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"value": "ACCOUNTING PRINCIPLES FOR THE CONSOLIDATED ACCOUNTSCompany\u2019s backgroundRapala VMC Corporation (\u201ccompany\u201d) is a Finnish public limited liability company organized under the laws of Finland, domiciled in Asikkala and listed on the Nasdaq Helsinki stock exchange since 1998. The parent company Rapala VMC Corporation and its subsidiaries (\u201cthe Group\u201d) operate in some 40 countries and the company is one of the leading fishing tackle companies in the world. The consolidated financial statements have been prepared for the ac-counting period of 12 months from January 1 to December 31, 2024. The Board of Directors of the company has approved these financial state-ments for publication at its meeting on April 10, 2025. Under Finland\u2019s Limited Liability Companies Act, shareholders have the option to accept or reject the financial statements in a meeting of shareholders, which will be held after the publication of the financial statements. The meeting has also the option of changing the financial statements. A copy of the consolidated financial statements is available at the Group\u2019s website www.rapalavmc.com or from M\u00e4kel\u00e4nkatu 87, 00610 Helsinki, Finland.Basis for preparing the consolidated financial statementsThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), including IAS and IFRS standards as well as the SIC and IFRIC interpretations in effect on December 31, 2024. The term \u2018IFRS standards\u2019 refers to standards and interpretations which are approved and adopted by the European Union (regulation EY 1606/2002) and thus are in force in the Finnish legislation. The Group has not early adopted any new, revised or amended standards or interpretations. The consolidated financial statements have been prepared on a histori-cal cost basis, unless otherwise stated.Financial statements in accordance with the European Single Electronic Format (ESEF) reporting requirements are published in Finnish and Eng-lish. In accordance with ESEF\u2019s requirements, the primary statements and notes to the consolidated financial statements have been tagged with XBRL tags. The ESEF report has been audited.Application of new and revised standards or interpretationsThe Group has adopted the new standards and interpretations relevant to its operations that did take effect during the accounting period. The adopted new standards and interpretations did not have material impact on the Group\u2019s consolidated financial statements. The IFRS 18 Presentation and Disclosure in Financial Statements, ef-fective reporting periods onwards 2027, will replace the IAS 1 Presenta-tion of Financial Statements will have most likely have an impact on the presentation of primary financial statements and the accompanying notes of the Groups consolidated financial statements.The Group has presented in the 2024 annual statements only the ma-terial accounting policy information and therefore it has not repeated all the accounting policy information presented in the year 2023 annual statements. Consolidation principlesThe consolidated financial statements comprise the financial statements of the company and its subsidiaries in which it has control. The control is based either to governing power established through direct or indi-rect holding of over 50% of the voting rights and/or control established through other means. The financial statements of the subsidiaries are prepared for the same accounting period as the company, using con-sistent accounting policies. The investments in subsidiaries have been eliminated using the acquisition cost method. All transactions between Group companies as well as assets and liabilities, dividends and un-realized internal margins in inventories and tangible assets have been eliminated in the consolidated financial statements. Associated companies are companies where the Group holds voting rights of 20\u201350% and/or in which the Group has significant influence, but not control. Joint ventures are companies, over which the Group has contractually agreed to share control with another venturer. Currently as-sociated companies and joint ventures are included in the consolidated financial statements using the equity method. Under the equity method, the Group\u2019s share of the profit or loss of an associate or a joint venture is recognized in the consolidated income statement before operating profit.Foreign currency transactions and translationsEach entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign cur-rencies are retranslated at the functional currency rate of exchange ruling at the balance sheet date. Non-monetary items denominated in foreign currency, measured at fair value, are translated using the exchange rates at the date when the fair value was determined. Other non-monetary items have been translated into the functional currency using the exchange rate on the date of the transaction. The consolidated financial statements are presented in euros, which is the company\u2019s functional and reporting currency. Income statements of subsidiaries, whose functional and reporting currencies is not euro, are translated into the Group reporting currency using the average ex-change rate for the year. Their balance sheets are translated using the exchange rate of balance sheet date. All exchange differences arising on the translation are entered in the statement of other comprehensive income and presented in equity. The translation differences arising from the use of the purchase method of accounting and after the date of acquisition as well as fair value changes of loans which are hedges of such investments are recognized in statement of other comprehensive income and presented in equity. On the disposal of a subsidiary, whose functional and reporting currency is not euro, the cumulative translation difference for that entity is recognized in the income statement as part of the gain or loss on the sale.Revenue recognitionNet sales comprise of consideration received less indirect sales taxes, discounts and exchange rate differences arising from sales denominated in foreign currency. Revenue is recognized when the performance obli-gation is satisfied, and customer obtains control of that asset. Mainly, revenue is recognized on products, when they are delivered to the cus-tomer in compliance with the contract terms, and the point of time of transferring the control is identified in customer specific delivery terms in purchase orders and/or frame agreements. The costs of shipping and distributing products are included in other operating expenses. Revenues from services are recorded when the service has been performed. Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms. Royalty income is recorded ac-cording to the contents of the agreement. Interest income is recognized by the effective yield method. Dividend income is recognized when the company has acquired a right to receive the dividends.Income taxesThe Group\u2019s income tax expense includes taxes of the Group companies based on taxable profit for the period, together with tax adjustments for previous periods and the change in deferred income taxes. The income tax effects of items recognized directly in other comprehensive income are similarly recognized. The current tax expense for the financial year is calculated from the taxable profit based on the valid tax rate of each country. The tax is adjusted with possible taxes related to previous pe-riods. The share of results in associated companies is reported in the income statement as calculated from net profit and thus including the income tax charge. Deferred taxes are provided using the liability method, as measured with enacted tax rates, to reflect the temporary differences at the bal-ance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The main temporary differences arise from the depreciation difference on tangible assets, fair valuation of net assets in acquired companies, intra-group inventory profits, defined benefit plans, inventory allowances and other provisions, untaxed reserves and tax losses carried forward. Temporary differences are recognized as a deferred tax asset to the extent that it is probable that future taxable profits will be available, against which the deductible temporary difference can be utilized.Segment reportingThe Group did announce on 12th December 2024 updating its IFRS seg-ment reporting following the recent strategic organisational changes and from December 2024 onwards, reporting segments \u201cGroup products\u201d and \u201cThird Party Products\u201d will be removed. As a conseguence of the update Rapala VMC as a whole is considered as a single operating segment and a cash generating unit.The Group is led as a whole and not organized nor managed in inde-pendent divisions. The Group\u2019s CODM is Group CEO together with the Board of Directors. Most of the units are also strongly interlinked i.e. some units do not have a sales or a production organization or some other functions or operations needed to operate on a stand-alone basis. As a consequence, goodwill and trademarks with indefinite lives are tested on the Group level. However, according to IFRS, the lowest cash-generating unit (CGU) cannot be larger than an operating segment in the Group\u2019s segment reporting.Intangible assetsIntangible assets include customer relations, trademarks, capitalized development expenses, patents, copyrights, licenses and software. An intangible asset is recognized in the balance sheet only if it is probable that the future economic benefits that are attributable to the asset will flow to the Group, and the cost of the asset can be measured reliably. Intangible assets are stated at cost, amortized on a straight-line basis over the expected useful lives which vary from 3 to 15 years and adjusted for any impairment charges. Trademarks and other intangible assets whose useful life is estimated to be indefinite are estimated to affect cash flow accumulation for an undefined period of time. The expected useful life for most trademarks is indefinite and therefore they are not amortized. These intangibles are measured at cost less any accumulated impairment loss and not amor-tized. Intangible assets with indefinite useful lives are tested for impair-ment annually. The valuation of intangible assets acquired in a business combination is based on fair value as at the date of acquisition. Expected useful lives and indefinite lives of intangible assets are re-viewed at each balance sheet date and, where they differ significantly from previous estimates, amortization periods are changed accordingly.Tangible assetsTangible assets are stated at historical cost, amortized on a straight-line basis over the expected useful life and adjusted for any impairment charges. The valuation of tangible assets acquired in a business com-bination is based on fair value as at the date of acquisition. Land is not depreciated as it is deemed to have an indefinite life.Depreciation is based on the following expected useful lives:Buildings and structures 10\u201325 yearsMachinery and equipment 5\u201310 yearsOther tangible assets 3\u201310 yearsExpected useful lives of tangible assets are reviewed at each balance sheet date and, where they differ significantly from previous estimates, depreciation periods are changed accordingly. Ordinary maintenance and repair costs are expensed as incurred. The cost of significant renewals and improvements are capitalized and depreciated over the remaining useful lives of the related assets. Gains and losses on sales and dispos-als are determined by comparing the received proceeds with the carrying amount and are included in the income statement in other operating income and expenses.Depreciation of a tangible asset is discontinued when the tangible asset is classified as being held-for-sale in accordance with IFRS 5 standard Non-Current Assets Held-for-sale and Discontinued Operations.Impairments of tangible and intangible assetsThe carrying amounts of tangible and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If indication exists, the recoverable amount is measured. Indications of potential need for impairment may be for example changes in market conditions and sales prices, decisions on significant restructur-ings or change in profitability. Goodwill, intangible assets with indefinite useful lives and unfinished intangible assets are in all cases tested annually. For the purposes of assessing impairment, assets are grouped at the lowest cash generating unit level for which there are separately identifiable, mainly independent, cash inflows and outflows. An impairment loss is the amount by which the carrying amount of the assets exceeds the recoverable amount. The recoverable amount is determined by reference to discounted future net cash flows expected to be generated by the asset. Discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment loss is immediately recognized in the income statement. Impairment losses attributable to a cash-generating unit are used to deducting first the goodwill allocated to the cash-generating unit and, thereafter, the other assets of the unit on an equal basis. The useful life of the asset to be depreciated is reassessed in connection with the recognition of the impairment loss. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount. However, the reversal must not cause that the adjusted value is higher than the carrying amount that would have been determined if no impairment loss had been recognized in prior years. Impairment losses recognized for goodwill are not reversed.Accounting for Leases - Group as a lesseeGroup\u2019s capitalised lease agreements consist mainly of buildings as pro-duction facilities, office premises and warehouses, also the Group has several vehicle lease agreements. The Group recognises a right-of-use (ROU) asset and a lease liability at the commencement of the lease. At the commencement date, a right-of-use asset as defined by IFRS 16 is measured at cost. The Group applies the two available exemptions, which relate to short-term contracts, in which the lease term is less than 12 months, or low-value assets, which are expensed to other operating expenses. The nominal lease liability is initially measured at the present value of the lease payments over the lease term. The lease payments are dis-counted using the lessee\u00b4s incremental borrowing rate. The incremental borrowing rates used are relevant interbank rates and the Group\u2019s internal finance margins. The incremental borrowing rates are currency specific. The initial measurement of the lease payments does not include pos-sible variable elements. Variable lease payments not included in the initial measurement of the lease liability are recognised directly in the statement of income. The lease term is the non-cancellable period of the lease plus period covered by an option to extend or option to terminate if the lessee is reasonably certain to exercise the extension option. Management judg-ment based on realistic estimates is used when determining the lease term, especially concerning lease agreements containing termination and purchase options and lease agreements with indefinite lease terms. Subsequently, the right-of-use assets are measured at initial measure-ment less accumulated depreciation and impairment losses. The right-of-use assets are depreciated and interest on lease liabilities recognised in the statement of income over the lease term. The lease liabilities are subsequently measured at initial recognition less occurring lease pay-ments that are allocated to the principal. Lease payments are presented as repayments of liabilities and related interest expenses. The lease payments are presented in the cash flow from financing activities and the interest related to leases are presented in the cash flow from operating activities. Lease payments related to short-term leases, low-value assets and variable payments are presented in the cash flow from operating activities. Modifications to lease agree-ments may result in adjustments to existing right-of-use assets and lease liabilities. A gain or loss arising from a modification and a termination of a lease agreement is recognised in other operating income or other operating expenses in the statement of income.Financial assetsFinancial assets are initially measured at fair value at trade date. Sub-sequently, financial assets are classified and measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit and loss. Financial assets are measured at amortized cost when business model is hold-to-collect and cash flows are solely payments of principal and interest. Financial assets at amortized cost include non-derivative financial assets such as cash and cash equivalents, trade receivables and loan receivables. Loan and trade receivables are measured at amortized cost using the effective interest rate method less any expected credit losses. Ini-tially recognized amount includes directly attributable transaction costs. Gains and losses are recognized in the income statement when loans and receivables are derecognized, impaired, and through the amortiza-tion process.Financial assets measured at fair value through profit and loss are assets which are derivatives not in hedge accounting. Financial assets measured at fair value through other comprehensive income are equity instruments where entity has done an irrevocable elec-tion at initial recognition for particular investments in equity instruments that would otherwise be measured at fair value through profit or loss. Impairment of financial assets is assessed regularly and when the car-rying value exceeds the fair value or recoverable value of discounted cash flows, appropriate impairment is recognized in the income statement. For trade receivables Rapala applies IFRS 9 expected credit loss as-sessment. See note 22.Derivative financial instruments and hedge accountingWhen hedge accounting is applied it is fulfilled according to IFRS 9. The Group is exposed to financial risks related especially to changes in foreign currency exchange rates and interest rates for loans and borrowings. Derivative financial instruments are used, from time to time, to hedge financial risk. All derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models. The fair values of these instruments are received from the respective bank or calculated to match the current market price. Currently, the Group does not have embedded derivatives.Derivatives may be designated as hedging instruments, in which case hedge accounting is applied. At the inception of a hedge relationship, the Group designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actu-ally have been highly effective throughout the financial reporting periods for which they were designated. In the case hedge accounting is applied, the accounting for hedging instruments is dependent on the particular nature of the hedging relationship. In cash flow hedges, changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognized as other comprehensive income and the ineffective portion is recognized immediately in the income statement. Accumulated fair value changes recognized in the statement of other comprehensive income are reclassified into income statement in the period when the hedged cash flow affects income. Changes in fair value of derivative in-struments are recognized in the income statement based on their nature either in the operative costs if the hedged item is an operative foreign currency transaction or as financial income or expenses, if the hedged item is a monetary transaction.Changes of the fair value of derivative financial instruments that are designated and qualify as fair value hedges are recorded in the income statement together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair values of derivatives that are designated as hedg ing instruments but are not accounted for according to the principles of hedge accounting are recognized in the income statement based on their nature either in the operative costs, if the hedged item is an opera-tive transaction, or as financial income or expenses, if the hedged item is a monetary transaction. In principal, the fair values of derivative instruments are presented in the statement of financial position under short-term or long-term non-interest bearing assets or liabilities based on their maturity. Derivative instruments that are designated and qualify as fair value hedges of mon-etary assets or liabilities, are presented in the same group of interest-bearing assets or liabilities as the hedged instrument. Effective portion of changes in the fair values of foreign currency hedges used against the translation differences arising from the con-solidation of net investments in foreign subsidiaries are recognized in translation differences in the statement of other comprehensive income. The ineffective portion is recognized in financial income and expenses. Accumulated fair value changes recognized in the items of other com-prehensive income are reclassified into income statement if the hedged subsidiary is disposed of partially or in its entity.Financial liabilitiesFinancial liabilities are initially recognized at fair value at trade date. After initial recognition, the financial liabilities are subsequently measured and categorized at amortized cost, at fair value through profit and loss, or as derivatives designated at hedging instruments in an effective hedge. Financial liabilities, except derivatives, are initially recognized at the fair value of the consideration received plus directly attributable transac-tions costs. After initial recognition, they are subsequently measured at amortized cost using the effective interest method. Also commercial paper programs are measured at amortized cost. Gains and losses are recognized in the income statement when the liabilities are derecognized, impaired and through the amortization process. Financial liabilities include current and non-current liabilities and they can be interest-bearing or non-interest-bearing. Contingent consider-ations of business combinations are classified as non-interest-bearing financial liabilities.InventoriesInventories are valued at the lower of cost or net realizable value. Cost is determined by the first-in, first-out (FIFO) method or, alternatively, weighted average cost where it approximates FIFO. The cost of finished goods and work in progress comprises raw materials, direct labor, depre-ciation, other direct costs and related production overheads, but excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Inventories are presented net of net realizable value allowance recognized for obsolete and slow-moving inventories.Trade receivablesTrade receivables are carried at their anticipated realizable value, which is the original invoice amount less an estimated valuation allowance. Group\u2019s expected credit loss is evaluated based on trade receivables of the lifetime expected credit losses according to IFRS 9. Group has ana-lyzed individually receivables, which are under juridical proceedings and has decided not to combine these credit loss provisions into expected credit loss model. Group\u2019s total credit loss provision is combination of individual cases provisions and evaluated expected credit loss. The prob-ability of a credit loss is calculated by the percentage determined for each age group by the specified percentages based on historically realized payments and recorded historical credit loss. The simplified approach is used for evaluation.Cash and cash equivalentsCash and cash equivalents comprise cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are included within borrowings in current interest-bearing loans.Share-based paymentsShare-based payment programs are valued at fair value on the grant date and recognized as an expense in the income statement during the vest-ing period with a corresponding adjustment to the equity or liability. In the cash settled option program the liability is revalued at each balance sheet date with changes in fair value recognized in the income statement. The income statement effect of the share-based payments programs is recognized in employee benefit expenses. The expense of the share-based payments determined at the grant date reflects the Group\u2019s estimate of the number of options or share rewards that will ultimately vest. Grant date is the date at which the entity and another party agree to a share-based payment arrangement, being when the entity and the counterparty have a shared understanding of the terms and conditions of the arrangement. The options are valued at fair value using Black-Scholes option-pricing model. The non-market criteria are not included in the fair value of the option but taken into account in the number of options that are assumed to vest. On a regular basis the Group reviews the assumptions made and revises its estimates of the share-based payments that are expected to be settled. The changes in the estimates are recognized in the income statement with a corresponding adjustment to the equity or liability. When the share options are exercised, the proceeds received, net of any transaction costs, are credited in the fund for invested non-restricted equity.Earnings per shareEarnings per share is calculated by dividing the net profit attributable to the shareholders of the company by the weighted average number of shares in issue during the year, excluding shares purchased by the Group and held as treasury shares, if any. Diluted earnings per share amounts have been calculated by applying the \u201ctreasury stock\u201d method, as if the options were exercised at the begin-ning of the period, or on the issuance of options, if that occurs later during the period, and as if the funds obtained thereby were used to purchase common stock at the average market price during the period. In addition to the weighted average number of shares outstanding, the denominator includes the incremental shares obtained through the assumed exercise of the options. The assumption of exercise is not reflected in earnings per share when the exercise price of the options exceeds the average market price of the shares during the period. The share options have a diluting effect only when the average market price of the share during the period exceeds the exercise price of the options.Operating profitThe IAS 1 (Presentation of Financial Statements) standard does not define operating profit. The Group has defined it as follows: Operating profit is the net amount arising from adding other operating income and share of results in associates and joint ventures to net sales, deducting cost of sales corrected for changes in inventories and cost of production for own use, deducting costs related to employee benefits, depreciation and possible impairments as well as other operating expenses. Foreign exchange differences and changes in the fair value of derivative financial instruments are included in operating profit in case they originate from operative business items; otherwise they are booked in financial income and expenses.Cash flow statementCash and cash equivalents presented in the cash flow statement com-prise cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Cash generated from operating activities has been reported us-ing the indirect method. All income taxes paid during the financial year are presented in Net cash generated from operating activities, unless they can be particularly allocated to net cash from (used in) investing or financing activities. Unrealized exchange gains and losses from cash and cash equivalents denominated in foreign currencies are presented on a separate row before cash and cash equivalents at the end of period, separate from cash generated from (used in) operating, investing and financing activities.Waste electrical and electronic equipmentThe Group is a distributor of electrical equipment that falls under the EU Directive on Waste Electrical and Electronic Equipment. Expected costs are recognized as part of other operating expenses and as a current non-interest-bearing payable.Comparable operating profit and items affecting comparability In order to reflect the underlying business performance and to enhance comparability between financial periods, the Group presents alternative performance measures. Comparable operating profit is operating profit excluding mark-to-market valuations of operative currency derivatives and other items affecting comparability, which include material restructur-ing costs, impairments, gains and losses on business combinations and disposals, insurance compensations and other non-operational items. Alternative performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.Critical accounting estimates and judgmentsThe preparation of the consolidated financial statements in accordance with IFRS requires management to make certain estimates and assump-tions that affect the amounts recognized in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates. In addition, judgment has to be exercised in applying the accounting principles of the financial statements. Management\u2019s estimates and assumptions are based on historical experience and plau-sible future scenarios, which are continually evaluated. Possible changes in estimates and assumptions are recognized in the accounting period during which estimates and assumptions were fixed and in all subsequent accounting periods. The key assumptions concerning the future and other key sources of uncertainty related to estimations at the balance sheet date, that have sig-nificant risk of causing material adjustments to the carrying amounts of as-sets and liabilities within the next accounting period, are discussed below.Impairment testingThe carrying amounts of tangible and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. Goodwill, intangible assets with indefinite useful lives and unfinished tangible assets are in all cases tested annually. For the purposes of assessing impairment, assets are grouped at the lowest cash generating unit level for which there are separately identifiable, mainly independent, cash inflows and outflows. An impairment loss is the amount by which the carrying amount of the assets exceeds the re-coverable amount. The recoverable amount is determined by reference to discounted future net cash flows expected to be generated by the asset. These calculations require the use of estimates.Income taxesThe Group reviews at each balance sheet date especially the carrying amount of deferred tax assets. Deferred taxes are provided using the liability method, as measured with enacted tax rates, to reflect the tempo-rary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The main temporary differences arise from the depreciation difference on tangible assets, fair valuation of net assets in acquired companies, intra-group inventory profits, defined benefit plans, inventories and other provisions, untaxed reserves and tax losses carried forward. Temporary differences are recognized as a deferred tax asset to the extent that it is probable that future taxable profits will be available, against which the deductible temporary difference can be utilized. The likelihood for the recovery of deferred tax assets from future taxable income is assessed, and to the extent the recovery is not considered likely the deferred asset is adjusted in accordance. At each balance sheet date the Group reviews whether distribution of earnings in subsidiaries is in its control and prob-able, and books a deferred tax accordingly.ProvisionsThe timing of the recognition of a provision is based on management\u2019s estimate of the moment when the Group has a present legal or con-structive obligation, as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.Rounding of figuresThe consolidated financial statements are presented in millions of euros. All figures in these accounts have been rounded. Consequently, the sum of individual figures can deviate from the presented sum figure. Key figures have been calculated using exact figures. In the financial statements, EUR 0.0 million means the figure is less than EUR 50 000. If the amount is EUR 0, the cell is left empty.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__15": {
"value": "Company\u2019s backgroundRapala VMC Corporation (\u201ccompany\u201d) is a Finnish public limited liability company organized under the laws of Finland, domiciled in Asikkala and listed on the Nasdaq Helsinki stock exchange since 1998. The parent company Rapala VMC Corporation and its subsidiaries (\u201cthe Group\u201d) operate in some 40 countries and the company is one of the leading fishing tackle companies in the world. The consolidated financial statements have been prepared for the ac-counting period of 12 months from January 1 to December 31, 2024. The Board of Directors of the company has approved these financial state-ments for publication at its meeting on April 10, 2025. Under Finland\u2019s Limited Liability Companies Act, shareholders have the option to accept or reject the financial statements in a meeting of shareholders, which will be held after the publication of the financial statements. The meeting has also the option of changing the financial statements. A copy of the consolidated financial statements is available at the Group\u2019s website www.rapalavmc.com or from M\u00e4kel\u00e4nkatu 87, 00610 Helsinki, Finland.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__13": {
"value": "Rapala VMC Corporation",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__5": {
"value": "Rapala VMC Corporation",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__7": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__10": {
"value": "Finland",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__8": {
"value": "Finland",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__6": {
"value": "Finland",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__12": {
"value": "Rapala VMC Corporation",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__11": {
"value": "fishing tackle",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__16": {
"value": "The Board of Directors of the company has approved these financial state-ments for publication at its meeting on April 10, 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__9": {
"value": "M\u00e4kel\u00e4nkatu 87, 00610 Helsinki, Finland",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__19-1": {
"value": "Basis for preparing the consolidated financial statementsThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), including IAS and IFRS standards as well as the SIC and IFRIC interpretations in effect on December 31, 2024. The term \u2018IFRS standards\u2019 refers to standards and interpretations which are approved and adopted by the European Union (regulation EY 1606/2002) and thus are in force in the Finnish legislation. The Group has not early adopted any new, revised or amended standards or interpretations. The consolidated financial statements have been prepared on a histori-cal cost basis, unless otherwise stated.Financial statements in accordance with the European Single Electronic Format (ESEF) reporting requirements are published in Finnish and Eng-lish. In accordance with ESEF\u2019s requirements, the primary statements and notes to the consolidated financial statements have been tagged with XBRL tags. The ESEF report has been audited.Application of new and revised standards or interpretationsThe Group has adopted the new standards and interpretations relevant to its operations that did take effect during the accounting period. The adopted new standards and interpretations did not have material impact on the Group\u2019s consolidated financial statements. The IFRS 18 Presentation and Disclosure in Financial Statements, ef-fective reporting periods onwards 2027, will replace the IAS 1 Presenta-tion of Financial Statements will have most likely have an impact on the presentation of primary financial statements and the accompanying notes of the Groups consolidated financial statements.The Group has presented in the 2024 annual statements only the ma-terial accounting policy information and therefore it has not repeated all the accounting policy information presented in the year 2023 annual statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__18": {
"value": "Basis for preparing the consolidated financial statementsThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), including IAS and IFRS standards as well as the SIC and IFRIC interpretations in effect on December 31, 2024. The term \u2018IFRS standards\u2019 refers to standards and interpretations which are approved and adopted by the European Union (regulation EY 1606/2002) and thus are in force in the Finnish legislation. The Group has not early adopted any new, revised or amended standards or interpretations. The consolidated financial statements have been prepared on a histori-cal cost basis, unless otherwise stated.Financial statements in accordance with the European Single Electronic Format (ESEF) reporting requirements are published in Finnish and Eng-lish. In accordance with ESEF\u2019s requirements, the primary statements and notes to the consolidated financial statements have been tagged with XBRL tags. The ESEF report has been audited.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__17": {
"value": "Basis for preparing the consolidated financial statementsThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), including IAS and IFRS standards as well as the SIC and IFRIC interpretations in effect on December 31, 2024. The term \u2018IFRS standards\u2019 refers to standards and interpretations which are approved and adopted by the European Union (regulation EY 1606/2002) and thus are in force in the Finnish legislation. The Group has not early adopted any new, revised or amended standards or interpretations. The consolidated financial statements have been prepared on a histori-cal cost basis, unless otherwise stated.Financial statements in accordance with the European Single Electronic Format (ESEF) reporting requirements are published in Finnish and Eng-lish. In accordance with ESEF\u2019s requirements, the primary statements and notes to the consolidated financial statements have been tagged with XBRL tags. The ESEF report has been audited.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__22": {
"value": "Application of new and revised standards or interpretationsThe Group has adopted the new standards and interpretations relevant to its operations that did take effect during the accounting period. The adopted new standards and interpretations did not have material impact on the Group\u2019s consolidated financial statements. The IFRS 18 Presentation and Disclosure in Financial Statements, ef-fective reporting periods onwards 2027, will replace the IAS 1 Presenta-tion of Financial Statements will have most likely have an impact on the presentation of primary financial statements and the accompanying notes of the Groups consolidated financial statements.The Group has presented in the 2024 annual statements only the ma-terial accounting policy information and therefore it has not repeated all the accounting policy information presented in the year 2023 annual statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__20-1": {
"value": "Application of new and revised standards or interpretationsThe Group has adopted the new standards and interpretations relevant to its operations that did take effect during the accounting period. The adopted new standards and interpretations did not have material impact on the Group\u2019s consolidated financial statements. The IFRS 18 Presentation and Disclosure in Financial Statements, ef-fective reporting periods onwards 2027, will replace the IAS 1 Presenta-tion of Financial Statements will have most likely have an impact on the presentation of primary financial statements and the accompanying notes of the Groups consolidated financial statements.The Group has presented in the 2024 annual statements only the ma-terial accounting policy information and therefore it has not repeated all the accounting policy information presented in the year 2023 annual statements.Consolidation principlesThe consolidated financial statements comprise the financial statements of the company and its subsidiaries in which it has control. The control is based either to governing power established through direct or indi-rect holding of over 50% of the voting rights and/or control established through other means. The financial statements of the subsidiaries are prepared for the same accounting period as the company, using con-sistent accounting policies. The investments in subsidiaries have been eliminated using the acquisition cost method. All transactions between Group companies as well as assets and liabilities, dividends and un-realized internal margins in inventories and tangible assets have been eliminated in the consolidated financial statements. Associated companies are companies where the Group holds voting rights of 20\u201350% and/or in which the Group has significant influence, but not control. Joint ventures are companies, over which the Group has contractually agreed to share control with another venturer. Currently as-sociated companies and joint ventures are included in the consolidated financial statements using the equity method. Under the equity method, the Group\u2019s share of the profit or loss of an associate or a joint venture is recognized in the consolidated income statement before operating profit.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__26": {
"value": "Consolidation principlesThe consolidated financial statements comprise the financial statements of the company and its subsidiaries in which it has control. The control is based either to governing power established through direct or indi-rect holding of over 50% of the voting rights and/or control established through other means. The financial statements of the subsidiaries are prepared for the same accounting period as the company, using con-sistent accounting policies. The investments in subsidiaries have been eliminated using the acquisition cost method. All transactions between Group companies as well as assets and liabilities, dividends and un-realized internal margins in inventories and tangible assets have been eliminated in the consolidated financial statements. Associated companies are companies where the Group holds voting rights of 20\u201350% and/or in which the Group has significant influence, but not control. Joint ventures are companies, over which the Group has contractually agreed to share control with another venturer. Currently as-sociated companies and joint ventures are included in the consolidated financial statements using the equity method. Under the equity method, the Group\u2019s share of the profit or loss of an associate or a joint venture is recognized in the consolidated income statement before operating profit.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__25": {
"value": "Consolidation principlesThe consolidated financial statements comprise the financial statements of the company and its subsidiaries in which it has control. The control is based either to governing power established through direct or indi-rect holding of over 50% of the voting rights and/or control established through other means. The financial statements of the subsidiaries are prepared for the same accounting period as the company, using con-sistent accounting policies. The investments in subsidiaries have been eliminated using the acquisition cost method. All transactions between Group companies as well as assets and liabilities, dividends and un-realized internal margins in inventories and tangible assets have been eliminated in the consolidated financial statements. Associated companies are companies where the Group holds voting rights of 20\u201350% and/or in which the Group has significant influence, but not control. Joint ventures are companies, over which the Group has contractually agreed to share control with another venturer. Currently as-sociated companies and joint ventures are included in the consolidated financial statements using the equity method. Under the equity method, the Group\u2019s share of the profit or loss of an associate or a joint venture is recognized in the consolidated income statement before operating profit.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__24-1": {
"value": "Consolidation principlesThe consolidated financial statements comprise the financial statements of the company and its subsidiaries in which it has control. The control is based either to governing power established through direct or indi-rect holding of over 50% of the voting rights and/or control established through other means. The financial statements of the subsidiaries are prepared for the same accounting period as the company, using con-sistent accounting policies. The investments in subsidiaries have been eliminated using the acquisition cost method. All transactions between Group companies as well as assets and liabilities, dividends and un-realized internal margins in inventories and tangible assets have been eliminated in the consolidated financial statements. Associated companies are companies where the Group holds voting rights of 20\u201350% and/or in which the Group has significant influence, but not control. Joint ventures are companies, over which the Group has contractually agreed to share control with another venturer. Currently as-sociated companies and joint ventures are included in the consolidated financial statements using the equity method. Under the equity method, the Group\u2019s share of the profit or loss of an associate or a joint venture is recognized in the consolidated income statement before operating profit.INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe Group has a 33.3% interest in associate Lanimo O\u00fc, an unlisted company domiciled in Estonia. The carrying amount does not include goodwill or impairments. Lanimo O\u00fc\u2019s figures are based on the infor-mation for the period ending on September 30, due to differences in reporting time schedule. The Group owned 49% of the share capital and voting rights of DQC International Corp until July 13, 2023, an unlisted company domiciled in the USA. DQC International Corp. is known for its 13 Fishing -branded rods and reels. Rapala VMC Group acquired the control of the company in the July 13, 2023 additional 11% stake acquisition. Associated companies are consolidated according to the equity method. DQC International Corp has been consolidated until July 13, 2023 using the equity method and after that consolidated as subsidiary to the Group financials.EUR million 2024 2023Acquisition cost Jan 1 0.0 1.2Share of profit/loss 0.0 -1.2Translation differences - 0.0Acquisition cost Dec 31 0.0 0.0INFORMATION ON ASSOCIATES AND JOINT VENTURESLanimo O\u00fc DQC International Corp.Until July EUR Million 2024 202313, 2023Net sales 0.2 0.2 9.0Purchases and other expenses -0.2 -0.2 -16.0Depreciation 0.0 0.0 -0.3Interest income and expenses 0.0 0.0 -0.9Net profit/loss for the period 0.0 0.0 -8.2Non-current assets 0.0 0.0 2.1Current assets 0.1 0.0 7.7Of which cash and cash equivalents 0.0 0.0 1.1Non-current liabilities 0.0 0.0 23.1Of which financial liabilities 0.0 0.0 23.1Current liabilities 0.0 0.0 2.7Net assets of associate/ joint venture 0.0 0.0 -16.0Net assets belonging to Rapala Group 0.0 0.0 -7.8",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__23": {
"value": "Consolidation principlesThe consolidated financial statements comprise the financial statements of the company and its subsidiaries in which it has control. The control is based either to governing power established through direct or indi-rect holding of over 50% of the voting rights and/or control established through other means. The financial statements of the subsidiaries are prepared for the same accounting period as the company, using con-sistent accounting policies. The investments in subsidiaries have been eliminated using the acquisition cost method. All transactions between Group companies as well as assets and liabilities, dividends and un-realized internal margins in inventories and tangible assets have been eliminated in the consolidated financial statements. Associated companies are companies where the Group holds voting rights of 20\u201350% and/or in which the Group has significant influence, but not control. Joint ventures are companies, over which the Group has contractually agreed to share control with another venturer. Currently as-sociated companies and joint ventures are included in the consolidated financial statements using the equity method. Under the equity method, the Group\u2019s share of the profit or loss of an associate or a joint venture is recognized in the consolidated income statement before operating profit.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__29": {
"value": "Foreign currency transactions and translationsEach entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign cur-rencies are retranslated at the functional currency rate of exchange ruling at the balance sheet date. Non-monetary items denominated in foreign currency, measured at fair value, are translated using the exchange rates at the date when the fair value was determined. Other non-monetary items have been translated into the functional currency using the exchange rate on the date of the transaction. The consolidated financial statements are presented in euros, which is the company\u2019s functional and reporting currency. Income statements of subsidiaries, whose functional and reporting currencies is not euro, are translated into the Group reporting currency using the average ex-change rate for the year. Their balance sheets are translated using the exchange rate of balance sheet date. All exchange differences arising on the translation are entered in the statement of other comprehensive income and presented in equity. The translation differences arising from the use of the purchase method of accounting and after the date of acquisition as well as fair value changes of loans which are hedges of such investments are recognized in statement of other comprehensive income and presented in equity. On the disposal of a subsidiary, whose functional and reporting currency is not euro, the cumulative translation difference for that entity is recognized in the income statement as part of the gain or loss on the sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__28": {
"value": "Foreign currency transactions and translationsEach entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign cur-rencies are retranslated at the functional currency rate of exchange ruling at the balance sheet date. Non-monetary items denominated in foreign currency, measured at fair value, are translated using the exchange rates at the date when the fair value was determined. Other non-monetary items have been translated into the functional currency using the exchange rate on the date of the transaction. The consolidated financial statements are presented in euros, which is the company\u2019s functional and reporting currency. Income statements of subsidiaries, whose functional and reporting currencies is not euro, are translated into the Group reporting currency using the average ex-change rate for the year. Their balance sheets are translated using the exchange rate of balance sheet date. All exchange differences arising on the translation are entered in the statement of other comprehensive income and presented in equity. The translation differences arising from the use of the purchase method of accounting and after the date of acquisition as well as fair value changes of loans which are hedges of such investments are recognized in statement of other comprehensive income and presented in equity. On the disposal of a subsidiary, whose functional and reporting currency is not euro, the cumulative translation difference for that entity is recognized in the income statement as part of the gain or loss on the sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__32": {
"value": "Revenue recognitionNet sales comprise of consideration received less indirect sales taxes, discounts and exchange rate differences arising from sales denominated in foreign currency. Revenue is recognized when the performance obli-gation is satisfied, and customer obtains control of that asset. Mainly, revenue is recognized on products, when they are delivered to the cus-tomer in compliance with the contract terms, and the point of time of transferring the control is identified in customer specific delivery terms in purchase orders and/or frame agreements. The costs of shipping and distributing products are included in other operating expenses. Revenues from services are recorded when the service has been performed. Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms. Royalty income is recorded ac-cording to the contents of the agreement. Interest income is recognized by the effective yield method. Dividend income is recognized when the company has acquired a right to receive the dividends.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__31": {
"value": "Revenue recognitionNet sales comprise of consideration received less indirect sales taxes, discounts and exchange rate differences arising from sales denominated in foreign currency. Revenue is recognized when the performance obli-gation is satisfied, and customer obtains control of that asset. Mainly, revenue is recognized on products, when they are delivered to the cus-tomer in compliance with the contract terms, and the point of time of transferring the control is identified in customer specific delivery terms in purchase orders and/or frame agreements. The costs of shipping and distributing products are included in other operating expenses. Revenues from services are recorded when the service has been performed. Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms. Royalty income is recorded ac-cording to the contents of the agreement. Interest income is recognized by the effective yield method. Dividend income is recognized when the company has acquired a right to receive the dividends.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__30": {
"value": "Revenue recognitionNet sales comprise of consideration received less indirect sales taxes, discounts and exchange rate differences arising from sales denominated in foreign currency. Revenue is recognized when the performance obli-gation is satisfied, and customer obtains control of that asset. Mainly, revenue is recognized on products, when they are delivered to the cus-tomer in compliance with the contract terms, and the point of time of transferring the control is identified in customer specific delivery terms in purchase orders and/or frame agreements. The costs of shipping and distributing products are included in other operating expenses. Revenues from services are recorded when the service has been performed. Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms. Royalty income is recorded ac-cording to the contents of the agreement. Interest income is recognized by the effective yield method. Dividend income is recognized when the company has acquired a right to receive the dividends.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__34": {
"value": "Income taxesThe Group\u2019s income tax expense includes taxes of the Group companies based on taxable profit for the period, together with tax adjustments for previous periods and the change in deferred income taxes. The income tax effects of items recognized directly in other comprehensive income are similarly recognized. The current tax expense for the financial year is calculated from the taxable profit based on the valid tax rate of each country. The tax is adjusted with possible taxes related to previous pe-riods. The share of results in associated companies is reported in the income statement as calculated from net profit and thus including the income tax charge. Deferred taxes are provided using the liability method, as measured with enacted tax rates, to reflect the temporary differences at the bal-ance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The main temporary differences arise from the depreciation difference on tangible assets, fair valuation of net assets in acquired companies, intra-group inventory profits, defined benefit plans, inventory allowances and other provisions, untaxed reserves and tax losses carried forward. Temporary differences are recognized as a deferred tax asset to the extent that it is probable that future taxable profits will be available, against which the deductible temporary difference can be utilized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__33-1": {
"value": "Income taxesThe Group\u2019s income tax expense includes taxes of the Group companies based on taxable profit for the period, together with tax adjustments for previous periods and the change in deferred income taxes. The income tax effects of items recognized directly in other comprehensive income are similarly recognized. The current tax expense for the financial year is calculated from the taxable profit based on the valid tax rate of each country. The tax is adjusted with possible taxes related to previous pe-riods. The share of results in associated companies is reported in the income statement as calculated from net profit and thus including the income tax charge. Deferred taxes are provided using the liability method, as measured with enacted tax rates, to reflect the temporary differences at the bal-ance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The main temporary differences arise from the depreciation difference on tangible assets, fair valuation of net assets in acquired companies, intra-group inventory profits, defined benefit plans, inventory allowances and other provisions, untaxed reserves and tax losses carried forward. Temporary differences are recognized as a deferred tax asset to the extent that it is probable that future taxable profits will be available, against which the deductible temporary difference can be utilized.Income taxesThe Group reviews at each balance sheet date especially the carrying amount of deferred tax assets. Deferred taxes are provided using the liability method, as measured with enacted tax rates, to reflect the tempo-rary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The main temporary differences arise from the depreciation difference on tangible assets, fair valuation of net assets in acquired companies, intra-group inventory profits, defined benefit plans, inventories and other",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__35": {
"value": "Segment reportingThe Group did announce on 12th December 2024 updating its IFRS seg-ment reporting following the recent strategic organisational changes and from December 2024 onwards, reporting segments \u201cGroup products\u201d and \u201cThird Party Products\u201d will be removed. As a conseguence of the update Rapala VMC as a whole is considered as a single operating segment and a cash generating unit.The Group is led as a whole and not organized nor managed in inde-pendent divisions. The Group\u2019s CODM is Group CEO together with the Board of Directors. Most of the units are also strongly interlinked i.e. some units do not have a sales or a production organization or some other functions or operations needed to operate on a stand-alone basis. As a consequence, goodwill and trademarks with indefinite lives are tested on the Group level. However, according to IFRS, the lowest cash-generating unit (CGU) cannot be larger than an operating segment in the Group\u2019s segment reporting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__37": {
"value": "Intangible assetsIntangible assets include customer relations, trademarks, capitalized development expenses, patents, copyrights, licenses and software. An intangible asset is recognized in the balance sheet only if it is probable that the future economic benefits that are attributable to the asset will flow to the Group, and the cost of the asset can be measured reliably. Intangible assets are stated at cost, amortized on a straight-line basis over the expected useful lives which vary from 3 to 15 years and adjusted for any impairment charges. Trademarks and other intangible assets whose useful life is estimated to be indefinite are estimated to affect cash flow accumulation for an undefined period of time. The expected useful life for most trademarks is indefinite and therefore they are not amortized. These intangibles are measured at cost less any accumulated impairment loss and not amor-tized. Intangible assets with indefinite useful lives are tested for impair-ment annually. The valuation of intangible assets acquired in a business combination is based on fair value as at the date of acquisition. Expected useful lives and indefinite lives of intangible assets are re-viewed at each balance sheet date and, where they differ significantly from previous estimates, amortization periods are changed accordingly.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__36": {
"value": "Intangible assetsIntangible assets include customer relations, trademarks, capitalized development expenses, patents, copyrights, licenses and software. An intangible asset is recognized in the balance sheet only if it is probable that the future economic benefits that are attributable to the asset will flow to the Group, and the cost of the asset can be measured reliably. Intangible assets are stated at cost, amortized on a straight-line basis over the expected useful lives which vary from 3 to 15 years and adjusted for any impairment charges. Trademarks and other intangible assets whose useful life is estimated to be indefinite are estimated to affect cash flow accumulation for an undefined period of time. The expected useful life for most trademarks is indefinite and therefore they are not amortized. These intangibles are measured at cost less any accumulated impairment loss and not amor-tized. Intangible assets with indefinite useful lives are tested for impair-ment annually. The valuation of intangible assets acquired in a business combination is based on fair value as at the date of acquisition. Expected useful lives and indefinite lives of intangible assets are re-viewed at each balance sheet date and, where they differ significantly from previous estimates, amortization periods are changed accordingly.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__39": {
"value": "Tangible assetsTangible assets are stated at historical cost, amortized on a straight-line basis over the expected useful life and adjusted for any impairment charges. The valuation of tangible assets acquired in a business com-bination is based on fair value as at the date of acquisition. Land is not depreciated as it is deemed to have an indefinite life.Depreciation is based on the following expected useful lives:Buildings and structures 10\u201325 yearsMachinery and equipment 5\u201310 yearsOther tangible assets 3\u201310 yearsExpected useful lives of tangible assets are reviewed at each balance sheet date and, where they differ significantly from previous estimates, depreciation periods are changed accordingly. Ordinary maintenance and repair costs are expensed as incurred. The cost of significant renewals and improvements are capitalized and depreciated over the remaining useful lives of the related assets. Gains and losses on sales and dispos-als are determined by comparing the received proceeds with the carrying amount and are included in the income statement in other operating income and expenses.Depreciation of a tangible asset is discontinued when the tangible asset is classified as being held-for-sale in accordance with IFRS 5 standard Non-Current Assets Held-for-sale and Discontinued Operations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__38": {
"value": "Tangible assetsTangible assets are stated at historical cost, amortized on a straight-line basis over the expected useful life and adjusted for any impairment charges. The valuation of tangible assets acquired in a business com-bination is based on fair value as at the date of acquisition. Land is not depreciated as it is deemed to have an indefinite life.Depreciation is based on the following expected useful lives:Buildings and structures 10\u201325 yearsMachinery and equipment 5\u201310 yearsOther tangible assets 3\u201310 yearsExpected useful lives of tangible assets are reviewed at each balance sheet date and, where they differ significantly from previous estimates, depreciation periods are changed accordingly. Ordinary maintenance and repair costs are expensed as incurred. The cost of significant renewals and improvements are capitalized and depreciated over the remaining useful lives of the related assets. Gains and losses on sales and dispos-als are determined by comparing the received proceeds with the carrying amount and are included in the income statement in other operating income and expenses.Depreciation of a tangible asset is discontinued when the tangible asset is classified as being held-for-sale in accordance with IFRS 5 standard Non-Current Assets Held-for-sale and Discontinued Operations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__42": {
"value": "Impairments of tangible and intangible assetsThe carrying amounts of tangible and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If indication exists, the recoverable amount is measured. Indications of potential need for impairment may be for example changes in market conditions and sales prices, decisions on significant restructur-ings or change in profitability. Goodwill, intangible assets with indefinite useful lives and unfinished intangible assets are in all cases tested annually. For the purposes of assessing impairment, assets are grouped at the lowest cash generating unit level for which there are separately identifiable, mainly independent, cash inflows and outflows. An impairment loss is the amount by which the carrying amount of the assets exceeds the recoverable amount. The recoverable amount is determined by reference to discounted future net cash flows expected to be generated by the asset. Discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment loss is immediately recognized in the income statement. Impairment losses attributable to a cash-generating unit are used to deducting first the goodwill allocated to the cash-generating unit and, thereafter, the other assets of the unit on an equal basis. The useful life of the asset to be depreciated is reassessed in connection with the recognition of the impairment loss. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount. However, the reversal must not cause that the adjusted value is higher than the carrying amount that would have been determined if no impairment loss had been recognized in prior years. Impairment losses recognized for goodwill are not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__41-1": {
"value": "Impairments of tangible and intangible assetsThe carrying amounts of tangible and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If indication exists, the recoverable amount is measured. Indications of potential need for impairment may be for example changes in market conditions and sales prices, decisions on significant restructur-ings or change in profitability. Goodwill, intangible assets with indefinite useful lives and unfinished intangible assets are in all cases tested annually. For the purposes of assessing impairment, assets are grouped at the lowest cash generating unit level for which there are separately identifiable, mainly independent, cash inflows and outflows. An impairment loss is the amount by which the carrying amount of the assets exceeds the recoverable amount. The recoverable amount is determined by reference to discounted future net cash flows expected to be generated by the asset. Discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment loss is immediately recognized in the income statement. Impairment losses attributable to a cash-generating unit are used to deducting first the goodwill allocated to the cash-generating unit and, thereafter, the other assets of the unit on an equal basis. The useful life of the asset to be depreciated is reassessed in connection with the recognition of the impairment loss. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount. However, the reversal must not cause that the adjusted value is higher than the carrying amount that would have been determined if no impairment loss had been recognized in prior years. Impairment losses recognized for goodwill are not reversed.INTANGIBLE ASSETS2024Customer Other intangible EUR million Goodwill Trademarksrelationsassets TotalAcquisition cost Jan 1 64.3 35.4 3.9 10.2 113.8Additions 0.0 0.3 0.3Disposals -0.1 -1.3 -2.2 -3.61)Reclassifications -0.3 0.6 0.3Translation differences 2.0 1.2 0.1 0.1 3.4Acquisition cost Dec 31 66.3 36.1 2.7 9.0 114.1Accumulated amortization Jan 1 -0.9 -3.8 -7.4 -12.0Disposals 0.1 1.3 1.8 3.2Amortization during the period -0.1 -0.7 -0.9Translation differences -0.2 -0.2 0.0 -0.3Accumulated amortization Dec 31 -0.9 -2.6 -6.3 -9.8Carrying value Jan 1 64.3 34.5 0.2 2.8 101.7Carrying value Dec 31 66.3 35.1 0.1 2.7 104.22023Customer Other intangible EUR million Goodwill Trademarksrelationsassets TotalAcquisition cost Jan 1 50.2 33.9 4.0 8.7 96.7Additions 15.0 1.9 0.6 17.5Disposals 0.0 -0.8 -0.71)Reclassifications 1.5 1.5Translation differences -0.9 -0.4 -0.1 0.1 -1.2Acquisition cost 31.12. 64.3 35.4 3.9 10.2 113.8Accumulated amortization Jan 1 -0.9 -3.8 -7.3 -12.0Disposals 0.7 0.71)Reclassifications -0.3 -0.3Amortization during the period -0.1 -0.5 -0.5Translation differences 0.0 0.1 0.0 0.1Accumulated amortization Dec 31 -0.9 -3.8 -7.4 -12.0Carrying value Jan 1 50.2 33.0 0.2 1.3 84.7Carrying value Dec 31 64.3 34.5 0.2 2.8 101.71) Includes reclassifications between intangible and tangible assets.GOODWILL AND TRADEMARKS WITH INDEFINITE LIVES EUR million Total2024Goodwill 66.3Trademarks with indefinite lives 35.1Discount rate, % 9.992023Goodwill 64.3Trademarks with indefinite lives 34.5Discount rate, % 10.66Impairment testing of goodwill and trademarks with indefinite lives The Group is led as a whole and not organized nor managed in indepen-dent divisions. Most of the units are also strongly interlinked i.e. some units do not have a sales or a production organization or some other functions or operations needed to operate on a stand-alone basis. As a consequence, goodwill and trademarks with indefinite lives are tested on the Group level. However, according to IFRS, the lowest cash-generating unit (CGU) cannot be larger than an operating segment in the Group\u2019s segment reporting. The Group did announce on 12th December 2024 updating its IFRS segment reporting following the recent strategic or-ganisational changes and from December 2024 onwards, reporting seg-ments \u201cGroup products\u201d and \u201cThird Party Products\u201d will be removed. As a conseguence of the update Rapala VMC as a whole is considered as a single operating segment and a cash generating unit. The recoverable amount of the CGU is determined based on value-in-use calculations. Cash flow projections, which were used in these calcula-tions, were based on most recent 5-year financial forecasts prepared by the management and approved by the Board. The estimated sales and production volumes are derived from the utilization of existing property, plant and equipment. The most important assumptions on which man-agement has based its cash flow projections are the growth of sales and profitability and discount rate. Discount rate is the weighted average pre-tax cost of capital (WACC). The components of WACC are the risk-free yield rate, market risk premium, industry specific beta, cost of debt, and target capital structure. In the impairment tests prepared in 2024 and 2023, the growth rate used to extrapolate the cash flow beyond the five-year period is 0%. As a result of the performed impairment tests, no impairment losses have been recognized in 2024 or 2023.Key assumptionsSales \u2013 The Group\u2019s estimated sales are based on present and future product assortment and utilization of distribution and manufacturing capacity. In addition, estimated sales are based on long-term growth of industry and further implementation of Group\u2019s strategic objectives.EBITDA margin \u2013 The Group\u2019s estimated EBITDA margin, operating profit before depreciation and impairments compared to net sales, is based on past years actual margins and management\u2019s view on sales and gross margin development. The increase in general cost level has also been taken into account in the development of EBITDA margin. Discount rate \u2013 Discount rate is the weighted average pre-tax cost of capital (WACC). Weighted average cost of capital represents the total cost of Group\u2019s equity and debt taken into account specific risks related to assets.Growth rate \u2013 Compared to historical sales growth development, man-agement has been conservative in determining the growth rate for im-pairment purposes. Sensitivity analysisThe Group is the most sensitive to impairment loss especially with regard to discount rate growth. At the time of testing the recoverable amount of the Group exceeds 21.3 MEUR from it carrying amount and discount rate may not increase by more than 0.7%-points, after which the need of impairment arises.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__40-1": {
"value": "Impairments of tangible and intangible assetsThe carrying amounts of tangible and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If indication exists, the recoverable amount is measured. Indications of potential need for impairment may be for example changes in market conditions and sales prices, decisions on significant restructur-ings or change in profitability. Goodwill, intangible assets with indefinite useful lives and unfinished intangible assets are in all cases tested annually. For the purposes of assessing impairment, assets are grouped at the lowest cash generating unit level for which there are separately identifiable, mainly independent, cash inflows and outflows. An impairment loss is the amount by which the carrying amount of the assets exceeds the recoverable amount. The recoverable amount is determined by reference to discounted future net cash flows expected to be generated by the asset. Discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment loss is immediately recognized in the income statement. Impairment losses attributable to a cash-generating unit are used to deducting first the goodwill allocated to the cash-generating unit and, thereafter, the other assets of the unit on an equal basis. The useful life of the asset to be depreciated is reassessed in connection with the recognition of the impairment loss. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount. However, the reversal must not cause that the adjusted value is higher than the carrying amount that would have been determined if no impairment loss had been recognized in prior years. Impairment losses recognized for goodwill are not reversed.Impairment testingThe carrying amounts of tangible and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. Goodwill, intangible assets with indefinite useful lives and unfinished tangible assets are in all cases tested annually. For the purposes of assessing impairment, assets are grouped at the lowest cash generating unit level for which there are separately identifiable, mainly independent, cash inflows and outflows. An impairment loss is the amount by which the carrying amount of the assets exceeds the re-coverable amount. The recoverable amount is determined by reference to discounted future net cash flows expected to be generated by the asset. These calculations require the use of estimates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__43": {
"value": "Accounting for Leases - Group as a lesseeGroup\u2019s capitalised lease agreements consist mainly of buildings as pro-duction facilities, office premises and warehouses, also the Group has several vehicle lease agreements. The Group recognises a right-of-use (ROU) asset and a lease liability at the commencement of the lease. At the commencement date, a right-of-use asset as defined by IFRS 16 is measured at cost. The Group applies the two available exemptions, which relate to short-term contracts, in which the lease term is less than 12 months, or low-value assets, which are expensed to other operating expenses. The nominal lease liability is initially measured at the present value of the lease payments over the lease term. The lease payments are dis-counted using the lessee\u00b4s incremental borrowing rate. The incremental borrowing rates used are relevant interbank rates and the Group\u2019s internal finance margins. The incremental borrowing rates are currency specific. The initial measurement of the lease payments does not include pos-sible variable elements. Variable lease payments not included in the initial measurement of the lease liability are recognised directly in the statement of income. The lease term is the non-cancellable period of the lease plus period covered by an option to extend or option to terminate if the lessee is reasonably certain to exercise the extension option. Management judg-ment based on realistic estimates is used when determining the lease term, especially concerning lease agreements containing termination and purchase options and lease agreements with indefinite lease terms. Subsequently, the right-of-use assets are measured at initial measure-ment less accumulated depreciation and impairment losses. The right-of-use assets are depreciated and interest on lease liabilities recognised in the statement of income over the lease term. The lease liabilities are subsequently measured at initial recognition less occurring lease pay-ments that are allocated to the principal. Lease payments are presented as repayments of liabilities and related interest expenses. The lease payments are presented in the cash flow from financing activities and the interest related to leases are presented in the cash flow from operating activities. Lease payments related to short-term leases, low-value assets and variable payments are presented in the cash flow from operating activities. Modifications to lease agree-ments may result in adjustments to existing right-of-use assets and lease liabilities. A gain or loss arising from a modification and a termination of a lease agreement is recognised in other operating income or other operating expenses in the statement of income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__44": {
"value": "Financial assetsFinancial assets are initially measured at fair value at trade date. Sub-sequently, financial assets are classified and measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit and loss. Financial assets are measured at amortized cost when business model is hold-to-collect and cash flows are solely payments of principal and interest. Financial assets at amortized cost include non-derivative financial assets such as cash and cash equivalents, trade receivables and loan receivables. Loan and trade receivables are measured at amortized cost using the effective interest rate method less any expected credit losses. Ini-tially recognized amount includes directly attributable transaction costs. Gains and losses are recognized in the income statement when loans and receivables are derecognized, impaired, and through the amortiza-tion process.Financial assets measured at fair value through profit and loss are assets which are derivatives not in hedge accounting. Financial assets measured at fair value through other comprehensive income are equity instruments where entity has done an irrevocable elec-tion at initial recognition for particular investments in equity instruments that would otherwise be measured at fair value through profit or loss. Impairment of financial assets is assessed regularly and when the car-rying value exceeds the fair value or recoverable value of discounted cash flows, appropriate impairment is recognized in the income statement. For trade receivables Rapala applies IFRS 9 expected credit loss as-sessment. See note 22.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__51": {
"value": "Derivative financial instruments and hedge accountingWhen hedge accounting is applied it is fulfilled according to IFRS 9. The Group is exposed to financial risks related especially to changes in foreign currency exchange rates and interest rates for loans and borrowings. Derivative financial instruments are used, from time to time, to hedge financial risk. All derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models. The fair values of these instruments are received from the respective bank or calculated to match the current market price. Currently, the Group does not have embedded derivatives.Derivatives may be designated as hedging instruments, in which case hedge accounting is applied. At the inception of a hedge relationship, the Group designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actu-ally have been highly effective throughout the financial reporting periods for which they were designated. In the case hedge accounting is applied, the accounting for hedging instruments is dependent on the particular nature of the hedging relationship. In cash flow hedges, changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognized as other comprehensive income and the ineffective portion is recognized immediately in the income statement. Accumulated fair value changes recognized in the statement of other comprehensive income are reclassified into income statement in the period when the hedged cash flow affects income. Changes in fair value of derivative in-struments are recognized in the income statement based on their nature either in the operative costs if the hedged item is an operative foreign currency transaction or as financial income or expenses, if the hedged item is a monetary transaction.Changes of the fair value of derivative financial instruments that are designated and qualify as fair value hedges are recorded in the income statement together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair values of derivatives that are designated as hedg ing instruments but are not accounted for according to the principles of hedge accounting are recognized in the income statement based on their nature either in the operative costs, if the hedged item is an opera-tive transaction, or as financial income or expenses, if the hedged item is a monetary transaction. In principal, the fair values of derivative instruments are presented in the statement of financial position under short-term or long-term non-interest bearing assets or liabilities based on their maturity. Derivative instruments that are designated and qualify as fair value hedges of mon-etary assets or liabilities, are presented in the same group of interest-bearing assets or liabilities as the hedged instrument. Effective portion of changes in the fair values of foreign currency hedges used against the translation differences arising from the con-solidation of net investments in foreign subsidiaries are recognized in translation differences in the statement of other comprehensive income. The ineffective portion is recognized in financial income and expenses. Accumulated fair value changes recognized in the items of other com-prehensive income are reclassified into income statement if the hedged subsidiary is disposed of partially or in its entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__50": {
"value": "Derivative financial instruments and hedge accountingWhen hedge accounting is applied it is fulfilled according to IFRS 9. The Group is exposed to financial risks related especially to changes in foreign currency exchange rates and interest rates for loans and borrowings. Derivative financial instruments are used, from time to time, to hedge financial risk. All derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models. The fair values of these instruments are received from the respective bank or calculated to match the current market price. Currently, the Group does not have embedded derivatives.Derivatives may be designated as hedging instruments, in which case hedge accounting is applied. At the inception of a hedge relationship, the Group designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actu-ally have been highly effective throughout the financial reporting periods for which they were designated. In the case hedge accounting is applied, the accounting for hedging instruments is dependent on the particular nature of the hedging relationship. In cash flow hedges, changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognized as other comprehensive income and the ineffective portion is recognized immediately in the income statement. Accumulated fair value changes recognized in the statement of other comprehensive income are reclassified into income statement in the period when the hedged cash flow affects income. Changes in fair value of derivative in-struments are recognized in the income statement based on their nature either in the operative costs if the hedged item is an operative foreign currency transaction or as financial income or expenses, if the hedged item is a monetary transaction.Changes of the fair value of derivative financial instruments that are designated and qualify as fair value hedges are recorded in the income statement together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair values of derivatives that are designated as hedg ing instruments but are not accounted for according to the principles of hedge accounting are recognized in the income statement based on their nature either in the operative costs, if the hedged item is an opera-tive transaction, or as financial income or expenses, if the hedged item is a monetary transaction. In principal, the fair values of derivative instruments are presented in the statement of financial position under short-term or long-term non-interest bearing assets or liabilities based on their maturity. Derivative instruments that are designated and qualify as fair value hedges of mon-etary assets or liabilities, are presented in the same group of interest-bearing assets or liabilities as the hedged instrument. Effective portion of changes in the fair values of foreign currency hedges used against the translation differences arising from the con-solidation of net investments in foreign subsidiaries are recognized in translation differences in the statement of other comprehensive income. The ineffective portion is recognized in financial income and expenses. Accumulated fair value changes recognized in the items of other com-prehensive income are reclassified into income statement if the hedged subsidiary is disposed of partially or in its entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__49": {
"value": "Derivative financial instruments and hedge accountingWhen hedge accounting is applied it is fulfilled according to IFRS 9. The Group is exposed to financial risks related especially to changes in foreign currency exchange rates and interest rates for loans and borrowings. Derivative financial instruments are used, from time to time, to hedge financial risk. All derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models. The fair values of these instruments are received from the respective bank or calculated to match the current market price. Currently, the Group does not have embedded derivatives.Derivatives may be designated as hedging instruments, in which case hedge accounting is applied. At the inception of a hedge relationship, the Group designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actu-ally have been highly effective throughout the financial reporting periods for which they were designated. In the case hedge accounting is applied, the accounting for hedging instruments is dependent on the particular nature of the hedging relationship. In cash flow hedges, changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognized as other comprehensive income and the ineffective portion is recognized immediately in the income statement. Accumulated fair value changes recognized in the statement of other comprehensive income are reclassified into income statement in the period when the hedged cash flow affects income. Changes in fair value of derivative in-struments are recognized in the income statement based on their nature either in the operative costs if the hedged item is an operative foreign currency transaction or as financial income or expenses, if the hedged item is a monetary transaction.Changes of the fair value of derivative financial instruments that are designated and qualify as fair value hedges are recorded in the income statement together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair values of derivatives that are designated as hedg ing instruments but are not accounted for according to the principles of hedge accounting are recognized in the income statement based on their nature either in the operative costs, if the hedged item is an opera-tive transaction, or as financial income or expenses, if the hedged item is a monetary transaction. In principal, the fair values of derivative instruments are presented in the statement of financial position under short-term or long-term non-interest bearing assets or liabilities based on their maturity. Derivative instruments that are designated and qualify as fair value hedges of mon-etary assets or liabilities, are presented in the same group of interest-bearing assets or liabilities as the hedged instrument. Effective portion of changes in the fair values of foreign currency hedges used against the translation differences arising from the con-solidation of net investments in foreign subsidiaries are recognized in translation differences in the statement of other comprehensive income. The ineffective portion is recognized in financial income and expenses. Accumulated fair value changes recognized in the items of other com-prehensive income are reclassified into income statement if the hedged subsidiary is disposed of partially or in its entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__48-1": {
"value": "Derivative financial instruments and hedge accountingWhen hedge accounting is applied it is fulfilled according to IFRS 9. The Group is exposed to financial risks related especially to changes in foreign currency exchange rates and interest rates for loans and borrowings. Derivative financial instruments are used, from time to time, to hedge financial risk. All derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models. The fair values of these instruments are received from the respective bank or calculated to match the current market price. Currently, the Group does not have embedded derivatives.Derivatives may be designated as hedging instruments, in which case hedge accounting is applied. At the inception of a hedge relationship, the Group designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actu-ally have been highly effective throughout the financial reporting periods for which they were designated. In the case hedge accounting is applied, the accounting for hedging instruments is dependent on the particular nature of the hedging relationship. In cash flow hedges, changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognized as other comprehensive income and the ineffective portion is recognized immediately in the income statement. Accumulated fair value changes recognized in the statement of other comprehensive income are reclassified into income statement in the period when the hedged cash flow affects income. Changes in fair value of derivative in-struments are recognized in the income statement based on their nature either in the operative costs if the hedged item is an operative foreign currency transaction or as financial income or expenses, if the hedged item is a monetary transaction.Changes of the fair value of derivative financial instruments that are designated and qualify as fair value hedges are recorded in the income statement together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair values of derivatives that are designated as hedg ing instruments but are not accounted for according to the principles of hedge accounting are recognized in the income statement based on their nature either in the operative costs, if the hedged item is an opera-tive transaction, or as financial income or expenses, if the hedged item is a monetary transaction. In principal, the fair values of derivative instruments are presented in the statement of financial position under short-term or long-term non-interest bearing assets or liabilities based on their maturity. Derivative instruments that are designated and qualify as fair value hedges of mon-etary assets or liabilities, are presented in the same group of interest-bearing assets or liabilities as the hedged instrument. Effective portion of changes in the fair values of foreign currency hedges used against the translation differences arising from the con-solidation of net investments in foreign subsidiaries are recognized in translation differences in the statement of other comprehensive income. The ineffective portion is recognized in financial income and expenses. Accumulated fair value changes recognized in the items of other com-prehensive income are reclassified into income statement if the hedged subsidiary is disposed of partially or in its entity.FINANCIAL ASSETS AND LIABILITIES BY CATEGORIES AND FAIR VALUES2024 2023Fair value of Fair value of Financial financial Financial financial Carrying assets and assets and Carrying assets and assets and 1)1)1)liabilities valueliabilities liabilities EUR million Notevalueliabilities FINANCIAL ASSETS2)Financial liabilities measured at amortized costNon-current financial assetsLoan receivables 15 0.7 0.7 0.7 0.7 0.7 0.7Other interest-bearing receivables 15 0.0 0.0 0.0Trade and other non-interest-bearing receivables 15 0.5 0.0 0.0 0.5 0.0 0.0Current financial assetsCash and cash equivalents 17 21.7 21.7 21.7 20.0 20.0 20.0Trade and other non-interest-bearing receivables 15 31.1 24.4 24.4 34.1 25.5 25.5Fair value through other comprehensive incomeOther shares 14 0.1 0.1 0.1 0.2 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 15, 22 0.1 0.1 0.1 0.7 0.7 0.7FINANCIAL LIABILITIESFinancial liabilities at fair value through income statementInterest rate and currency derivatives - non-hedge accounted 22, 25 1.4 1.4 1.4 0.3 0.3 0.32)Financial liabilities measured at amortized costNon-current financial liabilitiesLoans from financial institutions 24 49.4 49.4 49.6 66.0 66.0 66.3Other non-interest-bearing liabilities 25 0.0 0.0 0.0 0.0 0.0 0.0Current financial liabilitiesLoans from financial institutions 24 8.3 8.3 8.3 8.1 8.1 8.1Commercial paper program 24 14.0 14.0 14.0 13.5 13.5 13.5Trade and other non-interest-bearing payables 25 39.5 19.9 19.9 27.9 11.0 11.01) The proportion of the carrying value which is classified as financial assets and liabilities according to IFRS 9. 2) Fair value hierarchy level 2.FAIR VALUE HIERARCHY OF THE FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE2024 2023EUR million Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3FINANCIAL ASSETS AT FAIR VALUEFair value through other comprehensive incomeOther shares 0.1 0.1 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 0.1 0.1 0.7 0.7Total 0.1 0.1 0.1 0.9 0.7 0.2FINANCIAL LIABILITIES AT FAIR VALUEFinancial liabilities at fair value through income statement Currency and interest derivatives - non-hedge accounted 1.4 1.4 0.3 0.3Total 1.4 1.4 0.3 0.3FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIESFair value hierarchy levelsThe fair values of the financial assets and liabilities on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market. Currently there are no financial instruments on level 1.The fair values of the financial assets and liabilities on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable market inputs either directly (i.e. prices) or indirectly (i.e. de-rived from prices).The fair values of the financial assets and liabilities on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data. For example management estimates are utilized in generally accepted valuation mod-els of the financial instruments on the Level 3.The fair value hierarchy level, into which the entire financial asset or liability is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset or liability. The significance of the information is estimated con-sidering the financial asset or liability in its entirety.No significant transfers between the hierarchy levels took place during the financial period.Other sharesOther shares comprise of unlisted shares that are measured at fair value. Certain unlisted shares for which fair values cannot be measured reliably are measured at cost less possible impairment.DerivativesAll derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models.Current financial assets and liabilitiesDue to their short maturity, the fair value of current financial assets and liabilities is regarded as corresponding to their original carrying amount.Non-current financial assetsThe fair value of non-current financial assets is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current interest-bearing liabilitiesOn December 31, 2024, 0.0% (2023: 0.0%) of non-current loans based on floating rates was connected to one-month euribor or similar and the rest to maximum six-month Euribor or similar. Therefore, the fair value of non-current loans based on floating rates is regarded as equaling their book value. A part of non-current loans on floating rates is hedged with separate interest rate derivatives which are described in note 22. The fair value of non-current loans on fixed rates is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current non-interest-bearing liabilitiesContingent considerations of business combinations and other acquisi-tions are recognized at fair value on the date of acquisition. Determination of fair values is based on discounted future cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__47-1": {
"value": "Derivative financial instruments and hedge accountingWhen hedge accounting is applied it is fulfilled according to IFRS 9. The Group is exposed to financial risks related especially to changes in foreign currency exchange rates and interest rates for loans and borrowings. Derivative financial instruments are used, from time to time, to hedge financial risk. All derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models. The fair values of these instruments are received from the respective bank or calculated to match the current market price. Currently, the Group does not have embedded derivatives.Derivatives may be designated as hedging instruments, in which case hedge accounting is applied. At the inception of a hedge relationship, the Group designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actu-ally have been highly effective throughout the financial reporting periods for which they were designated. In the case hedge accounting is applied, the accounting for hedging instruments is dependent on the particular nature of the hedging relationship. In cash flow hedges, changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognized as other comprehensive income and the ineffective portion is recognized immediately in the income statement. Accumulated fair value changes recognized in the statement of other comprehensive income are reclassified into income statement in the period when the hedged cash flow affects income. Changes in fair value of derivative in-struments are recognized in the income statement based on their nature either in the operative costs if the hedged item is an operative foreign currency transaction or as financial income or expenses, if the hedged item is a monetary transaction.Changes of the fair value of derivative financial instruments that are designated and qualify as fair value hedges are recorded in the income statement together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair values of derivatives that are designated as hedg ing instruments but are not accounted for according to the principles of hedge accounting are recognized in the income statement based on their nature either in the operative costs, if the hedged item is an opera-tive transaction, or as financial income or expenses, if the hedged item is a monetary transaction. In principal, the fair values of derivative instruments are presented in the statement of financial position under short-term or long-term non-interest bearing assets or liabilities based on their maturity. Derivative instruments that are designated and qualify as fair value hedges of mon-etary assets or liabilities, are presented in the same group of interest-bearing assets or liabilities as the hedged instrument. Effective portion of changes in the fair values of foreign currency hedges used against the translation differences arising from the con-solidation of net investments in foreign subsidiaries are recognized in translation differences in the statement of other comprehensive income. The ineffective portion is recognized in financial income and expenses. Accumulated fair value changes recognized in the items of other com-prehensive income are reclassified into income statement if the hedged subsidiary is disposed of partially or in its entity.FINANCIAL ASSETS AND LIABILITIES BY CATEGORIES AND FAIR VALUES2024 2023Fair value of Fair value of Financial financial Financial financial Carrying assets and assets and Carrying assets and assets and 1)1)1)liabilities valueliabilities liabilities EUR million Notevalueliabilities FINANCIAL ASSETS2)Financial liabilities measured at amortized costNon-current financial assetsLoan receivables 15 0.7 0.7 0.7 0.7 0.7 0.7Other interest-bearing receivables 15 0.0 0.0 0.0Trade and other non-interest-bearing receivables 15 0.5 0.0 0.0 0.5 0.0 0.0Current financial assetsCash and cash equivalents 17 21.7 21.7 21.7 20.0 20.0 20.0Trade and other non-interest-bearing receivables 15 31.1 24.4 24.4 34.1 25.5 25.5Fair value through other comprehensive incomeOther shares 14 0.1 0.1 0.1 0.2 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 15, 22 0.1 0.1 0.1 0.7 0.7 0.7FINANCIAL LIABILITIESFinancial liabilities at fair value through income statementInterest rate and currency derivatives - non-hedge accounted 22, 25 1.4 1.4 1.4 0.3 0.3 0.32)Financial liabilities measured at amortized costNon-current financial liabilitiesLoans from financial institutions 24 49.4 49.4 49.6 66.0 66.0 66.3Other non-interest-bearing liabilities 25 0.0 0.0 0.0 0.0 0.0 0.0Current financial liabilitiesLoans from financial institutions 24 8.3 8.3 8.3 8.1 8.1 8.1Commercial paper program 24 14.0 14.0 14.0 13.5 13.5 13.5Trade and other non-interest-bearing payables 25 39.5 19.9 19.9 27.9 11.0 11.01) The proportion of the carrying value which is classified as financial assets and liabilities according to IFRS 9. 2) Fair value hierarchy level 2.FAIR VALUE HIERARCHY OF THE FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE2024 2023EUR million Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3FINANCIAL ASSETS AT FAIR VALUEFair value through other comprehensive incomeOther shares 0.1 0.1 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 0.1 0.1 0.7 0.7Total 0.1 0.1 0.1 0.9 0.7 0.2FINANCIAL LIABILITIES AT FAIR VALUEFinancial liabilities at fair value through income statement Currency and interest derivatives - non-hedge accounted 1.4 1.4 0.3 0.3Total 1.4 1.4 0.3 0.3FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIESFair value hierarchy levelsThe fair values of the financial assets and liabilities on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market. Currently there are no financial instruments on level 1.The fair values of the financial assets and liabilities on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable market inputs either directly (i.e. prices) or indirectly (i.e. de-rived from prices).The fair values of the financial assets and liabilities on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data. For example management estimates are utilized in generally accepted valuation mod-els of the financial instruments on the Level 3.The fair value hierarchy level, into which the entire financial asset or liability is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset or liability. The significance of the information is estimated con-sidering the financial asset or liability in its entirety.No significant transfers between the hierarchy levels took place during the financial period.Other sharesOther shares comprise of unlisted shares that are measured at fair value. Certain unlisted shares for which fair values cannot be measured reliably are measured at cost less possible impairment.DerivativesAll derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models.Current financial assets and liabilitiesDue to their short maturity, the fair value of current financial assets and liabilities is regarded as corresponding to their original carrying amount.Non-current financial assetsThe fair value of non-current financial assets is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current interest-bearing liabilitiesOn December 31, 2024, 0.0% (2023: 0.0%) of non-current loans based on floating rates was connected to one-month euribor or similar and the rest to maximum six-month Euribor or similar. Therefore, the fair value of non-current loans based on floating rates is regarded as equaling their book value. A part of non-current loans on floating rates is hedged with separate interest rate derivatives which are described in note 22. The fair value of non-current loans on fixed rates is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current non-interest-bearing liabilitiesContingent considerations of business combinations and other acquisi-tions are recognized at fair value on the date of acquisition. Determination of fair values is based on discounted future cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__46-1": {
"value": "Derivative financial instruments and hedge accountingWhen hedge accounting is applied it is fulfilled according to IFRS 9. The Group is exposed to financial risks related especially to changes in foreign currency exchange rates and interest rates for loans and borrowings. Derivative financial instruments are used, from time to time, to hedge financial risk. All derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models. The fair values of these instruments are received from the respective bank or calculated to match the current market price. Currently, the Group does not have embedded derivatives.Derivatives may be designated as hedging instruments, in which case hedge accounting is applied. At the inception of a hedge relationship, the Group designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actu-ally have been highly effective throughout the financial reporting periods for which they were designated. In the case hedge accounting is applied, the accounting for hedging instruments is dependent on the particular nature of the hedging relationship. In cash flow hedges, changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognized as other comprehensive income and the ineffective portion is recognized immediately in the income statement. Accumulated fair value changes recognized in the statement of other comprehensive income are reclassified into income statement in the period when the hedged cash flow affects income. Changes in fair value of derivative in-struments are recognized in the income statement based on their nature either in the operative costs if the hedged item is an operative foreign currency transaction or as financial income or expenses, if the hedged item is a monetary transaction.Changes of the fair value of derivative financial instruments that are designated and qualify as fair value hedges are recorded in the income statement together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair values of derivatives that are designated as hedg ing instruments but are not accounted for according to the principles of hedge accounting are recognized in the income statement based on their nature either in the operative costs, if the hedged item is an opera-tive transaction, or as financial income or expenses, if the hedged item is a monetary transaction. In principal, the fair values of derivative instruments are presented in the statement of financial position under short-term or long-term non-interest bearing assets or liabilities based on their maturity. Derivative instruments that are designated and qualify as fair value hedges of mon-etary assets or liabilities, are presented in the same group of interest-bearing assets or liabilities as the hedged instrument. Effective portion of changes in the fair values of foreign currency hedges used against the translation differences arising from the con-solidation of net investments in foreign subsidiaries are recognized in translation differences in the statement of other comprehensive income. The ineffective portion is recognized in financial income and expenses. Accumulated fair value changes recognized in the items of other com-prehensive income are reclassified into income statement if the hedged subsidiary is disposed of partially or in its entity.DerivativesAll derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__45": {
"value": "Derivative financial instruments and hedge accountingWhen hedge accounting is applied it is fulfilled according to IFRS 9. The Group is exposed to financial risks related especially to changes in foreign currency exchange rates and interest rates for loans and borrowings. Derivative financial instruments are used, from time to time, to hedge financial risk. All derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models. The fair values of these instruments are received from the respective bank or calculated to match the current market price. Currently, the Group does not have embedded derivatives.Derivatives may be designated as hedging instruments, in which case hedge accounting is applied. At the inception of a hedge relationship, the Group designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the effectiveness of changes in the hedging instrument\u2019s fair value in offsetting the exposure to changes in the hedged item\u2019s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actu-ally have been highly effective throughout the financial reporting periods for which they were designated. In the case hedge accounting is applied, the accounting for hedging instruments is dependent on the particular nature of the hedging relationship. In cash flow hedges, changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognized as other comprehensive income and the ineffective portion is recognized immediately in the income statement. Accumulated fair value changes recognized in the statement of other comprehensive income are reclassified into income statement in the period when the hedged cash flow affects income. Changes in fair value of derivative in-struments are recognized in the income statement based on their nature either in the operative costs if the hedged item is an operative foreign currency transaction or as financial income or expenses, if the hedged item is a monetary transaction.Changes of the fair value of derivative financial instruments that are designated and qualify as fair value hedges are recorded in the income statement together with the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair values of derivatives that are designated as hedg ing instruments but are not accounted for according to the principles of hedge accounting are recognized in the income statement based on their nature either in the operative costs, if the hedged item is an opera-tive transaction, or as financial income or expenses, if the hedged item is a monetary transaction. In principal, the fair values of derivative instruments are presented in the statement of financial position under short-term or long-term non-interest bearing assets or liabilities based on their maturity. Derivative instruments that are designated and qualify as fair value hedges of mon-etary assets or liabilities, are presented in the same group of interest-bearing assets or liabilities as the hedged instrument. Effective portion of changes in the fair values of foreign currency hedges used against the translation differences arising from the con-solidation of net investments in foreign subsidiaries are recognized in translation differences in the statement of other comprehensive income. The ineffective portion is recognized in financial income and expenses. Accumulated fair value changes recognized in the items of other com-prehensive income are reclassified into income statement if the hedged subsidiary is disposed of partially or in its entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__54": {
"value": "Financial liabilitiesFinancial liabilities are initially recognized at fair value at trade date. After initial recognition, the financial liabilities are subsequently measured and categorized at amortized cost, at fair value through profit and loss, or as derivatives designated at hedging instruments in an effective hedge. Financial liabilities, except derivatives, are initially recognized at the fair value of the consideration received plus directly attributable transac-tions costs. After initial recognition, they are subsequently measured at amortized cost using the effective interest method. Also commercial paper programs are measured at amortized cost. Gains and losses are recognized in the income statement when the liabilities are derecognized, impaired and through the amortization process. Financial liabilities include current and non-current liabilities and they can be interest-bearing or non-interest-bearing. Contingent consider-ations of business combinations are classified as non-interest-bearing financial liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__53": {
"value": "Financial liabilitiesFinancial liabilities are initially recognized at fair value at trade date. After initial recognition, the financial liabilities are subsequently measured and categorized at amortized cost, at fair value through profit and loss, or as derivatives designated at hedging instruments in an effective hedge. Financial liabilities, except derivatives, are initially recognized at the fair value of the consideration received plus directly attributable transac-tions costs. After initial recognition, they are subsequently measured at amortized cost using the effective interest method. Also commercial paper programs are measured at amortized cost. Gains and losses are recognized in the income statement when the liabilities are derecognized, impaired and through the amortization process. Financial liabilities include current and non-current liabilities and they can be interest-bearing or non-interest-bearing. Contingent consider-ations of business combinations are classified as non-interest-bearing financial liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__52": {
"value": "Financial liabilitiesFinancial liabilities are initially recognized at fair value at trade date. After initial recognition, the financial liabilities are subsequently measured and categorized at amortized cost, at fair value through profit and loss, or as derivatives designated at hedging instruments in an effective hedge. Financial liabilities, except derivatives, are initially recognized at the fair value of the consideration received plus directly attributable transac-tions costs. After initial recognition, they are subsequently measured at amortized cost using the effective interest method. Also commercial paper programs are measured at amortized cost. Gains and losses are recognized in the income statement when the liabilities are derecognized, impaired and through the amortization process. Financial liabilities include current and non-current liabilities and they can be interest-bearing or non-interest-bearing. Contingent consider-ations of business combinations are classified as non-interest-bearing financial liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__55": {
"value": "InventoriesInventories are valued at the lower of cost or net realizable value. Cost is determined by the first-in, first-out (FIFO) method or, alternatively, weighted average cost where it approximates FIFO. The cost of finished goods and work in progress comprises raw materials, direct labor, depre-ciation, other direct costs and related production overheads, but excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Inventories are presented net of net realizable value allowance recognized for obsolete and slow-moving inventories.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__56": {
"value": "Trade receivablesTrade receivables are carried at their anticipated realizable value, which is the original invoice amount less an estimated valuation allowance. Group\u2019s expected credit loss is evaluated based on trade receivables of the lifetime expected credit losses according to IFRS 9. Group has ana-lyzed individually receivables, which are under juridical proceedings and has decided not to combine these credit loss provisions into expected credit loss model. Group\u2019s total credit loss provision is combination of individual cases provisions and evaluated expected credit loss. The prob-ability of a credit loss is calculated by the percentage determined for each age group by the specified percentages based on historically realized payments and recorded historical credit loss. The simplified approach is used for evaluation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__57": {
"value": "Cash and cash equivalentsCash and cash equivalents comprise cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are included within borrowings in current interest-bearing loans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__58": {
"value": "Share-based paymentsShare-based payment programs are valued at fair value on the grant date and recognized as an expense in the income statement during the vest-ing period with a corresponding adjustment to the equity or liability. In the cash settled option program the liability is revalued at each balance sheet date with changes in fair value recognized in the income statement. The income statement effect of the share-based payments programs is recognized in employee benefit expenses. The expense of the share-based payments determined at the grant date reflects the Group\u2019s estimate of the number of options or share rewards that will ultimately vest. Grant date is the date at which the entity and another party agree to a share-based payment arrangement, being when the entity and the counterparty have a shared understanding of the terms and conditions of the arrangement. The options are valued at fair value using Black-Scholes option-pricing model. The non-market criteria are not included in the fair value of the option but taken into account in the number of options that are assumed to vest. On a regular basis the Group reviews the assumptions made and revises its estimates of the share-based payments that are expected to be settled. The changes in the estimates are recognized in the income statement with a corresponding adjustment to the equity or liability. When the share options are exercised, the proceeds received, net of any transaction costs, are credited in the fund for invested non-restricted equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__59": {
"value": "Earnings per shareEarnings per share is calculated by dividing the net profit attributable to the shareholders of the company by the weighted average number of shares in issue during the year, excluding shares purchased by the Group and held as treasury shares, if any. Diluted earnings per share amounts have been calculated by applying the \u201ctreasury stock\u201d method, as if the options were exercised at the begin-ning of the period, or on the issuance of options, if that occurs later during the period, and as if the funds obtained thereby were used to purchase common stock at the average market price during the period. In addition to the weighted average number of shares outstanding, the denominator includes the incremental shares obtained through the assumed exercise of the options. The assumption of exercise is not reflected in earnings per share when the exercise price of the options exceeds the average market price of the shares during the period. The share options have a diluting effect only when the average market price of the share during the period exceeds the exercise price of the options.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__60": {
"value": "Operating profitThe IAS 1 (Presentation of Financial Statements) standard does not define operating profit. The Group has defined it as follows: Operating profit is the net amount arising from adding other operating income and share of results in associates and joint ventures to net sales, deducting cost of sales corrected for changes in inventories and cost of production for own use, deducting costs related to employee benefits, depreciation and possible impairments as well as other operating expenses. Foreign exchange differences and changes in the fair value of derivative financial instruments are included in operating profit in case they originate from operative business items; otherwise they are booked in financial income and expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__61": {
"value": "Cash flow statementCash and cash equivalents presented in the cash flow statement com-prise cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Cash generated from operating activities has been reported us-ing the indirect method. All income taxes paid during the financial year are presented in Net cash generated from operating activities, unless they can be particularly allocated to net cash from (used in) investing or financing activities. Unrealized exchange gains and losses from cash and cash equivalents denominated in foreign currencies are presented on a separate row before cash and cash equivalents at the end of period, separate from cash generated from (used in) operating, investing and financing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__62-1": {
"value": "Critical accounting estimates and judgmentsThe preparation of the consolidated financial statements in accordance with IFRS requires management to make certain estimates and assump-tions that affect the amounts recognized in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates. In addition, judgment has to be exercised in applying the accounting principles of the financial statements. Management\u2019s estimates and assumptions are based on historical experience and plau-sible future scenarios, which are continually evaluated. Possible changes in estimates and assumptions are recognized in the accounting period during which estimates and assumptions were fixed and in all subsequent accounting periods. The key assumptions concerning the future and other key sources of uncertainty related to estimations at the balance sheet date, that have sig-nificant risk of causing material adjustments to the carrying amounts of as-sets and liabilities within the next accounting period, are discussed below.Income taxesThe Group reviews at each balance sheet date especially the carrying amount of deferred tax assets. Deferred taxes are provided using the liability method, as measured with enacted tax rates, to reflect the tempo-rary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The main temporary differences arise from the depreciation difference on tangible assets, fair valuation of net assets in acquired companies, intra-group inventory profits, defined benefit plans, inventories and otherprovisions, untaxed reserves and tax losses carried forward. Temporary differences are recognized as a deferred tax asset to the extent that it is probable that future taxable profits will be available, against which the deductible temporary difference can be utilized. The likelihood for the recovery of deferred tax assets from future taxable income is assessed, and to the extent the recovery is not considered likely the deferred asset is adjusted in accordance. At each balance sheet date the Group reviews whether distribution of earnings in subsidiaries is in its control and prob-able, and books a deferred tax accordingly.ProvisionsThe timing of the recognition of a provision is based on management\u2019s estimate of the moment when the Group has a present legal or con-structive obligation, as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__64-1": {
"value": "Impairment testingThe carrying amounts of tangible and intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. Goodwill, intangible assets with indefinite useful lives and unfinished tangible assets are in all cases tested annually. For the purposes of assessing impairment, assets are grouped at the lowest cash generating unit level for which there are separately identifiable, mainly independent, cash inflows and outflows. An impairment loss is the amount by which the carrying amount of the assets exceeds the re-coverable amount. The recoverable amount is determined by reference to discounted future net cash flows expected to be generated by the asset. These calculations require the use of estimates.CREDIT AND DEFAULT RISKCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transac-tions and other financial instruments. The maximum exposure to credit risk is limited to the carrying value of the financial assets as included in the consolidated statement of financial position. The carrying value of financial assets is disclosed in note 23.The Group follows actively credit and default risks associated with customers and other counterparties. The Group\u2019s credit and default risk portfolio did not significantly change during the course of the financial period. The proportional amount of Group\u2019s trade receivables which are past due, decreased from 2023 levels. Net allowance for credit losses related to trade receivables decreased by EUR 0.5 million from 2023.Business related credit riskThe Group\u2019s accounts receivables are generated by a large number of customers worldwide and do not include any significant concentrations of credit risk by customer or by geographical area. The management of credit risk is allocated to each operative business unit. Before providing credit to any new customer, background checks are carried out. Cash, advance payments and letters of credit are also applied with new and existing customers. Each business unit is responsible for setting credit limits and monitoring it\u2019s credit customers\u2019 financial situ-ation. Customers\u2019 payment behavior is monitored regularly and delays in payments can trigger payment reminders, stopping the shipments, requirements for advance payments for future shipments and eventually legal collection procedures. In significant cases, business units consult with the Group\u2019s finance management before taking final decisions. In exceptional cases, payment terms may be renegotiated. Group recognizes credit loss of trade receivables by applying simpli-fied approach of expected credit loss according to IFRS 9, which uses a lifetime expected loss allowance. Group has estimated based on previous year\u2019s credit losses by aging category and nature as well as macroeco-nomic outlook in the near future, the expected credit loss provision. Trade receivables are monitored in client segment and location information. Estimate on expected credit losses is based on management\u2019s best judgement. More information on allowance for trade receivables is presented in note 15.In the table below is presented analysis of trade receivables that were past due but not impaired.Analysis of trade receivables that were past due but not impairedEUR Million 2024 2023Neither past due nor impaired 19.8 18.1Past due but not impairedLess than 1 month 2.9 4.51-3 months 0.8 1.43-6 months 0.4 0.8Over 6 months 0.5 0.7Total 24.4 25.5Trade loss provision from expected credit loss model, %% 2024Neither past due nor impaired 0.2Past due but not impairedLess than 1 month 0.91-3 months 6.03-6 months 11.0Over 6 months 20-100Financial credit riskFinancial instruments contain an element of risk resulting from changes in market price of such instruments due to counterparties becoming less creditworthy or risk of loss due to counterparties being unable to meet their obligations. This risk is measured and monitored centrally by the Group Risk Management.Financial credit risk is managed actively by limiting counterparties to a sufficient number of major banks and financial institutions and moni-toring the credit worthiness and exposure size continuously as well as through entering into collateral agreements with certain counterparties. The Group reduces credit risk by executing treasury transactions only with approved counterparties. All significant counterparties are rated with the minimum counterparty credit rating requirement being BBB (S&P). Foreign subsidiaries may have bank accounts in unrated financial institu-tions. In order to decrease credit risk associated with local banks used by subsidiaries in foreign countries, the subsidiaries are required to deposit their excess cash balances with the Group Treasury on an ongoing basis. Group\u2019s all investments related to liquidity management are made in liquid instruments with low credit risk. For instance, the Group does not have investments in commercial papers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__67": {
"value": "provisions, untaxed reserves and tax losses carried forward. Temporary differences are recognized as a deferred tax asset to the extent that it is probable that future taxable profits will be available, against which the deductible temporary difference can be utilized. The likelihood for the recovery of deferred tax assets from future taxable income is assessed, and to the extent the recovery is not considered likely the deferred asset is adjusted in accordance. At each balance sheet date the Group reviews whether distribution of earnings in subsidiaries is in its control and prob-able, and books a deferred tax accordingly.ProvisionsThe timing of the recognition of a provision is based on management\u2019s estimate of the moment when the Group has a present legal or con-structive obligation, as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__71": {
"value": "GEOGRAPHICAL AND GROUP-WIDE INFORMATIONThe Group operates in four geographical areas which are North America, Nordic, Rest of Europe and Rest of the World. External net sales and non-current assets are presented separately in the countries which proportion is significant.The non-current assets exclude non-current financial assets and de-ferred tax assets.The Group\u2019s customer base consists of a large number of customers in several market areas and no single customer represent by itself a significant part of the Group\u2019s net sales.EXTERNAL NET SALES BY UNIT LOCATIONEUR million 2024 2023Finland 22.8 24.7Other Nordic Countries 3.0 3.2Nordic total 25.8 27.8Russia 4.8 6.5France 35.8 32.2Other European Countries 17.8 18.4Rest of Europe Total 58.4 57.1USA 98.3 98.2Other North America 13.6 12.4North America total 111.9 110.6Rest of the World total 24.8 26.1Total 220.9 221.6NON-CURRENT ASSETS BY UNIT LOCATIONEUR million 2024 2023Finland 23.6 31.1Other Nordic Countries 1.4 1.6Nordic total 24.9 32.7Russia 0.2 0.2Other countries 25.8 44.6Rest of Europe total 26.1 44.9North America total 55.9 33.4China (incl. Hong Kong) 28.7 27.4Other countries 3.1 2.7Rest of the World total 31.9 30.1Total 138.8 141.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__70": {
"value": "GEOGRAPHICAL AND GROUP-WIDE INFORMATIONThe Group operates in four geographical areas which are North America, Nordic, Rest of Europe and Rest of the World. External net sales and non-current assets are presented separately in the countries which proportion is significant.The non-current assets exclude non-current financial assets and de-ferred tax assets.The Group\u2019s customer base consists of a large number of customers in several market areas and no single customer represent by itself a significant part of the Group\u2019s net sales.EXTERNAL NET SALES BY UNIT LOCATIONEUR million 2024 2023Finland 22.8 24.7Other Nordic Countries 3.0 3.2Nordic total 25.8 27.8Russia 4.8 6.5France 35.8 32.2Other European Countries 17.8 18.4Rest of Europe Total 58.4 57.1USA 98.3 98.2Other North America 13.6 12.4North America total 111.9 110.6Rest of the World total 24.8 26.1Total 220.9 221.6NON-CURRENT ASSETS BY UNIT LOCATIONEUR million 2024 2023Finland 23.6 31.1Other Nordic Countries 1.4 1.6Nordic total 24.9 32.7Russia 0.2 0.2Other countries 25.8 44.6Rest of Europe total 26.1 44.9North America total 55.9 33.4China (incl. Hong Kong) 28.7 27.4Other countries 3.1 2.7Rest of the World total 31.9 30.1Total 138.8 141.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__69": {
"value": "GEOGRAPHICAL AND GROUP-WIDE INFORMATIONThe Group operates in four geographical areas which are North America, Nordic, Rest of Europe and Rest of the World. External net sales and non-current assets are presented separately in the countries which proportion is significant.The non-current assets exclude non-current financial assets and de-ferred tax assets.The Group\u2019s customer base consists of a large number of customers in several market areas and no single customer represent by itself a significant part of the Group\u2019s net sales.EXTERNAL NET SALES BY UNIT LOCATIONEUR million 2024 2023Finland 22.8 24.7Other Nordic Countries 3.0 3.2Nordic total 25.8 27.8Russia 4.8 6.5France 35.8 32.2Other European Countries 17.8 18.4Rest of Europe Total 58.4 57.1USA 98.3 98.2Other North America 13.6 12.4North America total 111.9 110.6Rest of the World total 24.8 26.1Total 220.9 221.6NON-CURRENT ASSETS BY UNIT LOCATIONEUR million 2024 2023Finland 23.6 31.1Other Nordic Countries 1.4 1.6Nordic total 24.9 32.7Russia 0.2 0.2Other countries 25.8 44.6Rest of Europe total 26.1 44.9North America total 55.9 33.4China (incl. Hong Kong) 28.7 27.4Other countries 3.1 2.7Rest of the World total 31.9 30.1Total 138.8 141.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__73": {
"value": "ACQUISITIONS AND DIVESTMENTSAcquisitions in 2024No acquisitions were carried out in 2024Acquisitions in 2023 DQC International acquisition The Group did acquire 13 July 2023 the control of the DQC International, which was previously owned by the Group by 49% and after the July acquisition the Group ownership was 60%. As a result of purchase price allocation Rapala VMC Group recognized a goodwill of EUR 16.0 million of the acquisition. Main items driving fair value of net assets being lower than purchase consideration were the loans between Rapala VMC Group and DQC International valued approximately EUR 23 million. The acquisi-tion price of the 11% stake was one US dollar. The acquired company has been consolidated in the Group financials as of August 1, 2023 onwards.The Group published 21 December 2023 that Rapala VMC Corpora-tion has bought the remaining 40% shareholding of DQC International and now its ownership of the company is 100%. This later acquisition has been accounted according to IFRS 10 as acquisition of minority. The acquisition price was 350 000 US dollars. The acquisition offers Rapala VMC the opportunity to consolidate 13 Fishing into Rapala USA and continue to strengthen the company\u2019s market position within the U.S. market. Rapala\u2019s global manufacturing and purchasing strength, backed with a proven U.S. distribution center and supply chain, offers retailers world-class service they can count on. In the U.S., Rapala VMC Corporation has one of the largest sales and distribution networks cov-ering every corner of the U.S. market. Utilizing the market expertise and positive relationships fostered by the Rapala USA sales team will clearly place 13 Fishing in the market position it deserves.Divestments in 2024No divestments were carried out in 2024.Divestments in 2023No divestments were carried out in 2023.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__72": {
"value": "ACQUISITIONS AND DIVESTMENTSAcquisitions in 2024No acquisitions were carried out in 2024Acquisitions in 2023 DQC International acquisition The Group did acquire 13 July 2023 the control of the DQC International, which was previously owned by the Group by 49% and after the July acquisition the Group ownership was 60%. As a result of purchase price allocation Rapala VMC Group recognized a goodwill of EUR 16.0 million of the acquisition. Main items driving fair value of net assets being lower than purchase consideration were the loans between Rapala VMC Group and DQC International valued approximately EUR 23 million. The acquisi-tion price of the 11% stake was one US dollar. The acquired company has been consolidated in the Group financials as of August 1, 2023 onwards.The Group published 21 December 2023 that Rapala VMC Corpora-tion has bought the remaining 40% shareholding of DQC International and now its ownership of the company is 100%. This later acquisition has been accounted according to IFRS 10 as acquisition of minority. The acquisition price was 350 000 US dollars. The acquisition offers Rapala VMC the opportunity to consolidate 13 Fishing into Rapala USA and continue to strengthen the company\u2019s market position within the U.S. market. Rapala\u2019s global manufacturing and purchasing strength, backed with a proven U.S. distribution center and supply chain, offers retailers world-class service they can count on. In the U.S., Rapala VMC Corporation has one of the largest sales and distribution networks cov-ering every corner of the U.S. market. Utilizing the market expertise and positive relationships fostered by the Rapala USA sales team will clearly place 13 Fishing in the market position it deserves.Divestments in 2024No divestments were carried out in 2024.Divestments in 2023No divestments were carried out in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__75": {
"value": "OTHER OPERATING INCOMEEUR million 2024 2023Rental income0.1 0.0Other subsidies- 0.3Insurance compensations- 0.1Other income0.2 0.5Total0.3 1.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__74-1": {
"value": "OTHER OPERATING INCOMEEUR million 2024 2023Rental income0.1 0.0Other subsidies- 0.3Insurance compensations- 0.1Other income0.2 0.5Total0.3 1.0OTHER OPERATING EXPENSESEUR million 2024 2023Selling and marketing expenses -9.3 -10.4Rents paid (outside of IFRS 16) -1.4 -1.4Freight out -7.9 -7.5Maintenance and utility expenses -5.7 -6.0Traveling expenses -2.4 -3.2Sales commissions -3.7 -4.2Consulting expenses -1.9 -1.7IT and telecommunication -3.7 -3.5Auditors' fees and services -0.8 -0.9Outsourced logistics -0.8 -1.4Currency derivatives -0.7 0.3Other expenses -6.7 -8.3Total -45.1 -48.0AUDITORS\u2019 FEES AND SERVICESEUR million 2024 2023Audit fees -0,5 -0.7Fees for tax services - -0.2Non-audit fees 0.0 0.0Total -0,5 -0.9Audit company Deloitte Oy (2024), Ernst & Young (2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__81-1": {
"value": "OTHER OPERATING EXPENSESEUR million 2024 2023Selling and marketing expenses -9.3 -10.4Rents paid (outside of IFRS 16) -1.4 -1.4Freight out -7.9 -7.5Maintenance and utility expenses -5.7 -6.0Traveling expenses -2.4 -3.2Sales commissions -3.7 -4.2Consulting expenses -1.9 -1.7IT and telecommunication -3.7 -3.5Auditors' fees and services -0.8 -0.9Outsourced logistics -0.8 -1.4Currency derivatives -0.7 0.3Other expenses -6.7 -8.3Total -45.1 -48.0AUDITORS\u2019 FEES AND SERVICESEUR million 2024 2023Audit fees -0,5 -0.7Fees for tax services - -0.2Non-audit fees 0.0 0.0Total -0,5 -0.9Audit company Deloitte Oy (2024), Ernst & Young (2023).MATERIALS AND SERVICESEUR million 2024 2023Materials, goods and suppliesPurchases during the period -90.6 -80.4Change in inventory -2.1 -0.6External services -2.7 -2.5Total -95.4 -83.6EMPLOYEE BENEFIT EXPENSESEUR million 2024 2023Wages and salaries-49.8 -48.3Pension costs - defined contribution plans-2.5 -4.2Pension costs - defined benefit plans-0.3 -0.3Other long-term employee benefits- -0.3Option programs to be settled in shares- 0.0Other personnel expenses-11.1 -8.7Total-63.6 -61.7The employee benefit expenses in 2024 included EUR 1.6 million em-ployee related restructuring expenses (2023: EUR 1.1 million). For more details on employee benefits for top management and possible share-based incentive plans, see notes 28 and 29.AVERAGE PERSONNELPersons 2024 2023North America 133 124Nordic 139 251Rest of Europe 817 795Rest of the World 264 266Total 1 353 1 436RESEARCH AND DEVELOPMENT EXPENSESNet profit for the period includes research and development expenses of EUR 1.0 million recognized as an expense in 2024 (2023: EUR 0.8 million). Group has not capitalized development costs.FINANCIAL INCOME AND EXPENSESEUR million 2024 2023Foreign exchange gains and lossesFrom financial assets 1.9 -1.3From financial liabilities measured at amortized cost -1.2 -1.0From lease liabilities 0.0 0.0Interest and other financial incomeInterest income from financial assets measured at amortized cost 1.6 1.8Other financial income 0.0 0.1Interest and other financial expensesInterest expense on financial liabilities measured at amortized cost -7.4 -9.0Interest rate derivatives \u2013 non-hedge accounted -0.4 -0.2Currency derivatives - non-hedge accounted -0.1 -0.4Interest expenses on lease liabilities -0.6 -0.5Other financial expenses -2.1 -2.1Total -8.1 -10.7RECOGNIZED IN THE STATEMENT OF OTHER COMPREHENSIVE INCOMEEUR million 2024 2023Gains and losses on hedges of net investments, net of tax -0.1 -0.1Total-0.1 -0.1EXCHANGE GAINS AND LOSSES IN OPERATING PROFITEUR million 2024 2023In net sales1.1 0.3In purchases -0.3 -0.3In other operating expensesCurrency derivatives, non-hedge accounted-0.7 0.3Total0.0 0.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__80-1": {
"value": "OTHER OPERATING EXPENSESEUR million 2024 2023Selling and marketing expenses -9.3 -10.4Rents paid (outside of IFRS 16) -1.4 -1.4Freight out -7.9 -7.5Maintenance and utility expenses -5.7 -6.0Traveling expenses -2.4 -3.2Sales commissions -3.7 -4.2Consulting expenses -1.9 -1.7IT and telecommunication -3.7 -3.5Auditors' fees and services -0.8 -0.9Outsourced logistics -0.8 -1.4Currency derivatives -0.7 0.3Other expenses -6.7 -8.3Total -45.1 -48.0AUDITORS\u2019 FEES AND SERVICESEUR million 2024 2023Audit fees -0,5 -0.7Fees for tax services - -0.2Non-audit fees 0.0 0.0Total -0,5 -0.9Audit company Deloitte Oy (2024), Ernst & Young (2023).MATERIALS AND SERVICESEUR million 2024 2023Materials, goods and suppliesPurchases during the period -90.6 -80.4Change in inventory -2.1 -0.6External services -2.7 -2.5Total -95.4 -83.6EMPLOYEE BENEFIT EXPENSESEUR million 2024 2023Wages and salaries-49.8 -48.3Pension costs - defined contribution plans-2.5 -4.2Pension costs - defined benefit plans-0.3 -0.3Other long-term employee benefits- -0.3Option programs to be settled in shares- 0.0Other personnel expenses-11.1 -8.7Total-63.6 -61.7The employee benefit expenses in 2024 included EUR 1.6 million em-ployee related restructuring expenses (2023: EUR 1.1 million). For more details on employee benefits for top management and possible share-based incentive plans, see notes 28 and 29.AVERAGE PERSONNELPersons 2024 2023North America 133 124Nordic 139 251Rest of Europe 817 795Rest of the World 264 266Total 1 353 1 436RESEARCH AND DEVELOPMENT EXPENSESNet profit for the period includes research and development expenses of EUR 1.0 million recognized as an expense in 2024 (2023: EUR 0.8 million). Group has not capitalized development costs.FINANCIAL INCOME AND EXPENSESEUR million 2024 2023Foreign exchange gains and lossesFrom financial assets 1.9 -1.3From financial liabilities measured at amortized cost -1.2 -1.0From lease liabilities 0.0 0.0Interest and other financial incomeInterest income from financial assets measured at amortized cost 1.6 1.8Other financial income 0.0 0.1Interest and other financial expensesInterest expense on financial liabilities measured at amortized cost -7.4 -9.0Interest rate derivatives \u2013 non-hedge accounted -0.4 -0.2Currency derivatives - non-hedge accounted -0.1 -0.4Interest expenses on lease liabilities -0.6 -0.5Other financial expenses -2.1 -2.1Total -8.1 -10.7RECOGNIZED IN THE STATEMENT OF OTHER COMPREHENSIVE INCOMEEUR million 2024 2023Gains and losses on hedges of net investments, net of tax -0.1 -0.1Total-0.1 -0.1EXCHANGE GAINS AND LOSSES IN OPERATING PROFITEUR million 2024 2023In net sales1.1 0.3In purchases -0.3 -0.3In other operating expensesCurrency derivatives, non-hedge accounted-0.7 0.3Total0.0 0.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__79": {
"value": "OTHER OPERATING EXPENSESEUR million 2024 2023Selling and marketing expenses -9.3 -10.4Rents paid (outside of IFRS 16) -1.4 -1.4Freight out -7.9 -7.5Maintenance and utility expenses -5.7 -6.0Traveling expenses -2.4 -3.2Sales commissions -3.7 -4.2Consulting expenses -1.9 -1.7IT and telecommunication -3.7 -3.5Auditors' fees and services -0.8 -0.9Outsourced logistics -0.8 -1.4Currency derivatives -0.7 0.3Other expenses -6.7 -8.3Total -45.1 -48.0AUDITORS\u2019 FEES AND SERVICESEUR million 2024 2023Audit fees -0,5 -0.7Fees for tax services - -0.2Non-audit fees 0.0 0.0Total -0,5 -0.9Audit company Deloitte Oy (2024), Ernst & Young (2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__77": {
"value": "OTHER OPERATING EXPENSESEUR million 2024 2023Selling and marketing expenses -9.3 -10.4Rents paid (outside of IFRS 16) -1.4 -1.4Freight out -7.9 -7.5Maintenance and utility expenses -5.7 -6.0Traveling expenses -2.4 -3.2Sales commissions -3.7 -4.2Consulting expenses -1.9 -1.7IT and telecommunication -3.7 -3.5Auditors' fees and services -0.8 -0.9Outsourced logistics -0.8 -1.4Currency derivatives -0.7 0.3Other expenses -6.7 -8.3Total -45.1 -48.0AUDITORS\u2019 FEES AND SERVICESEUR million 2024 2023Audit fees -0,5 -0.7Fees for tax services - -0.2Non-audit fees 0.0 0.0Total -0,5 -0.9Audit company Deloitte Oy (2024), Ernst & Young (2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__78": {
"value": "AUDITORS\u2019 FEES AND SERVICESEUR million 2024 2023Audit fees -0,5 -0.7Fees for tax services - -0.2Non-audit fees 0.0 0.0Total -0,5 -0.9Audit company Deloitte Oy (2024), Ernst & Young (2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__82": {
"value": "MATERIALS AND SERVICESEUR million 2024 2023Materials, goods and suppliesPurchases during the period -90.6 -80.4Change in inventory -2.1 -0.6External services -2.7 -2.5Total -95.4 -83.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__86": {
"value": "EMPLOYEE BENEFIT EXPENSESEUR million 2024 2023Wages and salaries-49.8 -48.3Pension costs - defined contribution plans-2.5 -4.2Pension costs - defined benefit plans-0.3 -0.3Other long-term employee benefits- -0.3Option programs to be settled in shares- 0.0Other personnel expenses-11.1 -8.7Total-63.6 -61.7The employee benefit expenses in 2024 included EUR 1.6 million em-ployee related restructuring expenses (2023: EUR 1.1 million). For more details on employee benefits for top management and possible share-based incentive plans, see notes 28 and 29.AVERAGE PERSONNELPersons 2024 2023North America 133 124Nordic 139 251Rest of Europe 817 795Rest of the World 264 266Total 1 353 1 436",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__85": {
"value": "EMPLOYEE BENEFIT EXPENSESEUR million 2024 2023Wages and salaries-49.8 -48.3Pension costs - defined contribution plans-2.5 -4.2Pension costs - defined benefit plans-0.3 -0.3Other long-term employee benefits- -0.3Option programs to be settled in shares- 0.0Other personnel expenses-11.1 -8.7Total-63.6 -61.7The employee benefit expenses in 2024 included EUR 1.6 million em-ployee related restructuring expenses (2023: EUR 1.1 million). For more details on employee benefits for top management and possible share-based incentive plans, see notes 28 and 29.AVERAGE PERSONNELPersons 2024 2023North America 133 124Nordic 139 251Rest of Europe 817 795Rest of the World 264 266Total 1 353 1 436",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__91": {
"value": "RESEARCH AND DEVELOPMENT EXPENSESNet profit for the period includes research and development expenses of EUR 1.0 million recognized as an expense in 2024 (2023: EUR 0.8 million). Group has not capitalized development costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__89": {
"value": "RESEARCH AND DEVELOPMENT EXPENSESNet profit for the period includes research and development expenses of EUR 1.0 million recognized as an expense in 2024 (2023: EUR 0.8 million). Group has not capitalized development costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__93": {
"value": "FINANCIAL INCOME AND EXPENSESEUR million 2024 2023Foreign exchange gains and lossesFrom financial assets 1.9 -1.3From financial liabilities measured at amortized cost -1.2 -1.0From lease liabilities 0.0 0.0Interest and other financial incomeInterest income from financial assets measured at amortized cost 1.6 1.8Other financial income 0.0 0.1Interest and other financial expensesInterest expense on financial liabilities measured at amortized cost -7.4 -9.0Interest rate derivatives \u2013 non-hedge accounted -0.4 -0.2Currency derivatives - non-hedge accounted -0.1 -0.4Interest expenses on lease liabilities -0.6 -0.5Other financial expenses -2.1 -2.1Total -8.1 -10.7RECOGNIZED IN THE STATEMENT OF OTHER COMPREHENSIVE INCOMEEUR million 2024 2023Gains and losses on hedges of net investments, net of tax -0.1 -0.1Total-0.1 -0.1EXCHANGE GAINS AND LOSSES IN OPERATING PROFITEUR million 2024 2023In net sales1.1 0.3In purchases -0.3 -0.3In other operating expensesCurrency derivatives, non-hedge accounted-0.7 0.3Total0.0 0.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__94": {
"value": "FINANCIAL INCOME AND EXPENSESEUR million 2024 2023Foreign exchange gains and lossesFrom financial assets 1.9 -1.3From financial liabilities measured at amortized cost -1.2 -1.0From lease liabilities 0.0 0.0Interest and other financial incomeInterest income from financial assets measured at amortized cost 1.6 1.8Other financial income 0.0 0.1Interest and other financial expensesInterest expense on financial liabilities measured at amortized cost -7.4 -9.0Interest rate derivatives \u2013 non-hedge accounted -0.4 -0.2Currency derivatives - non-hedge accounted -0.1 -0.4Interest expenses on lease liabilities -0.6 -0.5Other financial expenses -2.1 -2.1Total -8.1 -10.7RECOGNIZED IN THE STATEMENT OF OTHER COMPREHENSIVE INCOMEEUR million 2024 2023Gains and losses on hedges of net investments, net of tax -0.1 -0.1Total-0.1 -0.1EXCHANGE GAINS AND LOSSES IN OPERATING PROFITEUR million 2024 2023In net sales1.1 0.3In purchases -0.3 -0.3In other operating expensesCurrency derivatives, non-hedge accounted-0.7 0.3Total0.0 0.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__95": {
"value": "FINANCIAL INCOME AND EXPENSESEUR million 2024 2023Foreign exchange gains and lossesFrom financial assets 1.9 -1.3From financial liabilities measured at amortized cost -1.2 -1.0From lease liabilities 0.0 0.0Interest and other financial incomeInterest income from financial assets measured at amortized cost 1.6 1.8Other financial income 0.0 0.1Interest and other financial expensesInterest expense on financial liabilities measured at amortized cost -7.4 -9.0Interest rate derivatives \u2013 non-hedge accounted -0.4 -0.2Currency derivatives - non-hedge accounted -0.1 -0.4Interest expenses on lease liabilities -0.6 -0.5Other financial expenses -2.1 -2.1Total -8.1 -10.7RECOGNIZED IN THE STATEMENT OF OTHER COMPREHENSIVE INCOMEEUR million 2024 2023Gains and losses on hedges of net investments, net of tax -0.1 -0.1Total-0.1 -0.1EXCHANGE GAINS AND LOSSES IN OPERATING PROFITEUR million 2024 2023In net sales1.1 0.3In purchases -0.3 -0.3In other operating expensesCurrency derivatives, non-hedge accounted-0.7 0.3Total0.0 0.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__96-1": {
"value": "FINANCIAL INCOME AND EXPENSESEUR million 2024 2023Foreign exchange gains and lossesFrom financial assets 1.9 -1.3From financial liabilities measured at amortized cost -1.2 -1.0From lease liabilities 0.0 0.0Interest and other financial incomeInterest income from financial assets measured at amortized cost 1.6 1.8Other financial income 0.0 0.1Interest and other financial expensesInterest expense on financial liabilities measured at amortized cost -7.4 -9.0Interest rate derivatives \u2013 non-hedge accounted -0.4 -0.2Currency derivatives - non-hedge accounted -0.1 -0.4Interest expenses on lease liabilities -0.6 -0.5Other financial expenses -2.1 -2.1Total -8.1 -10.7RECOGNIZED IN THE STATEMENT OF OTHER COMPREHENSIVE INCOMEEUR million 2024 2023Gains and losses on hedges of net investments, net of tax -0.1 -0.1Total-0.1 -0.1EXCHANGE GAINS AND LOSSES IN OPERATING PROFITEUR million 2024 2023In net sales1.1 0.3In purchases -0.3 -0.3In other operating expensesCurrency derivatives, non-hedge accounted-0.7 0.3Total0.0 0.3FINANCIAL ASSETS AND LIABILITIES BY CATEGORIES AND FAIR VALUES2024 2023Fair value of Fair value of Financial financial Financial financial Carrying assets and assets and Carrying assets and assets and 1)1)1)liabilities valueliabilities liabilities EUR million Notevalueliabilities FINANCIAL ASSETS2)Financial liabilities measured at amortized costNon-current financial assetsLoan receivables 15 0.7 0.7 0.7 0.7 0.7 0.7Other interest-bearing receivables 15 0.0 0.0 0.0Trade and other non-interest-bearing receivables 15 0.5 0.0 0.0 0.5 0.0 0.0Current financial assetsCash and cash equivalents 17 21.7 21.7 21.7 20.0 20.0 20.0Trade and other non-interest-bearing receivables 15 31.1 24.4 24.4 34.1 25.5 25.5Fair value through other comprehensive incomeOther shares 14 0.1 0.1 0.1 0.2 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 15, 22 0.1 0.1 0.1 0.7 0.7 0.7FINANCIAL LIABILITIESFinancial liabilities at fair value through income statementInterest rate and currency derivatives - non-hedge accounted 22, 25 1.4 1.4 1.4 0.3 0.3 0.32)Financial liabilities measured at amortized costNon-current financial liabilitiesLoans from financial institutions 24 49.4 49.4 49.6 66.0 66.0 66.3Other non-interest-bearing liabilities 25 0.0 0.0 0.0 0.0 0.0 0.0Current financial liabilitiesLoans from financial institutions 24 8.3 8.3 8.3 8.1 8.1 8.1Commercial paper program 24 14.0 14.0 14.0 13.5 13.5 13.5Trade and other non-interest-bearing payables 25 39.5 19.9 19.9 27.9 11.0 11.01) The proportion of the carrying value which is classified as financial assets and liabilities according to IFRS 9. 2) Fair value hierarchy level 2.FAIR VALUE HIERARCHY OF THE FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE2024 2023EUR million Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3FINANCIAL ASSETS AT FAIR VALUEFair value through other comprehensive incomeOther shares 0.1 0.1 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 0.1 0.1 0.7 0.7Total 0.1 0.1 0.1 0.9 0.7 0.2FINANCIAL LIABILITIES AT FAIR VALUEFinancial liabilities at fair value through income statement Currency and interest derivatives - non-hedge accounted 1.4 1.4 0.3 0.3Total 1.4 1.4 0.3 0.3FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIESFair value hierarchy levelsThe fair values of the financial assets and liabilities on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market. Currently there are no financial instruments on level 1.The fair values of the financial assets and liabilities on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable market inputs either directly (i.e. prices) or indirectly (i.e. de-rived from prices).The fair values of the financial assets and liabilities on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data. For example management estimates are utilized in generally accepted valuation mod-els of the financial instruments on the Level 3.The fair value hierarchy level, into which the entire financial asset or liability is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset or liability. The significance of the information is estimated con-sidering the financial asset or liability in its entirety.No significant transfers between the hierarchy levels took place during the financial period.Other sharesOther shares comprise of unlisted shares that are measured at fair value. Certain unlisted shares for which fair values cannot be measured reliably are measured at cost less possible impairment.DerivativesAll derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models.Current financial assets and liabilitiesDue to their short maturity, the fair value of current financial assets and liabilities is regarded as corresponding to their original carrying amount.Non-current financial assetsThe fair value of non-current financial assets is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current interest-bearing liabilitiesOn December 31, 2024, 0.0% (2023: 0.0%) of non-current loans based on floating rates was connected to one-month euribor or similar and the rest to maximum six-month Euribor or similar. Therefore, the fair value of non-current loans based on floating rates is regarded as equaling their book value. A part of non-current loans on floating rates is hedged with separate interest rate derivatives which are described in note 22. The fair value of non-current loans on fixed rates is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current non-interest-bearing liabilitiesContingent considerations of business combinations and other acquisi-tions are recognized at fair value on the date of acquisition. Determination of fair values is based on discounted future cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__97": {
"value": "FINANCIAL INCOME AND EXPENSESEUR million 2024 2023Foreign exchange gains and lossesFrom financial assets 1.9 -1.3From financial liabilities measured at amortized cost -1.2 -1.0From lease liabilities 0.0 0.0Interest and other financial incomeInterest income from financial assets measured at amortized cost 1.6 1.8Other financial income 0.0 0.1Interest and other financial expensesInterest expense on financial liabilities measured at amortized cost -7.4 -9.0Interest rate derivatives \u2013 non-hedge accounted -0.4 -0.2Currency derivatives - non-hedge accounted -0.1 -0.4Interest expenses on lease liabilities -0.6 -0.5Other financial expenses -2.1 -2.1Total -8.1 -10.7RECOGNIZED IN THE STATEMENT OF OTHER COMPREHENSIVE INCOMEEUR million 2024 2023Gains and losses on hedges of net investments, net of tax -0.1 -0.1Total-0.1 -0.1EXCHANGE GAINS AND LOSSES IN OPERATING PROFITEUR million 2024 2023In net sales1.1 0.3In purchases -0.3 -0.3In other operating expensesCurrency derivatives, non-hedge accounted-0.7 0.3Total0.0 0.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__98": {
"value": "FINANCIAL INCOME AND EXPENSESEUR million 2024 2023Foreign exchange gains and lossesFrom financial assets 1.9 -1.3From financial liabilities measured at amortized cost -1.2 -1.0From lease liabilities 0.0 0.0Interest and other financial incomeInterest income from financial assets measured at amortized cost 1.6 1.8Other financial income 0.0 0.1Interest and other financial expensesInterest expense on financial liabilities measured at amortized cost -7.4 -9.0Interest rate derivatives \u2013 non-hedge accounted -0.4 -0.2Currency derivatives - non-hedge accounted -0.1 -0.4Interest expenses on lease liabilities -0.6 -0.5Other financial expenses -2.1 -2.1Total -8.1 -10.7RECOGNIZED IN THE STATEMENT OF OTHER COMPREHENSIVE INCOMEEUR million 2024 2023Gains and losses on hedges of net investments, net of tax -0.1 -0.1Total-0.1 -0.1EXCHANGE GAINS AND LOSSES IN OPERATING PROFITEUR million 2024 2023In net sales1.1 0.3In purchases -0.3 -0.3In other operating expensesCurrency derivatives, non-hedge accounted-0.7 0.3Total0.0 0.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__99": {
"value": "FINANCIAL INCOME AND EXPENSESEUR million 2024 2023Foreign exchange gains and lossesFrom financial assets 1.9 -1.3From financial liabilities measured at amortized cost -1.2 -1.0From lease liabilities 0.0 0.0Interest and other financial incomeInterest income from financial assets measured at amortized cost 1.6 1.8Other financial income 0.0 0.1Interest and other financial expensesInterest expense on financial liabilities measured at amortized cost -7.4 -9.0Interest rate derivatives \u2013 non-hedge accounted -0.4 -0.2Currency derivatives - non-hedge accounted -0.1 -0.4Interest expenses on lease liabilities -0.6 -0.5Other financial expenses -2.1 -2.1Total -8.1 -10.7RECOGNIZED IN THE STATEMENT OF OTHER COMPREHENSIVE INCOMEEUR million 2024 2023Gains and losses on hedges of net investments, net of tax -0.1 -0.1Total-0.1 -0.1EXCHANGE GAINS AND LOSSES IN OPERATING PROFITEUR million 2024 2023In net sales1.1 0.3In purchases -0.3 -0.3In other operating expensesCurrency derivatives, non-hedge accounted-0.7 0.3Total0.0 0.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__100": {
"value": "FINANCIAL INCOME AND EXPENSESEUR million 2024 2023Foreign exchange gains and lossesFrom financial assets 1.9 -1.3From financial liabilities measured at amortized cost -1.2 -1.0From lease liabilities 0.0 0.0Interest and other financial incomeInterest income from financial assets measured at amortized cost 1.6 1.8Other financial income 0.0 0.1Interest and other financial expensesInterest expense on financial liabilities measured at amortized cost -7.4 -9.0Interest rate derivatives \u2013 non-hedge accounted -0.4 -0.2Currency derivatives - non-hedge accounted -0.1 -0.4Interest expenses on lease liabilities -0.6 -0.5Other financial expenses -2.1 -2.1Total -8.1 -10.7RECOGNIZED IN THE STATEMENT OF OTHER COMPREHENSIVE INCOMEEUR million 2024 2023Gains and losses on hedges of net investments, net of tax -0.1 -0.1Total-0.1 -0.1EXCHANGE GAINS AND LOSSES IN OPERATING PROFITEUR million 2024 2023In net sales1.1 0.3In purchases -0.3 -0.3In other operating expensesCurrency derivatives, non-hedge accounted-0.7 0.3Total0.0 0.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__105": {
"value": "INCOME TAXESINCOME TAXES IN THE INCOME STATEMENTEUR million 2024 2023Current taxes -2.3 -2.5Deferred taxes 2.3 2.0Total income taxes 0.0 -0.6INCOME TAX RECONCILIATIONEUR million 2024 2023Profit/loss before taxes 0.5 -6.7Income taxes at Finnish statutory tax rate (20%) -0,1 1.3Difference between Finnish and foreign tax rates -0.4 -0.2Prior year income taxes 1.0 -0.2Foreign withholding taxes -0.2 -0.3Effect of deferred taxes not recognized -0.4 -1.2Benefit arising from previously unrecognized deferred tax asset 1.8 0.5Income taxes on undistributed earnings-1.0 0.2Effect of changes of tax rates0.1 -Share of results of associated companies0.0 -0.3Other items-0,8 -0.4Income taxes in the income statement 0.0 -0.6TAXES IN OTHER COMPREHENSIVE INCOME 2024Tax Before expense/ Net of EUR milliontaxbenefittaxTranslation differences 1.1 - 1.1Remeasurement of defined benefit liabilities -0.1 - -0,1Net investment hedges -0.1 0.0 -0,1Total 0.9 0.0 0.92023Tax Before expense/ Net of EUR milliontaxbenefittaxTranslation differences -3.1 - -3.1Remeasurement of defined benefit liabilities 0.2 - 0.2Net investment hedges -0.1 0.0 -0.1Total -3.0 0.0 -3.0DEFERRED TAXESEUR million 2024 2023Lease liabilities* 0.8 1.0Tax losses and credits carried forward 11.2 7.9Provisions 1.3 1.2Employee benefits 0.4 0.4Depreciation differences 2.5 1.9Inventories 3.7 3.3Total 19.9 15.7Offset against deferred tax liabilities -4.9 -3.4Total deferred tax assets 14.9 12.2Right-of-use assets* 0.7 1.0Depreciation differences and other untaxed reserves 2.9 2.7Fair value allocations for acquired net assets 5.8 5.4Undistributed earnings 4.2 3.1Other temporary differences 0.2 0.4Total 13.8 12.5Offset against deferred tax assets -4.9 -3.4Total deferred tax liabilities 8.9 9.1Net deferred tax assets (+) / liabilities (-) 6.0 3.1*) Due to the amendments to IAS 12 Income taxes -standard, deferred tax assets and liabilities on right-of-use assets and lease liabilities are presented separately and not offset against each other.MOVEMENT IN THE NET DEFERRED TAX BALANCEEUR million 2024 2023Net deferred tax assets (+) and liabilities (-) at January 1 3.1 1.4Recognized in income statement 2.3 2.0Recognized in other comprehensive income 0.0Recognized in equity 0.7 0.1Translation differences -0.1 -0.4Net deferred tax assets (+) and liabilities (-) at December 31 6.0 3.1Deferred taxes have been reported as a net balance according to IAS 12. As of December 31, 2024, the Group had tax losses carried forward of EUR 37.3 million (2023: EUR 32.1 million), for which deferred tax assets have not been recognized in the consolidated financial statements because the realization of the tax benefit is not probable. EUR 1.6 million of these tax losses will expire during the next five years (2023: EUR 1.5 million).Deferred tax liability on undistributed earnings of subsidiaries has been recognized in the consolidated balance sheet to the extent that distribu-tion is probable within the foreseeable future.The consolidated balance sheet includes deferred tax assets of EUR 8.5 million (2023: EUR 9.2 million) in group companies, which have generated losses in financial year 2024 or 2023. The recognition of these assets is based on profit estimates, which indicate that the realization of these deferred tax assets is probable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__103": {
"value": "INCOME TAXESINCOME TAXES IN THE INCOME STATEMENTEUR million 2024 2023Current taxes -2.3 -2.5Deferred taxes 2.3 2.0Total income taxes 0.0 -0.6INCOME TAX RECONCILIATIONEUR million 2024 2023Profit/loss before taxes 0.5 -6.7Income taxes at Finnish statutory tax rate (20%) -0,1 1.3Difference between Finnish and foreign tax rates -0.4 -0.2Prior year income taxes 1.0 -0.2Foreign withholding taxes -0.2 -0.3Effect of deferred taxes not recognized -0.4 -1.2Benefit arising from previously unrecognized deferred tax asset 1.8 0.5Income taxes on undistributed earnings-1.0 0.2Effect of changes of tax rates0.1 -Share of results of associated companies0.0 -0.3Other items-0,8 -0.4Income taxes in the income statement 0.0 -0.6TAXES IN OTHER COMPREHENSIVE INCOME 2024Tax Before expense/ Net of EUR milliontaxbenefittaxTranslation differences 1.1 - 1.1Remeasurement of defined benefit liabilities -0.1 - -0,1Net investment hedges -0.1 0.0 -0,1Total 0.9 0.0 0.92023Tax Before expense/ Net of EUR milliontaxbenefittaxTranslation differences -3.1 - -3.1Remeasurement of defined benefit liabilities 0.2 - 0.2Net investment hedges -0.1 0.0 -0.1Total -3.0 0.0 -3.0DEFERRED TAXESEUR million 2024 2023Lease liabilities* 0.8 1.0Tax losses and credits carried forward 11.2 7.9Provisions 1.3 1.2Employee benefits 0.4 0.4Depreciation differences 2.5 1.9Inventories 3.7 3.3Total 19.9 15.7Offset against deferred tax liabilities -4.9 -3.4Total deferred tax assets 14.9 12.2Right-of-use assets* 0.7 1.0Depreciation differences and other untaxed reserves 2.9 2.7Fair value allocations for acquired net assets 5.8 5.4Undistributed earnings 4.2 3.1Other temporary differences 0.2 0.4Total 13.8 12.5Offset against deferred tax assets -4.9 -3.4Total deferred tax liabilities 8.9 9.1Net deferred tax assets (+) / liabilities (-) 6.0 3.1*) Due to the amendments to IAS 12 Income taxes -standard, deferred tax assets and liabilities on right-of-use assets and lease liabilities are presented separately and not offset against each other.MOVEMENT IN THE NET DEFERRED TAX BALANCEEUR million 2024 2023Net deferred tax assets (+) and liabilities (-) at January 1 3.1 1.4Recognized in income statement 2.3 2.0Recognized in other comprehensive income 0.0Recognized in equity 0.7 0.1Translation differences -0.1 -0.4Net deferred tax assets (+) and liabilities (-) at December 31 6.0 3.1Deferred taxes have been reported as a net balance according to IAS 12. As of December 31, 2024, the Group had tax losses carried forward of EUR 37.3 million (2023: EUR 32.1 million), for which deferred tax assets have not been recognized in the consolidated financial statements because the realization of the tax benefit is not probable. EUR 1.6 million of these tax losses will expire during the next five years (2023: EUR 1.5 million).Deferred tax liability on undistributed earnings of subsidiaries has been recognized in the consolidated balance sheet to the extent that distribu-tion is probable within the foreseeable future.The consolidated balance sheet includes deferred tax assets of EUR 8.5 million (2023: EUR 9.2 million) in group companies, which have generated losses in financial year 2024 or 2023. The recognition of these assets is based on profit estimates, which indicate that the realization of these deferred tax assets is probable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__104": {
"value": "DEFERRED TAXESEUR million 2024 2023Lease liabilities* 0.8 1.0Tax losses and credits carried forward 11.2 7.9Provisions 1.3 1.2Employee benefits 0.4 0.4Depreciation differences 2.5 1.9Inventories 3.7 3.3Total 19.9 15.7Offset against deferred tax liabilities -4.9 -3.4Total deferred tax assets 14.9 12.2Right-of-use assets* 0.7 1.0Depreciation differences and other untaxed reserves 2.9 2.7Fair value allocations for acquired net assets 5.8 5.4Undistributed earnings 4.2 3.1Other temporary differences 0.2 0.4Total 13.8 12.5Offset against deferred tax assets -4.9 -3.4Total deferred tax liabilities 8.9 9.1Net deferred tax assets (+) / liabilities (-) 6.0 3.1*) Due to the amendments to IAS 12 Income taxes -standard, deferred tax assets and liabilities on right-of-use assets and lease liabilities are presented separately and not offset against each other.MOVEMENT IN THE NET DEFERRED TAX BALANCEEUR million 2024 2023Net deferred tax assets (+) and liabilities (-) at January 1 3.1 1.4Recognized in income statement 2.3 2.0Recognized in other comprehensive income 0.0Recognized in equity 0.7 0.1Translation differences -0.1 -0.4Net deferred tax assets (+) and liabilities (-) at December 31 6.0 3.1Deferred taxes have been reported as a net balance according to IAS 12. As of December 31, 2024, the Group had tax losses carried forward of EUR 37.3 million (2023: EUR 32.1 million), for which deferred tax assets have not been recognized in the consolidated financial statements because the realization of the tax benefit is not probable. EUR 1.6 million of these tax losses will expire during the next five years (2023: EUR 1.5 million).Deferred tax liability on undistributed earnings of subsidiaries has been recognized in the consolidated balance sheet to the extent that distribu-tion is probable within the foreseeable future.The consolidated balance sheet includes deferred tax assets of EUR 8.5 million (2023: EUR 9.2 million) in group companies, which have generated losses in financial year 2024 or 2023. The recognition of these assets is based on profit estimates, which indicate that the realization of these deferred tax assets is probable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__108-1": {
"value": "INTANGIBLE ASSETS2024Customer Other intangible EUR million Goodwill Trademarksrelationsassets TotalAcquisition cost Jan 1 64.3 35.4 3.9 10.2 113.8Additions 0.0 0.3 0.3Disposals -0.1 -1.3 -2.2 -3.61)Reclassifications -0.3 0.6 0.3Translation differences 2.0 1.2 0.1 0.1 3.4Acquisition cost Dec 31 66.3 36.1 2.7 9.0 114.1Accumulated amortization Jan 1 -0.9 -3.8 -7.4 -12.0Disposals 0.1 1.3 1.8 3.2Amortization during the period -0.1 -0.7 -0.9Translation differences -0.2 -0.2 0.0 -0.3Accumulated amortization Dec 31 -0.9 -2.6 -6.3 -9.8Carrying value Jan 1 64.3 34.5 0.2 2.8 101.7Carrying value Dec 31 66.3 35.1 0.1 2.7 104.22023Customer Other intangible EUR million Goodwill Trademarksrelationsassets TotalAcquisition cost Jan 1 50.2 33.9 4.0 8.7 96.7Additions 15.0 1.9 0.6 17.5Disposals 0.0 -0.8 -0.71)Reclassifications 1.5 1.5Translation differences -0.9 -0.4 -0.1 0.1 -1.2Acquisition cost 31.12. 64.3 35.4 3.9 10.2 113.8Accumulated amortization Jan 1 -0.9 -3.8 -7.3 -12.0Disposals 0.7 0.71)Reclassifications -0.3 -0.3Amortization during the period -0.1 -0.5 -0.5Translation differences 0.0 0.1 0.0 0.1Accumulated amortization Dec 31 -0.9 -3.8 -7.4 -12.0Carrying value Jan 1 50.2 33.0 0.2 1.3 84.7Carrying value Dec 31 64.3 34.5 0.2 2.8 101.71) Includes reclassifications between intangible and tangible assets.GOODWILL AND TRADEMARKS WITH INDEFINITE LIVES EUR million Total2024Goodwill 66.3Trademarks with indefinite lives 35.1Discount rate, % 9.992023Goodwill 64.3Trademarks with indefinite lives 34.5Discount rate, % 10.66Impairment testing of goodwill and trademarks with indefinite lives The Group is led as a whole and not organized nor managed in indepen-dent divisions. Most of the units are also strongly interlinked i.e. some units do not have a sales or a production organization or some other functions or operations needed to operate on a stand-alone basis. As a consequence, goodwill and trademarks with indefinite lives are tested on the Group level. However, according to IFRS, the lowest cash-generating unit (CGU) cannot be larger than an operating segment in the Group\u2019s segment reporting. The Group did announce on 12th December 2024 updating its IFRS segment reporting following the recent strategic or-ganisational changes and from December 2024 onwards, reporting seg-ments \u201cGroup products\u201d and \u201cThird Party Products\u201d will be removed. As a conseguence of the update Rapala VMC as a whole is considered as a single operating segment and a cash generating unit. The recoverable amount of the CGU is determined based on value-in-use calculations. Cash flow projections, which were used in these calcula-tions, were based on most recent 5-year financial forecasts prepared by the management and approved by the Board. The estimated sales and production volumes are derived from the utilization of existing property, plant and equipment. The most important assumptions on which man-agement has based its cash flow projections are the growth of sales and profitability and discount rate. Discount rate is the weighted average pre-tax cost of capital (WACC). The components of WACC are the risk-free yield rate, market risk premium, industry specific beta, cost of debt, and target capital structure. In the impairment tests prepared in 2024 and 2023, the growth rate used to extrapolate the cash flow beyond the five-year period is 0%. As a result of the performed impairment tests, no impairment losses have been recognized in 2024 or 2023.Key assumptionsSales \u2013 The Group\u2019s estimated sales are based on present and future product assortment and utilization of distribution and manufacturing capacity. In addition, estimated sales are based on long-term growth of industry and further implementation of Group\u2019s strategic objectives.EBITDA margin \u2013 The Group\u2019s estimated EBITDA margin, operating profit before depreciation and impairments compared to net sales, is based on past years actual margins and management\u2019s view on sales and gross margin development. The increase in general cost level has also been taken into account in the development of EBITDA margin. Discount rate \u2013 Discount rate is the weighted average pre-tax cost of capital (WACC). Weighted average cost of capital represents the total cost of Group\u2019s equity and debt taken into account specific risks related to assets.Growth rate \u2013 Compared to historical sales growth development, man-agement has been conservative in determining the growth rate for im-pairment purposes. Sensitivity analysisThe Group is the most sensitive to impairment loss especially with regard to discount rate growth. At the time of testing the recoverable amount of the Group exceeds 21.3 MEUR from it carrying amount and discount rate may not increase by more than 0.7%-points, after which the need of impairment arises.TANGIBLE ASSETS2024Advance pay-ments and Buildings and Machinery and Other tangible construction in EUR million Landstructuresequipmentassetsprogress TotalAcquisition cost Jan 1 1.3 23.0 61.4 15.9 2.2 103.6Additions 0.0 1.4 0.5 1.8 3.7Disposals -2.0 -7.2 -1.5 -0.6 -11.4Reclassifications 1) 0.2 0.1 0.2 -1.8 -1.3Translation differences 0.0 0.2 0.4 0.2 0.0 0.9Acquisition cost Dec 31 1.3 21.4 56.1 15.3 1.5 95.7Accumulated depreciation Jan 1 -17.0 -48.0 -13.0 -78.0Disposals 2.0 6.8 1.4 10.21)Reclassifications 1.2 1.2Depreciation during the period -0.9 -4.2 -1.0 -6.1Impairments 0.3 0.3Translation differences -0.2 -0.2 -0.2 -0.5Accumulated depreciation Dec 31 -16.0 -44.1 -12.8 -72.8Carrying value Jan 1 1.3 6.0 13.4 2.9 2.2 25.6Carrying value Dec 31 1.3 5.5 12.0 2.6 1.5 22.92023Advance pay-ments and Buildings and Machinery and Other tangible construction in EUR million Landstructuresequipmentassetsprogress TotalAcquisition cost Jan 1 2.0 27.8 65.1 19.0 3.0 117.0Additions 0.1 2.7 0.6 2.9 6.3Disposals -2.3 -7.7 -3.6 -0.5 -13.01)Reclassifications 0.5 1.6 0.2 -3.5 -1.22)Transfer to non-current assets held for sale -0.6 -2.9 -3.7Translation differences 0.0 -0.3 -0.3 -0.3 0.3 -0.7Acquisition cost Dec 31 1.3 23.0 61.4 15.9 2.2 103.6Accumulated depreciation Jan 1 -20.3 -52.7 -15.3 -88.3Disposals 2.4 7.7 3.4 12.2 1)Reclassifications3.4 0.0 -0.2 3.32)Transfer to non-current assets held for sale -1.7 -1.8Depreciation during the period -0.9 -3.3 -1.2 -5.4Impairments 0.5 0.5Translation differences 0.2 0.2 0.3 0.8Accumulated depreciation Dec 31 -17.0 -48.0 -13.0 -78.0Carrying value Jan 1 2.0 7.5 12.4 3.8 3.0 28.7Carrying value Dec 31 1.3 6.0 13.4 2.9 2.2 25.61) Includes reclassifications between intangible and tangible assets and inventories.2) Part of the subsidiary KL-Teho Oy\u2019s real estate and part of its buildings were classified as asset held for sale. The real estate is located in Jyv\u00e4skyl\u00e4. The Group also classified as asset held for sale a real estate located in Canada Oshawa Ontario. The KL-Teho real estate was sold on January 2024 and Canadian real estate on June 2024.LEASE CONTRACTS RIGHT-OF-USE ASSETS2024Land and Other EUR millionbuildingsassets TotalAcquisition cost Jan 1 33.9 4.0 38.0Additions 3.7 0.8 4.5Disposals -4.7 -1.3 -6.1Translation differences 0.1 0.0 0.1Acquisition cost Dec 31 33.0 3.5 36.5Accumulated depreciations Jan 1 -21.7 -2.8 -24.5Additions 0.2 - 0.2Disposals 3.8 1.1 4.9Depreciations during the period -4.8 -0.7 -5.5Translation differences 0.0 0.0 0.0Accumulated depreciations Dec 31 -22.5 -2.3 -24.8Carrying value Jan 1 12.2 1.3 13.5Carrying value Dec 31 10.5 1.2 11.7Group\u2019s most material right-of-use assets capitalised consists of build-ings as production facilities, offices and warehouses. Right-of-use asset section Other assets consists mainly of cars.2023Land and Other EUR millionbuildingsassets TotalAcquisition cost Jan 1 32.7 3.6 36.3Additions 2.8 0.6 3.5Disposals -0.6 -0.1 -0.7Translation differences -0.9 -0.1 -1.0Acquisition cost Dec 31 33.9 4.0 38.0Accumulated depreciations Jan 1 -18.1 -2.2 -20.3Disposals 0.5 0.1 0.6Depreciations during the period -5.0 -0.7 -5.7Translation differences 0.8 0.0 0.9Accumulated amortization Dec 31 -21.7 -2.8 -24.5Carrying value Jan 1 14.5 1.4 16.0Carrying value Dec 31 12.2 1.3 13.5Group\u2019s most material right-of-use assets capitalised consists of build-ings as production facilities, offices and warehouses. Right-of-use asset section Other assets consists mainly of cars.Off-balance sheet lease commitmentsTHE GROUP AS A LESSEEEUR million 2024 2023Non-cancellable lease agreements 0.3 0.3The non-cancellable lease agreements include short-term and other lease contracts that are not included in lease liabilities. Other rents include IT equipment leases that are not material.Maturity of the group\u2019s financial liabilities more detailed in the note 22. Lease liabilities more detailed in the note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__107": {
"value": "INTANGIBLE ASSETS2024Customer Other intangible EUR million Goodwill Trademarksrelationsassets TotalAcquisition cost Jan 1 64.3 35.4 3.9 10.2 113.8Additions 0.0 0.3 0.3Disposals -0.1 -1.3 -2.2 -3.61)Reclassifications -0.3 0.6 0.3Translation differences 2.0 1.2 0.1 0.1 3.4Acquisition cost Dec 31 66.3 36.1 2.7 9.0 114.1Accumulated amortization Jan 1 -0.9 -3.8 -7.4 -12.0Disposals 0.1 1.3 1.8 3.2Amortization during the period -0.1 -0.7 -0.9Translation differences -0.2 -0.2 0.0 -0.3Accumulated amortization Dec 31 -0.9 -2.6 -6.3 -9.8Carrying value Jan 1 64.3 34.5 0.2 2.8 101.7Carrying value Dec 31 66.3 35.1 0.1 2.7 104.22023Customer Other intangible EUR million Goodwill Trademarksrelationsassets TotalAcquisition cost Jan 1 50.2 33.9 4.0 8.7 96.7Additions 15.0 1.9 0.6 17.5Disposals 0.0 -0.8 -0.71)Reclassifications 1.5 1.5Translation differences -0.9 -0.4 -0.1 0.1 -1.2Acquisition cost 31.12. 64.3 35.4 3.9 10.2 113.8Accumulated amortization Jan 1 -0.9 -3.8 -7.3 -12.0Disposals 0.7 0.71)Reclassifications -0.3 -0.3Amortization during the period -0.1 -0.5 -0.5Translation differences 0.0 0.1 0.0 0.1Accumulated amortization Dec 31 -0.9 -3.8 -7.4 -12.0Carrying value Jan 1 50.2 33.0 0.2 1.3 84.7Carrying value Dec 31 64.3 34.5 0.2 2.8 101.71) Includes reclassifications between intangible and tangible assets.GOODWILL AND TRADEMARKS WITH INDEFINITE LIVES EUR million Total2024Goodwill 66.3Trademarks with indefinite lives 35.1Discount rate, % 9.992023Goodwill 64.3Trademarks with indefinite lives 34.5Discount rate, % 10.66Impairment testing of goodwill and trademarks with indefinite lives The Group is led as a whole and not organized nor managed in indepen-dent divisions. Most of the units are also strongly interlinked i.e. some units do not have a sales or a production organization or some other functions or operations needed to operate on a stand-alone basis. As a consequence, goodwill and trademarks with indefinite lives are tested on the Group level. However, according to IFRS, the lowest cash-generating unit (CGU) cannot be larger than an operating segment in the Group\u2019s segment reporting. The Group did announce on 12th December 2024 updating its IFRS segment reporting following the recent strategic or-ganisational changes and from December 2024 onwards, reporting seg-ments \u201cGroup products\u201d and \u201cThird Party Products\u201d will be removed. As a conseguence of the update Rapala VMC as a whole is considered as a single operating segment and a cash generating unit. The recoverable amount of the CGU is determined based on value-in-use calculations. Cash flow projections, which were used in these calcula-tions, were based on most recent 5-year financial forecasts prepared by the management and approved by the Board. The estimated sales and production volumes are derived from the utilization of existing property, plant and equipment. The most important assumptions on which man-agement has based its cash flow projections are the growth of sales and profitability and discount rate. Discount rate is the weighted average pre-tax cost of capital (WACC). The components of WACC are the risk-free yield rate, market risk premium, industry specific beta, cost of debt, and target capital structure. In the impairment tests prepared in 2024 and 2023, the growth rate used to extrapolate the cash flow beyond the five-year period is 0%. As a result of the performed impairment tests, no impairment losses have been recognized in 2024 or 2023.Key assumptionsSales \u2013 The Group\u2019s estimated sales are based on present and future product assortment and utilization of distribution and manufacturing capacity. In addition, estimated sales are based on long-term growth of industry and further implementation of Group\u2019s strategic objectives.EBITDA margin \u2013 The Group\u2019s estimated EBITDA margin, operating profit before depreciation and impairments compared to net sales, is based on past years actual margins and management\u2019s view on sales and gross margin development. The increase in general cost level has also been taken into account in the development of EBITDA margin. Discount rate \u2013 Discount rate is the weighted average pre-tax cost of capital (WACC). Weighted average cost of capital represents the total cost of Group\u2019s equity and debt taken into account specific risks related to assets.Growth rate \u2013 Compared to historical sales growth development, man-agement has been conservative in determining the growth rate for im-pairment purposes. Sensitivity analysisThe Group is the most sensitive to impairment loss especially with regard to discount rate growth. At the time of testing the recoverable amount of the Group exceeds 21.3 MEUR from it carrying amount and discount rate may not increase by more than 0.7%-points, after which the need of impairment arises.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__106": {
"value": "INTANGIBLE ASSETS2024Customer Other intangible EUR million Goodwill Trademarksrelationsassets TotalAcquisition cost Jan 1 64.3 35.4 3.9 10.2 113.8Additions 0.0 0.3 0.3Disposals -0.1 -1.3 -2.2 -3.61)Reclassifications -0.3 0.6 0.3Translation differences 2.0 1.2 0.1 0.1 3.4Acquisition cost Dec 31 66.3 36.1 2.7 9.0 114.1Accumulated amortization Jan 1 -0.9 -3.8 -7.4 -12.0Disposals 0.1 1.3 1.8 3.2Amortization during the period -0.1 -0.7 -0.9Translation differences -0.2 -0.2 0.0 -0.3Accumulated amortization Dec 31 -0.9 -2.6 -6.3 -9.8Carrying value Jan 1 64.3 34.5 0.2 2.8 101.7Carrying value Dec 31 66.3 35.1 0.1 2.7 104.22023Customer Other intangible EUR million Goodwill Trademarksrelationsassets TotalAcquisition cost Jan 1 50.2 33.9 4.0 8.7 96.7Additions 15.0 1.9 0.6 17.5Disposals 0.0 -0.8 -0.71)Reclassifications 1.5 1.5Translation differences -0.9 -0.4 -0.1 0.1 -1.2Acquisition cost 31.12. 64.3 35.4 3.9 10.2 113.8Accumulated amortization Jan 1 -0.9 -3.8 -7.3 -12.0Disposals 0.7 0.71)Reclassifications -0.3 -0.3Amortization during the period -0.1 -0.5 -0.5Translation differences 0.0 0.1 0.0 0.1Accumulated amortization Dec 31 -0.9 -3.8 -7.4 -12.0Carrying value Jan 1 50.2 33.0 0.2 1.3 84.7Carrying value Dec 31 64.3 34.5 0.2 2.8 101.71) Includes reclassifications between intangible and tangible assets.GOODWILL AND TRADEMARKS WITH INDEFINITE LIVES EUR million Total2024Goodwill 66.3Trademarks with indefinite lives 35.1Discount rate, % 9.992023Goodwill 64.3Trademarks with indefinite lives 34.5Discount rate, % 10.66Impairment testing of goodwill and trademarks with indefinite lives The Group is led as a whole and not organized nor managed in indepen-dent divisions. Most of the units are also strongly interlinked i.e. some units do not have a sales or a production organization or some other functions or operations needed to operate on a stand-alone basis. As a consequence, goodwill and trademarks with indefinite lives are tested on the Group level. However, according to IFRS, the lowest cash-generating unit (CGU) cannot be larger than an operating segment in the Group\u2019s segment reporting. The Group did announce on 12th December 2024 updating its IFRS segment reporting following the recent strategic or-ganisational changes and from December 2024 onwards, reporting seg-ments \u201cGroup products\u201d and \u201cThird Party Products\u201d will be removed. As a conseguence of the update Rapala VMC as a whole is considered as a single operating segment and a cash generating unit. The recoverable amount of the CGU is determined based on value-in-use calculations. Cash flow projections, which were used in these calcula-tions, were based on most recent 5-year financial forecasts prepared by the management and approved by the Board. The estimated sales and production volumes are derived from the utilization of existing property, plant and equipment. The most important assumptions on which man-agement has based its cash flow projections are the growth of sales and profitability and discount rate. Discount rate is the weighted average pre-tax cost of capital (WACC). The components of WACC are the risk-free yield rate, market risk premium, industry specific beta, cost of debt, and target capital structure. In the impairment tests prepared in 2024 and 2023, the growth rate used to extrapolate the cash flow beyond the five-year period is 0%. As a result of the performed impairment tests, no impairment losses have been recognized in 2024 or 2023.Key assumptionsSales \u2013 The Group\u2019s estimated sales are based on present and future product assortment and utilization of distribution and manufacturing capacity. In addition, estimated sales are based on long-term growth of industry and further implementation of Group\u2019s strategic objectives.EBITDA margin \u2013 The Group\u2019s estimated EBITDA margin, operating profit before depreciation and impairments compared to net sales, is based on past years actual margins and management\u2019s view on sales and gross margin development. The increase in general cost level has also been taken into account in the development of EBITDA margin. Discount rate \u2013 Discount rate is the weighted average pre-tax cost of capital (WACC). Weighted average cost of capital represents the total cost of Group\u2019s equity and debt taken into account specific risks related to assets.Growth rate \u2013 Compared to historical sales growth development, man-agement has been conservative in determining the growth rate for im-pairment purposes. Sensitivity analysisThe Group is the most sensitive to impairment loss especially with regard to discount rate growth. At the time of testing the recoverable amount of the Group exceeds 21.3 MEUR from it carrying amount and discount rate may not increase by more than 0.7%-points, after which the need of impairment arises.",
"dimensions": {
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"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__110": {
"value": "GOODWILL AND TRADEMARKS WITH INDEFINITE LIVES EUR million Total2024Goodwill 66.3Trademarks with indefinite lives 35.1Discount rate, % 9.992023Goodwill 64.3Trademarks with indefinite lives 34.5Discount rate, % 10.66",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__111": {
"value": "Impairment testing of goodwill and trademarks with indefinite lives The Group is led as a whole and not organized nor managed in indepen-dent divisions. Most of the units are also strongly interlinked i.e. some units do not have a sales or a production organization or some other functions or operations needed to operate on a stand-alone basis. As a consequence, goodwill and trademarks with indefinite lives are tested on the Group level. However, according to IFRS, the lowest cash-generating unit (CGU) cannot be larger than an operating segment in the Group\u2019s segment reporting. The Group did announce on 12th December 2024 updating its IFRS segment reporting following the recent strategic or-ganisational changes and from December 2024 onwards, reporting seg-ments \u201cGroup products\u201d and \u201cThird Party Products\u201d will be removed. As a conseguence of the update Rapala VMC as a whole is considered as a single operating segment and a cash generating unit. The recoverable amount of the CGU is determined based on value-in-use calculations. Cash flow projections, which were used in these calcula-tions, were based on most recent 5-year financial forecasts prepared by the management and approved by the Board. The estimated sales and production volumes are derived from the utilization of existing property, plant and equipment. The most important assumptions on which man-agement has based its cash flow projections are the growth of sales and profitability and discount rate. Discount rate is the weighted average pre-tax cost of capital (WACC). The components of WACC are the risk-free yield rate, market risk premium, industry specific beta, cost of debt, and target capital structure. In the impairment tests prepared in 2024 and 2023, the growth rate used to extrapolate the cash flow beyond the five-year period is 0%. As a result of the performed impairment tests, no impairment losses have been recognized in 2024 or 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__112": {
"value": "TANGIBLE ASSETS2024Advance pay-ments and Buildings and Machinery and Other tangible construction in EUR million Landstructuresequipmentassetsprogress TotalAcquisition cost Jan 1 1.3 23.0 61.4 15.9 2.2 103.6Additions 0.0 1.4 0.5 1.8 3.7Disposals -2.0 -7.2 -1.5 -0.6 -11.4Reclassifications 1) 0.2 0.1 0.2 -1.8 -1.3Translation differences 0.0 0.2 0.4 0.2 0.0 0.9Acquisition cost Dec 31 1.3 21.4 56.1 15.3 1.5 95.7Accumulated depreciation Jan 1 -17.0 -48.0 -13.0 -78.0Disposals 2.0 6.8 1.4 10.21)Reclassifications 1.2 1.2Depreciation during the period -0.9 -4.2 -1.0 -6.1Impairments 0.3 0.3Translation differences -0.2 -0.2 -0.2 -0.5Accumulated depreciation Dec 31 -16.0 -44.1 -12.8 -72.8Carrying value Jan 1 1.3 6.0 13.4 2.9 2.2 25.6Carrying value Dec 31 1.3 5.5 12.0 2.6 1.5 22.92023Advance pay-ments and Buildings and Machinery and Other tangible construction in EUR million Landstructuresequipmentassetsprogress TotalAcquisition cost Jan 1 2.0 27.8 65.1 19.0 3.0 117.0Additions 0.1 2.7 0.6 2.9 6.3Disposals -2.3 -7.7 -3.6 -0.5 -13.01)Reclassifications 0.5 1.6 0.2 -3.5 -1.22)Transfer to non-current assets held for sale -0.6 -2.9 -3.7Translation differences 0.0 -0.3 -0.3 -0.3 0.3 -0.7Acquisition cost Dec 31 1.3 23.0 61.4 15.9 2.2 103.6Accumulated depreciation Jan 1 -20.3 -52.7 -15.3 -88.3Disposals 2.4 7.7 3.4 12.2 1)Reclassifications3.4 0.0 -0.2 3.32)Transfer to non-current assets held for sale -1.7 -1.8Depreciation during the period -0.9 -3.3 -1.2 -5.4Impairments 0.5 0.5Translation differences 0.2 0.2 0.3 0.8Accumulated depreciation Dec 31 -17.0 -48.0 -13.0 -78.0Carrying value Jan 1 2.0 7.5 12.4 3.8 3.0 28.7Carrying value Dec 31 1.3 6.0 13.4 2.9 2.2 25.61) Includes reclassifications between intangible and tangible assets and inventories.2) Part of the subsidiary KL-Teho Oy\u2019s real estate and part of its buildings were classified as asset held for sale. The real estate is located in Jyv\u00e4skyl\u00e4. The Group also classified as asset held for sale a real estate located in Canada Oshawa Ontario. The KL-Teho real estate was sold on January 2024 and Canadian real estate on June 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__117": {
"value": "INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe Group has a 33.3% interest in associate Lanimo O\u00fc, an unlisted company domiciled in Estonia. The carrying amount does not include goodwill or impairments. Lanimo O\u00fc\u2019s figures are based on the infor-mation for the period ending on September 30, due to differences in reporting time schedule. The Group owned 49% of the share capital and voting rights of DQC International Corp until July 13, 2023, an unlisted company domiciled in the USA. DQC International Corp. is known for its 13 Fishing -branded rods and reels. Rapala VMC Group acquired the control of the company in the July 13, 2023 additional 11% stake acquisition. Associated companies are consolidated according to the equity method. DQC International Corp has been consolidated until July 13, 2023 using the equity method and after that consolidated as subsidiary to the Group financials.EUR million 2024 2023Acquisition cost Jan 1 0.0 1.2Share of profit/loss 0.0 -1.2Translation differences - 0.0Acquisition cost Dec 31 0.0 0.0INFORMATION ON ASSOCIATES AND JOINT VENTURESLanimo O\u00fc DQC International Corp.Until July EUR Million 2024 202313, 2023Net sales 0.2 0.2 9.0Purchases and other expenses -0.2 -0.2 -16.0Depreciation 0.0 0.0 -0.3Interest income and expenses 0.0 0.0 -0.9Net profit/loss for the period 0.0 0.0 -8.2Non-current assets 0.0 0.0 2.1Current assets 0.1 0.0 7.7Of which cash and cash equivalents 0.0 0.0 1.1Non-current liabilities 0.0 0.0 23.1Of which financial liabilities 0.0 0.0 23.1Current liabilities 0.0 0.0 2.7Net assets of associate/ joint venture 0.0 0.0 -16.0Net assets belonging to Rapala Group 0.0 0.0 -7.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__116": {
"value": "INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe Group has a 33.3% interest in associate Lanimo O\u00fc, an unlisted company domiciled in Estonia. The carrying amount does not include goodwill or impairments. Lanimo O\u00fc\u2019s figures are based on the infor-mation for the period ending on September 30, due to differences in reporting time schedule. The Group owned 49% of the share capital and voting rights of DQC International Corp until July 13, 2023, an unlisted company domiciled in the USA. DQC International Corp. is known for its 13 Fishing -branded rods and reels. Rapala VMC Group acquired the control of the company in the July 13, 2023 additional 11% stake acquisition. Associated companies are consolidated according to the equity method. DQC International Corp has been consolidated until July 13, 2023 using the equity method and after that consolidated as subsidiary to the Group financials.EUR million 2024 2023Acquisition cost Jan 1 0.0 1.2Share of profit/loss 0.0 -1.2Translation differences - 0.0Acquisition cost Dec 31 0.0 0.0INFORMATION ON ASSOCIATES AND JOINT VENTURESLanimo O\u00fc DQC International Corp.Until July EUR Million 2024 202313, 2023Net sales 0.2 0.2 9.0Purchases and other expenses -0.2 -0.2 -16.0Depreciation 0.0 0.0 -0.3Interest income and expenses 0.0 0.0 -0.9Net profit/loss for the period 0.0 0.0 -8.2Non-current assets 0.0 0.0 2.1Current assets 0.1 0.0 7.7Of which cash and cash equivalents 0.0 0.0 1.1Non-current liabilities 0.0 0.0 23.1Of which financial liabilities 0.0 0.0 23.1Current liabilities 0.0 0.0 2.7Net assets of associate/ joint venture 0.0 0.0 -16.0Net assets belonging to Rapala Group 0.0 0.0 -7.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__115": {
"value": "INVESTMENTS IN ASSOCIATES AND JOINT VENTURESThe Group has a 33.3% interest in associate Lanimo O\u00fc, an unlisted company domiciled in Estonia. The carrying amount does not include goodwill or impairments. Lanimo O\u00fc\u2019s figures are based on the infor-mation for the period ending on September 30, due to differences in reporting time schedule. The Group owned 49% of the share capital and voting rights of DQC International Corp until July 13, 2023, an unlisted company domiciled in the USA. DQC International Corp. is known for its 13 Fishing -branded rods and reels. Rapala VMC Group acquired the control of the company in the July 13, 2023 additional 11% stake acquisition. Associated companies are consolidated according to the equity method. DQC International Corp has been consolidated until July 13, 2023 using the equity method and after that consolidated as subsidiary to the Group financials.EUR million 2024 2023Acquisition cost Jan 1 0.0 1.2Share of profit/loss 0.0 -1.2Translation differences - 0.0Acquisition cost Dec 31 0.0 0.0INFORMATION ON ASSOCIATES AND JOINT VENTURESLanimo O\u00fc DQC International Corp.Until July EUR Million 2024 202313, 2023Net sales 0.2 0.2 9.0Purchases and other expenses -0.2 -0.2 -16.0Depreciation 0.0 0.0 -0.3Interest income and expenses 0.0 0.0 -0.9Net profit/loss for the period 0.0 0.0 -8.2Non-current assets 0.0 0.0 2.1Current assets 0.1 0.0 7.7Of which cash and cash equivalents 0.0 0.0 1.1Non-current liabilities 0.0 0.0 23.1Of which financial liabilities 0.0 0.0 23.1Current liabilities 0.0 0.0 2.7Net assets of associate/ joint venture 0.0 0.0 -16.0Net assets belonging to Rapala Group 0.0 0.0 -7.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__118": {
"value": "OTHER SHARESEUR million 2024 2023Carrying value Jan 1 0.2 0.2Disposals -0.1 -Carrying value Dec 31 0.1 0.2Other shares comprise of unlisted shares. The most significant, As Oy Tahkon Eagle, was sold during 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__120": {
"value": "RECEIVABLES EUR million 2024 2023Non-current receivablesInterest-bearingLoan receivables 0.7 0.7Other interest-bearing receivables 0.0 0.0Non-interest-bearingTrade receivables 0.0 0.0Other receivables 0.3 0.5Current receivablesNon-interest-bearingTrade receivables 24.4 25.5Derivatives 0.1 0.7VAT receivable 1.1 1.4Other prepaid expenses and accrued income 3.3 3.2Other receivables 2.4 4.1Total 32.2 36.0Fair values of financial assets are presented in the note 23.The average interest rate of non-current loan receivables was 3.50% (2023: 6.04%).ALLOWANCES BOOKED FOR TRADE RECEIVABLESEUR Million 2024 2023Allowance for trade receivables Jan 1 1.6 1.7Additions 0.3 0.7Deductions -0.5 -0.5Recovery -0.4 -0.3Translation differences 0.0 0.0Allowance for trade receivables Dec 31 1.1 1.6In most cases allowances are determined individually, when there is objective evidence (such as significant overdue of receivables and un-successful dunning attempts or known financial difficulties and thus increased probability of customer insolvency) that the Group will not be able to collect all amounts due according to the original terms of the receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__119": {
"value": "RECEIVABLES EUR million 2024 2023Non-current receivablesInterest-bearingLoan receivables 0.7 0.7Other interest-bearing receivables 0.0 0.0Non-interest-bearingTrade receivables 0.0 0.0Other receivables 0.3 0.5Current receivablesNon-interest-bearingTrade receivables 24.4 25.5Derivatives 0.1 0.7VAT receivable 1.1 1.4Other prepaid expenses and accrued income 3.3 3.2Other receivables 2.4 4.1Total 32.2 36.0Fair values of financial assets are presented in the note 23.The average interest rate of non-current loan receivables was 3.50% (2023: 6.04%).ALLOWANCES BOOKED FOR TRADE RECEIVABLESEUR Million 2024 2023Allowance for trade receivables Jan 1 1.6 1.7Additions 0.3 0.7Deductions -0.5 -0.5Recovery -0.4 -0.3Translation differences 0.0 0.0Allowance for trade receivables Dec 31 1.1 1.6In most cases allowances are determined individually, when there is objective evidence (such as significant overdue of receivables and un-successful dunning attempts or known financial difficulties and thus increased probability of customer insolvency) that the Group will not be able to collect all amounts due according to the original terms of the receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__121-1": {
"value": "ALLOWANCES BOOKED FOR TRADE RECEIVABLESEUR Million 2024 2023Allowance for trade receivables Jan 1 1.6 1.7Additions 0.3 0.7Deductions -0.5 -0.5Recovery -0.4 -0.3Translation differences 0.0 0.0Allowance for trade receivables Dec 31 1.1 1.6In most cases allowances are determined individually, when there is objective evidence (such as significant overdue of receivables and un-successful dunning attempts or known financial difficulties and thus increased probability of customer insolvency) that the Group will not be able to collect all amounts due according to the original terms of the receivables.Trade loss provision from expected credit loss model, %% 2024Neither past due nor impaired 0.2Past due but not impairedLess than 1 month 0.91-3 months 6.03-6 months 11.0Over 6 months 20-100",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__122": {
"value": "INVENTORIESEUR million 2024 2023Raw material 10.0 11.6Work in progress 8.4 8.9Finished products 72.9 74.3Net realizable value allowance -7.0 -7.3Total 84.2 87.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__123": {
"value": "CASH AND CASH EQUIVALENTS EUR million 2024 2023Cash at bank and in hand 19.8 19.7Short-term deposits 1.9 0.3Total 21.7 20.0Russia\u2019s current assets include EUR 2.4 million of cash and cash equiva-lents which may contain transfer restrictions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__124": {
"value": "NON-CURRENT ASSETS HELD FOR SALEEUR million 2024 2023Non-current assets held for sale - 1.9Total - 1.9The Group classified two real estates as assets held for sale during 2023. In year 2023 part of the subsidiary KL-Teho Oy\u2019s real estate and part of its buildings were classified as asset held for sale. The real estate is located in Jyv\u00e4skyl\u00e4. The Group did announce on 2nd January 2024 that the Group\u2019s injection molding business in 22nd December 2023. The sold business was located in the part of the real estate which was classified as asset held for sale. The selling of the business and classification of the assets as held for sale is a part of Rapala\u2019s strategy to focus on core business and release capital. The real estate was sold in January 2024. The Group also classified in 2023 as asset held for sale a real estate lo-cated in Canada Oshawa Ontario. The real estate is approximately 12222 square meters and the building area approximately 4635 square meters dividing into office and warehouse. The buildings are built in 1980 and renovated in 2004. The classification of the real estate to asset held for sale is a part of Rapala\u2019s strategy to focus on core business and release capital. The subsidiary located in the premises is finding a new location. The real estate was sold in June 2024. The real estate was leased back. The gain on sale of non-current assets held for sale has been reported on separate line in the Group statement of income.SHARE CAPITAL",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__128": {
"value": "SHARE CAPITAL AND EQUITY FUNDSEUR million 2024 2023Share capital Jan 1 3.6 3.6Share capital Dec 31 3.6 3.6Share premium fund Jan 1 16.7 16.7Share premium fund Dec 31 16.7 16.7Fund for invested non-restricted equity Jan 1 4.9 4.9Fund for invested non-restricted equity Dec 31 4.9 4.9SHARES AND SHARE CAPITALShares 2024 2023Number of shares Jan 1 39 000 000 39 000 000Number of shares Dec 31 39 000 000 39 000 000Own shares Jan 1 123 891 123 891Own shares Dec 31 123 891 123 891On December 31, 2024, the share capital fully paid and reported in the Trade Register was EUR 3.6 million and the total number of shares was 39 000 000.For more information on shares and share capital, see the section \u2019Shares and Shareholders\u2019.EQUITY FUNDSShare premium fund includes the premiums received on exercise of share options and other share issues under the old Finnish Limited Liability Companies Act. Fund for invested non-restricted equity includes subscrip-tion prices for shares to the extent that it is specifically not to be credited to share capital and other types of equity investments.Translation differences contain exchange differences arising from the currency translation of foreign subsidiaries\u2019 financial statements and exchange differences arising from monetary items that form part of net investments in foreign companies.HYBRID BONDA hybrid bond is an instrument which is presented under equity in the consolidated financial statements. A hybrid bond is subordinated to the company\u2019s other debt obligations, but has seniority over other equity items. The yield on a hybrid bond is paid if the Group distributes a divi-dend. If no dividend is distributed, the Group will make a separate decision on whether to pay the yield. Unpaid yields are accumulated. The holders of a hybrid bond do not possess the same rights as shareholders concerningcontrol or voting at General Meetings of shareholders.In November 2023 the Group issued hybrid capital securities in the ag-gregate amount of EUR 30 million (the \u201dCapital Securities\u201d). The Capital Securities bear a fixed coupon interest of 12.500 per cent per annum until 29 November 2026 (the \u201cReset Date\u201d) and, from the Reset Date, a floating interest rate as defined in the terms and conditions of the Capital Securities. The Capital Securities do not have a specified maturity date, but Rapala VMC is entitled to redeem the Capital Securities at their nominal amount on the Reset Date, and subsequently, on each interest payment date there-after. The issue date for the Capital Securities will be 29 November 2023. The accrued interest of 3.8 MEUR, resulting from the decision of the Board of Directors, was paid out in November 2024 and was recognized as a deduction from Group\u2019s equity. The accumulated non-recognized interest on hybrid bond on December 31, 2024 was 0.3 MEUR.Rapala VMC\u2019s largest shareholder, Viellard Migeon Et Compagnie Sa, has participated in the issue by subscribing for the Capital Securities in an amount of EUR 7.2 million.The Capital Securities are subordinated to the company\u2019s other debt obligations and treated as equity in Rapala VMC\u2019s consolidated financial statements prepared in accordance with the IFRS. The Capital Securities do not confer to its holders the rights of a shareholder and do not dilute the holdings of the current shareholders.The proceeds from the issue of the Capital Securities was used for general corporate purposes, including supporting Rapala VMC\u2019s balance sheet, cash balance and improving its financial flexibility amid challenging trading environment while implementing savings program in operating expenses and optimizing its inventories. The issuance of the Capital Secu-rities also diversified Rapala VMC\u00b4s financing sources to capital markets. DIVIDENDSNo dividend was paid for 2023. The Board of Directors proposes to the Annual General Meeting of Shareholders to be held on May 8, 2025 that no dividends will be paid for 2024. BOARD\u2019S AUTHORIZATIONSFor information on the Board\u2019s authorizations and acquisition of own shares, see section \u2019Shares and Shareholders\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__126": {
"value": "SHARE CAPITAL AND EQUITY FUNDSEUR million 2024 2023Share capital Jan 1 3.6 3.6Share capital Dec 31 3.6 3.6Share premium fund Jan 1 16.7 16.7Share premium fund Dec 31 16.7 16.7Fund for invested non-restricted equity Jan 1 4.9 4.9Fund for invested non-restricted equity Dec 31 4.9 4.9SHARES AND SHARE CAPITALShares 2024 2023Number of shares Jan 1 39 000 000 39 000 000Number of shares Dec 31 39 000 000 39 000 000Own shares Jan 1 123 891 123 891Own shares Dec 31 123 891 123 891On December 31, 2024, the share capital fully paid and reported in the Trade Register was EUR 3.6 million and the total number of shares was 39 000 000.For more information on shares and share capital, see the section \u2019Shares and Shareholders\u2019.EQUITY FUNDSShare premium fund includes the premiums received on exercise of share options and other share issues under the old Finnish Limited Liability Companies Act. Fund for invested non-restricted equity includes subscrip-tion prices for shares to the extent that it is specifically not to be credited to share capital and other types of equity investments.Translation differences contain exchange differences arising from the currency translation of foreign subsidiaries\u2019 financial statements and exchange differences arising from monetary items that form part of net investments in foreign companies.HYBRID BONDA hybrid bond is an instrument which is presented under equity in the consolidated financial statements. A hybrid bond is subordinated to the company\u2019s other debt obligations, but has seniority over other equity items. The yield on a hybrid bond is paid if the Group distributes a divi-dend. If no dividend is distributed, the Group will make a separate decision on whether to pay the yield. Unpaid yields are accumulated. The holders of a hybrid bond do not possess the same rights as shareholders concerningcontrol or voting at General Meetings of shareholders.In November 2023 the Group issued hybrid capital securities in the ag-gregate amount of EUR 30 million (the \u201dCapital Securities\u201d). The Capital Securities bear a fixed coupon interest of 12.500 per cent per annum until 29 November 2026 (the \u201cReset Date\u201d) and, from the Reset Date, a floating interest rate as defined in the terms and conditions of the Capital Securities. The Capital Securities do not have a specified maturity date, but Rapala VMC is entitled to redeem the Capital Securities at their nominal amount on the Reset Date, and subsequently, on each interest payment date there-after. The issue date for the Capital Securities will be 29 November 2023. The accrued interest of 3.8 MEUR, resulting from the decision of the Board of Directors, was paid out in November 2024 and was recognized as a deduction from Group\u2019s equity. The accumulated non-recognized interest on hybrid bond on December 31, 2024 was 0.3 MEUR.Rapala VMC\u2019s largest shareholder, Viellard Migeon Et Compagnie Sa, has participated in the issue by subscribing for the Capital Securities in an amount of EUR 7.2 million.The Capital Securities are subordinated to the company\u2019s other debt obligations and treated as equity in Rapala VMC\u2019s consolidated financial statements prepared in accordance with the IFRS. The Capital Securities do not confer to its holders the rights of a shareholder and do not dilute the holdings of the current shareholders.The proceeds from the issue of the Capital Securities was used for general corporate purposes, including supporting Rapala VMC\u2019s balance sheet, cash balance and improving its financial flexibility amid challenging trading environment while implementing savings program in operating expenses and optimizing its inventories. The issuance of the Capital Secu-rities also diversified Rapala VMC\u00b4s financing sources to capital markets. DIVIDENDSNo dividend was paid for 2023. The Board of Directors proposes to the Annual General Meeting of Shareholders to be held on May 8, 2025 that no dividends will be paid for 2024. BOARD\u2019S AUTHORIZATIONSFor information on the Board\u2019s authorizations and acquisition of own shares, see section \u2019Shares and Shareholders\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__125": {
"value": "SHARE CAPITAL AND EQUITY FUNDSEUR million 2024 2023Share capital Jan 1 3.6 3.6Share capital Dec 31 3.6 3.6Share premium fund Jan 1 16.7 16.7Share premium fund Dec 31 16.7 16.7Fund for invested non-restricted equity Jan 1 4.9 4.9Fund for invested non-restricted equity Dec 31 4.9 4.9SHARES AND SHARE CAPITALShares 2024 2023Number of shares Jan 1 39 000 000 39 000 000Number of shares Dec 31 39 000 000 39 000 000Own shares Jan 1 123 891 123 891Own shares Dec 31 123 891 123 891On December 31, 2024, the share capital fully paid and reported in the Trade Register was EUR 3.6 million and the total number of shares was 39 000 000.For more information on shares and share capital, see the section \u2019Shares and Shareholders\u2019.EQUITY FUNDSShare premium fund includes the premiums received on exercise of share options and other share issues under the old Finnish Limited Liability Companies Act. Fund for invested non-restricted equity includes subscrip-tion prices for shares to the extent that it is specifically not to be credited to share capital and other types of equity investments.Translation differences contain exchange differences arising from the currency translation of foreign subsidiaries\u2019 financial statements and exchange differences arising from monetary items that form part of net investments in foreign companies.HYBRID BONDA hybrid bond is an instrument which is presented under equity in the consolidated financial statements. A hybrid bond is subordinated to the company\u2019s other debt obligations, but has seniority over other equity items. The yield on a hybrid bond is paid if the Group distributes a divi-dend. If no dividend is distributed, the Group will make a separate decision on whether to pay the yield. Unpaid yields are accumulated. The holders of a hybrid bond do not possess the same rights as shareholders concerningcontrol or voting at General Meetings of shareholders.In November 2023 the Group issued hybrid capital securities in the ag-gregate amount of EUR 30 million (the \u201dCapital Securities\u201d). The Capital Securities bear a fixed coupon interest of 12.500 per cent per annum until 29 November 2026 (the \u201cReset Date\u201d) and, from the Reset Date, a floating interest rate as defined in the terms and conditions of the Capital Securities. The Capital Securities do not have a specified maturity date, but Rapala VMC is entitled to redeem the Capital Securities at their nominal amount on the Reset Date, and subsequently, on each interest payment date there-after. The issue date for the Capital Securities will be 29 November 2023. The accrued interest of 3.8 MEUR, resulting from the decision of the Board of Directors, was paid out in November 2024 and was recognized as a deduction from Group\u2019s equity. The accumulated non-recognized interest on hybrid bond on December 31, 2024 was 0.3 MEUR.Rapala VMC\u2019s largest shareholder, Viellard Migeon Et Compagnie Sa, has participated in the issue by subscribing for the Capital Securities in an amount of EUR 7.2 million.The Capital Securities are subordinated to the company\u2019s other debt obligations and treated as equity in Rapala VMC\u2019s consolidated financial statements prepared in accordance with the IFRS. The Capital Securities do not confer to its holders the rights of a shareholder and do not dilute the holdings of the current shareholders.The proceeds from the issue of the Capital Securities was used for general corporate purposes, including supporting Rapala VMC\u2019s balance sheet, cash balance and improving its financial flexibility amid challenging trading environment while implementing savings program in operating expenses and optimizing its inventories. The issuance of the Capital Secu-rities also diversified Rapala VMC\u00b4s financing sources to capital markets. DIVIDENDSNo dividend was paid for 2023. The Board of Directors proposes to the Annual General Meeting of Shareholders to be held on May 8, 2025 that no dividends will be paid for 2024. BOARD\u2019S AUTHORIZATIONSFor information on the Board\u2019s authorizations and acquisition of own shares, see section \u2019Shares and Shareholders\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__127": {
"value": "SHARES AND SHARE CAPITALShares 2024 2023Number of shares Jan 1 39 000 000 39 000 000Number of shares Dec 31 39 000 000 39 000 000Own shares Jan 1 123 891 123 891Own shares Dec 31 123 891 123 891On December 31, 2024, the share capital fully paid and reported in the Trade Register was EUR 3.6 million and the total number of shares was 39 000 000.For more information on shares and share capital, see the section \u2019Shares and Shareholders\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__129": {
"value": "DIVIDENDSNo dividend was paid for 2023. The Board of Directors proposes to the Annual General Meeting of Shareholders to be held on May 8, 2025 that no dividends will be paid for 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__130": {
"value": "EMPLOYEE BENEFIT OBLIGATIONSMost of the Group\u00b4s pension plans are defined contribution plans. The Group has defined benefit pension plans in France and in some Rest of the World countries. The plans in Rest of the World countries are immate-rial as a whole. The retirement benefits are determined based on salary and period of employment. These obligations are unfunded. The Group has no other post-employment benefit obligations. The pension security of the personnel of the Group\u2019s Finnish companies is arranged under the Finnish statutory employee pension plan (TYEL) through an external pension insurance company. Employee benefit obligations also include a long-term profit-sharing payable to the employees in France and in some Rest of the World countries.EXPENSES RECOGNIZED IN THE INCOME STATEMENTEUR million 2024 2023Current service cost -0.1 -0.1Interest cost -0.0 -0.0Total -0.2 -0.2AMOUNTS RECOGNIZED IN THE BALANCE SHEETEUR million 2024 2023Rest of Europe 1.4 1.5Rest of the World 0.0 0.0Present value of unfunded obligations 1.5 1.5BALANCE SHEET RECONCILIATIONEUR million 2024 2023Obligations Jan 1 1.5 1.7Current service cost 0.1 0.1Interest cost 0.0 0.0Actuarial gains and losses Changes in demographic assumptions 0.0 0.0Changes in financial assumptions 0.1 0.0Changes in experience assumptions 0.0 -0.1Effect of any curtailments or settlements -0.2 -0.2Paid contributions 0,0 0,0Obligations Dec 31 1.5 1.5The following payments are expected contributions to be made in the future years out of the defined benefit plan obligation.EUR million 2024 2023Within one year - -1-5 years 0.3 0.45-10 years 0.9 1.1Later than 10 years - -Total 1.2 1.5ASSUMPTIONSRest of Europe% 2024 2023Discount rate 3.1 3.5Future salary increase 3.0 3.0Annual inflation rate 2.0 2.0Rest of the World% 2024 2023Discount rate 2.3 2.7Annual inflation rate 3.0 3.0",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__131": {
"value": "PROVISIONSEUR million 2024 2023Other provisionsProvisions Jan 1 0.3 0.4Additions - 0.0Utilized provisions - -0.1Translation differences - 0.0Provisions Dec 31 0.3 0.3Non-current - -Current 0.3 0.3Total provisions 0.3 0.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__133": {
"value": "FINANCIAL RISK MANAGEMENT AND DERIVATIVE FINANCIAL INSTRUMENTSThe main objective of the Group\u2019s financial risk management is to reduce the impacts of price fluctuations in financial markets and other factors of uncertainty on earnings, cash flows and balance sheet, as well as to ensure sufficient liquidity. The Board has approved the Group\u2019s risk management principles and CEO is responsible, together with the Chief Financial Officer, for development and implementation of financial risk management procedures.Group Risk Management review financial risks on regular basis to man-age Group\u2019s financial risk position and decide on necessary actions to manage financial risks. Group Risk Management continued monitoring and management of foreign exchange, interest rate, liquidity and coun-terparties\u2019 solvency risks.Financial risks consist of market risks, credit and default risks and",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__132": {
"value": "FINANCIAL RISK MANAGEMENT AND DERIVATIVE FINANCIAL INSTRUMENTSThe main objective of the Group\u2019s financial risk management is to reduce the impacts of price fluctuations in financial markets and other factors of uncertainty on earnings, cash flows and balance sheet, as well as to ensure sufficient liquidity. The Board has approved the Group\u2019s risk management principles and CEO is responsible, together with the Chief Financial Officer, for development and implementation of financial risk management procedures.Group Risk Management review financial risks on regular basis to man-age Group\u2019s financial risk position and decide on necessary actions to manage financial risks. Group Risk Management continued monitoring and management of foreign exchange, interest rate, liquidity and coun-terparties\u2019 solvency risks.Financial risks consist of market risks, credit and default risks and liquidity risks. This note also presents the Group\u2019s capital management. MARKET RISKSThe Group\u2019s market risks are mainly caused by changes in foreign ex-change and interest rates. These changes may have a significant impact on the Group\u2019s earnings, cash flows and balance sheet. The Group is also exposed to market price changes of certain raw materials, mainly metals and plastics, which are priced on commodity markets.1. Foreign exchange riskForeign currency risk is the risk that the fair value or future cash flows will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities, when revenue or expense is denomi-nated in a foreign currency, financing, when debt is denominated in a foreign currency, and the Group\u2019s net investments in foreign subsidiaries.The Group\u2019s foreign exchange risk is managed by the business units and Group Risk Management in accordance with the Foreign Exchange Risk Management policy approved by the Board of Directors. Transaction riskForeign exchange transaction exposure arises when an operating unit has commercial or financial transactions and payments in other than its own functional currency, and when related cash inflow and outflow amounts are not equal or noncurrent.As a result of sales and purchases in foreign currencies as well as operations in several jurisdictions, the Group has foreign currency de-nominated receivables and payables that are exposed to movements in foreign exchange rates. Income and expenses within different currencies net each other out to some extent, creating thus an effective natural hedge. The remaining, estimated 12-15 month commercial net exposure is then systematically hedged by using derivative instruments. Depending on whether foreign currency monetary receivables and payables relate to sales and purchases or financial items, the foreign exchange gains and losses are recognized in the income statement either above or below operating profit.The Group has also intra-group loans denominated in currencies that exposes the Group to currency risk that is not fully eliminated on consoli-dation. Depending on whether these loans are classified as net invest-ments on foreign operations or loan receivables, the foreign exchange gains and losses are recognized in the other comprehensive income or income statement. The connections possibly prevailing between different currencies are not taken into account, e.g. US dollar and Honk Kong dollar are considered as separate currencies in this analysis. Group Risk Management is responsible for monitoring the Group\u2019s consolidated currency risk exposure and when needed, enters into deriva-tive transactions with group external counterparties.Derivative instruments that are used for hedging purposes are mainly short term and can include forward contracts, option contracts and struc-tured instruments. Because the Group does not apply hedge accounting on currency derivatives, the income statement effect arising from fair value changes of derivative instruments is recognized partly or entirely in different financial periods than exchange rate gains and losses arising from the hedged cash flows. In 2024 currency derivatives that are used for operative hedging pur-poses had an income statement effect of EUR -0.7 million (2023: EUR 0.6 million). Fair values and nominal values of currency derivatives are summarized under section 4. Derivatives. At the end of 2024 and 2023 the following currencies represent a sig-nificant portion of the currency mix outstanding:2024EUR million USD CAD IDR CLP RUBTransaction risk and hedgingTransaction exposure* 22.9 11.3 6.5 3.3 2.7Hedges -10.7 -3.4 -0.9 -0.82023EUR million USD CAD IDR CLP RUBTransaction risk and hedgingTransaction exposure* 14.4 7.4 6.2 3.9 4.2Hedges -5.4 -2.1 -0.9*If US dollar and Hong Kong dollar peg would be taken into account in this analysis, the combined USD and HKD transaction exposure would be 21.9 MEUR (2023: 13.4 MEUR). Foreign exchange translation riskThe group is exposed to currency translation risk through its investments in foreign subsidiaries, joint ventures and associated companies with eq-uities\u2019 denominated in foreign currencies. The most significant translation exposures are in USD, HKD, IDR, CAD and RUB, which comprise approxi-mately 81.6% of the total translation exposure. In the Group consolidation equity changes resulting from movements in foreign exchange rates are presented as translation differences within the equity.The Group Risk Management monitors regularly the amounts of net investments denominated in foreign currencies and when needed, enters into hedging transactions in order to reduce the volatility in equity in the consolidated balance sheet. During 2024 the Group did not hedge any equity exposure.The total non-euro denominated equity excluding net income of the Group\u2019s subsidiaries and associated companies was EUR 108.2 million as of December 31, 2024 (2023: EUR 97.0 million). The most significant translation exposures are summarized in the following table.Group translation exposure2024 2023Net Net EUR millionInvestmentsInvestmentsUSD 70.1 50.2HKD 6.1 4.9IDR 6.6 6.3CAD 8.3 8.2RUB 4.1 5.0Total 95.2 74.6Sensitivity analysisSensitivity analysis is based on the following assumptions and factors: \u25a0 The sensitivity analysis is based on change of value in a single analyzed currency and assumes other variables (including values of other currencies) to remain unchanged. The connections possibly prevailing between some currencies are not taken into account. \u25a0 The sensitivity is analyzed against balance sheet conversion rates prevailing at December 31, 2024. \u25a0 The analysis includes the effect of income statement transactions made in the analyzed currency between January 1 and December 31 in Group companies, whose functional currency is other than the analyzed currency (so called transaction impact) as well as in Group companies, whose functional currency equals to the analyzed currency (so called translation impact). The analysis takes into account the currency forward contracts in place at December 31. The sensitivity analysis of income statement transactions excludes Group\u2019s internal items as these net out. \u25a0 The sensitivity analysis includes the effect of the translation of subsidiaries\u2019 equity as per December 31 in subsidiaries, whose reporting currency equals to the analyzed currency.Group transaction risk sensitivity analysisThe effect of a 10% weakening of most significant foreign currencies (against euro) in euros:2024EUR million USD CAD IDR CLP RUBOperating profit 0.1 -1.3 0.1 -0.2 -0.2Equity* -7.0 -0.8 -0.7 -0.3 -0.42023EUR million USD CAD IDR CLP RUBOperating profit -1.2 -1.4 0.1 -0.7 -0.5Equity* -5.0 -0.8 -0.6 -0.3 -0.5* Without the effect of net income.2. Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates. The Group\u2019s interest-bearing liabilities have mainly an interest period length shorter than one year.The Group\u2019s funding, and consequently also interest rate risk, is man-aged centrally by the Group\u2019s parent company. Interest rate risk, covering cash flow and fair value risk, is analyzed regurarly by the Group Risk Man-agement who is also responsible of taking the actions needed to change the Group\u2019s risk position. These actions include changing the currency split of the external loan portfolio, selection between different sources of financing, changing the interest rate duration as well as entering into transactions in derivative financial instruments.Derivative instruments that are used for hedging purposes consist of interest rate swaps, where the Group pays fixed rate interest and receives a variable rate interest. Fair values and nominal values of interest rate swaps are presented under section 4. Derivatives.Interest rate sensitivity analysisBelow is presented the effect of liabilities with variable interest rate and interest rate swaps on net income and equity if there was a one percent-age point increase in interest rates. The sensitivity analysis is based on following assumptions and factors: \u25a0 All other variables, in particular foreign exchange rates, are as-sumed to remain unchanged. \u25a0 The sensitivity is analyzed against interest rates applicable on December 31. \u25a0 The sensitivity analysis includes the liabilities and interest rate swaps with variable interest rate in force on December 31.2024 2023Net income Equity Net income Equity 1)(net of tax)(net of tax) EUR million(net of tax)(net of tax) Loans from financial institutions with variable interest rate 0.2 -0.4 -1) Without the effect of net income.3. Other market price risksThe Group purchases certain raw-materials, which are priced on global financial markets. The value of these purchases is relatively low and actions regarding the management of price risk are decided on an per-formed locally in each manufacturing unit. Group Risk Management also monitors the development of raw-material prices. The Group does not currently hedge commodity price risk.The amount of the Group\u2019s investments in available-for-sale financial assets is insignificant and consists of investments in real estate and other unquoted shares for which reliable market values are not obtainable. 4. DerivativesThe Group uses derivative instruments, such as forward contracts, option contracts, interest rate swaps and structured instruments, to manage foreign exchange and interest rate risk in accordance with the guidelines set by the The Group\u2019s Risk Management policy.Foreign currency derivatives are used to reduce the uncertainty in the fair value of future cash flows that is created by changes in foreign ex-change rates. The fair values of the foreign currency derivatives that do not qualify as hedging instruments in accordance with IFRS 9, are recognized based on their nature either in operative costs, if the hedge item is an operative transaction, or in financial income and expenses, if the hedged item is a monetary transaction. Because hedge accounting is not applied, the P&L effect arising from foreign currency derivatives is recognized partly or entirely in different financial period than exchange rate gains and losses arising from the hedged cash flows.Interest rate derivatives, consisting of interest rate swaps, are used to reduce the volatility of interest expenses in the income statement and to adjust the duration of the debt portfolio. Cash flow hedgesFollowing tables summarizes the nominal values and fair values of the Group\u2019s derivative instruments as at December 31, 2024.2024 2023Nominal Fair Nominal Fair EUR millionvaluevaluevaluevalueNon-hedge accounting derivative financial instrumentsInterest rate swaps, 1 to 5 years 35.0 -0.8 10.0 -0.2Interest rate swaps, less than 12 months 25.0 0.4Currency forwards, less than 12 months 26.4 -0.5 30.6 0.2Total 61.4 -1.3 65.6 0.5LIQUIDITY RISKLiquidity risk is defined as financial distress or extraordinarily high financ-ing cost arising due to a shortage of liquid funds in a situation where outstanding debt needs to be refinanced or where business conditions unexpectedly deteriorate and require financing. Transactional liquidity risk is defined as the risk of executing a financial transaction below fair market value, or not being able to execute the transaction at all, within a specific period of time.The objective of liquidity risk management is to maintain sufficient liquidity, and to ensure that it is available fast enough without endanger-ing its value, in order to avoid uncertainty related to financial distress at all times. Generally, the seasonality of the Group\u2019s cash flow is fairly predictable and Group Treasury monitors Group\u2019s liquidity position using the cash pooling system as well as regular cash flow and liquidity reporting.The Group\u2019s interest bearing funding is mainly managed centrally by the Group Treasury. The Group seeks to reduce liquidity and refinancing risks with balanced maturity profile of loans as well as by keeping sufficient amount of credit lines available. The Group has a EUR 80 million domestic commercial paper program, which together with Group\u2019s credit limits is utilized to balance the seasonality of the Group\u2019s cash flow. The size and maturity of issued commercial papers is decided by Group Treasury, based on forecasted cash flows, status of commercial paper markets and applicable interest rates. The renewal of commercial papers upon maturity creates certain liquidity risk, which is managed by maintaining sufficient other liquidity reserves available at the maturity dates. During 2024 the commercial paper program was used as part of Group funding and competitively priced debt was acquired through this market.The Group\u2019s 106 MEUR senior secured term and revolving credit fa-cilities agreement includes financial covenants based on the available liquidity (minimum 22.5 MEUR), 12m rolling EBITDA (minimum 10 MEUR), net debt to consolidated equity (maximum 100%), absolute net debt, and net debt to EBITDA (\u201cleverage ratio\u201d). The absolute net debt covenant for Q1/2024 was 90 MEUR, for Q2/2024 80 MEUR and for Q3/2024 80 MEUR. The financial leverage ratio covenant level for Q1/2024 was 5.50, for Q2/2024 4.25 and for Q3/2024 and onwards 3.80. Covenants are regularly tested, either quarterly or on the last day of each month. The risk of breaching the covenants would trigger negotiations between the Group and lending banks to resolve the potential covenant breach, and to agree on actions to rectify the situation. In the unlikely event of unresolved covenant breach, the lending banks would have the right to call all or any part of the loans and related interest.On Q1/2024, Q2/2024, Q3/2024 and Q4/2024 testing dates, net debt landed at 81.0 MEUR, 59.5 MEUR, 55.8 MEUR and 61.8 MEUR, respective-ly. Leverage ratio for the respective testing dates landed at 5.30, 3.33, 3.25 and 3.72. Calculation of the covenants include customary adjustments mainly related to items affecting comparability and asset disposals, and therefore deviate from the reported figures elsewhere in this report. The Group is currently compliant with all financial covenants and expects to comply with future bank requirements as well. The Group\u2019s liquidity position remains good, and cash and cash equivalents amounted to 21.7 MEUR on December 31, 2024.During the reporting period, the Group agreed on two extensions with the lending banks for the 106 MEUR facilities. Both extensions were 6 months and as of the reporting date, the facilities mature in 2026, subject to an extension option of 12 months. On Dec 31, 2024 the Group\u2019s balance sheet includes 53.5 MEUR of loans subject to covenants determined in Group\u2019s facilities agreement.Below are presented the Group\u2019s unutilized credit limits as of Decem-ber 31, 2024. Group\u2019s domestic commercial paper program not sold at December 31, 2024 was EUR 66.0 million (2023 EUR 66.5 million).Committed unutilized credit facilitiesEUR million 2024 2023Overdraft facilities, expiring within one year 11.2 12.1Revolving credit facility, expiring beyond one year 41.0 35.0Total 52.2 47.1Maturity of the group\u2019s financial liabilitiesThe following are the contractual maturities of financial liabilities, including the possible interest payments.2024Carrying Financial Contractual 2028 1)EUR millionvalueliabilities cash flows 2025 2026 2027onwards TotalInterest-bearing liabilitiesLoans from financial institutions 57.6 57.6 61.5 11.5 50.0 61.5Commercial paper program 14.0 14.0 14.0 14.0 14.0Lease liabilities 12.5 12.5 12.9 1.9 1.4 4.3 5.4 12.9Non-interest-bearing liabilitiesTrade and other non-interest-bearing payables 39.5 19.9 19.9 19.9 19.9Derivative liabilities and receivablesInterest rate derivatives, non-hedge accounted 0.8 0.8 0.8 0.3 0.4 0.2 0.8Currency derivatives, non-hedge accounted 0.5 0.5 0.5 0.5 0.5Total 124.9 105.3 109.6 48.0 51.8 4.5 5.4 109.62023Carrying Financial Contractual 1)EUR millionvalueliabilities cash flows 2024 2025 2026 2027 TotalInterest-bearing liabilitiesLoans from financial institutions 74.1 74.1 80.5 13.6 66.9 80.5Commercial paper program 13.5 13.5 13.5 13.5 13.5Lease liabilities 13.9 13.9 14.8 4.5 3.2 2.4 4.7 14.8Non-interest-bearing liabilitiesTrade and other non-interest-bearing payables 28.2 11.0 11.0 11.0 11.0Derivative liabilities and receivablesInterest rate derivatives, non-hedge accounted -0.1 -0.1 -0.1 -0.4 0.0 0.2 -0.1Currency derivatives, non-hedge accounted -0.2 -0.2 -0.2 -0.2 -0.2Total 129.4 112.2 119.5 42.2 70.1 2.4 4.9 119.51) The proportion of the carrying values which are classified as financial liabilities according to IFRS 9.CREDIT AND DEFAULT RISKCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transac-tions and other financial instruments. The maximum exposure to credit risk is limited to the carrying value of the financial assets as included in the consolidated statement of financial position. The carrying value of financial assets is disclosed in note 23.The Group follows actively credit and default risks associated with customers and other counterparties. The Group\u2019s credit and default risk portfolio did not significantly change during the course of the financial period. The proportional amount of Group\u2019s trade receivables which are past due, decreased from 2023 levels. Net allowance for credit losses related to trade receivables decreased by EUR 0.5 million from 2023.Business related credit riskThe Group\u2019s accounts receivables are generated by a large number of customers worldwide and do not include any significant concentrations of credit risk by customer or by geographical area. The management of credit risk is allocated to each operative business unit. Before providing credit to any new customer, background checks are carried out. Cash, advance payments and letters of credit are also applied with new and existing customers. Each business unit is responsible for setting credit limits and monitoring it\u2019s credit customers\u2019 financial situ-ation. Customers\u2019 payment behavior is monitored regularly and delays in payments can trigger payment reminders, stopping the shipments, requirements for advance payments for future shipments and eventually legal collection procedures. In significant cases, business units consult with the Group\u2019s finance management before taking final decisions. In exceptional cases, payment terms may be renegotiated. Group recognizes credit loss of trade receivables by applying simpli-fied approach of expected credit loss according to IFRS 9, which uses a lifetime expected loss allowance. Group has estimated based on previous year\u2019s credit losses by aging category and nature as well as macroeco-nomic outlook in the near future, the expected credit loss provision. Trade receivables are monitored in client segment and location information. Estimate on expected credit losses is based on management\u2019s best judgement. More information on allowance for trade receivables is presented in note 15.In the table below is presented analysis of trade receivables that were past due but not impaired.Analysis of trade receivables that were past due but not impairedEUR Million 2024 2023Neither past due nor impaired 19.8 18.1Past due but not impairedLess than 1 month 2.9 4.51-3 months 0.8 1.43-6 months 0.4 0.8Over 6 months 0.5 0.7Total 24.4 25.5Trade loss provision from expected credit loss model, %% 2024Neither past due nor impaired 0.2Past due but not impairedLess than 1 month 0.91-3 months 6.03-6 months 11.0Over 6 months 20-100Financial credit riskFinancial instruments contain an element of risk resulting from changes in market price of such instruments due to counterparties becoming less creditworthy or risk of loss due to counterparties being unable to meet their obligations. This risk is measured and monitored centrally by the Group Risk Management.Financial credit risk is managed actively by limiting counterparties to a sufficient number of major banks and financial institutions and moni-toring the credit worthiness and exposure size continuously as well as through entering into collateral agreements with certain counterparties. The Group reduces credit risk by executing treasury transactions only with approved counterparties. All significant counterparties are rated with the minimum counterparty credit rating requirement being BBB (S&P). Foreign subsidiaries may have bank accounts in unrated financial institu-tions. In order to decrease credit risk associated with local banks used by subsidiaries in foreign countries, the subsidiaries are required to deposit their excess cash balances with the Group Treasury on an ongoing basis. Group\u2019s all investments related to liquidity management are made in liquid instruments with low credit risk. For instance, the Group does not have investments in commercial papers. CAPITAL MANAGEMENTThe objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its business and to maximize shareholder value.The Group manages its capital structure and makes adjustments to it taking into account changes in economic conditions and requirements of strategy implementation. To maintain or develop the capital structure, the Group may adjust the dividend payments and repayments of capital to shareholders by buying back shares, issue new shares and/or increase/decrease the amount of borrowings.Group\u2019s objective for capital management is to keep:1. Gearing ratio below 100% and2. Net interest-bearing debt to EBITDA (rolling 12 months) below 3.8.The Group capital structure is reviewed by the Board regularly.The achievement of the objectives for capital management are presented in the table below.For definitions of key figures, see page 69.Target 2024 2023Gearing % below 100% 39.8 51.8Net interest-bearing debt to EBITDA below 3.8 2.9 5.2Definitions of the alternative performance measures are presented on page 96.",
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"value": "MARKET RISKSThe Group\u2019s market risks are mainly caused by changes in foreign ex-change and interest rates. These changes may have a significant impact on the Group\u2019s earnings, cash flows and balance sheet. The Group is also exposed to market price changes of certain raw materials, mainly metals and plastics, which are priced on commodity markets.1. Foreign exchange riskForeign currency risk is the risk that the fair value or future cash flows will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities, when revenue or expense is denomi-nated in a foreign currency, financing, when debt is denominated in a foreign currency, and the Group\u2019s net investments in foreign subsidiaries.The Group\u2019s foreign exchange risk is managed by the business units and Group Risk Management in accordance with the Foreign Exchange Risk Management policy approved by the Board of Directors. Transaction riskForeign exchange transaction exposure arises when an operating unit has commercial or financial transactions and payments in other than its own functional currency, and when related cash inflow and outflow amounts are not equal or noncurrent.As a result of sales and purchases in foreign currencies as well as operations in several jurisdictions, the Group has foreign currency de-nominated receivables and payables that are exposed to movements in foreign exchange rates. Income and expenses within different currencies net each other out to some extent, creating thus an effective natural hedge. The remaining, estimated 12-15 month commercial net exposure is then systematically hedged by using derivative instruments. Depending on whether foreign currency monetary receivables and payables relate to sales and purchases or financial items, the foreign exchange gains and losses are recognized in the income statement either above or below operating profit.The Group has also intra-group loans denominated in currencies that exposes the Group to currency risk that is not fully eliminated on consoli-dation. Depending on whether these loans are classified as net invest-ments on foreign operations or loan receivables, the foreign exchange gains and losses are recognized in the other comprehensive income or income statement. The connections possibly prevailing between different currencies are not taken into account, e.g. US dollar and Honk Kong dollar are considered as separate currencies in this analysis. Group Risk Management is responsible for monitoring the Group\u2019s consolidated currency risk exposure and when needed, enters into deriva-tive transactions with group external counterparties.Derivative instruments that are used for hedging purposes are mainly short term and can include forward contracts, option contracts and struc-tured instruments. Because the Group does not apply hedge accounting on currency derivatives, the income statement effect arising from fair value changes of derivative instruments is recognized partly or entirely in different financial periods than exchange rate gains and losses arising from the hedged cash flows. In 2024 currency derivatives that are used for operative hedging pur-poses had an income statement effect of EUR -0.7 million (2023: EUR 0.6 million). Fair values and nominal values of currency derivatives are summarized under section 4. Derivatives. At the end of 2024 and 2023 the following currencies represent a sig-nificant portion of the currency mix outstanding:2024EUR million USD CAD IDR CLP RUBTransaction risk and hedgingTransaction exposure* 22.9 11.3 6.5 3.3 2.7Hedges -10.7 -3.4 -0.9 -0.82023EUR million USD CAD IDR CLP RUBTransaction risk and hedgingTransaction exposure* 14.4 7.4 6.2 3.9 4.2Hedges -5.4 -2.1 -0.9*If US dollar and Hong Kong dollar peg would be taken into account in this analysis, the combined USD and HKD transaction exposure would be 21.9 MEUR (2023: 13.4 MEUR). Foreign exchange translation riskThe group is exposed to currency translation risk through its investments in foreign subsidiaries, joint ventures and associated companies with eq-uities\u2019 denominated in foreign currencies. The most significant translation exposures are in USD, HKD, IDR, CAD and RUB, which comprise approxi-mately 81.6% of the total translation exposure. In the Group consolidation equity changes resulting from movements in foreign exchange rates are presented as translation differences within the equity.The Group Risk Management monitors regularly the amounts of net investments denominated in foreign currencies and when needed, enters into hedging transactions in order to reduce the volatility in equity in the consolidated balance sheet. During 2024 the Group did not hedge any equity exposure.The total non-euro denominated equity excluding net income of the Group\u2019s subsidiaries and associated companies was EUR 108.2 million as of December 31, 2024 (2023: EUR 97.0 million). The most significant translation exposures are summarized in the following table.Group translation exposure2024 2023Net Net EUR millionInvestmentsInvestmentsUSD 70.1 50.2HKD 6.1 4.9IDR 6.6 6.3CAD 8.3 8.2RUB 4.1 5.0Total 95.2 74.6Sensitivity analysisSensitivity analysis is based on the following assumptions and factors: \u25a0 The sensitivity analysis is based on change of value in a single analyzed currency and assumes other variables (including values of other currencies) to remain unchanged. The connections possibly prevailing between some currencies are not taken into account. \u25a0 The sensitivity is analyzed against balance sheet conversion rates prevailing at December 31, 2024. \u25a0 The analysis includes the effect of income statement transactions made in the analyzed currency between January 1 and December 31 in Group companies, whose functional currency is other than the analyzed currency (so called transaction impact) as well as in Group companies, whose functional currency equals to the analyzed currency (so called translation impact). The analysis takes into account the currency forward contracts in place at December 31. The sensitivity analysis of income statement transactions excludes Group\u2019s internal items as these net out. \u25a0 The sensitivity analysis includes the effect of the translation of subsidiaries\u2019 equity as per December 31 in subsidiaries, whose reporting currency equals to the analyzed currency.Group transaction risk sensitivity analysisThe effect of a 10% weakening of most significant foreign currencies (against euro) in euros:2024EUR million USD CAD IDR CLP RUBOperating profit 0.1 -1.3 0.1 -0.2 -0.2Equity* -7.0 -0.8 -0.7 -0.3 -0.42023EUR million USD CAD IDR CLP RUBOperating profit -1.2 -1.4 0.1 -0.7 -0.5Equity* -5.0 -0.8 -0.6 -0.3 -0.5* Without the effect of net income.2. Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates. The Group\u2019s interest-bearing liabilities have mainly an interest period length shorter than one year.The Group\u2019s funding, and consequently also interest rate risk, is man-aged centrally by the Group\u2019s parent company. Interest rate risk, covering cash flow and fair value risk, is analyzed regurarly by the Group Risk Man-agement who is also responsible of taking the actions needed to change the Group\u2019s risk position. These actions include changing the currency split of the external loan portfolio, selection between different sources of financing, changing the interest rate duration as well as entering into transactions in derivative financial instruments.Derivative instruments that are used for hedging purposes consist of interest rate swaps, where the Group pays fixed rate interest and receives a variable rate interest. Fair values and nominal values of interest rate swaps are presented under section 4. Derivatives.Interest rate sensitivity analysisBelow is presented the effect of liabilities with variable interest rate and interest rate swaps on net income and equity if there was a one percent-age point increase in interest rates. The sensitivity analysis is based on following assumptions and factors: \u25a0 All other variables, in particular foreign exchange rates, are as-sumed to remain unchanged. \u25a0 The sensitivity is analyzed against interest rates applicable on December 31. \u25a0 The sensitivity analysis includes the liabilities and interest rate swaps with variable interest rate in force on December 31.2024 2023Net income Equity Net income Equity 1)(net of tax)(net of tax) EUR million(net of tax)(net of tax) Loans from financial institutions with variable interest rate 0.2 -0.4 -1) Without the effect of net income.3. Other market price risksThe Group purchases certain raw-materials, which are priced on global financial markets. The value of these purchases is relatively low and actions regarding the management of price risk are decided on an per-formed locally in each manufacturing unit. Group Risk Management also monitors the development of raw-material prices. The Group does not currently hedge commodity price risk.The amount of the Group\u2019s investments in available-for-sale financial assets is insignificant and consists of investments in real estate and other unquoted shares for which reliable market values are not obtainable. 4. DerivativesThe Group uses derivative instruments, such as forward contracts, option contracts, interest rate swaps and structured instruments, to manage foreign exchange and interest rate risk in accordance with the guidelines set by the The Group\u2019s Risk Management policy.Foreign currency derivatives are used to reduce the uncertainty in the fair value of future cash flows that is created by changes in foreign ex-change rates. The fair values of the foreign currency derivatives that do not qualify as hedging instruments in accordance with IFRS 9, are recognized based on their nature either in operative costs, if the hedge item is an operative transaction, or in financial income and expenses, if the hedged item is a monetary transaction. Because hedge accounting is not applied, the P&L effect arising from foreign currency derivatives is recognized partly or entirely in different financial period than exchange rate gains and losses arising from the hedged cash flows.Interest rate derivatives, consisting of interest rate swaps, are used to reduce the volatility of interest expenses in the income statement and to adjust the duration of the debt portfolio. Cash flow hedgesFollowing tables summarizes the nominal values and fair values of the Group\u2019s derivative instruments as at December 31, 2024.2024 2023Nominal Fair Nominal Fair EUR millionvaluevaluevaluevalueNon-hedge accounting derivative financial instrumentsInterest rate swaps, 1 to 5 years 35.0 -0.8 10.0 -0.2Interest rate swaps, less than 12 months 25.0 0.4Currency forwards, less than 12 months 26.4 -0.5 30.6 0.2Total 61.4 -1.3 65.6 0.5",
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"value": "4. Derivatives. At the end of 2024 and 2023 the following currencies represent a sig-nificant portion of the currency mix outstanding:2024EUR million USD CAD IDR CLP RUBTransaction risk and hedgingTransaction exposure* 22.9 11.3 6.5 3.3 2.7Hedges -10.7 -3.4 -0.9 -0.82023EUR million USD CAD IDR CLP RUBTransaction risk and hedgingTransaction exposure* 14.4 7.4 6.2 3.9 4.2Hedges -5.4 -2.1 -0.9*If US dollar and Hong Kong dollar peg would be taken into account in this analysis, the combined USD and HKD transaction exposure would be 21.9 MEUR (2023: 13.4 MEUR). Foreign exchange translation riskThe group is exposed to currency translation risk through its investments in foreign subsidiaries, joint ventures and associated companies with eq-uities\u2019 denominated in foreign currencies. The most significant translation exposures are in USD, HKD, IDR, CAD and RUB, which comprise approxi-mately 81.6% of the total translation exposure. In the Group consolidation equity changes resulting from movements in foreign exchange rates are presented as translation differences within the equity.The Group Risk Management monitors regularly the amounts of net investments denominated in foreign currencies and when needed, enters into hedging transactions in order to reduce the volatility in equity in the consolidated balance sheet. During 2024 the Group did not hedge any equity exposure.The total non-euro denominated equity excluding net income of the Group\u2019s subsidiaries and associated companies was EUR 108.2 million as of December 31, 2024 (2023: EUR 97.0 million). The most significant translation exposures are summarized in the following table.Group translation exposure2024 2023Net Net EUR millionInvestmentsInvestmentsUSD 70.1 50.2HKD 6.1 4.9IDR 6.6 6.3CAD 8.3 8.2RUB 4.1 5.0Total 95.2 74.6Sensitivity analysisSensitivity analysis is based on the following assumptions and factors: \u25a0 The sensitivity analysis is based on change of value in a single analyzed currency and assumes other variables (including values of other currencies) to remain unchanged. The connections possibly prevailing between some currencies are not taken into account. \u25a0 The sensitivity is analyzed against balance sheet conversion rates prevailing at December 31, 2024. \u25a0 The analysis includes the effect of income statement transactions made in the analyzed currency between January 1 and December 31 in Group companies, whose functional currency is other than the analyzed currency (so called transaction impact) as well as in Group companies, whose functional currency equals to the analyzed currency (so called translation impact). The analysis takes into account the currency forward contracts in place at December 31. The sensitivity analysis of income statement transactions excludes Group\u2019s internal items as these net out. \u25a0 The sensitivity analysis includes the effect of the translation of subsidiaries\u2019 equity as per December 31 in subsidiaries, whose reporting currency equals to the analyzed currency.Group transaction risk sensitivity analysisThe effect of a 10% weakening of most significant foreign currencies (against euro) in euros:2024EUR million USD CAD IDR CLP RUBOperating profit 0.1 -1.3 0.1 -0.2 -0.2Equity* -7.0 -0.8 -0.7 -0.3 -0.42023EUR million USD CAD IDR CLP RUBOperating profit -1.2 -1.4 0.1 -0.7 -0.5Equity* -5.0 -0.8 -0.6 -0.3 -0.5* Without the effect of net income.2. Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates. The Group\u2019s interest-bearing liabilities have mainly an interest period length shorter than one year.The Group\u2019s funding, and consequently also interest rate risk, is man-aged centrally by the Group\u2019s parent company. Interest rate risk, covering cash flow and fair value risk, is analyzed regurarly by the Group Risk Man-agement who is also responsible of taking the actions needed to change the Group\u2019s risk position. These actions include changing the currency split of the external loan portfolio, selection between different sources of financing, changing the interest rate duration as well as entering into transactions in derivative financial instruments.Derivative instruments that are used for hedging purposes consist of interest rate swaps, where the Group pays fixed rate interest and receives a variable rate interest. Fair values and nominal values of interest rate swaps are presented under section 4. Derivatives.Interest rate sensitivity analysisBelow is presented the effect of liabilities with variable interest rate and interest rate swaps on net income and equity if there was a one percent-age point increase in interest rates. The sensitivity analysis is based on following assumptions and factors: \u25a0 All other variables, in particular foreign exchange rates, are as-sumed to remain unchanged. \u25a0 The sensitivity is analyzed against interest rates applicable on December 31. \u25a0 The sensitivity analysis includes the liabilities and interest rate swaps with variable interest rate in force on December 31.2024 2023Net income Equity Net income Equity 1)(net of tax)(net of tax) EUR million(net of tax)(net of tax) Loans from financial institutions with variable interest rate 0.2 -0.4 -1) Without the effect of net income.3. Other market price risksThe Group purchases certain raw-materials, which are priced on global financial markets. The value of these purchases is relatively low and actions regarding the management of price risk are decided on an per-formed locally in each manufacturing unit. Group Risk Management also monitors the development of raw-material prices. The Group does not currently hedge commodity price risk.The amount of the Group\u2019s investments in available-for-sale financial assets is insignificant and consists of investments in real estate and other unquoted shares for which reliable market values are not obtainable. 4. DerivativesThe Group uses derivative instruments, such as forward contracts, option contracts, interest rate swaps and structured instruments, to manage foreign exchange and interest rate risk in accordance with the guidelines set by the The Group\u2019s Risk Management policy.Foreign currency derivatives are used to reduce the uncertainty in the fair value of future cash flows that is created by changes in foreign ex-change rates. The fair values of the foreign currency derivatives that do not qualify as hedging instruments in accordance with IFRS 9, are recognized based on their nature either in operative costs, if the hedge item is an operative transaction, or in financial income and expenses, if the hedged item is a monetary transaction. Because hedge accounting is not applied, the P&L effect arising from foreign currency derivatives is recognized partly or entirely in different financial period than exchange rate gains and losses arising from the hedged cash flows.Interest rate derivatives, consisting of interest rate swaps, are used to reduce the volatility of interest expenses in the income statement and to adjust the duration of the debt portfolio. Cash flow hedgesFollowing tables summarizes the nominal values and fair values of the Group\u2019s derivative instruments as at December 31, 2024.2024 2023Nominal Fair Nominal Fair EUR millionvaluevaluevaluevalueNon-hedge accounting derivative financial instrumentsInterest rate swaps, 1 to 5 years 35.0 -0.8 10.0 -0.2Interest rate swaps, less than 12 months 25.0 0.4Currency forwards, less than 12 months 26.4 -0.5 30.6 0.2Total 61.4 -1.3 65.6 0.5",
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"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__136": {
"value": "LIQUIDITY RISKLiquidity risk is defined as financial distress or extraordinarily high financ-ing cost arising due to a shortage of liquid funds in a situation where outstanding debt needs to be refinanced or where business conditions unexpectedly deteriorate and require financing. Transactional liquidity risk is defined as the risk of executing a financial transaction below fair market value, or not being able to execute the transaction at all, within a specific period of time.The objective of liquidity risk management is to maintain sufficient liquidity, and to ensure that it is available fast enough without endanger-ing its value, in order to avoid uncertainty related to financial distress at all times. Generally, the seasonality of the Group\u2019s cash flow is fairly predictable and Group Treasury monitors Group\u2019s liquidity position using the cash pooling system as well as regular cash flow and liquidity reporting.The Group\u2019s interest bearing funding is mainly managed centrally by the Group Treasury. The Group seeks to reduce liquidity and refinancing risks with balanced maturity profile of loans as well as by keeping sufficient amount of credit lines available. The Group has a EUR 80 million domestic commercial paper program, which together with Group\u2019s credit limits is utilized to balance the seasonality of the Group\u2019s cash flow. The size and maturity of issued commercial papers is decided by Group Treasury, based on forecasted cash flows, status of commercial paper markets and applicable interest rates. The renewal of commercial papers upon maturity creates certain liquidity risk, which is managed by maintaining sufficient other liquidity reserves available at the maturity dates. During 2024 the commercial paper program was used as part of Group funding and competitively priced debt was acquired through this market.The Group\u2019s 106 MEUR senior secured term and revolving credit fa-cilities agreement includes financial covenants based on the available liquidity (minimum 22.5 MEUR), 12m rolling EBITDA (minimum 10 MEUR), net debt to consolidated equity (maximum 100%), absolute net debt, and net debt to EBITDA (\u201cleverage ratio\u201d). The absolute net debt covenant for Q1/2024 was 90 MEUR, for Q2/2024 80 MEUR and for Q3/2024 80 MEUR. The financial leverage ratio covenant level for Q1/2024 was 5.50, for Q2/2024 4.25 and for Q3/2024 and onwards 3.80. Covenants are regularly tested, either quarterly or on the last day of each month. The risk of breaching the covenants would trigger negotiations between the Group and lending banks to resolve the potential covenant breach, and to agree on actions to rectify the situation. In the unlikely event of unresolved covenant breach, the lending banks would have the right to call all or any part of the loans and related interest.On Q1/2024, Q2/2024, Q3/2024 and Q4/2024 testing dates, net debt landed at 81.0 MEUR, 59.5 MEUR, 55.8 MEUR and 61.8 MEUR, respective-ly. Leverage ratio for the respective testing dates landed at 5.30, 3.33, 3.25 and 3.72. Calculation of the covenants include customary adjustments mainly related to items affecting comparability and asset disposals, and therefore deviate from the reported figures elsewhere in this report. The Group is currently compliant with all financial covenants and expects to comply with future bank requirements as well. The Group\u2019s liquidity position remains good, and cash and cash equivalents amounted to 21.7 MEUR on December 31, 2024.During the reporting period, the Group agreed on two extensions with the lending banks for the 106 MEUR facilities. Both extensions were 6 months and as of the reporting date, the facilities mature in 2026, subject to an extension option of 12 months. On Dec 31, 2024 the Group\u2019s balance sheet includes 53.5 MEUR of loans subject to covenants determined in Group\u2019s facilities agreement.Below are presented the Group\u2019s unutilized credit limits as of Decem-ber 31, 2024. Group\u2019s domestic commercial paper program not sold at December 31, 2024 was EUR 66.0 million (2023 EUR 66.5 million).Committed unutilized credit facilitiesEUR million 2024 2023Overdraft facilities, expiring within one year 11.2 12.1Revolving credit facility, expiring beyond one year 41.0 35.0Total 52.2 47.1Maturity of the group\u2019s financial liabilitiesThe following are the contractual maturities of financial liabilities, including the possible interest payments.2024Carrying Financial Contractual 2028 1)EUR millionvalueliabilities cash flows 2025 2026 2027onwards TotalInterest-bearing liabilitiesLoans from financial institutions 57.6 57.6 61.5 11.5 50.0 61.5Commercial paper program 14.0 14.0 14.0 14.0 14.0Lease liabilities 12.5 12.5 12.9 1.9 1.4 4.3 5.4 12.9Non-interest-bearing liabilitiesTrade and other non-interest-bearing payables 39.5 19.9 19.9 19.9 19.9Derivative liabilities and receivablesInterest rate derivatives, non-hedge accounted 0.8 0.8 0.8 0.3 0.4 0.2 0.8Currency derivatives, non-hedge accounted 0.5 0.5 0.5 0.5 0.5Total 124.9 105.3 109.6 48.0 51.8 4.5 5.4 109.62023Carrying Financial Contractual 1)EUR millionvalueliabilities cash flows 2024 2025 2026 2027 TotalInterest-bearing liabilitiesLoans from financial institutions 74.1 74.1 80.5 13.6 66.9 80.5Commercial paper program 13.5 13.5 13.5 13.5 13.5Lease liabilities 13.9 13.9 14.8 4.5 3.2 2.4 4.7 14.8Non-interest-bearing liabilitiesTrade and other non-interest-bearing payables 28.2 11.0 11.0 11.0 11.0Derivative liabilities and receivablesInterest rate derivatives, non-hedge accounted -0.1 -0.1 -0.1 -0.4 0.0 0.2 -0.1Currency derivatives, non-hedge accounted -0.2 -0.2 -0.2 -0.2 -0.2Total 129.4 112.2 119.5 42.2 70.1 2.4 4.9 119.51) The proportion of the carrying values which are classified as financial liabilities according to IFRS 9.",
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"f1__s7__6__137": {
"value": "Maturity of the group\u2019s financial liabilitiesThe following are the contractual maturities of financial liabilities, including the possible interest payments.2024Carrying Financial Contractual 2028 1)EUR millionvalueliabilities cash flows 2025 2026 2027onwards TotalInterest-bearing liabilitiesLoans from financial institutions 57.6 57.6 61.5 11.5 50.0 61.5Commercial paper program 14.0 14.0 14.0 14.0 14.0Lease liabilities 12.5 12.5 12.9 1.9 1.4 4.3 5.4 12.9Non-interest-bearing liabilitiesTrade and other non-interest-bearing payables 39.5 19.9 19.9 19.9 19.9Derivative liabilities and receivablesInterest rate derivatives, non-hedge accounted 0.8 0.8 0.8 0.3 0.4 0.2 0.8Currency derivatives, non-hedge accounted 0.5 0.5 0.5 0.5 0.5Total 124.9 105.3 109.6 48.0 51.8 4.5 5.4 109.62023Carrying Financial Contractual 1)EUR millionvalueliabilities cash flows 2024 2025 2026 2027 TotalInterest-bearing liabilitiesLoans from financial institutions 74.1 74.1 80.5 13.6 66.9 80.5Commercial paper program 13.5 13.5 13.5 13.5 13.5Lease liabilities 13.9 13.9 14.8 4.5 3.2 2.4 4.7 14.8Non-interest-bearing liabilitiesTrade and other non-interest-bearing payables 28.2 11.0 11.0 11.0 11.0Derivative liabilities and receivablesInterest rate derivatives, non-hedge accounted -0.1 -0.1 -0.1 -0.4 0.0 0.2 -0.1Currency derivatives, non-hedge accounted -0.2 -0.2 -0.2 -0.2 -0.2Total 129.4 112.2 119.5 42.2 70.1 2.4 4.9 119.51) The proportion of the carrying values which are classified as financial liabilities according to IFRS 9.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__139": {
"value": "CREDIT AND DEFAULT RISKCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transac-tions and other financial instruments. The maximum exposure to credit risk is limited to the carrying value of the financial assets as included in the consolidated statement of financial position. The carrying value of financial assets is disclosed in note 23.The Group follows actively credit and default risks associated with customers and other counterparties. The Group\u2019s credit and default risk portfolio did not significantly change during the course of the financial period. The proportional amount of Group\u2019s trade receivables which are past due, decreased from 2023 levels. Net allowance for credit losses related to trade receivables decreased by EUR 0.5 million from 2023.Business related credit riskThe Group\u2019s accounts receivables are generated by a large number of customers worldwide and do not include any significant concentrations of credit risk by customer or by geographical area. The management of credit risk is allocated to each operative business unit. Before providing credit to any new customer, background checks are carried out. Cash, advance payments and letters of credit are also applied with new and existing customers. Each business unit is responsible for setting credit limits and monitoring it\u2019s credit customers\u2019 financial situ-ation. Customers\u2019 payment behavior is monitored regularly and delays in payments can trigger payment reminders, stopping the shipments, requirements for advance payments for future shipments and eventually legal collection procedures. In significant cases, business units consult with the Group\u2019s finance management before taking final decisions. In exceptional cases, payment terms may be renegotiated. Group recognizes credit loss of trade receivables by applying simpli-fied approach of expected credit loss according to IFRS 9, which uses a lifetime expected loss allowance. Group has estimated based on previous year\u2019s credit losses by aging category and nature as well as macroeco-nomic outlook in the near future, the expected credit loss provision. Trade receivables are monitored in client segment and location information. Estimate on expected credit losses is based on management\u2019s best judgement. More information on allowance for trade receivables is presented in note 15.In the table below is presented analysis of trade receivables that were past due but not impaired.Analysis of trade receivables that were past due but not impairedEUR Million 2024 2023Neither past due nor impaired 19.8 18.1Past due but not impairedLess than 1 month 2.9 4.51-3 months 0.8 1.43-6 months 0.4 0.8Over 6 months 0.5 0.7Total 24.4 25.5Trade loss provision from expected credit loss model, %% 2024Neither past due nor impaired 0.2Past due but not impairedLess than 1 month 0.91-3 months 6.03-6 months 11.0Over 6 months 20-100Financial credit riskFinancial instruments contain an element of risk resulting from changes in market price of such instruments due to counterparties becoming less creditworthy or risk of loss due to counterparties being unable to meet their obligations. This risk is measured and monitored centrally by the Group Risk Management.Financial credit risk is managed actively by limiting counterparties to a sufficient number of major banks and financial institutions and moni-toring the credit worthiness and exposure size continuously as well as through entering into collateral agreements with certain counterparties. The Group reduces credit risk by executing treasury transactions only with approved counterparties. All significant counterparties are rated with the minimum counterparty credit rating requirement being BBB (S&P). Foreign subsidiaries may have bank accounts in unrated financial institu-tions. In order to decrease credit risk associated with local banks used by subsidiaries in foreign countries, the subsidiaries are required to deposit their excess cash balances with the Group Treasury on an ongoing basis. Group\u2019s all investments related to liquidity management are made in liquid instruments with low credit risk. For instance, the Group does not have investments in commercial papers.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__141": {
"value": "CAPITAL MANAGEMENTThe objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its business and to maximize shareholder value.The Group manages its capital structure and makes adjustments to it taking into account changes in economic conditions and requirements of strategy implementation. To maintain or develop the capital structure, the Group may adjust the dividend payments and repayments of capital to shareholders by buying back shares, issue new shares and/or increase/decrease the amount of borrowings.Group\u2019s objective for capital management is to keep:1. Gearing ratio below 100% and2. Net interest-bearing debt to EBITDA (rolling 12 months) below 3.8.The Group capital structure is reviewed by the Board regularly.The achievement of the objectives for capital management are presented in the table below.For definitions of key figures, see page 69.Target 2024 2023Gearing % below 100% 39.8 51.8Net interest-bearing debt to EBITDA below 3.8 2.9 5.2Definitions of the alternative performance measures are presented on page 96.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__148": {
"value": "FINANCIAL ASSETS AND LIABILITIES BY CATEGORIES AND FAIR VALUES2024 2023Fair value of Fair value of Financial financial Financial financial Carrying assets and assets and Carrying assets and assets and 1)1)1)liabilities valueliabilities liabilities EUR million Notevalueliabilities FINANCIAL ASSETS2)Financial liabilities measured at amortized costNon-current financial assetsLoan receivables 15 0.7 0.7 0.7 0.7 0.7 0.7Other interest-bearing receivables 15 0.0 0.0 0.0Trade and other non-interest-bearing receivables 15 0.5 0.0 0.0 0.5 0.0 0.0Current financial assetsCash and cash equivalents 17 21.7 21.7 21.7 20.0 20.0 20.0Trade and other non-interest-bearing receivables 15 31.1 24.4 24.4 34.1 25.5 25.5Fair value through other comprehensive incomeOther shares 14 0.1 0.1 0.1 0.2 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 15, 22 0.1 0.1 0.1 0.7 0.7 0.7FINANCIAL LIABILITIESFinancial liabilities at fair value through income statementInterest rate and currency derivatives - non-hedge accounted 22, 25 1.4 1.4 1.4 0.3 0.3 0.32)Financial liabilities measured at amortized costNon-current financial liabilitiesLoans from financial institutions 24 49.4 49.4 49.6 66.0 66.0 66.3Other non-interest-bearing liabilities 25 0.0 0.0 0.0 0.0 0.0 0.0Current financial liabilitiesLoans from financial institutions 24 8.3 8.3 8.3 8.1 8.1 8.1Commercial paper program 24 14.0 14.0 14.0 13.5 13.5 13.5Trade and other non-interest-bearing payables 25 39.5 19.9 19.9 27.9 11.0 11.01) The proportion of the carrying value which is classified as financial assets and liabilities according to IFRS 9. 2) Fair value hierarchy level 2.FAIR VALUE HIERARCHY OF THE FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE2024 2023EUR million Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3FINANCIAL ASSETS AT FAIR VALUEFair value through other comprehensive incomeOther shares 0.1 0.1 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 0.1 0.1 0.7 0.7Total 0.1 0.1 0.1 0.9 0.7 0.2FINANCIAL LIABILITIES AT FAIR VALUEFinancial liabilities at fair value through income statement Currency and interest derivatives - non-hedge accounted 1.4 1.4 0.3 0.3Total 1.4 1.4 0.3 0.3FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIESFair value hierarchy levelsThe fair values of the financial assets and liabilities on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market. Currently there are no financial instruments on level 1.The fair values of the financial assets and liabilities on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable market inputs either directly (i.e. prices) or indirectly (i.e. de-rived from prices).The fair values of the financial assets and liabilities on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data. For example management estimates are utilized in generally accepted valuation mod-els of the financial instruments on the Level 3.The fair value hierarchy level, into which the entire financial asset or liability is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset or liability. The significance of the information is estimated con-sidering the financial asset or liability in its entirety.No significant transfers between the hierarchy levels took place during the financial period.Other sharesOther shares comprise of unlisted shares that are measured at fair value. Certain unlisted shares for which fair values cannot be measured reliably are measured at cost less possible impairment.DerivativesAll derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models.Current financial assets and liabilitiesDue to their short maturity, the fair value of current financial assets and liabilities is regarded as corresponding to their original carrying amount.Non-current financial assetsThe fair value of non-current financial assets is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current interest-bearing liabilitiesOn December 31, 2024, 0.0% (2023: 0.0%) of non-current loans based on floating rates was connected to one-month euribor or similar and the rest to maximum six-month Euribor or similar. Therefore, the fair value of non-current loans based on floating rates is regarded as equaling their book value. A part of non-current loans on floating rates is hedged with separate interest rate derivatives which are described in note 22. The fair value of non-current loans on fixed rates is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current non-interest-bearing liabilitiesContingent considerations of business combinations and other acquisi-tions are recognized at fair value on the date of acquisition. Determination of fair values is based on discounted future cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__146": {
"value": "FINANCIAL ASSETS AND LIABILITIES BY CATEGORIES AND FAIR VALUES2024 2023Fair value of Fair value of Financial financial Financial financial Carrying assets and assets and Carrying assets and assets and 1)1)1)liabilities valueliabilities liabilities EUR million Notevalueliabilities FINANCIAL ASSETS2)Financial liabilities measured at amortized costNon-current financial assetsLoan receivables 15 0.7 0.7 0.7 0.7 0.7 0.7Other interest-bearing receivables 15 0.0 0.0 0.0Trade and other non-interest-bearing receivables 15 0.5 0.0 0.0 0.5 0.0 0.0Current financial assetsCash and cash equivalents 17 21.7 21.7 21.7 20.0 20.0 20.0Trade and other non-interest-bearing receivables 15 31.1 24.4 24.4 34.1 25.5 25.5Fair value through other comprehensive incomeOther shares 14 0.1 0.1 0.1 0.2 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 15, 22 0.1 0.1 0.1 0.7 0.7 0.7FINANCIAL LIABILITIESFinancial liabilities at fair value through income statementInterest rate and currency derivatives - non-hedge accounted 22, 25 1.4 1.4 1.4 0.3 0.3 0.32)Financial liabilities measured at amortized costNon-current financial liabilitiesLoans from financial institutions 24 49.4 49.4 49.6 66.0 66.0 66.3Other non-interest-bearing liabilities 25 0.0 0.0 0.0 0.0 0.0 0.0Current financial liabilitiesLoans from financial institutions 24 8.3 8.3 8.3 8.1 8.1 8.1Commercial paper program 24 14.0 14.0 14.0 13.5 13.5 13.5Trade and other non-interest-bearing payables 25 39.5 19.9 19.9 27.9 11.0 11.01) The proportion of the carrying value which is classified as financial assets and liabilities according to IFRS 9. 2) Fair value hierarchy level 2.FAIR VALUE HIERARCHY OF THE FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE2024 2023EUR million Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3FINANCIAL ASSETS AT FAIR VALUEFair value through other comprehensive incomeOther shares 0.1 0.1 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 0.1 0.1 0.7 0.7Total 0.1 0.1 0.1 0.9 0.7 0.2FINANCIAL LIABILITIES AT FAIR VALUEFinancial liabilities at fair value through income statement Currency and interest derivatives - non-hedge accounted 1.4 1.4 0.3 0.3Total 1.4 1.4 0.3 0.3FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIESFair value hierarchy levelsThe fair values of the financial assets and liabilities on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market. Currently there are no financial instruments on level 1.The fair values of the financial assets and liabilities on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable market inputs either directly (i.e. prices) or indirectly (i.e. de-rived from prices).The fair values of the financial assets and liabilities on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data. For example management estimates are utilized in generally accepted valuation mod-els of the financial instruments on the Level 3.The fair value hierarchy level, into which the entire financial asset or liability is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset or liability. The significance of the information is estimated con-sidering the financial asset or liability in its entirety.No significant transfers between the hierarchy levels took place during the financial period.Other sharesOther shares comprise of unlisted shares that are measured at fair value. Certain unlisted shares for which fair values cannot be measured reliably are measured at cost less possible impairment.DerivativesAll derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models.Current financial assets and liabilitiesDue to their short maturity, the fair value of current financial assets and liabilities is regarded as corresponding to their original carrying amount.Non-current financial assetsThe fair value of non-current financial assets is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current interest-bearing liabilitiesOn December 31, 2024, 0.0% (2023: 0.0%) of non-current loans based on floating rates was connected to one-month euribor or similar and the rest to maximum six-month Euribor or similar. Therefore, the fair value of non-current loans based on floating rates is regarded as equaling their book value. A part of non-current loans on floating rates is hedged with separate interest rate derivatives which are described in note 22. The fair value of non-current loans on fixed rates is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current non-interest-bearing liabilitiesContingent considerations of business combinations and other acquisi-tions are recognized at fair value on the date of acquisition. Determination of fair values is based on discounted future cash flows.",
"dimensions": {
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"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__144": {
"value": "FINANCIAL ASSETS AND LIABILITIES BY CATEGORIES AND FAIR VALUES2024 2023Fair value of Fair value of Financial financial Financial financial Carrying assets and assets and Carrying assets and assets and 1)1)1)liabilities valueliabilities liabilities EUR million Notevalueliabilities FINANCIAL ASSETS2)Financial liabilities measured at amortized costNon-current financial assetsLoan receivables 15 0.7 0.7 0.7 0.7 0.7 0.7Other interest-bearing receivables 15 0.0 0.0 0.0Trade and other non-interest-bearing receivables 15 0.5 0.0 0.0 0.5 0.0 0.0Current financial assetsCash and cash equivalents 17 21.7 21.7 21.7 20.0 20.0 20.0Trade and other non-interest-bearing receivables 15 31.1 24.4 24.4 34.1 25.5 25.5Fair value through other comprehensive incomeOther shares 14 0.1 0.1 0.1 0.2 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 15, 22 0.1 0.1 0.1 0.7 0.7 0.7FINANCIAL LIABILITIESFinancial liabilities at fair value through income statementInterest rate and currency derivatives - non-hedge accounted 22, 25 1.4 1.4 1.4 0.3 0.3 0.32)Financial liabilities measured at amortized costNon-current financial liabilitiesLoans from financial institutions 24 49.4 49.4 49.6 66.0 66.0 66.3Other non-interest-bearing liabilities 25 0.0 0.0 0.0 0.0 0.0 0.0Current financial liabilitiesLoans from financial institutions 24 8.3 8.3 8.3 8.1 8.1 8.1Commercial paper program 24 14.0 14.0 14.0 13.5 13.5 13.5Trade and other non-interest-bearing payables 25 39.5 19.9 19.9 27.9 11.0 11.01) The proportion of the carrying value which is classified as financial assets and liabilities according to IFRS 9. 2) Fair value hierarchy level 2.FAIR VALUE HIERARCHY OF THE FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE2024 2023EUR million Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3FINANCIAL ASSETS AT FAIR VALUEFair value through other comprehensive incomeOther shares 0.1 0.1 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 0.1 0.1 0.7 0.7Total 0.1 0.1 0.1 0.9 0.7 0.2FINANCIAL LIABILITIES AT FAIR VALUEFinancial liabilities at fair value through income statement Currency and interest derivatives - non-hedge accounted 1.4 1.4 0.3 0.3Total 1.4 1.4 0.3 0.3FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIESFair value hierarchy levelsThe fair values of the financial assets and liabilities on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market. Currently there are no financial instruments on level 1.The fair values of the financial assets and liabilities on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable market inputs either directly (i.e. prices) or indirectly (i.e. de-rived from prices).The fair values of the financial assets and liabilities on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data. For example management estimates are utilized in generally accepted valuation mod-els of the financial instruments on the Level 3.The fair value hierarchy level, into which the entire financial asset or liability is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset or liability. The significance of the information is estimated con-sidering the financial asset or liability in its entirety.No significant transfers between the hierarchy levels took place during the financial period.Other sharesOther shares comprise of unlisted shares that are measured at fair value. Certain unlisted shares for which fair values cannot be measured reliably are measured at cost less possible impairment.DerivativesAll derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models.Current financial assets and liabilitiesDue to their short maturity, the fair value of current financial assets and liabilities is regarded as corresponding to their original carrying amount.Non-current financial assetsThe fair value of non-current financial assets is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current interest-bearing liabilitiesOn December 31, 2024, 0.0% (2023: 0.0%) of non-current loans based on floating rates was connected to one-month euribor or similar and the rest to maximum six-month Euribor or similar. Therefore, the fair value of non-current loans based on floating rates is regarded as equaling their book value. A part of non-current loans on floating rates is hedged with separate interest rate derivatives which are described in note 22. The fair value of non-current loans on fixed rates is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current non-interest-bearing liabilitiesContingent considerations of business combinations and other acquisi-tions are recognized at fair value on the date of acquisition. Determination of fair values is based on discounted future cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__143": {
"value": "FINANCIAL ASSETS AND LIABILITIES BY CATEGORIES AND FAIR VALUES2024 2023Fair value of Fair value of Financial financial Financial financial Carrying assets and assets and Carrying assets and assets and 1)1)1)liabilities valueliabilities liabilities EUR million Notevalueliabilities FINANCIAL ASSETS2)Financial liabilities measured at amortized costNon-current financial assetsLoan receivables 15 0.7 0.7 0.7 0.7 0.7 0.7Other interest-bearing receivables 15 0.0 0.0 0.0Trade and other non-interest-bearing receivables 15 0.5 0.0 0.0 0.5 0.0 0.0Current financial assetsCash and cash equivalents 17 21.7 21.7 21.7 20.0 20.0 20.0Trade and other non-interest-bearing receivables 15 31.1 24.4 24.4 34.1 25.5 25.5Fair value through other comprehensive incomeOther shares 14 0.1 0.1 0.1 0.2 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 15, 22 0.1 0.1 0.1 0.7 0.7 0.7FINANCIAL LIABILITIESFinancial liabilities at fair value through income statementInterest rate and currency derivatives - non-hedge accounted 22, 25 1.4 1.4 1.4 0.3 0.3 0.32)Financial liabilities measured at amortized costNon-current financial liabilitiesLoans from financial institutions 24 49.4 49.4 49.6 66.0 66.0 66.3Other non-interest-bearing liabilities 25 0.0 0.0 0.0 0.0 0.0 0.0Current financial liabilitiesLoans from financial institutions 24 8.3 8.3 8.3 8.1 8.1 8.1Commercial paper program 24 14.0 14.0 14.0 13.5 13.5 13.5Trade and other non-interest-bearing payables 25 39.5 19.9 19.9 27.9 11.0 11.01) The proportion of the carrying value which is classified as financial assets and liabilities according to IFRS 9. 2) Fair value hierarchy level 2.FAIR VALUE HIERARCHY OF THE FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE2024 2023EUR million Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3FINANCIAL ASSETS AT FAIR VALUEFair value through other comprehensive incomeOther shares 0.1 0.1 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 0.1 0.1 0.7 0.7Total 0.1 0.1 0.1 0.9 0.7 0.2FINANCIAL LIABILITIES AT FAIR VALUEFinancial liabilities at fair value through income statement Currency and interest derivatives - non-hedge accounted 1.4 1.4 0.3 0.3Total 1.4 1.4 0.3 0.3FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIESFair value hierarchy levelsThe fair values of the financial assets and liabilities on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market. Currently there are no financial instruments on level 1.The fair values of the financial assets and liabilities on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable market inputs either directly (i.e. prices) or indirectly (i.e. de-rived from prices).The fair values of the financial assets and liabilities on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data. For example management estimates are utilized in generally accepted valuation mod-els of the financial instruments on the Level 3.The fair value hierarchy level, into which the entire financial asset or liability is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset or liability. The significance of the information is estimated con-sidering the financial asset or liability in its entirety.No significant transfers between the hierarchy levels took place during the financial period.Other sharesOther shares comprise of unlisted shares that are measured at fair value. Certain unlisted shares for which fair values cannot be measured reliably are measured at cost less possible impairment.DerivativesAll derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models.Current financial assets and liabilitiesDue to their short maturity, the fair value of current financial assets and liabilities is regarded as corresponding to their original carrying amount.Non-current financial assetsThe fair value of non-current financial assets is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current interest-bearing liabilitiesOn December 31, 2024, 0.0% (2023: 0.0%) of non-current loans based on floating rates was connected to one-month euribor or similar and the rest to maximum six-month Euribor or similar. Therefore, the fair value of non-current loans based on floating rates is regarded as equaling their book value. A part of non-current loans on floating rates is hedged with separate interest rate derivatives which are described in note 22. The fair value of non-current loans on fixed rates is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current non-interest-bearing liabilitiesContingent considerations of business combinations and other acquisi-tions are recognized at fair value on the date of acquisition. Determination of fair values is based on discounted future cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__142": {
"value": "FINANCIAL ASSETS AND LIABILITIES BY CATEGORIES AND FAIR VALUES2024 2023Fair value of Fair value of Financial financial Financial financial Carrying assets and assets and Carrying assets and assets and 1)1)1)liabilities valueliabilities liabilities EUR million Notevalueliabilities FINANCIAL ASSETS2)Financial liabilities measured at amortized costNon-current financial assetsLoan receivables 15 0.7 0.7 0.7 0.7 0.7 0.7Other interest-bearing receivables 15 0.0 0.0 0.0Trade and other non-interest-bearing receivables 15 0.5 0.0 0.0 0.5 0.0 0.0Current financial assetsCash and cash equivalents 17 21.7 21.7 21.7 20.0 20.0 20.0Trade and other non-interest-bearing receivables 15 31.1 24.4 24.4 34.1 25.5 25.5Fair value through other comprehensive incomeOther shares 14 0.1 0.1 0.1 0.2 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 15, 22 0.1 0.1 0.1 0.7 0.7 0.7FINANCIAL LIABILITIESFinancial liabilities at fair value through income statementInterest rate and currency derivatives - non-hedge accounted 22, 25 1.4 1.4 1.4 0.3 0.3 0.32)Financial liabilities measured at amortized costNon-current financial liabilitiesLoans from financial institutions 24 49.4 49.4 49.6 66.0 66.0 66.3Other non-interest-bearing liabilities 25 0.0 0.0 0.0 0.0 0.0 0.0Current financial liabilitiesLoans from financial institutions 24 8.3 8.3 8.3 8.1 8.1 8.1Commercial paper program 24 14.0 14.0 14.0 13.5 13.5 13.5Trade and other non-interest-bearing payables 25 39.5 19.9 19.9 27.9 11.0 11.01) The proportion of the carrying value which is classified as financial assets and liabilities according to IFRS 9. 2) Fair value hierarchy level 2.FAIR VALUE HIERARCHY OF THE FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE2024 2023EUR million Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3FINANCIAL ASSETS AT FAIR VALUEFair value through other comprehensive incomeOther shares 0.1 0.1 0.2 0.2Financial assets at fair value through income statementCurrency and interest derivatives - non-hedge accounted 0.1 0.1 0.7 0.7Total 0.1 0.1 0.1 0.9 0.7 0.2FINANCIAL LIABILITIES AT FAIR VALUEFinancial liabilities at fair value through income statement Currency and interest derivatives - non-hedge accounted 1.4 1.4 0.3 0.3Total 1.4 1.4 0.3 0.3FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIESFair value hierarchy levelsThe fair values of the financial assets and liabilities on the hierarchy level 1 are based on quoted market prices of similar financial instruments traded in an active market. Currently there are no financial instruments on level 1.The fair values of the financial assets and liabilities on the hierarchy level 2 are based on other price information than quoted market prices for a significant part of the valuation. This information is supported by observable market inputs either directly (i.e. prices) or indirectly (i.e. de-rived from prices).The fair values of the financial assets and liabilities on the hierarchy level 3 are calculated using a valuation technique based on assumptions that are not supported by available observable market data. For example management estimates are utilized in generally accepted valuation mod-els of the financial instruments on the Level 3.The fair value hierarchy level, into which the entire financial asset or liability is classified, is determined based on the lowest-hierarchy-level information being significant for the valuation of that particular financial asset or liability. The significance of the information is estimated con-sidering the financial asset or liability in its entirety.No significant transfers between the hierarchy levels took place during the financial period.Other sharesOther shares comprise of unlisted shares that are measured at fair value. Certain unlisted shares for which fair values cannot be measured reliably are measured at cost less possible impairment.DerivativesAll derivatives are initially recognized at fair value on the date derivative contract is entered into, and are subsequently remeasured at fair value on each balance sheet date. Determination of fair values is based on quoted market prices and rates, discounting of cash flows and option valuation models.Current financial assets and liabilitiesDue to their short maturity, the fair value of current financial assets and liabilities is regarded as corresponding to their original carrying amount.Non-current financial assetsThe fair value of non-current financial assets is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current interest-bearing liabilitiesOn December 31, 2024, 0.0% (2023: 0.0%) of non-current loans based on floating rates was connected to one-month euribor or similar and the rest to maximum six-month Euribor or similar. Therefore, the fair value of non-current loans based on floating rates is regarded as equaling their book value. A part of non-current loans on floating rates is hedged with separate interest rate derivatives which are described in note 22. The fair value of non-current loans on fixed rates is based on discounted future cash flows. The discount rate used corresponds to the market rate on the balance sheet date.Non-current non-interest-bearing liabilitiesContingent considerations of business combinations and other acquisi-tions are recognized at fair value on the date of acquisition. Determination of fair values is based on discounted future cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__152": {
"value": "INTEREST-BEARING LIABILITIESAverage interest rate 1)EUR million31.12.2024, %2024 2023Non-current interest-bearing liabilitiesLoans from financial institutions 6.21 49.4 66.0Lease liabilities 4.16 7.6 9.6Current interest-bearing liabilitiesLoans from financial institutions 5.99 4.2 3.1Current portion of non-current loans from financial institututions 6.21 4.1 5.0Commercial paper program 4.22 14.0 13.5Lease liabilities 5.37 4.8 4.3Total 84.1 101.61) Average interest rates are calculated without the effect of the interest rate swaps. More information in note 22.Fair values of financial liabilities are presented in the note 23.Lease contracts more detailed in the note 27.INTEREST-BEARING LIABILITIES BY CURRENCY2024 2023Non- Non- EUR millioncurrent Currentcurrent CurrentLoans from financial institutionsEUR 49.4 4.2 66.0 8.1Commercial paper programEUR 14.0 - 13.5Total 49.4 18.2 66.0 21.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__151-1": {
"value": "INTEREST-BEARING LIABILITIESAverage interest rate 1)EUR million31.12.2024, %2024 2023Non-current interest-bearing liabilitiesLoans from financial institutions 6.21 49.4 66.0Lease liabilities 4.16 7.6 9.6Current interest-bearing liabilitiesLoans from financial institutions 5.99 4.2 3.1Current portion of non-current loans from financial institututions 6.21 4.1 5.0Commercial paper program 4.22 14.0 13.5Lease liabilities 5.37 4.8 4.3Total 84.1 101.61) Average interest rates are calculated without the effect of the interest rate swaps. More information in note 22.Fair values of financial liabilities are presented in the note 23.Lease contracts more detailed in the note 27.INTEREST-BEARING LIABILITIES BY CURRENCY2024 2023Non- Non- EUR millioncurrent Currentcurrent CurrentLoans from financial institutionsEUR 49.4 4.2 66.0 8.1Commercial paper programEUR 14.0 - 13.5Total 49.4 18.2 66.0 21.6NON-INTEREST-BEARING LIABILITIESEUR million 2024 2023Non-current non-interest-bearing liabilitiesDerivatives 0.8 0.2Other non-current liabilities 0.0 0.0Current non-interest-bearing liabilitiesTrade payables 19.9 11.0Accrued employee-related expenses 8.3 8.3Other accrued expenses and deferred income 7.3 5.5Derivatives 0.6 0.1Advances received 0.4 0.4VAT payable 0.6 0.6Other current liabilities 2.9 2.0Total 40.9 28.5Fair values of financial liabilities are presented in the note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__157": {
"value": "NON-INTEREST-BEARING LIABILITIESEUR million 2024 2023Non-current non-interest-bearing liabilitiesDerivatives 0.8 0.2Other non-current liabilities 0.0 0.0Current non-interest-bearing liabilitiesTrade payables 19.9 11.0Accrued employee-related expenses 8.3 8.3Other accrued expenses and deferred income 7.3 5.5Derivatives 0.6 0.1Advances received 0.4 0.4VAT payable 0.6 0.6Other current liabilities 2.9 2.0Total 40.9 28.5Fair values of financial liabilities are presented in the note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__156": {
"value": "NON-INTEREST-BEARING LIABILITIESEUR million 2024 2023Non-current non-interest-bearing liabilitiesDerivatives 0.8 0.2Other non-current liabilities 0.0 0.0Current non-interest-bearing liabilitiesTrade payables 19.9 11.0Accrued employee-related expenses 8.3 8.3Other accrued expenses and deferred income 7.3 5.5Derivatives 0.6 0.1Advances received 0.4 0.4VAT payable 0.6 0.6Other current liabilities 2.9 2.0Total 40.9 28.5Fair values of financial liabilities are presented in the note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__155": {
"value": "NON-INTEREST-BEARING LIABILITIESEUR million 2024 2023Non-current non-interest-bearing liabilitiesDerivatives 0.8 0.2Other non-current liabilities 0.0 0.0Current non-interest-bearing liabilitiesTrade payables 19.9 11.0Accrued employee-related expenses 8.3 8.3Other accrued expenses and deferred income 7.3 5.5Derivatives 0.6 0.1Advances received 0.4 0.4VAT payable 0.6 0.6Other current liabilities 2.9 2.0Total 40.9 28.5Fair values of financial liabilities are presented in the note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__154": {
"value": "NON-INTEREST-BEARING LIABILITIESEUR million 2024 2023Non-current non-interest-bearing liabilitiesDerivatives 0.8 0.2Other non-current liabilities 0.0 0.0Current non-interest-bearing liabilitiesTrade payables 19.9 11.0Accrued employee-related expenses 8.3 8.3Other accrued expenses and deferred income 7.3 5.5Derivatives 0.6 0.1Advances received 0.4 0.4VAT payable 0.6 0.6Other current liabilities 2.9 2.0Total 40.9 28.5Fair values of financial liabilities are presented in the note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__162": {
"value": "COMMITMENTS AND CONTINGENCIESThe Group\u2019s senior facilities are secured and has an issued business mortgage notes with nominal value amounting to 137.8 MEUR. In addi-tion, the Group has pledged subsidiary shares of Marttiini Oy, KL-Teho Oy and Rapala VMC Online Oy and parent company\u2019s intra-group loan receivables related to these entities.Group\u2019s lease commitments are presented in note 27.Disputes and litigationsThe Group\u2019s management does not have knowledge of any open disputes or litigations, which would have a significant impact on the company\u2019s financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__161": {
"value": "COMMITMENTS AND CONTINGENCIESThe Group\u2019s senior facilities are secured and has an issued business mortgage notes with nominal value amounting to 137.8 MEUR. In addi-tion, the Group has pledged subsidiary shares of Marttiini Oy, KL-Teho Oy and Rapala VMC Online Oy and parent company\u2019s intra-group loan receivables related to these entities.Group\u2019s lease commitments are presented in note 27.Disputes and litigationsThe Group\u2019s management does not have knowledge of any open disputes or litigations, which would have a significant impact on the company\u2019s financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__160": {
"value": "COMMITMENTS AND CONTINGENCIESThe Group\u2019s senior facilities are secured and has an issued business mortgage notes with nominal value amounting to 137.8 MEUR. In addi-tion, the Group has pledged subsidiary shares of Marttiini Oy, KL-Teho Oy and Rapala VMC Online Oy and parent company\u2019s intra-group loan receivables related to these entities.Group\u2019s lease commitments are presented in note 27.Disputes and litigationsThe Group\u2019s management does not have knowledge of any open disputes or litigations, which would have a significant impact on the company\u2019s financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__159": {
"value": "COMMITMENTS AND CONTINGENCIESThe Group\u2019s senior facilities are secured and has an issued business mortgage notes with nominal value amounting to 137.8 MEUR. In addi-tion, the Group has pledged subsidiary shares of Marttiini Oy, KL-Teho Oy and Rapala VMC Online Oy and parent company\u2019s intra-group loan receivables related to these entities.Group\u2019s lease commitments are presented in note 27.Disputes and litigationsThe Group\u2019s management does not have knowledge of any open disputes or litigations, which would have a significant impact on the company\u2019s financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__158": {
"value": "COMMITMENTS AND CONTINGENCIESThe Group\u2019s senior facilities are secured and has an issued business mortgage notes with nominal value amounting to 137.8 MEUR. In addi-tion, the Group has pledged subsidiary shares of Marttiini Oy, KL-Teho Oy and Rapala VMC Online Oy and parent company\u2019s intra-group loan receivables related to these entities.Group\u2019s lease commitments are presented in note 27.Disputes and litigationsThe Group\u2019s management does not have knowledge of any open disputes or litigations, which would have a significant impact on the company\u2019s financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__163": {
"value": "LEASE CONTRACTS RIGHT-OF-USE ASSETS2024Land and Other EUR millionbuildingsassets TotalAcquisition cost Jan 1 33.9 4.0 38.0Additions 3.7 0.8 4.5Disposals -4.7 -1.3 -6.1Translation differences 0.1 0.0 0.1Acquisition cost Dec 31 33.0 3.5 36.5Accumulated depreciations Jan 1 -21.7 -2.8 -24.5Additions 0.2 - 0.2Disposals 3.8 1.1 4.9Depreciations during the period -4.8 -0.7 -5.5Translation differences 0.0 0.0 0.0Accumulated depreciations Dec 31 -22.5 -2.3 -24.8Carrying value Jan 1 12.2 1.3 13.5Carrying value Dec 31 10.5 1.2 11.7Group\u2019s most material right-of-use assets capitalised consists of build-ings as production facilities, offices and warehouses. Right-of-use asset section Other assets consists mainly of cars.2023Land and Other EUR millionbuildingsassets TotalAcquisition cost Jan 1 32.7 3.6 36.3Additions 2.8 0.6 3.5Disposals -0.6 -0.1 -0.7Translation differences -0.9 -0.1 -1.0Acquisition cost Dec 31 33.9 4.0 38.0Accumulated depreciations Jan 1 -18.1 -2.2 -20.3Disposals 0.5 0.1 0.6Depreciations during the period -5.0 -0.7 -5.7Translation differences 0.8 0.0 0.9Accumulated amortization Dec 31 -21.7 -2.8 -24.5Carrying value Jan 1 14.5 1.4 16.0Carrying value Dec 31 12.2 1.3 13.5Group\u2019s most material right-of-use assets capitalised consists of build-ings as production facilities, offices and warehouses. Right-of-use asset section Other assets consists mainly of cars.Off-balance sheet lease commitmentsTHE GROUP AS A LESSEEEUR million 2024 2023Non-cancellable lease agreements 0.3 0.3The non-cancellable lease agreements include short-term and other lease contracts that are not included in lease liabilities. Other rents include IT equipment leases that are not material.Maturity of the group\u2019s financial liabilities more detailed in the note 22. Lease liabilities more detailed in the note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__166": {
"value": "RELATED PARTY TRANSACTIONSThe Group\u2019s related parties include members of the Board, CEO, members of the Executive Committee, family members of the above-mentioned individuals, entities controlled by the above-mentioned individuals, Rapala VMC Corporation\u00b4s subsidiaries, associated companies and joint ventures and entities with significant influence. Subsidiaries owned directly or indirectly by the parent company as well as associates and foreign branches are listed in note 32. Related party transactions between Group companies have been eliminated. Entities with significant influence are specified in section \u2018Shares and Shareholders\u2019.TRANSACTIONS AND BALANCES WITH RELATED PARTIESSales and Other EUR millionother incomePurchases Paid rentsexpenses Receivables Payables20241)DQC International Corp. 0.0 0.0 0.0Associated company Lanimo O\u00fc 0.0 0.02)Entity with significant influence over the Group 0.0 -0.1 0.0 0.7Management20231)DQC International Corp. 0.2 0.0 0.0Associated company Lanimo O\u00fc 0.0 0.0 0.02)Entity with significant influence over the Group -0.3 0.0Management 0.0 -0.1 0.0 0.71) Rapala VMC acquired control in July 2023 after the company consolidated as subsidiary.2) Lease agreement for the real estate for the consolidated operations in France and a service fee. Entity with significant influence is Viellard Migeon & Cie, who\u2019s shareholding alone and together with its subsidiary is presented in section \u2019Shares and Shareholders\u2019. EMPLOYEE BENEFITS FOR TOP MANAGEMENTEUR million 2024 2023Salaries and other employee benefits -3.1 -2.8Post employment benefits -0.7 -0.1Benefits related to termination of employment -0.7Costs for option programs to be settled in cash -0.2 -0.1Total -4.7 -3.0Top management consists of members of the Board of Directors, CEO and other members of the Executive Committee.On December 31, 2024, the members of the Board and the Executive Committee held (shares and share-based rights of each member and corporations over which he/she exercises control in the company and its group companies) a total of 85 795 Rapala VMC Corporation shares (on December 31, 2023: 134 862). Top management owned 0.2% (0.3%) of the issued share capital and voting rights of the company on December 31, 2024. Details of top management shareholdings are given in the sec-tion \u2018Board and Management\u2019.In 2021 share-based long-term incentive plans were granted to the CEO and other members of the executive committee. The program ended in 2023 and the reward was paid out in cash in 2024. Details of the long-term incentive plan are given in the section \u2018Shared-based payments\u2019.The Group\u2019s business transactions or outstanding balances with top management or close members of their family are presented in the table \u2018Transactions and balances with related parties\u2019.EMPLOYEE BENEFITS FOR CHIEF EXECUTIVE OFFICEREUR million 2024 20231)Louis d\u2019Alan\u00e7on, CEO from November 16, 2022 to April 30, 2023 Short-term employee benefits - -0.1Lars Ollberg, CEO from May 1, 2023 onwardsShort-term employee benefits -0.5 -0.3Post employment benefits -0.1 -Total -0.6 -0.51) Excluding compensation for being a member of the Board which is presented in section employee benefits for Board of Directors.In 2024, annual base salary and benefits of CEO Lars Olberg amounted to EUR 334 thousand (EUR 228 thousand from May 1st to December 31st 2023). Ollberg is entitled to a profit bonus according to the principles of the Group\u2019s senior management bonus scheme. Accrued bonus in 2024 totaled EUR 155 thousand (EUR 98 thousand). CEO\u2019s pension security is arranged under the statutory Finnish contribution based employee pension plan.In 2023, EUR 86 thousand was paid to Louis d\u2019Alan\u00e7on for acting as the CEO from January 1st to April 30th.EMPLOYEE BENEFITS FOR OTHER MEMBERS OF THE EXECUTIVE COMMITTEEEUR million 2024 2023Salaries and other employee benefits -2.7 -2.1Post employment benefits -0.6 -0.1Benefits related to termination of employment -0.7 -Costs for option programs to be settled in cash -0.2 -0.1Total -4.2 -2.3In addition to the monthly salary, other members of the Executive Com-mittee participate in the Group\u2019s senior management bonus scheme. The amount and payment of the bonus requires that the financial and strategic targets are achieved. If the targets are not achieved, payment of bonus is fully at the discretion of the Board of Directors. Principally the bonus can be no more than 100 percent of the annual salary. In 2024, salaries and other employee benefits included a release of provision for share-based incentives in total of EUR 0.0 million.EMPLOYEE BENEFITS FOR BOARD OF DIRECTORSEUR million 2024 2023Salaries and other employee benefitsChairman of the Board -0.1 -0.1Other Board members -0.2 -0.2Total -0.3 -0.3In 2024, the annual fee to the Chairman of the Board was EUR 70 thousand and the fee to other Board members was EUR 25 thousand. In addition, a meeting fee of EUR 1000 was paid per Board and Committee meeting. Members of the Board are reimbursed for travel expenses corresponding to the corporation\u2019s traveling compensation principles. In 2023, Louis d\u2019Alan\u00e7on had as the CEO of the Group a separate CEO agreement, which remuneration is presented under the employee benefits to the CEO.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__165": {
"value": "RELATED PARTY TRANSACTIONSThe Group\u2019s related parties include members of the Board, CEO, members of the Executive Committee, family members of the above-mentioned individuals, entities controlled by the above-mentioned individuals, Rapala VMC Corporation\u00b4s subsidiaries, associated companies and joint ventures and entities with significant influence. Subsidiaries owned directly or indirectly by the parent company as well as associates and foreign branches are listed in note 32. Related party transactions between Group companies have been eliminated. Entities with significant influence are specified in section \u2018Shares and Shareholders\u2019.TRANSACTIONS AND BALANCES WITH RELATED PARTIESSales and Other EUR millionother incomePurchases Paid rentsexpenses Receivables Payables20241)DQC International Corp. 0.0 0.0 0.0Associated company Lanimo O\u00fc 0.0 0.02)Entity with significant influence over the Group 0.0 -0.1 0.0 0.7Management20231)DQC International Corp. 0.2 0.0 0.0Associated company Lanimo O\u00fc 0.0 0.0 0.02)Entity with significant influence over the Group -0.3 0.0Management 0.0 -0.1 0.0 0.71) Rapala VMC acquired control in July 2023 after the company consolidated as subsidiary.2) Lease agreement for the real estate for the consolidated operations in France and a service fee. Entity with significant influence is Viellard Migeon & Cie, who\u2019s shareholding alone and together with its subsidiary is presented in section \u2019Shares and Shareholders\u2019. EMPLOYEE BENEFITS FOR TOP MANAGEMENTEUR million 2024 2023Salaries and other employee benefits -3.1 -2.8Post employment benefits -0.7 -0.1Benefits related to termination of employment -0.7Costs for option programs to be settled in cash -0.2 -0.1Total -4.7 -3.0Top management consists of members of the Board of Directors, CEO and other members of the Executive Committee.On December 31, 2024, the members of the Board and the Executive Committee held (shares and share-based rights of each member and corporations over which he/she exercises control in the company and its group companies) a total of 85 795 Rapala VMC Corporation shares (on December 31, 2023: 134 862). Top management owned 0.2% (0.3%) of the issued share capital and voting rights of the company on December 31, 2024. Details of top management shareholdings are given in the sec-tion \u2018Board and Management\u2019.In 2021 share-based long-term incentive plans were granted to the CEO and other members of the executive committee. The program ended in 2023 and the reward was paid out in cash in 2024. Details of the long-term incentive plan are given in the section \u2018Shared-based payments\u2019.The Group\u2019s business transactions or outstanding balances with top management or close members of their family are presented in the table \u2018Transactions and balances with related parties\u2019.EMPLOYEE BENEFITS FOR CHIEF EXECUTIVE OFFICEREUR million 2024 20231)Louis d\u2019Alan\u00e7on, CEO from November 16, 2022 to April 30, 2023 Short-term employee benefits - -0.1Lars Ollberg, CEO from May 1, 2023 onwardsShort-term employee benefits -0.5 -0.3Post employment benefits -0.1 -Total -0.6 -0.51) Excluding compensation for being a member of the Board which is presented in section employee benefits for Board of Directors.In 2024, annual base salary and benefits of CEO Lars Olberg amounted to EUR 334 thousand (EUR 228 thousand from May 1st to December 31st 2023). Ollberg is entitled to a profit bonus according to the principles of the Group\u2019s senior management bonus scheme. Accrued bonus in 2024 totaled EUR 155 thousand (EUR 98 thousand). CEO\u2019s pension security is arranged under the statutory Finnish contribution based employee pension plan.In 2023, EUR 86 thousand was paid to Louis d\u2019Alan\u00e7on for acting as the CEO from January 1st to April 30th.EMPLOYEE BENEFITS FOR OTHER MEMBERS OF THE EXECUTIVE COMMITTEEEUR million 2024 2023Salaries and other employee benefits -2.7 -2.1Post employment benefits -0.6 -0.1Benefits related to termination of employment -0.7 -Costs for option programs to be settled in cash -0.2 -0.1Total -4.2 -2.3In addition to the monthly salary, other members of the Executive Com-mittee participate in the Group\u2019s senior management bonus scheme. The amount and payment of the bonus requires that the financial and strategic targets are achieved. If the targets are not achieved, payment of bonus is fully at the discretion of the Board of Directors. Principally the bonus can be no more than 100 percent of the annual salary. In 2024, salaries and other employee benefits included a release of provision for share-based incentives in total of EUR 0.0 million.EMPLOYEE BENEFITS FOR BOARD OF DIRECTORSEUR million 2024 2023Salaries and other employee benefitsChairman of the Board -0.1 -0.1Other Board members -0.2 -0.2Total -0.3 -0.3In 2024, the annual fee to the Chairman of the Board was EUR 70 thousand and the fee to other Board members was EUR 25 thousand. In addition, a meeting fee of EUR 1000 was paid per Board and Committee meeting. Members of the Board are reimbursed for travel expenses corresponding to the corporation\u2019s traveling compensation principles. In 2023, Louis d\u2019Alan\u00e7on had as the CEO of the Group a separate CEO agreement, which remuneration is presented under the employee benefits to the CEO.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__167": {
"value": "SHARE-BASED PAYMENTSThe Board of Directors of Rapala VMC Corporation announced 25 March 2021 two new Performance Share Plans for the Group key employees. The Board of Directors of Rapala VMC Corporation has decided to establish two new share-based incentive plans. The aim of the plans is to align the objectives of the shareholders and the plan participants for increasing the value of the company in the long-term, to retain the participants at the company and to offer them competitive incentive schemes that are based on earning and accumulating shares.Matching Share Plan 2021\u20132023 for the President and CEOThe President and CEO\u2019s Matching Share Plan 2021\u20132023 consists of one matching period, covering the financial years of 2021\u20132023. The plan was drawn up on the CEO period prior the current CEO Lars Ollberg. The previous CEO has departed the company and neither of the long-term Share-Based Incentives were earned by him and they are deemed void for his part. The current CEO Lars Ollberg has not been offered any variable pay plans during his current tenure as President and CEO. Performance Share Plan 2021\u20142023 for Key EmployeesThe key employees\u2019 Performance Share Plan 2021\u20142023 includes one three-year performance period, covering the financial years 2021\u20142023. The potential reward from the performance period will be based on the Group\u2019s financial performance criteria, which will be measured during the financial year 2023 and the Company\u2019s share price criterion which will be measured during 2023. The financial performance criteria for the performance period are the Group Product Sales in 2023, the Group\u2019s Comparable Earnings before Interest and Taxes (comparable EBIT) in 2023 and the Group\u2019s Average Working Capital Ratio in 2023. The rewards to be paid on the basis of the key employee plan cor-respond to the value of an approximate maximum total of 800 000 Ra-pala VMC Corporation shares including also the proportion to be paid in cash. The potential rewards from the performance period 2021\u20142023 will be paid partly in the Company\u2019s shares and partly in cash in 2024. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the participant. In general, no reward will be paid, if a participant\u00b4s employment or service terminates before the re-ward payment.The key employee\u2019s Performance Share Plan was directed to approxi-mately 19 individuals, including the President and CEO and other mem-bers of the Executive Committee of the Group.SHARE BASED INCENTIVES DURING THE REPORTING PERIOD 1.1.2024 - 31.12.2024Plan Share-based incentive plan Matching Share Plan Type SHARE SHAREInstrument PSP Earning Period 2021-2023 Matching Share Plan 2021-2023Issuing date 25/03/2021 25/03/2021Initial amount, pcs 800 000 28 800Dividend adjustment No NoGrant date 01/04/2021 25/02/2021Beginning of earning period 01/01/2021 01/01/2021End of restriction period 30/04/2024 31/01/2024Total share return, Group product sales, EBIT margin in 2023, Group's average working Performance criteriacapital ratio in 2023 Continued employmentMaximum contractual life, yrs 3.1 2.9Remaining contractual life, yrs 0.0 0.0Number of persons at the end of the reporting year 0 0Payment method Cash & Equity Cash & EquityChanges during the period PSP Earning Period 2021-2023 Matching Share Plan 2021-2023Outstanding at the beginning of the reporting period 01/01/2024, pcs 415 000 0Reserve in the beginning of the reporting period, pcs 385 000 28 800Changes during the periodGranted 0 0Forfeited 85 000 0Earned (gross) 35 310 0Delivered (net) 0 0Outstanding at the end of the period 31/12/2024 0 0Reserve at the end of the period 0 28 800",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__168": {
"value": "EARNINGS PER SHAREEUR million 2024 2023Earnings per shareNet profit/loss for the period attributable to the equity 0.4 -7.3holders of the parent company, EUR millionAccrued interest on the hybrid bond -3.8 -0.3Tax effect 0.8 0.1Net effect -3.0 -0.3Total -2.7 -7.6Weighted average number of shares, 1000 shares 38 876 38 876Earnings per share, EUR -0.07 -0.20Earnings per share, dilutedEffect of dilution based on share-based payments, 1000 shares* - -Diluted weighted average number of shares, 1000 shares 38 876 38 876Diluted earnings per share, EUR -0.07 -0.20*The maximum amount of shares issued through the share-based payments program is 0 shares (2023: 415 000). The dilution impact is anyhow limited to average number of treasury shares held by the Group during the year.Effect of Share-based Incentives on the result and financial position during the periodExpenses for the financial year, share-based payments 0.2Liabilities arising from share-based payments 31 December 2024 0Estimated amount of cash to be paid under these plans \u20ac 0Earnings per share are calculated by dividing the profit for the period attributable to the parent company\u2019s shareholders less the tax-adjust-ed interest on hybrid bond by the weighted average number of shares outstanding during the financial period. The outstanding shares do not include treasury shares held by the Group. For more details on the calcula-tion of earnings per share, see accounting principles for the consolidated accounts.",
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"f1__s7__6__169": {
"value": "EVENTS AFTER THE BALANCE SHEET DATEThe Group has no knowledge of any significant events after the balance sheet date that would have a material impact on the financial statements for 2024.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__171": {
"value": "GROUP COMPANIESGroup Subsidiaries by holding Nature of geographical area Country(%)activityNordicRapala VMC Denmark A/S * Denmark 100 DistributionKL-Teho Oy * Finland 100 ManufacturingMarttiini Oy * Finland 100 ManufacturingRapala VMC Online Oy * Finland 100 SourcingRapala VMC North Europe Oy Finland 100 DistributionPeltonen Ski Oy Finland 100 ManufacturingRapala VMC East Europe Oy Finland 100 AdministrationRapala VMC Norway AS * Norway 100 DistributionRemen Slukfabrikk AS Norway 100 AdministrationVangen AS Norway 100 AdministrationRapala VMC Sweden Ab * Sweden 100 DistributionRest of EuropeFLLC Normark Belarus 100 DistributionRapala VMC Adriatic D.o.o. Croatia 100 DistributionRapala VMC Czech S.r.o. Czech Republic 100 DistributionNormark Eesti O\u00fc Estonia 100 DistributionRapala Eesti AS * Estonia 100 ManufacturingRapala VMC France SAS * France 100 DistributionVMC P\u00e9che SA * France 100 ManufacturingRapala VMC Germany Gmbh Germany 100 DistributionRapala VMC Hungary Zrt * Hungary 100 DistributionRapala VMC Italia Srl Italy 100 DistributionNormark Kazakhstan LLP Kazakhstan 100 DistributionRapala VMC Baltics UAB Lithuania 100 DistributionRapala B.V. * Netherlands 100 AdministrationRapala VMC Poland Sp.z.o.o. * Poland 100 DistributionRapala VMC Portugal, Portugal 100 DistributionUnipessoal,LTDRapala VMC Romania S.R.L. Romania 100 DistributionJSC Normark Russia 100 DistributionNormark LLC Russia 100 Administration* OOO RaptechRussia 100 AdministrationRapala VMC Spain SAU * Spain 100 DistributionRapala VMC Switzerland AG * Switzerland 100 DistributionNormark UK Sport Ltd. UK 100 AdministrationDistribution/Rapala VMC UK Ltd. * UK 100ManufacturingNormark Fishing Ltd. UK 100 AdministrationDynamite Baits Ltd. UK 100 AdministrationNorth America Canada 100 DistributionRapala VMC Canada Inc. Canada 100 DistributionNC Holdings Inc. * USA 100 AdministrationNormark Corporation USA 100 DistributionNormark Innovations, Inc. USA 100 SourcingVMC Inc. USA 100 DistributionDQC International Corp. * USA 100 DistributionGroup Subsidiaries by holding Nature of geographical area Country(%)activityRest of the WorldRapala VMC Australia Pty Ltd * Australia 100 DistributionRapala V.M.C. Do Brazil * Brazil 100 DistributionRapala VMC Chile Ltd Chile 100 DistributionRapala VMC China Co. * China 100 DistributionRapala VMC (ShenZhen) Ltd China 100 SourcingWilltech (PRC) Ltd. Hong Kong 100 SourcingPT Rapala Indonesia * Indonesia 100 DistributionPT Rapala VMC Batam Indonesia 100 AdministrationPT VMC Fishing Indonesia 100 ManufacturingTackle IndonesiaRapala Japan K.K. * Japan 100 DistributionRapala VMC * Malaysia 100 Distribution(Asia Pacific) Sdn Bhd.Rapala VMC Mexico 100 DistributionMexico S. de R.L. de C.VRapala VMC Africa (Pty) Ltd. South Africa 100 DistributionRapala VMC Holdings (Pty) Ltd. * South Africa 100 AdministrationRapala VMC Korea Co., Ltd * South Korea 100 DistributionRapala VMC (Thailand) Co., Ltd. * Thailand 100 DistributionGroup Associated companies holding Nature of and joint ventures Country(%)activityLanimo O\u00fc Estonia 33.3 ManufacturingForeign branchesRapala VMC (Hong Kong) Ltd, branch office in TaiwanNormark S.r.o., branch office in Slovak Republic* Shares owned by the parent company",
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"f1__s7__6__170": {
"value": "GROUP COMPANIESGroup Subsidiaries by holding Nature of geographical area Country(%)activityNordicRapala VMC Denmark A/S * Denmark 100 DistributionKL-Teho Oy * Finland 100 ManufacturingMarttiini Oy * Finland 100 ManufacturingRapala VMC Online Oy * Finland 100 SourcingRapala VMC North Europe Oy Finland 100 DistributionPeltonen Ski Oy Finland 100 ManufacturingRapala VMC East Europe Oy Finland 100 AdministrationRapala VMC Norway AS * Norway 100 DistributionRemen Slukfabrikk AS Norway 100 AdministrationVangen AS Norway 100 AdministrationRapala VMC Sweden Ab * Sweden 100 DistributionRest of EuropeFLLC Normark Belarus 100 DistributionRapala VMC Adriatic D.o.o. Croatia 100 DistributionRapala VMC Czech S.r.o. Czech Republic 100 DistributionNormark Eesti O\u00fc Estonia 100 DistributionRapala Eesti AS * Estonia 100 ManufacturingRapala VMC France SAS * France 100 DistributionVMC P\u00e9che SA * France 100 ManufacturingRapala VMC Germany Gmbh Germany 100 DistributionRapala VMC Hungary Zrt * Hungary 100 DistributionRapala VMC Italia Srl Italy 100 DistributionNormark Kazakhstan LLP Kazakhstan 100 DistributionRapala VMC Baltics UAB Lithuania 100 DistributionRapala B.V. * Netherlands 100 AdministrationRapala VMC Poland Sp.z.o.o. * Poland 100 DistributionRapala VMC Portugal, Portugal 100 DistributionUnipessoal,LTDRapala VMC Romania S.R.L. Romania 100 DistributionJSC Normark Russia 100 DistributionNormark LLC Russia 100 Administration* OOO RaptechRussia 100 AdministrationRapala VMC Spain SAU * Spain 100 DistributionRapala VMC Switzerland AG * Switzerland 100 DistributionNormark UK Sport Ltd. UK 100 AdministrationDistribution/Rapala VMC UK Ltd. * UK 100ManufacturingNormark Fishing Ltd. UK 100 AdministrationDynamite Baits Ltd. UK 100 AdministrationNorth America Canada 100 DistributionRapala VMC Canada Inc. Canada 100 DistributionNC Holdings Inc. * USA 100 AdministrationNormark Corporation USA 100 DistributionNormark Innovations, Inc. USA 100 SourcingVMC Inc. USA 100 DistributionDQC International Corp. * USA 100 DistributionGroup Subsidiaries by holding Nature of geographical area Country(%)activityRest of the WorldRapala VMC Australia Pty Ltd * Australia 100 DistributionRapala V.M.C. Do Brazil * Brazil 100 DistributionRapala VMC Chile Ltd Chile 100 DistributionRapala VMC China Co. * China 100 DistributionRapala VMC (ShenZhen) Ltd China 100 SourcingWilltech (PRC) Ltd. Hong Kong 100 SourcingPT Rapala Indonesia * Indonesia 100 DistributionPT Rapala VMC Batam Indonesia 100 AdministrationPT VMC Fishing Indonesia 100 ManufacturingTackle IndonesiaRapala Japan K.K. * Japan 100 DistributionRapala VMC * Malaysia 100 Distribution(Asia Pacific) Sdn Bhd.Rapala VMC Mexico 100 DistributionMexico S. de R.L. de C.VRapala VMC Africa (Pty) Ltd. South Africa 100 DistributionRapala VMC Holdings (Pty) Ltd. * South Africa 100 AdministrationRapala VMC Korea Co., Ltd * South Korea 100 DistributionRapala VMC (Thailand) Co., Ltd. * Thailand 100 DistributionGroup Associated companies holding Nature of and joint ventures Country(%)activityLanimo O\u00fc Estonia 33.3 ManufacturingForeign branchesRapala VMC (Hong Kong) Ltd, branch office in TaiwanNormark S.r.o., branch office in Slovak Republic* Shares owned by the parent company",
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"language": "en",
"entity": "scheme:7437009TB42O2AB3JW91",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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}