.2
0.0
0.8
No expiry
52.5
119.0
9.2
12.0
7.5
24.4
Total
97.6
190.3
17.7
21.3
9.7
32.4
At the end of 2023, the subsidiaries had EUR 31.1 million (105.4) tax losses, of which no
deferred tax benefits have been recognized. The subsidiaries' tax losses are incurred in
different currencies and born mainly in China. The changes during the year 2023 relate mainly
to the mergers in Brazil and utilization of unrecognized deferred taxes in the USA and Brazil.
\u2002The Group's accounting policies
\"icons-01.svg\"
Income taxes
The Group\u2019s tax expense for the period comprises current tax, adjustments from prior tax
periods and deferred tax. Tax is recognized in the income statement, except where it relates
to items recognized in other comprehensive income or directly in equity. In this case, the tax
is also recognized in other comprehensive income or directly in equity.
The current income tax charge is calculated based on tax laws enacted or substantively
enacted on the balance sheet date in the countries where the parent company and its
subsidiaries and associated companies operate and generate taxable income.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Deferred taxes and uncertain tax positions
The management regularly evaluates the positions taken in the tax returns to identify
situations where the applicable tax regulation may be subject to interpretation. The
management evaluates also other potential uncertainties related to the tax positions
identified in the tax audits or tax disputes. Taxes of uncertain tax positions are recognized
based on estimated outcome and probability.
2.8 OTHER COMPREHENSIVE INCOME
EUR million
2023
2022
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations
-17.5
19.7
Cash flow hedges
-67.7
50.4
Items that will not be reclassified subsequently to profit or loss
Other shares
-76.7
123.2
Remeasurements of defined benefit plans
23.3
40.8
Other comprehensive income for the period before taxes
-138.7
234.1
Tax effects relating to components of other comprehensive income
25.1
-47.1
Other comprehensive income for the period, net of tax
-113.4
187.1
THE TAX RELATING TO COMPONENTS OF OTHER COMPREHENSIVE
INCOME
2023
2022
EUR million
Before
tax
Tax
charge (-)
/credit (+)
After
tax
Before
tax
Tax
charge (-)
/credit (+)
After
tax
Items that may be reclassified
subsequently to profit or loss
Exchange differences on
translating foreign operations
-17.5
0.6
-16.9
19.7
-2.2
17.5
Cash flow hedges
-67.7
13.6
-54.1
50.4
-11.2
39.2
Items that will not be reclassified
subsequently to profit or loss
Other shares
-76.7
15.3
-61.3
123.2
-24.7
98.6
Remeasurements of defined
benefit plans
23.3
-4.4
18.9
40.8
-9.0
31.8
Total other comprehensive
income
-138.7
25.1
-113.4
234.1
-47.1
187.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-417": { "value": "
TAX LOSSES AND RELATED DEFERRED TAXES
Tax losses carried
forward
Recognized deferred
taxes
Unrecognized
deferred taxes
EUR million
2023
2022
2023
2022
2023
2022
Expiry within 5 years
42.6
67.6
7.9
9.1
2.2
7.3
Expiry after 5 years
2.5
3.7
0.6
0.2
0.0
0.8
No expiry
52.5
119.0
9.2
12.0
7.5
24.4
Total
97.6
190.3
17.7
21.3
9.7
32.4
At the end of 2023, the subsidiaries had EUR 31.1 million (105.4) tax losses, of which no
deferred tax benefits have been recognized. The subsidiaries' tax losses are incurred in
different currencies and born mainly in China. The changes during the year 2023 relate mainly
to the mergers in Brazil and utilization of unrecognized deferred taxes in the USA and Brazil.
4.4 DEFERRED TAX LIABILITIES AND ASSETS
EUR million
On Jan 1, 2023
Recognized in the
income statement
Recognized in
other
comprehensive
income
Recognized in
equity
Acquired
subsidiaries and
items classified
as held-for-sale
Exchange
differences and
reclassifications
On Dec 31, 2023
Deferred tax liabilities
Intangible and fixed assets
73.2
-0.8
0.0
0.0
-29.4
-2.5
40.4
Leased assets \u00b9\u207e
0.0
3.1
0.0
0.0
-1.2
-0.2
1.7
Other shares
52.7
0.0
-15.3
0.0
0.0
0.0
37.3
Financial instruments
16.5
0.0
-11.6
0.0
0.0
-1.9
3.0
Defined benefit arrangements
15.9
0.2
5.1
0.0
0.0
-0.3
20.9
Fair value adjustments of net assets acquired
0.6
-0.3
0.0
0.0
0.2
0.0
0.4
Other accruals
4.3
1.8
-0.6
0.7
-1.4
-0.2
4.5
Total
163.1
4.0
-22.5
0.7
-31.9
-5.1
108.3
Deducted from deferred tax assets
-44.9
-27.0
Deferred tax liabilities in the balance sheet
118.2
81.3
Deferred tax assets
Intangible and fixed assets
0.0
5.8
0.0
0.0
-7.2
9.4
8.0
Provisions and accruals
20.7
0.8
0.0
0.0
-10.3
6.5
17.7
Lease liabilities \u00b9\u207e
0.0
4.4
0.0
0.0
-1.5
1.3
4.2
Financial instruments
0.0
0.5
2.0
0.0
0.0
-1.9
0.6
Tax losses and tax credits
21.3
-3.4
0.0
0.0
0.0
-0.7
17.2
Defined benefit arrangements
2.6
-0.2
0.7
0.0
0.0
0.4
3.4
Other
27.5
0.2
0.0
0.0
-0.2
-19.8
7.7
Total
72.0
8.1
2.7
0.0
-19.2
-4.8
58.8
Deducted from deferred tax liabilities
-44.9
-27.0
Deferred tax assets in the balance sheet
27.1
31.8
EUR million
On Jan 1, 2022
Recognized in the
income statement
Recognized in
other
comprehensive
income
Recognized in
equity
Acquired
subsidiaries and
items classified
as held-for-sale
Exchange
differences and
reclassifications
On Dec 31, 2022
Deferred tax liabilities
Intangible and fixed assets
57.3
14.6
0.0
0.0
0.0
1.2
73.2
Leased assets
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Other shares
28.0
0.0
24.7
0.0
0.0
0.0
52.7
Financial instruments
7.0
0.0
9.5
0.0
0.0
0.0
16.5
Defined benefit arrangements
14.6
-1.6
3.0
0.0
0.0
0.0
15.9
Fair value adjustments of net assets acquired
1.1
-0.5
0.0
0.0
0.0
0.0
0.6
Other accruals
4.4
-6.2
3.7
2.2
0.0
0.0
4.3
Total
112.4
6.3
40.9
2.2
0.0
1.3
163.1
Deducted from deferred tax assets
-35.3
-44.9
Deferred tax liabilities in the balance sheet
77.1
118.2
Deferred tax assets
Intangible and fixed assets
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Provisions and accruals
20.3
-1.6
0.0
0.0
0.0
1.9
20.7
Lease liabilities
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Financial instruments
0.3
0.0
-0.3
0.0
0.0
0.0
0.0
Tax losses and tax credits
11.2
-0.1
0.0
0.0
0.0
10.2
21.3
Defined benefit arrangements
10.9
0.1
-6.0
0.0
0.0
-2.4
2.6
Other
23.0
14.0
0.0
0.0
0.0
-9.6
27.5
Total
65.8
12.4
-6.3
0.0
0.0
0.1
72.0
Deducted from deferred tax liabilities
-35.3
-44.9
Deferred tax assets in the balance sheet
30.5
27.1
\u2002The Group's accounting policies
\"icons-01.svg\"
Deferred taxes
Deferred tax is recognized, using the liability method, on temporary differences arising
between the tax bases of the assets and liabilities and their carrying amounts in the
Consolidated Financial Statements. Deferred tax in the initial recognition of goodwill is
recognized only in cases where goodwill is locally tax deductible. Deferred income tax is
determined using tax rates (and laws) that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that a future
taxable profit will be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in
subsidiaries and associates, except for deferred income tax liability where the timing of the
reversal of the temporary difference is controlled by the Group and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right
to offset the current tax assets against current tax liabilities, and when the deferred income
taxes assets and liabilities relate to the income taxes levied by the same taxation authority
on either the same tax entity or different taxable entities where there is an intention to
settle the balances on a net basis.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Deferred taxes
For the recognition of deferred tax assets for tax losses and other items, the management
assesses the amount of a probable future taxable profit against which unused tax assets
can be utilized. Actual profits may differ from the forecasts and in such cases affect taxes in
future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-418": { "value": "The Group's accounting policies
\"icons-01.svg\"
Income taxes
The Group\u2019s tax expense for the period comprises current tax, adjustments from prior tax
periods and deferred tax. Tax is recognized in the income statement, except where it relates
to items recognized in other comprehensive income or directly in equity. In this case, the tax
is also recognized in other comprehensive income or directly in equity.
The current income tax charge is calculated based on tax laws enacted or substantively
enacted on the balance sheet date in the countries where the parent company and its
subsidiaries and associated companies operate and generate taxable income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-419": { "value": "
Deferred taxes and uncertain tax positions
The management regularly evaluates the positions taken in the tax returns to identify
situations where the applicable tax regulation may be subject to interpretation. The
management evaluates also other potential uncertainties related to the tax positions
identified in the tax audits or tax disputes. Taxes of uncertain tax positions are recognized
based on estimated outcome and probability.
The Group's accounting policies
\"icons-01.svg\"
Deferred taxes
Deferred tax is recognized, using the liability method, on temporary differences arising
between the tax bases of the assets and liabilities and their carrying amounts in the
Consolidated Financial Statements. Deferred tax in the initial recognition of goodwill is
recognized only in cases where goodwill is locally tax deductible. Deferred income tax is
determined using tax rates (and laws) that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that a future
taxable profit will be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in
subsidiaries and associates, except for deferred income tax liability where the timing of the
reversal of the temporary difference is controlled by the Group and it is probable that the
temporary difference will not reverse in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right
to offset the current tax assets against current tax liabilities, and when the deferred income
taxes assets and liabilities relate to the income taxes levied by the same taxation authority
on either the same tax entity or different taxable entities where there is an intention to
settle the balances on a net basis.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Deferred taxes
For the recognition of deferred tax assets for tax losses and other items, the management
assesses the amount of a probable future taxable profit against which unused tax assets
can be utilized. Actual profits may differ from the forecasts and in such cases affect taxes in
future periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-420": { "value": "
2.7 EARNINGS PER SHARE
2023
2022
Earnings per share, basic
Net profit attributable to equity owners of the parent company, EUR
million
199.1
231.7
Weighted average number of shares \u00b9\u207e
153,573,071
153,319,710
Basic earnings per share, EUR
1.30
1.51
Earnings per share, diluted
Net profit attributable to equity owners of the parent company, EUR
million
199.1
231.7
Weighted average number of shares \u00b9\u207e
153,573,071
153,319,710
Adjustments:
Average number of treasury shares it is possible to be issued on
the basis of the share-based payments
1,478,009
941,054
Weighted average number of shares for diluted earnings per share
155,051,080
154,260,764
Diluted earnings per share, EUR
1.28
1.50
1) Weighted average number of shares outstanding, excluding the number of treasury shares held by Kemira Oyj.
\u2002The Group's accounting policies
\"icons-01.svg\"
Earnings per share
The basic earnings per share are calculated by dividing the profit attributable to the equity
owners of the parent company by the weighted average number of shares issued during the
period excluding treasury shares held by parent company Kemira Oyj. The diluted earnings
per share are calculated by adjusting the weighted average number of ordinary shares with
the dilutive effect of all the potential dilutive shares, such as shares from share-based
payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-421": { "value": "The Group's accounting policies
\"icons-01.svg\"
Earnings per share
The basic earnings per share are calculated by dividing the profit attributable to the equity
owners of the parent company by the weighted average number of shares issued during the
period excluding treasury shares held by parent company Kemira Oyj. The diluted earnings
per share are calculated by adjusting the weighted average number of ordinary shares with
the dilutive effect of all the potential dilutive shares, such as shares from share-based
payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-423": { "value": "
3.1 GOODWILL
EUR Million
Note
2023
2022
Net book value on Jan 1
510.5
514.0
Acquisition of subsidiaries and business acquisitions
2.3
0.0
Impairments
0.0
0.0
Transferred to assets classified as held-for-sale \u00b9\u207e \u00b2\u207e
3.7.
-26.5
-11.3
Exchange differences
-5.3
7.7
Net book value on Dec 31
480.9
510.5
1) In 2023, goodwill was reclassified as held-for-sale assets which is related to the sale of the Oil & Gas business. See
Note 3.7. for further details regarding the held-for-sale assets.
2) In 2022, goodwill was reclassified as held-for-sale assets which is related to the sale of the colorant business within
the Pulp & Paper segment. See Note 3.7. for further details regarding the held-for-sale assets.
Impairment testing of goodwill
Goodwill is allocated to the two individual cash-generating units that are the Group's
reportable segments. The reportable segment represents the lowest level within the Group at
which goodwill is monitored for internal management purposes. The Group\u2019s two reportable
segments are Pulp & Paper and Industry & Water. A summary of the tested net book values
and goodwill relating to the Group\u2019s reportable segments is presented in the following table.
2023
2022
EUR Million
Net book
value
of which
goodwill
Net book
value
of which
goodwill
Pulp & Paper
1,263
349
1,275
350
Industry & Water
615
132
891
160
Total
1,878
481
2,165
510
The Group carries out its impairment testing of goodwill annually, or whenever there is an
indication that the recoverable amount may be less than its carrying amount. The recoverable
amounts of cash-generating units have been determined based on value in use calculations
which require the use of estimates and assumptions. The key assumptions in value in use
calculations are the EBITDA margin and discount rate.
The long-term EBITDA margin assumption used for the impairment testing of goodwill is
based on past experience regarding EBITDA margins and reflects the management's
perception of developments in sales prices and sales volumes during the forecast period. The
impact of climate-related risks to the Group's long-term performance have been considered
in the cash flow forecasts. The cash flow forecasts used in the impairment testing are based
on cash flow forecasts approved by the management covering a five-year horizon. The
expected growth used to extrapolate cash flows in the subsequent five-year forecast period
was assumed to be 1% (2022: 1%) in both cash-generating units Pulp & Paper and Industry &
Water.
The discount rates applied were based on the Group's adjusted Weighted Average Cost of
Capital (WACC) before taxes. The risk-adjusted WACC rate was defined for both cash-
generating units. The pre-tax discount rates used in performing the impairment tests of the
Group's reportable segments are presented in the following table.
%
2023
2022
Pulp & Paper
9.3
8.5
Industry & Water
9.3
8.5
In addition, an impairment test based on market value has been carried out as part of
impairment testing. The value in use calculation based on cash flow forecasts has been
validated by comparing it against the quoted market value of Kemira Oyj.
During the financial years 2023 and 2022, impairment tests have not indicated any
impairment, and no impairment loss has been recognized in the income statement.
Sensitivity analysis
In 2023, as part of the impairment testing, the Group carried out a sensitivity analysis that
assessed key changes in assumptions as follows: a decrease of 2 percentage points in EBITDA
margin, a decrease of 10% in estimated cash flow during the forecast period, an increase of 1
and 2 percentage points in the discount rates or a decrease of 10% in cash flows and an
increase of 2 percentage points in the discount rate.
Based on the sensitivity analyses carried out, the management has estimated that changes in
the key assumptions of EBITDA margins, discount rates and cash flows would not result in the
cash-generating units carrying amount exceeding the recoverable amount and therefore
there would be no impairment losses recorded in either of the reportable segments.
The Group's accounting policies
\"icons-01.svg\"
Goodwill
Goodwill arises from business combinations. Goodwill represents the excess of the
consideration transferred, the amount of any non-controlling interest in the acquiree and
the acquisition-date fair value of any previous equity interest in the acquiree over the fair
value of the identifiable net assets acquired. Goodwill is measured at cost less the
accumulated impairment losses.
Impairment testing
On each balance sheet date, the Group assesses whether there is any indication of an
asset\u2019s impairment. If any indication of impairment exists, the recoverable amount of the
asset or the cash-generating unit is calculated on the basis of the value in use or the net
selling price.
For the purpose of impairment testing goodwill, a cash-generating unit has been defined as
an operating segment. Two or more operating segments are not combined into one
reportable segment. The recoverable amount of a reportable segment is defined as its value
in use, which consists of the discounted future cash flows to the unit. Estimates of future
cash flows are based on the continuing use of an asset and forecasts by the management.
Cash flow estimates do not include the effects of improved asset performance, investments,
or future reorganizations.
Goodwill impairment is tested by comparing the recoverable amount with the carrying
amount for the reportable segments Pulp & Paper and Industry & Water. The carrying
amount includes goodwill, intangible assets and PP&E, right-of-use assets, and working
capital. The Group does not have intangible assets with indefinite useful lives other than
goodwill. All goodwill has been allocated to the reportable segments.
An impairment loss is recognized whenever the carrying amount of an asset or a cash-
generating unit exceeds its recoverable amount. An impairment loss is recognized in the
income statement. If there has been a positive change in the estimates used to determine
an asset's recoverable amount since the last impairment loss was recognized, an
impairment loss recognized for previous years is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined if
no impairment loss had been recognized for the previous years. An impairment loss for
goodwill is never reversed.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Impairment test of goodwill
The impairment tests of goodwill and other assets include determining future cash flows
which, with regard to the most significant assumptions, are based on EBITDA margin and
discount rates. Significant adverse developments in cash flows and interest rates may
necessitate the recognition of an impairment loss.
3.2 OTHER INTANGIBLE ASSETS
Other intangible
assets
2023, EUR million
Prepayments
Total
Acquisition cost on Jan 1
333.7
11.1
344.8
Additions
17.8
-7.5
10.3
Purchases of subsidiaries and business acquisitions
1.2
0.0
1.2
Decreases \u00b9\u207e
-0.9
0.0
-0.9
Transferred to assets classified as held-for-sale \u00b9\u207e
-13.3
0.0
-13.3
Reclassifications
0.0
-0.1
-0.1
Exchange rate differences and other changes
-4.0
0.0
-4.0
Acquisition cost on Dec 31
334.5
3.4
337.9
Accumulated amortization on Jan 1
-283.8
-283.8
Accumulated amortization relating to decreases
and transfers
0.9
0.9
Amortization during the financial year
-19.0
-19.0
Impairments
0.0
0.0
Transferred to assets classified as held-for-sale \u00b9\u207e
11.6
11.6
Exchange rate differences
2.9
2.9
Accumulated amortization on Dec 31
-287.4
-287.4
Net book value on Dec 31
47.1
3.4
50.5
Emission rights
0.6
Net book value including emission rights on Dec 31
51.1
1) In 2023, other intangible assets amounting EUR 1.6 million were reclassified as held-for-sale assets. These assets are
used by the Oil & Gas business. See Note 3.7. for further details regarding the held-for-sale assets.
The Group holds assigned emissions allowances under the EU Emissions Trading System at its
Helsingborg site in Sweden and UK Emission Trading System at its Bradford site in the UK. At
the Group level, the allowances showed a surplus of 112,573 tons of carbon dioxide in 2023 (a
surplus of 87,862 tons).
Other intangible
assets
2022, EUR million
Prepayments
Total
Acquisition cost on Jan 1
330.5
4.1
334.6
Additions
10.2
7.1
17.3
Purchases of subsidiaries and business acquisitions
0.0
0.0
0.0
Decreases
-3.5
0.0
-3.5
Transferred to assets classified as held-for-sale \u00b2\u207e
-4.0
0.0
-4.0
Reclassifications
0.0
-0.1
-0.1
Exchange rate differences and other changes
0.5
0.0
0.5
Acquisition cost on Dec 31
333.6
11.1
344.8
Accumulated amortization on Jan 1
-267.9
-267.9
Accumulated amortization relating to decreases
and transfers
3.5
3.5
Amortization during the financial year
-21.0
-21.0
Impairments
0.0
0.0
Transferred to assets classified as held-for-sale \u00b2\u207e
2.3
0.0
2.3
Exchange rate differences
-0.7
-0.7
Accumulated amortization on Dec 31
-283.8
-283.8
Net book value on Dec 31
49.8
11.1
60.9
Emission rights
0.3
Net book value including emission rights on Dec 31
61.2
2) In 2022, other intangible assets amounting EUR 1.8 million were reclassified as held-for-sale assets. These assets are
used by the colorant business within the Pulp & Paper segment. See Note 3.7. for further details regarding the held-for-
sale assets.
\u2002The Group's accounting policies
\"icons-01.svg\"
Other intangible assets
Other intangible assets include, for instance, software and software licenses and patents,
technologies, non-compete agreements and customer relationships acquired in business
combinations. On the contrary, cloud-based software as service acquisitions generally do
not, by their nature, meet the characteristics of an intangible asset and are therefore
recognized as an expense. Intangible assets are measured at cost less accumulated
amortization and any impairment losses. The Group has no intangible assets that have an
indefinite useful life other than goodwill.
Emission rights
Emission rights purchased on the market are accounted for as intangible assets measured
at cost. Emission rights received free of charge are measured at their nominal value (zero).
Emission rights are not amortized. A provision for the fulfillment of the obligation to return
emission rights are recognized if the free-of-charge emissions are not sufficient to cover
actual emissions. The Group\u2019s consolidated balance sheet shows no items related to
emission rights when the volume of actual emissions is lower than that of the free-of-charge
emissions allowances and the Group has not bought allowances on the market.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-422": { "value": "
3.1 GOODWILL
EUR Million
Note
2023
2022
Net book value on Jan 1
510.5
514.0
Acquisition of subsidiaries and business acquisitions
2.3
0.0
Impairments
0.0
0.0
Transferred to assets classified as held-for-sale \u00b9\u207e \u00b2\u207e
3.7.
-26.5
-11.3
Exchange differences
-5.3
7.7
Net book value on Dec 31
480.9
510.5
1) In 2023, goodwill was reclassified as held-for-sale assets which is related to the sale of the Oil & Gas business. See
Note 3.7. for further details regarding the held-for-sale assets.
2) In 2022, goodwill was reclassified as held-for-sale assets which is related to the sale of the colorant business within
the Pulp & Paper segment. See Note 3.7. for further details regarding the held-for-sale assets.
Impairment testing of goodwill
Goodwill is allocated to the two individual cash-generating units that are the Group's
reportable segments. The reportable segment represents the lowest level within the Group at
which goodwill is monitored for internal management purposes. The Group\u2019s two reportable
segments are Pulp & Paper and Industry & Water. A summary of the tested net book values
and goodwill relating to the Group\u2019s reportable segments is presented in the following table.
2023
2022
EUR Million
Net book
value
of which
goodwill
Net book
value
of which
goodwill
Pulp & Paper
1,263
349
1,275
350
Industry & Water
615
132
891
160
Total
1,878
481
2,165
510
The Group carries out its impairment testing of goodwill annually, or whenever there is an
indication that the recoverable amount may be less than its carrying amount. The recoverable
amounts of cash-generating units have been determined based on value in use calculations
which require the use of estimates and assumptions. The key assumptions in value in use
calculations are the EBITDA margin and discount rate.
The long-term EBITDA margin assumption used for the impairment testing of goodwill is
based on past experience regarding EBITDA margins and reflects the management's
perception of developments in sales prices and sales volumes during the forecast period. The
impact of climate-related risks to the Group's long-term performance have been considered
in the cash flow forecasts. The cash flow forecasts used in the impairment testing are based
on cash flow forecasts approved by the management covering a five-year horizon. The
expected growth used to extrapolate cash flows in the subsequent five-year forecast period
was assumed to be 1% (2022: 1%) in both cash-generating units Pulp & Paper and Industry &
Water.
The discount rates applied were based on the Group's adjusted Weighted Average Cost of
Capital (WACC) before taxes. The risk-adjusted WACC rate was defined for both cash-
generating units. The pre-tax discount rates used in performing the impairment tests of the
Group's reportable segments are presented in the following table.
%
2023
2022
Pulp & Paper
9.3
8.5
Industry & Water
9.3
8.5
In addition, an impairment test based on market value has been carried out as part of
impairment testing. The value in use calculation based on cash flow forecasts has been
validated by comparing it against the quoted market value of Kemira Oyj.
During the financial years 2023 and 2022, impairment tests have not indicated any
impairment, and no impairment loss has been recognized in the income statement.
Sensitivity analysis
In 2023, as part of the impairment testing, the Group carried out a sensitivity analysis that
assessed key changes in assumptions as follows: a decrease of 2 percentage points in EBITDA
margin, a decrease of 10% in estimated cash flow during the forecast period, an increase of 1
and 2 percentage points in the discount rates or a decrease of 10% in cash flows and an
increase of 2 percentage points in the discount rate.
Based on the sensitivity analyses carried out, the management has estimated that changes in
the key assumptions of EBITDA margins, discount rates and cash flows would not result in the
cash-generating units carrying amount exceeding the recoverable amount and therefore
there would be no impairment losses recorded in either of the reportable segments.
The Group's accounting policies
\"icons-01.svg\"
Goodwill
Goodwill arises from business combinations. Goodwill represents the excess of the
consideration transferred, the amount of any non-controlling interest in the acquiree and
the acquisition-date fair value of any previous equity interest in the acquiree over the fair
value of the identifiable net assets acquired. Goodwill is measured at cost less the
accumulated impairment losses.
Impairment testing
On each balance sheet date, the Group assesses whether there is any indication of an
asset\u2019s impairment. If any indication of impairment exists, the recoverable amount of the
asset or the cash-generating unit is calculated on the basis of the value in use or the net
selling price.
For the purpose of impairment testing goodwill, a cash-generating unit has been defined as
an operating segment. Two or more operating segments are not combined into one
reportable segment. The recoverable amount of a reportable segment is defined as its value
in use, which consists of the discounted future cash flows to the unit. Estimates of future
cash flows are based on the continuing use of an asset and forecasts by the management.
Cash flow estimates do not include the effects of improved asset performance, investments,
or future reorganizations.
Goodwill impairment is tested by comparing the recoverable amount with the carrying
amount for the reportable segments Pulp & Paper and Industry & Water. The carrying
amount includes goodwill, intangible assets and PP&E, right-of-use assets, and working
capital. The Group does not have intangible assets with indefinite useful lives other than
goodwill. All goodwill has been allocated to the reportable segments.
An impairment loss is recognized whenever the carrying amount of an asset or a cash-
generating unit exceeds its recoverable amount. An impairment loss is recognized in the
income statement. If there has been a positive change in the estimates used to determine
an asset's recoverable amount since the last impairment loss was recognized, an
impairment loss recognized for previous years is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined if
no impairment loss had been recognized for the previous years. An impairment loss for
goodwill is never reversed.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Impairment test of goodwill
The impairment tests of goodwill and other assets include determining future cash flows
which, with regard to the most significant assumptions, are based on EBITDA margin and
discount rates. Significant adverse developments in cash flows and interest rates may
necessitate the recognition of an impairment loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-424": { "value": "The Group's accounting policies
\"icons-01.svg\"
Goodwill
Goodwill arises from business combinations. Goodwill represents the excess of the
consideration transferred, the amount of any non-controlling interest in the acquiree and
the acquisition-date fair value of any previous equity interest in the acquiree over the fair
value of the identifiable net assets acquired. Goodwill is measured at cost less the
accumulated impairment losses.
Impairment testing
On each balance sheet date, the Group assesses whether there is any indication of an
asset\u2019s impairment. If any indication of impairment exists, the recoverable amount of the
asset or the cash-generating unit is calculated on the basis of the value in use or the net
selling price.
For the purpose of impairment testing goodwill, a cash-generating unit has been defined as
an operating segment. Two or more operating segments are not combined into one
reportable segment. The recoverable amount of a reportable segment is defined as its value
in use, which consists of the discounted future cash flows to the unit. Estimates of future
cash flows are based on the continuing use of an asset and forecasts by the management.
Cash flow estimates do not include the effects of improved asset performance, investments,
or future reorganizations.
Goodwill impairment is tested by comparing the recoverable amount with the carrying
amount for the reportable segments Pulp & Paper and Industry & Water. The carrying
amount includes goodwill, intangible assets and PP&E, right-of-use assets, and working
capital. The Group does not have intangible assets with indefinite useful lives other than
goodwill. All goodwill has been allocated to the reportable segments.
An impairment loss is recognized whenever the carrying amount of an asset or a cash-
generating unit exceeds its recoverable amount. An impairment loss is recognized in the
income statement. If there has been a positive change in the estimates used to determine
an asset's recoverable amount since the last impairment loss was recognized, an
impairment loss recognized for previous years is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined if
no impairment loss had been recognized for the previous years. An impairment loss for
goodwill is never reversed.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Impairment test of goodwill
The impairment tests of goodwill and other assets include determining future cash flows
which, with regard to the most significant assumptions, are based on EBITDA margin and
discount rates. Significant adverse developments in cash flows and interest rates may
necessitate the recognition of an impairment loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-425": { "value": "
Goodwill
Goodwill arises from business combinations. Goodwill represents the excess of the
consideration transferred, the amount of any non-controlling interest in the acquiree and
the acquisition-date fair value of any previous equity interest in the acquiree over the fair
value of the identifiable net assets acquired. Goodwill is measured at cost less the
accumulated impairment losses.
Impairment testing
On each balance sheet date, the Group assesses whether there is any indication of an
asset\u2019s impairment. If any indication of impairment exists, the recoverable amount of the
asset or the cash-generating unit is calculated on the basis of the value in use or the net
selling price.
For the purpose of impairment testing goodwill, a cash-generating unit has been defined as
an operating segment. Two or more operating segments are not combined into one
reportable segment. The recoverable amount of a reportable segment is defined as its value
in use, which consists of the discounted future cash flows to the unit. Estimates of future
cash flows are based on the continuing use of an asset and forecasts by the management.
Cash flow estimates do not include the effects of improved asset performance, investments,
or future reorganizations.
Goodwill impairment is tested by comparing the recoverable amount with the carrying
amount for the reportable segments Pulp & Paper and Industry & Water. The carrying
amount includes goodwill, intangible assets and PP&E, right-of-use assets, and working
capital. The Group does not have intangible assets with indefinite useful lives other than
goodwill. All goodwill has been allocated to the reportable segments.
An impairment loss is recognized whenever the carrying amount of an asset or a cash-
generating unit exceeds its recoverable amount. An impairment loss is recognized in the
income statement. If there has been a positive change in the estimates used to determine
an asset's recoverable amount since the last impairment loss was recognized, an
impairment loss recognized for previous years is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined if
no impairment loss had been recognized for the previous years. An impairment loss for
goodwill is never reversed.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Impairment test of goodwill
The impairment tests of goodwill and other assets include determining future cash flows
which, with regard to the most significant assumptions, are based on EBITDA margin and
discount rates. Significant adverse developments in cash flows and interest rates may
necessitate the recognition of an impairment loss.
\u2002The Group's accounting policies
\"icons-01.svg\"
Business combinations
The acquisition method is applied to business combinations. The consideration transferred
for acquisition of a subsidiary is defined as an aggregate of the fair values of the assets
transferred, the liabilities assumed and the equity interest issued by the Group. The
consideration transferred may include the fair value of any asset or liability resulting from
the contingent consideration arrangement. Acquisition-related costs are expensed as
incurred. Identifiable assets acquired, and liabilities and contingent liabilities that are
assumed in a business combination are measured at their fair values on the acquisition date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-426": { "value": "
Impairment testing
On each balance sheet date, the Group assesses whether there is any indication of an
asset\u2019s impairment. If any indication of impairment exists, the recoverable amount of the
asset or the cash-generating unit is calculated on the basis of the value in use or the net
selling price.
For the purpose of impairment testing goodwill, a cash-generating unit has been defined as
an operating segment. Two or more operating segments are not combined into one
reportable segment. The recoverable amount of a reportable segment is defined as its value
in use, which consists of the discounted future cash flows to the unit. Estimates of future
cash flows are based on the continuing use of an asset and forecasts by the management.
Cash flow estimates do not include the effects of improved asset performance, investments,
or future reorganizations.
Goodwill impairment is tested by comparing the recoverable amount with the carrying
amount for the reportable segments Pulp & Paper and Industry & Water. The carrying
amount includes goodwill, intangible assets and PP&E, right-of-use assets, and working
capital. The Group does not have intangible assets with indefinite useful lives other than
goodwill. All goodwill has been allocated to the reportable segments.
An impairment loss is recognized whenever the carrying amount of an asset or a cash-
generating unit exceeds its recoverable amount. An impairment loss is recognized in the
income statement. If there has been a positive change in the estimates used to determine
an asset's recoverable amount since the last impairment loss was recognized, an
impairment loss recognized for previous years is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined if
no impairment loss had been recognized for the previous years. An impairment loss for
goodwill is never reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-427": { "value": "
3.2 OTHER INTANGIBLE ASSETS
Other intangible
assets
2023, EUR million
Prepayments
Total
Acquisition cost on Jan 1
333.7
11.1
344.8
Additions
17.8
-7.5
10.3
Purchases of subsidiaries and business acquisitions
1.2
0.0
1.2
Decreases \u00b9\u207e
-0.9
0.0
-0.9
Transferred to assets classified as held-for-sale \u00b9\u207e
-13.3
0.0
-13.3
Reclassifications
0.0
-0.1
-0.1
Exchange rate differences and other changes
-4.0
0.0
-4.0
Acquisition cost on Dec 31
334.5
3.4
337.9
Accumulated amortization on Jan 1
-283.8
-283.8
Accumulated amortization relating to decreases
and transfers
0.9
0.9
Amortization during the financial year
-19.0
-19.0
Impairments
0.0
0.0
Transferred to assets classified as held-for-sale \u00b9\u207e
11.6
11.6
Exchange rate differences
2.9
2.9
Accumulated amortization on Dec 31
-287.4
-287.4
Net book value on Dec 31
47.1
3.4
50.5
Emission rights
0.6
Net book value including emission rights on Dec 31
51.1
1) In 2023, other intangible assets amounting EUR 1.6 million were reclassified as held-for-sale assets. These assets are
used by the Oil & Gas business. See Note 3.7. for further details regarding the held-for-sale assets.
The Group holds assigned emissions allowances under the EU Emissions Trading System at its
Helsingborg site in Sweden and UK Emission Trading System at its Bradford site in the UK. At
the Group level, the allowances showed a surplus of 112,573 tons of carbon dioxide in 2023 (a
surplus of 87,862 tons).
Other intangible
assets
2022, EUR million
Prepayments
Total
Acquisition cost on Jan 1
330.5
4.1
334.6
Additions
10.2
7.1
17.3
Purchases of subsidiaries and business acquisitions
0.0
0.0
0.0
Decreases
-3.5
0.0
-3.5
Transferred to assets classified as held-for-sale \u00b2\u207e
-4.0
0.0
-4.0
Reclassifications
0.0
-0.1
-0.1
Exchange rate differences and other changes
0.5
0.0
0.5
Acquisition cost on Dec 31
333.6
11.1
344.8
Accumulated amortization on Jan 1
-267.9
-267.9
Accumulated amortization relating to decreases
and transfers
3.5
3.5
Amortization during the financial year
-21.0
-21.0
Impairments
0.0
0.0
Transferred to assets classified as held-for-sale \u00b2\u207e
2.3
0.0
2.3
Exchange rate differences
-0.7
-0.7
Accumulated amortization on Dec 31
-283.8
-283.8
Net book value on Dec 31
49.8
11.1
60.9
Emission rights
0.3
Net book value including emission rights on Dec 31
61.2
2) In 2022, other intangible assets amounting EUR 1.8 million were reclassified as held-for-sale assets. These assets are
used by the colorant business within the Pulp & Paper segment. See Note 3.7. for further details regarding the held-for-
sale assets.
\u2002The Group's accounting policies
\"icons-01.svg\"
Other intangible assets
Other intangible assets include, for instance, software and software licenses and patents,
technologies, non-compete agreements and customer relationships acquired in business
combinations. On the contrary, cloud-based software as service acquisitions generally do
not, by their nature, meet the characteristics of an intangible asset and are therefore
recognized as an expense. Intangible assets are measured at cost less accumulated
amortization and any impairment losses. The Group has no intangible assets that have an
indefinite useful life other than goodwill.
Emission rights
Emission rights purchased on the market are accounted for as intangible assets measured
at cost. Emission rights received free of charge are measured at their nominal value (zero).
Emission rights are not amortized. A provision for the fulfillment of the obligation to return
emission rights are recognized if the free-of-charge emissions are not sufficient to cover
actual emissions. The Group\u2019s consolidated balance sheet shows no items related to
emission rights when the volume of actual emissions is lower than that of the free-of-charge
emissions allowances and the Group has not bought allowances on the market.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-428": { "value": "The Group's accounting policies
\"icons-01.svg\"
Other intangible assets
Other intangible assets include, for instance, software and software licenses and patents,
technologies, non-compete agreements and customer relationships acquired in business
combinations. On the contrary, cloud-based software as service acquisitions generally do
not, by their nature, meet the characteristics of an intangible asset and are therefore
recognized as an expense. Intangible assets are measured at cost less accumulated
amortization and any impairment losses. The Group has no intangible assets that have an
indefinite useful life other than goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-429": { "value": "
Emission rights
Emission rights purchased on the market are accounted for as intangible assets measured
at cost. Emission rights received free of charge are measured at their nominal value (zero).
Emission rights are not amortized. A provision for the fulfillment of the obligation to return
emission rights are recognized if the free-of-charge emissions are not sufficient to cover
actual emissions. The Group\u2019s consolidated balance sheet shows no items related to
emission rights when the volume of actual emissions is lower than that of the free-of-charge
emissions allowances and the Group has not bought allowances on the market.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-430": { "value": "
3.3 PROPERTY, PLANT AND EQUIPMENT
2023, EUR million
Land
Buildings and
constructions
Machinery and
equipment
Other property,
plant and equipment
Prepayments and
assets under
construction \u00b9\u207e
Total
Acquisition cost on Jan 1
47.5
552.0
1,819.5
97.5
153.2
2,669.7
Additions
0.2
55.3
129.9
7.5
1.1
194.0
Acquisitions of subsidiaries and business acquisitions
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Decreases
\u2014
-2.2
-41.7
-2.1
\u2014
-46.0
Disposed of subsidiaries
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transferred to assets classified as held-for-sale \u00b2\u207e
-1.7
-80.0
-223.3
-8.0
-17.0
-330.0
Reclassifications
\u2014
\u2014
4.6
\u2014
-4.4
0.1
Exchange rate differences and other changes
-0.3
-7.6
-25.9
-2.3
-1.8
-37.8
Acquisition cost on Dec 31
45.8
517.5
1,663.1
92.6
131.1
2,450.1
Accumulated depreciation on Jan 1
-9.9
-270.2
-1,249.6
-59.9
-1,589.6
Accumulated depreciation related to decreases and transfers
\u2014
2.2
41.6
2.1
45.9
Depreciation during the financial year
\u2014
-23.8
-116.3
-6.4
-146.5
Impairments
\u2014
\u2014
\u2014
\u2014
\u2014
Transferred to assets classified as held-for-sale \u00b2\u207e
\u2014
20.0
130.7
6.7
157.5
Exchange rate differences
\u2014
2.7
17.8
1.7
22.3
Accumulated depreciation on Dec 31
-9.9
-269.0
-1,175.8
-55.8
-1,510.5
Net book value on Dec 31
35.9
248.5
487.3
36.8
131.1
939.6
1) Prepayment and non-current assets under construction are mainly composed of plant investments.
2) In 2023, property, plant and equipment\u00a0 amounting EUR 172.5 million were reclassified as held-for-sale assets. These assets are used by the Oil & Gas business. See Note 3.7. for further details regarding the held-for-sale assets.
2022, EUR million
Land
Buildings and
constructions
Machinery and
equipment
Other property,
plant and equipment
Prepayments and
assets under
construction \u00b9\u207e
Total
Acquisition cost on Jan 1
50.1
551.8
1,827.1
92.7
106.7
2,628.5
Additions
0.2
31.2
93.3
6.7
49.1
180.3
Decreases
-1.7
-34.4
-105.5
-1.9
-0.6
-143.9
Disposed of subsidiaries
0.0
0.0
0.0
0.0
0.0
0.0
Transferred to assets classified as held-for-sale \u00b2\u207e
0.0
-1.6
-10.2
-0.3
0.0
-12.0
Reclassifications
0.0
0.0
2.5
0.0
-2.4
0.1
Exchange rate differences and other changes
-1.2
5.0
12.3
0.3
0.3
16.8
Acquisition cost on Dec 31
47.5
552.0
1,819.5
97.5
153.2
2,669.7
Accumulated depreciation on Jan 1
-10.0
-277.0
-1,223.4
-55.0
-1,565.4
Accumulated depreciation related to decreases and transfers
0.1
30.2
100.3
1.8
132.4
Depreciation during the financial year
0.0
-23.3
-123.0
-6.3
-152.7
Impairments
0.0
-0.1
-0.9
0.0
-1.0
Transferred to assets classified as held-for-sale \u00b2\u207e
0.0
0.8
6.2
0.2
0.0
7.2
Exchange rate differences
0.0
-0.9
-8.7
-0.5
-10.2
Accumulated depreciation on Dec 31
-9.9
-270.2
-1,249.6
-59.9
-1,589.6
Net book value on Dec 31
37.6
281.8
569.9
37.6
153.2
1 080,2
1) Prepayment and non-current assets under construction are mainly composed of plant investments.
2) In 2022, property, plant and equipment\u00a0 amounting EUR 4.8 million were reclassified as held-for-sale assets. These assets are used by the colorant business within the Pulp & Paper segment. See Note 3.7. for further details regarding the held-
for-sale assets.
\u2002The Group's accounting policies
\"icons-01.svg\"
Property, plant and equipment
Property, plant and equipment are measured at cost less accumulated depreciation and any
impairment losses. The residual values and useful lives of the assets are reviewed at least at
the end of each financial year. Gains and losses on the sale of non-current assets are
included in other operating income and expenses. Borrowing costs directly attributable to
the acquisition or construction of a qualifying asset are capitalized as part of the cost of
the asset in question when it is probable that they will generate future economic benefits
and the costs can be reliably measured. The costs of major inspections or the overhaul of an
asset performed at regular intervals and identified as separate components are capitalized
and depreciated over their useful lives.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-431": { "value": "The Group's accounting policies
\"icons-01.svg\"
Property, plant and equipment
Property, plant and equipment are measured at cost less accumulated depreciation and any
impairment losses. The residual values and useful lives of the assets are reviewed at least at
the end of each financial year. Gains and losses on the sale of non-current assets are
included in other operating income and expenses. Borrowing costs directly attributable to
the acquisition or construction of a qualifying asset are capitalized as part of the cost of
the asset in question when it is probable that they will generate future economic benefits
and the costs can be reliably measured. The costs of major inspections or the overhaul of an
asset performed at regular intervals and identified as separate components are capitalized
and depreciated over their useful lives.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-432": { "value": "Borrowing costs directly attributable to
the acquisition or construction of a qualifying asset are capitalized as part of the cost of
the asset in question when it is probable that they will generate future economic benefits
and the costs can be reliably measured.
Interest-bearing liabilities and cash and cash equivalents
The accounting policies for interest-bearing liabilities and cash and cash equivalents are
described in Note 5.4. Financial assets and liabilities by measurement category.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-433": { "value": "
3.4 LEASES
CHANGE IN RIGHT-OF-USE ASSETS
2023, EUR million
Land
Buildings and
constructions
Machinery and
equipment
Other property,
plant and equipment
Total
Net book value Jan 1
31.5
37.8
74.8
1.9
146.0
Additions
0.4
5.2
31.3
0.2
37.1
Depreciation and impairments
-1.6
-10.3
-25.6
-0.6
-38.1
Transferred to assets classified as held-for-sale \u00b9\u207e
-3.8
-2.8
-11.1
-0.1
-17.8
Reclassifications
0.0
0.0
0.0
0.0
0.0
Exchange rate differences and other changes
-0.7
-0.6
-2.9
0.0
-4.2
Net book value Dec 31
25.8
29.4
66.5
1.3
123.0
1) In 2023, right-of-use assets amounting EUR 17.8 million were reclassified as held-for-sale assets. These assets are used by the Oil & Gas business. See Note 3.7. for further details regarding the held-for-sale assets.
2022, EUR million
Land
Buildings and
constructions
Machinery and
equipment
Other property,
plant and equipment
Total
Net book value Jan 1
33.1
29.5
71.1
2.1
135.8
Additions
0.4
19.0
25.5
0.7
45.6
Depreciation and impairments
-1.7
-10.2
-24.0
-0.8
-36.7
Transferred to assets classified as held-for-sale \u00b2\u207e
0.0
-0.3
-0.1
0.0
-0.4
Reclassifications
0.0
0.0
0.0
0.0
0.0
Exchange rate differences and other changes
-0.4
-0.1
2.4
-0.1
1.7
Net book value Dec 31
31.5
37.8
74.8
1.9
146.0
2) In 2022, right-of-use assets amounting EUR 0.4 million were reclassified as held-for-sale assets. These assets are used by the colorant business within the Pulp & Paper segment. See Note 3.7. for further details regarding the held-for-sale
assets.
Maturity of lease liabilities has been presented in Note 5.3. Interest-bearing liabilities.
Changes in lease liabilities and payments related to lease liabilities has been presented in
Note 5.1. Capital Structure.
In\u00a0 2023, the amount of lease expenses recognized in the income statement for leases of
short-term or low-value assets is EUR 3 million (4).
\u2002The Group's accounting policies
\"icons-01.svg\"
Leases
At the time of entering into an agreement, the Group assesses whether it is a lease or
whether it contains a lease. An agreement is a lease in accordance with IFRS 16 if the
agreement gives the Group, as lessee, the right to control the asset and control its use for a
specified period, against consideration. The Group's leases are mainly for land, buildings,
and transport equipment.
The lease is recognized as a right-of-use asset and a corresponding liability when the leased
asset is available to the Group. The rent paid is divided into debt and interest expenses.
Interest expenses are recognized in the income statement over the lease term and the asset
is amortized over the lease term. Assets and liabilities arising from leases are initially
measured at present value. Lease liabilities include the net fair value of rentals, consisting of
a fixed payment and a variable rent that are index- or price-level dependent. The lease
liability is discounted to its present value using an interest rate on the additional loan,
consisting of the reference interest rate and the lessee's credit margin, which the lessee
would pay on the acquisition of the corresponding asset by debt financing. This additional
loan rate will vary depending on the duration of the lease and the currency.
The lease term is the period during which the lease cannot be canceled. The Group leases
typically have a fixed term, and some contracts have options for renewal. The option is
included in the lease liability if it is reasonably certain that the option will be exercised. If
there is a change in the estimate of the exercise of the option, the lease liability and the
related asset are reassessed.
A right-of-use asset is measured at cost, which includes the original amount of the lease
liability. In building leases, lease and non-lease components are treated separately wherever
they can be identified and distinguished from the right-of-use asset. In subsequent periods,
the accumulated depreciation and impairment losses are deducted from the asset. Fixed
assets are tested for impairment in accordance with IAS 36 Impairment of Assets.
Payments for short-term and low-value leases are recognized as an expense in the income
statement on a straight-line basis over the lease term. Leases with a maximum term of 12
months are regarded as short-term. Low value assets include IT equipment, office furniture
and other low value machines.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-434": { "value": "The Group's accounting policies
\"icons-01.svg\"
Leases
At the time of entering into an agreement, the Group assesses whether it is a lease or
whether it contains a lease. An agreement is a lease in accordance with IFRS 16 if the
agreement gives the Group, as lessee, the right to control the asset and control its use for a
specified period, against consideration. The Group's leases are mainly for land, buildings,
and transport equipment.
The lease is recognized as a right-of-use asset and a corresponding liability when the leased
asset is available to the Group. The rent paid is divided into debt and interest expenses.
Interest expenses are recognized in the income statement over the lease term and the asset
is amortized over the lease term. Assets and liabilities arising from leases are initially
measured at present value. Lease liabilities include the net fair value of rentals, consisting of
a fixed payment and a variable rent that are index- or price-level dependent. The lease
liability is discounted to its present value using an interest rate on the additional loan,
consisting of the reference interest rate and the lessee's credit margin, which the lessee
would pay on the acquisition of the corresponding asset by debt financing. This additional
loan rate will vary depending on the duration of the lease and the currency.
The lease term is the period during which the lease cannot be canceled. The Group leases
typically have a fixed term, and some contracts have options for renewal. The option is
included in the lease liability if it is reasonably certain that the option will be exercised. If
there is a change in the estimate of the exercise of the option, the lease liability and the
related asset are reassessed.
A right-of-use asset is measured at cost, which includes the original amount of the lease
liability. In building leases, lease and non-lease components are treated separately wherever
they can be identified and distinguished from the right-of-use asset. In subsequent periods,
the accumulated depreciation and impairment losses are deducted from the asset. Fixed
assets are tested for impairment in accordance with IAS 36 Impairment of Assets.
Payments for short-term and low-value leases are recognized as an expense in the income
statement on a straight-line basis over the lease term. Leases with a maximum term of 12
months are regarded as short-term. Low value assets include IT equipment, office furniture
and other low value machines.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-435": { "value": "
3.5 OTHER SHARES
2023, EUR million
The shares of
Pohjolan Voima
Group
Other non-listed
shares
Total
Net book value on Jan 1
380.6
2.7
383.3
Additions
\u2014
\u2014
\u2014
Decreases
\u2014
-0.3
-0.3
Change in fair value
-76.7
\u2014
-76.7
Reclassifications
\u2014
-1.0
-1.0
Net book value on Dec 31
303.9
1.4
305.4
2022, EUR million
Net book value on Jan 1
257.3
2.7
260.0
Additions
\u2014
\u2014
\u2014
Decreases
\u2014
\u2014
\u2014
Change in fair value
123.2
\u2014
123.2
Net book value on Dec 31
380.6
2.7
383.3
SHARES IN THE POHJOLAN VOIMA GROUP
EUR million
Class of
shares
Holding, %
Class of
assets
2023
2022
Pohjolan Voima Oyj
A
5
hydro power
100.2
126.3
Pohjolan Voima Oyj
B
2
nuclear power
47.9
79.3
Pohjolan Voima Oyj \u00b9\u207e
B2
7
nuclear power
62.9
21.3
Teollisuuden Voima Oyj
A
2
nuclear power
92.2
152.8
Other Pohjolan Voima Oyj
C2, G5, G6, M
several
several
0.8
0.8
Total
303.9
380.6
1) TVO announced on April 16, 2023 that Olkiluoto 3 is ready and regular electricity production has started. In Q2 2023,
PVO B2 share series (Olkiluoto 3) was valued for the first time using the discounted cash flow method. Kemira's value of
the ownership of PVO B2 share series increased to EUR 62.9 million at year-end 2023.
Kemira Oyj owns 5% of Pohjolan Voima Oyj, a company of the Pohjolan Voima Group, and 1% of
its joint venture Teollisuuden Voima Oyj.
Discounted cash flow assumptions and sensitives
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2022
Short-term discount rate
5.1%
5.1%
Long-term discount rate
5.1%
5.1%
Electricity price estimate EUR/MWh
51.85 - 69.32
57.62 - 85.80
Forward electricity prices EUR/MWh
44.25 - 95.25
68.60 - 158.10
A 10% decrease or increase in the electricity market price in the future would negatively or
positively impact on the fair value of the shares by approximately EUR +/- 98 million (+/- 47).
An increase or decrease of one percentage point in the discount rate would negatively or
positively impact on the fair value of the shares by approximately EUR -49 million (-38) or
approximately EUR 69 million (53).
The Group's accounting policies
\"icons-01.svg\"
Other shares
Other shares are classified at fair value through other comprehensive income. Changes in
the fair value of other shares are recognized in other comprehensive income under equity in
the fair value reserve taking the tax effect into account and including gains and losses from
sales. The dividends are recognized in the profit or loss statement. Other shares include
non-listed companies, the shareholdings in Pohjolan Voima Oyj (PVO) and Teollisuuden
Voima Oyj (TVO) representing the largest investments.
PVO and its joint venture TVO comprise a private energy generating group owned by Finnish
manufacturing and power companies, to which it supplies energy at cost. Kemira Group has
A series shares in TVO and A, B, C, G, and M series shares in PVO. The shareholdings of PVO's
B series are related to the holdings in TVO and TVO operates three nuclear power plant units
(Olkiluoto 1, 2 and 3) in Olkiluoto in the municipality of Eurajoki in Finland. Different share
series entitle the shareholder to electricity generated by different power plants. The owners
of each share series are responsible for the fixed costs of the series in question in
proportion to the number of the shares they hold, regardless of whether they use their
power/energy share or not, and for variable costs in proportion to the amount of energy
used.
Kemira Oyj\u2019s ownership in the PVO Group, which entitles it to electricity from the power
plants in regular production is measured at the fair value based on the discounted cash flow
resulting from the difference between the market price of the electricity and the cost price.
The forward electricity price quotations for the Finnish price area published by the Nordic
Electricity Exchange have been used as the basis for the market price for the electricity for
the first five years, and after this, the development of the electricity price is based on a
fundamental simulation model of the Nordic electricity market. The impact of inflation in the
coming years is taken into account in the price of the electricity and the cost prices. The
cost prices are determined by each share series. Future cash flows have been discounted
based on the estimated useful lifecycles of the plants related to each share series, and
hydro power also includes terminal value. The discount rate has been calculated using the
annually determined average weighted cost of capital.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Estimated fair value of shares in the PVO Group
The Group\u2019s shareholding in the unlisted PVO Group is measured at fair value, based on the
discounted cash flow resulting from the difference between the market price of electricity
and the cost price using the valuation model. Developments in the actual fair value may
differ from the estimated value due to factors, such as electricity prices, inflation, the
forecast period, or the discount rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-436": { "value": "The Group's accounting policies
\"icons-01.svg\"
Other shares
Other shares are classified at fair value through other comprehensive income. Changes in
the fair value of other shares are recognized in other comprehensive income under equity in
the fair value reserve taking the tax effect into account and including gains and losses from
sales. The dividends are recognized in the profit or loss statement. Other shares include
non-listed companies, the shareholdings in Pohjolan Voima Oyj (PVO) and Teollisuuden
Voima Oyj (TVO) representing the largest investments.
PVO and its joint venture TVO comprise a private energy generating group owned by Finnish
manufacturing and power companies, to which it supplies energy at cost. Kemira Group has
A series shares in TVO and A, B, C, G, and M series shares in PVO. The shareholdings of PVO's
B series are related to the holdings in TVO and TVO operates three nuclear power plant units
(Olkiluoto 1, 2 and 3) in Olkiluoto in the municipality of Eurajoki in Finland. Different share
series entitle the shareholder to electricity generated by different power plants. The owners
of each share series are responsible for the fixed costs of the series in question in
proportion to the number of the shares they hold, regardless of whether they use their
power/energy share or not, and for variable costs in proportion to the amount of energy
used.
Kemira Oyj\u2019s ownership in the PVO Group, which entitles it to electricity from the power
plants in regular production is measured at the fair value based on the discounted cash flow
resulting from the difference between the market price of the electricity and the cost price.
The forward electricity price quotations for the Finnish price area published by the Nordic
Electricity Exchange have been used as the basis for the market price for the electricity for
the first five years, and after this, the development of the electricity price is based on a
fundamental simulation model of the Nordic electricity market. The impact of inflation in the
coming years is taken into account in the price of the electricity and the cost prices. The
cost prices are determined by each share series. Future cash flows have been discounted
based on the estimated useful lifecycles of the plants related to each share series, and
hydro power also includes terminal value. The discount rate has been calculated using the
annually determined average weighted cost of capital.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Estimated fair value of shares in the PVO Group
The Group\u2019s shareholding in the unlisted PVO Group is measured at fair value, based on the
discounted cash flow resulting from the difference between the market price of electricity
and the cost price using the valuation model. Developments in the actual fair value may
differ from the estimated value due to factors, such as electricity prices, inflation, the
forecast period, or the discount rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-437": { "value": "
3.6 BUSINESS COMBINATIONS
In Q3 2021, Kemira acquired a minority interest in the advanced process optimization start-up
SimAnalytics Oy. In Q1 2023, Kemira acquired the rest of the business and now has a 100%
interest in the acquired business. The acquisition was not material to Kemira's consolidated
income statement and balance sheet.
The acquisition calculation under IFRS 3 is provisional. The fair values of the net assets and
goodwill may change during the 12-month period during which the acquisition calculation will
be finalized. The purchase price of EUR 3 million was paid in cash, except for certain
payments which will be paid later. The purchase price is divided into two installments, of
which EUR 2 million was paid in Q1 2023 and EUR 1 million was paid earlier in 2021. The
remainder of the payments to the acquired company's employees, made after the acquisition
date, are remunerations for services under IFRS 3 and these payments have no effect on
goodwill.
Based on preliminary acquisition calculations, EUR 1 million was allocated to intangible assets
such as software. A provisional goodwill of EUR 2 million arises mainly from the expected
synergies.
The acquired business has been consolidated into the Pulp & Paper segment, beginning in Q1
2023.
\u2002The Group's accounting policies
\"icons-01.svg\"
Business combinations
The acquisition method is applied to business combinations. The consideration transferred
for acquisition of a subsidiary is defined as an aggregate of the fair values of the assets
transferred, the liabilities assumed and the equity interest issued by the Group. The
consideration transferred may include the fair value of any asset or liability resulting from
the contingent consideration arrangement. Acquisition-related costs are expensed as
incurred. Identifiable assets acquired, and liabilities and contingent liabilities that are
assumed in a business combination are measured at their fair values on the acquisition date.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-438": { "value": "The Group's accounting policies
\"icons-01.svg\"
Business combinations
The acquisition method is applied to business combinations. The consideration transferred
for acquisition of a subsidiary is defined as an aggregate of the fair values of the assets
transferred, the liabilities assumed and the equity interest issued by the Group. The
consideration transferred may include the fair value of any asset or liability resulting from
the contingent consideration arrangement. Acquisition-related costs are expensed as
incurred. Identifiable assets acquired, and liabilities and contingent liabilities that are
assumed in a business combination are measured at their fair values on the acquisition date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-439": { "value": "
3.7 ASSETS CLASSIFIED AS HELD-FOR-SALE
Sale of the Oil & Gas business to Sterling Specialty Chemicals, LLC\u00a0
ASSETS CLASSIFIED AS HELD-FOR-SALE AT FAIR VALUES
EUR million
Note
2023
2022
Goodwill
3.1.
0.0
\u2014
Intangible assets
3.2.
1.6
\u2014
Property, plant and equipment
3.3.
109.5
\u2014
Right-of-use assets
3.4.
17.8
\u2014
Deferred tax assets
4.4.
19.2
\u2014
Inventories
4.1.
48.3
\u2014
Trade receivables and other receivables
4.2.
57.0
\u2014
Cash and cash equivalents
5.4.
2.2
\u2014
Total
255.6
\u2014
LIABILITIES DIRECTLY ASSOCIATED WITH THE ASSETS CLASSIFIED AS
HELD-FOR-SALE
EUR million
Note
2023
2022
Liabilities related to right-of-use assets
5.3.
24.1
\u2014
Deferred tax liabilities
4.4.
32.1
\u2014
Trade payables and other liabilities
4.3.
44.0
\u2014
Current income tax liabilities
4.6
\u2014
Total
104.8
\u2014
On December 4, 2023, Kemira signed an agreement to divest its Oil & Gas-related portfolio to
Sterling Specialty Chemicals LLC, a US subsidiary of Artek Group, a global industrial chemicals
group based in India.
The revenue to be carved-out from Kemira was around EUR 430 million in 2022. This includes
Kemira\u2019s Oil & Gas business, which had a revenue of EUR 373 million in 2022. The remaining
carved-out revenue of around EUR 57 million consisted of non-Oil & Gas industrial polymer
sales through indirect channels.
Approximately 250 employees are expected to transfer to the buyer as part of the
transaction, which includes Kemira\u2019s manufacturing facilities in Mobile, Columbus and
Aberdeen in the United States. The Teesport manufacturing facility in the United Kingdom is
included in the transaction, subject to certain site-specific closing conditions being fulfilled. In
addition, the novel liquid polymer (NLP) manufacturing assets, which are part of Kemira\u2019s
manufacturing facility in Botlek, the Netherlands, are included in the transaction, but Kemira
will continue to operate the plant under a long-term agreement and will retain the employees.
The total consideration on a cash and debt-free basis amounts to approximately USD 280
million, around EUR 260 million, subject to ordinary closing adjustments. On February 2, 2024,
Kemira announced that it had closed the divestment of its Oil & Gas related portfolio. The
closing of the Teesport manufacturing facility in the United Kingdom is expected to happen
later, subject to site-specific closing conditions. The transaction will be carried out as a
combination of a share and assets sale.
As of Q4 2023, the assets and liabilities related to the sale of the Oil & Gas business were
classified as a disposal group held for sale according to IFRS 5. As a result, the assets and
liabilities related to the sale of the Oil & Gas business were presented in the consolidated
balance sheet, on separate lines. The reclassification has an effect on the reported values of
balance sheet items and the expected loss from the sale of the Oil & Gas business is EUR 101
million, including transaction fees. The Oil & Gas business is part of Kemira's Industry & Water
segment.
Sale of the colorants business to ChromaScape, LLC
ASSETS CLASSIFIED AS HELD-FOR-SALE AT FAIR VALUE
EUR million
Note
2023
2022
Goodwill
3.1.
\u2014
0.0
Intangible assets
3.2.
\u2014
1.8
Property, plant and equipment
3.3.
\u2014
4.8
Right-of-use assets
3.4.
\u2014
0.4
Inventories
\u2014
14.3
Total
\u2014
21.3
LIABILITIES DIRECTLY ASSOCIATED WITH THE ASSETS CLASSIFIED AS
HELD-FOR-SALE
EUR million
Note
2023
2022
Liabilities of defined benefit plans
4.5.
\u2014
0.3
Liabilities related to right-of-use assets
\u2014
0.4
Total
\u2014
0.7
Kemira announced the closing of the divestment of most of its colorants business to
ChromaScape, LLC on May 4, 2023. The loss from the sale of the colorants business was EUR
25 million, of which EUR 10 million was recognized during the 2023 reporting period. The
colorants business was part of Kemira's Pulp & Paper segment.
Revenue from the business in 2022 was approximately EUR 50 million and 59 employees
transferred to ChromaScape, LLC as part of the transaction. The sale included one
manufacturing site at Goose Creek, Bushy Park in South Carolina, USA. Kemira retained its
APAC related colorants business.
As of Q3 2022, the assets and liabilities related to the sale of the colorants business were
classified as a disposal group held for sale according to IFRS 5. As a result, the assets and
liabilities related to the sale of the colorants business were presented in the consolidated
balance sheet, on separate lines.
\u2002The Group's accounting policies
\"icons-01.svg\"
Non-current assets held for sale
Non-current assets are classified as assets held for sale when their carrying amount is to be
recovered principally through a sale transaction and a sale transaction and a sale is
considered highly probable. Since the time of classification, the assets have been valued at
the lower of carrying amount and fair value less costs to sell. Depreciation on these assets
discontinues at the time of classification. Non-current assets classified as held for sale is
disclosed separately in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-440": { "value": "
\u2002The Group's accounting policies
\"icons-01.svg\"
Non-current assets held for sale
Non-current assets are classified as assets held for sale when their carrying amount is to be
recovered principally through a sale transaction and a sale transaction and a sale is
considered highly probable. Since the time of classification, the assets have been valued at
the lower of carrying amount and fair value less costs to sell. Depreciation on these assets
discontinues at the time of classification. Non-current assets classified as held for sale is
disclosed separately in the balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-443": { "value": "
NET WORKING CAPITAL
EUR million
Note
2023
2022
Inventories
4.1.
281.8
433.7
Trade receivables and other receivables
4.2.
468.2
603.7
Excluding financing items in other receivables \u00b9\u207e
-18.6
-71.1
Trade payables and other liabilities
4.3.
489.4
635.2
Excluding financing items in other liabilities \u00b9\u207e
-37.0
-31.4
Total
278.9
362.4
1) Includes mainly interest income and expenses, exchange gains and losses and hedging related items.
Due to the Oil & Gas divestment, in net working capital in 2023, EUR 48.3 million of inventory,
EUR 57.0 million of trade receivables and other receivables and EUR 44.0 million trade
payables and other payables have been reclassified as held-for-sale. Kemira has completed
the divestment in February 2024.
Quarterly information on net working capital is disclosed in the section on Reconciliation to
IFRS figures.
4.3 TRADE PAYABLES AND OTHER CURRENT LIABILITIES
EUR million
2023
2022
Trade payables and other liabilities
Prepayments received
1.6
2.5
Trade payables
226.7
292.8
Accrued expenses
218.4
277.0
Other non-interest-bearing current liabilities
42.7
63.0
Total
489.4
635.2
Accrued expenses
Employee benefits
89.7
94.2
Items related to revenue and purchases
91.4
149.8
Interest
7.7
7.2
Exchange rate differences
6.9
2.8
Other
22.7
22.9
Total
218.4
277.0
\u2002The Group's accounting policies
\"icons-01.svg\"
Trade payables and other current liabilities
Trade and other payables are presented as current liabilities if payment is due within 12
months after the financial period. Trade payables are initially recognized at fair value and
subsequently measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-442": { "value": "
NET WORKING CAPITAL
EUR million
Note
2023
2022
Inventories
4.1.
281.8
433.7
Trade receivables and other receivables
4.2.
468.2
603.7
Excluding financing items in other receivables \u00b9\u207e
-18.6
-71.1
Trade payables and other liabilities
4.3.
489.4
635.2
Excluding financing items in other liabilities \u00b9\u207e
-37.0
-31.4
Total
278.9
362.4
1) Includes mainly interest income and expenses, exchange gains and losses and hedging related items.
Due to the Oil & Gas divestment, in net working capital in 2023, EUR 48.3 million of inventory,
EUR 57.0 million of trade receivables and other receivables and EUR 44.0 million trade
payables and other payables have been reclassified as held-for-sale. Kemira has completed
the divestment in February 2024.
Quarterly information on net working capital is disclosed in the section on Reconciliation to
IFRS figures.
4.2 TRADE RECEIVABLES AND OTHER CURRENT RECEIVABLES
EUR million
2023
2022
Trade and other receivables
Trade receivables
386.2
449.6
Prepayments
8.5
7.1
Prepaid expenses and accrued income
38.9
110.5
Other current receivables
34.7
36.4
Total
468.2
603.7
AGING OF OUTSTANDING TRADE RECEIVABLES
2023
EUR million
Receivables,
gross amount
Expected
credit losses
Receivables,
net amount
Not due trade receivables
327.9
-0.1
327.7
Trade receivables 1-90 days overdue
58.1
-0.3
57.8
Trade receivables more than 91 days overdue
5.0
-4.3
0.6
Total
390.9
-4.8
386.2
2022
EUR million
Receivables,
gross amount
Expected
credit losses
Receivables,
net amount
Not due trade receivables
389.2
-0.7
388.5
Trade receivables 1-90 days overdue
61.1
-0.1
61.0
Trade receivables more than 91 days overdue
4.7
-4.6
0.1
Total
454.9
-5.3
449.6
In 2023, the impairment loss (+) /gain(-) of trade receivables amounted to EUR -0.2 million
(2.2).
In 2023, items that were due in a time period longer than one year included trade receivables
of EUR 0.3 million (0.7), prepaid expenses and an accrued income of EUR 1.3 (0.5), other
receivables of EUR 0.1 (0.3) and prepayments of EUR 0.0 (1.7).
The Group's accounting policies
\"icons-01.svg\"
Trade receivables, loan receivables, and other current receivables
Trade receivables, loan receivables, and other current receivables are initially recognized at
fair value and subsequently measured at amortized cost, taking impairment into account.
These items are subject to a simplified impairment model in accordance with the IFRS 9
standard, where the estimated amount of credit losses is based on the expected credit
losses over their expected life.
The expected credit loss rates for the impairment model vary for trade receivables in EMEA,
Americas, and APAC according to age distribution and geographical area. Credit loss rates
are based on sales payment profiles and historical credit losses.
The expected credit losses for trade receivables are recognized using the simplified
impairment model in accordance with IFRS 9. The expected credit losses are calculated by
multiplying the book value of unpaid trade receivables by the expected credit loss rate
according to geographical area. Any overdue trade receivables over 180 days are assessed
based on a specific risk assessment. In addition, an estimate of a credit loss is recognized
for individual trade receivables when there is objective evidence that the receivables will not
be recovered on all the original terms.
Trade receivables, loan receivables, and other current receivables do not include a
significant financial component.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-441": { "value": "
NET WORKING CAPITAL
EUR million
Note
2023
2022
Inventories
4.1.
281.8
433.7
Trade receivables and other receivables
4.2.
468.2
603.7
Excluding financing items in other receivables \u00b9\u207e
-18.6
-71.1
Trade payables and other liabilities
4.3.
489.4
635.2
Excluding financing items in other liabilities \u00b9\u207e
-37.0
-31.4
Total
278.9
362.4
1) Includes mainly interest income and expenses, exchange gains and losses and hedging related items.
Due to the Oil & Gas divestment, in net working capital in 2023, EUR 48.3 million of inventory,
EUR 57.0 million of trade receivables and other receivables and EUR 44.0 million trade
payables and other payables have been reclassified as held-for-sale. Kemira has completed
the divestment in February 2024.
Quarterly information on net working capital is disclosed in the section on Reconciliation to
IFRS figures.
4.1 INVENTORIES
EUR million
2023
2022
Materials and supplies
113.0
147.8
Finished goods
149.4
264.7
Prepayments
19.4
21.2
Total
281.8
433.7
In 2023, EUR 2.4 million (9.2) of the inventory value was recognized as an expense in order to
decrease the book values of the inventories to correspond with their net realizable value.
\u2002The Group's accounting policies
\"icons-01.svg\"
Inventories
Inventories are measured at the lower of cost and net realizable value. Costs are determined
on a first-in first-out (FIFO) basis or by using a weighted average cost formula, depending on
the nature of the inventory. The cost of finished goods and work in progress include the
proportion of production overheads at normal capacity. The net realizable value is the sales
price received in the ordinary course of business less the estimated costs for completing the
asset and sales costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-444": { "value": "The Group's accounting policies
\"icons-01.svg\"
Inventories
Inventories are measured at the lower of cost and net realizable value. Costs are determined
on a first-in first-out (FIFO) basis or by using a weighted average cost formula, depending on
the nature of the inventory. The cost of finished goods and work in progress include the
proportion of production overheads at normal capacity. The net realizable value is the sales
price received in the ordinary course of business less the estimated costs for completing the
asset and sales costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-445": { "value": "
AGING OF OUTSTANDING TRADE RECEIVABLES
2023
EUR million
Receivables,
gross amount
Expected
credit losses
Receivables,
net amount
Not due trade receivables
327.9
-0.1
327.7
Trade receivables 1-90 days overdue
58.1
-0.3
57.8
Trade receivables more than 91 days overdue
5.0
-4.3
0.6
Total
390.9
-4.8
386.2
2022
EUR million
Receivables,
gross amount
Expected
credit losses
Receivables,
net amount
Not due trade receivables
389.2
-0.7
388.5
Trade receivables 1-90 days overdue
61.1
-0.1
61.0
Trade receivables more than 91 days overdue
4.7
-4.6
0.1
Total
454.9
-5.3
449.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-446": { "value": "The Group's accounting policies
\"icons-01.svg\"
Trade receivables, loan receivables, and other current receivables
Trade receivables, loan receivables, and other current receivables are initially recognized at
fair value and subsequently measured at amortized cost, taking impairment into account.
These items are subject to a simplified impairment model in accordance with the IFRS 9
standard, where the estimated amount of credit losses is based on the expected credit
losses over their expected life.
The expected credit loss rates for the impairment model vary for trade receivables in EMEA,
Americas, and APAC according to age distribution and geographical area. Credit loss rates
are based on sales payment profiles and historical credit losses.
The expected credit losses for trade receivables are recognized using the simplified
impairment model in accordance with IFRS 9. The expected credit losses are calculated by
multiplying the book value of unpaid trade receivables by the expected credit loss rate
according to geographical area. Any overdue trade receivables over 180 days are assessed
based on a specific risk assessment. In addition, an estimate of a credit loss is recognized
for individual trade receivables when there is objective evidence that the receivables will not
be recovered on all the original terms.
Trade receivables, loan receivables, and other current receivables do not include a
significant financial component.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-448": { "value": "
4.3 TRADE PAYABLES AND OTHER CURRENT LIABILITIES
EUR million
2023
2022
Trade payables and other liabilities
Prepayments received
1.6
2.5
Trade payables
226.7
292.8
Accrued expenses
218.4
277.0
Other non-interest-bearing current liabilities
42.7
63.0
Total
489.4
635.2
Accrued expenses
Employee benefits
89.7
94.2
Items related to revenue and purchases
91.4
149.8
Interest
7.7
7.2
Exchange rate differences
6.9
2.8
Other
22.7
22.9
Total
218.4
277.0
\u2002The Group's accounting policies
\"icons-01.svg\"
Trade payables and other current liabilities
Trade and other payables are presented as current liabilities if payment is due within 12
months after the financial period. Trade payables are initially recognized at fair value and
subsequently measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-447": { "value": "
4.3 TRADE PAYABLES AND OTHER CURRENT LIABILITIES
EUR million
2023
2022
Trade payables and other liabilities
Prepayments received
1.6
2.5
Trade payables
226.7
292.8
Accrued expenses
218.4
277.0
Other non-interest-bearing current liabilities
42.7
63.0
Total
489.4
635.2
Accrued expenses
Employee benefits
89.7
94.2
Items related to revenue and purchases
91.4
149.8
Interest
7.7
7.2
Exchange rate differences
6.9
2.8
Other
22.7
22.9
Total
218.4
277.0
\u2002The Group's accounting policies
\"icons-01.svg\"
Trade payables and other current liabilities
Trade and other payables are presented as current liabilities if payment is due within 12
months after the financial period. Trade payables are initially recognized at fair value and
subsequently measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-449": { "value": "The Group's accounting policies
\"icons-01.svg\"
Trade payables and other current liabilities
Trade and other payables are presented as current liabilities if payment is due within 12
months after the financial period. Trade payables are initially recognized at fair value and
subsequently measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-450": { "value": "
4.5 DEFINED BENEFIT PENSION PLANS AND EMPLOYEE BENEFITS
The Group has several defined benefit pension plans and other employee benefit obligations.
The main defined benefit pension plans are in Finland, Sweden, Germany, and the UK.
Finland
The Group's most significant defined benefit plan is in Finland through Pension Fund Neliapila,
which takes care of part of some employees' supplementary pension benefits. The Pension
Fund Neliapila covers employees whose employment with Kemira began before January 1,
1991, meaning that the fund is closed to new employees. Currently the majority of the
members of Pension Fund Neliapila are pensioners. At the end of 2023, the obligations of
Pension Fund Neliapila totaled EUR 156.2 million (156.9) and assets of the plan totaled EUR
262.5 million (235.3).
Pension Fund Neliapila's supplementary benefit includes old-age pensions, disability
pensions, survivors' pensions, and funeral grants. The aggregated pension benefit is 66
percent of the pension salary. To qualify for a full pension, an employee must have accrued a
pensionable service of 25 years. The supplementary pension benefit is the difference between
the aggregated and compulsory pension benefits.
The Board of Directors of Pension Fund Neliapila decided in December 2023 to return the
fund's surplus of EUR 14 million to Kemira Group companies. The return of surplus will be paid
by Pension Fund Neliapila when approval is obtained from the Financial Supervisory
Authority. The approval is required by the Pension Fund Act. The surplus payment is expected
to be paid during the first half of 2024. The Group has not recognized any items regarding the
return of surplus in the Consolidated Financial Statements 2023.
Sweden
In Sweden, there is a defined benefit pension plan called the ITP 2 plan for white-collar
employees. To qualify for a full pension, an employee must have a projected period of
pensionable service, from the date of entry until retirement age, of at least 30 years. The
pension arrangements comprise the normal retirement pension, complementary retirement
pensions and a survivors' pension. In addition, Kemira must have credit insurance from PRI
Pensionsgaranti Mutual Insurance Company for the ITP 2 plan pension liability. At the end of
2023, the defined benefit obligations in Sweden totaled EUR 38.2 million (38.3).
ASSETS AND LIABILITIES OF DEFINED BENEFIT PLANS RECOGNIZED IN
THE BALANCE SHEET
EUR million
2023
2022
Present value of defined benefit obligations
233.9
231.5
Fair value of plans' assets
-272.2
-244.4
Surplus (-) / Deficit (+)
-38.3
-12.8
The effect of asset ceiling
1.8
1.4
Net receivables (-) / liabilities (+) of defined benefit plans recognized in
the Balance Sheet
-36.5
-11.4
Liabilities of defined benefit plans
69.8
66.9
Receivables of defined benefit plans
-106.3
-78.4
Net receivables (-) / liabilities (+) of defined benefit plans recognized in
the Balance Sheet
-36.5
-11.4
AMOUNTS OF DEFINED BENEFIT PLANS RECOGNISED IN THE INCOME
STATEMENT
Service costs
2.0
2.3
Net interest cost \u00b9\u207e
-0.5
0.7
Defined benefit plans' expenses (+) / income (-) in the Income
Statement
1.5
3.0
1) Net interest costs are presented in net finance costs, in the Consolidated Income Statement.
DEFINED BENEFIT PLANS RECOGNIZED IN THE OTHER COMPREHENSIVE
INCOME
EUR million
2023
2022
Items resulting from remeasurements of defined benefit plans \u00b2\u207e
Actuarial gains (-) / losses (+) in defined benefit obligations arising
from changes in demographic assumptions
0.3
-0.4
Actuarial gains (-) / losses (+) in defined benefit obligations arising
from changes in financial assumptions \u00b3\u207e
1.9
-70.3
Actuarial gains (-) / losses (+) in defined benefit obligations arising
from experience based assumptions
6.9
9.7
Actuarial gains (-) / losses (+) in plan assets \u00b3\u207e
-32.2
23.3
Effect from asset ceiling
0.3
0.8
Defined benefit plans' expenses (+) / income (-) in the other
comprehensive income
-22.8
-37.0
2) The remeasurements of defined benefit plans are included in the Statement of Comprehensive Income as part of
Other comprehensive income. The item has been disclosed net of tax and the related income tax is disclosed in Note 2.8.
Other comprehensive income.
3) In 2023 and 2022, the actuarial gains and losses are mainly due to return on assets, change in the discount rate and
inflation in pension plan in Sweden and Pension Fund Neliapila.
CHANGES IN PLAN ASSETS OVER THE PERIOD IN DEFINED BENEFIT PLANS
EUR million
2023
2022
Defined benefit obligation on Jan 1
231.5
312.0
Current service costs
1.6
2.3
Interest costs
8.4
3.6
Actuarial losses (+) / gains (-)
9.1
-61.1
Exchange differences on foreign plans
0.0
-4.7
Benefits paid
-16.8
-16.2
Curtailments and settlements \u2074\u207e
0.0
-3.4
Transferred to liabilities classified as held-for-sale
\u2014
-0.4
Other items
0.0
-0.6
Present value of defined benefit obligations on Dec 31
233.9
231.5
4) In 2022, the defined benefit (DB) pension plan has been converted to a defined contribution plan In Norway. DB
pension obligations have been transferred to an insurance company.
CHANGES IN PLAN ASSETS OVER THE PERIOD
IN DEFINED BENEFIT PLANS
EUR million
2023
2022
Fair value on Jan 1
244.4
292.0
Interest income
9.0
2.9
Contributions
0.4
0.2
Return of surplus assets \u2075\u207e
\u2014
-10.0
Actuarial losses (-) / gains (+)
32.2
-23.3
Exchange differences on foreign plans
0.1
-0.6
Benefits paid
-13.3
-12.8
Curtailments and settlements \u2074\u207e
0.0
-3.5
Transferred to assets classified as held-for-sale
\u2014
-0.1
Other items
-0.5
-0.4
Fair value of plan assets on Dec 31
272.2
244.4
5) In 2022, Pension Fund Neliapila paid to a surplus return of EUR 10 million to Kemira Group companies.
PLAN ASSETS BY ASSET CATEGORY IN DEFINED BENEFIT PLANS
EUR million
2023
2022
Interest rate investments and other assets
144.1
124.2
Shares and share funds
79.5
75.8
Properties occupied by the Group
46.8
42.8
Kemira Oyj's shares
1.9
1.6
Total assets
272.2
244.4
The Finnish Pension Fund Neliapila has most of the defined benefit plan\u2019s assets. At the end
of 2023, the Pension Fund Neliapila's assets amounted to EUR 262.5 million (235.3), which
consisted of interest rate investments and other assets of EUR 134.5 million (115.7), shares and
share funds of EUR 79.4 million (75.1), properties of EUR 46.8 million (42.8), and Kemira Oyj's
shares of EUR 1.9 million (1.6). In the Pension Fund Neliapila, the investment position is
managed within an asset-liability matching (ALM) framework that has been developed to
combine long-term investments in line with the obligations under the pension plan. In Pension
Fund Neliapila, a market risk can be considered a significant investment risk. The market risk
arising from cyclical fluctuations of the financial market, is managed by ensuring that the
investment position is sufficiently diversified.
The income (+) / expense (-) of the actual returns on the plan assets of the Group's defined
benefit plan were EUR 41.2 million (-20.5).
SIGNIFICANT ACTUARIAL ASSUMPTIONS
%
2023
2022
Discount rate
3.1 - 4.5
3.7 - 4.7
Inflation rate
1.6 - 3.1
2.0 - 3.2
Future salary increases
2.1 - 2.5
2.5 - 3.2
Future pension increases
2.0 - 2.3
2.1 - 2.8
The significant assumptions used in calculating the obligations of the Finnish Pension Fund
Neliapila were as follows: discount rate 3.1% (3.8%), inflation rate 2.1% (2.6%), future salary
increases 2.1% (2.6%), and future pension increases 2.3% (2.8%).
Sensitivity analysis
The sensitivity analysis is based on keeping other assumptions constant when one
assumption is changed. In practice, this is unlikely to occur and changes in some of the
assumptions may correlate with each other. When calculating the sensitivity of the defined
benefit obligation to significant actuarial assumptions, the same method has been applied as
when calculating the pension liability recognized within the balance sheet.
If the discount rate would be 0.5 percentage points lower in all of the significant countries, the
defined benefit obligation would increase by EUR 11.9 million (5.1%), if all other assumptions
were held constant.
SENSITIVITY ANALYSIS - PENSION FUND NELIAPILA IN FINLAND
Defined benefit obligation
Impact on defined benefit
obligation
EUR million
2023
2022
2023
2022
Discount rate 3.1% (3.8%)
156.2
156.9
Discount rate +0.5%
149.2
149.8
-4.5%
-4.5%
Discount rate -0.5%
163.8
164.6
4.9%
4.9%
Future pension increases 2.3% (2.8%)
156.2
156.9
Future pension increases +0.5%
163.0
163.8
4.4%
4.4%
Future pension increases -0.5%
149.8
150.5
-4.1%
-4.1%
A change in the mortality assumption where life expectancy is increased by one year will
increase the defined benefit obligation by EUR 6.9 million (4.4%).
SENSITIVITY ANALYSIS - ITP 2 PENSION PLAN IN SWEDEN
Defined benefit obligation
Impact on defined benefit
obligation
EUR million
2023
2022
2023
2022
Discount rate 3.8% (3.65%)
38.2
38.4
Discount rate +0.5%
36.0
36.0
-5.8%
-6.0%
Discount rate -0.5%
40.7
40.9
6.4%
6.7%
Future salary increases 2.1% (2.5%)
38.2
38.4
Future salary increases +0.5%
38.9
39.0
1.6%
1.8%
Future salary increases -0.5%
37.7
37.7
-1.5%
-1.7%
A change in the mortality assumption where life expectancy is increased by one year will
increase the defined benefit obligation by EUR 1.5 million (3.8%).
Expected contributions to the defined benefit plans for the year ending on December 31,
2024, are EUR 4.1 million. In addition, Pension Fund Neliapila is expected to pay a surplus
return of EUR 14 million to Kemira Group companies during the first half of 2024.
The Group's accounting policies
\"icons-01.svg\"
Defined benefit pension plans and employee benefits
The Group has different post-employment schemes, including both defined contribution and
defined benefit pension plans in accordance with the local legislation and practices of the
countries in which it operates. Pension plans are generally funded through contributions to
pension insurance companies or a separate pension fund.
A defined contribution plan is a pension plan under which the Group pays fixed contributions
into a separate entity. The Group has no legal or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay all employees the benefits
relating to employee service in the current and prior periods. A defined benefit plan is a
pension plan that is not a defined contribution plan.
Typically, defined benefit plans define an amount of pension benefit that an employee will
receive on retirement, usually dependent on one or more factors such as their compensation
level and years of service.
The liability recognized in the balance sheet in respect to the defined benefit pension plans
is the present value of the defined benefit obligation at the end of the reporting period less
the fair value of plan assets. The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit method. The present value of the
defined benefit obligation is determined by discounting the estimated future cash outflows
using interest rates of high-quality corporate bonds that are denominated in the currency in
which the benefits will be paid, and with their terms to maturity approximating the terms of
the related pension obligation. In countries where there is no deep market in such bonds, the
market rates for government bonds are used.
Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions are charged or credited to equity in other comprehensive income in the period
in which they arise.
Current service costs are included in the Consolidated Income Statement in the employee
benefit expenses and net interest costs on finance income and finance expense. Past
service costs are recognized immediately in profit or loss.
For defined contribution plans, the Group pays contributions to publicly or privately
administered pension insurance plans on a mandatory, contractual, or voluntary basis. The
Group has no further payment obligations once the contributions have been paid. The
contributions are recognized as employee benefit expenses when they are due. Prepaid
contributions are recognized as an asset to the extent that a cash refund or a reduction in
the future payments is available.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Defined benefit pension plans
Determining pension liabilities under defined benefit pension plans includes a number of
actuarial assumptions, and significant changes in these assumptions may affect the
amounts of pension liabilities and expenses. Actuarial calculations include assumptions by
the management, such as the discount rate and assumptions of salary increases and the
termination of employment contracts. The pension liability is calculated by independent
actuaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-451": { "value": "The Group's accounting policies
\"icons-01.svg\"
Defined benefit pension plans and employee benefits
The Group has different post-employment schemes, including both defined contribution and
defined benefit pension plans in accordance with the local legislation and practices of the
countries in which it operates. Pension plans are generally funded through contributions to
pension insurance companies or a separate pension fund.
A defined contribution plan is a pension plan under which the Group pays fixed contributions
into a separate entity. The Group has no legal or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay all employees the benefits
relating to employee service in the current and prior periods. A defined benefit plan is a
pension plan that is not a defined contribution plan.
Typically, defined benefit plans define an amount of pension benefit that an employee will
receive on retirement, usually dependent on one or more factors such as their compensation
level and years of service.
The liability recognized in the balance sheet in respect to the defined benefit pension plans
is the present value of the defined benefit obligation at the end of the reporting period less
the fair value of plan assets. The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit method. The present value of the
defined benefit obligation is determined by discounting the estimated future cash outflows
using interest rates of high-quality corporate bonds that are denominated in the currency in
which the benefits will be paid, and with their terms to maturity approximating the terms of
the related pension obligation. In countries where there is no deep market in such bonds, the
market rates for government bonds are used.
Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions are charged or credited to equity in other comprehensive income in the period
in which they arise.
Current service costs are included in the Consolidated Income Statement in the employee
benefit expenses and net interest costs on finance income and finance expense. Past
service costs are recognized immediately in profit or loss.
For defined contribution plans, the Group pays contributions to publicly or privately
administered pension insurance plans on a mandatory, contractual, or voluntary basis. The
Group has no further payment obligations once the contributions have been paid. The
contributions are recognized as employee benefit expenses when they are due. Prepaid
contributions are recognized as an asset to the extent that a cash refund or a reduction in
the future payments is available.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Defined benefit pension plans
Determining pension liabilities under defined benefit pension plans includes a number of
actuarial assumptions, and significant changes in these assumptions may affect the
amounts of pension liabilities and expenses. Actuarial calculations include assumptions by
the management, such as the discount rate and assumptions of salary increases and the
termination of employment contracts. The pension liability is calculated by independent
actuaries.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-452": { "value": "
4.6 PROVISIONS
EUR million
Personnel
related
provisions
Restructuring
provisions
Environmental
provisions \u00b9\u207e
Other
provisions \u00b2\u207e
Total
Non-current provisions
On January 1, 2023
0.1
0.0
17.3
20.9
38.4
Exchange rate
differences
0.0
0.0
0.0
0.0
0.0
Additional provisions
and increases in existing
provisions
0.0
0.0
0.0
12.3
12.3
Used during the financial
year
0.0
0.0
-0.2
-0.2
-0.4
Unused provisions
reversed
-0.1
0.0
0.0
-0.3
-0.3
Reclassification
0.0
0.0
-4.7
-7.5
-12.2
On December 31, 2023
0.1
0.0
12.4
25.3
37.8
Current provisions
On January 1, 2023
0.4
0.0
10.1
8.3
18.8
Exchange rate
differences
0.0
0.0
0.0
0.0
0.0
Additional provisions
and increases in existing
provisions
0.0
0.1
1.8
2.4
4.3
Used during the financial
year
-0.1
0.0
-8.2
-9.0
-17.3
Unused provisions
reversed
0.0
-0.1
-0.7
-0.4
-1.1
Reclassification
0.0
0.0
4.7
7.5
12.2
On December 31, 2023
0.3
0.0
7.7
8.9
16.9
1) The Group's operations in the chemical industry are governed by numerous international agreements as well as
regional and national legislation all over the world. The Group treats its environmental liabilities and risks according to
established internal principles and procedures. In 2023, provisions for environmental remediation totaled EUR 20.1
million (27.4). The biggest provisions relate to site closures and reconditioning of the sediment of a lake in Vaasa, Finland.
2) Other provisions totaled EUR 34.2 million (29.2). The biggest provisions relate to expected liabilities for energy
company producing steam in Pori, Finland, owned via Pohjolan Voima.
EUR million
2023
2022
Breakdown of the total amount of provisions
Non-current provisions
37.8
38.4
Current provisions
16.9
18.8
Total
54.6
57.2
\u2002The Group's accounting policies
\"icons-01.svg\"
Provisions
Provisions for restructuring costs, personnel related costs, environmental obligations, legal
claims, and onerous contracts are recognized when the Group has a present legal or
constructive obligation as a result of past events, and it is probable that an outflow of
resources will be required to settle the obligation and a reliable estimate of the amount of
this obligation can be made. A restructuring provision is recognized when there is a detailed
and appropriate plan prepared for it and the implementation of the plan has begun or has
been notified to those whom the restructuring concerns.
The amount recognized as a provision is the present value of the expenditure expected to be
required to settle the obligation on the balance sheet date using a pre-tax interest rate that
reflects current market assessments of the time value of money and the risks specific to the
obligation.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Provisions
Recognizing provisions requires the management\u2019s estimates, since the precise amount of
obligations related to the provisions is not known when preparing the Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-453": { "value": "The Group's accounting policies
\"icons-01.svg\"
Provisions
Provisions for restructuring costs, personnel related costs, environmental obligations, legal
claims, and onerous contracts are recognized when the Group has a present legal or
constructive obligation as a result of past events, and it is probable that an outflow of
resources will be required to settle the obligation and a reliable estimate of the amount of
this obligation can be made. A restructuring provision is recognized when there is a detailed
and appropriate plan prepared for it and the implementation of the plan has begun or has
been notified to those whom the restructuring concerns.
The amount recognized as a provision is the present value of the expenditure expected to be
required to settle the obligation on the balance sheet date using a pre-tax interest rate that
reflects current market assessments of the time value of money and the risks specific to the
obligation.
\u2002The items in the financial statements that include significant accounting
\"icons-02.svg\"
estimates and accounting policies that require judgment
Provisions
Recognizing provisions requires the management\u2019s estimates, since the precise amount of
obligations related to the provisions is not known when preparing the Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-454": { "value": "
5.1 CAPITAL STRUCTURE
EUR million
2023
2022
Equity
1,684.2
1,684.6
Total assets
3,489.3
3,651.1
Gearing, % \u00b9\u207e
32
46
Equity ratio, % \u00b2\u207e
48
46
1) The definition of the key figure for Gearing is 100 \u00d7 Interest-bearing net liabilities / Total equity.
2) The definition of the key figure for the Equity ratio is 100 \u00d7 Total equity / (Total assets - prepayments received).
INTEREST-BEARING NET LIABILITIES
EUR million
Note
2023
2022
Non-current interest-bearing liabilities
5.3.
615.7
838.1
Current interest-bearing liabilities
5.3.
322.1
183.7
Interest-bearing liabilities
937.8
1,021.8
Cash and cash equivalents
5.4.
402.5
250.6
Interest-bearing net liabilities
535.2
771.2
Quarterly information on interest-bearing net liabilities is disclosed in the section on the
Reconciliation with IFRS figures.
Kemira aims at above-the-market revenue growth with an operative EBITDA margin of
15\u201318%. The gearing target is below 75%. The revolving credit facility agreement and some
bilateral loan agreements contain a covenant according to which company gearing must be
below 115%.
The Board of Directors proposes a per-share dividend of EUR 0.68 for 2023 (0.62),
corresponding to a dividend payout ratio of 52% (41%). Kemira's dividend policy aims at a
competitive dividend that increases over time.
\u2002The Group's accounting policies
\"icons-01.svg\"
Dividend distribution
Any dividend proposed by the Board of Directors is not deducted from distributable equity
until it has been approved by the Annual General Meeting.
Interest-bearing liabilities and cash and cash equivalents
The accounting policies for interest-bearing liabilities and cash and cash equivalents are
described in Note 5.4. Financial assets and liabilities by measurement category.
INTEREST-BEARING NET LIABILITIES CONNECTED IN CASH FLOW STATEMENTS
EUR million
Non-current interest-bearing
liabilities including payments
of non-current portion
Current interest-bearing
liabilities
Interest-bearing
liabilities total
Cash and cash equivalents
Interest-bearing
net liabilities
Net book value on Jan 1, 2023
875.5
146.3
1,021.8
250.6
771.2
Change in net liabilities with cash flows
Proceeds from non-current liabilities (+)
0.2
0.2
0.2
Payments of non-current liabilities (-)
\u2014
\u2014
\u2014
Payments of lease liabilities (-)
-37.3
-37.3
-37.3
Proceeds from current liabilities (+) and payments (-)
-50.7
-50.7
-50.7
Change in cash and cash equivalents
158.0
-158.0
Change in net liabilities without cash flows
Increases in lease liabilities (+)
36.4
36.4
36.4
Effect on change in exchange gains and losses
-4.4
-6.8
-11.1
-6.1
-5.0
Other changes without cash flows \u00b9\u207e
-21.5
\u2014
-21.5
\u2014
-21.5
Net book value on Dec 31, 2023
849.0
88.8
937.8
402.5
535.2
1) Due to the Oil & Gas divestment EUR 24.1 million of lease liabilities have been reclassified as held-for-sale. Kemira has completed the divestment in February 2024.
EUR million
Non-current interest-bearing
liabilities including payments
of non-current portion
Current interest-bearing
liabilities
Interest-bearing
liabilities total
Cash and cash equivalents
Interest-bearing
net liabilities
Net book value on Jan 1, 2022
865.0
127.1
992.2
142.4
849.8
Change in net liabilities with cash flows
Proceeds from non-current liabilities (+)
195.9
195.9
195.9
Payments of non-current liabilities (-)
-202.8
-202.8
-202.8
Payments of lease liabilities (-)
-35.1
-35.1
-35.1
Proceeds from current liabilities (+) and payments (-)
21.4
21.4
21.4
Change in cash and cash equivalents
105.9
-105.9
Change in net liabilities without cash flows
Increases in lease liabilities (+)
44.5
44.5
44.5
Effect on change in exchange gains and losses
5.0
-2.5
2.5
2.3
0.2
Other changes without cash flows
2.9
0.2
3.2
\u2014
3.2
Net book value on Dec 31, 2022
875.5
146.3
1,021.8
250.6
771.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-457": { "value": "
INTEREST-BEARING NET LIABILITIES
EUR million
Note
2023
2022
Non-current interest-bearing liabilities
5.3.
615.7
838.1
Current interest-bearing liabilities
5.3.
322.1
183.7
Interest-bearing liabilities
937.8
1,021.8
Cash and cash equivalents
5.4.
402.5
250.6
Interest-bearing net liabilities
535.2
771.2
Quarterly information on interest-bearing net liabilities is disclosed in the section on the
Reconciliation with IFRS figures.
INTEREST-BEARING NET LIABILITIES CONNECTED IN CASH FLOW STATEMENTS
EUR million
Non-current interest-bearing
liabilities including payments
of non-current portion
Current interest-bearing
liabilities
Interest-bearing
liabilities total
Cash and cash equivalents
Interest-bearing
net liabilities
Net book value on Jan 1, 2023
875.5
146.3
1,021.8
250.6
771.2
Change in net liabilities with cash flows
Proceeds from non-current liabilities (+)
0.2
0.2
0.2
Payments of non-current liabilities (-)
\u2014
\u2014
\u2014
Payments of lease liabilities (-)
-37.3
-37.3
-37.3
Proceeds from current liabilities (+) and payments (-)
-50.7
-50.7
-50.7
Change in cash and cash equivalents
158.0
-158.0
Change in net liabilities without cash flows
Increases in lease liabilities (+)
36.4
36.4
36.4
Effect on change in exchange gains and losses
-4.4
-6.8
-11.1
-6.1
-5.0
Other changes without cash flows \u00b9\u207e
-21.5
\u2014
-21.5
\u2014
-21.5
Net book value on Dec 31, 2023
849.0
88.8
937.8
402.5
535.2
1) Due to the Oil & Gas divestment EUR 24.1 million of lease liabilities have been reclassified as held-for-sale. Kemira has completed the divestment in February 2024.
EUR million
Non-current interest-bearing
liabilities including payments
of non-current portion
Current interest-bearing
liabilities
Interest-bearing
liabilities total
Cash and cash equivalents
Interest-bearing
net liabilities
Net book value on Jan 1, 2022
865.0
127.1
992.2
142.4
849.8
Change in net liabilities with cash flows
Proceeds from non-current liabilities (+)
195.9
195.9
195.9
Payments of non-current liabilities (-)
-202.8
-202.8
-202.8
Payments of lease liabilities (-)
-35.1
-35.1
-35.1
Proceeds from current liabilities (+) and payments (-)
21.4
21.4
21.4
Change in cash and cash equivalents
105.9
-105.9
Change in net liabilities without cash flows
Increases in lease liabilities (+)
44.5
44.5
44.5
Effect on change in exchange gains and losses
5.0
-2.5
2.5
2.3
0.2
Other changes without cash flows
2.9
0.2
3.2
\u2014
3.2
Net book value on Dec 31, 2022
875.5
146.3
1,021.8
250.6
771.2
5.3. INTEREST-BEARING LIABILITIES
MATURITY OF
INTEREST-BEARING LIABILITIES
2023, EUR million
2024
2025
2026
2027
2028
2029-
Book value,
total
Loans from financial institutions
\u2014
190.9
\u2014
120.0
\u2014
\u2014
310.9
Bonds
199.6
\u2014
\u2014
\u2014
193.9
\u2014
393.5
Lease liabilities
27.6
20.0
16.6
11.5
7.8
38.0
121.4
Other non-current liabilities
6.1
1.0
16.0
\u2014
\u2014
\u2014
23.2
Other current liabilities
88.8
\u2014
\u2014
\u2014
\u2014
\u2014
88.8
Total amortizations of interest-
bearing liabilities
322.1
211.9
32.6
131.5
201.7
38.0
937,8
2022, EUR million
2023
2024
2025
2026
2027
2028-
Book value,
total
Loans from financial institutions
\u2014
\u2014
192.4
\u2014
120.0
\u2014
312.4
Bonds
\u2014
199.9
\u2014
\u2014
\u2014
191.2
391.0
Lease liabilities
30.9
24.6
17.9
13.8
8.7
53.0
148.9
Other non-current liabilities
22.4
0.8
\u2014
\u2014
\u2014
\u2014
23.2
Other current liabilities
146.3
\u2014
\u2014
\u2014
\u2014
\u2014
146.3
Total amortizations of interest-
bearing liabilities
199.6
225.2
210.2
13.8
128.7
244.2
1,021.8
At year-end 2023, the Group's interest-bearing net liabilities were EUR 535.2 million (771.2).
For more information, see Note 5.1. Capital structure.
MATURITY OF NON-CURRENT INTEREST-BEARING LIABILITIES BY
CURRENCY
2023
Book value,
total
Currency, EUR million
2024
2025
2026
2027
2028
2029-
EUR
206.8
155.3
18.9
122.1
195.2
14.0
712.3
USD
12.4
52.4
10.4
8.3
5.9
19.4
108.7
GBP
0.9
0.5
0.2
0.0
\u2014
1.7
3.3
Other
13.3
3.8
3.0
1.1
0.6
2.9
24.6
Total
233.3
211.9
32.6
131.5
201.7
38.0
849.0
2022
Book value,
total
Currency, EUR million
2023
2024
2025
2026
2027
2028-
EUR
23.6
206.6
153.4
2.2
121.8
206.4
714.1
USD
15.8
12.4
52.9
9.4
6.3
24.3
121.1
GBP
0.7
0.8
0.6
0.3
0.1
10.1
12.7
Other
13.2
5.5
3.3
1.9
0.5
3.3
27.7
Total
53.4
225.2
210.2
13.8
128.7
244.2
875.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-456": { "value": "
INTEREST-BEARING NET LIABILITIES
EUR million
Note
2023
2022
Non-current interest-bearing liabilities
5.3.
615.7
838.1
Current interest-bearing liabilities
5.3.
322.1
183.7
Interest-bearing liabilities
937.8
1,021.8
Cash and cash equivalents
5.4.
402.5
250.6
Interest-bearing net liabilities
535.2
771.2
Quarterly information on interest-bearing net liabilities is disclosed in the section on the
Reconciliation with IFRS figures.
INTEREST-BEARING NET LIABILITIES CONNECTED IN CASH FLOW STATEMENTS
EUR million
Non-current interest-bearing
liabilities including payments
of non-current portion
Current interest-bearing
liabilities
Interest-bearing
liabilities total
Cash and cash equivalents
Interest-bearing
net liabilities
Net book value on Jan 1, 2023
875.5
146.3
1,021.8
250.6
771.2
Change in net liabilities with cash flows
Proceeds from non-current liabilities (+)
0.2
0.2
0.2
Payments of non-current liabilities (-)
\u2014
\u2014
\u2014
Payments of lease liabilities (-)
-37.3
-37.3
-37.3
Proceeds from current liabilities (+) and payments (-)
-50.7
-50.7
-50.7
Change in cash and cash equivalents
158.0
-158.0
Change in net liabilities without cash flows
Increases in lease liabilities (+)
36.4
36.4
36.4
Effect on change in exchange gains and losses
-4.4
-6.8
-11.1
-6.1
-5.0
Other changes without cash flows \u00b9\u207e
-21.5
\u2014
-21.5
\u2014
-21.5
Net book value on Dec 31, 2023
849.0
88.8
937.8
402.5
535.2
1) Due to the Oil & Gas divestment EUR 24.1 million of lease liabilities have been reclassified as held-for-sale. Kemira has completed the divestment in February 2024.
EUR million
Non-current interest-bearing
liabilities including payments
of non-current portion
Current interest-bearing
liabilities
Interest-bearing
liabilities total
Cash and cash equivalents
Interest-bearing
net liabilities
Net book value on Jan 1, 2022
865.0
127.1
992.2
142.4
849.8
Change in net liabilities with cash flows
Proceeds from non-current liabilities (+)
195.9
195.9
195.9
Payments of non-current liabilities (-)
-202.8
-202.8
-202.8
Payments of lease liabilities (-)
-35.1
-35.1
-35.1
Proceeds from current liabilities (+) and payments (-)
21.4
21.4
21.4
Change in cash and cash equivalents
105.9
-105.9
Change in net liabilities without cash flows
Increases in lease liabilities (+)
44.5
44.5
44.5
Effect on change in exchange gains and losses
5.0
-2.5
2.5
2.3
0.2
Other changes without cash flows
2.9
0.2
3.2
\u2014
3.2
Net book value on Dec 31, 2022
875.5
146.3
1,021.8
250.6
771.2
5.3. INTEREST-BEARING LIABILITIES
MATURITY OF
INTEREST-BEARING LIABILITIES
2023, EUR million
2024
2025
2026
2027
2028
2029-
Book value,
total
Loans from financial institutions
\u2014
190.9
\u2014
120.0
\u2014
\u2014
310.9
Bonds
199.6
\u2014
\u2014
\u2014
193.9
\u2014
393.5
Lease liabilities
27.6
20.0
16.6
11.5
7.8
38.0
121.4
Other non-current liabilities
6.1
1.0
16.0
\u2014
\u2014
\u2014
23.2
Other current liabilities
88.8
\u2014
\u2014
\u2014
\u2014
\u2014
88.8
Total amortizations of interest-
bearing liabilities
322.1
211.9
32.6
131.5
201.7
38.0
937,8
2022, EUR million
2023
2024
2025
2026
2027
2028-
Book value,
total
Loans from financial institutions
\u2014
\u2014
192.4
\u2014
120.0
\u2014
312.4
Bonds
\u2014
199.9
\u2014
\u2014
\u2014
191.2
391.0
Lease liabilities
30.9
24.6
17.9
13.8
8.7
53.0
148.9
Other non-current liabilities
22.4
0.8
\u2014
\u2014
\u2014
\u2014
23.2
Other current liabilities
146.3
\u2014
\u2014
\u2014
\u2014
\u2014
146.3
Total amortizations of interest-
bearing liabilities
199.6
225.2
210.2
13.8
128.7
244.2
1,021.8
At year-end 2023, the Group's interest-bearing net liabilities were EUR 535.2 million (771.2).
For more information, see Note 5.1. Capital structure.
MATURITY OF NON-CURRENT INTEREST-BEARING LIABILITIES BY
CURRENCY
2023
Book value,
total
Currency, EUR million
2024
2025
2026
2027
2028
2029-
EUR
206.8
155.3
18.9
122.1
195.2
14.0
712.3
USD
12.4
52.4
10.4
8.3
5.9
19.4
108.7
GBP
0.9
0.5
0.2
0.0
\u2014
1.7
3.3
Other
13.3
3.8
3.0
1.1
0.6
2.9
24.6
Total
233.3
211.9
32.6
131.5
201.7
38.0
849.0
2022
Book value,
total
Currency, EUR million
2023
2024
2025
2026
2027
2028-
EUR
23.6
206.6
153.4
2.2
121.8
206.4
714.1
USD
15.8
12.4
52.9
9.4
6.3
24.3
121.1
GBP
0.7
0.8
0.6
0.3
0.1
10.1
12.7
Other
13.2
5.5
3.3
1.9
0.5
3.3
27.7
Total
53.4
225.2
210.2
13.8
128.7
244.2
875.5
FINANCIAL ASSETS
2023
2022
EUR million
Note
Book
values
Fair values
Book
values
Fair values
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Fair value through profit and loss
5.6.
Derivatives not qualifying for hedge accounting
3.6
\u2014
3.6
\u2014
3.6
13.3
\u2014
13.3
\u2014
13.3
Fair value through other comprehensive income
5.6.
Derivatives qualifying for hedge accounting
Cash flow hedges \u00b9\u207e
15.9
\u2014
15.9
\u2014
15.9
81.7
\u2014
81.7
\u2014
81.7
Other shares
3.5.
The shares of Pohjolan Voima Group
303.9
\u2014
\u2014
303.9
303.9
380.6
\u2014
\u2014
380.6
380.6
Other non-listed shares
1.4
\u2014
\u2014
1.4
1.4
2.7
\u2014
\u2014
2.7
2.7
Amortized cost
Other non-current assets \u00b2\u207e
6.3
\u2014
6.3
\u2014
6.3
6.6
\u2014
6.6
\u2014
6.6
Other current receivables \u00b2\u207e
0.3
\u2014
0.3
\u2014
0.3
0.3
\u2014
0.3
\u2014
0.3
Trade receivables \u00b2\u207e
4.2.
386.2
\u2014
386.2
\u2014
386.2
449.6
\u2014
449.6
\u2014
449.6
Cash and cash equivalents
Cash in hand and at bank accounts
271.0
\u2014
271.0
\u2014
271.0
245.3
\u2014
245.3
\u2014
245.3
Deposits and money market investments \u00b3\u207e
131.5
\u2014
131.5
\u2014
131.5
5.3
\u2014
5.3
\u2014
5.3
Assets classified as held-for-sale\u00a0 \u2074\u207e
3.7.
57.1
\u2014
57.1
\u2014
57.1
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial assets
1,177.2
\u2014
871.9
305.3
1,177.2
1,185.4
\u2014
802.1
383.3
1,185.4
1) Includes derivative contracts of EUR 1.6 million (24.4) maturing after the year 2024.
2) In 2023, other non-current assets and other current receivables include expected credit losses of EUR 0.2 million (0.4) in accordance with the IFRS 9 standard. Trade receivables include expected credit losses of EUR 4.8 million (5.3).\u00a0
Trade receivables are disclosed in more detail in Note 4.2. Trade receivables and other receivables.
3) Deposits and money market investments comprise bank deposits and other liquid investments with a maximum original maturity of three months.
4) In 2023, trade receivables amounting EUR 54.8 million and cash and cash equivalents EUR 2.2 million were reclassified as held-for-sale assets. These assets are used by the Oil & Gas business. Kemira has completed the divestment in February
2024. See Note 3.7. for further details regarding the held-for-sale assets.
FINANCIAL LIABILITIES
2023
2022
EUR million
Note
Book
values
Fair values
Book
values
Fair values
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Fair value through profit and loss
5.6.
Derivatives not qualifying for hedge accounting
4.1
\u2014
4.1
\u2014
4.1
2.3
\u2014
2.3
\u2014
2.3
Fair value through other comprehensive income
5.6.
Derivatives qualifying for hedge accounting
Cash flow hedges \u00b9\u207e
3.6
\u2014
3.6
\u2014
3.6
1.6
\u2014
1.6
\u2014
1.6
Amortized cost
Interest-bearing liabilities
5.3.
Non-current loans from financial institutions
311.3
\u2014
312.7
\u2014
312.7
312.4
\u2014
312.2
\u2014
312.2
Bonds
193.9
\u2014
189.8
\u2014
189.8
391.1
\u2014
379.2
\u2014
379.2
Current portion
199.6
\u2014
200.2
\u2014
200.2
\u2014
\u2014
\u2014
\u2014
\u2014
Non-current leasing liabilities
93.9
\u2014
93.9
\u2014
93.9
118.0
\u2014
118.0
\u2014
118.0
Current portion
27.6
\u2014
27.6
\u2014
27.6
30.9
\u2014
30.9
\u2014
30.9
Other non-current liabilities
16.7
\u2014
16.8
\u2014
16.8
16.7
\u2014
16.6
\u2014
16.6
Current portion
6.1
\u2014
6.3
\u2014
6.3
6.5
\u2014
6.8
\u2014
6.8
Current loans from financial institutions
88.8
\u2014
88.7
\u2014
88.7
146.3
\u2014
146.1
\u2014
146.1
Non-interest-bearing liabilities
Other non-current liabilities
8.7
\u2014
8.7
\u2014
8.7
9.3
\u2014
9.3
\u2014
9.3
Other current liabilities
26.2
\u2014
26.2
\u2014
26.2
45.5
\u2014
45.5
\u2014
45.5
Trade payables
4.3.
226.7
\u2014
226.7
\u2014
226.7
292.8
\u2014
292.8
\u2014
292.8
Liabilities classified as held-for-sale\u00a0 \u00b2\u207e
3.7.
45.6
\u2014
45.6
\u2014
45.6
0.4
\u2014
0.4
\u2014
0.4
Total financial liabilities
1,252.7
\u2014
1,250.9
\u2014
1,250.9
1,373.6
\u2014
1,361.6
\u2014
1,361.6
1) Includes derivative contracts of EUR\u00a0 -2.1 million (-0.0) maturing after the year 2024.
2) In 2023, lease liabilities amounting EUR 24.1 million and trade payables EUR 21.5 million were reclassified as held-for-sale assets. These liabilities are used by the Oil & Gas business. Kemira has completed the divestment in February 2024. In 2022,
lease liabilities amounting EUR 0.4 million classified as assets held-for sale related to colorant business within the Pulp & Paper segment. See Note 3.7. for further details regarding the held-for-sale assets.
There were no transfers between levels 1\u20133 during the financial year.
Level 3 specification, financial assets EUR million
2023
2022
Net book value on Jan 1
383.3
260.0
Effect on other comprehensive income
-76.7
123.2
Increases
-0.3
\u2014
Decreases
-1.0
\u2014
Net book value on Dec 31
305.4
383.3
\u2002The Group's accounting policies
\"icons-01.svg\"
When a financial asset or financial liability is initially recognized on the trade date, it is
measured at cost, which equals the fair value of the consideration given or received.
Financial Assets
The Group\u2019s financial assets are classified for subsequent measurement as financial assets
at fair value through profit or loss, at amortized cost and at fair value through other
comprehensive income.
Category
Financial instrument
Fair value through profit or loss
Currency forward contracts, currency swaps, interest rate swaps,
electricity derivative contracts and natural gas derivative contracts,
certificates of deposit, and commercial papers
Amortized cost
Non-current loan receivables, cash at bank and in hand, bank
deposits, trade receivables, and other receivables
Fair value through other
comprehensive income
Other investments: shares, derivatives qualifying for hedge
accounting (cash flow or fair value hedging)
Financial assets at fair value through income statements
All derivatives are recognized at fair value on the balance sheet. Fair value is the amount for
which an asset could be exchanged or loans paid between knowledgeable, willing parties in
an arm\u2019s length transaction. These derivative contracts to which hedge accounting in
accordance with IFRS 9 is not applied are classified as financial assets at fair value through
profit or loss. In the balance sheet, these derivative contracts are shown under prepaid
expenses and accrued income and accrued expenses and prepaid income. Any gains or
losses arising from changes in fair value are recognized through profit or loss on the
transaction date.
Financial assets at amortized cost
Financial assets at amortized cost include non-current receivables carried at amortized cost
using the effective interest rate method and accounting for any impairment.
Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand, demand deposits and other
short-term, highly liquid investments. Items classified as cash and cash equivalents have a
maximum maturity of three months from the date of purchase. Credit facilities in use are
included in current interest-bearing liabilities.
Financial assets at fair value through other comprehensive income
The accounting policy of Other shares is described in Notes 3.5. Other shares. The
accounting treatment of change in the fair value of the derivatives qualifying for hedge
accounting is presented in 5.6. Derivatives.
Impairment of financial assets
The Group assesses any impairment losses on its financial instruments on each balance
sheet date. An impairment of a financial asset is recognized in accordance with the
requirements of the expected credit loss model of the IFRS 9 standard. For items measured
at an amortized cost, the amount of the impairment loss equals the difference between the
asset\u2019s carrying amount and the present value of estimated future cash flows from the
receivable. This is discounted at the financial asset\u2019s original effective interest rate. For
items measured at fair value, the fair value determines the amount of impairment.
Impairment charges are recognized in the income statement.
The Group sells certain trade receivables to finance companies within the framework of
limits stipulated in the agreement. The credit risk associated with these sold receivables and
contractual rights to the financial assets in question are transferred from the Group on the
selling date. The related expenses are recognized in the financial expenses.
Financial liabilities
Financial liabilities are classified as financial liabilities accounted at fair value through profit
or loss, at amortized cost and at fair value through other comprehensive income. Financial
liabilities at fair value through profit or loss include derivatives to which hedge accounting is
not applied, whereas derivatives which are qualified for hedge accounting are booked at fair
value through other comprehensive income.
Other financial liabilities are initially recognized in the balance sheet at the initial value of
received net assets with direct costs deducted. Later, these financial liabilities are measured
at amortized cost, and the difference between the received net assets and amortizations is
recognized as an interest cost over the loan term. Changes in the fair value of loans under
fair value hedge accounting are booked in the income statement together with the changes
in the fair value of derivatives under fair value hedge accounting.
If the terms of a loan measured at amortized cost are modified and the loan is not
derecognized, the gain or loss of the modification is booked in the income statement at the
point of modification and amortized over the life of the modified loan. Profit or loss is equal
to the difference between the present value of the cash flows under the original and
modified terms discounted at the original effective interest rate.
Category
Financial instrument
Financial liabilities at fair value through profit or
loss
Currency forward contracts and currency swaps,
interest rate swaps, electricity derivative
contracts, and natural gas derivative contracts
Amortized cost
Current and non-current loans, pension loans,
bonds, lease liabilities, and trade payables
Financial liabilities at fair value through other
comprehensive income
Derivatives qualifying for hedge accounting
(cash flow hedging)
The following levels are used to measure fair value:
Level 1: Fair value is determined based on quoted market prices.
Level 2: Fair value is determined with valuation techniques. Fair value refers either to the
value that is observable from the market value of elements of the financial instrument or the
market value of corresponding financial instruments, or to the value that is observable by
using commonly accepted valuation models and techniques if the market value can be
reliably measured with them.
Level 3: Fair value is determined by using valuation techniques, which use inputs that have a
significant effect on the recorded fair value and the inputs are not based on observable
market data. Level 3 mainly includes the shares of Pohjolan Voima Group.
5.6 DERIVATIVE INSTRUMENTS
Nominal values, EUR million
Maturity structure
2023
2022
2024
2025
2026
2027
2028
Total
Total
Currency derivatives
Forward contracts
789.6
\u2014
\u2014
\u2014
\u2014
789.6
619.9
Inflow
440.2
\u2014
\u2014
\u2014
\u2014
440.2
350.5
of which cash flow hedges
48.7
\u2014
\u2014
\u2014
\u2014
48.7
32.4
Outflow
349.3
\u2014
\u2014
\u2014
\u2014
349.3
269.4
of which cash flow hedges
217.1
\u2014
\u2014
\u2014
\u2014
217.1
39.2
Commodity derivatives
Commodity forward contracts
(GWh)
372.8
182.7
67.9
14.5
\u2014
637.8
1,129.3
of which cash flow hedges
372.8
182.7
67.9
14.5
\u2014
637.8
1,129.3
The nominal values of the financial instruments do not necessarily correspond to the actual
cash flows between the counterparties, and therefore individual items do not give a fair view
of the Group's risk position.
Fair values, EUR million
2023
2022
Positive
Negative
Net
Positive
Negative
Net
Currency derivatives
Forward contracts
8.4
-4.2
4.2
15.0
-3.6
11.3
of which cash flow hedges
4.8
-0.1
4.7
1.7
-1.4
0.3
Commodity derivatives
Commodity forward contracts \u00b9\u207e
11.2
-3.5
7.7
80.0
-0.2
79.8
of which cash flow hedges
11.2
-3.5
7.7
80.0
-0.2
79.8
1) Includes fair value of electricity forward contracts of EUR 1.6 million (24.4) and EUR -2.1 million (-0.0) maturing after the
year 2024. Commodity derivatives are mainly electricity derivatives.
The Group has ISDA or EFET Master netting agreements with the counterparties of
derivative contracts. They allow the net settlement of outstanding market value within the
scope of the agreement in case of non-payment defined in the agreement. At the end of the
reporting period, counterparty risk according to master netting agreements was EUR 15.4
million (91.9) to Kemira and EUR 3.5 million (0.8) to counterparties.
The Group's accounting policies
\"icons-01.svg\"
Derivatives
The fair values of currency, interest rate, and commodity derivatives,\u00a0 as well as publicly
traded shares are based on prices quoted in active markets on the balance sheet date. The
value of other financial instruments measured at fair value is determined on the basis of
valuation models using information available in the financial market.
All the derivatives are measured at their fair values on the balance sheet date. Changes in
the value of forward contracts are calculated by measuring the contracts against the
forward exchange rates on the balance sheet date and comparing them with the counter
values calculated through the forward exchange rates on the date of entry into the forward
contracts. The fair value of interest rate derivatives is determined using the market value of
similar instruments on the balance sheet date. Other derivatives are measured at the market
price on the balance sheet date.
Derivative assets maturing during the following 12 months are presented in the balance
sheet as part of line item Trade receivables and other receivables whereas derivatives with a
maturity of over 12 months are posted to Other financial assets under Non-current assets .
Derivative liabilities maturing under 12 months are presented in the balance sheet as part of
line item Trade payables and other liabilities where as fair value of derivatives with maturity
after 12 months are posted under Non-current liabilities to Other financial liabilities.
Hedge accounting
Hedge accounting is applied according to IFRS 9. This refers to a method of accounting
aimed at allocating one or more hedging instruments in such a way that their fair value
offsets, in full or in part, the changes in the fair value or cash flows of the hedged item.
Hedged items must be highly probable. The Group applies hedge accounting for hedging
interest rate risk, currency risk, commodity risk, and fair value if interest rate swaps,
electricity derivatives and foreign exchange derivatives meet hedge accounting criteria.
Hedge effectiveness is monitored as required by IFRS 9. Effectiveness refers to the capacity
of a hedging instrument to offset changes in the fair value of the hedged item or cash flows
from a hedged transaction, which are due to the realization of the risk being hedged. A
hedging relationship is considered to be highly effective when the change in the fair value of
the hedging instrument offsets changes in the cash flows attributable to the hedged items.
Hedge effectiveness is assessed\u00a0 prospectively. Hedge effectiveness testing is repeated on
each balance sheet date.
Hedge accounting is discontinued when the criteria for hedge accounting are no longer
fulfilled. Gains or losses recognized in other comprehensive income and presented under
equity are derecognized and transferred immediately in the income statement, if the hedged
item is sold or falls due. However, gains or losses arising from changes in the fair value of
those derivatives not fulfilling the hedge accounting criteria are recognized directly in the
income statement.
At the inception of a hedge, the Group documents the existence of the economic
relationship of the hedged item and hedging instrument, including the identification of the
hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the
objectives of risk management, and the strategy for undertaking hedging, as well as the
description of how hedge effectiveness is assessed.
Cash flow hedging
Cash flow hedging is used to hedge against variability in cash flows attributable to a
particular risk associated with a recognized asset or liability in the balance sheet or a highly
probable forecast transaction. Currency, interest rate, and commodity derivatives are used
as hedging instruments in cash flow hedging. Cash flow hedge accounting, specified in IFRS
9, is applied by the Group to selected hedging items only. Changes in the fair value of
derivative instruments associated with cash flow hedge are recognized in other
comprehensive income (including the tax effect) and presented under equity, providing that
they fulfill the criteria set for hedge accounting and are based on effective hedging. The
ineffective portion of the gain or loss on the hedging instrument is recognized under
financial items in the income statement. Derivatives not fulfilling the hedge accounting
criteria are recognized in financial items through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-455": { "value": "
INTEREST-BEARING NET LIABILITIES
EUR million
Note
2023
2022
Non-current interest-bearing liabilities
5.3.
615.7
838.1
Current interest-bearing liabilities
5.3.
322.1
183.7
Interest-bearing liabilities
937.8
1,021.8
Cash and cash equivalents
5.4.
402.5
250.6
Interest-bearing net liabilities
535.2
771.2
Quarterly information on interest-bearing net liabilities is disclosed in the section on the
Reconciliation with IFRS figures.
INTEREST-BEARING NET LIABILITIES CONNECTED IN CASH FLOW STATEMENTS
EUR million
Non-current interest-bearing
liabilities including payments
of non-current portion
Current interest-bearing
liabilities
Interest-bearing
liabilities total
Cash and cash equivalents
Interest-bearing
net liabilities
Net book value on Jan 1, 2023
875.5
146.3
1,021.8
250.6
771.2
Change in net liabilities with cash flows
Proceeds from non-current liabilities (+)
0.2
0.2
0.2
Payments of non-current liabilities (-)
\u2014
\u2014
\u2014
Payments of lease liabilities (-)
-37.3
-37.3
-37.3
Proceeds from current liabilities (+) and payments (-)
-50.7
-50.7
-50.7
Change in cash and cash equivalents
158.0
-158.0
Change in net liabilities without cash flows
Increases in lease liabilities (+)
36.4
36.4
36.4
Effect on change in exchange gains and losses
-4.4
-6.8
-11.1
-6.1
-5.0
Other changes without cash flows \u00b9\u207e
-21.5
\u2014
-21.5
\u2014
-21.5
Net book value on Dec 31, 2023
849.0
88.8
937.8
402.5
535.2
1) Due to the Oil & Gas divestment EUR 24.1 million of lease liabilities have been reclassified as held-for-sale. Kemira has completed the divestment in February 2024.
EUR million
Non-current interest-bearing
liabilities including payments
of non-current portion
Current interest-bearing
liabilities
Interest-bearing
liabilities total
Cash and cash equivalents
Interest-bearing
net liabilities
Net book value on Jan 1, 2022
865.0
127.1
992.2
142.4
849.8
Change in net liabilities with cash flows
Proceeds from non-current liabilities (+)
195.9
195.9
195.9
Payments of non-current liabilities (-)
-202.8
-202.8
-202.8
Payments of lease liabilities (-)
-35.1
-35.1
-35.1
Proceeds from current liabilities (+) and payments (-)
21.4
21.4
21.4
Change in cash and cash equivalents
105.9
-105.9
Change in net liabilities without cash flows
Increases in lease liabilities (+)
44.5
44.5
44.5
Effect on change in exchange gains and losses
5.0
-2.5
2.5
2.3
0.2
Other changes without cash flows
2.9
0.2
3.2
\u2014
3.2
Net book value on Dec 31, 2022
875.5
146.3
1,021.8
250.6
771.2
5.3. INTEREST-BEARING LIABILITIES
MATURITY OF
INTEREST-BEARING LIABILITIES
2023, EUR million
2024
2025
2026
2027
2028
2029-
Book value,
total
Loans from financial institutions
\u2014
190.9
\u2014
120.0
\u2014
\u2014
310.9
Bonds
199.6
\u2014
\u2014
\u2014
193.9
\u2014
393.5
Lease liabilities
27.6
20.0
16.6
11.5
7.8
38.0
121.4
Other non-current liabilities
6.1
1.0
16.0
\u2014
\u2014
\u2014
23.2
Other current liabilities
88.8
\u2014
\u2014
\u2014
\u2014
\u2014
88.8
Total amortizations of interest-
bearing liabilities
322.1
211.9
32.6
131.5
201.7
38.0
937,8
2022, EUR million
2023
2024
2025
2026
2027
2028-
Book value,
total
Loans from financial institutions
\u2014
\u2014
192.4
\u2014
120.0
\u2014
312.4
Bonds
\u2014
199.9
\u2014
\u2014
\u2014
191.2
391.0
Lease liabilities
30.9
24.6
17.9
13.8
8.7
53.0
148.9
Other non-current liabilities
22.4
0.8
\u2014
\u2014
\u2014
\u2014
23.2
Other current liabilities
146.3
\u2014
\u2014
\u2014
\u2014
\u2014
146.3
Total amortizations of interest-
bearing liabilities
199.6
225.2
210.2
13.8
128.7
244.2
1,021.8
At year-end 2023, the Group's interest-bearing net liabilities were EUR 535.2 million (771.2).
For more information, see Note 5.1. Capital structure.
MATURITY OF NON-CURRENT INTEREST-BEARING LIABILITIES BY
CURRENCY
2023
Book value,
total
Currency, EUR million
2024
2025
2026
2027
2028
2029-
EUR
206.8
155.3
18.9
122.1
195.2
14.0
712.3
USD
12.4
52.4
10.4
8.3
5.9
19.4
108.7
GBP
0.9
0.5
0.2
0.0
\u2014
1.7
3.3
Other
13.3
3.8
3.0
1.1
0.6
2.9
24.6
Total
233.3
211.9
32.6
131.5
201.7
38.0
849.0
2022
Book value,
total
Currency, EUR million
2023
2024
2025
2026
2027
2028-
EUR
23.6
206.6
153.4
2.2
121.8
206.4
714.1
USD
15.8
12.4
52.9
9.4
6.3
24.3
121.1
GBP
0.7
0.8
0.6
0.3
0.1
10.1
12.7
Other
13.2
5.5
3.3
1.9
0.5
3.3
27.7
Total
53.4
225.2
210.2
13.8
128.7
244.2
875.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-458": { "value": "
The Board of Directors proposes a per-share dividend of EUR 0.68 for 2023 (0.62),
corresponding to a dividend payout ratio of 52% (41%). Kemira's dividend policy aims at a
competitive dividend that increases over time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-459": { "value": "0.68", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-460": { "value": "0.62", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-461": { "value": "The Group's accounting policies
\"icons-01.svg\"
Dividend distribution
Any dividend proposed by the Board of Directors is not deducted from distributable equity
until it has been approved by the Annual General Meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-462": { "value": "
Interest-bearing liabilities and cash and cash equivalents
The accounting policies for interest-bearing liabilities and cash and cash equivalents are
described in Note 5.4. Financial assets and liabilities by measurement category.
The Group sells certain trade receivables to finance companies within the framework of
limits stipulated in the agreement. The credit risk associated with these sold receivables and
contractual rights to the financial assets in question are transferred from the Group on the
selling date. The related expenses are recognized in the financial expenses.
Financial liabilities
Financial liabilities are classified as financial liabilities accounted at fair value through profit
or loss, at amortized cost and at fair value through other comprehensive income. Financial
liabilities at fair value through profit or loss include derivatives to which hedge accounting is
not applied, whereas derivatives which are qualified for hedge accounting are booked at fair
value through other comprehensive income.
Other financial liabilities are initially recognized in the balance sheet at the initial value of
received net assets with direct costs deducted. Later, these financial liabilities are measured
at amortized cost, and the difference between the received net assets and amortizations is
recognized as an interest cost over the loan term. Changes in the fair value of loans under
fair value hedge accounting are booked in the income statement together with the changes
in the fair value of derivatives under fair value hedge accounting.
If the terms of a loan measured at amortized cost are modified and the loan is not
derecognized, the gain or loss of the modification is booked in the income statement at the
point of modification and amortized over the life of the modified loan. Profit or loss is equal
to the difference between the present value of the cash flows under the original and
modified terms discounted at the original effective interest rate.
Category
Financial instrument
Financial liabilities at fair value through profit or
loss
Currency forward contracts and currency swaps,
interest rate swaps, electricity derivative
contracts, and natural gas derivative contracts
Amortized cost
Current and non-current loans, pension loans,
bonds, lease liabilities, and trade payables
Financial liabilities at fair value through other
comprehensive income
Derivatives qualifying for hedge accounting
(cash flow hedging)
The following levels are used to measure fair value:
Level 1: Fair value is determined based on quoted market prices.
Level 2: Fair value is determined with valuation techniques. Fair value refers either to the
value that is observable from the market value of elements of the financial instrument or the
market value of corresponding financial instruments, or to the value that is observable by
using commonly accepted valuation models and techniques if the market value can be
reliably measured with them.
Level 3: Fair value is determined by using valuation techniques, which use inputs that have a
significant effect on the recorded fair value and the inputs are not based on observable
market data. Level 3 mainly includes the shares of Pohjolan Voima Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-463": { "value": "
INTEREST-BEARING NET LIABILITIES CONNECTED IN CASH FLOW STATEMENTS
EUR million
Non-current interest-bearing
liabilities including payments
of non-current portion
Current interest-bearing
liabilities
Interest-bearing
liabilities total
Cash and cash equivalents
Interest-bearing
net liabilities
Net book value on Jan 1, 2023
875.5
146.3
1,021.8
250.6
771.2
Change in net liabilities with cash flows
Proceeds from non-current liabilities (+)
0.2
0.2
0.2
Payments of non-current liabilities (-)
\u2014
\u2014
\u2014
Payments of lease liabilities (-)
-37.3
-37.3
-37.3
Proceeds from current liabilities (+) and payments (-)
-50.7
-50.7
-50.7
Change in cash and cash equivalents
158.0
-158.0
Change in net liabilities without cash flows
Increases in lease liabilities (+)
36.4
36.4
36.4
Effect on change in exchange gains and losses
-4.4
-6.8
-11.1
-6.1
-5.0
Other changes without cash flows \u00b9\u207e
-21.5
\u2014
-21.5
\u2014
-21.5
Net book value on Dec 31, 2023
849.0
88.8
937.8
402.5
535.2
1) Due to the Oil & Gas divestment EUR 24.1 million of lease liabilities have been reclassified as held-for-sale. Kemira has completed the divestment in February 2024.
EUR million
Non-current interest-bearing
liabilities including payments
of non-current portion
Current interest-bearing
liabilities
Interest-bearing
liabilities total
Cash and cash equivalents
Interest-bearing
net liabilities
Net book value on Jan 1, 2022
865.0
127.1
992.2
142.4
849.8
Change in net liabilities with cash flows
Proceeds from non-current liabilities (+)
195.9
195.9
195.9
Payments of non-current liabilities (-)
-202.8
-202.8
-202.8
Payments of lease liabilities (-)
-35.1
-35.1
-35.1
Proceeds from current liabilities (+) and payments (-)
21.4
21.4
21.4
Change in cash and cash equivalents
105.9
-105.9
Change in net liabilities without cash flows
Increases in lease liabilities (+)
44.5
44.5
44.5
Effect on change in exchange gains and losses
5.0
-2.5
2.5
2.3
0.2
Other changes without cash flows
2.9
0.2
3.2
\u2014
3.2
Net book value on Dec 31, 2022
875.5
146.3
1,021.8
250.6
771.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-464": { "value": "
5.2 SHAREHOLDERS' EQUITY
SHARE CAPITAL AND TREASURY SHARES
EUR million
Number of
shares
outstanding
(1,000)
Number of
treasury
shares
(1,000)
Number of
shares
(1,000)
Book value
of share
capital
Book value
of treasury
shares
January 1, 2023
153,352
1,990
155,343
221.8
13.4
Treasury shares issued to
the participants in the share
incentive plan 2020-2022
254
-254
\u2014
\u2014
-1.7
Treasury shares issued to
the Board of Directors
13
-13
\u2014
\u2014
-0.1
December 31, 2023
153,619
1,723
155,343
221.8
11.6
January 1, 2022
153,127
2,215
155,343
221.8
14.9
Treasury shares issued to
the participants in the share
incentive plan 2019-2021
221
-221
\u2014
\u2014
-1.5
Treasury shares issued to
the Board of Directors
16
-16
\u2014
\u2014
-0.1
The shares returned by the
participants from the share
incentive plans
-13
13
\u2014
\u2014
0.1
December 31, 2022
153,352
1,990
155,343
221.8
13.4
Kemira Oyj has one class of shares. Each share entitles its holder to one vote at the Annual
General Meeting. On December 31, 2023, the share capital was EUR 221.8 million and the
number of shares was 155,342,557 including 1,722,725 treasury shares. Under the Articles of
Association of Kemira Oyj, the company does not have a minimum or maximum share capital
or a par value for a share. All issued shares have been fully paid.
Kemira had possession of 1,722,725 (1,990,197) treasury shares on December 31, 2023.
The average share price of the treasury shares was EUR 6.73, and they represented 1.1% (1.3%)
of the share capital, and the aggregate number of votes conferred by all shares. The
aggregate par value of the treasury shares is EUR 2.5 million (2.8).
Share premium
The share premium is a reserve accumulated through subscriptions entitled by the
management stock option program of 2001. This reserve is based on the old Finnish
Companies Act (734/1978), and the value of the reserve will no longer change.
Fair value reserves
The fair value reserve is a reserve accumulated based on other shares measured at fair value
and hedge accounting.
Other reserves
Other reserves originate from local legal requirements. On December 31, 2023, other reserves
were EUR 4.1 million (4.0).
Unrestricted equity reserve
The unrestricted equity reserve includes other equity-type investments and the subscription
price of shares to the extent that they will not, based on a specific decision, be recognized in
share capital.
Exchange differences
The foreign currency exchange differences arise from the translation of foreign subsidiaries'
financial statements. Additionally, loans have been granted to some foreign subsidiaries, and
the exchange differences of these have been included in foreign currency exchange
differences.
\u2002The Group's accounting policies
\"icons-01.svg\"
Treasury shares
Purchases of own shares (treasury shares), including the related costs, are deducted directly
from equity in the Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-465": { "value": "
SHARE CAPITAL AND TREASURY SHARES
EUR million
Number of
shares
outstanding
(1,000)
Number of
treasury
shares
(1,000)
Number of
shares
(1,000)
Book value
of share
capital
Book value
of treasury
shares
January 1, 2023
153,352
1,990
155,343
221.8
13.4
Treasury shares issued to
the participants in the share
incentive plan 2020-2022
254
-254
\u2014
\u2014
-1.7
Treasury shares issued to
the Board of Directors
13
-13
\u2014
\u2014
-0.1
December 31, 2023
153,619
1,723
155,343
221.8
11.6
January 1, 2022
153,127
2,215
155,343
221.8
14.9
Treasury shares issued to
the participants in the share
incentive plan 2019-2021
221
-221
\u2014
\u2014
-1.5
Treasury shares issued to
the Board of Directors
16
-16
\u2014
\u2014
-0.1
The shares returned by the
participants from the share
incentive plans
-13
13
\u2014
\u2014
0.1
December 31, 2022
153,352
1,990
155,343
221.8
13.4
Kemira Oyj has one class of shares. Each share entitles its holder to one vote at the Annual
General Meeting. On December 31, 2023, the share capital was EUR 221.8 million and the
number of shares was 155,342,557 including 1,722,725 treasury shares. Under the Articles of
Association of Kemira Oyj, the company does not have a minimum or maximum share capital
or a par value for a share. All issued shares have been fully paid.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-466": { "value": "
SHARE CAPITAL AND TREASURY SHARES
EUR million
Number of
shares
outstanding
(1,000)
Number of
treasury
shares
(1,000)
Number of
shares
(1,000)
Book value
of share
capital
Book value
of treasury
shares
January 1, 2023
153,352
1,990
155,343
221.8
13.4
Treasury shares issued to
the participants in the share
incentive plan 2020-2022
254
-254
\u2014
\u2014
-1.7
Treasury shares issued to
the Board of Directors
13
-13
\u2014
\u2014
-0.1
December 31, 2023
153,619
1,723
155,343
221.8
11.6
January 1, 2022
153,127
2,215
155,343
221.8
14.9
Treasury shares issued to
the participants in the share
incentive plan 2019-2021
221
-221
\u2014
\u2014
-1.5
Treasury shares issued to
the Board of Directors
16
-16
\u2014
\u2014
-0.1
The shares returned by the
participants from the share
incentive plans
-13
13
\u2014
\u2014
0.1
December 31, 2022
153,352
1,990
155,343
221.8
13.4
Kemira had possession of 1,722,725 (1,990,197) treasury shares on December 31, 2023.
The average share price of the treasury shares was EUR 6.73, and they represented 1.1% (1.3%)
of the share capital, and the aggregate number of votes conferred by all shares. The
aggregate par value of the treasury shares is EUR 2.5 million (2.8).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-467": { "value": "
Share premium
The share premium is a reserve accumulated through subscriptions entitled by the
management stock option program of 2001. This reserve is based on the old Finnish
Companies Act (734/1978), and the value of the reserve will no longer change.
Fair value reserves
The fair value reserve is a reserve accumulated based on other shares measured at fair value
and hedge accounting.
Other reserves
Other reserves originate from local legal requirements. On December 31, 2023, other reserves
were EUR 4.1 million (4.0).
Unrestricted equity reserve
The unrestricted equity reserve includes other equity-type investments and the subscription
price of shares to the extent that they will not, based on a specific decision, be recognized in
share capital.
Exchange differences
The foreign currency exchange differences arise from the translation of foreign subsidiaries'
financial statements. Additionally, loans have been granted to some foreign subsidiaries, and
the exchange differences of these have been included in foreign currency exchange
differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-468": { "value": "
Exchange differences
The foreign currency exchange differences arise from the translation of foreign subsidiaries'
financial statements. Additionally, loans have been granted to some foreign subsidiaries, and
the exchange differences of these have been included in foreign currency exchange
differences.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-469": { "value": "The Group's accounting policies
\"icons-01.svg\"
Treasury shares
Purchases of own shares (treasury shares), including the related costs, are deducted directly
from equity in the Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-470": { "value": "
5.4. FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORY
FINANCIAL ASSETS
2023
2022
EUR million
Note
Book
values
Fair values
Book
values
Fair values
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Fair value through profit and loss
5.6.
Derivatives not qualifying for hedge accounting
3.6
\u2014
3.6
\u2014
3.6
13.3
\u2014
13.3
\u2014
13.3
Fair value through other comprehensive income
5.6.
Derivatives qualifying for hedge accounting
Cash flow hedges \u00b9\u207e
15.9
\u2014
15.9
\u2014
15.9
81.7
\u2014
81.7
\u2014
81.7
Other shares
3.5.
The shares of Pohjolan Voima Group
303.9
\u2014
\u2014
303.9
303.9
380.6
\u2014
\u2014
380.6
380.6
Other non-listed shares
1.4
\u2014
\u2014
1.4
1.4
2.7
\u2014
\u2014
2.7
2.7
Amortized cost
Other non-current assets \u00b2\u207e
6.3
\u2014
6.3
\u2014
6.3
6.6
\u2014
6.6
\u2014
6.6
Other current receivables \u00b2\u207e
0.3
\u2014
0.3
\u2014
0.3
0.3
\u2014
0.3
\u2014
0.3
Trade receivables \u00b2\u207e
4.2.
386.2
\u2014
386.2
\u2014
386.2
449.6
\u2014
449.6
\u2014
449.6
Cash and cash equivalents
Cash in hand and at bank accounts
271.0
\u2014
271.0
\u2014
271.0
245.3
\u2014
245.3
\u2014
245.3
Deposits and money market investments \u00b3\u207e
131.5
\u2014
131.5
\u2014
131.5
5.3
\u2014
5.3
\u2014
5.3
Assets classified as held-for-sale\u00a0 \u2074\u207e
3.7.
57.1
\u2014
57.1
\u2014
57.1
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial assets
1,177.2
\u2014
871.9
305.3
1,177.2
1,185.4
\u2014
802.1
383.3
1,185.4
1) Includes derivative contracts of EUR 1.6 million (24.4) maturing after the year 2024.
2) In 2023, other non-current assets and other current receivables include expected credit losses of EUR 0.2 million (0.4) in accordance with the IFRS 9 standard. Trade receivables include expected credit losses of EUR 4.8 million (5.3).\u00a0
Trade receivables are disclosed in more detail in Note 4.2. Trade receivables and other receivables.
3) Deposits and money market investments comprise bank deposits and other liquid investments with a maximum original maturity of three months.
4) In 2023, trade receivables amounting EUR 54.8 million and cash and cash equivalents EUR 2.2 million were reclassified as held-for-sale assets. These assets are used by the Oil & Gas business. Kemira has completed the divestment in February
2024. See Note 3.7. for further details regarding the held-for-sale assets.
FINANCIAL LIABILITIES
2023
2022
EUR million
Note
Book
values
Fair values
Book
values
Fair values
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Fair value through profit and loss
5.6.
Derivatives not qualifying for hedge accounting
4.1
\u2014
4.1
\u2014
4.1
2.3
\u2014
2.3
\u2014
2.3
Fair value through other comprehensive income
5.6.
Derivatives qualifying for hedge accounting
Cash flow hedges \u00b9\u207e
3.6
\u2014
3.6
\u2014
3.6
1.6
\u2014
1.6
\u2014
1.6
Amortized cost
Interest-bearing liabilities
5.3.
Non-current loans from financial institutions
311.3
\u2014
312.7
\u2014
312.7
312.4
\u2014
312.2
\u2014
312.2
Bonds
193.9
\u2014
189.8
\u2014
189.8
391.1
\u2014
379.2
\u2014
379.2
Current portion
199.6
\u2014
200.2
\u2014
200.2
\u2014
\u2014
\u2014
\u2014
\u2014
Non-current leasing liabilities
93.9
\u2014
93.9
\u2014
93.9
118.0
\u2014
118.0
\u2014
118.0
Current portion
27.6
\u2014
27.6
\u2014
27.6
30.9
\u2014
30.9
\u2014
30.9
Other non-current liabilities
16.7
\u2014
16.8
\u2014
16.8
16.7
\u2014
16.6
\u2014
16.6
Current portion
6.1
\u2014
6.3
\u2014
6.3
6.5
\u2014
6.8
\u2014
6.8
Current loans from financial institutions
88.8
\u2014
88.7
\u2014
88.7
146.3
\u2014
146.1
\u2014
146.1
Non-interest-bearing liabilities
Other non-current liabilities
8.7
\u2014
8.7
\u2014
8.7
9.3
\u2014
9.3
\u2014
9.3
Other current liabilities
26.2
\u2014
26.2
\u2014
26.2
45.5
\u2014
45.5
\u2014
45.5
Trade payables
4.3.
226.7
\u2014
226.7
\u2014
226.7
292.8
\u2014
292.8
\u2014
292.8
Liabilities classified as held-for-sale\u00a0 \u00b2\u207e
3.7.
45.6
\u2014
45.6
\u2014
45.6
0.4
\u2014
0.4
\u2014
0.4
Total financial liabilities
1,252.7
\u2014
1,250.9
\u2014
1,250.9
1,373.6
\u2014
1,361.6
\u2014
1,361.6
1) Includes derivative contracts of EUR\u00a0 -2.1 million (-0.0) maturing after the year 2024.
2) In 2023, lease liabilities amounting EUR 24.1 million and trade payables EUR 21.5 million were reclassified as held-for-sale assets. These liabilities are used by the Oil & Gas business. Kemira has completed the divestment in February 2024. In 2022,
lease liabilities amounting EUR 0.4 million classified as assets held-for sale related to colorant business within the Pulp & Paper segment. See Note 3.7. for further details regarding the held-for-sale assets.
There were no transfers between levels 1\u20133 during the financial year.
Level 3 specification, financial assets EUR million
2023
2022
Net book value on Jan 1
383.3
260.0
Effect on other comprehensive income
-76.7
123.2
Increases
-0.3
\u2014
Decreases
-1.0
\u2014
Net book value on Dec 31
305.4
383.3
\u2002The Group's accounting policies
\"icons-01.svg\"
When a financial asset or financial liability is initially recognized on the trade date, it is
measured at cost, which equals the fair value of the consideration given or received.
Financial Assets
The Group\u2019s financial assets are classified for subsequent measurement as financial assets
at fair value through profit or loss, at amortized cost and at fair value through other
comprehensive income.
Category
Financial instrument
Fair value through profit or loss
Currency forward contracts, currency swaps, interest rate swaps,
electricity derivative contracts and natural gas derivative contracts,
certificates of deposit, and commercial papers
Amortized cost
Non-current loan receivables, cash at bank and in hand, bank
deposits, trade receivables, and other receivables
Fair value through other
comprehensive income
Other investments: shares, derivatives qualifying for hedge
accounting (cash flow or fair value hedging)
Financial assets at fair value through income statements
All derivatives are recognized at fair value on the balance sheet. Fair value is the amount for
which an asset could be exchanged or loans paid between knowledgeable, willing parties in
an arm\u2019s length transaction. These derivative contracts to which hedge accounting in
accordance with IFRS 9 is not applied are classified as financial assets at fair value through
profit or loss. In the balance sheet, these derivative contracts are shown under prepaid
expenses and accrued income and accrued expenses and prepaid income. Any gains or
losses arising from changes in fair value are recognized through profit or loss on the
transaction date.
Financial assets at amortized cost
Financial assets at amortized cost include non-current receivables carried at amortized cost
using the effective interest rate method and accounting for any impairment.
Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand, demand deposits and other
short-term, highly liquid investments. Items classified as cash and cash equivalents have a
maximum maturity of three months from the date of purchase. Credit facilities in use are
included in current interest-bearing liabilities.
Financial assets at fair value through other comprehensive income
The accounting policy of Other shares is described in Notes 3.5. Other shares. The
accounting treatment of change in the fair value of the derivatives qualifying for hedge
accounting is presented in 5.6. Derivatives.
Impairment of financial assets
The Group assesses any impairment losses on its financial instruments on each balance
sheet date. An impairment of a financial asset is recognized in accordance with the
requirements of the expected credit loss model of the IFRS 9 standard. For items measured
at an amortized cost, the amount of the impairment loss equals the difference between the
asset\u2019s carrying amount and the present value of estimated future cash flows from the
receivable. This is discounted at the financial asset\u2019s original effective interest rate. For
items measured at fair value, the fair value determines the amount of impairment.
Impairment charges are recognized in the income statement.
The Group sells certain trade receivables to finance companies within the framework of
limits stipulated in the agreement. The credit risk associated with these sold receivables and
contractual rights to the financial assets in question are transferred from the Group on the
selling date. The related expenses are recognized in the financial expenses.
Financial liabilities
Financial liabilities are classified as financial liabilities accounted at fair value through profit
or loss, at amortized cost and at fair value through other comprehensive income. Financial
liabilities at fair value through profit or loss include derivatives to which hedge accounting is
not applied, whereas derivatives which are qualified for hedge accounting are booked at fair
value through other comprehensive income.
Other financial liabilities are initially recognized in the balance sheet at the initial value of
received net assets with direct costs deducted. Later, these financial liabilities are measured
at amortized cost, and the difference between the received net assets and amortizations is
recognized as an interest cost over the loan term. Changes in the fair value of loans under
fair value hedge accounting are booked in the income statement together with the changes
in the fair value of derivatives under fair value hedge accounting.
If the terms of a loan measured at amortized cost are modified and the loan is not
derecognized, the gain or loss of the modification is booked in the income statement at the
point of modification and amortized over the life of the modified loan. Profit or loss is equal
to the difference between the present value of the cash flows under the original and
modified terms discounted at the original effective interest rate.
Category
Financial instrument
Financial liabilities at fair value through profit or
loss
Currency forward contracts and currency swaps,
interest rate swaps, electricity derivative
contracts, and natural gas derivative contracts
Amortized cost
Current and non-current loans, pension loans,
bonds, lease liabilities, and trade payables
Financial liabilities at fair value through other
comprehensive income
Derivatives qualifying for hedge accounting
(cash flow hedging)
The following levels are used to measure fair value:
Level 1: Fair value is determined based on quoted market prices.
Level 2: Fair value is determined with valuation techniques. Fair value refers either to the
value that is observable from the market value of elements of the financial instrument or the
market value of corresponding financial instruments, or to the value that is observable by
using commonly accepted valuation models and techniques if the market value can be
reliably measured with them.
Level 3: Fair value is determined by using valuation techniques, which use inputs that have a
significant effect on the recorded fair value and the inputs are not based on observable
market data. Level 3 mainly includes the shares of Pohjolan Voima Group.
Fair values, EUR million
2023
2022
Positive
Negative
Net
Positive
Negative
Net
Currency derivatives
Forward contracts
8.4
-4.2
4.2
15.0
-3.6
11.3
of which cash flow hedges
4.8
-0.1
4.7
1.7
-1.4
0.3
Commodity derivatives
Commodity forward contracts \u00b9\u207e
11.2
-3.5
7.7
80.0
-0.2
79.8
of which cash flow hedges
11.2
-3.5
7.7
80.0
-0.2
79.8
1) Includes fair value of electricity forward contracts of EUR 1.6 million (24.4) and EUR -2.1 million (-0.0) maturing after the
year 2024. Commodity derivatives are mainly electricity derivatives.
The Group has ISDA or EFET Master netting agreements with the counterparties of
derivative contracts. They allow the net settlement of outstanding market value within the
scope of the agreement in case of non-payment defined in the agreement. At the end of the
reporting period, counterparty risk according to master netting agreements was EUR 15.4
million (91.9) to Kemira and EUR 3.5 million (0.8) to counterparties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-473": { "value": "
FINANCIAL ASSETS
2023
2022
EUR million
Note
Book
values
Fair values
Book
values
Fair values
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Fair value through profit and loss
5.6.
Derivatives not qualifying for hedge accounting
3.6
\u2014
3.6
\u2014
3.6
13.3
\u2014
13.3
\u2014
13.3
Fair value through other comprehensive income
5.6.
Derivatives qualifying for hedge accounting
Cash flow hedges \u00b9\u207e
15.9
\u2014
15.9
\u2014
15.9
81.7
\u2014
81.7
\u2014
81.7
Other shares
3.5.
The shares of Pohjolan Voima Group
303.9
\u2014
\u2014
303.9
303.9
380.6
\u2014
\u2014
380.6
380.6
Other non-listed shares
1.4
\u2014
\u2014
1.4
1.4
2.7
\u2014
\u2014
2.7
2.7
Amortized cost
Other non-current assets \u00b2\u207e
6.3
\u2014
6.3
\u2014
6.3
6.6
\u2014
6.6
\u2014
6.6
Other current receivables \u00b2\u207e
0.3
\u2014
0.3
\u2014
0.3
0.3
\u2014
0.3
\u2014
0.3
Trade receivables \u00b2\u207e
4.2.
386.2
\u2014
386.2
\u2014
386.2
449.6
\u2014
449.6
\u2014
449.6
Cash and cash equivalents
Cash in hand and at bank accounts
271.0
\u2014
271.0
\u2014
271.0
245.3
\u2014
245.3
\u2014
245.3
Deposits and money market investments \u00b3\u207e
131.5
\u2014
131.5
\u2014
131.5
5.3
\u2014
5.3
\u2014
5.3
Assets classified as held-for-sale\u00a0 \u2074\u207e
3.7.
57.1
\u2014
57.1
\u2014
57.1
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial assets
1,177.2
\u2014
871.9
305.3
1,177.2
1,185.4
\u2014
802.1
383.3
1,185.4
1) Includes derivative contracts of EUR 1.6 million (24.4) maturing after the year 2024.
2) In 2023, other non-current assets and other current receivables include expected credit losses of EUR 0.2 million (0.4) in accordance with the IFRS 9 standard. Trade receivables include expected credit losses of EUR 4.8 million (5.3).\u00a0
Trade receivables are disclosed in more detail in Note 4.2. Trade receivables and other receivables.
3) Deposits and money market investments comprise bank deposits and other liquid investments with a maximum original maturity of three months.
4) In 2023, trade receivables amounting EUR 54.8 million and cash and cash equivalents EUR 2.2 million were reclassified as held-for-sale assets. These assets are used by the Oil & Gas business. Kemira has completed the divestment in February
2024. See Note 3.7. for further details regarding the held-for-sale assets.
FINANCIAL LIABILITIES
2023
2022
EUR million
Note
Book
values
Fair values
Book
values
Fair values
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Fair value through profit and loss
5.6.
Derivatives not qualifying for hedge accounting
4.1
\u2014
4.1
\u2014
4.1
2.3
\u2014
2.3
\u2014
2.3
Fair value through other comprehensive income
5.6.
Derivatives qualifying for hedge accounting
Cash flow hedges \u00b9\u207e
3.6
\u2014
3.6
\u2014
3.6
1.6
\u2014
1.6
\u2014
1.6
Amortized cost
Interest-bearing liabilities
5.3.
Non-current loans from financial institutions
311.3
\u2014
312.7
\u2014
312.7
312.4
\u2014
312.2
\u2014
312.2
Bonds
193.9
\u2014
189.8
\u2014
189.8
391.1
\u2014
379.2
\u2014
379.2
Current portion
199.6
\u2014
200.2
\u2014
200.2
\u2014
\u2014
\u2014
\u2014
\u2014
Non-current leasing liabilities
93.9
\u2014
93.9
\u2014
93.9
118.0
\u2014
118.0
\u2014
118.0
Current portion
27.6
\u2014
27.6
\u2014
27.6
30.9
\u2014
30.9
\u2014
30.9
Other non-current liabilities
16.7
\u2014
16.8
\u2014
16.8
16.7
\u2014
16.6
\u2014
16.6
Current portion
6.1
\u2014
6.3
\u2014
6.3
6.5
\u2014
6.8
\u2014
6.8
Current loans from financial institutions
88.8
\u2014
88.7
\u2014
88.7
146.3
\u2014
146.1
\u2014
146.1
Non-interest-bearing liabilities
Other non-current liabilities
8.7
\u2014
8.7
\u2014
8.7
9.3
\u2014
9.3
\u2014
9.3
Other current liabilities
26.2
\u2014
26.2
\u2014
26.2
45.5
\u2014
45.5
\u2014
45.5
Trade payables
4.3.
226.7
\u2014
226.7
\u2014
226.7
292.8
\u2014
292.8
\u2014
292.8
Liabilities classified as held-for-sale\u00a0 \u00b2\u207e
3.7.
45.6
\u2014
45.6
\u2014
45.6
0.4
\u2014
0.4
\u2014
0.4
Total financial liabilities
1,252.7
\u2014
1,250.9
\u2014
1,250.9
1,373.6
\u2014
1,361.6
\u2014
1,361.6
1) Includes derivative contracts of EUR\u00a0 -2.1 million (-0.0) maturing after the year 2024.
2) In 2023, lease liabilities amounting EUR 24.1 million and trade payables EUR 21.5 million were reclassified as held-for-sale assets. These liabilities are used by the Oil & Gas business. Kemira has completed the divestment in February 2024. In 2022,
lease liabilities amounting EUR 0.4 million classified as assets held-for sale related to colorant business within the Pulp & Paper segment. See Note 3.7. for further details regarding the held-for-sale assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-472": { "value": "
FINANCIAL ASSETS
2023
2022
EUR million
Note
Book
values
Fair values
Book
values
Fair values
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Fair value through profit and loss
5.6.
Derivatives not qualifying for hedge accounting
3.6
\u2014
3.6
\u2014
3.6
13.3
\u2014
13.3
\u2014
13.3
Fair value through other comprehensive income
5.6.
Derivatives qualifying for hedge accounting
Cash flow hedges \u00b9\u207e
15.9
\u2014
15.9
\u2014
15.9
81.7
\u2014
81.7
\u2014
81.7
Other shares
3.5.
The shares of Pohjolan Voima Group
303.9
\u2014
\u2014
303.9
303.9
380.6
\u2014
\u2014
380.6
380.6
Other non-listed shares
1.4
\u2014
\u2014
1.4
1.4
2.7
\u2014
\u2014
2.7
2.7
Amortized cost
Other non-current assets \u00b2\u207e
6.3
\u2014
6.3
\u2014
6.3
6.6
\u2014
6.6
\u2014
6.6
Other current receivables \u00b2\u207e
0.3
\u2014
0.3
\u2014
0.3
0.3
\u2014
0.3
\u2014
0.3
Trade receivables \u00b2\u207e
4.2.
386.2
\u2014
386.2
\u2014
386.2
449.6
\u2014
449.6
\u2014
449.6
Cash and cash equivalents
Cash in hand and at bank accounts
271.0
\u2014
271.0
\u2014
271.0
245.3
\u2014
245.3
\u2014
245.3
Deposits and money market investments \u00b3\u207e
131.5
\u2014
131.5
\u2014
131.5
5.3
\u2014
5.3
\u2014
5.3
Assets classified as held-for-sale\u00a0 \u2074\u207e
3.7.
57.1
\u2014
57.1
\u2014
57.1
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial assets
1,177.2
\u2014
871.9
305.3
1,177.2
1,185.4
\u2014
802.1
383.3
1,185.4
1) Includes derivative contracts of EUR 1.6 million (24.4) maturing after the year 2024.
2) In 2023, other non-current assets and other current receivables include expected credit losses of EUR 0.2 million (0.4) in accordance with the IFRS 9 standard. Trade receivables include expected credit losses of EUR 4.8 million (5.3).\u00a0
Trade receivables are disclosed in more detail in Note 4.2. Trade receivables and other receivables.
3) Deposits and money market investments comprise bank deposits and other liquid investments with a maximum original maturity of three months.
4) In 2023, trade receivables amounting EUR 54.8 million and cash and cash equivalents EUR 2.2 million were reclassified as held-for-sale assets. These assets are used by the Oil & Gas business. Kemira has completed the divestment in February
2024. See Note 3.7. for further details regarding the held-for-sale assets.
Kemira's liquidity is secured with cash and cash equivalents, account overdrafts and a
revolving credit facility. At the end of 2023, the Group\u2019s cash and cash equivalents stood at
EUR 402.5 million (250.6), of which cash in bank accounts accounted for EUR 271.0 million
(245.3) and bank deposits EUR 131.5 million (5.3).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-471": { "value": "
FINANCIAL ASSETS
2023
2022
EUR million
Note
Book
values
Fair values
Book
values
Fair values
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Fair value through profit and loss
5.6.
Derivatives not qualifying for hedge accounting
3.6
\u2014
3.6
\u2014
3.6
13.3
\u2014
13.3
\u2014
13.3
Fair value through other comprehensive income
5.6.
Derivatives qualifying for hedge accounting
Cash flow hedges \u00b9\u207e
15.9
\u2014
15.9
\u2014
15.9
81.7
\u2014
81.7
\u2014
81.7
Other shares
3.5.
The shares of Pohjolan Voima Group
303.9
\u2014
\u2014
303.9
303.9
380.6
\u2014
\u2014
380.6
380.6
Other non-listed shares
1.4
\u2014
\u2014
1.4
1.4
2.7
\u2014
\u2014
2.7
2.7
Amortized cost
Other non-current assets \u00b2\u207e
6.3
\u2014
6.3
\u2014
6.3
6.6
\u2014
6.6
\u2014
6.6
Other current receivables \u00b2\u207e
0.3
\u2014
0.3
\u2014
0.3
0.3
\u2014
0.3
\u2014
0.3
Trade receivables \u00b2\u207e
4.2.
386.2
\u2014
386.2
\u2014
386.2
449.6
\u2014
449.6
\u2014
449.6
Cash and cash equivalents
Cash in hand and at bank accounts
271.0
\u2014
271.0
\u2014
271.0
245.3
\u2014
245.3
\u2014
245.3
Deposits and money market investments \u00b3\u207e
131.5
\u2014
131.5
\u2014
131.5
5.3
\u2014
5.3
\u2014
5.3
Assets classified as held-for-sale\u00a0 \u2074\u207e
3.7.
57.1
\u2014
57.1
\u2014
57.1
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial assets
1,177.2
\u2014
871.9
305.3
1,177.2
1,185.4
\u2014
802.1
383.3
1,185.4
1) Includes derivative contracts of EUR 1.6 million (24.4) maturing after the year 2024.
2) In 2023, other non-current assets and other current receivables include expected credit losses of EUR 0.2 million (0.4) in accordance with the IFRS 9 standard. Trade receivables include expected credit losses of EUR 4.8 million (5.3).\u00a0
Trade receivables are disclosed in more detail in Note 4.2. Trade receivables and other receivables.
3) Deposits and money market investments comprise bank deposits and other liquid investments with a maximum original maturity of three months.
4) In 2023, trade receivables amounting EUR 54.8 million and cash and cash equivalents EUR 2.2 million were reclassified as held-for-sale assets. These assets are used by the Oil & Gas business. Kemira has completed the divestment in February
2024. See Note 3.7. for further details regarding the held-for-sale assets.
FINANCIAL LIABILITIES
2023
2022
EUR million
Note
Book
values
Fair values
Book
values
Fair values
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Fair value through profit and loss
5.6.
Derivatives not qualifying for hedge accounting
4.1
\u2014
4.1
\u2014
4.1
2.3
\u2014
2.3
\u2014
2.3
Fair value through other comprehensive income
5.6.
Derivatives qualifying for hedge accounting
Cash flow hedges \u00b9\u207e
3.6
\u2014
3.6
\u2014
3.6
1.6
\u2014
1.6
\u2014
1.6
Amortized cost
Interest-bearing liabilities
5.3.
Non-current loans from financial institutions
311.3
\u2014
312.7
\u2014
312.7
312.4
\u2014
312.2
\u2014
312.2
Bonds
193.9
\u2014
189.8
\u2014
189.8
391.1
\u2014
379.2
\u2014
379.2
Current portion
199.6
\u2014
200.2
\u2014
200.2
\u2014
\u2014
\u2014
\u2014
\u2014
Non-current leasing liabilities
93.9
\u2014
93.9
\u2014
93.9
118.0
\u2014
118.0
\u2014
118.0
Current portion
27.6
\u2014
27.6
\u2014
27.6
30.9
\u2014
30.9
\u2014
30.9
Other non-current liabilities
16.7
\u2014
16.8
\u2014
16.8
16.7
\u2014
16.6
\u2014
16.6
Current portion
6.1
\u2014
6.3
\u2014
6.3
6.5
\u2014
6.8
\u2014
6.8
Current loans from financial institutions
88.8
\u2014
88.7
\u2014
88.7
146.3
\u2014
146.1
\u2014
146.1
Non-interest-bearing liabilities
Other non-current liabilities
8.7
\u2014
8.7
\u2014
8.7
9.3
\u2014
9.3
\u2014
9.3
Other current liabilities
26.2
\u2014
26.2
\u2014
26.2
45.5
\u2014
45.5
\u2014
45.5
Trade payables
4.3.
226.7
\u2014
226.7
\u2014
226.7
292.8
\u2014
292.8
\u2014
292.8
Liabilities classified as held-for-sale\u00a0 \u00b2\u207e
3.7.
45.6
\u2014
45.6
\u2014
45.6
0.4
\u2014
0.4
\u2014
0.4
Total financial liabilities
1,252.7
\u2014
1,250.9
\u2014
1,250.9
1,373.6
\u2014
1,361.6
\u2014
1,361.6
1) Includes derivative contracts of EUR\u00a0 -2.1 million (-0.0) maturing after the year 2024.
2) In 2023, lease liabilities amounting EUR 24.1 million and trade payables EUR 21.5 million were reclassified as held-for-sale assets. These liabilities are used by the Oil & Gas business. Kemira has completed the divestment in February 2024. In 2022,
lease liabilities amounting EUR 0.4 million classified as assets held-for sale related to colorant business within the Pulp & Paper segment. See Note 3.7. for further details regarding the held-for-sale assets.
Level 3 specification, financial assets EUR million
2023
2022
Net book value on Jan 1
383.3
260.0
Effect on other comprehensive income
-76.7
123.2
Increases
-0.3
\u2014
Decreases
-1.0
\u2014
Net book value on Dec 31
305.4
383.3
Fair values, EUR million
2023
2022
Positive
Negative
Net
Positive
Negative
Net
Currency derivatives
Forward contracts
8.4
-4.2
4.2
15.0
-3.6
11.3
of which cash flow hedges
4.8
-0.1
4.7
1.7
-1.4
0.3
Commodity derivatives
Commodity forward contracts \u00b9\u207e
11.2
-3.5
7.7
80.0
-0.2
79.8
of which cash flow hedges
11.2
-3.5
7.7
80.0
-0.2
79.8
1) Includes fair value of electricity forward contracts of EUR 1.6 million (24.4) and EUR -2.1 million (-0.0) maturing after the
year 2024. Commodity derivatives are mainly electricity derivatives.
The Group has ISDA or EFET Master netting agreements with the counterparties of
derivative contracts. They allow the net settlement of outstanding market value within the
scope of the agreement in case of non-payment defined in the agreement. At the end of the
reporting period, counterparty risk according to master netting agreements was EUR 15.4
million (91.9) to Kemira and EUR 3.5 million (0.8) to counterparties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-475": { "value": "
Financial Assets
The Group\u2019s financial assets are classified for subsequent measurement as financial assets
at fair value through profit or loss, at amortized cost and at fair value through other
comprehensive income.
Category
Financial instrument
Fair value through profit or loss
Currency forward contracts, currency swaps, interest rate swaps,
electricity derivative contracts and natural gas derivative contracts,
certificates of deposit, and commercial papers
Amortized cost
Non-current loan receivables, cash at bank and in hand, bank
deposits, trade receivables, and other receivables
Fair value through other
comprehensive income
Other investments: shares, derivatives qualifying for hedge
accounting (cash flow or fair value hedging)
Financial assets at fair value through income statements
All derivatives are recognized at fair value on the balance sheet. Fair value is the amount for
which an asset could be exchanged or loans paid between knowledgeable, willing parties in
an arm\u2019s length transaction. These derivative contracts to which hedge accounting in
accordance with IFRS 9 is not applied are classified as financial assets at fair value through
profit or loss. In the balance sheet, these derivative contracts are shown under prepaid
expenses and accrued income and accrued expenses and prepaid income. Any gains or
losses arising from changes in fair value are recognized through profit or loss on the
transaction date.
Financial assets at amortized cost
Financial assets at amortized cost include non-current receivables carried at amortized cost
using the effective interest rate method and accounting for any impairment.
Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand, demand deposits and other
short-term, highly liquid investments. Items classified as cash and cash equivalents have a
maximum maturity of three months from the date of purchase. Credit facilities in use are
included in current interest-bearing liabilities.
Financial assets at fair value through other comprehensive income
The accounting policy of Other shares is described in Notes 3.5. Other shares. The
accounting treatment of change in the fair value of the derivatives qualifying for hedge
accounting is presented in 5.6. Derivatives.
Impairment of financial assets
The Group assesses any impairment losses on its financial instruments on each balance
sheet date. An impairment of a financial asset is recognized in accordance with the
requirements of the expected credit loss model of the IFRS 9 standard. For items measured
at an amortized cost, the amount of the impairment loss equals the difference between the
asset\u2019s carrying amount and the present value of estimated future cash flows from the
receivable. This is discounted at the financial asset\u2019s original effective interest rate. For
items measured at fair value, the fair value determines the amount of impairment.
Impairment charges are recognized in the income statement.
The Group sells certain trade receivables to finance companies within the framework of
limits stipulated in the agreement. The credit risk associated with these sold receivables and
contractual rights to the financial assets in question are transferred from the Group on the
selling date. The related expenses are recognized in the financial expenses.
Financial liabilities
Financial liabilities are classified as financial liabilities accounted at fair value through profit
or loss, at amortized cost and at fair value through other comprehensive income. Financial
liabilities at fair value through profit or loss include derivatives to which hedge accounting is
not applied, whereas derivatives which are qualified for hedge accounting are booked at fair
value through other comprehensive income.
Other financial liabilities are initially recognized in the balance sheet at the initial value of
received net assets with direct costs deducted. Later, these financial liabilities are measured
at amortized cost, and the difference between the received net assets and amortizations is
recognized as an interest cost over the loan term. Changes in the fair value of loans under
fair value hedge accounting are booked in the income statement together with the changes
in the fair value of derivatives under fair value hedge accounting.
If the terms of a loan measured at amortized cost are modified and the loan is not
derecognized, the gain or loss of the modification is booked in the income statement at the
point of modification and amortized over the life of the modified loan. Profit or loss is equal
to the difference between the present value of the cash flows under the original and
modified terms discounted at the original effective interest rate.
Category
Financial instrument
Financial liabilities at fair value through profit or
loss
Currency forward contracts and currency swaps,
interest rate swaps, electricity derivative
contracts, and natural gas derivative contracts
Amortized cost
Current and non-current loans, pension loans,
bonds, lease liabilities, and trade payables
Financial liabilities at fair value through other
comprehensive income
Derivatives qualifying for hedge accounting
(cash flow hedging)
The following levels are used to measure fair value:
Level 1: Fair value is determined based on quoted market prices.
Level 2: Fair value is determined with valuation techniques. Fair value refers either to the
value that is observable from the market value of elements of the financial instrument or the
market value of corresponding financial instruments, or to the value that is observable by
using commonly accepted valuation models and techniques if the market value can be
reliably measured with them.
Level 3: Fair value is determined by using valuation techniques, which use inputs that have a
significant effect on the recorded fair value and the inputs are not based on observable
market data. Level 3 mainly includes the shares of Pohjolan Voima Group.
The Group's accounting policies
\"icons-01.svg\"
Derivatives
The fair values of currency, interest rate, and commodity derivatives,\u00a0 as well as publicly
traded shares are based on prices quoted in active markets on the balance sheet date. The
value of other financial instruments measured at fair value is determined on the basis of
valuation models using information available in the financial market.
All the derivatives are measured at their fair values on the balance sheet date. Changes in
the value of forward contracts are calculated by measuring the contracts against the
forward exchange rates on the balance sheet date and comparing them with the counter
values calculated through the forward exchange rates on the date of entry into the forward
contracts. The fair value of interest rate derivatives is determined using the market value of
similar instruments on the balance sheet date. Other derivatives are measured at the market
price on the balance sheet date.
Derivative assets maturing during the following 12 months are presented in the balance
sheet as part of line item Trade receivables and other receivables whereas derivatives with a
maturity of over 12 months are posted to Other financial assets under Non-current assets .
Derivative liabilities maturing under 12 months are presented in the balance sheet as part of
line item Trade payables and other liabilities where as fair value of derivatives with maturity
after 12 months are posted under Non-current liabilities to Other financial liabilities.
Hedge accounting
Hedge accounting is applied according to IFRS 9. This refers to a method of accounting
aimed at allocating one or more hedging instruments in such a way that their fair value
offsets, in full or in part, the changes in the fair value or cash flows of the hedged item.
Hedged items must be highly probable. The Group applies hedge accounting for hedging
interest rate risk, currency risk, commodity risk, and fair value if interest rate swaps,
electricity derivatives and foreign exchange derivatives meet hedge accounting criteria.
Hedge effectiveness is monitored as required by IFRS 9. Effectiveness refers to the capacity
of a hedging instrument to offset changes in the fair value of the hedged item or cash flows
from a hedged transaction, which are due to the realization of the risk being hedged. A
hedging relationship is considered to be highly effective when the change in the fair value of
the hedging instrument offsets changes in the cash flows attributable to the hedged items.
Hedge effectiveness is assessed\u00a0 prospectively. Hedge effectiveness testing is repeated on
each balance sheet date.
Hedge accounting is discontinued when the criteria for hedge accounting are no longer
fulfilled. Gains or losses recognized in other comprehensive income and presented under
equity are derecognized and transferred immediately in the income statement, if the hedged
item is sold or falls due. However, gains or losses arising from changes in the fair value of
those derivatives not fulfilling the hedge accounting criteria are recognized directly in the
income statement.
At the inception of a hedge, the Group documents the existence of the economic
relationship of the hedged item and hedging instrument, including the identification of the
hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the
objectives of risk management, and the strategy for undertaking hedging, as well as the
description of how hedge effectiveness is assessed.
Cash flow hedging
Cash flow hedging is used to hedge against variability in cash flows attributable to a
particular risk associated with a recognized asset or liability in the balance sheet or a highly
probable forecast transaction. Currency, interest rate, and commodity derivatives are used
as hedging instruments in cash flow hedging. Cash flow hedge accounting, specified in IFRS
9, is applied by the Group to selected hedging items only. Changes in the fair value of
derivative instruments associated with cash flow hedge are recognized in other
comprehensive income (including the tax effect) and presented under equity, providing that
they fulfill the criteria set for hedge accounting and are based on effective hedging. The
ineffective portion of the gain or loss on the hedging instrument is recognized under
financial items in the income statement. Derivatives not fulfilling the hedge accounting
criteria are recognized in financial items through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-474": { "value": "
Financial Assets
The Group\u2019s financial assets are classified for subsequent measurement as financial assets
at fair value through profit or loss, at amortized cost and at fair value through other
comprehensive income.
Category
Financial instrument
Fair value through profit or loss
Currency forward contracts, currency swaps, interest rate swaps,
electricity derivative contracts and natural gas derivative contracts,
certificates of deposit, and commercial papers
Amortized cost
Non-current loan receivables, cash at bank and in hand, bank
deposits, trade receivables, and other receivables
Fair value through other
comprehensive income
Other investments: shares, derivatives qualifying for hedge
accounting (cash flow or fair value hedging)
Financial assets at fair value through income statements
All derivatives are recognized at fair value on the balance sheet. Fair value is the amount for
which an asset could be exchanged or loans paid between knowledgeable, willing parties in
an arm\u2019s length transaction. These derivative contracts to which hedge accounting in
accordance with IFRS 9 is not applied are classified as financial assets at fair value through
profit or loss. In the balance sheet, these derivative contracts are shown under prepaid
expenses and accrued income and accrued expenses and prepaid income. Any gains or
losses arising from changes in fair value are recognized through profit or loss on the
transaction date.
Financial assets at amortized cost
Financial assets at amortized cost include non-current receivables carried at amortized cost
using the effective interest rate method and accounting for any impairment.
Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand, demand deposits and other
short-term, highly liquid investments. Items classified as cash and cash equivalents have a
maximum maturity of three months from the date of purchase. Credit facilities in use are
included in current interest-bearing liabilities.
Financial assets at fair value through other comprehensive income
The accounting policy of Other shares is described in Notes 3.5. Other shares. The
accounting treatment of change in the fair value of the derivatives qualifying for hedge
accounting is presented in 5.6. Derivatives.
Impairment of financial assets
The Group assesses any impairment losses on its financial instruments on each balance
sheet date. An impairment of a financial asset is recognized in accordance with the
requirements of the expected credit loss model of the IFRS 9 standard. For items measured
at an amortized cost, the amount of the impairment loss equals the difference between the
asset\u2019s carrying amount and the present value of estimated future cash flows from the
receivable. This is discounted at the financial asset\u2019s original effective interest rate. For
items measured at fair value, the fair value determines the amount of impairment.
Impairment charges are recognized in the income statement.
The Group sells certain trade receivables to finance companies within the framework of
limits stipulated in the agreement. The credit risk associated with these sold receivables and
contractual rights to the financial assets in question are transferred from the Group on the
selling date. The related expenses are recognized in the financial expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-476": { "value": "
Financial assets at fair value through income statements
All derivatives are recognized at fair value on the balance sheet. Fair value is the amount for
which an asset could be exchanged or loans paid between knowledgeable, willing parties in
an arm\u2019s length transaction. These derivative contracts to which hedge accounting in
accordance with IFRS 9 is not applied are classified as financial assets at fair value through
profit or loss. In the balance sheet, these derivative contracts are shown under prepaid
expenses and accrued income and accrued expenses and prepaid income. Any gains or
losses arising from changes in fair value are recognized through profit or loss on the
transaction date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-477": { "value": "
Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand, demand deposits and other
short-term, highly liquid investments. Items classified as cash and cash equivalents have a
maximum maturity of three months from the date of purchase. Credit facilities in use are
included in current interest-bearing liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-478": { "value": "
Impairment of financial assets
The Group assesses any impairment losses on its financial instruments on each balance
sheet date. An impairment of a financial asset is recognized in accordance with the
requirements of the expected credit loss model of the IFRS 9 standard. For items measured
at an amortized cost, the amount of the impairment loss equals the difference between the
asset\u2019s carrying amount and the present value of estimated future cash flows from the
receivable. This is discounted at the financial asset\u2019s original effective interest rate. For
items measured at fair value, the fair value determines the amount of impairment.
Impairment charges are recognized in the income statement.
The Group sells certain trade receivables to finance companies within the framework of
limits stipulated in the agreement. The credit risk associated with these sold receivables and
contractual rights to the financial assets in question are transferred from the Group on the
selling date. The related expenses are recognized in the financial expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-479": { "value": "
Financial liabilities
Financial liabilities are classified as financial liabilities accounted at fair value through profit
or loss, at amortized cost and at fair value through other comprehensive income. Financial
liabilities at fair value through profit or loss include derivatives to which hedge accounting is
not applied, whereas derivatives which are qualified for hedge accounting are booked at fair
value through other comprehensive income.
Other financial liabilities are initially recognized in the balance sheet at the initial value of
received net assets with direct costs deducted. Later, these financial liabilities are measured
at amortized cost, and the difference between the received net assets and amortizations is
recognized as an interest cost over the loan term. Changes in the fair value of loans under
fair value hedge accounting are booked in the income statement together with the changes
in the fair value of derivatives under fair value hedge accounting.
If the terms of a loan measured at amortized cost are modified and the loan is not
derecognized, the gain or loss of the modification is booked in the income statement at the
point of modification and amortized over the life of the modified loan. Profit or loss is equal
to the difference between the present value of the cash flows under the original and
modified terms discounted at the original effective interest rate.
Category
Financial instrument
Financial liabilities at fair value through profit or
loss
Currency forward contracts and currency swaps,
interest rate swaps, electricity derivative
contracts, and natural gas derivative contracts
Amortized cost
Current and non-current loans, pension loans,
bonds, lease liabilities, and trade payables
Financial liabilities at fair value through other
comprehensive income
Derivatives qualifying for hedge accounting
(cash flow hedging)
The following levels are used to measure fair value:
Level 1: Fair value is determined based on quoted market prices.
Level 2: Fair value is determined with valuation techniques. Fair value refers either to the
value that is observable from the market value of elements of the financial instrument or the
market value of corresponding financial instruments, or to the value that is observable by
using commonly accepted valuation models and techniques if the market value can be
reliably measured with them.
Level 3: Fair value is determined by using valuation techniques, which use inputs that have a
significant effect on the recorded fair value and the inputs are not based on observable
market data. Level 3 mainly includes the shares of Pohjolan Voima Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-480": { "value": "
5.5 MANAGEMENT OF FINANCIAL RISKS
Kemira Group Treasury's objective is to ensure sufficient funding in the most cost efficient
way, and to manage financial risks. Approved by the Board of Directors, treasury policy
defines the principles of treasury management. The Board of Directors approves the annual
Treasury plan and the maximum permissible financial risk levels.
Financial risk management aims to protect the Company from unfavorable changes in
financial markets, thereby contributing to safeguarding the Company\u2019s profit performance
and shareholders\u2019 equity and to ensure sufficient sources of finance. Management of financial
risks is centralized in the Group Treasury, which uses for hedging purposes derivative
instruments whose market values and risks can be monitored continuously and reliably.
Foreign exchange risk
Foreign currency transaction risk arises from currency flows, assets, and liabilities
denominated in currencies other than the domestic currency. Transaction risks arise from
cash flows and balance sheet items where changes in exchange rates will have an impact on
earnings and cash flows. Translation risk arises when the currency denominated income
statement and balance sheet items of group companies located outside the euro area are
consolidated into euro. The transaction risk is hedged mainly using foreign currency forwards.
The Group's most significant transaction currency risks arise from the US dollar, the Chinese
renminbi, the Canadian dollar and Swedish krona. At the end of the year, the US dollar
denominated exchange rate risk against EUR had an equivalent value of approximately
EUR 132 million (54), the average hedging rate and hedging ratio being 1.09 and 56% (68%),
respectively. The Chinese renminbi denominated exchange rate risk was approximately
EUR 115 million (86), the average hedging rate and hedging ratio being 7.77 and 69% (68%),
respectively. The Canadian dollar denominated exchange rate risk was approximately EUR 56
million (56), the average hedging rate and hedging ratio being 1.47 and 56% (52%),
respectively. The denominated exchange rate risk of the Swedish krona against EUR had an
equivalent value of approximately EUR 35 million (36), the average hedging rate and hedging
ratio being 11.55 and 73% (64%), respectively.
In addition, Kemira is exposed to smaller transaction risks against EUR mainly in relation to
Korean won, the Danish krona, Polish zloty and the Norwegian krona and against USD mainly
in relation to the Canadian dollar and the Brazilian real with the annual exposure in those
currencies being approximately EUR 152 million.
2023
2022
Transaction exposure,
the most significant
currencies, EUR million
USD
against
EUR
CNY
against
EUR
CAD
against
EUR
SEK
against
EUR
USD
against
EUR
CNY
against
EUR
CAD
against
EUR
SEK
against
EUR
Operative cash flow
forecast, net \u00b9\u207e
131,8
-115,1
55,5
-35,3
54,2
-86,4
55,7
-35,8
Loans, net
390,8
57,6
0,0
-9,3
411,9
59,9
13,6
-15,8
Derivatives, operative
cash flow hedging, net
-74,5
82,8
-39,9
25,3
-31,0
63,6
-29,5
26,2
Derivatives, hedging of
loans, net
-180,1
-57,6
0,0
9,9
-170,6
-59,2
-13,5
16,6
Total
268,0
-32,3
15,6
-9,4
264,4
-22,1
26,3
-8,8
1) Based on a 12-month foreign currency operative cash flow forecast.
At the end of 2023, the foreign currency operative cash flow forecast for 2024 was EUR 542
million of which 61% was hedged (58%). The hedge ratio is monitored daily. A minimum of 40%
and a maximum of 100% of the forecast flow must always be hedged. A 10 percent
strengthening of the euro against the Swedish krona, based on the exchange rates as of
December 31, 2023 and without hedging, would increase EBITDA approximately EUR 4 million,
and a 10 percent strengthening of the euro against the Chinese renminbi without hedging
would increase EBITDA approximately EUR 12 million. Whereas, a 10 percent strengthening of
the euro against the Canadian dollar and the US dollar without hedging would cause a EUR 6
and 13 million negative impact on EBITDA, respectively. A corresponding decrease in the
exchange rates would have approximately an equal opposite impact.
On the balance sheet date, the market value of currency derivatives included in cash flow
hedge accounting was EUR 4.7 million (0.3). Cash flow hedge accounting deals have been done
to hedge highly probable currency flows. In 2023,\u00a0 no ineffectiveness in derivatives under
hedge accounting was recognized\u00a0 in the Income statement (-).
The most significant translation risk currencies are the US dollar, the Canadian dollar, the
Swedish krona, the Polish zloty, the Brazilian real and the Chinese renminbi.
Kemira's main equity items denominated in foreign currencies are in the Canadian dollar, the
Swedish krona and US dollar. The objective is to hedge the balance sheet risk by maintaining a
balance between foreign currency denominated liabilities and assets, currency by currency. In
hedging the net investment in its units abroad, Kemira monitors the equity ratio. Long-term
loans and currency derivatives can be used for hedging net investments in foreign
subsidiaries. These hedges do not apply to hedge accounting. Loans in US dollars have been
granted to some foreign subsidiaries and currency differences have been included in foreign
currency translation differences.
Interest rate risk
Kemira is exposed to interest rate risks\u00a0 through interest-bearing loans and derivatives.
Movements in interest rates creates re-pricing and price risks generating fluctuation in cash
flows and fair values of loans and derivatives . A total of 77% (83%) of the Group\u2019s entire net
debt portfolio including lease liabilities was fixed at the end of 2023. The net financing cost of
the Group was 5.6% (4.2%). The net financing cost is attained by dividing yearly net interest
and other financing expenses,\u00a0 excluding exchange rate differences and dividends by the
average interest bearing net debt figure for the corresponding period. The most significant
impact on the net financing cost arises from variation in the interest rate levels of the euro,
the US dollar and the Chinese renminbi.
In accordance with treasury policy, the Group\u2019s interest rate risk is measured with the
duration which describes the average repricing moment of the loan portfolio excluding lease
liabilities. The duration must be in the range of 6\u201360 months. The Kemira Group Treasury
manages duration by borrowing with fixed and floating rate loans in addition to the interest
rate derivatives. On the balance sheet date, the Group had no outstanding interest rate
derivatives. The duration of the Group\u2019s interest-bearing loan portfolio excluding lease
liabilities was 16 months (22) at the end of 2023. On the balance sheet date, the average
interest rate of the loan portfolio was approximately 2.8% (2.4%).
During 2024, Kemira will reprice 30% (21%) of the Group's net debt portfolio as shown in the
table below.
2023
1\u20135
years
Time to interest rate fixing, EUR million
<1 year
> 5 years
Total
Floating net liabilities
123.8
\u2014
\u2014
123.8
Fixed net liabilities \u00b9\u207e
\u2014
290.0
\u2014
290.0
Total
123.8
290.0
\u2014
413.8
2022
1\u20135
years
Time to interest rate fixing, EUR million
<1 year
> 5 years
Total
Floating net liabilities
132.3
\u2014
\u2014
132.3
Fixed net liabilities \u00b9\u207e
\u2014
290.0
200.0
490.0
Total
132.3
290.0
200.0
622.3
1) Excluding lease liabilities.
If interest rates rose by one percentage point on January 1, 2024, the resulting net interest
expenses before taxes resulting from loans, cash, deposits, and money market investments
over the next 12 months would decrease by approximately EUR 0.5 million (-0.3).
Consequently, a decrease of one percentage point would increase net interest expenses by
EUR 0.5 million.
Commodity price risk
Kemira Group is exposed to commodity market price variation, mainly from the price of
electricity. Kemira Group takes hedging measures with respect to its commodity purchases in
order to even out its raw material costs. In line with its hedging policy, the Group hedges its
existing sales agreements in such a way that the hedges cover the commitments made.
Hedging policy aims to minimize the cash flow risk of electricity and natural gas purchases.\u00a0
The price of electricity varies greatly according to the market situation. The company primarily
uses electricity derivatives as hedging instruments. Regional price risks in Finland and Sweden
are hedged. The outstanding electricity derivatives are treated in accordance with cash flow
hedge accounting. The forecast for physical deliveries of the underlying assets, or purchases,
are not recorded until the delivery period. A +/- 10% change in the market price of electricity
hedging contracts outstanding at year end would impact the valuation of these contracts
EUR +/- 3.6 million (+/- 11.9). This impact would be in equity.
In addition to the electricity derivatives, the Group manages the price risk of electricity by
entering into long-term electricity sourcing agreements. The Group also has shares of 5% of
Pohjolan Voima Oy (PVO) and 1% share of Teollisuuden Voima Oy. More information on the
share ownership can be found in Note 3.5.
Natural gas price risk is hedged with derivative contracts. The outstanding natural gas
derivatives are treated in accordance with cash flow hedge accounting. A +/- 10% change in
the market price of natural gas hedging contracts outstanding at year end would impact the
valuation of these contracts EUR +/- 0.0 million (-). This impact would be in equity.
Credit risk
The Group is exposed to credit risks through commercial accounts receivables, as bank
account balances, deposits, short-term investments, and derivatives.
The Group\u2019s treasury policy defines the credit rating requirements for the counterparties of
investment activities and derivative agreements as well as the related investment policy. The
Group seeks to minimize its counterparty risk by dealing solely with counterparties that are
financial institutions with a solid credit rating, as well as by spreading agreements among
them.\u00a0 Counterparty risk is being monitored on a regular basis.
The counterparty risk in treasury operations is due to the fact that a contractual party to a
financing transaction is not necessarily able to fulfill its contractual obligations. Risks are
mainly related to investment activities and the counterparty risks associated with derivative
contracts.
The Group Treasury approves the new banking relationships of subsidiaries. Financial
institution counterparties, used by the Group Treasury, have a credit rating of at least an
investment grade based on Standard & Poor\u2019s credit rating information. The maximum risk
assignable to the Group\u2019s financial institution counterparties on the balance sheet date
amounted to EUR 414.8 million (342.5). Kemira monitors its counterparty risk on a monthly
basis by defining the maximum risk associated with each counterparty based on the market
value of receivables. Kemira has defined an approved limit for each financial institution.
No material changes related to the Group's credit risk were associated with\u00a0 financing\u00a0
transactions in the year 2023 and these transactions did not result in credit losses during the
financial year.
Kemira has a group-wide credit policy related to commercial activities. According to the
policy, each customer has a predefined risk category and credit limit. These are constantly
monitored. Based on the customer evaluation, Kemira decides the applicable payment terms
to minimize credit risks. Pre-approved payment terms have been defined at the group level. If
necessary, securities and documentary credit, such as letters of credit, are applied. The
Group does not have any significant credit risk concentrations due to its extensive customer
base across the world. The credit losses related to trade receivables are described in Note
4.2.
In the USA, Kemira has an accounts receivable purchase facility worth USD 75 million,
enabling Group companies in the USA to sell certain account receivables to the counterparty.
The credit risk of the accounts receivables is transferred to the financial institutions and
95.1% of the receivables transferred are derecognized from the balance sheet. The amount of
outstanding receivables transferred, which also reflects the fair value of the receivables
before the transfer was EUR 30.5 million (60.3) on December 31, 2023. The amounts
recognized in the balance sheet are EUR 4.6 million (4.3) in assets and EUR 0.9 million (1.4) in
liabilities.
Liquidity and refinancing risks
Kemira's liquidity is secured with cash and cash equivalents, account overdrafts and a
revolving credit facility. At the end of 2023, the Group\u2019s cash and cash equivalents stood at
EUR 402.5 million (250.6), of which cash in bank accounts accounted for EUR 271.0 million
(245.3) and bank deposits EUR 131.5 million (5.3). In addition, the Group has a revolving credit
facility of EUR 400 million linked to sustainability targets which will mature on April 17, 2026.
At the turn of the year 2023/2024, the revolving credit facility was undrawn.
The Group has a EUR 600 million domestic commercial paper program enabling it to issue
commercial papers with a maximum maturity of one year. At the end of\u00a0 2023, the Group did
not have commercial papers outstanding on the market (30).
Kemira manages its refinancing risk with a diversified loan portfolio. Long-term financing
consists of bonds and bilateral loan agreements with several financial institutions. In addition,
the Group had leasing liabilities in accordance with the IFRS 16 standard of EUR\u00a0 121.4 million
(148.9) at the end of the year.
According to Group treasury policy, the Group must have committed credit facilities to cover
planned funding needs, the current portion of long term debt, commercial paper borrowings,
and other uncommitted short-term loans in the next 12 months. The average maturity of
outstanding loans excluding lease liabilities may temporarily be under the 3-year minimum
target. The average maturity of debt excluding lease liabilities at the end of 2023 was 2.5 years
(3.2).
LOAN REPAYMENTS
2023
Total
drawn
Loan type, EUR million \u00b9\u207e
Undrawn
2024
2025
2026
2027
2028
2029-
Loans from financial
institutions
\u2014
\u2014
191.2
\u2014
120.0
\u2014
\u2014
311.2
Bonds
\u2014
200.0
\u2014
\u2014
\u2014
200.0
\u2014
400.0
Revolving credit facility
400.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
\u2014
33.9
26.1
19.8
13.9
9.5
37.1
140.2
Commercial paper
program
600.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other interest-bearing
non-current liabilities
\u2014
6.1
1.0
16.0
\u2014
\u2014
\u2014
23.2
Other interest-bearing
current liabilities
\u2014
88.8
\u2014
\u2014
\u2014
\u2014
\u2014
88.8
Total interest-bearing
liabilities
1,000.0
328.8
218.3
35.8
133.9
209.5
37.1
963.4
2022
Total
drawn
Loan type, EUR million \u00b9\u207e
Undrawn
2023
2024
2025
2026
2027
2028-
Loans from financial
institutions
\u2014
\u2014
\u2014
192.8
\u2014
120.0
\u2014
312.8
Bonds
\u2014
\u2014
200.0
\u2014
\u2014
\u2014
200.0
400.0
Revolving credit facility
400.0
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Lease liabilities
\u2014
39.4
30.7
22.3
16.9
11.4
78.2
198.8
Commercial paper
program
570.0
30.0
\u2014
\u2014
\u2014
\u2014
\u2014
30.0
Other interest-bearing
non-current liabilities
\u2014
15.9
0.8
\u2014
\u2014
\u2014
\u2014
16.7
Other interest-bearing
current liabilities
\u2014
123.0
\u2014
\u2014
\u2014
\u2014
\u2014
123.0
Total interest-bearing
liabilities
970.0
208.3
231.4
215.1
16.9
131.4
278.2
1,081.3
1) Loan structure presented by type and maturity using contractual undiscounted payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-481": { "value": "
Foreign exchange risk
Foreign currency transaction risk arises from currency flows, assets, and liabilities
denominated in currencies other than the domestic currency. Transaction risks arise from
cash flows and balance sheet items where changes in exchange rates will have an impact on
earnings and cash flows. Translation risk arises when the currency denominated income
statement and balance sheet items of group companies located outside the euro area are
consolidated into euro. The transaction risk is hedged mainly using foreign currency forwards.
The Group's most significant transaction currency risks arise from the US dollar, the Chinese
renminbi, the Canadian dollar and Swedish krona. At the end of the year, the US dollar
denominated exchange rate risk against EUR had an equivalent value of approximately
EUR 132 million (54), the average hedging rate and hedging ratio being 1.09 and 56% (68%),
respectively. The Chinese renminbi denominated exchange rate risk was approximately
EUR 115 million (86), the average hedging rate and hedging ratio being 7.77 and 69% (68%),
respectively. The Canadian dollar denominated exchange rate risk was approximately EUR 56
million (56), the average hedging rate and hedging ratio being 1.47 and 56% (52%),
respectively. The denominated exchange rate risk of the Swedish krona against EUR had an
equivalent value of approximately EUR 35 million (36), the average hedging rate and hedging
ratio being 11.55 and 73% (64%), respectively.
In addition, Kemira is exposed to smaller transaction risks against EUR mainly in relation to
Korean won, the Danish krona, Polish zloty and the Norwegian krona and against USD mainly
in relation to the Canadian dollar and the Brazilian real with the annual exposure in those
currencies being approximately EUR 152 million.
2023
2022
Transaction exposure,
the most significant
currencies, EUR million
USD
against
EUR
CNY
against
EUR
CAD
against
EUR
SEK
against
EUR
USD
against
EUR
CNY
against
EUR
CAD
against
EUR
SEK
against
EUR
Operative cash flow
forecast, net \u00b9\u207e
131,8
-115,1
55,5
-35,3
54,2
-86,4
55,7
-35,8
Loans, net
390,8
57,6
0,0
-9,3
411,9
59,9
13,6
-15,8
Derivatives, operative
cash flow hedging, net
-74,5
82,8
-39,9
25,3
-31,0
63,6
-29,5
26,2
Derivatives, hedging of
loans, net
-180,1
-57,6
0,0
9,9
-170,6
-59,2
-13,5
16,6
Total
268,0
-32,3
15,6
-9,4
264,4
-22,1
26,3
-8,8
1) Based on a 12-month foreign currency operative cash flow forecast.
At the end of 2023, the foreign currency operative cash flow forecast for 2024 was EUR 542
million of which 61% was hedged (58%). The hedge ratio is monitored daily. A minimum of 40%
and a maximum of 100% of the forecast flow must always be hedged. A 10 percent
strengthening of the euro against the Swedish krona, based on the exchange rates as of
December 31, 2023 and without hedging, would increase EBITDA approximately EUR 4 million,
and a 10 percent strengthening of the euro against the Chinese renminbi without hedging
would increase EBITDA approximately EUR 12 million. Whereas, a 10 percent strengthening of
the euro against the Canadian dollar and the US dollar without hedging would cause a EUR 6
and 13 million negative impact on EBITDA, respectively. A corresponding decrease in the
exchange rates would have approximately an equal opposite impact.
On the balance sheet date, the market value of currency derivatives included in cash flow
hedge accounting was EUR 4.7 million (0.3). Cash flow hedge accounting deals have been done
to hedge highly probable currency flows. In 2023,\u00a0 no ineffectiveness in derivatives under
hedge accounting was recognized\u00a0 in the Income statement (-).
The most significant translation risk currencies are the US dollar, the Canadian dollar, the
Swedish krona, the Polish zloty, the Brazilian real and the Chinese renminbi.
Kemira's main equity items denominated in foreign currencies are in the Canadian dollar, the
Swedish krona and US dollar. The objective is to hedge the balance sheet risk by maintaining a
balance between foreign currency denominated liabilities and assets, currency by currency. In
hedging the net investment in its units abroad, Kemira monitors the equity ratio. Long-term
loans and currency derivatives can be used for hedging net investments in foreign
subsidiaries. These hedges do not apply to hedge accounting. Loans in US dollars have been
granted to some foreign subsidiaries and currency differences have been included in foreign
currency translation differences.
Interest rate risk
Kemira is exposed to interest rate risks\u00a0 through interest-bearing loans and derivatives.
Movements in interest rates creates re-pricing and price risks generating fluctuation in cash
flows and fair values of loans and derivatives . A total of 77% (83%) of the Group\u2019s entire net
debt portfolio including lease liabilities was fixed at the end of 2023. The net financing cost of
the Group was 5.6% (4.2%). The net financing cost is attained by dividing yearly net interest
and other financing expenses,\u00a0 excluding exchange rate differences and dividends by the
average interest bearing net debt figure for the corresponding period. The most significant
impact on the net financing cost arises from variation in the interest rate levels of the euro,
the US dollar and the Chinese renminbi.
In accordance with treasury policy, the Group\u2019s interest rate risk is measured with the
duration which describes the average repricing moment of the loan portfolio excluding lease
liabilities. The duration must be in the range of 6\u201360 months. The Kemira Group Treasury
manages duration by borrowing with fixed and floating rate loans in addition to the interest
rate derivatives. On the balance sheet date, the Group had no outstanding interest rate
derivatives. The duration of the Group\u2019s interest-bearing loan portfolio excluding lease
liabilities was 16 months (22) at the end of 2023. On the balance sheet date, the average
interest rate of the loan portfolio was approximately 2.8% (2.4%).
During 2024, Kemira will reprice 30% (21%) of the Group's net debt portfolio as shown in the
table below.
2023
1\u20135
years
Time to interest rate fixing, EUR million
<1 year
> 5 years
Total
Floating net liabilities
123.8
\u2014
\u2014
123.8
Fixed net liabilities \u00b9\u207e
\u2014
290.0
\u2014
290.0
Total
123.8
290.0
\u2014
413.8
2022
1\u20135
years
Time to interest rate fixing, EUR million
<1 year
> 5 years
Total
Floating net liabilities
132.3
\u2014
\u2014
132.3
Fixed net liabilities \u00b9\u207e
\u2014
290.0
200.0
490.0
Total
132.3
290.0
200.0
622.3
1) Excluding lease liabilities.
If interest rates rose by one percentage point on January 1, 2024, the resulting net interest
expenses before taxes resulting from loans, cash, deposits, and money market investments
over the next 12 months would decrease by approximately EUR 0.5 million (-0.3).
Consequently, a decrease of one percentage point would increase net interest expenses by
EUR 0.5 million.
Commodity price risk
Kemira Group is exposed to commodity market price variation, mainly from the price of
electricity. Kemira Group takes hedging measures with respect to its commodity purchases in
order to even out its raw material costs. In line with its hedging policy, the Group hedges its
existing sales agreements in such a way that the hedges cover the commitments made.
Hedging policy aims to minimize the cash flow risk of electricity and natural gas purchases.\u00a0
The price of electricity varies greatly according to the market situation. The company primarily
uses electricity derivatives as hedging instruments. Regional price risks in Finland and Sweden
are hedged. The outstanding electricity derivatives are treated in accordance with cash flow
hedge accounting. The forecast for physical deliveries of the underlying assets, or purchases,
are not recorded until the delivery period. A +/- 10% change in the market price of electricity
hedging contracts outstanding at year end would impact the valuation of these contracts
EUR +/- 3.6 million (+/- 11.9). This impact would be in equity.
In addition to the electricity derivatives, the Group manages the price risk of electricity by
entering into long-term electricity sourcing agreements. The Group also has shares of 5% of
Pohjolan Voima Oy (PVO) and 1% share of Teollisuuden Voima Oy. More information on the
share ownership can be found in Note 3.5.
Natural gas price risk is hedged with derivative contracts. The outstanding natural gas
derivatives are treated in accordance with cash flow hedge accounting. A +/- 10% change in
the market price of natural gas hedging contracts outstanding at year end would impact the
valuation of these contracts EUR +/- 0.0 million (-). This impact would be in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-482": { "value": "
Credit risk
The Group is exposed to credit risks through commercial accounts receivables, as bank
account balances, deposits, short-term investments, and derivatives.
The Group\u2019s treasury policy defines the credit rating requirements for the counterparties of
investment activities and derivative agreements as well as the related investment policy. The
Group seeks to minimize its counterparty risk by dealing solely with counterparties that are
financial institutions with a solid credit rating, as well as by spreading agreements among
them.\u00a0 Counterparty risk is being monitored on a regular basis.
The counterparty risk in treasury operations is due to the fact that a contractual party to a
financing transaction is not necessarily able to fulfill its contractual obligations. Risks are
mainly related to investment activities and the counterparty risks associated with derivative
contracts.
The Group Treasury approves the new banking relationships of subsidiaries. Financial
institution counterparties, used by the Group Treasury, have a credit rating of at least an
investment grade based on Standard & Poor\u2019s credit rating information. The maximum risk
assignable to the Group\u2019s financial institution counterparties on the balance sheet date
amounted to EUR 414.8 million (342.5). Kemira monitors its counterparty risk on a monthly
basis by defining the maximum risk associated with each counterparty based on the market
value of receivables. Kemira has defined an approved limit for each financial institution.
No material changes related to the Group's credit risk were associated with\u00a0 financing\u00a0
transactions in the year 2023 and these transactions did not result in credit losses during the
financial year.
Kemira has a group-wide credit policy related to commercial activities. According to the
policy, each customer has a predefined risk category and credit limit. These are constantly
monitored. Based on the customer evaluation, Kemira decides the applicable payment terms
to minimize credit risks. Pre-approved payment terms have been defined at the group level. If
necessary, securities and documentary credit, such as letters of credit, are applied. The
Group does not have any significant credit risk concentrations due to its extensive customer
base across the world. The credit losses related to trade receivables are described in Note
4.2.
In the USA, Kemira has an accounts receivable purchase facility worth USD 75 million,
enabling Group companies in the USA to sell certain account receivables to the counterparty.
The credit risk of the accounts receivables is transferred to the financial institutions and
95.1% of the receivables transferred are derecognized from the balance sheet. The amount of
outstanding receivables transferred, which also reflects the fair value of the receivables
before the transfer was EUR 30.5 million (60.3) on December 31, 2023. The amounts
recognized in the balance sheet are EUR 4.6 million (4.3) in assets and EUR 0.9 million (1.4) in
liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-483": { "value": "
Liquidity and refinancing risks
Kemira's liquidity is secured with cash and cash equivalents, account overdrafts and a
revolving credit facility. At the end of 2023, the Group\u2019s cash and cash equivalents stood at
EUR 402.5 million (250.6), of which cash in bank accounts accounted for EUR 271.0 million
(245.3) and bank deposits EUR 131.5 million (5.3). In addition, the Group has a revolving credit
facility of EUR 400 million linked to sustainability targets which will mature on April 17, 2026.
At the turn of the year 2023/2024, the revolving credit facility was undrawn.
The Group has a EUR 600 million domestic commercial paper program enabling it to issue
commercial papers with a maximum maturity of one year. At the end of\u00a0 2023, the Group did
not have commercial papers outstanding on the market (30).
Kemira manages its refinancing risk with a diversified loan portfolio. Long-term financing
consists of bonds and bilateral loan agreements with several financial institutions. In addition,
the Group had leasing liabilities in accordance with the IFRS 16 standard of EUR\u00a0 121.4 million
(148.9) at the end of the year.
According to Group treasury policy, the Group must have committed credit facilities to cover
planned funding needs, the current portion of long term debt, commercial paper borrowings,
and other uncommitted short-term loans in the next 12 months. The average maturity of
outstanding loans excluding lease liabilities may temporarily be under the 3-year minimum
target. The average maturity of debt excluding lease liabilities at the end of 2023 was 2.5 years
(3.2).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-484": { "value": "
5.6 DERIVATIVE INSTRUMENTS
Nominal values, EUR million
Maturity structure
2023
2022
2024
2025
2026
2027
2028
Total
Total
Currency derivatives
Forward contracts
789.6
\u2014
\u2014
\u2014
\u2014
789.6
619.9
Inflow
440.2
\u2014
\u2014
\u2014
\u2014
440.2
350.5
of which cash flow hedges
48.7
\u2014
\u2014
\u2014
\u2014
48.7
32.4
Outflow
349.3
\u2014
\u2014
\u2014
\u2014
349.3
269.4
of which cash flow hedges
217.1
\u2014
\u2014
\u2014
\u2014
217.1
39.2
Commodity derivatives
Commodity forward contracts
(GWh)
372.8
182.7
67.9
14.5
\u2014
637.8
1,129.3
of which cash flow hedges
372.8
182.7
67.9
14.5
\u2014
637.8
1,129.3
The nominal values of the financial instruments do not necessarily correspond to the actual
cash flows between the counterparties, and therefore individual items do not give a fair view
of the Group's risk position.
Fair values, EUR million
2023
2022
Positive
Negative
Net
Positive
Negative
Net
Currency derivatives
Forward contracts
8.4
-4.2
4.2
15.0
-3.6
11.3
of which cash flow hedges
4.8
-0.1
4.7
1.7
-1.4
0.3
Commodity derivatives
Commodity forward contracts \u00b9\u207e
11.2
-3.5
7.7
80.0
-0.2
79.8
of which cash flow hedges
11.2
-3.5
7.7
80.0
-0.2
79.8
1) Includes fair value of electricity forward contracts of EUR 1.6 million (24.4) and EUR -2.1 million (-0.0) maturing after the
year 2024. Commodity derivatives are mainly electricity derivatives.
The Group has ISDA or EFET Master netting agreements with the counterparties of
derivative contracts. They allow the net settlement of outstanding market value within the
scope of the agreement in case of non-payment defined in the agreement. At the end of the
reporting period, counterparty risk according to master netting agreements was EUR 15.4
million (91.9) to Kemira and EUR 3.5 million (0.8) to counterparties.
The Group's accounting policies
\"icons-01.svg\"
Derivatives
The fair values of currency, interest rate, and commodity derivatives,\u00a0 as well as publicly
traded shares are based on prices quoted in active markets on the balance sheet date. The
value of other financial instruments measured at fair value is determined on the basis of
valuation models using information available in the financial market.
All the derivatives are measured at their fair values on the balance sheet date. Changes in
the value of forward contracts are calculated by measuring the contracts against the
forward exchange rates on the balance sheet date and comparing them with the counter
values calculated through the forward exchange rates on the date of entry into the forward
contracts. The fair value of interest rate derivatives is determined using the market value of
similar instruments on the balance sheet date. Other derivatives are measured at the market
price on the balance sheet date.
Derivative assets maturing during the following 12 months are presented in the balance
sheet as part of line item Trade receivables and other receivables whereas derivatives with a
maturity of over 12 months are posted to Other financial assets under Non-current assets .
Derivative liabilities maturing under 12 months are presented in the balance sheet as part of
line item Trade payables and other liabilities where as fair value of derivatives with maturity
after 12 months are posted under Non-current liabilities to Other financial liabilities.
Hedge accounting
Hedge accounting is applied according to IFRS 9. This refers to a method of accounting
aimed at allocating one or more hedging instruments in such a way that their fair value
offsets, in full or in part, the changes in the fair value or cash flows of the hedged item.
Hedged items must be highly probable. The Group applies hedge accounting for hedging
interest rate risk, currency risk, commodity risk, and fair value if interest rate swaps,
electricity derivatives and foreign exchange derivatives meet hedge accounting criteria.
Hedge effectiveness is monitored as required by IFRS 9. Effectiveness refers to the capacity
of a hedging instrument to offset changes in the fair value of the hedged item or cash flows
from a hedged transaction, which are due to the realization of the risk being hedged. A
hedging relationship is considered to be highly effective when the change in the fair value of
the hedging instrument offsets changes in the cash flows attributable to the hedged items.
Hedge effectiveness is assessed\u00a0 prospectively. Hedge effectiveness testing is repeated on
each balance sheet date.
Hedge accounting is discontinued when the criteria for hedge accounting are no longer
fulfilled. Gains or losses recognized in other comprehensive income and presented under
equity are derecognized and transferred immediately in the income statement, if the hedged
item is sold or falls due. However, gains or losses arising from changes in the fair value of
those derivatives not fulfilling the hedge accounting criteria are recognized directly in the
income statement.
At the inception of a hedge, the Group documents the existence of the economic
relationship of the hedged item and hedging instrument, including the identification of the
hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the
objectives of risk management, and the strategy for undertaking hedging, as well as the
description of how hedge effectiveness is assessed.
Cash flow hedging
Cash flow hedging is used to hedge against variability in cash flows attributable to a
particular risk associated with a recognized asset or liability in the balance sheet or a highly
probable forecast transaction. Currency, interest rate, and commodity derivatives are used
as hedging instruments in cash flow hedging. Cash flow hedge accounting, specified in IFRS
9, is applied by the Group to selected hedging items only. Changes in the fair value of
derivative instruments associated with cash flow hedge are recognized in other
comprehensive income (including the tax effect) and presented under equity, providing that
they fulfill the criteria set for hedge accounting and are based on effective hedging. The
ineffective portion of the gain or loss on the hedging instrument is recognized under
financial items in the income statement. Derivatives not fulfilling the hedge accounting
criteria are recognized in financial items through profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-486": { "value": "The Group's accounting policies
\"icons-01.svg\"
Derivatives
The fair values of currency, interest rate, and commodity derivatives,\u00a0 as well as publicly
traded shares are based on prices quoted in active markets on the balance sheet date. The
value of other financial instruments measured at fair value is determined on the basis of
valuation models using information available in the financial market.
All the derivatives are measured at their fair values on the balance sheet date. Changes in
the value of forward contracts are calculated by measuring the contracts against the
forward exchange rates on the balance sheet date and comparing them with the counter
values calculated through the forward exchange rates on the date of entry into the forward
contracts. The fair value of interest rate derivatives is determined using the market value of
similar instruments on the balance sheet date. Other derivatives are measured at the market
price on the balance sheet date.
Derivative assets maturing during the following 12 months are presented in the balance
sheet as part of line item Trade receivables and other receivables whereas derivatives with a
maturity of over 12 months are posted to Other financial assets under Non-current assets .
Derivative liabilities maturing under 12 months are presented in the balance sheet as part of
line item Trade payables and other liabilities where as fair value of derivatives with maturity
after 12 months are posted under Non-current liabilities to Other financial liabilities.
Hedge accounting
Hedge accounting is applied according to IFRS 9. This refers to a method of accounting
aimed at allocating one or more hedging instruments in such a way that their fair value
offsets, in full or in part, the changes in the fair value or cash flows of the hedged item.
Hedged items must be highly probable. The Group applies hedge accounting for hedging
interest rate risk, currency risk, commodity risk, and fair value if interest rate swaps,
electricity derivatives and foreign exchange derivatives meet hedge accounting criteria.
Hedge effectiveness is monitored as required by IFRS 9. Effectiveness refers to the capacity
of a hedging instrument to offset changes in the fair value of the hedged item or cash flows
from a hedged transaction, which are due to the realization of the risk being hedged. A
hedging relationship is considered to be highly effective when the change in the fair value of
the hedging instrument offsets changes in the cash flows attributable to the hedged items.
Hedge effectiveness is assessed\u00a0 prospectively. Hedge effectiveness testing is repeated on
each balance sheet date.
Hedge accounting is discontinued when the criteria for hedge accounting are no longer
fulfilled. Gains or losses recognized in other comprehensive income and presented under
equity are derecognized and transferred immediately in the income statement, if the hedged
item is sold or falls due. However, gains or losses arising from changes in the fair value of
those derivatives not fulfilling the hedge accounting criteria are recognized directly in the
income statement.
At the inception of a hedge, the Group documents the existence of the economic
relationship of the hedged item and hedging instrument, including the identification of the
hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the
objectives of risk management, and the strategy for undertaking hedging, as well as the
description of how hedge effectiveness is assessed.
Cash flow hedging
Cash flow hedging is used to hedge against variability in cash flows attributable to a
particular risk associated with a recognized asset or liability in the balance sheet or a highly
probable forecast transaction. Currency, interest rate, and commodity derivatives are used
as hedging instruments in cash flow hedging. Cash flow hedge accounting, specified in IFRS
9, is applied by the Group to selected hedging items only. Changes in the fair value of
derivative instruments associated with cash flow hedge are recognized in other
comprehensive income (including the tax effect) and presented under equity, providing that
they fulfill the criteria set for hedge accounting and are based on effective hedging. The
ineffective portion of the gain or loss on the hedging instrument is recognized under
financial items in the income statement. Derivatives not fulfilling the hedge accounting
criteria are recognized in financial items through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-485": { "value": "The Group's accounting policies
\"icons-01.svg\"
Derivatives
The fair values of currency, interest rate, and commodity derivatives,\u00a0 as well as publicly
traded shares are based on prices quoted in active markets on the balance sheet date. The
value of other financial instruments measured at fair value is determined on the basis of
valuation models using information available in the financial market.
All the derivatives are measured at their fair values on the balance sheet date. Changes in
the value of forward contracts are calculated by measuring the contracts against the
forward exchange rates on the balance sheet date and comparing them with the counter
values calculated through the forward exchange rates on the date of entry into the forward
contracts. The fair value of interest rate derivatives is determined using the market value of
similar instruments on the balance sheet date. Other derivatives are measured at the market
price on the balance sheet date.
Derivative assets maturing during the following 12 months are presented in the balance
sheet as part of line item Trade receivables and other receivables whereas derivatives with a
maturity of over 12 months are posted to Other financial assets under Non-current assets .
Derivative liabilities maturing under 12 months are presented in the balance sheet as part of
line item Trade payables and other liabilities where as fair value of derivatives with maturity
after 12 months are posted under Non-current liabilities to Other financial liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-487": { "value": "
Hedge accounting
Hedge accounting is applied according to IFRS 9. This refers to a method of accounting
aimed at allocating one or more hedging instruments in such a way that their fair value
offsets, in full or in part, the changes in the fair value or cash flows of the hedged item.
Hedged items must be highly probable. The Group applies hedge accounting for hedging
interest rate risk, currency risk, commodity risk, and fair value if interest rate swaps,
electricity derivatives and foreign exchange derivatives meet hedge accounting criteria.
Hedge effectiveness is monitored as required by IFRS 9. Effectiveness refers to the capacity
of a hedging instrument to offset changes in the fair value of the hedged item or cash flows
from a hedged transaction, which are due to the realization of the risk being hedged. A
hedging relationship is considered to be highly effective when the change in the fair value of
the hedging instrument offsets changes in the cash flows attributable to the hedged items.
Hedge effectiveness is assessed\u00a0 prospectively. Hedge effectiveness testing is repeated on
each balance sheet date.
Hedge accounting is discontinued when the criteria for hedge accounting are no longer
fulfilled. Gains or losses recognized in other comprehensive income and presented under
equity are derecognized and transferred immediately in the income statement, if the hedged
item is sold or falls due. However, gains or losses arising from changes in the fair value of
those derivatives not fulfilling the hedge accounting criteria are recognized directly in the
income statement.
At the inception of a hedge, the Group documents the existence of the economic
relationship of the hedged item and hedging instrument, including the identification of the
hedging instrument, the hedged item or transaction, the nature of the risk being hedged, the
objectives of risk management, and the strategy for undertaking hedging, as well as the
description of how hedge effectiveness is assessed.
Cash flow hedging
Cash flow hedging is used to hedge against variability in cash flows attributable to a
particular risk associated with a recognized asset or liability in the balance sheet or a highly
probable forecast transaction. Currency, interest rate, and commodity derivatives are used
as hedging instruments in cash flow hedging. Cash flow hedge accounting, specified in IFRS
9, is applied by the Group to selected hedging items only. Changes in the fair value of
derivative instruments associated with cash flow hedge are recognized in other
comprehensive income (including the tax effect) and presented under equity, providing that
they fulfill the criteria set for hedge accounting and are based on effective hedging. The
ineffective portion of the gain or loss on the hedging instrument is recognized under
financial items in the income statement. Derivatives not fulfilling the hedge accounting
criteria are recognized in financial items through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-488": { "value": "
6.1 RELATED PARTIES
Parties are considered to be related if one party has the ability to control or exercise
significant influence on the other party, or if the parties exercise joint control in making
financial and operating decisions. The Group's related parties include the parent company,
subsidiaries, associates, joint-ventures, and the Pension Fund Neliapila. Related parties also
include the members of the Board of Directors and the Group's Management Board, the CEO
and his Deputy, and their immediate family members.
EMPLOYEE BENEFITS PAID TO THE CEO, THE INTERIM CEO, CEO'S
DEPUTY AND MEMBERS OF THE MANAGEMENT BOARD
EUR
Salaries
and other
benefits
Bonuses
Share-
based
payments \u00b9\u207e
2023
Total
2022
Total
Interim CEO Petri Castr\u00e9n (since
18 July 2023) \u00b2\u207e
228,722
\u2014
\u2014
228,722
\u2014
CEO Jari Rosendal (until 11 July
2023) \u00b3\u207e
560,532
637,720
3,176,802
4,375,054
1,453,573
CEO's Deputy Jukka
Hakkila \u2074\u207e
197,416
100,114
311,285
608,815
424,703
Other members of Management
Board \u2075\u207e \u2076\u207e
2,077,802
833,528
1,928,214
4,839,544
3,622,495
Total
2,835,749
1,571,362
5,416,301
9,823,412
5,500,771
1) Includes share and cash portions. Share-based incentive plans for the management and key personnel are disclosed in
Note 2.3. Share-based payments.
2) Includes benefits related to Petri Castr\u00e9n since 18 July 2023.
3) The CEO Jari Rosendal left on sick leave on July 11, 2023 and he died after a short illness on July 31, 2023. The final
salary and ongoing incentive plans 2020-2022, 2021-2023 and 2022-2024 were paid in cash in accordance with the terms
of the plans to his death estate. These are included in the figures disclosed in 2023.
4) Jukka Hakkila acted as CEO's Deputy from July 11 to July 17, 2023. No remuneration was paid to the CEO's Deputy
based on CEO substitution.
5) Other members of the Management Board on December 31, 2023 are EVP Strategy Linus Hildebrandt, CTO Matthew R.
Pixton, EVP Operational Excellence Esa-Matti Puputti, President Segment Industry & Water Tuija Pohjolainen-Hiltunen,
President Segment Pulp & Paper Antti Salminen and EVP Human Resources Eeva Salonen. Other members of the
Management Board who are employed by a Finnish Kemira company do not have any supplementary pension
arrangements in addition to their statutory pensions. The members of the Management Board who are employed by a
foreign Kemira company participate in the pension systems based on statutory pension arrangements and market
practices. The Kemira policy is that all new supplementary pension arrangements are defined contribution plans.
6) Includes benefits related to Petri Castr\u00e9n until 17 July 2023.
Employment terms and conditions of the Interim CEO
Remuneration of the Interim CEO comprises a monthly salary including a car benefit and a
mobile phone benefit and performance-based incentives. The performance-based incentives
consist of an annual short-term bonus plan and a long-term share incentive plan. The annual
short-term bonus plan is based on terms approved by the Board of Directors and the
maximum bonus is 80% of the annual base salary. The long-term share incentive plan is based
on the terms of the plan. The maximum reward is based on his main position as CFO and it is
determined as a number of shares and a cash portion intended to cover taxes and the tax-
related costs arising from the reward.
The Interim CEO belongs to the Finnish Employees\u2019 Pension Act (TyEL) scheme, which
provides pension security based on the years of service and earnings as stipulated by law. No
supplementary pension has been offered to the Interim CEO.
The mutual termination notice period is 6 months. The Interim CEO is entitled to a severance
pay of 6 months\u2019 salary in addition to the salary earned during the notice period, in case the
company terminates his service.
The Board of Directors' emoluments
On March 22, 2023, the Annual General Meeting decided that the Board of Directors' annual
fee shall be paid as a combination of the company\u2019s shares and cash in such a manner that
40% of the annual fee is paid with Kemira shares owned by the company or, if this is not
possible, then with Kemira shares acquired from the securities market, and 60% is paid in
cash. On May 10 and 19, 2023 the 13,097 shares owned by the company were distributed to the
members of the Board of Directors.
There are no special terms or conditions associated with owning the shares received as the
annual fee. The members of the Board of Directors are not eligible for any of Kemira Oyj's
short-term bonus plans, long-term share incentive plans or supplementary pension plans.
The meeting fees are paid in cash and travel expenses are paid according to Kemira's travel
policy.
MEMBERS OF THE BOARD OF DIRECTORS
Number of
shares
Share value,
EUR
Cash
compensation,
EUR \u2075\u207e
2023
Total,
EUR
2022
Total,
EUR
Matti K\u00e4hk\u00f6nen, Chair
3,019
47,644
80,556
128,200
119,600
Annika Paasikivi, Vice Chair
1,714
27,049
49,551
76,600
71,600
Wolfgang B\u00fcchele (until
March 22, 2023)
\u2014
\u2014
5,400
5,400
59,600
Shirley Cunningham (until
March 22, 2023)
\u2014
\u2014
\u2014
\u2014
62,600
Tina Sejersg\u00e5rd Fan\u00f8 (since
March 24, 2022)
1,330
20,989
43,011
64,000
54,200
Werner Fuhrmann
1,330
20,989
45,411
66,400
59,600
Timo Lappalainen
1,714
27,049
52,551
79,600
77,600
Fernanda Lopes Larsen
(since March 22, 2023)
1,330
20,431
43,569
64,000
\u2014
Kristian Pullola
1,330
20,989
41,811
62,800
59,000
Jari Paasikivi, Chair (until
March 24, 2022)
\u2014
\u2014
\u2014
\u2014
3,600
Mikael Staffas (since March
22, 2023)
1,330
20,989
38,211
59,200
\u2014
Total
13,097
206,132
400,068
606,200
567,400
5) Includes both annual fees and meeting fees.
TRANSACTIONS CARRIED OUT WITH RELATED PARTIES
EUR million
2023
2022
Revenue
Associated companies
0.0
0.1
Leases, purchases of goods and services
Associated companies
31.6
25.3
Pension Fund Neliapila
0.8
0.7
Total
32.4
25.9
Receivables
Associated companies
5.7
0.0
Liabilities
Associated companies
7.2
4.4
Pension Fund Neliapila
0.7
1.4
Real estate owned by Pension Fund Neliapila is leased to the Group. Commitments for these
real estate leases are treated in accordance with IFRS 16 Leases.
Related parties include Pension Fund Neliapila, which is a separate legal entity. Neliapila
manages Kemira's voluntarily organized additional pension fund. It also manages part of the
pension assets of the Group's personnel in Finland. The assets include Kemira Oyj's shares
representing 0.07% of the company's outstanding shares. Supplementary benefit in Neliapila
and surplus return are disclosed in more detail in Note 4.5. Defined benefit pension plans and
employee benefits.
The amount of contingent liabilities on behalf of the associates are presented in Note 7.1.
Commitments and contingent liabilities.
There were no loans granted to key management personnel at the end of 2023 or 2022, nor
were there contingency items or commitments on behalf of key management personnel.
Persons close to key management personnel do not have any significant business relationship
with the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-489": { "value": "
Parties are considered to be related if one party has the ability to control or exercise
significant influence on the other party, or if the parties exercise joint control in making
financial and operating decisions. The Group's related parties include the parent company,
subsidiaries, associates, joint-ventures, and the Pension Fund Neliapila. Related parties also
include the members of the Board of Directors and the Group's Management Board, the CEO
and his Deputy, and their immediate family members.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-490": { "value": "
EMPLOYEE BENEFITS PAID TO THE CEO, THE INTERIM CEO, CEO'S
DEPUTY AND MEMBERS OF THE MANAGEMENT BOARD
EUR
Salaries
and other
benefits
Bonuses
Share-
based
payments \u00b9\u207e
2023
Total
2022
Total
Interim CEO Petri Castr\u00e9n (since
18 July 2023) \u00b2\u207e
228,722
\u2014
\u2014
228,722
\u2014
CEO Jari Rosendal (until 11 July
2023) \u00b3\u207e
560,532
637,720
3,176,802
4,375,054
1,453,573
CEO's Deputy Jukka
Hakkila \u2074\u207e
197,416
100,114
311,285
608,815
424,703
Other members of Management
Board \u2075\u207e \u2076\u207e
2,077,802
833,528
1,928,214
4,839,544
3,622,495
Total
2,835,749
1,571,362
5,416,301
9,823,412
5,500,771
1) Includes share and cash portions. Share-based incentive plans for the management and key personnel are disclosed in
Note 2.3. Share-based payments.
2) Includes benefits related to Petri Castr\u00e9n since 18 July 2023.
3) The CEO Jari Rosendal left on sick leave on July 11, 2023 and he died after a short illness on July 31, 2023. The final
salary and ongoing incentive plans 2020-2022, 2021-2023 and 2022-2024 were paid in cash in accordance with the terms
of the plans to his death estate. These are included in the figures disclosed in 2023.
4) Jukka Hakkila acted as CEO's Deputy from July 11 to July 17, 2023. No remuneration was paid to the CEO's Deputy
based on CEO substitution.
5) Other members of the Management Board on December 31, 2023 are EVP Strategy Linus Hildebrandt, CTO Matthew R.
Pixton, EVP Operational Excellence Esa-Matti Puputti, President Segment Industry & Water Tuija Pohjolainen-Hiltunen,
President Segment Pulp & Paper Antti Salminen and EVP Human Resources Eeva Salonen. Other members of the
Management Board who are employed by a Finnish Kemira company do not have any supplementary pension
arrangements in addition to their statutory pensions. The members of the Management Board who are employed by a
foreign Kemira company participate in the pension systems based on statutory pension arrangements and market
practices. The Kemira policy is that all new supplementary pension arrangements are defined contribution plans.
6) Includes benefits related to Petri Castr\u00e9n until 17 July 2023.
Employment terms and conditions of the Interim CEO
Remuneration of the Interim CEO comprises a monthly salary including a car benefit and a
mobile phone benefit and performance-based incentives. The performance-based incentives
consist of an annual short-term bonus plan and a long-term share incentive plan. The annual
short-term bonus plan is based on terms approved by the Board of Directors and the
maximum bonus is 80% of the annual base salary. The long-term share incentive plan is based
on the terms of the plan. The maximum reward is based on his main position as CFO and it is
determined as a number of shares and a cash portion intended to cover taxes and the tax-
related costs arising from the reward.
The Interim CEO belongs to the Finnish Employees\u2019 Pension Act (TyEL) scheme, which
provides pension security based on the years of service and earnings as stipulated by law. No
supplementary pension has been offered to the Interim CEO.
The mutual termination notice period is 6 months. The Interim CEO is entitled to a severance
pay of 6 months\u2019 salary in addition to the salary earned during the notice period, in case the
company terminates his service.
The Board of Directors' emoluments
On March 22, 2023, the Annual General Meeting decided that the Board of Directors' annual
fee shall be paid as a combination of the company\u2019s shares and cash in such a manner that
40% of the annual fee is paid with Kemira shares owned by the company or, if this is not
possible, then with Kemira shares acquired from the securities market, and 60% is paid in
cash. On May 10 and 19, 2023 the 13,097 shares owned by the company were distributed to the
members of the Board of Directors.
There are no special terms or conditions associated with owning the shares received as the
annual fee. The members of the Board of Directors are not eligible for any of Kemira Oyj's
short-term bonus plans, long-term share incentive plans or supplementary pension plans.
The meeting fees are paid in cash and travel expenses are paid according to Kemira's travel
policy.
MEMBERS OF THE BOARD OF DIRECTORS
Number of
shares
Share value,
EUR
Cash
compensation,
EUR \u2075\u207e
2023
Total,
EUR
2022
Total,
EUR
Matti K\u00e4hk\u00f6nen, Chair
3,019
47,644
80,556
128,200
119,600
Annika Paasikivi, Vice Chair
1,714
27,049
49,551
76,600
71,600
Wolfgang B\u00fcchele (until
March 22, 2023)
\u2014
\u2014
5,400
5,400
59,600
Shirley Cunningham (until
March 22, 2023)
\u2014
\u2014
\u2014
\u2014
62,600
Tina Sejersg\u00e5rd Fan\u00f8 (since
March 24, 2022)
1,330
20,989
43,011
64,000
54,200
Werner Fuhrmann
1,330
20,989
45,411
66,400
59,600
Timo Lappalainen
1,714
27,049
52,551
79,600
77,600
Fernanda Lopes Larsen
(since March 22, 2023)
1,330
20,431
43,569
64,000
\u2014
Kristian Pullola
1,330
20,989
41,811
62,800
59,000
Jari Paasikivi, Chair (until
March 24, 2022)
\u2014
\u2014
\u2014
\u2014
3,600
Mikael Staffas (since March
22, 2023)
1,330
20,989
38,211
59,200
\u2014
Total
13,097
206,132
400,068
606,200
567,400
5) Includes both annual fees and meeting fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-493": { "value": "
6.2 THE GROUP'S SUBSIDIARIES AND INVESTMENTS IN ASSOCIATES
SUBSIDIARIES
City
Country
Kemira
Group's
holding, %
Kemira Oyj's
holding, %
Non-
controlling
interest's
holding, %
Kemira Oyj (parent company)
Helsinki
Finland
Aliada Quimica de Portugal
Lda.
Estarreja
Portugal
50.1
0.0
49.9
AS Kemivesi
Lehmja K\u00fcla
Estonia
100.0
100.0
0.0
Corporaci\u00f3n Kemira
Chemicals de Venezuela, C.A.
Caracas
Venezuela
100.0
0.0
0.0
Industry Park i Helsingborg
F\u00f6rvaltning AB
Helsingborg
Sweden
100.0
0.0
0.0
JSC \"Kemira HIM\"
St.
Petersburg
Russia
100.0
0.0
0.0
Kemifloc a.s.
P\u0159erov
Czech
Republic
51.0
0.0
49.0
Kemifloc Slovakia s.r.o.
Pre\u0161ov
Slovakia
51.0
0.0
49.0
Kemipol Sp. z.o.o.
Police
Poland
51.0
0.0
49.0
Kemira (Asia) Co., Ltd.
Shanghai
China
100.0
0.0
0.0
Kemira (Jining)
Environmental Engineering
Co., Ltd.
Jining
China
100.0
0.0
0.0
Kemira (Thailand) Co., Ltd.
Bangkok
Thailand
100.0
0.0
0.0
Kemira (Vietnam) Company
Limited
Long Thanh
Vietnam
100.0
0.0
0.0
Kemira Argentina S.A.
Buenos Aires
Argentina
100.0
15.8
0.0
Kemira Australia Pty Ltd
Hallam
Australia
100.0
0.0
0.0
Kemira Cell Sp. z.o.o.
Ostroleka
Poland
55.0
55.0
45.0
Kemira Chemicals (Nanjing)
Co., Ltd.
Nanjing
China
100.0
100.0
0.0
Kemira Chemicals (Shanghai)
Co., Ltd.
Shanghai
China
100.0
100.0
0.0
Kemira Chemicals (UK) Ltd.
Bradford
United
Kingdom
100.0
100.0
0.0
Kemira Chemicals (Yanzhou)
Co., Ltd.
Yanzhou City
China
100.0
100.0
0.0
City
Country
Kemira
Group's
holding, %
Kemira Oyj's
holding, %
Non-
controlling
interest's
holding, %
Kemira Chemicals AS
Gamle
Fredrikstad
Norway
100.0
0.0
0.0
Kemira Chemicals Brasil
Ltda.
S\u00e3o Paulo
Brazil
100.0
99.9
0.0
Kemira Chemicals Canada
Inc.
St.
Catharines
Canada
100.0
100.0
0.0
Kemira Chemicals Germany
GmbH
Frankfurt am
Main
Germany
100.0
0.0
0.0
Kemira Chemicals Korea
Corporation
Gunsan-City
South Korea
100.0
100.0
0.0
Kemira Chemicals NV
Aartselaar
Belgium
100.0
0.0
0.0
Kemira Chemicals Oy
Helsinki
Finland
100.0
0.0
0.0
Kemira Chemicals Pte. Ltd.
Singapore
Singapore
100.0
0.0
0.0
Kemira Chemicals, Inc.
Atlanta, GA
United
States
100.0
60.8
0.0
Kemira Chemie GesmbH
Krems
Austria
100.0
100.0
0.0
Kemira Chile Comercial
Limitada
Santiago
Chile
100.0
99.0
0.0
Kemira Chimie S.A.S.U.
Strasbourg
France
100.0
0.0
0.0
Kemira Europe Oy
Helsinki
Finland
100.0
100.0
0.0
Kemira Gda\u0144sk Sp. z o.o.
Gda\u0144sk
Poland
100.0
0.0
0.0
Kemira Germany GmbH
Frankfurt am
Main
Germany
100.0
100.0
0.0
Kemira Hong Kong Company
Limited
Hong Kong
China
100.0
100.0
0.0
Kemira Ib\u00e9rica S.A.
Barcelona
Spain
100.0
0.0
0.0
Kemira International Finance
B.V.
Rotterdam
Netherlands
100.0
100.0
0.0
Kemira Italy S.p.A.
San Giorgio
di Nogaro
Italy
100.0
0.0
0.0
Kemira Japan Co., Ltd.
Tokyo
Japan
100.0
0.0
0.0
Kemira Kemi AB
Helsingborg
Sweden
100.0
0.0
0.0
City
Country
Kemira
Group's
holding, %
Kemira Oyj's
holding, %
Non-
controlling
interest's
holding, %
Kemira Kopparverket KB
Helsingborg
Sweden
100.0
0.0
0.0
Kemira KTM d.o.o.
Ljubljana
Slovenia
100.0
100.0
0.0
Kemira Research Center
Shanghai Co., Ltd.
Shanghai
China
100.0
100.0
0.0
Kemira Rotterdam B.V.
Rotterdam
Netherlands
100.0
0.0
0.0
Kemira South Africa (Pty) Ltd.
Weltevreden
park
South Africa
100.0
0.0
0.0
Kemira \u015awiecie Sp. z.o.o.
Swiecie
Poland
100.0
100.0
0.0
Kemira Taiwan Corporation
Taipei
Taiwan
100.0
0.0
0.0
Kemira TC Wanfeng
Chemicals (Yanzhou) Co., Ltd.
Yanzhou City
China
80.0
0.0
20.0
Kemira Uruguay S.A.
Fray Bentos
Uruguay
100.0
0.0
0.0
Kemira Water Danmark A/S
Copenhagen
Denmark
100.0
100.0
0.0
Kemira Water Solutions
Canada Inc.
Varennes
Canada
100.0
0.0
0.0
Kemira Water Solutions, Inc.
Atlanta, GA
United
States
100.0
0.0
0.0
Kemwater ProChemie s.r.o.
Bradlec
Czech
Republic
95.1
0.0
4.9
PT Kemira Chemicals
Indonesia
Pasuruan
Indonesia
99.8
99.8
0.2
PT Kemira Indonesia
Surabaya
Indonesia
100.0
76.2
0.0
SimAnalytics Oy
Helsinki
Finland
100.0
100.0
0.0
CHANGES IN THE GROUP STRUCTURE
New subsidiaries acquired and established
\u2022 Kemira acquired the remaining 90% share of SimAnalytics Oy on January 24, 2023.
\u2022 Kemira established a new company Kemira Chemicals Pte. Ltd on February 8, 2023 to
Singapore.
\u2022 Kemira established a new company KEMIRA (MALAYSIA) SDN.BHD on January 1, 2023 to
Malaysia.
Changes in the holdings on group companies with the Group
\u2022 Kemira Water Solutions Brasil and Kemwater Brasil Ltda merged with and into Kemira\u00a0
Chemicals Brasil Ltda on June 30, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-491": { "value": "
6.2 THE GROUP'S SUBSIDIARIES AND INVESTMENTS IN ASSOCIATES
SUBSIDIARIES
City
Country
Kemira
Group's
holding, %
Kemira Oyj's
holding, %
Non-
controlling
interest's
holding, %
Kemira Oyj (parent company)
Helsinki
Finland
Aliada Quimica de Portugal
Lda.
Estarreja
Portugal
50.1
0.0
49.9
AS Kemivesi
Lehmja K\u00fcla
Estonia
100.0
100.0
0.0
Corporaci\u00f3n Kemira
Chemicals de Venezuela, C.A.
Caracas
Venezuela
100.0
0.0
0.0
Industry Park i Helsingborg
F\u00f6rvaltning AB
Helsingborg
Sweden
100.0
0.0
0.0
JSC \"Kemira HIM\"
St.
Petersburg
Russia
100.0
0.0
0.0
Kemifloc a.s.
P\u0159erov
Czech
Republic
51.0
0.0
49.0
Kemifloc Slovakia s.r.o.
Pre\u0161ov
Slovakia
51.0
0.0
49.0
Kemipol Sp. z.o.o.
Police
Poland
51.0
0.0
49.0
Kemira (Asia) Co., Ltd.
Shanghai
China
100.0
0.0
0.0
Kemira (Jining)
Environmental Engineering
Co., Ltd.
Jining
China
100.0
0.0
0.0
Kemira (Thailand) Co., Ltd.
Bangkok
Thailand
100.0
0.0
0.0
Kemira (Vietnam) Company
Limited
Long Thanh
Vietnam
100.0
0.0
0.0
Kemira Argentina S.A.
Buenos Aires
Argentina
100.0
15.8
0.0
Kemira Australia Pty Ltd
Hallam
Australia
100.0
0.0
0.0
Kemira Cell Sp. z.o.o.
Ostroleka
Poland
55.0
55.0
45.0
Kemira Chemicals (Nanjing)
Co., Ltd.
Nanjing
China
100.0
100.0
0.0
Kemira Chemicals (Shanghai)
Co., Ltd.
Shanghai
China
100.0
100.0
0.0
Kemira Chemicals (UK) Ltd.
Bradford
United
Kingdom
100.0
100.0
0.0
Kemira Chemicals (Yanzhou)
Co., Ltd.
Yanzhou City
China
100.0
100.0
0.0
City
Country
Kemira
Group's
holding, %
Kemira Oyj's
holding, %
Non-
controlling
interest's
holding, %
Kemira Chemicals AS
Gamle
Fredrikstad
Norway
100.0
0.0
0.0
Kemira Chemicals Brasil
Ltda.
S\u00e3o Paulo
Brazil
100.0
99.9
0.0
Kemira Chemicals Canada
Inc.
St.
Catharines
Canada
100.0
100.0
0.0
Kemira Chemicals Germany
GmbH
Frankfurt am
Main
Germany
100.0
0.0
0.0
Kemira Chemicals Korea
Corporation
Gunsan-City
South Korea
100.0
100.0
0.0
Kemira Chemicals NV
Aartselaar
Belgium
100.0
0.0
0.0
Kemira Chemicals Oy
Helsinki
Finland
100.0
0.0
0.0
Kemira Chemicals Pte. Ltd.
Singapore
Singapore
100.0
0.0
0.0
Kemira Chemicals, Inc.
Atlanta, GA
United
States
100.0
60.8
0.0
Kemira Chemie GesmbH
Krems
Austria
100.0
100.0
0.0
Kemira Chile Comercial
Limitada
Santiago
Chile
100.0
99.0
0.0
Kemira Chimie S.A.S.U.
Strasbourg
France
100.0
0.0
0.0
Kemira Europe Oy
Helsinki
Finland
100.0
100.0
0.0
Kemira Gda\u0144sk Sp. z o.o.
Gda\u0144sk
Poland
100.0
0.0
0.0
Kemira Germany GmbH
Frankfurt am
Main
Germany
100.0
100.0
0.0
Kemira Hong Kong Company
Limited
Hong Kong
China
100.0
100.0
0.0
Kemira Ib\u00e9rica S.A.
Barcelona
Spain
100.0
0.0
0.0
Kemira International Finance
B.V.
Rotterdam
Netherlands
100.0
100.0
0.0
Kemira Italy S.p.A.
San Giorgio
di Nogaro
Italy
100.0
0.0
0.0
Kemira Japan Co., Ltd.
Tokyo
Japan
100.0
0.0
0.0
Kemira Kemi AB
Helsingborg
Sweden
100.0
0.0
0.0
City
Country
Kemira
Group's
holding, %
Kemira Oyj's
holding, %
Non-
controlling
interest's
holding, %
Kemira Kopparverket KB
Helsingborg
Sweden
100.0
0.0
0.0
Kemira KTM d.o.o.
Ljubljana
Slovenia
100.0
100.0
0.0
Kemira Research Center
Shanghai Co., Ltd.
Shanghai
China
100.0
100.0
0.0
Kemira Rotterdam B.V.
Rotterdam
Netherlands
100.0
0.0
0.0
Kemira South Africa (Pty) Ltd.
Weltevreden
park
South Africa
100.0
0.0
0.0
Kemira \u015awiecie Sp. z.o.o.
Swiecie
Poland
100.0
100.0
0.0
Kemira Taiwan Corporation
Taipei
Taiwan
100.0
0.0
0.0
Kemira TC Wanfeng
Chemicals (Yanzhou) Co., Ltd.
Yanzhou City
China
80.0
0.0
20.0
Kemira Uruguay S.A.
Fray Bentos
Uruguay
100.0
0.0
0.0
Kemira Water Danmark A/S
Copenhagen
Denmark
100.0
100.0
0.0
Kemira Water Solutions
Canada Inc.
Varennes
Canada
100.0
0.0
0.0
Kemira Water Solutions, Inc.
Atlanta, GA
United
States
100.0
0.0
0.0
Kemwater ProChemie s.r.o.
Bradlec
Czech
Republic
95.1
0.0
4.9
PT Kemira Chemicals
Indonesia
Pasuruan
Indonesia
99.8
99.8
0.2
PT Kemira Indonesia
Surabaya
Indonesia
100.0
76.2
0.0
SimAnalytics Oy
Helsinki
Finland
100.0
100.0
0.0
ASSOCIATES
City
Country
Kemira
Group's
holding, %
Kemira Oyj's
holding, %
Honkalahden Teollisuuslaituri Oy
Lappeenranta
Finland
50.0
0.0
Kemira Yongsan Chemicals Co., Ltd \u00b9\u207e
Seoul
South Korea
35.0
0.0
1) This associate produces dry polyacrylamide and cationic monomer, which are used for retention and drainage in
packaging and paper production, as well as in wastewater treatment and in sludge dewatering.
INVESTMENTS IN ASSOCIATES
EUR million
2023
2022
Net book value on Jan 1
5.1
4.8
Additions
0.0
0.0
Decreases
0.0
0.0
Share of the profit/loss for the period
0.1
0.3
Exchange rate differences
-0.3
0.0
Net book value on Dec 31
4.8
5.1
A summary of the associates' financial information is presented in the following table. The
presented figures equal the figures in the financial statements of the each associate, not the
portion of Kemira Group.
EUR million
2023
2022
Assets
52.3
59.0
Liabilities
38.6
44.8
Revenue
33.4
25.3
Profit (+) / loss (-) for the period
0.6
0.8
Related party transactions carried out with associates are disclosed in Note 6.1. Related
parties.
NON-CONTROLLING INTERESTS
EUR million
2023
2022
Net book value on Jan 1
14.7
13.9
Dividends
-8.3
-6.9
Share of the profit for the period
12.2
8.0
Exchange rate differences
0.8
-0.3
Net book value on Dec 31
19.4
14.7
CHANGES IN THE GROUP STRUCTURE
New subsidiaries acquired and established
\u2022 Kemira acquired the remaining 90% share of SimAnalytics Oy on January 24, 2023.
\u2022 Kemira established a new company Kemira Chemicals Pte. Ltd on February 8, 2023 to
Singapore.
\u2022 Kemira established a new company KEMIRA (MALAYSIA) SDN.BHD on January 1, 2023 to
Malaysia.
Changes in the holdings on group companies with the Group
\u2022 Kemira Water Solutions Brasil and Kemwater Brasil Ltda merged with and into Kemira\u00a0
Chemicals Brasil Ltda on June 30, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-492": { "value": "6.2 THE GROUP'S SUBSIDIARIES AND INVESTMENTS IN ASSOCIATES
ASSOCIATES
City
Country
Kemira
Group's
holding, %
Kemira Oyj's
holding, %
Honkalahden Teollisuuslaituri Oy
Lappeenranta
Finland
50.0
0.0
Kemira Yongsan Chemicals Co., Ltd \u00b9\u207e
Seoul
South Korea
35.0
0.0
1) This associate produces dry polyacrylamide and cationic monomer, which are used for retention and drainage in
packaging and paper production, as well as in wastewater treatment and in sludge dewatering.
INVESTMENTS IN ASSOCIATES
EUR million
2023
2022
Net book value on Jan 1
5.1
4.8
Additions
0.0
0.0
Decreases
0.0
0.0
Share of the profit/loss for the period
0.1
0.3
Exchange rate differences
-0.3
0.0
Net book value on Dec 31
4.8
5.1
A summary of the associates' financial information is presented in the following table. The
presented figures equal the figures in the financial statements of the each associate, not the
portion of Kemira Group.
EUR million
2023
2022
Assets
52.3
59.0
Liabilities
38.6
44.8
Revenue
33.4
25.3
Profit (+) / loss (-) for the period
0.6
0.8
Related party transactions carried out with associates are disclosed in Note 6.1. Related
parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-494": { "value": "
ASSOCIATES
City
Country
Kemira
Group's
holding, %
Kemira Oyj's
holding, %
Honkalahden Teollisuuslaituri Oy
Lappeenranta
Finland
50.0
0.0
Kemira Yongsan Chemicals Co., Ltd \u00b9\u207e
Seoul
South Korea
35.0
0.0
1) This associate produces dry polyacrylamide and cationic monomer, which are used for retention and drainage in
packaging and paper production, as well as in wastewater treatment and in sludge dewatering.
INVESTMENTS IN ASSOCIATES
EUR million
2023
2022
Net book value on Jan 1
5.1
4.8
Additions
0.0
0.0
Decreases
0.0
0.0
Share of the profit/loss for the period
0.1
0.3
Exchange rate differences
-0.3
0.0
Net book value on Dec 31
4.8
5.1
A summary of the associates' financial information is presented in the following table. The
presented figures equal the figures in the financial statements of the each associate, not the
portion of Kemira Group.
EUR million
2023
2022
Assets
52.3
59.0
Liabilities
38.6
44.8
Revenue
33.4
25.3
Profit (+) / loss (-) for the period
0.6
0.8
Related party transactions carried out with associates are disclosed in Note 6.1. Related
parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-495": { "value": "
NON-CONTROLLING INTERESTS
EUR million
2023
2022
Net book value on Jan 1
14.7
13.9
Dividends
-8.3
-6.9
Share of the profit for the period
12.2
8.0
Exchange rate differences
0.8
-0.3
Net book value on Dec 31
19.4
14.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-498": { "value": "
7.1 COMMITMENTS AND CONTINGENT LIABILITIES
COMMITMENTS
EUR million
2023
2022
Guarantees
On behalf of own commitments
109.5
108.4
On behalf of associates
11.7
12.5
On behalf of others
2.7
2.5
Other obligations
On behalf of own commitments
0.7
0.7
On behalf of others
0.0
16.3
The most significant off-balance sheet investments commitments
On December 31, 2023, major amounts of contractual commitments for the acquisition of
property, plant, and equipment were EUR 6.0 million (42.8) for plant investments.
In addition, the Group has a lease commitment related to the R&D Center to be constructed in
Finland, with a value of EUR 46.5 million.
Litigation
While the Group is involved in some legal proceedings, such as litigations, arbitrations,
administrative and tax proceedings incidental to its global operations, the Group does not
expect that the outcome of any of these legal proceedings will have a materially adverse
effect upon its consolidated results or financial position.
\u2002The Group's accounting policies
\"icons-01.svg\"
Contingent liabilities
A contingent liability is a possible obligation that arises from past events and whose
existence will be confirmed by the occurrence of uncertain future events not wholly within
the control of the Group, or concerns a present obligation which will most probably not
require an outflow of resources embodying economic benefits to settle the obligation; or
when the amount of the obligation cannot be measured with sufficient reliability. Contingent
liability is disclosed in the notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-497": { "value": "
7.1 COMMITMENTS AND CONTINGENT LIABILITIES
COMMITMENTS
EUR million
2023
2022
Guarantees
On behalf of own commitments
109.5
108.4
On behalf of associates
11.7
12.5
On behalf of others
2.7
2.5
Other obligations
On behalf of own commitments
0.7
0.7
On behalf of others
0.0
16.3
The most significant off-balance sheet investments commitments
On December 31, 2023, major amounts of contractual commitments for the acquisition of
property, plant, and equipment were EUR 6.0 million (42.8) for plant investments.
In addition, the Group has a lease commitment related to the R&D Center to be constructed in
Finland, with a value of EUR 46.5 million.
Litigation
While the Group is involved in some legal proceedings, such as litigations, arbitrations,
administrative and tax proceedings incidental to its global operations, the Group does not
expect that the outcome of any of these legal proceedings will have a materially adverse
effect upon its consolidated results or financial position.
\u2002The Group's accounting policies
\"icons-01.svg\"
Contingent liabilities
A contingent liability is a possible obligation that arises from past events and whose
existence will be confirmed by the occurrence of uncertain future events not wholly within
the control of the Group, or concerns a present obligation which will most probably not
require an outflow of resources embodying economic benefits to settle the obligation; or
when the amount of the obligation cannot be measured with sufficient reliability. Contingent
liability is disclosed in the notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-496": { "value": "
7.1 COMMITMENTS AND CONTINGENT LIABILITIES
COMMITMENTS
EUR million
2023
2022
Guarantees
On behalf of own commitments
109.5
108.4
On behalf of associates
11.7
12.5
On behalf of others
2.7
2.5
Other obligations
On behalf of own commitments
0.7
0.7
On behalf of others
0.0
16.3
The most significant off-balance sheet investments commitments
On December 31, 2023, major amounts of contractual commitments for the acquisition of
property, plant, and equipment were EUR 6.0 million (42.8) for plant investments.
In addition, the Group has a lease commitment related to the R&D Center to be constructed in
Finland, with a value of EUR 46.5 million.
Litigation
While the Group is involved in some legal proceedings, such as litigations, arbitrations,
administrative and tax proceedings incidental to its global operations, the Group does not
expect that the outcome of any of these legal proceedings will have a materially adverse
effect upon its consolidated results or financial position.
\u2002The Group's accounting policies
\"icons-01.svg\"
Contingent liabilities
A contingent liability is a possible obligation that arises from past events and whose
existence will be confirmed by the occurrence of uncertain future events not wholly within
the control of the Group, or concerns a present obligation which will most probably not
require an outflow of resources embodying economic benefits to settle the obligation; or
when the amount of the obligation cannot be measured with sufficient reliability. Contingent
liability is disclosed in the notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-499": { "value": "The Group's accounting policies
\"icons-01.svg\"
Contingent liabilities
A contingent liability is a possible obligation that arises from past events and whose
existence will be confirmed by the occurrence of uncertain future events not wholly within
the control of the Group, or concerns a present obligation which will most probably not
require an outflow of resources embodying economic benefits to settle the obligation; or
when the amount of the obligation cannot be measured with sufficient reliability. Contingent
liability is disclosed in the notes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-500": { "value": "
7.2 EVENTS AFTER THE BALANCE SHEET DATE
On February 2, 2024, Kemira announced that it had closed the divestment of its Oil & Gas
related portfolio. Approximately 250 employees will transfer to the buyer as part of the
transaction, which includes Kemira\u2019s manufacturing facilities in Mobile, Columbus and
Aberdeen in the United States and the novel liquid polymer (NLP) manufacturing assets in
Botlek, the Netherlands. The closing of the Teesport manufacturing facility in the United
Kingdom is expected to happen later, subject to site-specific closing conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:74370031Y7RK5H88CQ48", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }