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"205900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-277": { "value": "
Accounting principles used in the consolidated \ufb01nancial statements
Basic information on the Group Alma Media Corporation (1944757-4) is an innovative media group focusing on digital services and journalistic content. The company\u2019s best-known brands are Kauppalehti, Talousel\u00e4m\u00e4, Iltalehti, Etuovi.com, Nettiauto and Jobly. Alma Media generates sus- tainable growth from media to services, providing content and services that bene\ufb01t users in their everyday lives, work and leisure time. Alma Media operates in 13 Euro- pean countries. The Group\u2019s parent company Alma Media Corporation is a Finnish public company established under Finnish law, domiciled in Helsinki at Alvar Aallon katu 3 C, PL 140, FI-00100 Helsinki, Finland. A copy of the consolidated \ufb01nancial statements is available online at www.almamedia. \ufb01 or from the parent company head of\ufb01ce. The Board of Directors approved the \ufb01nancial statements for disclosure on 15 Febru- ary 2023. According to the Finnish Limited Liability Companies Act, shareholders have the opportunity to approve or reject the \ufb01nancial statements at the General Meeting of Shareholders held after publication. It is also possible to amend the \ufb01nancial state- ments at the General Meeting of Shareholders. The \ufb01gures in the \ufb01nancial statements are independently rounded. Accounting principles The consolidated \ufb01nancial statements have been prepared in accordance with the International Financial Reporting Standards, IFRS. The IAS and IFRS standards and SIC and IFRIC interpretations in effect on 31 December 2022 have been applied. In- ternational Financial Reporting Standards refer to the standards and their interpreta- tions approved for application in the EU in accordance with the procedure stipulated in EU regulation (EU) no 1606/2002 and embodied in Finnish accounting legislation and the statutes enacted under it. The notes to the consolidated \ufb01nancial statements also comply with Finnish accounting and company legislation. The consolidated \ufb01nancial statements are based on the purchase method of ac- counting unless otherwise speci\ufb01ed in the accounting principles below. The \ufb01gures in the tables in the \ufb01nancial statements are presented in millions of euros except where presenting the \ufb01gures at a greater level of accuracy is deemed to be appropri- ate. Changes in accounting principles The changes in IFRS standards that entered into effect in the \ufb01nancial year 2022 mainly consisted of amendments to existing standards, and they had no material effect on Alma Media\u2019s consolidated \ufb01nancial statements. Translation of items denominated in foreign currencies Figures in the consolidated \ufb01nancial statements are shown in euro, the euro being the functional and presentation currency of the parent company. Foreign currency items are entered in EUR at the rates prevailing at the transaction date. Monetary for- eign currency items are translated into EUR using the rates prevailing at the balance sheet date. Non-monetary foreign currency items are measured at their fair value and translated into EUR using the rates prevailing at the balance sheet date. In other respects, non-monetary items are measured at the rates prevailing at the transac- tion date. Exchange rate differences arising from sales and purchases are treated as additions or subtractions respectively in the statement of comprehensive income. Exchange rate differences related to loans and loan receivables are taken to other \ufb01nance income and expenses in the pro\ufb01t or loss for the period. The income statements of foreign Group subsidiaries are translated into EUR using the weighted average rates during the period, and their balance sheets at the rates prevailing on the balance sheet date. Goodwill arising from the acquisition of for- eign companies is treated as assets and liabilities of the foreign units in question and translated into EUR at the rates prevailing on the balance sheet date. Translation differences arising from the consolidation of foreign subsidiaries and associated
companies are entered under shareholders\u2019 equity. Exchange differences arising on a
monetary item that forms part of the reporting entity\u2019s net investment in the foreign
operation shall be recognised in the balance sheet and reclassi\ufb01ed from equity to
pro\ufb01t or loss on disposal of the net investment.
Operating pro\ufb01t and EBITDA
IAS 1 Presentation of Financial Statements does not include a de\ufb01nition of operating
pro\ufb01t or gross margin. Gross margin is the net amount formed when other operating
pro\ufb01t is added to net sales, and material and service procurement costs adjusted for
the change in inventories of \ufb01nished and un\ufb01nished products, the costs arising from
employee bene\ufb01ts and other operating expenses are subtracted from the total. Op-
erating pro\ufb01t is the net amount formed when other operating pro\ufb01t is added to net
sales, and the following items are then subtracted from the total: material and service
procurement costs adjusted for the change in inventories of \ufb01nished and un\ufb01nished
products; the costs arising from employee bene\ufb01ts; depreciation, amortisation and
impairment costs; and other operating expenses. All other items in the pro\ufb01t or loss
not mentioned above are shown under operating pro\ufb01t. Exchange rate differences
and changes in the fair value of derivative contracts are included in operating pro\ufb01t if
they arise on items related to the company\u2019s normal business operations. Otherwise
they are recognised in the \ufb01nancial items.
Adjusted items
Adjusted items are income or expense arising from non-recurring or rare events.
Gains or losses from the sale or discontinuation of business operations or assets,
transaction costs arising from business acquisitions, gains or losses from restructur-
ing business operations as well as impairment losses of goodwill and other assets
are recognised by the Group as adjusted items. Adjusted items are recognised in the
pro\ufb01t and loss statement within the corresponding income or expense group. Adjust-
ed items are described in the Report by the Board of Directors.
Accounting principles requiring management\u2019s judgement and
key sources of estimation uncertainty
The preparation of the consolidated \ufb01nancial statements in conformity with IFRS
requires management to make estimates and assumptions which may differ from
actual results in the future. Management is also required to use its discretion as to the application of the accounting principles used to prepare the statements. The management of the Group makes judgement-based decisions pertaining to the selection and application of the accounting principles used in the \ufb01nancial state- ments. This particularly applies in cases where the existing IFRS regulations allow for alternative methods of recognition, measurement and presentation. Alma Media has identi\ufb01ed subscription products and customer loyalty products in accordance with the provisions of IFRS 15. As the item prices of these products are not material, they are not treated as separate performance obligations based on the management\u2019s assessment of materiality. The revenue derived from such products is recognised as part of the main products. According to IFRS 15 Revenue from Contracts with Customers, an entity shall recog- nise revenue when it satis\ufb01es a performance obligation by transferring a promised good or service to a customer. Alma Media\u2019s exception to the revenue recognition practices required by IFRS 15 is the recognition of revenue from credit packages as- sociated with the recruitment business. In credit package transactions, the customer buys credits against which Alma Media provides advertising sales services during the validity of the credits, subject to an agreed-upon price list. According to the manage- ment\u2019s assessment, recognising revenue evenly over the contract period instead of a revenue recognition model based on actual use leads to essentially the same out- come as recognising revenue based on the use of the credits. The estimates made in conjunction with preparing the \ufb01nancial statements are based on the management\u2019s best assessments on the reporting period end date. The esti- mates are based on prior experience, as well as future assumptions that are consid- ered to be the most likely on the balance sheet date with regard to issues such as the expected development of the Group\u2019s economic operating environment in terms of sales and cost levels. The Group monitors the realisation of estimates and assump- tions, as well as changes in the underlying factors, on a regular basis in cooperation with the business units, using both internal and external sources of information. Any changes to these estimates and assumptions are entered in the accounts for the peri- od in which the estimate or assumption is adjusted and for all periods thereafter. Future assumptions and key sources of uncertainty related to estimates made on the balance sheet date that involve a signi\ufb01cant risk of changes to the book values of the Group\u2019s assets and liabilities during the following \ufb01nancial year are presented below. The management has considered these components of the \ufb01nancial statements to be the most relevant in this regard, as they involve the most complicated accounting pol- icies from the Group\u2019s perspective and their application requires the most extensive application of signi\ufb01cant estimates and assumptions\u2014for example, in the valuation of assets. In addition, the effects of potential changes to the assumptions and estimates used in these components of the \ufb01nancial statements are estimated to be the largest. The determination of the fair value of intangible assets in conjunction with business combinations is based on the management\u2019s estimate of the cash \ufb02ows related to the assets in question. The determination of the fair value of liabilities related to contin- gent considerations arising from business combinations are based on the manage- ment\u2019s estimate. The key variable in the change in fair value of contingent consider- ations is the estimate of future operating pro\ufb01t. Impairment tests: The Group tests goodwill and intangible assets with an inde\ufb01nite useful life for impairment annually and reviews any indications of impairment in the manner described above. The amounts recoverable from cash-generating units are recognised based on calculations of their fair value. The preparation of these calcu- lations requires the use of estimates. The estimates and assumptions used to test major goodwill items for impairment, and the sensitivity of changes in these factors with respect to goodwill testing is described in more detail in the note which speci\ufb01es goodwill. Useful lives: Estimating useful lives used to calculate depreciation and amortisation also requires management to estimate the useful lives of these assets. The useful lives applied for each type of asset are listed in the notes under 2.2 Property, Plant and Equipment and 2.1 Intangible Assets. Other estimates: Other management estimates relate mainly to other assets, such as the current nature of receivables and capitalised R&D costs, to tax risks, to deter- mining pension obligations and to the utilisation of tax assets against future taxable income. For leases that are valid with a reasonable level of certainty but have a short period of notice, the \ufb01nancial statements also include an assumption of the period of time the premises in question will be used in business operations. This estimate affects the balance sheet amount of lease liability for the leases for the premises in question.All subsidiaries are consolidated in the consolidated \ufb01nancial statements. Subsidiaries are com- panies in which the Group has a controlling interest. The criteria for control are ful\ufb01lled when the Group is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The accounting principles applied in the subsidiaries have been brought into line with the IFRS principles applied in the consolidated \ufb01nancial statements. Mutual holdings are eliminated using the purchase method. Purchase consid- eration and the individualised assets and liabilities of the acquired entity are recognised at their fair value on the acquisition date. The costs related to the acquisition, with the exception of costs arising from the issue of equity or debt securities, are recorded as expenses. Additional purchase cost, if applicable, is recognised at fair value on the acquisition date and classi\ufb01ed as a liability through pro\ufb01t or loss. Additional purchase cost classi\ufb01ed as a liability is measured through pro\ufb01t or loss at fair value on the last day of each reporting period . ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-278": { "value": "Basic information on the Group Alma Media Corporation (1944757-4) is an innovative media group focusing on digital services and journalistic content. The company\u2019s best-known brands are Kauppalehti, Talousel\u00e4m\u00e4, Iltalehti, Etuovi.com, Nettiauto and Jobly. Alma Media generates sus- tainable growth from media to services, providing content and services that bene\ufb01t users in their everyday lives, work and leisure time. Alma Media operates in 13 Euro- pean countries. The Group\u2019s parent company Alma Media Corporation is a Finnish public company established under Finnish law, domiciled in Helsinki at Alvar Aallon katu 3 C, PL 140, FI-00100 Helsinki, Finland. A copy of the consolidated \ufb01nancial statements is available online at www.almamedia. \ufb01 or from the parent company head of\ufb01ce. The Board of Directors approved the \ufb01nancial statements for disclosure on 15 Febru- ary 2023. According to the Finnish Limited Liability Companies Act, shareholders have the opportunity to approve or reject the \ufb01nancial statements at the General Meeting of Shareholders held after publication. It is also possible to amend the \ufb01nancial state- ments at the General Meeting of Shareholders. The \ufb01gures in the \ufb01nancial statements are independently rounded", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-279": { "value": "Alma Media Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-280": { "value": "1944757-4", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-281": { "value": "an innovative media group focusing on digital services and journalistic content.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-282": { "value": "Alma Media Corporation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-283": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-284": { "value": " Helsinki", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-285": { "value": "Alvar Aallon katu 3 C, PL 140, FI-00100 Helsinki,", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-286": { "value": "Finland. ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-287": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-288": { "value": "The Board of Directors approved the \ufb01nancial statements for disclosure on 15 Febru- ary 2023. According to the Finnish Limited Liability Companies Act, shareholders have the opportunity to approve or reject the \ufb01nancial statements at the General Meeting of Shareholders held after publication. It is also possible to amend the \ufb01nancial state- ments at the General Meeting of Shareholders. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-289": { "value": "Accounting principles The consolidated \ufb01nancial statements have been prepared in accordance with the International Financial Reporting Standards, IFRS. The IAS and IFRS standards and SIC and IFRIC interpretations in effect on 31 December 2022 have been applied. In- ternational Financial Reporting Standards refer to the standards and their interpreta- tions approved for application in the EU in accordance with the procedure stipulated in EU regulation (EU) no 1606/2002 and embodied in Finnish accounting legislation and the statutes enacted under it. The notes to the consolidated \ufb01nancial statements also comply with Finnish accounting and company legislationThe consolidated \ufb01nancial statements are based on the purchase method of ac- counting unless otherwise speci\ufb01ed in the accounting principles below. The \ufb01gures in the tables in the \ufb01nancial statements are presented in millions of euros except where presenting the \ufb01gures at a greater level of accuracy is deemed to be appropri- ate. Operating pro\ufb01t and EBITDA IAS 1 Presentation of Financial Statements does not include a de\ufb01nition of operating pro\ufb01t or gross margin. Gross margin is the net amount formed when other operating pro\ufb01t is added to net sales, and material and service procurement costs adjusted for the change in inventories of \ufb01nished and un\ufb01nished products, the costs arising from employee bene\ufb01ts and other operating expenses are subtracted from the total. Op- erating pro\ufb01t is the net amount formed when other operating pro\ufb01t is added to net sales, and the following items are then subtracted from the total: material and service procurement costs adjusted for the change in inventories of \ufb01nished and un\ufb01nished products; the costs arising from employee bene\ufb01ts; depreciation, amortisation and impairment costs; and other operating expenses. All other items in the pro\ufb01t or loss not mentioned above are shown under operating pro\ufb01t. Exchange rate differences and changes in the fair value of derivative contracts are included in operating pro\ufb01t if they arise on items related to the company\u2019s normal business operations. Otherwise they are recognised in the \ufb01nancial items. Adjusted items Adjusted items are income or expense arising from non-recurring or rare events. Gains or losses from the sale or discontinuation of business operations or assets, transaction costs arising from business acquisitions, gains or losses from restructur- ing business operations as well as impairment losses of goodwill and other assets are recognised by the Group as adjusted items. Adjusted items are recognised in the pro\ufb01t and loss statement within the corresponding income or expense group. Adjust- ed items are described in the Report by the Board of Directors", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-290": { "value": "The consolidated \ufb01nancial statements have been prepared in accordance with the International Financial Reporting Standards, IFRS. The IAS and IFRS standards and SIC and IFRIC interpretations in effect on 31 December 2022 have been applied. In- ternational Financial Reporting Standards refer to the standards and their interpreta- tions approved for application in the EU in accordance with the procedure stipulated in EU regulation (EU) no 1606/2002 and embodied in Finnish accounting legislation and the statutes enacted under it. The notes to the consolidated \ufb01nancial statements also comply with Finnish accounting and company legislation. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-291": { "value": "Changes in accounting principles The changes in IFRS standards that entered into effect in the \ufb01nancial year 2022 mainly consisted of amendments to existing standards, and they had no material effect on Alma Media\u2019s consolidated \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-292": { "value": "Translation of items denominated in foreign currencies Figures in the consolidated \ufb01nancial statements are shown in euro, the euro being the functional and presentation currency of the parent company. Foreign currency items are entered in EUR at the rates prevailing at the transaction date. Monetary for- eign currency items are translated into EUR using the rates prevailing at the balance sheet date. Non-monetary foreign currency items are measured at their fair value and translated into EUR using the rates prevailing at the balance sheet date. In other respects, non-monetary items are measured at the rates prevailing at the transac- tion date. Exchange rate differences arising from sales and purchases are treated as additions or subtractions respectively in the statement of comprehensive income. Exchange rate differences related to loans and loan receivables are taken to other \ufb01nance income and expenses in the pro\ufb01t or loss for the period. The income statements of foreign Group subsidiaries are translated into EUR using the weighted average rates during the period, and their balance sheets at the rates prevailing on the balance sheet date. Goodwill arising from the acquisition of for- eign companies is treated as assets and liabilities of the foreign units in question and translated into EUR at the rates prevailing on the balance sheet date. Translation differences arising from the consolidation of foreign subsidiaries and associated", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-293": { "value": "Accounting principles requiring management\u2019s judgement and key sources of estimation uncertainty The preparation of the consolidated \ufb01nancial statements in conformity with IFRS requires management to make estimates and assumptions which may differ from actual results in the future. Management is also required to use its discretion as to the application of the accounting principles used to prepare the statements. The management of the Group makes judgement-based decisions pertaining to the selection and application of the accounting principles used in the \ufb01nancial state- ments. This particularly applies in cases where the existing IFRS regulations allow for alternative methods of recognition, measurement and presentation. Alma Media has identi\ufb01ed subscription products and customer loyalty products in accordance with the provisions of IFRS 15. As the item prices of these products are not material, they are not treated as separate performance obligations based on the management\u2019s assessment of materiality. The revenue derived from such products is recognised as part of the main products. According to IFRS 15 Revenue from Contracts with Customers, an entity shall recog- nise revenue when it satis\ufb01es a performance obligation by transferring a promised good or service to a customer. Alma Media\u2019s exception to the revenue recognition practices required by IFRS 15 is the recognition of revenue from credit packages as- sociated with the recruitment business. In credit package transactions, the customer buys credits against which Alma Media provides advertising sales services during the validity of the credits, subject to an agreed-upon price list. According to the manage- ment\u2019s assessment, recognising revenue evenly over the contract period instead of a revenue recognition model based on actual use leads to essentially the same out- come as recognising revenue based on the use of the credits. The estimates made in conjunction with preparing the \ufb01nancial statements are based on the management\u2019s best assessments on the reporting period end date. The esti- mates are based on prior experience, as well as future assumptions that are consid- ered to be the most likely on the balance sheet date with regard to issues such as the expected development of the Group\u2019s economic operating environment in terms of sales and cost levels. The Group monitors the realisation of estimates and assump- tions, as well as changes in the underlying factors, on a regular basis in cooperation with the business units, using both internal and external sources of information. Any changes to these estimates and assumptions are entered in the accounts for the peri- od in which the estimate or assumption is adjusted and for all periods thereafter
Future assumptions and key sources of uncertainty related to estimates made on the
balance sheet date that involve a signi\ufb01cant risk of changes to the book values of the
Group\u2019s assets and liabilities during the following \ufb01nancial year are presented below.
The management has considered these components of the \ufb01nancial statements to be
the most relevant in this regard, as they involve the most complicated accounting pol-
icies from the Group\u2019s perspective and their application requires the most extensive
application of signi\ufb01cant estimates and assumptions\u2014for example, in the valuation of
assets. In addition, the effects of potential changes to the assumptions and estimates
used in these components of the \ufb01nancial statements are estimated to be the largest.
The determination of the fair value of intangible assets in conjunction with business
combinations is based on the management\u2019s estimate of the cash \ufb02ows related to the
assets in question. The determination of the fair value of liabilities related to contin-
gent considerations arising from business combinations are based on the manage-
ment\u2019s estimate. The key variable in the change in fair value of contingent consider-
ations is the estimate of future operating pro\ufb01t.
Impairment tests: The Group tests goodwill and intangible assets with an inde\ufb01nite
useful life for impairment annually and reviews any indications of impairment in the
manner described above. The amounts recoverable from cash-generating units are
recognised based on calculations of their fair value. The preparation of these calcu-
lations requires the use of estimates. The estimates and assumptions used to test
major goodwill items for impairment, and the sensitivity of changes in these factors
with respect to goodwill testing is described in more detail in the note which speci\ufb01es
goodwill.
Useful lives: Estimating useful lives used to calculate depreciation and amortisation
also requires management to estimate the useful lives of these assets. The useful
lives applied for each type of asset are listed in the notes under 2.2 Property, Plant and
Equipment and 2.1 Intangible Assets.
Other estimates: Other management estimates relate mainly to other assets, such
as the current nature of receivables and capitalised R&D costs, to tax risks, to deter-
mining pension obligations and to the utilisation of tax assets against future taxable
income.
For leases that are valid with a reasonable level of certainty but have a short period of notice, the \ufb01nancial statements also include an assumption of the period of time the premises in question will be used in business operations. This estimate affects the balance sheet amount of lease liability for the leases for the premises in question", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-294": { "value": "
1. Segments and operating pro\ufb01t
1.1 Information by segment
Alma Media has three business segments: Alma Career, which focuses on the re-
cruitment business and recruitment-related services in Eastern Central Europe and
Finland; Alma Talent, which provides \ufb01nancial media and services aimed at profes-
sionals and businesses; and Alma Consumer, which focuses on the consumer media
and marketplaces business. Centralised services produced by the Group\u2019s parent
company, as well as centralised support services for advertising and digital sales for
the entire Group, are reported as non-allocated items in segment reporting.
The Group\u2019s reportable segments correspond to the Group\u2019s operating segments.
Segment information is based on internal management reporting, which has been
prepared in accordance with IFRS.
Recruitment-related services, such as Jobs.cz, Prace.cz, CV-Online, Profesia.sk, Moj-
Posao.net, MojPosao.ba, Jobly, the Seduo online training service and Prace za rohem,
are reported under the Alma Career segment. In addition to enhancing job advertis-
ing, Alma Career\u2019s objective is to expand the business into new services to support
the needs of job-seekers and employers, such as job advertising-related technology,
digital staf\ufb01ng services and training. Alma Career operates in 10 countries in Europe.
Alma Talent\u2019s core business consists of digital subscription-based content media,
as well as digital data, content and marketplace services. In addition to the leading
\ufb01nancial media brand Kauppalehti, Alma Talent\u2019s \ufb01nancial and professional media
include Talousel\u00e4m\u00e4, Tekniikka&Talous and Arvopaperi. Alma Talent Services offers
professionals a comprehensive range of services related to company information, real
estate information, law, \ufb01nancial management, competence development, leadership
and marketing.
The Alma Consumer segment consists of a broad offering of over 30 consumer and
B2B brands. The business of the Alma Consumer segment includes the multi-chan-
nel news and lifestyle media Iltalehti, Finland\u2019s leading housing marketplace Etuovi.
com and housing rental marketplace Vuokraovi.com, the automotive marketplaces
Nettiauto, Autotalli.com and Nettimoto, as well as the housing and car trade systems
that serve companies representing these \ufb01elds.
In addition, the segment includes comparison services, such as Autojerry, Urakka-
maailma and Etua.\ufb01. Netello, which specialises in digital advertising solutions, is also
reported under the Alma Consumer segment.
Alma Consumer\u2019s competitiveness is based on the reach of media and services as a
digital network, the user data pool, and the developing industry verticals in the areas
of media, housing, cars and comparison services.
The segments\u2019 assets and liabilities are items used by the respective segments in
their business operations.
The Group\u2019s business is mainly divided between two geographical areas: Finland and
the rest of Europe. Alma Career operates in Finland and 10 other European countries,
principally the Czech Republic and Slovakia. The Alma Talent segment\u2019s business op-
erations are located in Finland and Sweden. The Alma Consumer segment operates
in Finland.
The revenue and assets for different geographical regions are based on where the
services are located. The following tables show the geographical breakdown of the
Group\u2019s revenue and assets in 2022 and 2021:
Revenue
MEUR 2022
Share of total,
% 2021
Share of total,
%
Segments, Finland 197.9 64.1 188.1 68.3
Segments, other countries 110.9 35.9 87.3 31.7
Total 308.8 100.0 275.4 100.0
Operating pro\ufb01t
MEUR 2022
Share of total,
% 2021
Share of total,
%
Segments, Finland 48.3 60.4 41.1 72.5
Segments, other countries 44.9 56.1 32.9 58.0
Segments total 93.2 116.5 74.1 130.5
Non-allocated * -13.2 -16.5 -17.3 -30.5
Total 80.0 100.0 56.8 100.0
* The non-allocated operations comprise the common services produced by the parent company.
Assets
MEUR 2022
Share of total,
% 2021
Share of total,
%
Finland 339.4 68.5 375.2 72.4
Other countries 156.1 31.5 144.0 27.8
Eliminations -0.3 -0.1 -0.9 -0.2
Total 495.2 100.0 518.4 100.0
Revenue
MEUR
Alma
Career
Alma
Con-
sumer
Alma
Talent
Segments,
total
Non-allocat-
ed items and
eliminations Group
Financial year 2022
Revenue
External revenue 110.6 74.4 89.7 274.7 34.1 308.8
Inter-segment revenue -0.8 29.7 6.8 35.7 -35.7 0.0
Segments total 109.8 104.1 96.5 310.4 -1.6 308.8
Financial year 2021
Revenue
External revenue 83.1 67.8 94.2 245.0 30.4 275.4
Inter-segment revenue -0.9 26.8 5.5 31.3 -31.3
Segments total 82.2 94.5 99.7 276.4 -0.9 275.4
Pro\ufb01t for the period
MEUR
Alma
Career
Alma
Consum-
er
Alma
Talent
Reportable
segments
total
Non-allo-
cated items
and elimina-
tions Group
Financial year 2022
EBITDA excluding adjusted
items 45.5 29.9 23.1 98.5 -7.8 90.6
Depreciation, amortisation
and impairment -2.9 -5.5 -3.4 -11.8 -5.3 -17.2
Operating pro\ufb01t excluding
adjusted items 42.5 24.4 19.7 86.6 -13.2 73.4
Adjusted items 6.0 0.2 0.4 6.6 0.0 6.6
Operating pro\ufb01t/loss 48.5 24.6 20.1 93.2 -13.2 80.0
Share of pro\ufb01t of associated
companies 0.6 0.0 0.0 0.7 0.0 0.7
Net \ufb01nancial expenses -1.1 -0.2 4.2 2.8 3.0 5.8
Pro\ufb01t before tax and appro-
priations 48.0 24.3 24.3 96.7 -10.2 86.5
Income tax -14.5 -14.5
Pro\ufb01t for the period 48.0 24.3 24.3 96.7 -24.8 71.9
Pro\ufb01t for the period
MEUR
Alma
Career
Alma
Consumer
Alma
Talent
Report-
able
segments
total
Non-allo-
cated items
and elimi-
nations Group
Financial year 2021
EBITDA excluding adjusted
items 32.8 28.6 24.3 85.7 -7.9 77.8
Depreciation and impairment -2.8 -4.6 -3.7 -11.1 -5.6 -16.6
Operating pro\ufb01t excluding
adjusted items 30.0 23.9 20.6 74.5 -13.4 61.1
Adjusted items 0.0 -0.4 0.0 -0.4 -3.9 -4.3
Operating pro\ufb01t/loss 30.0 23.5 20.5 74.1 -17.3 56.8
Share of pro\ufb01t of associated
companies 1.0 0.0 0.0 1.0 0.0 1.0
Net \ufb01nancial expenses 0.3 -0.2 -0.7 -0.6 -0.9 -1.4
Pro\ufb01t before tax and appro-
priations 31.4 23.3 19.8 74.5 -18.2 56.3
Income tax 0.0 -12.1 -12.1
Pro\ufb01t for the period 31.4 23.3 19.8 74.5 -30.2 44.3
Assets and liabilities MEUR Alma Career Alma Consumer Alma Talent Segments, total Non-allo- cated items and elimi- nations Group Financial year 2022 Assets 86.2 221.9 110.1 418.3 72.7 491.0 Investments in associated companies and joint ventures 3.7 0.0 0.5 4.2 0.1 4.2 Assets, total 89.9 221.9 110.6 422.5 72.7 495.2 Liabilities, total 48.8 14.4 31.9 95.1 194.3 289.4 Capital expenditure 6.0 6.2 3.6 15.8 2.5 18.3 Financial year 2021 Assets 79.7 224.1 113.1 416.9 93.8 510.7 Investments in associated companies and joint ventures 7.2 0.0 0.4 7.6 0.1 7.7 Assets, total 86.9 224.1 113.5 424.5 93.9 518.4 Liabilities, total 39.5 14.2 38.4 92.1 259.8 351.9 Capital expenditure 3.2 180.9 1.0 185.2 61.9 247.1 The assets not allocated to segments comprise \ufb01nancial assets and tax receivables. Liabilities not allocated to segments are \ufb01nancial and tax liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-295": { "value": "The Group\u2019s reportable segments correspond to the Group\u2019s operating segments. Segment information is based on internal management reporting, which has been prepared in accordance with IFRS. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-296": { "value": "IFRS 15 includes a \ufb01ve-stage framework for the recognition of revenue from contracts with customers. According to IFRS 15, an entity shall recognise revenue at an amount that re\ufb02ects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue can be recognised over time or at a point in time, with the central criterion being the trans- fer of control. Alma Media changed its revenue reporting on 1 March 2021, with revenue now being distributed between marketplaces, media and service revenue. These constitute the Alma Media Group\u2019s signi\ufb01- cant revenue streams. The revenue of marketplaces mainly consists of digital advertising revenue. Revenue from classi\ufb01ed digital advertising sales is recognised over time during the term of the advertisement. Revenue from the sales of advertisements with a long contract period (1\u201312 months) is recognised over the contract period. Advertising revenue in marketplaces and media consists of selling advertising space in the Group\u2019s media and services, both online and in print. The performance obligations in marketplaces and media advertising are advertising online and in print publications, such as display advertising, content marketing and partner sales. Digital revenue from marketplaces and media is recognised over time, primarily based on the timing of the advertisement\u2019s publication, while revenue from print advertising sales is recognised at a point in time, based on publication dates. Media content revenue includes fees for content sold by the Group\u2019s media. Revenue from media content sales is earned from content sold for both print and digital publications. Under media con- tent revenue, digital services and print products are separate performance obligations, with print revenue recognised at a point in time on the publication dates and digital revenue recognised over time during the term of the agreement, relative to calendar days. Service sales include the Alma Talent segment\u2019s book, event and training business and the sale of information services. The Group also has online services aimed at consumers. Service revenue is recognised over time during the period in which the service is delivered. Alma Media also engages in business operations where Alma Media acts as an agent for services pro- vided by external partners. In these cases, Alma Media does not have primary responsibility for the ful\ufb01lment of the contract. The net amount of consideration is recognised as revenue when the sales transaction occurs. Agency sales represent a small proportion of total revenue. Transaction prices are list prices or contractual customer-speci\ufb01c prices, less other items that reduce the amount of expected consideration, such as discounts granted. Alma Media\u2019s contracts typically do not include variable amounts of consideration where the related uncertainty would only be resolved after the performance obligation has been ful\ufb01lled. Due to the nature of Alma Media\u2019s products and services, returning them is not possible as a rule. Accordingly, no refund liabilities arise from their sale. When the period between the transfer of the product or service to the customer and the customer paying for it is one year or less, Alma Media applies the practical expedient by which it does not need to recognise a signi\ufb01cant \ufb01nancing component nor adjust the transaction price for the effects of the time value of money. As a rule, the subscriptions associated with content revenue are paid at the start of the subscription period. Marketplace revenue, media advertising revenue and service revenue are paid at the start of the contract period as a rule. Payments received from customers are treated as prepayments on the balance sheet, from where the prepayments are recognised as revenue as the performance obliga- tions are transferred to customers based on, for example, based on the publication dates of the print products included in subscriptions Alma Media has incremental costs of obtaining contracts, such as commissions on the sale of publi- cations. Alma Media applies the practical expedient and does not recognise an asset from the costs incurred to obtain a contract. The costs would be recognised as expenses in one year or less. The balance sheet items related to contracts with customers are included in trade receivables, which are described in more detail in note 3.7, and in advances received, which totalled MEUR 45.4 (MEUR 39.2) on 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-297": { "value": "1.2 Operating income 1.2.1 Revenue IFRS 15 includes a \ufb01ve-stage framework for the recognition of revenue from contracts with customers. According to IFRS 15, an entity shall recognise revenue at an amount that re\ufb02ects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue can be recognised over time or at a point in time, with the central criterion being the trans- fer of control. Alma Media changed its revenue reporting on 1 March 2021, with revenue now being distributed between marketplaces, media and service revenue. These constitute the Alma Media Group\u2019s signi\ufb01- cant revenue streams. The revenue of marketplaces mainly consists of digital advertising revenue. Revenue from classi\ufb01ed digital advertising sales is recognised over time during the term of the advertisement. Revenue from the sales of advertisements with a long contract period (1\u201312 months) is recognised over the contract period. Advertising revenue in marketplaces and media consists of selling advertising space in the Group\u2019s media and services, both online and in print. The performance obligations in marketplaces and media advertising are advertising online and in print publications, such as display advertising, content marketing and partner sales. Digital revenue from marketplaces and media is recognised over time, primarily based on the timing of the advertisement\u2019s publication, while revenue from print advertising sales is recognised at a point in time, based on publication dates. Media content revenue includes fees for content sold by the Group\u2019s media. Revenue from media content sales is earned from content sold for both print and digital publications. Under media con- tent revenue, digital services and print products are separate performance obligations, with print revenue recognised at a point in time on the publication dates and digital revenue recognised over time during the term of the agreement, relative to calendar days. Service sales include the Alma Talent segment\u2019s book, event and training business and the sale of information services. The Group also has online services aimed at consumers. Service revenue is recognised over time during the period in which the service is delivered. Alma Media also engages in business operations where Alma Media acts as an agent for services pro- vided by external partners. In these cases, Alma Media does not have primary responsibility for the ful\ufb01lment of the contract. The net amount of consideration is recognised as revenue when the sales transaction occurs. Agency sales represent a small proportion of total revenue. Transaction prices are list prices or contractual customer-speci\ufb01c prices, less other items that reduce the amount of expected consideration, such as discounts granted. Alma Media\u2019s contracts typically do not include variable amounts of consideration where the related uncertainty would only be resolved after the performance obligation has been ful\ufb01lled. Due to the nature of Alma Media\u2019s products and services, returning them is not possible as a rule. Accordingly, no refund liabilities arise from their sale. When the period between the transfer of the product or service to the customer and the customer paying for it is one year or less, Alma Media applies the practical expedient by which it does not need to recognise a signi\ufb01cant \ufb01nancing component nor adjust the transaction price for the effects of the time value of money. As a rule, the subscriptions associated with content revenue are paid at the start of the subscription period. Marketplace revenue, media advertising revenue and service revenue are paid at the start of the contract period as a rule. Payments received from customers are treated as prepayments on the balance sheet, from where the prepayments are recognised as revenue as the performance obliga- tions are transferred to customers based on, for example, based on the publication dates of the print products included in subscriptions . Alma Media has incremental costs of obtaining contracts, such as commissions on the sale of publi- cations. Alma Media applies the practical expedient and does not recognise an asset from the costs incurred to obtain a contract. The costs would be recognised as expenses in one year or less. The balance sheet items related to contracts with customers are included in trade receivables, which are described in more detail in note 3.7, and in advances received, which totalled MEUR 45.4 (MEUR 39.2) on 31 December 2022. 2022 MEUR Alma Career Alma Consumer Alma Talent Segments, total Non-allocat- ed items and elimina- tions* Group Marketplaces 99.2 41.6 6.7 147.5 -2.9 144.6 Media 52.1 53.4 105.5 2.3 107.8 Content media 16.3 34.4 50.8 0.0 50.8 - of which digital 11.9% 50.3% 37.9% Advertising media 35.8 19.0 54.8 2.3 57.1 - of which digital 90.1% 59.5% 80.8% Service revenue 10.6 10.4 36.4 57.3 -1.0 56.3 - of which digital 96.3% 98.7% 59.4% 71.8% Total 109.8 104.1 96.5 310.4 -1.6 308.8 * Service revenue includes rental income that is not treated in accordance with IFRS 15. The amount of rental income is immaterial with respect to the consolidated \ufb01nancial statements 2021 MEUR Alma Career Alma Consumer Alma Talent Segments, total Non-allocat- ed items and elimina- tions* Group Marketplaces 74.1 37.3 6.2 117.6 -1.2 116.4 Media 47.9 53.2 101.1 0.8 101.9 Content media 14.7 33.5 48.2 0.0 48.2 - of which digital 3.4% 46.7% 33.5% Advertising media 33.3 19.6 52.9 0.8 53.7 - of which digital 88.6% 57.4% 77.8% Service revenue 8.1 9.3 40.3 57.7 -0.6 57.1 - of which digital 96.8% 98.0% 54.7% 65.7% Total 82.2 94.5 99.7 276.4 -0.9 275.4 * Service revenue includes rental income that is not treated in accordance with IFRS 15. The amount of rental income is immaterial with respect to the consolidated \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-298": { "value": "1.2.2 Other operating income MEUR 2022 2021 Gains on sale of non-current assets 6.9 0.2 Other operating income 0.3 1.2 Total 7.2 1.4", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-299": { "value": "1.3 Operating expenses 1.3.1 Materials and services MEUR 2022 2021 Use of materials and supplies External services 37.6 35.6 Total 37.6 35.6 Materials and services 37.6 35.6 1.3.2 Research and development expenses The Group\u2019s research and development costs in 2022 totalled MEUR 7.6 (MEUR 4.6). MEUR 5.6 (MEUR 3.6) was recognised in the income statement and development expenses of MEUR 1.9 (MEUR 1.0) was capitalised on the balance sheet in 2022. There were capitalised research and developments expenses totalling MEUR 3.7 (MEUR 2.2) on the balance sheet on 31 December 2022 . 1.3.3 Employee bene\ufb01ts expense Employee bene\ufb01ts cover short-term employee bene\ufb01ts, other long-term bene\ufb01ts, bene\ufb01ts paid in connection with dismissal and post-employment bene\ufb01ts. Short-term employee bene\ufb01ts include salaries and bene\ufb01ts in kind, annual holidays and bonuses. Other long-term bene\ufb01ts include, for example, a celebration, holiday or remuneration based on a long period of service. Bene\ufb01ts paid in connection with dismissal are bene\ufb01ts that are paid due to the termination of an employee\u2019s contract and not for service in the compan y
Post-employment bene\ufb01ts comprise pension and bene\ufb01ts to be paid after termination of the
employee\u2019s contract, such as life insurance and healthcare. These bene\ufb01ts are classi\ufb01ed as either
de\ufb01ned contribution or de\ufb01ned bene\ufb01t plans. The Group has both forms of bene\ufb01t plans. The ac-
counting principles related to pensions are presented in more detail in Note 3.5 Pension obligations.
Past service costs are recognised as expenses through pro\ufb01t or loss at the earlier of the following:
when the plan is rearranged or downsized, or when the entity recognises the related rearrangement
expenses or bene\ufb01ts related to the termination of employment.
MEUR 2022 2021
Wages, salaries and fees 92.2 84.8
Pension costs \u2013 de\ufb01ned contribution plans 12.9 11.9
Share-based payment transaction expense 4.4 4.3
Other employee expenses 10.0 8.3
Total 119.6 109.2
Average number of employees, calculated as full-time employees
(excl. telemarketers) 2022 2021
Alma Career 682 594
Alma Consumer 374 339
Alma Talent 438 444
Shared operations 184 172
Total 1,679 1,549
Telemarketers on average 196 337
1.3.4 Other operating expenses
Speci\ufb01cation of other operating expenses by category:
MEUR 2022 2021
Information technology and telecommunication 30.3 27.2
Business premises 1.7 2.2
Sales and marketing expenses 14.2 11.9
Administration and experts 7.3 8.1
Other employee costs 6.7 4.8
Other expenses 1.4 4.4
Total 61.6 58.6
1.3.5 Audit expenses
EUR 1,000 2022 2021
Companies belonging to the PricewaterhouseCoopers chain
Audit 244.1 232.8
Reporting and opinions 25.9 4.0
Other 69.2 127.1
Total 339.2 363.4
The non-audit services provided by PricewaterhouseCoopers Oy for Alma Media
Group companies in the \ufb01nancial period 2022 totalled EUR 69,200 (a total of EUR
127,000 in the \ufb01nancial period 2021).
1.4 Salaries, bonuses and share-based payments paid to management The reward scheme of the President and CEO of Alma Media Corporation and other senior management consists of a \ufb01xed monetary salary (monthly salary), fringe bene\ufb01ts (company car and a mobile telephone bene\ufb01t, and a housing bene\ufb01t for the President & CEO), an incentive bonus related to the achievement of \ufb01nancial and operational targets (short-term reward scheme) and a share-based incentive scheme for key employees of the Group (long-term reward scheme) as well as a pension ben- e\ufb01t for management. 1.4.1 Salaries and bonuses paid to management Parent company President and CEO (Kai Telanne) EUR 1,000 2022 2021 Salaries and other short-term employee bene\ufb01ts 1,007.7 908.4 Post-employment bene\ufb01ts 471.9 415.2 Incentive schemes implemented and paid in the form of shares 908.7 944.5 Total 2,388.4 2,268.1 The \ufb01gures in the table are presented on an accrual basis. In 2022, the salary and bene\ufb01ts paid to the President and CEO of the Group totalled EUR 3,450,902 (2021: EUR 1,410,619). Pension bene\ufb01ts of the President and CEO: In addition to statutory employment pension security, the President and CEO has a de\ufb01ned contribution group pension bene\ufb01t. The supplementary pension contribu- tion of the President and CEO\u2019s \ufb01xed annual salary is 37% of the annual salary, which is calculated by adding a computational share of 50% of the maximum incentive to the \ufb01xed annual salary. The retirement age is 60 years, at which time the payment of insurance premiums terminates. The pension is determined on the basis of the in- surance savings accrued by the time of retirement. Retirement can be postponed up to 70 years of age. In this case, the pension is determined on the basis of insurance savings adjusted according to the value development of the investment objects
Notice period of the President and CEO:
The notice period of the President and CEO is six months. An additional contractual
compensation equal to 12 months\u2019 salary is paid if the employer terminates his con-
tract without the President and CEO being in breach of contract. This compensation
corresponding to the 12-month salary is not paid if the President and CEO resigns on
his own initiative. Alma Media\u2019s Board of Directors decides on the appointment and, as
necessary, dismissal of the President and CEO.
Other members of the Group Executive Team
EUR 1,000 2022 2021
Salaries and other short-term employee bene\ufb01ts 2,659.4 2,850.0
Post-employment bene\ufb01ts 857.2 840.6
Incentive schemes implemented and paid in the form of shares 1,853.1 1,782.1
Total 5,369.7 5,472.8
The \ufb01gures in the table are presented on an accrual basis. In 2022, the salary and
bene\ufb01ts paid to the other members of the Group Executive Team totalled EUR
7,050,554 (2021: EUR 3,954,450).
Board of Directors of Alma Media Corporation and bene\ufb01ts paid to its members
EUR 1,000 2022 2021
Catharina Stackelberg-Hammar\u00e9n, Chair since 29 March 2022,
member until 29 March 2022 78.0 39.0
Jorma Ollila, Chair until 29 March 2022 3.5 78.5
Eero Broman, Deputy Chair since 29 March 2022 48.3
Petri Niemisvirta, Deputy Chair until 29 March 2022, member since
29 March 2022 40.9 50.2
Heikki Herlin, member since 29 March 2022 39.0
Peter Immonen, member 40.0 40.0
Esa Lager, member 45.5 45.5
Alexander Lindholm, member 39.0 40.0
Kaisa Salakka, member since 29 March 2022 39.0
P\u00e4ivi Rekonen, member until 29 March 2022 4.0
Total 373.2 297.2
The \ufb01gures in the table are presented on an accrual basis. According to the resolu-
tion of the General Meeting, the bene\ufb01ts to the Board members are paid as shares of
Alma Media Corporation.
Salaries and bene\ufb01ts to the Board of Directors,
the President and CEO, and other members of the Group Executive Team, total
EUR 1,000 2022 2021
Salaries and other short-term employee bene\ufb01ts 4,040.3 4,055.6
Post-employment bene\ufb01ts 1,329.1 1,255.9
Incentive schemes implemented and paid in the form of shares 2,761.8 2,726.6
Total 8,131.2 8,038.1
1.4.2 Share-based retention and incentive schemes
Share-Based Incentive Scheme (LTI 2015)
In 2015, the Board of Directors of Alma Media Corporation approved the establish-
ment of a long-term share-based incentive scheme for the key management of Alma
Media (hereinafter referred to as \u201cLTI 2015\u201d). The objective of LTI 2015 is to align the
interests of the participants with those of Alma Media\u2019s shareholders by creating
a long-term equity interest for the participants and, thus, to increase the company
value in the long term as well as to drive performance culture, retain participants and
offer them competitive compensation for excellent performance in the company.
LTI 2015 consists of annually commencing individual plans, each subject to sepa-
rate Board approval. Each of the individual plans consists of three main elements: an
investment in Alma Media shares as a precondition for participation in the scheme,
matching shares based on the said share investment and the possibility of earning
performance-based matching shares.
Matching Share Plan
In the matching share plan, the participant receives a \ufb01xed amount of matching
shares against an investment in Alma Media shares. In the matching share plan that
commenced in 2015 (LTI 2015 I), the participant receives two matching shares for
each invested share free of charge after a two-year vesting period, provided that
the other conditions stipulated by the terms of the plan for the receipt of the share-
based incentive are still satis\ufb01ed at the time.
Performance Matching Plan
The performance matching plan comprises a \ufb01ve-year performance period in total.
The potential share rewards will be delivered in tranches after three and \ufb01ve years if
the performance targets set by the Board of Directors are attained.
The performance measures used in the performance matching plan that commenced
in 2015 are based on the company\u2019s pro\ufb01table growth and share value. If the perfor-
mance targets set by the Board of Directors are attained in full, the participant will
receive in total four matching shares for each invested share free of charge, provided
that the other conditions stipulated by the terms of the plan for the receipt of the
share-based incentive are still satis\ufb01ed at the time.
Share-based incentive schemes LTI 2015 III (2017) and LTI 2015 IV (2018)
The Board of Directors of Alma Media Corporation has decided on the following
share-based incentive schemes for the following years based on the LTI 2015 scheme:
LTI 2015 III (2017) and LTI 2015 IV (2018). The main terms of the incentive schemes
correspond to those of the share-based incentive scheme that was launched in 2015.
The Board of Directors has estimated that no new shares will be issued in connection
with LTI 2015. Therefore, the plan will have no dilutive effect on the number of the
company\u2019s registered shares.
The allocation and maximum reward potential of the share-based incentive scheme
for the President and CEO and the Group Executive Team: The information covers the
LTI III and LTI IV incentive schemes:
Share-Based incentive scheme (LTI 2019)
In December 2018, the Board of Directors of Alma Media Corporation decided on
changes to the share-based, long-term incentive scheme of the company\u2019s top man-
agement. At the same time, the Board of Directors decided to establish a new share-
based long-term incentive scheme for the other key employees of Alma Media Cor-
poration. The new incentive scheme entered into effect from the beginning of 2019.
The Annual General Meeting of Alma Media Corporation held on 29 March 2022 au-
thorised the Board of Directors to decide on the repurchase of a maximum of 824,000
shares in one or more lots, and further authorised the Board of Directors to decide
on a share issue by transferring shares in possession of the company to implement
incentive programmes.
In February 2020, the Board of Directors of Alma Media Corporation decided on the
commencement of a new period under the long-term share-based incentive scheme
for senior management (MSP 2020). The Board of Directors further decided on the
commencement of a new period under the performance-based share-based incen-
tive scheme aimed at middle management and selected key employees (PSP 2020).
In April 2021, the Board of Directors of Alma Media Corporation decided on the com-
mencement of a new period under the long-term share-based incentive scheme for
senior management (MSP 2021). The Board of Directors further decided on the com-
mencement of a new period under the performance-based share-based incentive
scheme aimed at middle management and selected key employees (PSP 2021).
In February 2022, the Board of Directors of Alma Media Corporation decided on the
commencement of a new period under the long-term share-based incentive scheme
for senior management (MSP 2022). The Board of Directors further decided on the
commencement of a new period under the performance-based share-based incen-
tive scheme aimed at middle management and selected key employees (PSP 2022).
Recognition of share-based incentives
Share-based incentives are recognised in their entirety as equity-settled share-based
payment transactions. Share-based incentives payable on the basis of incentive
schemes are paid in shares in net amounts after deducting taxes from the amount
payable in shares. The incentives are based on the market price of Alma Media\u2019s
share on the grant date and recognised as an employee bene\ufb01t expense over the
vesting period with corresponding entries in equity.
Principal terms and conditions of the performance share plan:
Instrument
Performance Match-
ing Plan MSP 2022
Performance
Matching Share Plan
PSP 2022
AGM date/
Date of issuing 29 Mar 2022 29 Mar 2022
Maximum number of shares 528,000 290,000
Dividend adjustment No No
Initial allocation date 16 Feb 2022 16 Feb 2022
Performance period begins 1 Jan 2022 1 Jan 2022
Performance period ends 31 Dec 2024 31 Dec 2024
Vesting date 28 Feb 2025 28 Feb 2025
Maximum contractual life, years 3.0 3.0
Remaining contractual life, years 2.2 2.2
Maximum number of people entitled to participate 10 80
Payment method Cash & share Cash & share
Instrument
Performance share
plan PSP 2020
Performance share
plan MSP 2019
Matching share plan
PSP 2019
AGM date/
Date of issuing 18 Dec 2018 18 Dec 2018 18 Dec 2018
Maximum number of shares 226,000 375,000 310,000
Dividend adjustment No No No
Initial allocation date 8 May 2020 28 Mar 2019 28 Mar 2019
Performance period begins 1 Jan 2020 1 Jan 2019 1 Jan 2019
Performance period ends 31 Dec 2022 31 Dec 2021 31 Dec 2021
Vesting date 28 Feb 2023 28 Feb 2022 28 Feb 2022
Maximum contractual life, years 2.8 2.9 2.9
Remaining contractual life, years 0.2
Maximum number of people entitled to
participate 47
Payment method Cash & share Cash & share Cash & share
Instrument
Matching share plan
MSP 2021
Performance share
plan PSP 2021
Matching share plan
MSP 2020
AGM date/
Date of issuing 18 Dec 2018 18 Dec 2018 18 Dec 2018
Maximum number of shares 450,000 226,000 390,000
Dividend adjustment No No No
Initial allocation date 7 Apr 2021 7 Apr 2021 8 May 2020
Performance period begins 1 Jan 2021 1 Jan 2021 1 Jan 2020
Performance period ends 31 Dec 2023 31 Dec 2023 31 Dec 2022
Vesting date 29 Feb 2024 29 Feb 2024 28 Feb 2023
Maximum contractual life, years 3.0 3.0 2.8
Remaining contractual life, years 1.2 1.2 0.2
Maximum number of people entitled
to participate 9 58 9
Payment method Cash & share Cash & share Cash & share
Instrument
Performance match-
ing share plan LTI
2015 IV
Performance
matching share plan
LTI 2015 III
Performance
matching share plan
TSR LTI 2015 IV
AGM date/
Date of issuing 12 Feb 2015 12 Feb 2015 12 Feb 2015
Maximum number of shares 195,000 195,000 195,000
Dividend adjustment No No No
Initial allocation date 7 May 2018 30 Jun 2017 7 May 2018
Performance period begins 1 Jan 2018 1 Jan 2017 1 Jan 2018
Performance period ends 31 Mar 2021 31 Mar 2022 31 Mar 2023
Vesting date 31 Mar 2021 31 Mar 2022 31 Mar 2023
Maximum contractual life, years 3.8 4.8 4.8
Remaining contractual life, years 0.3
Maximum number of people entitled
to participate 31
Payment method Cash & share Cash & share Cash & share
Measurement inputs for the incentives granted during the reporting period
Share price at time of granting, EUR 10.88
Share price at end of period, EUR 9.40
Dividend yield assumption, EUR 0.94
Valuation method Monte Carlo simulation
Fair value on 31 December 2022, MEUR 3.8
Changes during share plan period
1 Jan 2022
Matching share
plan MSP 2022
Perfor-
mance
share plan
PSP 2022
Matching
share plan
MSP 2021
Performance
share plan
PSP 2021
Matching
share plan
MSP 2020
Outstanding at
the beginning
of the report-
ing period, pcs 391,500 206,000 344,316
Changes during the period
Granted during
the period 508,140 258,000
Lost during
the period 18,000 20,000
Earned during
the period
31 Dec 2022
Outstanding at
the end of the
period, pcs 508,140 240,000 391,500 186,000 344,316
Changes during share plan period
1 Jan 2022
Perfor-
mance
share plan
PSP 2020
Matching
share plan
MSP 2019
Perfor-
mance share
plan PSP
2019
Performance
matching
share plan
TSR LTI 2015
III
Performance
matching
share plan
LTI 2015 IV
Perfor-
mance
matching
share plan
TSR LTI
2015 IV Total
Outstanding
at the begin-
ning
of the report-
ing period,
pcs 203,000 375,000 214,000 139,810 146,988 146,988 2,167,602
Changes during the period
Granted
during the
period 13,729 779,869
Lost during
the period 9,000 25,601 6,499 35,042 2,000 116,142
Earned during
the period 388,729 188,399 133,311 111,946 822,385
31 Dec 2022
Outstanding
at the end of
the period,
pcs 194,000 144,988 2,008,944
Effect of the share-based incentive programme on the \ufb01nancial year\u2019s result and
\ufb01nancial position
MEUR 2022 2021
Costs for the \ufb01nancial year, share-based payments 4.4 4.2
Estimate of the total future share payable to the tax authorities of all
current LTI incentive schemes after the \ufb01nancial period 7.5 8.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-300": { "value": "1.3.1 Materials and services MEUR 2022 2021 Use of materials and supplies External services 37.6 35.6 Total 37.6 35.6 Materials and services 37.6 35.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-301": { "value": "1.3.2 Research and development expenses The Group\u2019s research and development costs in 2022 totalled MEUR 7.6 (MEUR 4.6). MEUR 5.6 (MEUR 3.6) was recognised in the income statement and development expenses of MEUR 1.9 (MEUR 1.0) was capitalised on the balance sheet in 2022. There were capitalised research and developments expenses totalling MEUR 3.7 (MEUR 2.2) on the balance sheet on 31 December 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-302": { "value": "1.3.3 Employee bene\ufb01ts expense Employee bene\ufb01ts cover short-term employee bene\ufb01ts, other long-term bene\ufb01ts, bene\ufb01ts paid in connection with dismissal and post-employment bene\ufb01ts. Short-term employee bene\ufb01ts include salaries and bene\ufb01ts in kind, annual holidays and bonuses. Other long-term bene\ufb01ts include, for example, a celebration, holiday or remuneration based on a long period of service. Bene\ufb01ts paid in connection with dismissal are bene\ufb01ts that are paid due to the termination of an employee\u2019s contract and not for service in the compan y . Post-employment bene\ufb01ts comprise pension and bene\ufb01ts to be paid after termination of the employee\u2019s contract, such as life insurance and healthcare. These bene\ufb01ts are classi\ufb01ed as either de\ufb01ned contribution or de\ufb01ned bene\ufb01t plans. The Group has both forms of bene\ufb01t plans. The ac- counting principles related to pensions are presented in more detail in Note 3.5 Pension obligations. Past service costs are recognised as expenses through pro\ufb01t or loss at the earlier of the following: when the plan is rearranged or downsized, or when the entity recognises the related rearrangement expenses or bene\ufb01ts related to the termination of employment. MEUR 2022 2021 Wages, salaries and fees 92.2 84.8 Pension costs \u2013 de\ufb01ned contribution plans 12.9 11.9 Share-based payment transaction expense 4.4 4.3 Other employee expenses 10.0 8.3 Total 119.6 109.2 Average number of employees, calculated as full-time employees (excl. telemarketers) 2022 2021 Alma Career 682 594 Alma Consumer 374 339 Alma Talent 438 444 Shared operations 184 172 Total 1,679 1,549 Telemarketers on average 196 337 3.5 Pension obligations The Group has both de\ufb01ned contribution pension plans and de\ufb01ned bene\ufb01t pension plans. The de\ufb01ned bene\ufb01t pension plans comprise the Group\u2019s old supplementary pension plans for personnel, which have already been discontinued and closed. The bene\ufb01ts associated with them include both supplementary pension bene\ufb01ts and death ben- e\ufb01ts. The Group\u2019s de\ufb01ned bene\ufb01t pension plans include both funded and unfunded pension plans. The unfunded pension plans are direct supplementary pension obli- gations, primarily for old employees who have already retired. The new supplemen- tary pension bene\ufb01ts granted by the Group are de\ufb01ned contribution-based pension plans. Obligations arising from de\ufb01ned bene\ufb01t plans are calculated for each arrangement separately using the Projected Unit Credit Method. Pension costs are recognised as expenses over the bene\ufb01ciaries\u2019 period of employment in the Group based on calculations made by authorised actuaries. The discount rate used in calculating the present value of the pension obligation is based on market yields on high quality cor- porate bonds issued by the company and, if this data is not available, on yields of gov- ernment bonds. The maturity of corporate and government bonds and corresponds to a reasonable extent with the maturity of the pension obligation. The pension plan assets measured at fair value on the balance sheet date are deducted from the pres- ent value of the pension obligation to be recognised in the balance sheet. The net liabilities (or assets) associated with the de\ufb01ned bene\ufb01t pension plan are recorded on the balance sheet. Service costs for the period (pension costs) and the net interest on the net liabilities associated with the de\ufb01ned bene\ufb01t plan are recognised through pro\ufb01t or loss and presented under employee bene\ufb01t expenses. Items (such as actuarial gains and loss- es and return on funded de\ufb01ned bene\ufb01t plan assets) arising from the rede\ufb01nition of the net liabilities (or assets) associated with the de\ufb01ned bene\ufb01t plan are recognised in other comprehensive income in the period in which they arise. Present value of obligations and fair value of assets MEUR 2022 2021 Present value of unfunded obligations 0.6 0.7 Present value of funded obligations 0.2 0.4 Fair value of assets -0.2 -0.3 Pension liability 0.6 0.8 The de\ufb01ned bene\ufb01t pension obligation on the balance sheet is determined as follows: MEUR 31.12.2022 31.12.2021 Present value of obligations at start of period 1.1 1.1 Divestments Service cost during period 0.0 0.0 Interest cost 0.0 0.0 Actuarial gains and losses -0.2 0.2 Payments of de\ufb01ned bene\ufb01t obligations -0.1 -0.1 Present value of funded obligations at end of period 0.8 1.1 Fair value of plan assets at start of period 0.3 0.3 Divestments Interest income 0.0 0.0 Actuarial gains and losses -0.1 0.0 Restructuring of contracts 0.0 0.0 Incentive payments paid Payments of de\ufb01ned bene\ufb01t obligations 0.0 0.0 Fair value of plan assets at end of period 0.2 0.3 De\ufb01ned bene\ufb01t pension liabilities 0.6 0.8 Net pension liability Pension liability 0.6 0.8 Pension asset Net pension liability 0.6 0.8 The plan assets are invested primarily in \ufb01xed income or share-based instruments, and they have an aggregate expected annual return of 3.0%. A more detailed spec- i\ufb01cation of the plan assets is not available. The plan assets are considered to be in- cluded in the payment made to the insurance company. The assets are the insurance company\u2019s responsibility and part of the insurance company\u2019s investment assets. Accordingly, no speci\ufb01cation of the assets can be presented The de\ufb01ned bene\ufb01t pension expense in the income statement is determined as follows: MEUR 2022 2021 Service cost during period 0.0 0.0 Interest cost 0.0 0.0 Interest income 0.0 0.0 Actuarial gains and losses and adjustments -0.1 0.2 Total -0.1 0.2 Changes in liabilities shown on the balance sheet MEUR 2022 2021 At beginning of period 0.8 0.7 Divestments 0.0 0.0 Incentive payments paid Payments of de\ufb01ned bene\ufb01t obligations -0.1 -0.1 Pension expense in income statement 0.0 0.0 Comprehensive income for the period -0.1 0.2 De\ufb01ned bene\ufb01t pension liabilities on the balance sheet 0.6 0.8 A similar investment is expected to be made in the plan in 2023 as in 2022. Sensitivity analysis of the pension plan MEUR Present value of pen- sion obligation Change in present value of pension obli- gation, % Change of +0.5%-p in the discount rate 0.8 -13.6 Change of +0.5%-p in the salary increase assumption 0.2 1.6 Change of +0.5%-p in the pension increase rate 0.8 9.2 The sensitivity analysis uses the same methods as the calculation of the pension ob- ligation. Sensitivity is calculated for changes in the discount rate, the salary increase assumption, pension increases and the insurance company\u2019s bonus index. Sensitivity has been calculated by changing one parameter at a time. Actuarial assumptions used % 2022 2021 Discount rate 3.1 0.3 Future salary increase assumption 3.8 2.9 In\ufb02ation assumption 2.6 1.7 Future increase in pension bene\ufb01t 2.8 2.0 The duration of the pension plan is 7\u20139 years. The duration was calculated based on a discount rate of 3.1% (0.3%). De\ufb01ned bene\ufb01t plans expose the Group to several different risks, the most signi\ufb01cant of which are the following: Asset volatility The calculation of the liabilities arising from the plans uses a discount rate based on the yield of bonds issued by the company. If the yield on the assets used for the plan is lower than this level, there will be a de\ufb01cit. In\ufb02ation risk Some of the bene\ufb01t obligations under the plans are tied to in\ufb02ation, and higher in\ufb02ation will lead to higher liabilities (although a ceiling for in\ufb02ation adjustments has been set in most cases to protect the plan from unusually high in\ufb02ation). Life expectancy As the majority of the obligations under the plans are related to providing lifelong bene\ufb01ts to the members, the expected increase in life expectancy will result in high- er obligations under the plans", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-303": { "value": "Employee bene\ufb01ts cover short-term employee bene\ufb01ts, other long-term bene\ufb01ts, bene\ufb01ts paid in connection with dismissal and post-employment bene\ufb01ts. Short-term employee bene\ufb01ts include salaries and bene\ufb01ts in kind, annual holidays and bonuses. Other long-term bene\ufb01ts include, for example, a celebration, holiday or remuneration based on a long period of service. Bene\ufb01ts paid in connection with dismissal are bene\ufb01ts that are paid due to the termination of an employee\u2019s contract and not for service in the compan Post-employment bene\ufb01ts comprise pension and bene\ufb01ts to be paid after termination of the employee\u2019s contract, such as life insurance and healthcare. These bene\ufb01ts are classi\ufb01ed as either de\ufb01ned contribution or de\ufb01ned bene\ufb01t plans. The Group has both forms of bene\ufb01t plans. The ac- counting principles related to pensions are presented in more detail in Note 3.5 Pension obligations. Past service costs are recognised as expenses through pro\ufb01t or loss at the earlier of the following: when the plan is rearranged or downsized, or when the entity recognises the related rearrangement expenses or bene\ufb01ts related to the termination of employment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-304": { "value": "1.3.4 Other operating expenses Speci\ufb01cation of other operating expenses by category: MEUR 2022 2021 Information technology and telecommunication 30.3 27.2 Business premises 1.7 2.2 Sales and marketing expenses 14.2 11.9 Administration and experts 7.3 8.1 Other employee costs 6.7 4.8 Other expenses 1.4 4.4 Total 61.6 58.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-305": { "value": "1.3.4 Other operating expenses Speci\ufb01cation of other operating expenses by category: MEUR 2022 2021 Information technology and telecommunication 30.3 27.2 Business premises 1.7 2.2 Sales and marketing expenses 14.2 11.9 Administration and experts 7.3 8.1 Other employee costs 6.7 4.8 Other expenses 1.4 4.4 Total 61.6 58.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-306": { "value": "1.3.5 Audit expenses EUR 1,000 2022 2021 Companies belonging to the PricewaterhouseCoopers chain Audit 244.1 232.8 Reporting and opinions 25.9 4.0 Other 69.2 127.1 Total 339.2 363.4 The non-audit services provided by PricewaterhouseCoopers Oy for Alma Media Group companies in the \ufb01nancial period 2022 totalled EUR 69,200 (a total of EUR 127,000 in the \ufb01nancial period 2021)", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-307": { "value": "Average number of employees, calculated as full-time employees (excl. telemarketers) 2022 2021 Alma Career 682 594 Alma Consumer 374 339 Alma Talent 438 444 Shared operations 184 172 Total 1,679 1,549 Telemarketers on average 196 337 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-308": { "value": "
1.4 Salaries, bonuses and share-based payments paid to
management
The reward scheme of the President and CEO of Alma Media Corporation and other
senior management consists of a \ufb01xed monetary salary (monthly salary), fringe
bene\ufb01ts (company car and a mobile telephone bene\ufb01t, and a housing bene\ufb01t for the
President & CEO), an incentive bonus related to the achievement of \ufb01nancial and
operational targets (short-term reward scheme) and a share-based incentive scheme
for key employees of the Group (long-term reward scheme) as well as a pension ben-
e\ufb01t for management.
1.4.1 Salaries and bonuses paid to management
Parent company President and CEO (Kai Telanne)
EUR 1,000 2022 2021
Salaries and other short-term employee bene\ufb01ts 1,007.7 908.4
Post-employment bene\ufb01ts 471.9 415.2
Incentive schemes implemented and paid in the form of shares 908.7 944.5
Total 2,388.4 2,268.1
The \ufb01gures in the table are presented on an accrual basis. In 2022, the salary and
bene\ufb01ts paid to the President and CEO of the Group totalled EUR 3,450,902 (2021:
EUR 1,410,619).
Pension bene\ufb01ts of the President and CEO:
In addition to statutory employment pension security, the President and CEO has a
de\ufb01ned contribution group pension bene\ufb01t. The supplementary pension contribu-
tion of the President and CEO\u2019s \ufb01xed annual salary is 37% of the annual salary, which
is calculated by adding a computational share of 50% of the maximum incentive to
the \ufb01xed annual salary. The retirement age is 60 years, at which time the payment of
insurance premiums terminates. The pension is determined on the basis of the in-
surance savings accrued by the time of retirement. Retirement can be postponed up
to 70 years of age. In this case, the pension is determined on the basis of insurance
savings adjusted according to the value development of the investment objects .
Notice period of the President and CEO: The notice period of the President and CEO is six months. An additional contractual compensation equal to 12 months\u2019 salary is paid if the employer terminates his con- tract without the President and CEO being in breach of contract. This compensation corresponding to the 12-month salary is not paid if the President and CEO resigns on his own initiative. Alma Media\u2019s Board of Directors decides on the appointment and, as necessary, dismissal of the President and CEO. Other members of the Group Executive Team EUR 1,000 2022 2021 Salaries and other short-term employee bene\ufb01ts 2,659.4 2,850.0 Post-employment bene\ufb01ts 857.2 840.6 Incentive schemes implemented and paid in the form of shares 1,853.1 1,782.1 Total 5,369.7 5,472.8 The \ufb01gures in the table are presented on an accrual basis. In 2022, the salary and bene\ufb01ts paid to the other members of the Group Executive Team totalled EUR 7,050,554 (2021: EUR 3,954,450). Board of Directors of Alma Media Corporation and bene\ufb01ts paid to its members EUR 1,000 2022 2021 Catharina Stackelberg-Hammar\u00e9n, Chair since 29 March 2022, member until 29 March 2022 78.0 39.0 Jorma Ollila, Chair until 29 March 2022 3.5 78.5 Eero Broman, Deputy Chair since 29 March 2022 48.3 Petri Niemisvirta, Deputy Chair until 29 March 2022, member since 29 March 2022 40.9 50.2 Heikki Herlin, member since 29 March 2022 39.0 Peter Immonen, member 40.0 40.0 Esa Lager, member 45.5 45.5 Alexander Lindholm, member 39.0 40.0 Kaisa Salakka, member since 29 March 2022 39.0 P\u00e4ivi Rekonen, member until 29 March 2022 4.0 Total 373.2 297.2 The \ufb01gures in the table are presented on an accrual basis. According to the resolu- tion of the General Meeting, the bene\ufb01ts to the Board members are paid as shares of Alma Media Corporation. Salaries and bene\ufb01ts to the Board of Directors, the President and CEO, and other members of the Group Executive Team, total EUR 1,000 2022 2021 Salaries and other short-term employee bene\ufb01ts 4,040.3 4,055.6 Post-employment bene\ufb01ts 1,329.1 1,255.9 Incentive schemes implemented and paid in the form of shares 2,761.8 2,726.6 Total 8,131.2 8,038.1 1.4.2 Share-based retention and incentive schemes Share-Based Incentive Scheme (LTI 2015) In 2015, the Board of Directors of Alma Media Corporation approved the establish- ment of a long-term share-based incentive scheme for the key management of Alma Media (hereinafter referred to as \u201cLTI 2015\u201d). The objective of LTI 2015 is to align the interests of the participants with those of Alma Media\u2019s shareholders by creating a long-term equity interest for the participants and, thus, to increase the company value in the long term as well as to drive performance culture, retain participants and offer them competitive compensation for excellent performance in the company. LTI 2015 consists of annually commencing individual plans, each subject to sepa- rate Board approval. Each of the individual plans consists of three main elements: an investment in Alma Media shares as a precondition for participation in the scheme, matching shares based on the said share investment and the possibility of earning performance-based matching shares. Matching Share Plan In the matching share plan, the participant receives a \ufb01xed amount of matching shares against an investment in Alma Media shares. In the matching share plan that commenced in 2015 (LTI 2015 I), the participant receives two matching shares for each invested share free of charge after a two-year vesting period, provided that the other conditions stipulated by the terms of the plan for the receipt of the share- based incentive are still satis\ufb01ed at the time. Performance Matching Plan The performance matching plan comprises a \ufb01ve-year performance period in total. The potential share rewards will be delivered in tranches after three and \ufb01ve years if the performance targets set by the Board of Directors are attained. The performance measures used in the performance matching plan that commenced in 2015 are based on the company\u2019s pro\ufb01table growth and share value. If the perfor- mance targets set by the Board of Directors are attained in full, the participant will receive in total four matching shares for each invested share free of charge, provided that the other conditions stipulated by the terms of the plan for the receipt of the share-based incentive are still satis\ufb01ed at the time. Share-based incentive schemes LTI 2015 III (2017) and LTI 2015 IV (2018) The Board of Directors of Alma Media Corporation has decided on the following share-based incentive schemes for the following years based on the LTI 2015 scheme: LTI 2015 III (2017) and LTI 2015 IV (2018). The main terms of the incentive schemes correspond to those of the share-based incentive scheme that was launched in 2015. The Board of Directors has estimated that no new shares will be issued in connection with LTI 2015. Therefore, the plan will have no dilutive effect on the number of the company\u2019s registered shares. The allocation and maximum reward potential of the share-based incentive scheme for the President and CEO and the Group Executive Team: The information covers the LTI III and LTI IV incentive schemes: Share-Based incentive scheme (LTI 2019) In December 2018, the Board of Directors of Alma Media Corporation decided on changes to the share-based, long-term incentive scheme of the company\u2019s top man- agement. At the same time, the Board of Directors decided to establish a new share- based long-term incentive scheme for the other key employees of Alma Media Cor- poration. The new incentive scheme entered into effect from the beginning of 2019. The Annual General Meeting of Alma Media Corporation held on 29 March 2022 au- thorised the Board of Directors to decide on the repurchase of a maximum of 824,000 shares in one or more lots, and further authorised the Board of Directors to decide on a share issue by transferring shares in possession of the company to implement incentive programmes. In February 2020, the Board of Directors of Alma Media Corporation decided on the commencement of a new period under the long-term share-based incentive scheme for senior management (MSP 2020). The Board of Directors further decided on the commencement of a new period under the performance-based share-based incen- tive scheme aimed at middle management and selected key employees (PSP 2020). In April 2021, the Board of Directors of Alma Media Corporation decided on the com- mencement of a new period under the long-term share-based incentive scheme for senior management (MSP 2021). The Board of Directors further decided on the com- mencement of a new period under the performance-based share-based incentive scheme aimed at middle management and selected key employees (PSP 2021). In February 2022, the Board of Directors of Alma Media Corporation decided on the commencement of a new period under the long-term share-based incentive scheme for senior management (MSP 2022). The Board of Directors further decided on the commencement of a new period under the performance-based share-based incen- tive scheme aimed at middle management and selected key employees (PSP 2022). Recognition of share-based incentives Share-based incentives are recognised in their entirety as equity-settled share-based payment transactions. Share-based incentives payable on the basis of incentive schemes are paid in shares in net amounts after deducting taxes from the amount payable in shares. The incentives are based on the market price of Alma Media\u2019s share on the grant date and recognised as an employee bene\ufb01t expense over the vesting period with corresponding entries in equity. Principal terms and conditions of the performance share plan: Instrument Performance Match- ing Plan MSP 2022 Performance Matching Share Plan PSP 2022 AGM date/ Date of issuing 29 Mar 2022 29 Mar 2022 Maximum number of shares 528,000 290,000 Dividend adjustment No No Initial allocation date 16 Feb 2022 16 Feb 2022 Performance period begins 1 Jan 2022 1 Jan 2022 Performance period ends 31 Dec 2024 31 Dec 2024 Vesting date 28 Feb 2025 28 Feb 2025 Maximum contractual life, years 3.0 3.0 Remaining contractual life, years 2.2 2.2 Maximum number of people entitled to participate 10 80 Payment method Cash & share Cash & share Instrument Performance share plan PSP 2020 Performance share plan MSP 2019 Matching share plan PSP 2019 AGM date/ Date of issuing 18 Dec 2018 18 Dec 2018 18 Dec 2018 Maximum number of shares 226,000 375,000 310,000 Dividend adjustment No No No Initial allocation date 8 May 2020 28 Mar 2019 28 Mar 2019 Performance period begins 1 Jan 2020 1 Jan 2019 1 Jan 2019 Performance period ends 31 Dec 2022 31 Dec 2021 31 Dec 2021 Vesting date 28 Feb 2023 28 Feb 2022 28 Feb 2022 Maximum contractual life, years 2.8 2.9 2.9 Remaining contractual life, years 0.2 Maximum number of people entitled to participate 47 Payment method Cash & share Cash & share Cash & share Instrument Matching share plan MSP 2021 Performance share plan PSP 2021 Matching share plan MSP 2020 AGM date/ Date of issuing 18 Dec 2018 18 Dec 2018 18 Dec 2018 Maximum number of shares 450,000 226,000 390,000 Dividend adjustment No No No Initial allocation date 7 Apr 2021 7 Apr 2021 8 May 2020 Performance period begins 1 Jan 2021 1 Jan 2021 1 Jan 2020 Performance period ends 31 Dec 2023 31 Dec 2023 31 Dec 2022 Vesting date 29 Feb 2024 29 Feb 2024 28 Feb 2023 Maximum contractual life, years 3.0 3.0 2.8 Remaining contractual life, years 1.2 1.2 0.2 Maximum number of people entitled to participate 9 58 9 Payment method Cash & share Cash & share Cash & share Instrument Performance match- ing share plan LTI 2015 IV Performance matching share plan LTI 2015 III Performance matching share plan TSR LTI 2015 IV AGM date/ Date of issuing 12 Feb 2015 12 Feb 2015 12 Feb 2015 Maximum number of shares 195,000 195,000 195,000 Dividend adjustment No No No Initial allocation date 7 May 2018 30 Jun 2017 7 May 2018 Performance period begins 1 Jan 2018 1 Jan 2017 1 Jan 2018 Performance period ends 31 Mar 2021 31 Mar 2022 31 Mar 2023 Vesting date 31 Mar 2021 31 Mar 2022 31 Mar 2023 Maximum contractual life, years 3.8 4.8 4.8 Remaining contractual life, years 0.3 Maximum number of people entitled to participate 31 Payment method Cash & share Cash & share Cash & share Measurement inputs for the incentives granted during the reporting period Share price at time of granting, EUR 10.88 Share price at end of period, EUR 9.40 Dividend yield assumption, EUR 0.94 Valuation method Monte Carlo simulation Fair value on 31 December 2022, MEUR 3.8 Changes during share plan period 1 Jan 2022 Matching share plan MSP 2022 Perfor- mance share plan PSP 2022 Matching share plan MSP 2021 Performance share plan PSP 2021 Matching share plan MSP 2020 Outstanding at the beginning of the report- ing period, pcs 391,500 206,000 344,316 Changes during the period Granted during the period 508,140 258,000 Lost during the period 18,000 20,000 Earned during the period 31 Dec 2022 Outstanding at the end of the period, pcs 508,140 240,000 391,500 186,000 344,316 Changes during share plan period 1 Jan 2022 Perfor- mance share plan PSP 2020 Matching share plan MSP 2019 Perfor- mance share plan PSP 2019 Performance matching share plan TSR LTI 2015 III Performance matching share plan LTI 2015 IV Perfor- mance matching share plan TSR LTI 2015 IV Total Outstanding at the begin- ning of the report- ing period, pcs 203,000 375,000 214,000 139,810 146,988 146,988 2,167,602 Changes during the period Granted during the period 13,729 779,869 Lost during the period 9,000 25,601 6,499 35,042 2,000 116,142 Earned during the period 388,729 188,399 133,311 111,946 822,385 31 Dec 2022 Outstanding at the end of the period, pcs 194,000 144,988 2,008,944 Effect of the share-based incentive programme on the \ufb01nancial year\u2019s result and \ufb01nancial position MEUR 2022 2021 Costs for the \ufb01nancial year, share-based payments 4.4 4.2 Estimate of the total future share payable to the tax authorities of all current LTI incentive schemes after the \ufb01nancial period 7.5 8.0", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-309": { "value": "Parent company President and CEO (Kai Telanne) EUR 1,000 2022 2021 Salaries and other short-term employee bene\ufb01ts 1,007.7 908.4 Post-employment bene\ufb01ts 471.9 415.2 Incentive schemes implemented and paid in the form of shares 908.7 944.5 Total 2,388.4 2,268.1 Other members of the Group Executive Team EUR 1,000 2022 2021 Salaries and other short-term employee bene\ufb01ts 2,659.4 2,850.0 Post-employment bene\ufb01ts 857.2 840.6 Incentive schemes implemented and paid in the form of shares 1,853.1 1,782.1 Total 5,369.7 5,472.8 Board of Directors of Alma Media Corporation and bene\ufb01ts paid to its members EUR 1,000 2022 2021 Catharina Stackelberg-Hammar\u00e9n, Chair since 29 March 2022, member until 29 March 2022 78.0 39.0 Jorma Ollila, Chair until 29 March 2022 3.5 78.5 Eero Broman, Deputy Chair since 29 March 2022 48.3 Petri Niemisvirta, Deputy Chair until 29 March 2022, member since 29 March 2022 40.9 50.2 Heikki Herlin, member since 29 March 2022 39.0 Peter Immonen, member 40.0 40.0 Esa Lager, member 45.5 45.5 Alexander Lindholm, member 39.0 40.0 Kaisa Salakka, member since 29 March 2022 39.0 P\u00e4ivi Rekonen, member until 29 March 2022 4.0 Total 373.2 297.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-310": { "value": "Recognition of share-based incentives Share-based incentives are recognised in their entirety as equity-settled share-based payment transactions. Share-based incentives payable on the basis of incentive schemes are paid in shares in net amounts after deducting taxes from the amount payable in shares. The incentives are based on the market price of Alma Media\u2019s share on the grant date and recognised as an employee bene\ufb01t expense over the vesting period with corresponding entries in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-311": { "value": "Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the purchase price, the share of the non-controlling interest in the acquired entity and the pur- chaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-312": { "value": "Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the purchase price, the share of the non-controlling interest in the acquired entity and the pur- chaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-313": { "value": "Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the purchase price, the share of the non-controlling interest in the acquired entity and the pur- chaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses. Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or signi\ufb01cantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined, the product is tech- nically feasible and economically viable, the product is expected to produce an economic bene\ufb01t and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material, labour and testing as well as capital- ised borrowing costs, if any, that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date . Patents, customer agreements, copyright and software licences with a \ufb01nite useful life are shown in the balance sheet and expensed on a straight-line basis in the pro\ufb01t or loss during their useful lives. No depreciation is entered on intangible assets with an inde\ufb01nite useful life; instead, these are tested annually for impairment. In Alma Media, intangible assets with an inde\ufb01nite useful life are trademarks measured at fair value at the time of acquisition . The useful lives of intangible assets are 3\u201310 year s . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-314": { "value": "Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or signi\ufb01cantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined, the product is tech- nically feasible and economically viable, the product is expected to produce an economic bene\ufb01t and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material, labour and testing as well as capital- ised borrowing costs, if any, that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date Patents, customer agreements, copyright and software licences with a \ufb01nite useful life are shown in the balance sheet and expensed on a straight-line basis in the pro\ufb01t or loss during their useful lives. No depreciation is entered on intangible assets with an inde\ufb01nite useful life; instead, these are tested annually for impairment. In Alma Media, intangible assets with an inde\ufb01nite useful life are trademarks measured at fair value at the time of acquisition ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-315": { "value": "The useful lives of intangible assets are 3\u201310 year s . Straight line depreciation is entered on the assets over their estimated useful lives. Depreciation is not entered on land. The estimated useful lives are: Buildings 30\u201340 years Structures 5 years Machinery and equipment 3\u201315 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-316": { "value": "Accumulated depreciation, amortisation and impairment 1 Jan 72.4 1.0 0.0 1.7 75.1 Accumulated depreciation in decreases and transfers 0.0 0.0 0.0 0.0 0.0 Depreciation for the \ufb01nancial year 8.7 0.4 0.0 0.0 9.0 Exchange rate differences 0.3 0.0 0.0 0.0 0.3 Accumulated depreciation, amortisation and impair- ments 31 Dec 81.3 1.4 0.0 1.7 84.4 Accumulated depreciation, amortisation and impairment 1 Jan 69.3 0.6 0.0 1.7 71.5 Accumulated depreciation in decreases and transfers -5.4 -0.9 0.0 0.0 -6.3 Depreciation for the \ufb01nancial year 7.3 1.3 0.0 0.0 8.6 Exchange rate differences 1.2 0.0 0.0 0.0 1.2 Accumulated depreciation, amortisation and impair- ments 31 Dec 72.4 1.0 0.0 1.7 75.1 Accumulated depreciation, amortisation and impairment 1 Jan 25.0 1.8 0.2 27.1 Accumulated depreciation in decreases -0.1 -0.8 -0.2 0.0 -1.1 Depreciation for the \ufb01nancial year 7.1 1.0 0.1 0.0 8.1 Exchange rate differences 0.1 0.8 0.0 0.0 0.0 Accumulated depreciation, amortisation and impairments 31 Dec 32.1 2.8 0.1 0.0 35.1 Accumulated depreciation, amortisation and impair- ment 1 Jan 20.2 0.3 0.1 20.7 Accumulated depreciation in decreases -1.4 -0.3 0.0 -1.7 Depreciation for the \ufb01nancial year 6.2 1.8 0.1 8.1 Exchange rate differences 0.0 0.1 0.0 0.1 Accumulated depreciation, amortisation and impair- ments 31 Dec 25.0 1.8 0.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-317": { "value": "
2.1 Intangible assets and goodwill
Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the purchase price, the share of the non-controlling interest in the acquired entity and the pur- chaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses. Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or signi\ufb01cantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined, the product is tech- nically feasible and economically viable, the product is expected to produce an economic bene\ufb01t and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material, labour and testing as well as capital- ised borrowing costs, if any, that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date . Patents, customer agreements, copyright and software licences with a \ufb01nite useful life are shown in the balance sheet and expensed on a straight-line basis in the pro\ufb01t or loss during their useful lives. No depreciation is entered on intangible assets with an inde\ufb01nite useful life; instead, these are tested annually for impairment. In Alma Media, intangible assets with an inde\ufb01nite useful life are trademarks measured at fair value at the time of acquisition . The useful lives of intangible assets are 3\u201310 year s .
MEUR
Intangible
rights
Other
intangible
assets
Advances,
intangible Goodwill Total
Financial year 2022
Acquisition cost 1 Jan 159.9 1.8 2.2 296.2 460.1
Increases 0.5 0.0 5.4 0.0 5.8
Acquisitions of business
operations 0.0 0.0 0.0 0.0 0.0
Decreases -0.2 -0.1 -0.2 -0.7 -1.2
Exchange rate differences 1.0 0.0 0.0 0.5 1.5
Transfers between items 2.2 0.0 -2.2 0.0 0.0
Acquisition cost 31 Dec 163.4 1.7 5.1 296.0 466.3
Accumulated depreciation,
amortisation and impairment
1 Jan 72.4 1.0 0.0 1.7 75.1
Accumulated depreciation in
decreases and transfers 0.0 0.0 0.0 0.0 0.0
Depreciation for the \ufb01nancial
year 8.7 0.4 0.0 0.0 9.0
Exchange rate differences 0.3 0.0 0.0 0.0 0.3
Accumulated depreciation,
amortisation and impair-
ments 31 Dec 81.3 1.4 0.0 1.7 84.4
MEUR Intangible rights Other intangible assets Advances, intangible Goodwill Total Book value 1 Jan 87.7 0.7 2.2 294.5 385.1 Book value 31 Dec 82.1 0.2 5.1 294.4 381.8 Financial year 2021 Acquisition cost 1 Jan 122.7 1.1 1.1 152.3 277.2 Increases 0.1 1.6 1.9 0.0 3.6 Acquisitions of business operations 41.0 0.0 0.0 142.6 183.6 Decreases -6.6 -0.9 0.0 0.0 -7.5 Exchange rate differences 1.8 0.0 0.0 1.3 3.2 Transfers between items 0.9 0.0 -0.9 0.0 0.0 Acquisition cost 31 Dec 159.9 1.8 2.2 296.2 460.1 Accumulated depreciation, amortisation and impairment 1 Jan 69.3 0.6 0.0 1.7 71.5 Accumulated depreciation in decreases and transfers -5.4 -0.9 0.0 0.0 -6.3 Depreciation for the \ufb01nancial year 7.3 1.3 0.0 0.0 8.6 Exchange rate differences 1.2 0.0 0.0 0.0 1.2 Accumulated depreciation, amortisation and impair- ments 31 Dec 72.4 1.0 0.0 1.7 75.1 Book value 1 Jan 53.6 0.4 1.1 150.7 205.8 Book value 31 Dec 87.7 0.7 2.2 294.5 385.
Allocation of intangibles with inde\ufb01nite lives to cash-generating units
The book value of intangible assets includes intangible rights totalling MEUR 59.5
which are not depreciated; instead, these rights are tested annually for impairment. In
Alma Media, intangible assets with an inde\ufb01nite useful life are trademarks measured
at fair value at the time of acquisition. These non-depreciated intangible rights are
allocated to the cash-generating units as follows:
MEUR 2022 2021
Alma Career 16.3 15.9
Alma Consumer 26.5 26.8
Alma Talent 16.7 16.7
Assets with inde\ufb01nite lives, total 59.5 59.4
Allocation of goodwill to business operations:
MEUR 2022 2021
A signi\ufb01cant amount of goodwill has been
allocated to the following cash-generating units
Alma Career 48.8 47.9
Alma Consumer 169.5 169.8
Alma Talent 76.0 76.7
Non-allocated goodwill 0.1 0.1
Total goodwill 294.4 294.5
Goodwill, intangible rights with inde\ufb01nite useful lives and other long-term assets are
tested at the level of cash generating units. In testing for impairment, the recover-
able amount is the value in use.
Following the model used before, estimated cash \ufb02ows determined in the test are
based on the Group\u2019s strategic forecasts for the following three years con\ufb01rmed by
the Board of Directors and business units\u2019 management. The years following this
period are estimated by the management, taking the business cycle into account.
The calculations of value in use are based on a period of 5 years. The cash \ufb02ow for
the terminal year is determined on the basis of the cash \ufb02ow of the most recent
year of the forecast period and without a growth assumption. In addition to general
economic factors, the main assumptions and variables used when determining cash
\ufb02ows are, for the media business, the growth assumptions for advertising and content
sales in different market segments, the unit-speci\ufb01c average cost of capital (discount
rate) and the estimated development of revenue from marketplaces. The growth rate
assumptions vary in different market segments and in different product categories.
When evaluating growth, past events in the Group and the impact of business cycles
are taken into account.
The Group\u2019s business, advertising sales in particular, is very dependent on business
cycles. A signi\ufb01cant portion of the Group\u2019s revenue is generated from advertising
sales. Advertising sales correlate with changes in GDP, and changes in advertising
sales are largely intensi\ufb01ed at cyclical turns. Investments in advertising have been
low in Finland in relation to the level of GDP in 2013\u20132022, even by international
comparison. Alma Media estimates that advertising investments will grow, or at least
remain at the current level, in the domestic market. The growth assumptions for reve-
nue and costs used in the value-in-use calculations are presented in the table below.
According to its strategy, the Group has invested in the development of digital prod-
ucts and services. Digital services account for over 80% of the Group\u2019s revenue. In
digital services, the realised changes are larger and the future growth assumptions
are higher than in average advertising investments.
The discount rate used in impairment testing has been determined using geo-
graphical (country) and business-speci\ufb01c weighted average cost of capital (WACC)
separately for the media business and the digital business. The discount rate is
determined net of taxes. The WACC consists of the required return on equity and the
required return on debt after corporate taxes (net of taxes as adjusted for \ufb01nal pre-
sentation purposes). Following capital market theory, the generally accepted method
of estimating the cost of equity is the Capital Asset Pricing Model (CAPM). Following
On each balance sheet date, the Group assesses the carrying amounts of its assets to determine
whether there is any indication of impairment. If any such indication exists, the recoverable amount
of the asset is estimated. In addition, the recoverable amounts are assessed annually of goodwill,
capitalised development costs for projects in progress and intangible assets with an inde\ufb01nite
useful life. These are assessed regardless of whether or not indications of impairment exist. The re-
coverable amounts of intangible and tangible assets are determined as the higher of the fair value of
the asset less cost to sell, or the value in use. The value in use refers to the estimated future net cash
\ufb02ows obtainable from the asset or cash-generating unit, discounted to their current value. Impair-
ment losses are recognised when the carrying amount of the asset or cash-generating unit exceeds
the recoverable amount. Impairment losses are recognised in the pro\ufb01t or loss. An impairment loss
may be reversed if circumstances regarding the intangible or tangible assets in question change.
Impairment losses recognised on goodwill are never reversed .
he CAPM, the rate of return on equity can be constructed from the risk-free inter- est rate and a risk premium. Elements of WACC/CAPM have been determined for impairment testing by an independent third party analyst. The calculations take into account the risk-adjusted WACC, in which the beta for the asset item is based on the median of the peer group and the capital structure (D/EV) is based on the industry\u2019s average gearing ratio on the valuation date. The calculations also apply the small enterprise risk premium, approximately 1.43%, which is based on Alma Media\u2019s market capitalisation on the valuation date as well as the statistical analysis of small enter- prise risk premiums conducted by Duff & Phelps. Changes from 2021: No changes were made to the Alma Career and Alma Consumer segments\u2019 tested units. The Alma Talent segment is tested as a single entity instead of by country, which was the case previously.
The most signi\ufb01cant growth assumptions used in impairment testing
Financial year 2022
Revenue
growth
assumption,
% *
Expense
growth
assumption,
% *
WACC
before
taxes, % Business
Alma Career
Finland, the
Czech Repub-
lic, the Baltic
countries,
Slovakia 3.6 3.2 12.6 Digital
Alma Consumer Finland 2.3 2.9 10.7 Media, digital
Alma Talent
Finland, Swe-
den 1.1 1.9 10.8
Media, digital,
services
Financial year 2021
Revenue
growth
assumption,
% *
Expense
growth
assumption,
% *
WACC
before
taxes, % Business
Alma Career
Finland, the
Czech Repub-
lic, the Baltic
countries,
Slovakia 7.9 8.3 9.7 Digital
Alma Consumer Finland 5.8 5.1 8.3 Media, digital
Alma Talent
Finland, Swe-
den 2.5 2.8 8.3
Media, digital,
services
* The growth assumptions are based on the annual averages for the period .
Impairment losses and their allocation
During the past \ufb01nancial year, the Group recognised MEUR 0.6 in impairment losses,
which were allocated to other investments. In the management\u2019s view, there are no
indications of impairment with regard to the units of Alma Media Group. During the
previous \ufb01nancial year, the Group recognised MEUR 0.2 in impairment losses, which
were allocated to other investments.
Sensitivity analyses of impairment testing
Goodwill allocated to new business areas, as well as goodwill arising from recent
acquisitions, is more sensitive to impairment testing and, therefore, more likely to be
subject to impairment loss when the above main assumptions change.
In connection with the sensitivity analysis, the impact of an increase in the discount
rate (at most 3%), a decrease in marketplaces sales (at most 6%) and a decrease in
media sales (at most 6%) on estimated cash \ufb02ows has been estimated. The sensitivity
analysis of marketplaces sales and media sales is based on the management view of
the future development on the balance sheet date.
The aggregate book values of the Alma Career segment were approximately 17% of
the current value of the estimated recoverable amount at the time of testing. The
impact of the terminal on the value-in-use was 63% in the calculations. Based on the
analysis carried out by the management, the estimated net present value (NPV) of
future cash \ufb02ows has increased by a total of MEUR 102 compared to 2021. This in-
crease is particularly attributable to the strong growth of demand in the recruitment
business. The effect of the increase in the WACC discount rate compared to the pre-
vious \ufb01nancial year was approximately MEUR 119. The pro\ufb01tability of the recruitment
business is expected to continue to grow in the years to come. The book value of the
assets of the Alma Career segment on the reporting date was MEUR 75. Based on the
sensitivity analysis performed, the Alma Career business does not involve a signi\ufb01-
cant risk of future impairment .
The aggregate book values of the Alma Consumer segment were approximately 75%
of the current value of the estimated recoverable amount at the time of testing. The
impact of the terminal on the value-in-use was approximately 67% in the calculations.
Based on the analysis carried out by the management, the estimated net present
value (NPV) of future cash \ufb02ows has decreased by a total of MEUR 37 compared to
2021. Pro\ufb01tability remained stable in 2022, especially in the media and marketplaces
businesses. The effect of the increase in the discount rate on the decrease in the net
present value was approximately MEUR 76. Pro\ufb01t performance is expected to remain
stable in the years to come. Based on the sensitivity analysis performed, the Alma
Consumer segment is not subject to a signi\ufb01cant risk of future impairment.
The aggregate book values of the Alma Talent segment were approximately 53% of
the current value of the estimated recoverable amount at the time of testing. The
impact of the terminal on the value-in-use was 66% in the calculations. Based on the
analysis carried out by the management, the net present value (NPV) of future cash
\ufb02ows has decreased by a total of MEUR 25 compared to 2021. The pro\ufb01tability of the
business has remained stable. The effect of the increase in the discount rate on the
decrease in the net present value was approximately MEUR 48. Pro\ufb01t performance
is expected to remain stable in the years to come. Based on the sensitivity analysis
performed, the Alma Talent business does not include a signi\ufb01cant risk of future
impairment.
The balance sheet value of associated companies is assessed in relation to the cash
\ufb02ow obtained from the companies (dividend income), in comparison to their net asset
value, or through other assessment of the company\u2019s pro\ufb01t performance with respect
to future cash \ufb02ow estimates. Based on the analysis performed, the shares in associ-
ated companies do not include a risk of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-318": { "value": "2.1 Intangible assets and goodwill Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the purchase price, the share of the non-controlling interest in the acquired entity and the pur- chaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses. Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or signi\ufb01cantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined, the product is tech- nically feasible and economically viable, the product is expected to produce an economic bene\ufb01t and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material, labour and testing as well as capital- ised borrowing costs, if any, that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date . Patents, customer agreements, copyright and software licences with a \ufb01nite useful life are shown in the balance sheet and expensed on a straight-line basis in the pro\ufb01t or loss during their useful lives. No depreciation is entered on intangible assets with an inde\ufb01nite useful life; instead, these are tested annually for impairment. In Alma Media, intangible assets with an inde\ufb01nite useful life are trademarks measured at fair value at the time of acquisition . The useful lives of intangible assets are 3\u201310 year MEUR Intangible rights Other intangible assets Advances, intangible Goodwill Total Financial year 2022 Acquisition cost 1 Jan 159.9 1.8 2.2 296.2 460.1 Increases 0.5 0.0 5.4 0.0 5.8 Acquisitions of business operations 0.0 0.0 0.0 0.0 0.0 Decreases -0.2 -0.1 -0.2 -0.7 -1.2 Exchange rate differences 1.0 0.0 0.0 0.5 1.5 Transfers between items 2.2 0.0 -2.2 0.0 0.0 Acquisition cost 31 Dec 163.4 1.7 5.1 296.0 466.3 Accumulated depreciation, amortisation and impairment 1 Jan 72.4 1.0 0.0 1.7 75.1 Accumulated depreciation in decreases and transfers 0.0 0.0 0.0 0.0 0.0 Depreciation for the \ufb01nancial year 8.7 0.4 0.0 0.0 9.0 Exchange rate differences 0.3 0.0 0.0 0.0 0.3 Accumulated depreciation, amortisation and impair- ments 31 Dec 81.3 1.4 0.0 1.7 84.4
MEUR
Intangible
rights
Other
intangible
assets
Advances,
intangible Goodwill Total
Book value 1 Jan 87.7 0.7 2.2 294.5 385.1
Book value 31 Dec 82.1 0.2 5.1 294.4 381.8
Financial year 2021
Acquisition cost 1 Jan 122.7 1.1 1.1 152.3 277.2
Increases 0.1 1.6 1.9 0.0 3.6
Acquisitions of business
operations 41.0 0.0 0.0 142.6 183.6
Decreases -6.6 -0.9 0.0 0.0 -7.5
Exchange rate differences 1.8 0.0 0.0 1.3 3.2
Transfers between items 0.9 0.0 -0.9 0.0 0.0
Acquisition cost 31 Dec 159.9 1.8 2.2 296.2 460.1
Accumulated depreciation,
amortisation and impairment
1 Jan 69.3 0.6 0.0 1.7 71.5
Accumulated depreciation in
decreases and transfers -5.4 -0.9 0.0 0.0 -6.3
Depreciation for the \ufb01nancial
year 7.3 1.3 0.0 0.0 8.6
Exchange rate differences 1.2 0.0 0.0 0.0 1.2
Accumulated depreciation,
amortisation and impair-
ments 31 Dec 72.4 1.0 0.0 1.7 75.1
Book value 1 Jan 53.6 0.4 1.1 150.7 205.8
Book value 31 Dec 87.7 0.7 2.2 294.5 385. 1
Allocation of intangibles with inde\ufb01nite lives to cash-generating units The book value of intangible assets includes intangible rights totalling MEUR 59.5 which are not depreciated; instead, these rights are tested annually for impairment. In Alma Media, intangible assets with an inde\ufb01nite useful life are trademarks measured at fair value at the time of acquisition. These non-depreciated intangible rights are allocated to the cash-generating units as follows: MEUR 2022 2021 Alma Career 16.3 15.9 Alma Consumer 26.5 26.8 Alma Talent 16.7 16.7 Assets with inde\ufb01nite lives, total 59.5 59.4 Allocation of goodwill to business operations: MEUR 2022 2021 A signi\ufb01cant amount of goodwill has been allocated to the following cash-generating units Alma Career 48.8 47.9 Alma Consumer 169.5 169.8 Alma Talent 76.0 76.7 Non-allocated goodwill 0.1 0.1 Total goodwill 294.4 294.5 Goodwill, intangible rights with inde\ufb01nite useful lives and other long-term assets are tested at the level of cash generating units. In testing for impairment, the recover- able amount is the value in use. Following the model used before, estimated cash \ufb02ows determined in the test are based on the Group\u2019s strategic forecasts for the following three years con\ufb01rmed by the Board of Directors and business units\u2019 management. The years following this period are estimated by the management, taking the business cycle into account. The calculations of value in use are based on a period of 5 years. The cash \ufb02ow for the terminal year is determined on the basis of the cash \ufb02ow of the most recent year of the forecast period and without a growth assumption. In addition to general economic factors, the main assumptions and variables used when determining cash \ufb02ows are, for the media business, the growth assumptions for advertising and content sales in different market segments, the unit-speci\ufb01c average cost of capital (discount rate) and the estimated development of revenue from marketplaces. The growth rate assumptions vary in different market segments and in different product categories. When evaluating growth, past events in the Group and the impact of business cycles are taken into account. The Group\u2019s business, advertising sales in particular, is very dependent on business cycles. A signi\ufb01cant portion of the Group\u2019s revenue is generated from advertising sales. Advertising sales correlate with changes in GDP, and changes in advertising sales are largely intensi\ufb01ed at cyclical turns. Investments in advertising have been low in Finland in relation to the level of GDP in 2013\u20132022, even by international comparison. Alma Media estimates that advertising investments will grow, or at least remain at the current level, in the domestic market. The growth assumptions for reve- nue and costs used in the value-in-use calculations are presented in the table below. According to its strategy, the Group has invested in the development of digital prod- ucts and services. Digital services account for over 80% of the Group\u2019s revenue. In digital services, the realised changes are larger and the future growth assumptions are higher than in average advertising investments. The discount rate used in impairment testing has been determined using geo- graphical (country) and business-speci\ufb01c weighted average cost of capital (WACC) separately for the media business and the digital business. The discount rate is determined net of taxes. The WACC consists of the required return on equity and the required return on debt after corporate taxes (net of taxes as adjusted for \ufb01nal pre- sentation purposes). Following capital market theory, the generally accepted method of estimating the cost of equity is the Capital Asset Pricing Model (CAPM). Following On each balance sheet date, the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is estimated. In addition, the recoverable amounts are assessed annually of goodwill, capitalised development costs for projects in progress and intangible assets with an inde\ufb01nite useful life. These are assessed regardless of whether or not indications of impairment exist. The re- coverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell, or the value in use. The value in use refers to the estimated future net cash \ufb02ows obtainable from the asset or cash-generating unit, discounted to their current value. Impair- ment losses are recognised when the carrying amount of the asset or cash-generating unit exceeds the recoverable amount. Impairment losses are recognised in the pro\ufb01t or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impairment losses recognised on goodwill are never reversed
the CAPM, the rate of return on equity can be constructed from the risk-free inter-
est rate and a risk premium. Elements of WACC/CAPM have been determined for
impairment testing by an independent third party analyst. The calculations take into
account the risk-adjusted WACC, in which the beta for the asset item is based on the
median of the peer group and the capital structure (D/EV) is based on the industry\u2019s
average gearing ratio on the valuation date. The calculations also apply the small
enterprise risk premium, approximately 1.43%, which is based on Alma Media\u2019s market
capitalisation on the valuation date as well as the statistical analysis of small enter-
prise risk premiums conducted by Duff & Phelps.
Changes from 2021:
No changes were made to the Alma Career and Alma Consumer segments\u2019 tested
units. The Alma Talent segment is tested as a single entity instead of by country,
which was the case previously.
The most signi\ufb01cant growth assumptions used in impairment testing Financial year 2022 Revenue growth assumption, % * Expense growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Repub- lic, the Baltic countries, Slovakia 3.6 3.2 12.6 Digital Alma Consumer Finland 2.3 2.9 10.7 Media, digital Alma Talent Finland, Swe- den 1.1 1.9 10.8 Media, digital, services Financial year 2021 Revenue growth assumption, % * Expense growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Repub- lic, the Baltic countries, Slovakia 7.9 8.3 9.7 Digital Alma Consumer Finland 5.8 5.1 8.3 Media, digital Alma Talent Finland, Swe- den 2.5 2.8 8.3 Media, digital, services * The growth assumptions are based on the annual averages for the period . Impairment losses and their allocation During the past \ufb01nancial year, the Group recognised MEUR 0.6 in impairment losses, which were allocated to other investments. In the management\u2019s view, there are no indications of impairment with regard to the units of Alma Media Group. During the previous \ufb01nancial year, the Group recognised MEUR 0.2 in impairment losses, which were allocated to other investments. Sensitivity analyses of impairment testing Goodwill allocated to new business areas, as well as goodwill arising from recent acquisitions, is more sensitive to impairment testing and, therefore, more likely to be subject to impairment loss when the above main assumptions change. In connection with the sensitivity analysis, the impact of an increase in the discount rate (at most 3%), a decrease in marketplaces sales (at most 6%) and a decrease in media sales (at most 6%) on estimated cash \ufb02ows has been estimated. The sensitivity analysis of marketplaces sales and media sales is based on the management view of the future development on the balance sheet date. The aggregate book values of the Alma Career segment were approximately 17% of the current value of the estimated recoverable amount at the time of testing. The impact of the terminal on the value-in-use was 63% in the calculations. Based on the analysis carried out by the management, the estimated net present value (NPV) of future cash \ufb02ows has increased by a total of MEUR 102 compared to 2021. This in- crease is particularly attributable to the strong growth of demand in the recruitment business. The effect of the increase in the WACC discount rate compared to the pre- vious \ufb01nancial year was approximately MEUR 119. The pro\ufb01tability of the recruitment business is expected to continue to grow in the years to come. The book value of the assets of the Alma Career segment on the reporting date was MEUR 75. Based on the sensitivity analysis performed, the Alma Career business does not involve a signi\ufb01- cant risk of future impairment The aggregate book values of the Alma Consumer segment were approximately 75% of the current value of the estimated recoverable amount at the time of testing. The impact of the terminal on the value-in-use was approximately 67% in the calculations. Based on the analysis carried out by the management, the estimated net present value (NPV) of future cash \ufb02ows has decreased by a total of MEUR 37 compared to 2021. Pro\ufb01tability remained stable in 2022, especially in the media and marketplaces businesses. The effect of the increase in the discount rate on the decrease in the net present value was approximately MEUR 76. Pro\ufb01t performance is expected to remain stable in the years to come. Based on the sensitivity analysis performed, the Alma Consumer segment is not subject to a signi\ufb01cant risk of future impairment. The aggregate book values of the Alma Talent segment were approximately 53% of the current value of the estimated recoverable amount at the time of testing. The impact of the terminal on the value-in-use was 66% in the calculations. Based on the analysis carried out by the management, the net present value (NPV) of future cash \ufb02ows has decreased by a total of MEUR 25 compared to 2021. The pro\ufb01tability of the business has remained stable. The effect of the increase in the discount rate on the decrease in the net present value was approximately MEUR 48. Pro\ufb01t performance is expected to remain stable in the years to come. Based on the sensitivity analysis performed, the Alma Talent business does not include a signi\ufb01cant risk of future impairment. The balance sheet value of associated companies is assessed in relation to the cash \ufb02ow obtained from the companies (dividend income), in comparison to their net asset value, or through other assessment of the company\u2019s pro\ufb01t performance with respect to future cash \ufb02ow estimates. Based on the analysis performed, the shares in associ- ated companies do not include a risk of impairment", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-319": { "value": "2.1 Intangible assets and goodwill Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the purchase price, the share of the non-controlling interest in the acquired entity and the pur- chaser\u2019s previously held share in the entity exceed the fair value of the net assets acquired. Goodwill is applied to cash-generating units and tested on the transition date and thereafter annually for impairment. Goodwill is measured at the original acquisition cost less impairment losses. Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or signi\ufb01cantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined, the product is tech- nically feasible and economically viable, the product is expected to produce an economic bene\ufb01t and the Group has the intention and the required resources to complete the development effort. Capitalised development costs include the costs of material, labour and testing as well as capital- ised borrowing costs, if any, that directly arise from the process of making the product complete for its intended purpose. Development costs that have previously been recognised as expenses will not be capitalised at a later date . Patents, customer agreements, copyright and software licences with a \ufb01nite useful life are shown in the balance sheet and expensed on a straight-line basis in the pro\ufb01t or loss during their useful lives. No depreciation is entered on intangible assets with an inde\ufb01nite useful life; instead, these are tested annually for impairment. In Alma Media, intangible assets with an inde\ufb01nite useful life are trademarks measured at fair value at the time of acquisition . The useful lives of intangible assets are 3\u201310 year s MEUR Intangible rights Other intangible assets Advances, intangible Goodwill Total Financial year 2022 Acquisition cost 1 Jan 159.9 1.8 2.2 296.2 460.1 Increases 0.5 0.0 5.4 0.0 5.8 Acquisitions of business operations 0.0 0.0 0.0 0.0 0.0 Decreases -0.2 -0.1 -0.2 -0.7 -1.2 Exchange rate differences 1.0 0.0 0.0 0.5 1.5 Transfers between items 2.2 0.0 -2.2 0.0 0.0 Acquisition cost 31 Dec 163.4 1.7 5.1 296.0 466.3 Accumulated depreciation, amortisation and impairment 1 Jan 72.4 1.0 0.0 1.7 75.1 Accumulated depreciation in decreases and transfers 0.0 0.0 0.0 0.0 0.0 Depreciation for the \ufb01nancial year 8.7 0.4 0.0 0.0 9.0 Exchange rate differences 0.3 0.0 0.0 0.0 0.3 Accumulated depreciation, amortisation and impair- ments 31 Dec 81.3 1.4 0.0 1.7 84.4 MEUR Intangible rights Other intangible assets Advances, intangible Goodwill Total Book value 1 Jan 87.7 0.7 2.2 294.5 385.1 Book value 31 Dec 82.1 0.2 5.1 294.4 381.8 Financial year 2021 Acquisition cost 1 Jan 122.7 1.1 1.1 152.3 277.2 Increases 0.1 1.6 1.9 0.0 3.6 Acquisitions of business operations 41.0 0.0 0.0 142.6 183.6 Decreases -6.6 -0.9 0.0 0.0 -7.5 Exchange rate differences 1.8 0.0 0.0 1.3 3.2 Transfers between items 0.9 0.0 -0.9 0.0 0.0 Acquisition cost 31 Dec 159.9 1.8 2.2 296.2 460.1 Accumulated depreciation, amortisation and impairment 1 Jan 69.3 0.6 0.0 1.7 71.5 Accumulated depreciation in decreases and transfers -5.4 -0.9 0.0 0.0 -6.3 Depreciation for the \ufb01nancial year 7.3 1.3 0.0 0.0 8.6 Exchange rate differences 1.2 0.0 0.0 0.0 1.2 Accumulated depreciation, amortisation and impair- ments 31 Dec 72.4 1.0 0.0 1.7 75.1 Book value 1 Jan 53.6 0.4 1.1 150.7 205.8 Book value 31 Dec 87.7 0.7 2.2 294.5 385. 1 Allocation of intangibles with inde\ufb01nite lives to cash-generating units The book value of intangible assets includes intangible rights totalling MEUR 59.5 which are not depreciated; instead, these rights are tested annually for impairment. In Alma Media, intangible assets with an inde\ufb01nite useful life are trademarks measured at fair value at the time of acquisition. These non-depreciated intangible rights are allocated to the cash-generating units as follows: MEUR 2022 2021 Alma Career 16.3 15.9 Alma Consumer 26.5 26.8 Alma Talent 16.7 16.7 Assets with inde\ufb01nite lives, total 59.5 59.4 Allocation of goodwill to business operations: MEUR 2022 2021 A signi\ufb01cant amount of goodwill has been allocated to the following cash-generating units Alma Career 48.8 47.9 Alma Consumer 169.5 169.8 Alma Talent 76.0 76.7 Non-allocated goodwill 0.1 0.1 Total goodwill 294.4 294.5 Goodwill, intangible rights with inde\ufb01nite useful lives and other long-term assets are tested at the level of cash generating units. In testing for impairment, the recover- able amount is the value in use. Following the model used before, estimated cash \ufb02ows determined in the test are
Impairment testing of goodwill and intangibles with inde\ufb01nite lives
On each balance sheet date, the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is estimated. In addition, the recoverable amounts are assessed annually of goodwill, capitalised development costs for projects in progress and intangible assets with an inde\ufb01nite useful life. These are assessed regardless of whether or not indications of impairment exist. The re- coverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell, or the value in use. The value in use refers to the estimated future net cash \ufb02ows obtainable from the asset or cash-generating unit, discounted to their current value. Impair- ment losses are recognised when the carrying amount of the asset or cash-generating unit exceeds the recoverable amount. Impairment losses are recognised in the pro\ufb01t or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impairment losses recognised on goodwill are never reversed . based on the Group\u2019s strategic forecasts for the following three years con\ufb01rmed by the Board of Directors and business units\u2019 management. The years following this period are estimated by the management, taking the business cycle into account. The calculations of value in use are based on a period of 5 years. The cash \ufb02ow for the terminal year is determined on the basis of the cash \ufb02ow of the most recent year of the forecast period and without a growth assumption. In addition to general economic factors, the main assumptions and variables used when determining cash \ufb02ows are, for the media business, the growth assumptions for advertising and content sales in different market segments, the unit-speci\ufb01c average cost of capital (discount rate) and the estimated development of revenue from marketplaces. The growth rate assumptions vary in different market segments and in different product categories. When evaluating growth, past events in the Group and the impact of business cycles are taken into account. The Group\u2019s business, advertising sales in particular, is very dependent on business cycles. A signi\ufb01cant portion of the Group\u2019s revenue is generated from advertising sales. Advertising sales correlate with changes in GDP, and changes in advertising sales are largely intensi\ufb01ed at cyclical turns. Investments in advertising have been low in Finland in relation to the level of GDP in 2013\u20132022, even by international comparison. Alma Media estimates that advertising investments will grow, or at least remain at the current level, in the domestic market. The growth assumptions for reve- nue and costs used in the value-in-use calculations are presented in the table below. According to its strategy, the Group has invested in the development of digital prod- ucts and services. Digital services account for over 80% of the Group\u2019s revenue. In digital services, the realised changes are larger and the future growth assumptions are higher than in average advertising investments. The discount rate used in impairment testing has been determined using geo- graphical (country) and business-speci\ufb01c weighted average cost of capital (WACC) separately for the media business and the digital business. The discount rate is determined net of taxes. The WACC consists of the required return on equity and the required return on debt after corporate taxes (net of taxes as adjusted for \ufb01nal pre- sentation purposes). Following capital market theory, the generally accepted method of estimating the cost of equity is the Capital Asset Pricing Model (CAPM). Following the CAPM, the rate of return on equity can be constructed from the risk-free inter- est rate and a risk premium. Elements of WACC/CAPM have been determined for impairment testing by an independent third party analyst. The calculations take into account the risk-adjusted WACC, in which the beta for the asset item is based on the median of the peer group and the capital structure (D/EV) is based on the industry\u2019s average gearing ratio on the valuation date. The calculations also apply the small enterprise risk premium, approximately 1.43%, which is based on Alma Media\u2019s market capitalisation on the valuation date as well as the statistical analysis of small enter- prise risk premiums conducted by Duff & Phelps. Changes from 2021: No changes were made to the Alma Career and Alma Consumer segments\u2019 tested units. The Alma Talent segment is tested as a single entity instead of by country, which was the case previously. The most signi\ufb01cant growth assumptions used in impairment testing Financial year 2022 Revenue growth assumption, % * Expense growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Repub- lic, the Baltic countries, Slovakia 3.6 3.2 12.6 Digital Alma Consumer Finland 2.3 2.9 10.7 Media, digital Alma Talent Finland, Swe- den 1.1 1.9 10.8 Media, digital, services Financial year 2021 Revenue growth assumption, % * Expense growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Repub- lic, the Baltic countries, Slovakia 7.9 8.3 9.7 Digital Alma Consumer Finland 5.8 5.1 8.3 Media, digital Alma Talent Finland, Swe- den 2.5 2.8 8.3 Media, digital, services * The growth assumptions are based on the annual averages for the period Impairment losses and their allocation During the past \ufb01nancial year, the Group recognised MEUR 0.6 in impairment losses, which were allocated to other investments. In the management\u2019s view, there are no indications of impairment with regard to the units of Alma Media Group. During the previous \ufb01nancial year, the Group recognised MEUR 0.2 in impairment losses, which were allocated to other investments. Sensitivity analyses of impairment testing Goodwill allocated to new business areas, as well as goodwill arising from recent acquisitions, is more sensitive to impairment testing and, therefore, more likely to be subject to impairment loss when the above main assumptions change. In connection with the sensitivity analysis, the impact of an increase in the discount rate (at most 3%), a decrease in marketplaces sales (at most 6%) and a decrease in media sales (at most 6%) on estimated cash \ufb02ows has been estimated. The sensitivity analysis of marketplaces sales and media sales is based on the management view of the future development on the balance sheet date. The aggregate book values of the Alma Career segment were approximately 17% of the current value of the estimated recoverable amount at the time of testing. The impact of the terminal on the value-in-use was 63% in the calculations. Based on the analysis carried out by the management, the estimated net present value (NPV) of future cash \ufb02ows has increased by a total of MEUR 102 compared to 2021. This in- crease is particularly attributable to the strong growth of demand in the recruitment business. The effect of the increase in the WACC discount rate compared to the pre- vious \ufb01nancial year was approximately MEUR 119. The pro\ufb01tability of the recruitment business is expected to continue to grow in the years to come. The book value of the assets of the Alma Career segment on the reporting date was MEUR 75. Based on the sensitivity analysis performed, the Alma Career business does not involve a signi\ufb01- cant risk of future impairment . The aggregate book values of the Alma Consumer segment were approximately 75% of the current value of the estimated recoverable amount at the time of testing. The impact of the terminal on the value-in-use was approximately 67% in the calculations. Based on the analysis carried out by the management, the estimated net present value (NPV) of future cash \ufb02ows has decreased by a total of MEUR 37 compared to 2021. Pro\ufb01tability remained stable in 2022, especially in the media and marketplaces businesses. The effect of the increase in the discount rate on the decrease in the net present value was approximately MEUR 76. Pro\ufb01t performance is expected to remain stable in the years to come. Based on the sensitivity analysis performed, the Alma Consumer segment is not subject to a signi\ufb01cant risk of future impairment. The aggregate book values of the Alma Talent segment were approximately 53% of the current value of the estimated recoverable amount at the time of testing. The impact of the terminal on the value-in-use was 66% in the calculations. Based on the analysis carried out by the management, the net present value (NPV) of future cash \ufb02ows has decreased by a total of MEUR 25 compared to 2021. The pro\ufb01tability of the business has remained stable. The effect of the increase in the discount rate on the decrease in the net present value was approximately MEUR 48. Pro\ufb01t performance is expected to remain stable in the years to come. Based on the sensitivity analysis performed, the Alma Talent business does not include a signi\ufb01cant risk of future impairment. The balance sheet value of associated companies is assessed in relation to the cash \ufb02ow obtained from the companies (dividend income), in comparison to their net asset value, or through other assessment of the company\u2019s pro\ufb01t performance with respect to future cash \ufb02ow estimates. Based on the analysis performed, the shares in associ- ated companies do not include a risk of impairment", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-320": { "value": "On each balance sheet date, the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is estimated. In addition, the recoverable amounts are assessed annually of goodwill, capitalised development costs for projects in progress and intangible assets with an inde\ufb01nite useful life. These are assessed regardless of whether or not indications of impairment exist. The re- coverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell, or the value in use. The value in use refers to the estimated future net cash \ufb02ows obtainable from the asset or cash-generating unit, discounted to their current value. Impair- ment losses are recognised when the carrying amount of the asset or cash-generating unit exceeds the recoverable amount. Impairment losses are recognised in the pro\ufb01t or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impairment losses recognised on goodwill are never reversed . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-321": { "value": "Impairment testing of goodwill and intangibles with inde\ufb01nite lives On each balance sheet date, the Group assesses the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the asset is estimated. In addition, the recoverable amounts are assessed annually of goodwill, capitalised development costs for projects in progress and intangible assets with an inde\ufb01nite useful life. These are assessed regardless of whether or not indications of impairment exist. The re- coverable amounts of intangible and tangible assets are determined as the higher of the fair value of the asset less cost to sell, or the value in use. The value in use refers to the estimated future net cash \ufb02ows obtainable from the asset or cash-generating unit, discounted to their current value. Impair- ment losses are recognised when the carrying amount of the asset or cash-generating unit exceeds the recoverable amount. Impairment losses are recognised in the pro\ufb01t or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impairment losses recognised on goodwill are never reversed based on the Group\u2019s strategic forecasts for the following three years con\ufb01rmed by the Board of Directors and business units\u2019 management. The years following this period are estimated by the management, taking the business cycle into account. The calculations of value in use are based on a period of 5 years. The cash \ufb02ow for the terminal year is determined on the basis of the cash \ufb02ow of the most recent year of the forecast period and without a growth assumption. In addition to general economic factors, the main assumptions and variables used when determining cash \ufb02ows are, for the media business, the growth assumptions for advertising and content sales in different market segments, the unit-speci\ufb01c average cost of capital (discount rate) and the estimated development of revenue from marketplaces. The growth rate assumptions vary in different market segments and in different product categories. When evaluating growth, past events in the Group and the impact of business cycles are taken into account. The Group\u2019s business, advertising sales in particular, is very dependent on business cycles. A signi\ufb01cant portion of the Group\u2019s revenue is generated from advertising sales. Advertising sales correlate with changes in GDP, and changes in advertising sales are largely intensi\ufb01ed at cyclical turns. Investments in advertising have been low in Finland in relation to the level of GDP in 2013\u20132022, even by international comparison. Alma Media estimates that advertising investments will grow, or at least remain at the current level, in the domestic market. The growth assumptions for reve- nue and costs used in the value-in-use calculations are presented in the table below. According to its strategy, the Group has invested in the development of digital prod- ucts and services. Digital services account for over 80% of the Group\u2019s revenue. In digital services, the realised changes are larger and the future growth assumptions are higher than in average advertising investments. The discount rate used in impairment testing has been determined using geo- graphical (country) and business-speci\ufb01c weighted average cost of capital (WACC) separately for the media business and the digital business. The discount rate is determined net of taxes. The WACC consists of the required return on equity and the required return on debt after corporate taxes (net of taxes as adjusted for \ufb01nal pre- sentation purposes). Following capital market theory, the generally accepted method of estimating the cost of equity is the Capital Asset Pricing Model (CAPM). Following the CAPM, the rate of return on equity can be constructed from the risk-free inter- est rate and a risk premium. Elements of WACC/CAPM have been determined for impairment testing by an independent third party analyst. The calculations take into account the risk-adjusted WACC, in which the beta for the asset item is based on the median of the peer group and the capital structure (D/EV) is based on the industry\u2019s average gearing ratio on the valuation date. The calculations also apply the small enterprise risk premium, approximately 1.43%, which is based on Alma Media\u2019s market capitalisation on the valuation date as well as the statistical analysis of small enter- prise risk premiums conducted by Duff & Phelps. Changes from 2021: No changes were made to the Alma Career and Alma Consumer segments\u2019 tested units. The Alma Talent segment is tested as a single entity instead of by country, which was the case previously. The most signi\ufb01cant growth assumptions used in impairment testing Financial year 2022 Revenue growth assumption, % * Expense growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Repub- lic, the Baltic countries, Slovakia 3.6 3.2 12.6 Digital Alma Consumer Finland 2.3 2.9 10.7 Media, digital Alma Talent Finland, Swe- den 1.1 1.9 10.8 Media, digital, services Financial year 2021 Revenue growth assumption, % * Expense growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Repub- lic, the Baltic countries, Slovakia 7.9 8.3 9.7 Digital Alma Consumer Finland 5.8 5.1 8.3 Media, digital Alma Talent Finland, Swe- den 2.5 2.8 8.3 Media, digital, services * The growth assumptions are based on the annual averages for the period Impairment losses and their allocation During the past \ufb01nancial year, the Group recognised MEUR 0.6 in impairment losses, which were allocated to other investments. In the management\u2019s view, there are no indications of impairment with regard to the units of Alma Media Group. During the previous \ufb01nancial year, the Group recognised MEUR 0.2 in impairment losses, which were allocated to other investments. Sensitivity analyses of impairment testing Goodwill allocated to new business areas, as well as goodwill arising from recent acquisitions, is more sensitive to impairment testing and, therefore, more likely to be subject to impairment loss when the above main assumptions change. In connection with the sensitivity analysis, the impact of an increase in the discount rate (at most 3%), a decrease in marketplaces sales (at most 6%) and a decrease in media sales (at most 6%) on estimated cash \ufb02ows has been estimated. The sensitivity analysis of marketplaces sales and media sales is based on the management view of the future development on the balance sheet date. The aggregate book values of the Alma Career segment were approximately 17% of the current value of the estimated recoverable amount at the time of testing. The impact of the terminal on the value-in-use was 63% in the calculations. Based on the analysis carried out by the management, the estimated net present value (NPV) of future cash \ufb02ows has increased by a total of MEUR 102 compared to 2021. This in- crease is particularly attributable to the strong growth of demand in the recruitment business. The effect of the increase in the WACC discount rate compared to the pre- vious \ufb01nancial year was approximately MEUR 119. The pro\ufb01tability of the recruitment business is expected to continue to grow in the years to come. The book value of the assets of the Alma Career segment on the reporting date was MEUR 75. Based on the sensitivity analysis performed, the Alma Career business does not involve a signi\ufb01- cant risk of future impairment The aggregate book values of the Alma Consumer segment were approximately 75% of the current value of the estimated recoverable amount at the time of testing. The impact of the terminal on the value-in-use was approximately 67% in the calculations. Based on the analysis carried out by the management, the estimated net present value (NPV) of future cash \ufb02ows has decreased by a total of MEUR 37 compared to 2021. Pro\ufb01tability remained stable in 2022, especially in the media and marketplaces businesses. The effect of the increase in the discount rate on the decrease in the net present value was approximately MEUR 76. Pro\ufb01t performance is expected to remain stable in the years to come. Based on the sensitivity analysis performed, the Alma Consumer segment is not subject to a signi\ufb01cant risk of future impairment. The aggregate book values of the Alma Talent segment were approximately 53% of the current value of the estimated recoverable amount at the time of testing. The impact of the terminal on the value-in-use was 66% in the calculations. Based on the analysis carried out by the management, the net present value (NPV) of future cash \ufb02ows has decreased by a total of MEUR 25 compared to 2021. The pro\ufb01tability of the business has remained stable. The effect of the increase in the discount rate on the decrease in the net present value was approximately MEUR 48. Pro\ufb01t performance is expected to remain stable in the years to come. Based on the sensitivity analysis performed, the Alma Talent business does not include a signi\ufb01cant risk of future impairment. The balance sheet value of associated companies is assessed in relation to the cash \ufb02ow obtained from the companies (dividend income), in comparison to their net asset value, or through other assessment of the company\u2019s pro\ufb01t performance with respect to future cash \ufb02ow estimates. Based on the analysis performed, the shares in associ- ated companies do not include a risk of impairment", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-322": { "value": "2.2 Property, plant and equipment Property, plant and equipment are measured at cost less depreciation, amortisation and impair- ment losses. The acquisition cost includes the costs arising directly from the acquisition of a tangible asset. In the event that a tangible asset comprises several components with different useful lives, each component will be recognised as a separate asset. Straight line depreciation is entered on the assets over their estimated useful lives. Depreciation is not entered on land. The estimated useful lives are: Buildings 30\u201340 years Structures 5 years Machinery and equipment 3\u201315 years The residual value and useful life of an asset are reviewed, at a minimum, at the end of each \ufb01nancial period and adjusted, where necessary, to re\ufb02ect the changes in their expected useful lives. When an item of property, plant and equipment is replaced, the costs related to this new item are capitalised. The same procedure is applied in the case of major inspection or service operations. Other costs arising later are capitalised only when they give the company added economic bene\ufb01t. All other expenses, such as normal service and repair procedures, are entered as an expense in the pro\ufb01t or loss as they arise. Gains and losses arising from the decommissioning and sale of tangible assets are recognised through pro\ufb01t and loss under other operating income and expenses. The gains or losses on sale are de\ufb01ned as the difference between the selling price and the remaining acquisition cost . MEUR Buildings and structures Machinery and equipment Other tangible assets Advance pay- ments and pur- chases in progress Total Financial year 2022 Acquisition cost 1 Jan 58.0 2.8 1.4 0.1 62.4 Increases 4.2 1.7 0.0 1.6 7.4 Decreases -0.2 -0.8 -0.1 0.0 -1.2 Exchange rate differences 0.0 0.0 0.0 0.0 0.0 Transfers between items 0.9 0.7 -0.1 -1.6 0.0 Acquisition cost 31 Dec 63.0 4.4 1.2 0.1 68.8 Accumulated depreciation, amortisation and impairment 1 Jan 25.0 1.8 0.2 27.1 Accumulated depreciation in decreases -0.1 -0.8 -0.2 0.0 -1.1 Depreciation for the \ufb01nancial year 7.1 1.0 0.1 0.0 8.1 Exchange rate differences 0.1 0.8 0.0 0.0 0.0 Accumulated depreciation, amortisation and impairments 31 Dec 32.1 2.8 0.1 0.0 35.1 Book value 1 Jan 33.0 1.0 1.1 0.1 35.2 Book value 31 Dec 30.9 1.6 0.9 0.1 33.6 MEUR Buildings and structures Machinery and equipment Other tangible assets Advance payments and purchases in progress Total Financial year 2021 Acquisition cost 1 Jan 57.3 2.5 1.3 0.0 61.3 Increases 1.1 0.3 0.1 0.4 1.9 Decreases -0.4 -0.3 0.0 0.0 -0.7 Exchange rate differences 0.0 0.1 0.0 0.0 0.1 Transfers between items 0.0 0.3 0.0 -0.4 -0.1 Acquisition cost 31 Dec 58.0 2.8 1.4 0.1 62.4 Accumulated depreciation, amortisation and impair- ment 1 Jan 20.2 0.3 0.1 20.7 Accumulated depreciation in decreases -1.4 -0.3 0.0 -1.7 Depreciation for the \ufb01nancial year 6.2 1.8 0.1 8.1 Exchange rate differences 0.0 0.1 0.0 0.1 Accumulated depreciation, amortisation and impair- ments 31 Dec 25.0 1.8 0.2 27.1 Book value 1 Jan 37.1 2.1 1.2 0.0 40.6 Book value 31 Dec 33.0 1.0 1.1 0.1 35.2 Property, plant and equipment include right-of-use assets as follows: MEUR Buildings Machinery and equipment Total Financial year 2022 Acquisition cost 1 Jan 57.0 2.6 59.6 Increases 4.2 1.0 5.2 Decreases -0.2 -0.7 -0.9 Acquisition cost 31 Dec 61.0 2.9 63.9 Accumulated depreciation 1 Jan 25.3 1.4 26.7 Accumulated depreciation in decreases Depreciation for the \ufb01nancial year 6.6 0.8 7.3 Accumulated depreciation 31 Dec 31.8 2.1 33.9 Book value 31 Dec 29.2 0.8 30.0 Financial year 2021 Acquisition cost 1 Jan 56.1 1.4 57.5 Increases 0.9 1.2 2.1 Acquisition cost 31 Dec 57.0 2.6 59.6 Accumulated depreciation 1 Jan 19.1 0.2 19.3 Depreciation for the \ufb01nancial year 6.2 1.2 7.4 Accumulated depreciation 31 Dec 25.3 1.4 26.7 Book value 31 Dec 31.7 1.2 32.9", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-323": { "value": " Property, plant and equipment are measured at cost less depreciation, amortisation and impair- ment losses. The acquisition cost includes the costs arising directly from the acquisition of a tangible asset. In the event that a tangible asset comprises several components with different useful lives, each component will be recognised as a separate asset. Straight line depreciation is entered on the assets over their estimated useful lives. Depreciation is not entered on land. The estimated useful lives are: Buildings 30\u201340 years Structures 5 years Machinery and equipment 3\u201315 years The residual value and useful life of an asset are reviewed, at a minimum, at the end of each \ufb01nancial period and adjusted, where necessary, to re\ufb02ect the changes in their expected useful lives. When an item of property, plant and equipment is replaced, the costs related to this new item are capitalised. The same procedure is applied in the case of major inspection or service operations. Other costs arising later are capitalised only when they give the company added economic bene\ufb01t. All other expenses, such as normal service and repair procedures, are entered as an expense in the pro\ufb01t or loss as they arise. Gains and losses arising from the decommissioning and sale of tangible assets are recognised through pro\ufb01t and loss under other operating income and expenses. The gains or losses on sale are de\ufb01ned as the difference between the selling price and the remaining acquisition cost ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-324": { "value": "3.1 Financial income and expenses Financial income presented by category of \ufb01nancial instrument MEUR 2022 2021 Interest income on held-to-maturity investments 0.1 0.1 Fair value gain on items recognised at fair value through pro\ufb01t or loss Change in the fair value of contingent consideration liabilities 4.2 0.2 Changes in value of non-current investments 0.1 Change in the fair value of interest rate and foreign currency deriva- tives 4.8 0.4 Dividend income from assets measured at fair value through other com- prehensive income 0.1 0.2 Total 9.2 0.9 Financial expenses by category of \ufb01nancial instrument MEUR 2022 2021 I nterest expenses from interest-bearing debts measured at amortised cost 1.2 1.1 Interest expenses from leases recognised on the balance sheet and measured at amortised cost 0.5 0.5 Foreign exchange gains and losses (loans and receivables) 0.4 0.1 Changes in value of non-current investments 0.5 Other \ufb01nancial expenses 0.7 0.6 Total 3.4 2.3", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-325": { "value": "Financial income presented by category of \ufb01nancial instrument MEUR 2022 2021 Interest income on held-to-maturity investments 0.1 0.1 Fair value gain on items recognised at fair value through pro\ufb01t or loss Change in the fair value of contingent consideration liabilities 4.2 0.2 Changes in value of non-current investments 0.1 Change in the fair value of interest rate and foreign currency deriva- tives 4.8 0.4 Dividend income from assets measured at fair value through other com- prehensive income 0.1 0.2 Total 9.2 0.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-326": { "value": "nterest income on held-to-maturity investments 0.1 0.1 nterest expenses from interest-bearing debts measured at amortised cost 1.2 1.1 Interest expenses from leases recognised on the balance sheet and measured at amortised cost 0.5 0.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-327": { "value": "Financial expenses by category of \ufb01nancial instrument MEUR 2022 2021 I nterest expenses from interest-bearing debts measured at amortised cost 1.2 1.1 Interest expenses from leases recognised on the balance sheet and measured at amortised cost 0.5 0.5 Foreign exchange gains and losses (loans and receivables) 0.4 0.1 Changes in value of non-current investments 0.5 Other \ufb01nancial expenses 0.7 0.6 Total 3.4 2.3", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-328": { "value": " The Group\u2019s \ufb01nancial assets are measured and classi\ufb01ed according to IFRS 9 as follows: mea- sured at amortised cost, measured at fair value through comprehensive income, and measured at fair value through pro\ufb01t or loss. The classi\ufb01cation is made on initial acquisition and it is based on the objective of the business model and the contractual cash \ufb02ow characteristics of the \ufb01nancial assets. Financial assets measured at fair value through pro\ufb01t or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of \ufb01nancial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in the fair value of the contingent considerations are recognised in the pro\ufb01t or loss. Changes in the fair value of derivatives are rec- ognised through pro\ufb01t or loss in the \ufb01nancial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash \ufb02ows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date . Financial assets measured at amortised cost include trade receivables and other receivables. Im- pairment on trade receivables is recognised based on expected credit losses using the simpli\ufb01ed approach described in Note 3.6.3. Trade receivables and contract assets are written off when the Group has no reasonable expectations of the recovery of the contractual cash \ufb02ows. Indications that recovering the contractual cash \ufb02ows cannot be reasonably expected to occur include a debtor experiencing considerable \ufb01nancial dif\ufb01culties, the probability of bankruptcy, the failure to make payments or a payment being delayed by more than 180 days. Impairment losses recognised on trade receivables and contract assets are presented under other operating expenses in the income statement. Unquoted shares are measured at acquisition cost in the absence of a reliable fair value. Dividends received from shares are recognised in \ufb01nancial income when the right to the dividend is estab- lished. Cash and cash equivalents consist of cash, demand and time deposits, and other short-term highly liquid investments. The Group has assessed that there are no material expected credit losses associ- ated with cash and cash equivalents . The transaction date is generally used when recognising \ufb01nancial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash \ufb02ows or when the Group has transferred a substantial portion of the risks and income to an external party . 3.2.1 Other \ufb01nancial assets MEUR Balance sheet values 2022 Balance sheet values 2021 Non-current \ufb01nancial assets Available-for-sale \ufb01nancial assets Unquoted share investments, assets classi\ufb01ed as held for sale 3.4 3.6 Investments held to maturity Interest rate derivatives 5.5 0.2 Total 8.8 3.8 Financial assets, total 8.8 3.8 Unquoted share investments are presented in the following table: MEUR 2022 2021 At beginning of period 3.6 3.9 Other increases 0.4 0.6 Decreases -0.6 0.9 At end of period 3.4 3.6 3.2.2 Cash and cash equivalents MEUR 2022 2021 Cash and bank accounts 30.0 51.9 Total 30.0 51.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-329": { "value": "The Group\u2019s \ufb01nancial assets are measured and classi\ufb01ed according to IFRS 9 as follows: mea- sured at amortised cost, measured at fair value through comprehensive income, and measured at fair value through pro\ufb01t or loss. The classi\ufb01cation is made on initial acquisition and it is based on the objective of the business model and the contractual cash \ufb02ow characteristics of the \ufb01nancial assets. Financial assets measured at fair value through pro\ufb01t or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of \ufb01nancial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in the fair value of the contingent considerations are recognised in the pro\ufb01t or loss. Changes in the fair value of derivatives are rec- ognised through pro\ufb01t or loss in the \ufb01nancial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash \ufb02ows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date . Financial assets measured at amortised cost include trade receivables and other receivables. Im- pairment on trade receivables is recognised based on expected credit losses using the simpli\ufb01ed approach described in Note 3.6.3. Trade receivables and contract assets are written off when the Group has no reasonable expectations of the recovery of the contractual cash \ufb02ows. Indications that recovering the contractual cash \ufb02ows cannot be reasonably expected to occur include a debtor experiencing considerable \ufb01nancial dif\ufb01culties, the probability of bankruptcy, the failure to make payments or a payment being delayed by more than 180 days. Impairment losses recognised on trade receivables and contract assets are presented under other operating expenses in the income statement. Unquoted shares are measured at acquisition cost in the absence of a reliable fair value. Dividends received from shares are recognised in \ufb01nancial income when the right to the dividend is estab- lished. Cash and cash equivalents consist of cash, demand and time deposits, and other short-term highly liquid investments. The Group has assessed that there are no material expected credit losses associ- ated with cash and cash equivalents . The transaction date is generally used when recognising \ufb01nancial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash \ufb02ows or when the Group has transferred a substantial portion of the risks and income to an external party ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-330": { "value": "Financial assets measured at fair value through pro\ufb01t or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of \ufb01nancial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in the fair value of the contingent considerations are recognised in the pro\ufb01t or loss. Changes in the fair value of derivatives are rec- ognised through pro\ufb01t or loss in the \ufb01nancial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash \ufb02ows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date The determination of the fair value of liabilities related to contingent considerations arising from business combinations are based on the management\u2019s estimate. The key variables in the change in the fair value of contingent considerations are estimates of future operating pro\ufb01t. Contingent liabilities arising from acquisitions are classi\ufb01ed as \ufb01nancial liabilities through pro\ufb01t or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the \ufb01nan- cial items through pro\ufb01t or loss. Other \ufb01nancial liabilities are initially recognised in the balance sheet at fair value. Later other \ufb01nan- cial liabilities are measured at amortised cost. Financial liabilities are included in current and long- term liabilities and can be interest-bearing or non-interest bearing . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-331": { "value": "Financial assets measured at fair value through pro\ufb01t or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of \ufb01nancial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in the fair value of the contingent considerations are recognised in the pro\ufb01t or loss. Changes in the fair value of derivatives are rec- ognised through pro\ufb01t or loss in the \ufb01nancial items . Other \ufb01nancial liabilities are initially recognised in the balance sheet at fair value. Later other \ufb01nan- cial liabilities are measured at amortised cost. Financial liabilities are included in current and long- term liabilities and can be interest-bearing or non-interest bearing . Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner speci\ufb01ed in IAS 23 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-332": { "value": "Financial assets measured at fair value through pro\ufb01t or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of \ufb01nancial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in the fair value of the contingent considerations are recognised in the pro\ufb01t or loss. Changes in the fair value of derivatives are rec- ognised through pro\ufb01t or loss in the \ufb01nancial items ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-333": { "value": "Financial assets measured at fair value through pro\ufb01t or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of \ufb01nancial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in the fair value of the contingent considerations are recognised in the pro\ufb01t or loss. Changes in the fair value of derivatives are rec- ognised through pro\ufb01t or loss in the \ufb01nancial items . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-334": { "value": "The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash \ufb02ows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date The determination of the fair value of liabilities related to contingent considerations arising from business combinations are based on the management\u2019s estimate. The key variables in the change in the fair value of contingent considerations are estimates of future operating pro\ufb01t. Contingent liabilities arising from acquisitions are classi\ufb01ed as \ufb01nancial liabilities through pro\ufb01t or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the \ufb01nan- cial items through pro\ufb01t or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-335": { "value": "The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash \ufb02ows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-336": { "value": "Cash and cash equivalents consist of cash, demand and time deposits, and other short-term highly liquid investments. The Group has assessed that there are no material expected credit losses associ- ated with cash and cash equivalents ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-337": { "value": "The transaction date is generally used when recognising \ufb01nancial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash \ufb02ows or when the Group has transferred a substantial portion of the risks and income to an external party ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-338": { "value": "3.2 Financial assetsThe Group\u2019s \ufb01nancial assets are measured and classi\ufb01ed according to IFRS 9 as follows: mea- sured at amortised cost, measured at fair value through comprehensive income, and measured at fair value through pro\ufb01t or loss. The classi\ufb01cation is made on initial acquisition and it is based on the objective of the business model and the contractual cash \ufb02ow characteristics of the \ufb01nancial assets. Financial assets measured at fair value through pro\ufb01t or loss are contingent considerations from the sales of the business operations and derivatives. Contingent considerations arise in sales of business operations. The company employs interest rate derivatives to hedge against changes in the interest rates of \ufb01nancial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in the fair value of the contingent considerations are recognised in the pro\ufb01t or loss. Changes in the fair value of derivatives are rec- ognised through pro\ufb01t or loss in the \ufb01nancial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash \ufb02ows. The measurement is conducted on each reporting date based on the terms of consideration agreements. The management estimates whether the terms are met on each reporting date . Financial assets measured at amortised cost include trade receivables and other receivables. Im- pairment on trade receivables is recognised based on expected credit losses using the simpli\ufb01ed approach described in Note 3.6.3. Trade receivables and contract assets are written off when the Group has no reasonable expectations of the recovery of the contractual cash \ufb02ows. Indications that recovering the contractual cash \ufb02ows cannot be reasonably expected to occur include a debtor experiencing considerable \ufb01nancial dif\ufb01culties, the probability of bankruptcy, the failure to make payments or a payment being delayed by more than 180 days. Impairment losses recognised on trade receivables and contract assets are presented under other operating expenses in the income statement. Unquoted shares are measured at acquisition cost in the absence of a reliable fair value. Dividends received from shares are recognised in \ufb01nancial income when the right to the dividend is estab- lished. Cash and cash equivalents consist of cash, demand and time deposits, and other short-term highly liquid investments. The Group has assessed that there are no material expected credit losses associ- ated with cash and cash equivalents . The transaction date is generally used when recognising \ufb01nancial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash \ufb02ows or when the Group has transferred a substantial portion of the risks and income to an external party 3.2.1 Other \ufb01nancial assets MEUR Balance sheet values 2022 Balance sheet values 2021 Non-current \ufb01nancial assets Available-for-sale \ufb01nancial assets Unquoted share investments, assets classi\ufb01ed as held for sale 3.4 3.6 Investments held to maturity Interest rate derivatives 5.5 0.2 Total 8.8 3.8 Financial assets, total 8.8 3.8 Unquoted share investments are presented in the following table: MEUR 2022 2021 At beginning of period 3.6 3.9 Other increases 0.4 0.6 Decreases -0.6 0.9 At end of period 3.4 3.6 3.2.2 Cash and cash equivalents MEUR 2022 2021 Cash and bank accounts 30.0 51.9 Total 30.0 51.9 3.3 Financial liabilities The determination of the fair value of liabilities related to contingent considerations arising from business combinations are based on the management\u2019s estimate. The key variables in the change in the fair value of contingent considerations are estimates of future operating pro\ufb01t. Contingent liabilities arising from acquisitions are classi\ufb01ed as \ufb01nancial liabilities through pro\ufb01t or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the \ufb01nan- cial items through pro\ufb01t or loss. Other \ufb01nancial liabilities are initially recognised in the balance sheet at fair value. Later other \ufb01nan- cial liabilities are measured at amortised cost. Financial liabilities are included in current and long- term liabilities and can be interest-bearing or non-interest bearing . Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner speci\ufb01ed in IAS 23 . The Group leases various of\ufb01ces, warehouses, equipment and vehicles. Rental contracts are typically made for \ufb01xed periods of 6 months to 15 years, but may have extension options as described below. Contracts may include both lease and non-lease components. The Group allocates the consider- ation in the contract to the lease and non-lease components based on their relative stand-alone prices. The other components of leases, such as service agreements, are not included in the balance sheet value. Instead, they are recognised as expenses as they are incurred. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrow- ing purposes. Leases applying to tangible assets in which the Group holds a signi\ufb01cant share of the risks and rewards incidental to their ownership are recognised as right-of-use assets and as a corresponding liability when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabili- ties include the net present value of the following lease payments: \u2022 \ufb01xed payments \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date The lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incre- mental borrowing rate. The incremental borrowing rate is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The computational interest rate used in calculating lease liabilities varies between 1.5% and 6.0% depending on the lease agreement, and the amount of the liability is based on the contractual obli- gations pertaining to leases for business premises. If the computational interest rate used in calcu- lating lease liabilities were to be increased by one percentage point, the effect on \ufb01nancial expenses The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease period so as to produce a constant periodic rate of interest on the re- maining balance of the liability for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in pro\ufb01t or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of of\ufb01ce furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational \ufb02exibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in of\ufb01ces and vehicles leases have not been included in the lease liability, because the Group could replace the assets without signi\ufb01cant cost or business disruption. Alma Media has leases for which the lease term has been de\ufb01ned as valid with reasonable certainty. For these leases, the extension option has been de\ufb01ned as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group be- comes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a signi\ufb01cant event or a signi\ufb01cant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease contracts recognised on the balance sheet are mainly for business premises and cars. Leases for ICT equipment, on the other hand, are treated as off-balance sheet obligations. The table describes the Group\u2019s non-current and current \ufb01nancial liabilities. MEUR 2022 2021 FINANCIAL LIABILITIES Non-current \ufb01nancial liabilities Financial liabilities measured at amortised cost Non-current lease liabilities 23.7 26.8 Non-current loans from credit institutions 140.0 200.0 Liabilities recognised at fair value through pro\ufb01t or loss Contingent consideration liabilities arising from the acquisition of busi- ness operations 9.6 16.3 Other liabilities 0.0 0.0 Total 173.3 243.1 Current \ufb01nancial liabilities Based on amortised cost Lease liabilities 7.0 7.0 Short-term loans from credit institutions 2.0 0.0 Liabilities recognised at fair value through pro\ufb01t or loss 1.0 0.8 Foreign currency derivatives 0.7 0.3 Contingent consideration liabilities arising from the acquisition of busi- ness operations 0.3 0.5 Total 9.9 7.8 Financial liabilities total 183.3 250.8 The Group\u2019s \ufb01nancial liabilities are denominated in euro and carry a variable interest rate. At the end of 2022, the Group\u2019s interest-bearing liabilities consisted of a Term Loan and lease liabilities. The hedging of the interest rate risk is described in more detail in Note 3.7 Financial risks. The average interest rate of the Group\u2019s \ufb01nancial liabilities in 2022 was 0.9% (1.2% in 2021) Reconciliation of net debt MEUR Cash and cash equiva- lents Lease liabilities within one year Lease liabilities after one year Loans within one year Loans after one year Total Net debt 1 Jan 2022 51.9 7.0 26.8 200.0 181.8 Cash \ufb02ows -21.9 -7.1 2.0 -60.0 -43.2 Acquisitions \u2013 lease lia- bilities and incentives Increase in IFRS 16 lease liability 4.1 4.1 Exchange rate adjust- ments Other non-cash changes 7.1 -7.1 Net debt 31 Dec 2022 30.0 7.0 23.7 2.0 140.0 142.6 Net debt 1 Jan 2021 48.0 7.0 31.9 0.0 -9.1 Cash \ufb02ows 4.1 -7.5 200.0 188.3 Acquisitions \u2013 lease lia- bilities and incentives Increase in IFRS 16 lease liability 2.0 2.0 Exchange rate adjust- ments Other non-cash changes 7.5 -7.5 Net debt 31 Dec 2021 51.9 7.0 26.8 200.0 181.8 The Group has categorised items recognised at fair value through pro\ufb01t or loss according to the following hierarchy of fair values: 2022 2021 Level 2 Interest rate derivatives 5.5 0.2 Foreign currency derivatives -0.7 -0.3 Level 3 Contingent consideration liabilities arising from the acquisition of business operations 9.9 16.8 Shares measured at fair value through comprehensive income 3.4 3.6 Level 1 includes the quoted (unadjusted) prices of identical liabilities in active mar- kets. Level 2 instruments\u2019 fair values are, to a signi\ufb01cant degree, based on inputs other than the quoted prices included in Level 1, but nevertheless on data that can be ei- ther directly or indirectly veri\ufb01ed for the asset or liability in question. Level 3 includes inputs concerning liabilities that are not based on observable mar- ket data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the end- ed \ufb01nancial period and the previous \ufb01nancial period. The contingent consideration liabilities arose from acquisitions of business opera- tions and are based on the acquired businesses\u2019 projected growth and pro\ufb01t perfor- mance during the period 2021\u20132025. Depending on individual agreements, the actual total amount of the contingent consideration liabilities may range from MEUR 0 to MEUR 26. Based on the best available information, MEUR 9.9 in liabilities has been recognised in the \ufb01nancial statements dated 31 December 2022 (MEUR 16.8 on 31 December 2021). Contingent consideration liability MEUR 31.12.2022 31.12.2021 Fair value of the contingent consideration liability at the start of the period 16.8 19.9 Considerations, settled in cash -2.4 -2.0 Change in fair value during the \ufb01nancial period * -4.6 -1.1 Fair value of the contingent consideration liability at the end of the period 9.8 16.8 * Includes changes in the fair value of the contingent consideration liabil- ities for Digitaalinen asuntokauppa DIAS Oy, Asuntopuntari and Netello Systems Oy Contingent consideration assets MEUR 31.12.2022 31.12.2021 Fair value of the contingent consideration assets at the start of the period 0.2 1.8 Change in fair value during previous \ufb01nancial periods -0.5 Considerations, settled in cash -0.6 Change in fair value during the \ufb01nancial period -0.5 Fair value of the contingent consideration assets at the end of the period 0.2 0.2 The book values of \ufb01nancial liabilities correspond to their fair values. The table below separately describes the fair values of derivative contracts and the value of the underlying instruments. Derivative contracts MEUR 2022 2021 Interest rate derivatives Fair value 5.5 0.2 Value of underlying instruments 50.0 50.0 Foreign currency derivative Fair value -0.7 -0.3 Value of underlying instruments 13.7 11.9 The fair values of forward exchange contracts are determined using the market prices for con- tracts of similar duration on the balance sheet date. The fair values of interest rate swaps have been determined using a method based on the present value of future cash \ufb02ows, supported by market interest rates and other market information on the balance sheet date. The fair values correspond to the prices the Group would pay or receive in an orderly transaction for the derivative contract in the prevailing market conditions on the balance sheet date . The maturity distribution of \ufb01nancial liabilities is described in more detail in Note 3.7. Financial risk s Maturities of lease liabilities MEUR 2022 2021 Lease liabilities \u2013 total minimum lease payments 2022 7.4 2023 7.5 6.6 2024 7.1 6.0 2025 6.6 5.4 2026 6.1 5.4 2027 4.7 Later 1.5 4.5 Total 33.5 35.2 Lease liabilities \u2013 present value of minimum lease payments 2022 7.2 2023 7.0 6.3 2024 6.9 5.7 2025 6.3 5.1 2026 5.4 5.0 2027 4.1 Later 1.1 4.3 Total 30.7 33.7 Financial expenses accruing in the future 2.7 1.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-339": { "value": "3.2.1 Other \ufb01nancial assets MEUR Balance sheet values 2022 Balance sheet values 2021 Non-current \ufb01nancial assets Available-for-sale \ufb01nancial assets Unquoted share investments, assets classi\ufb01ed as held for sale 3.4 3.6 Investments held to maturity Interest rate derivatives 5.5 0.2 Total 8.8 3.8 Financial assets, total 8.8 3.8 Unquoted share investments are presented in the following table: MEUR 2022 2021 At beginning of period 3.6 3.9 Other increases 0.4 0.6 Decreases -0.6 0.9 At end of period 3.4 3.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-340": { "value": "3.2.2 Cash and cash equivalents MEUR 2022 2021 Cash and bank accounts 30.0 51.9 Total 30.0 51.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-341": { "value": "3.3 Financial liabilities The determination of the fair value of liabilities related to contingent considerations arising from business combinations are based on the management\u2019s estimate. The key variables in the change in the fair value of contingent considerations are estimates of future operating pro\ufb01t. Contingent liabilities arising from acquisitions are classi\ufb01ed as \ufb01nancial liabilities through pro\ufb01t or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the \ufb01nan- cial items through pro\ufb01t or loss. Other \ufb01nancial liabilities are initially recognised in the balance sheet at fair value. Later other \ufb01nan- cial liabilities are measured at amortised cost. Financial liabilities are included in current and long- term liabilities and can be interest-bearing or non-interest bearing . Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner speci\ufb01ed in IAS 23 . The Group leases various of\ufb01ces, warehouses, equipment and vehicles. Rental contracts are typically made for \ufb01xed periods of 6 months to 15 years, but may have extension options as described below. Contracts may include both lease and non-lease components. The Group allocates the consider- ation in the contract to the lease and non-lease components based on their relative stand-alone prices. The other components of leases, such as service agreements, are not included in the balance sheet value. Instead, they are recognised as expenses as they are incurred. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrow- ing purposes. Leases applying to tangible assets in which the Group holds a signi\ufb01cant share of the risks and rewards incidental to their ownership are recognised as right-of-use assets and as a corresponding liability when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabili- ties include the net present value of the following lease payments: \u2022 \ufb01xed payments \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date The lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incre- mental borrowing rate. The incremental borrowing rate is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The computational interest rate used in calculating lease liabilities varies between 1.5% and 6.0% depending on the lease agreement, and the amount of the liability is based on the contractual obli- gations pertaining to leases for business premises. If the computational interest rate used in calcu- lating lease liabilities were to be increased by one percentage point, the effect on \ufb01nancial expenses would be MEUR 0.3 . The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease period so as to produce a constant periodic rate of interest on the re- maining balance of the liability for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in pro\ufb01t or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of of\ufb01ce furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational \ufb02exibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in of\ufb01ces and vehicles leases have not been included in the lease liability, because the Group could replace the assets without signi\ufb01cant cost or business disruption. Alma Media has leases for which the lease term has been de\ufb01ned as valid with reasonable certainty. For these leases, the extension option has been de\ufb01ned as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group be- comes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a signi\ufb01cant event or a signi\ufb01cant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease contracts recognised on the balance sheet are mainly for business premises and cars. Leases for ICT equipment, on the other hand, are treated as off-balance sheet obligationsThe table describes the Group\u2019s non-current and current \ufb01nancial liabilities. MEUR 2022 2021 FINANCIAL LIABILITIES Non-current \ufb01nancial liabilities Financial liabilities measured at amortised cost Non-current lease liabilities 23.7 26.8 Non-current loans from credit institutions 140.0 200.0 Liabilities recognised at fair value through pro\ufb01t or loss Contingent consideration liabilities arising from the acquisition of busi- ness operations 9.6 16.3 Other liabilities 0.0 0.0 Total 173.3 243.1 Current \ufb01nancial liabilities Based on amortised cost Lease liabilities 7.0 7.0 Short-term loans from credit institutions 2.0 0.0 Liabilities recognised at fair value through pro\ufb01t or loss 1.0 0.8 Foreign currency derivatives 0.7 0.3 Contingent consideration liabilities arising from the acquisition of busi- ness operations 0.3 0.5 Total 9.9 7.8 Financial liabilities total 183.3 250.8 The Group\u2019s \ufb01nancial liabilities are denominated in euro and carry a variable interest rate. At the end of 2022, the Group\u2019s interest-bearing liabilities consisted of a Term Loan and lease liabilities. The hedging of the interest rate risk is described in more detail in Note 3.7 Financial risks. The average interest rate of the Group\u2019s \ufb01nancial liabilities in 2022 was 0.9% (1.2% in 2021) . Reconciliation of net debt MEUR Cash and cash equiva- lents Lease liabilities within one year Lease liabilities after one year Loans within one year Loans after one year Total Net debt 1 Jan 2022 51.9 7.0 26.8 200.0 181.8 Cash \ufb02ows -21.9 -7.1 2.0 -60.0 -43.2 Acquisitions \u2013 lease lia- bilities and incentives Increase in IFRS 16 lease liability 4.1 4.1 Exchange rate adjust- ments Other non-cash changes 7.1 -7.1 Net debt 31 Dec 2022 30.0 7.0 23.7 2.0 140.0 142.6 Net debt 1 Jan 2021 48.0 7.0 31.9 0.0 -9.1 Cash \ufb02ows 4.1 -7.5 200.0 188.3 Acquisitions \u2013 lease lia- bilities and incentives Increase in IFRS 16 lease liability 2.0 2.0 Exchange rate adjust- ments Other non-cash changes 7.5 -7.5 Net debt 31 Dec 2021 51.9 7.0 26.8 200.0 181.8 The Group has categorised items recognised at fair value through pro\ufb01t or loss according to the following hierarchy of fair values: 2022 2021 Level 2 Interest rate derivatives 5.5 0.2 Foreign currency derivatives -0.7 -0.3 Level 3 Contingent consideration liabilities arising from the acquisition of business operations 9.9 16.8 Shares measured at fair value through comprehensive income 3.4 3.6 Level 1 includes the quoted (unadjusted) prices of identical liabilities in active mar- kets. Level 2 instruments\u2019 fair values are, to a signi\ufb01cant degree, based on inputs other than the quoted prices included in Level 1, but nevertheless on data that can be ei- ther directly or indirectly veri\ufb01ed for the asset or liability in question. Level 3 includes inputs concerning liabilities that are not based on observable mar- ket data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the end- ed \ufb01nancial period and the previous \ufb01nancial period. The contingent consideration liabilities arose from acquisitions of business opera- tions and are based on the acquired businesses\u2019 projected growth and pro\ufb01t perfor- mance during the period 2021\u20132025. Depending on individual agreements, the actual total amount of the contingent consideration liabilities may range from MEUR 0 to MEUR 26. Based on the best available information, MEUR 9.9 in liabilities has been recognised in the \ufb01nancial statements dated 31 December 2022 (MEUR 16.8 on 31 December 2021). Contingent consideration liability MEUR 31.12.2022 31.12.2021 Fair value of the contingent consideration liability at the start of the period 16.8 19.9 Considerations, settled in cash -2.4 -2.0 Change in fair value during the \ufb01nancial period * -4.6 -1.1 Fair value of the contingent consideration liability at the end of the period 9.8 16.8 * Includes changes in the fair value of the contingent consideration liabil- ities for Digitaalinen asuntokauppa DIAS Oy, Asuntopuntari and Netello Systems Oy Contingent consideration assets MEUR 31.12.2022 31.12.2021 Fair value of the contingent consideration assets at the start of the period 0.2 1.8 Change in fair value during previous \ufb01nancial periods -0.5 Considerations, settled in cash -0.6 Change in fair value during the \ufb01nancial period -0.5 Fair value of the contingent consideration assets at the end of the period 0.2 0.2 The book values of \ufb01nancial liabilities correspond to their fair values. The table below separately describes the fair values of derivative contracts and the value of the underlying instruments. Derivative contracts MEUR 2022 2021 Interest rate derivatives Fair value 5.5 0.2 Value of underlying instruments 50.0 50.0 Foreign currency derivative Fair value -0.7 -0.3 Value of underlying instruments 13.7 11.9 The fair values of forward exchange contracts are determined using the market prices for con- tracts of similar duration on the balance sheet date. The fair values of interest rate swaps have been determined using a method based on the present value of future cash \ufb02ows, supported by market interest rates and other market information on the balance sheet date. The fair values correspond to the prices the Group would pay or receive in an orderly transaction for the derivative contract in the prevailing market conditions on the balance sheet date . The maturity distribution of \ufb01nancial liabilities is described in more detail in Note 3.7. Financial risk s Maturities of lease liabilities MEUR 2022 2021 Lease liabilities \u2013 total minimum lease payments 2022 7.4 2023 7.5 6.6 2024 7.1 6.0 2025 6.6 5.4 2026 6.1 5.4 2027 4.7 Later 1.5 4.5 Total 33.5 35.2 Lease liabilities \u2013 present value of minimum lease payments 2022 7.2 2023 7.0 6.3 2024 6.9 5.7 2025 6.3 5.1 2026 5.4 5.0 2027 4.1 Later 1.1 4.3 Total 30.7 33.7 Financial expenses accruing in the future 2.7 1.5 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-342": { "value": "The determination of the fair value of liabilities related to contingent considerations arising from business combinations are based on the management\u2019s estimate. The key variables in the change in the fair value of contingent considerations are estimates of future operating pro\ufb01t. Contingent liabilities arising from acquisitions are classi\ufb01ed as \ufb01nancial liabilities through pro\ufb01t or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the \ufb01nan- cial items through pro\ufb01t or loss. Other \ufb01nancial liabilities are initially recognised in the balance sheet at fair value. Later other \ufb01nan- cial liabilities are measured at amortised cost. Financial liabilities are included in current and long- term liabilities and can be interest-bearing or non-interest bearing . Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner speci\ufb01ed in IAS 23 . The Group leases various of\ufb01ces, warehouses, equipment and vehicles. Rental contracts are typically made for \ufb01xed periods of 6 months to 15 years, but may have extension options as described below. Contracts may include both lease and non-lease components. The Group allocates the consider- ation in the contract to the lease and non-lease components based on their relative stand-alone prices. The other components of leases, such as service agreements, are not included in the balance sheet value. Instead, they are recognised as expenses as they are incurred. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrow- ing purposes. Leases applying to tangible assets in which the Group holds a signi\ufb01cant share of the risks and rewards incidental to their ownership are recognised as right-of-use assets and as a corresponding liability when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabili- ties include the net present value of the following lease payments: \u2022 \ufb01xed payments \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date The lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incre- mental borrowing rate. The incremental borrowing rate is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The computational interest rate used in calculating lease liabilities varies between 1.5% and 6.0% depending on the lease agreement, and the amount of the liability is based on the contractual obli- gations pertaining to leases for business premises. If the computational interest rate used in calcu- lating lease liabilities were to be increased by one percentage point, the effect on \ufb01nancial expenses The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease period so as to produce a constant periodic rate of interest on the re- maining balance of the liability for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in pro\ufb01t or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of of\ufb01ce furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational \ufb02exibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in of\ufb01ces and vehicles leases have not been included in the lease liability, because the Group could replace the assets without signi\ufb01cant cost or business disruption. Alma Media has leases for which the lease term has been de\ufb01ned as valid with reasonable certainty. For these leases, the extension option has been de\ufb01ned as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group be- comes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a signi\ufb01cant event or a signi\ufb01cant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease contracts recognised on the balance sheet are mainly for business premises and cars. Leases for ICT equipment, on the other hand, are treated as off-balance sheet obligations", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-343": { "value": "Other \ufb01nancial liabilities are initially recognised in the balance sheet at fair value. Later other \ufb01nan- cial liabilities are measured at amortised cost. Financial liabilities are included in current and long- term liabilities and can be interest-bearing or non-interest bearing ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-344": { "value": "Costs arising from interest-bearing liabilities are expensed in the period in which they arise. The Group has not capitalised its borrowing costs because the Group does not incur borrowing costs on the purchase, building or manufacturing of an asset in the manner speci\ufb01ed in IAS 23 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-345": { "value": "The Group leases various of\ufb01ces, warehouses, equipment and vehicles. Rental contracts are typically made for \ufb01xed periods of 6 months to 15 years, but may have extension options as described below. Contracts may include both lease and non-lease components. The Group allocates the consider- ation in the contract to the lease and non-lease components based on their relative stand-alone prices. The other components of leases, such as service agreements, are not included in the balance sheet value. Instead, they are recognised as expenses as they are incurred. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrow- ing purposes. Leases applying to tangible assets in which the Group holds a signi\ufb01cant share of the risks and rewards incidental to their ownership are recognised as right-of-use assets and as a corresponding liability when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabili- ties include the net present value of the following lease payments: \u2022 \ufb01xed payments \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date The lease payments are discounted using the interest rate implicit in the lease or the lessee\u2019s incre- mental borrowing rate. The incremental borrowing rate is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The computational interest rate used in calculating lease liabilities varies between 1.5% and 6.0% depending on the lease agreement, and the amount of the liability is based on the contractual obli- gations pertaining to leases for business premises. If the computational interest rate used in calcu- lating lease liabilities were to be increased by one percentage point, the effect on \ufb01nancial expenses would be MEUR 0.3 The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease period so as to produce a constant periodic rate of interest on the re- maining balance of the liability for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in pro\ufb01t or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of of\ufb01ce furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational \ufb02exibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in of\ufb01ces and vehicles leases have not been included in the lease liability, because the Group could replace the assets without signi\ufb01cant cost or business disruption. Alma Media has leases for which the lease term has been de\ufb01ned as valid with reasonable certainty. For these leases, the extension option has been de\ufb01ned as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group be- comes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a signi\ufb01cant event or a signi\ufb01cant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease contracts recognised on the balance sheet are mainly for business premises and cars. Leases for ICT equipment, on the other hand, are treated as off-balance sheet obligations Short-term leases with a term of less than 12 months and leases of low value, such as leases for ICT equipment, are treated as off-balance sheet liabilities. When the Group is the lessor, lease income is entered in the pro\ufb01t or loss on a straight-line basis over the lease term ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-346": { "value": "The Group has categorised items recognised at fair value through pro\ufb01t or loss according to the following hierarchy of fair values: 2022 2021 Level 2 Interest rate derivatives 5.5 0.2 Foreign currency derivatives -0.7 -0.3 Level 3 Contingent consideration liabilities arising from the acquisition of business operations 9.9 16.8 Shares measured at fair value through comprehensive income 3.4 3.6 Level 1 includes the quoted (unadjusted) prices of identical liabilities in active mar- kets. Level 2 instruments\u2019 fair values are, to a signi\ufb01cant degree, based on inputs other than the quoted prices included in Level 1, but nevertheless on data that can be ei- ther directly or indirectly veri\ufb01ed for the asset or liability in question. Level 3 includes inputs concerning liabilities that are not based on observable mar- ket data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the end- ed \ufb01nancial period and the previous \ufb01nancial period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-347": { "value": "The Group has categorised items recognised at fair value through pro\ufb01t or loss according to the following hierarchy of fair values: 2022 2021 Level 2 Interest rate derivatives 5.5 0.2 Foreign currency derivatives -0.7 -0.3 Level 3 Contingent consideration liabilities arising from the acquisition of business operations 9.9 16.8 Shares measured at fair value through comprehensive income 3.4 3.6 Level 1 includes the quoted (unadjusted) prices of identical liabilities in active mar- kets. Level 2 instruments\u2019 fair values are, to a signi\ufb01cant degree, based on inputs other than the quoted prices included in Level 1, but nevertheless on data that can be ei- ther directly or indirectly veri\ufb01ed for the asset or liability in question. Level 3 includes inputs concerning liabilities that are not based on observable mar- ket data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the end- ed \ufb01nancial period and the previous \ufb01nancial period. The contingent consideration liabilities arose from acquisitions of business opera- tions and are based on the acquired businesses\u2019 projected growth and pro\ufb01t perfor- mance during the period 2021\u20132025. Depending on individual agreements, the actual total amount of the contingent consideration liabilities may range from MEUR 0 to MEUR 26. Based on the best available information, MEUR 9.9 in liabilities has been recognised in the \ufb01nancial statements dated 31 December 2022 (MEUR 16.8 on 31 December 2021). Contingent consideration liability MEUR 31.12.2022 31.12.2021 Fair value of the contingent consideration liability at the start of the period 16.8 19.9 Considerations, settled in cash -2.4 -2.0 Change in fair value during the \ufb01nancial period * -4.6 -1.1 Fair value of the contingent consideration liability at the end of the period 9.8 16.8 * Includes changes in the fair value of the contingent consideration liabil- ities for Digitaalinen asuntokauppa DIAS Oy, Asuntopuntari and Netello Systems Oy Contingent consideration assets MEUR 31.12.2022 31.12.2021 Fair value of the contingent consideration assets at the start of the period 0.2 1.8 Change in fair value during previous \ufb01nancial periods -0.5 Considerations, settled in cash -0.6 Change in fair value during the \ufb01nancial period -0.5 Fair value of the contingent consideration assets at the end of the period 0.2 0.2 The book values of \ufb01nancial liabilities correspond to their fair values. The table below separately describes the fair values of derivative contracts and the value of the underlying instruments. Derivative contracts MEUR 2022 2021 Interest rate derivatives Fair value 5.5 0.2 Value of underlying instruments 50.0 50.0 Foreign currency derivative Fair value -0.7 -0.3 Value of underlying instruments 13.7 11.9 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-348": { "value": "The table describes the Group\u2019s non-current and current \ufb01nancial liabilities. MEUR 2022 2021 FINANCIAL LIABILITIES Non-current \ufb01nancial liabilities Financial liabilities measured at amortised cost Non-current lease liabilities 23.7 26.8 Non-current loans from credit institutions 140.0 200.0 Liabilities recognised at fair value through pro\ufb01t or loss Contingent consideration liabilities arising from the acquisition of busi- ness operations 9.6 16.3 Other liabilities 0.0 0.0 Total 173.3 243.1 Current \ufb01nancial liabilities Based on amortised cost Lease liabilities 7.0 7.0 Short-term loans from credit institutions 2.0 0.0 Liabilities recognised at fair value through pro\ufb01t or loss 1.0 0.8 Foreign currency derivatives 0.7 0.3 Contingent consideration liabilities arising from the acquisition of busi- ness operations 0.3 0.5 Total 9.9 7.8 Financial liabilities total 183.3 250.8 The Group\u2019s \ufb01nancial liabilities are denominated in euro and carry a variable interest rate. At the end of 2022, the Group\u2019s interest-bearing liabilities consisted of a Term Loan and lease liabilities. The hedging of the interest rate risk is described in more detail in Note 3.7 Financial risks. The average interest rate of the Group\u2019s \ufb01nancial liabilities in 2022 was 0.9% (1.2% in 2021) . Reconciliation of net debt MEUR Cash and cash equiva- lents Lease liabilities within one year Lease liabilities after one year Loans within one year Loans after one year Total Net debt 1 Jan 2022 51.9 7.0 26.8 200.0 181.8 Cash \ufb02ows -21.9 -7.1 2.0 -60.0 -43.2 Acquisitions \u2013 lease lia- bilities and incentives Increase in IFRS 16 lease liability 4.1 4.1 Exchange rate adjust- ments Other non-cash changes 7.1 -7.1 Net debt 31 Dec 2022 30.0 7.0 23.7 2.0 140.0 142.6 Net debt 1 Jan 2021 48.0 7.0 31.9 0.0 -9.1 Cash \ufb02ows 4.1 -7.5 200.0 188.3 Acquisitions \u2013 lease lia- bilities and incentives Increase in IFRS 16 lease liability 2.0 2.0 Exchange rate adjust- ments Other non-cash changes 7.5 -7.5 Net debt 31 Dec 2021 51.9 7.0 26.8 200.0 181.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-349": { "value": "The contingent consideration liabilities arose from acquisitions of business opera- tions and are based on the acquired businesses\u2019 projected growth and pro\ufb01t perfor- mance during the period 2021\u20132025. Depending on individual agreements, the actual total amount of the contingent consideration liabilities may range from MEUR 0 to MEUR 26. Based on the best available information, MEUR 9.9 in liabilities has been recognised in the \ufb01nancial statements dated 31 December 2022 (MEUR 16.8 on 31 December 2021). Contingent consideration liability MEUR 31.12.2022 31.12.2021 Fair value of the contingent consideration liability at the start of the period 16.8 19.9 Considerations, settled in cash -2.4 -2.0 Change in fair value during the \ufb01nancial period * -4.6 -1.1 Fair value of the contingent consideration liability at the end of the period 9.8 16.8 * Includes changes in the fair value of the contingent consideration liabil- ities for Digitaalinen asuntokauppa DIAS Oy, Asuntopuntari and Netello ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-350": { "value": "Derivative contracts MEUR 2022 2021 Interest rate derivatives Fair value 5.5 0.2 Value of underlying instruments 50.0 50.0 Foreign currency derivative Fair value -0.7 -0.3 Value of underlying instruments 13.7 11.9 The fair values of forward exchange contracts are determined using the market prices for con- tracts of similar duration on the balance sheet date. The fair values of interest rate swaps have been determined using a method based on the present value of future cash \ufb02ows, supported by market interest rates and other market information on the balance sheet date. The fair values correspond to the prices the Group would pay or receive in an orderly transaction for the derivative contract in the prevailing market conditions on the balance sheet date . The maturity distribution of \ufb01nancial liabilities is described in more detail in Note 3.7. Financial risk ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-351": { "value": "Maturities of lease liabilities MEUR 2022 2021 Lease liabilities \u2013 total minimum lease payments 2022 7.4 2023 7.5 6.6 2024 7.1 6.0 2025 6.6 5.4 2026 6.1 5.4 2027 4.7 Later 1.5 4.5 Total 33.5 35.2 Lease liabilities \u2013 present value of minimum lease payments 2022 7.2 2023 7.0 6.3 2024 6.9 5.7 2025 6.3 5.1 2026 5.4 5.0 2027 4.1 Later 1.1 4.3 Total 30.7 33.7 Financial expenses accruing in the future 2.7 1.5 3.4 Other leases Short-term leases with a term of less than 12 months and leases of low value, such as leases for ICT equipment, are treated as off-balance sheet liabilities. When the Group is the lessor, lease income is entered in the pro\ufb01t or loss on a straight-line basis over the lease term . The Group as the lessee Minimum lease payments payable based on other non-cancellable leases: MEUR 2022 2021 Within one year 0.4 0.4 Within 1\u20135 years 0.7 0.5 After 5 years 0.0 0.0 Total 1.1 0.9 The Group as the lessor Minimum rental payments receivable based on other non-cancellable leases: MEUR 2022 2021 Within one year 0.2 0.8 Within 1\u20135 years 0.2 0.1 Total 0.4 0.9", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-352": { "value": "The fair values of forward exchange contracts are determined using the market prices for con- tracts of similar duration on the balance sheet date. The fair values of interest rate swaps have been determined using a method based on the present value of future cash \ufb02ows, supported by market interest rates and other market information on the balance sheet date. The fair values correspond to the prices the Group would pay or receive in an orderly transaction for the derivative contract in the prevailing market conditions on the balance sheet date ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-354": { "value": "3.5 Pension obligations The Group has both de\ufb01ned contribution pension plans and de\ufb01ned bene\ufb01t pension plans. The de\ufb01ned bene\ufb01t pension plans comprise the Group\u2019s old supplementary pension plans for personnel, which have already been discontinued and closed. The bene\ufb01ts associated with them include both supplementary pension bene\ufb01ts and death ben- e\ufb01ts. The Group\u2019s de\ufb01ned bene\ufb01t pension plans include both funded and unfunded pension plans. The unfunded pension plans are direct supplementary pension obli- gations, primarily for old employees who have already retired. The new supplemen- tary pension bene\ufb01ts granted by the Group are de\ufb01ned contribution-based pension plans. Obligations arising from de\ufb01ned bene\ufb01t plans are calculated for each arrangement separately using the Projected Unit Credit Method. Pension costs are recognised as expenses over the bene\ufb01ciaries\u2019 period of employment in the Group based on calculations made by authorised actuaries. The discount rate used in calculating the present value of the pension obligation is based on market yields on high quality cor- porate bonds issued by the company and, if this data is not available, on yields of gov- ernment bonds. The maturity of corporate and government bonds and corresponds to a reasonable extent with the maturity of the pension obligation. The pension plan assets measured at fair value on the balance sheet date are deducted from the pres- ent value of the pension obligation to be recognised in the balance sheet. The net liabilities (or assets) associated with the de\ufb01ned bene\ufb01t pension plan are recorded on the balance sheet. Service costs for the period (pension costs) and the net interest on the net liabilities associated with the de\ufb01ned bene\ufb01t plan are recognised through pro\ufb01t or loss and presented under employee bene\ufb01t expenses. Items (such as actuarial gains and loss- es and return on funded de\ufb01ned bene\ufb01t plan assets) arising from the rede\ufb01nition of the net liabilities (or assets) associated with the de\ufb01ned bene\ufb01t plan are recognised in other comprehensive income in the period in which they arise. Present value of obligations and fair value of assets MEUR 2022 2021 Present value of unfunded obligations 0.6 0.7 Present value of funded obligations 0.2 0.4 Fair value of assets -0.2 -0.3 Pension liability 0.6 0.8 The de\ufb01ned bene\ufb01t pension obligation on the balance sheet is determined as follows: MEUR 31.12.2022 31.12.2021 Present value of obligations at start of period 1.1 1.1 Divestments Service cost during period 0.0 0.0 Interest cost 0.0 0.0 Actuarial gains and losses -0.2 0.2 Payments of de\ufb01ned bene\ufb01t obligations -0.1 -0.1 Present value of funded obligations at end of period 0.8 1.1 Fair value of plan assets at start of period 0.3 0.3 Divestments Interest income 0.0 0.0 Actuarial gains and losses -0.1 0.0 Restructuring of contracts 0.0 0.0 Incentive payments paid Payments of de\ufb01ned bene\ufb01t obligations 0.0 0.0 Fair value of plan assets at end of period 0.2 0.3 De\ufb01ned bene\ufb01t pension liabilities 0.6 0.8 Net pension liability Pension liability 0.6 0.8 Pension asset Net pension liability 0.6 0.8 The plan assets are invested primarily in \ufb01xed income or share-based instruments, and they have an aggregate expected annual return of 3.0%. A more detailed spec- i\ufb01cation of the plan assets is not available. The plan assets are considered to be in- cluded in the payment made to the insurance company. The assets are the insurance company\u2019s responsibility and part of the insurance company\u2019s investment assets. Accordingly, no speci\ufb01cation of the assets can be presented . The de\ufb01ned bene\ufb01t pension expense in the income statement is determined as follows: MEUR 2022 2021 Service cost during period 0.0 0.0 Interest cost 0.0 0.0 Interest income 0.0 0.0 Actuarial gains and losses and adjustments -0.1 0.2 Total -0.1 0.2 Changes in liabilities shown on the balance sheet MEUR 2022 2021 At beginning of period 0.8 0.7 Divestments 0.0 0.0 Incentive payments paid Payments of de\ufb01ned bene\ufb01t obligations -0.1 -0.1 Pension expense in income statement 0.0 0.0 Comprehensive income for the period -0.1 0.2 De\ufb01ned bene\ufb01t pension liabilities on the balance sheet 0.6 0.8 A similar investment is expected to be made in the plan in 2023 as in 2022. Sensitivity analysis of the pension plan MEUR Present value of pen- sion obligation Change in present value of pension obli- gation, % Change of +0.5%-p in the discount rate 0.8 -13.6 Change of +0.5%-p in the salary increase assumption 0.2 1.6 Change of +0.5%-p in the pension increase rate 0.8 9.2 The sensitivity analysis uses the same methods as the calculation of the pension ob- ligation. Sensitivity is calculated for changes in the discount rate, the salary increase assumption, pension increases and the insurance company\u2019s bonus index. Sensitivity has been calculated by changing one parameter at a time. Actuarial assumptions used % 2022 2021 Discount rate 3.1 0.3 Future salary increase assumption 3.8 2.9 In\ufb02ation assumption 2.6 1.7 Future increase in pension bene\ufb01t 2.8 2.0 The duration of the pension plan is 7\u20139 years. The duration was calculated based on a discount rate of 3.1% (0.3%). De\ufb01ned bene\ufb01t plans expose the Group to several different risks, the most signi\ufb01cant of which are the following: Asset volatility The calculation of the liabilities arising from the plans uses a discount rate based on the yield of bonds issued by the company. If the yield on the assets used for the plan is lower than this level, there will be a de\ufb01cit. In\ufb02ation risk Some of the bene\ufb01t obligations under the plans are tied to in\ufb02ation, and higher in\ufb02ation will lead to higher liabilities (although a ceiling for in\ufb02ation adjustments has been set in most cases to protect the plan from unusually high in\ufb02ation). Life expectancy As the majority of the obligations under the plans are related to providing lifelong bene\ufb01ts to the members, the expected increase in life expectancy will result in high- er obligations under the plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-355": { "value": "3.6.1 Inventories Inventories are materials and supplies, work in progress and \ufb01nished goods. Fixed overhead costs are capitalised to inventories in manufacturing. Inventories are measured at the lower of their acquisition cost or net realisable value. The net realisable value is the sales price expected to be received on them in the normal course of business less the estimated costs neces- sary to bring the product to completion and the costs of selling. The acquisition cost is de\ufb01ned by the FIFO (\ufb01rst-in-\ufb01rst-out) method. Within Alma Media, inventories mainly consist of the products sold by the book business. MEUR 2022 2021 Finished products 0.7 0.7 Total 0.7 0.7", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-356": { "value": "Fixed overhead costs are capitalised to inventories in manufacturing. Inventories are measured at the lower of their acquisition cost or net realisable value. The net realisable value is the sales price expected to be received on them in the normal course of business less the estimated costs neces- sary to bring the product to completion and the costs of selling. The acquisition cost is de\ufb01ned by the FIFO (\ufb01rst-in-\ufb01rst-out) method. Within Alma Media, inventories mainly consist of the products sold by the book business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-357": { "value": "3.6.2 Trade and other receivables In recognising expected credit losses, the Group applies the simpli\ufb01ed approach de\ufb01ned in IFRS 9, according to which a loss allowance based on lifetime expected credit losses is recognised for all trade receivables and contract assets. For the purposes of determining expected credit losses, trade receivables have been grouped on the basis of shared credit risk characteristics and delinquency in payment. Credit losses are recognised in other operating expenses . 31.12.2022 MEUR Current 5\u201330 days past due 31\u2013120 days past due 121\u2013180 days past due More than 180 days past due Total Expected loss rate 0.14% 0.92% 3.43% 32.99% 100% Gross carrying amount \u2013 trade re- ceivables 23.0 2.5 1.0 0.0 0.4 26.9 Loss allowance 0.0 0.0 0.0 0.0 0.4 0.5 31.12.2021 MEUR Current 5\u201330 days past due 31\u2013120 days past due 121\u2013180 days past due More than 180 days past due Total Expected loss rate 0.14% 0.92% 3.43% 32.99% 100% Gross carrying amount \u2013 trade re- ceivables 23.1 2.1 0.7 0.1 0.5 26.6 Loss allowance 0.0 0.0 0.0 0.0 0.5 0.6 MEUR 2022 2021 Trade receivables 26.5 26.6 Receivables from associated companies Total 26.5 26.6 Receivables from others Prepaid expenses and accrued income 5.3 4.3 Other receivables 3.6 0.6 Total 8.9 4.9 Receivables, total 35.4 31.5 The book values of trade receivables, other current and non-current receivables and other current investments are estimated to correspond to fair values. The impact of discounting is not signi\ufb01cant.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-358": { "value": " In recognising expected credit losses, the Group applies the simpli\ufb01ed approach de\ufb01ned in IFRS 9, according to which a loss allowance based on lifetime expected credit losses is recognised for all trade receivables and contract assets. For the purposes of determining expected credit losses, trade receivables have been grouped on the basis of shared credit risk characteristics and delinquency in payment. Credit losses are recognised in other operating expenses ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-359": { "value": "3.6.3 Trade payables and other liabilities The book values of trade payables and other liabilities are estimated to correspond with their fair values. The impact of discounting is not signi\ufb01cant taking the maturity of the liabilities into account. The main items in accrued expenses and prepaid income are allocated wages, sala- ries and other employee expenses. MEUR 2022 2021 Trade payables 3.7 4.2 Owed to associated companies Trade payables 0.0 Accrued expenses and prepaid income 26.2 26.0 Other liabilities 6.0 6.6 Total 35.9 36.8", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-360": { "value": "3.6.3 Trade payables and other liabilities The book values of trade payables and other liabilities are estimated to correspond with their fair values. The impact of discounting is not signi\ufb01cant taking the maturity of the liabilities into account. The main items in accrued expenses and prepaid income are allocated wages, sala- ries and other employee expenses. MEUR 2022 2021 Trade payables 3.7 4.2 Owed to associated companies Trade payables 0.0 Accrued expenses and prepaid income 26.2 26.0 Other liabilities 6.0 6.6 Total 35.9 36.8", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-361": { "value": "The book values of trade payables and other liabilities are estimated to correspond with their fair values. The impact of discounting is not signi\ufb01cant taking the maturity of the liabilities into account. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-362": { "value": "3.7 Financial risks Financial risk management is part of the Group\u2019s risk management policy. The risk management strategy and plan, the control limits imposed and the course of action are reviewed annually. The Group has a risk management organisation tasked with identifying the risks threatening the company\u2019s business, assess and update them, develop the necessary risk management methods and regularly report on the risks. Alma Media categorises its \ufb01nancial risks as follows: Interest rate risk The interest rate risk describes how changes in interest rates and maturities relat- ed to various interest-bearing business transactions and balance sheet items could affect the Group\u2019s \ufb01nancial position and net result. The impact of the interest rate risk on net result can be reduced using interest rate swaps, interest forwards and futures and interest or foreign exchange options. The Group\u2019s interest-bearing debt totalled MEUR 172.7 (233.7) on 31 December 2022. The interest-bearing debt consists of a Term Loan of MEUR 140 with a maturity of three years, IFRS 16 lease liabilities, and a short-term commercial paper in the amount of MEUR 2. The Group\u2019s net debt amounted to MEUR 142.6 (181.8) on 31 December 2022. The computational interest rate used in calculating lease liabilities varies between 1.5% and 6.0% depending on the lease agreement, and the amount of the liability is based on the contractual obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be in- creased by one percentage point, the effect on the Group\u2019s \ufb01nancial expenses would be MEUR 0.3. The variable interest rate on the Term Loan is linked to the three-month Euribor rate. If the three-month Euribor rate used as the reference rate for the Term Loan were to increase by one percentage point in 2023, the annual effect on \ufb01nancial expenses would be MEUR 1.4. In December 2021, the Group took out an interest rate hedge for its Term Loan. The in- terest rate hedge has a nominal value of MEUR 50. The interest rate hedge agreement is a four-year \ufb01xed interest rate agreement that will commence in December 2023. On the balance sheet date, the fair value of the interest rate hedge was MEUR 5.5 (0.2). The change in fair value has been recognised through pro\ufb01t or loss in \ufb01nancial items. Foreign exchange risks Transaction risk The transaction risk describes the impact of changes in foreign exchange rates on sales, purchases and balance sheet items denominated in foreign currencies Alma Media\u2019s most signi\ufb01cant currencies in addition to the euro are the Czech koruna, the Swedish krona and the US dollar. The impact of changes in exchange rates on net result in the most important currencies of the Group can be reduced by the following measures: \u2022 Cash \ufb02ows in the same currency are netted through a common foreign currency account whenever the cost/bene\ufb01t ratio is signi\ufb01cant \u2022 Known, continuous and signi\ufb01cant foreign currency cash \ufb02ow is hedged. The Czech koruna is hedged at a target level of approximately 50% of the cash \ufb02ow accrued during the next two years. Translation risk A foreign exchange risk that arises from the translation of foreign investments into the functional currency of the parent company, the euro. The risk associated with translating long-term net investments in foreign currencies is assessed on a regular basis. Should there be a clear and permanent risk of a currency devaluating, Group management may decide to hedge the company\u2019s foreign currency exposure. There was no hedged open currency exposure related to translation risk on the balance sheet date. The Group\u2019s open foreign currency derivatives on the balance sheet date are de- scribed in Note 3.3. Capital management risks Liquidity management In December 2021, Alma Media signed a new MEUR 200 Term Loan \ufb01nancing facil- ity that will mature in December 2024. This replaced the temporary Bridge Facility agreement that was in place for \ufb01nancing acquisitions. Voluntary early repayments amounting to MEUR 60 were made in 2022 to amortise the Term Loan. The \ufb01nancing arrangement includes the usual covenants concerning the equity ratio and the ratio of net debt to EBITDA. The Group met the covenants on 31 December 2022. The new \ufb01nancing arrangement also includes a MEUR 30 revolving credit facili- ty (RCF). The facility will be used for the Group\u2019s general \ufb01nancing purposes. The revolving credit facility has a maturity of four years and it was entirely unused on 31 December 2022. Liquidity is assessed daily and liquidity forecasts are made at weekly, monthly and 12-month rolling intervals. On the balance sheet date, the company had a commercial paper programme of MEUR 100 in Finland. Within the programme, the company may issue commercial papers to a total value of MEUR 0\u2013100. During the \ufb01nancial year, the Group took out MEUR 36 under the commercial paper programme and repaid MEUR 34. Of the com- mercial paper programme, MEUR 2 was in use on 31 December 2022. Long-term capital funding To secure its long-term \ufb01nancing needs, Alma Media uses capital market instru- ments, leasing or other \ufb01nancial arrangements. The table illustrates the maturity distribution of interest-bearing liabilities and other trade payables and short-term \ufb01nancial liabilities: Credit risk The Group\u2019s credit policy is described and documented in the Group credit man- agement policy. The Group does not have signi\ufb01cant risks of past due receivables because it has a large customer base and no individual customer will comprise a sig- ni\ufb01cant amount. During the \ufb01nancial year, credit losses of MEUR 0.4 were recognised through pro\ufb01t or loss. These credit losses were caused by an unexpected change in customers\u2019 economic environment. The maturity structure of trade receivables is presented in Note 3.6.2 Trade and other receivables Capital management The aim of the Group\u2019s capital management is to support business operations through an optimal capital structure and to secure normal business preconditions. The capital structure is in\ufb02uenced through dividend distribution, for example. The development of the Group\u2019s capital structure is continuously monitored with gearing and equity ratio key \ufb01gures. The company\u2019s \ufb01nancing agreements contain covenants concerning the company\u2019s equity ratio and the ratio of net debt to EBITDA. The fol- lowing describes the values of these key \ufb01gures in 2022 and 2021 as well as an itemis- ation of net debt and changes therein during the \ufb01nancial periods in question MEUR 31.12.2022 0\u20136 months 1 year 1\u20132 years 2\u20135 years Over 5 years Total Balance sheet value Loans from \ufb01nancial institutions 1.7 1.7 143.5 146.9 140.0 Commercial paper 2.0 2.0 2.0 Contingent consideration liability 9.6 9.6 9.6 Lease liabilities 3.8 3.8 7.1 17.4 1.5 33.5 30.7 Foreign currency derivative 0.4 0.4 0.7 0.7 Trade payables and other current \ufb01nancial liabilities 35.9 35.9 35.9 Total 43.7 5.8 160.1 17.4 1.5 228.6 218.9 MEUR 31.12.2021 0\u20136 months 1 year 1\u20132 years 2\u20135 years Over 5 years Total Balance sheet value Loans from \ufb01nancial institutions 0.4 0.8 3.5 203.5 208.2 200.0 Contingent consideration liability 16.8 16.8 16.8 Lease liabilities 3.6 3.6 6.6 17.1 4.3 35.2 33.7 Foreign currency derivative 0.2 0.2 0.2 0.2 Trade payables and other current \ufb01nancial liabilities 36.8 36.8 36.8 Total 41.0 4.6 10.1 237.4 4.3 297.2 234.0 Reconciliation of net debt MEUR 2022 2021 Interest-bearing long-term liabilities 163.7 226.8 Short-term interest-bearing liabilities 9.0 7.0 Cash and cash equivalents 30.0 51.9 Net debt 142.6 181.8 Total equity 205.9 166.5 Gearing, % 69.3% 109.2% Equity ratio, % 45.8% 34.7%", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-363": { "value": "Liquidity management In December 2021, Alma Media signed a new MEUR 200 Term Loan \ufb01nancing facil- ity that will mature in December 2024. This replaced the temporary Bridge Facility agreement that was in place for \ufb01nancing acquisitions. Voluntary early repayments amounting to MEUR 60 were made in 2022 to amortise the Term Loan. The \ufb01nancing arrangement includes the usual covenants concerning the equity ratio and the ratio of net debt to EBITDA. The Group met the covenants on 31 December 2022. The new \ufb01nancing arrangement also includes a MEUR 30 revolving credit facili- ty (RCF). The facility will be used for the Group\u2019s general \ufb01nancing purposes. The revolving credit facility has a maturity of four years and it was entirely unused on 31 December 2022. Liquidity is assessed daily and liquidity forecasts are made at weekly, monthly and 12-month rolling intervals. On the balance sheet date, the company had a commercial paper programme of MEUR 100 in Finland. Within the programme, the company may issue commercial papers to a total value of MEUR 0\u2013100. During the \ufb01nancial year, the Group took out MEUR 36 under the commercial paper programme and repaid MEUR 34. Of the com- mercial paper programme, MEUR 2 was in use on 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-364": { "value": "Credit risk The Group\u2019s credit policy is described and documented in the Group credit man- agement policy. The Group does not have signi\ufb01cant risks of past due receivables because it has a large customer base and no individual customer will comprise a sig- ni\ufb01cant amount. During the \ufb01nancial year, credit losses of MEUR 0.4 were recognised through pro\ufb01t or loss. These credit losses were caused by an unexpected change in customers\u2019 economic environment. The maturity structure of trade receivables is presented in Note 3.6.2 Trade and other receivables .", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-365": { "value": "Capital management The aim of the Group\u2019s capital management is to support business operations through an optimal capital structure and to secure normal business preconditions. The capital structure is in\ufb02uenced through dividend distribution, for example. The development of the Group\u2019s capital structure is continuously monitored with gearing and equity ratio key \ufb01gures. The company\u2019s \ufb01nancing agreements contain covenants concerning the company\u2019s equity ratio and the ratio of net debt to EBITDA. The fol- lowing describes the values of these key \ufb01gures in 2022 and 2021 as well as an itemis- ation of net debt and changes therein during the \ufb01nancial periods in question .", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-366": { "value": "3.8 Information on shareholders\u2019 equity and its management The Group classi\ufb01es the instruments it has issued in either equity or liabilities (\ufb01nan- cial liabilities) based on their nature. An equity instrument is any contract that evi- dences a residual interest in the assets of an entity after deducting all of its liabilities. Expenses related to the issuance or acquisition of equity instruments are presented as a deduction from equity. If the Group acquires equity instruments of its own, their acquisition cost is deducted from equity. The following describes information on Alma Media Corporation\u2019s shares and changes in 2022. Total number of shares Share capital, MEUR Share premium fund, MEUR Invested non-restricted equity fund, MEUR 1.1.2022 82,383,182 45.3 7.7 19.1 31.12.2022 82,383,182 45.3 7.7 19.1 The company has one share series and all shares confer the same voting rights with one vote per share. The shares have no nominal value . Book-entry securities system The company\u2019s shares are registered in the book-entry system. Only such sharehold- ers have the right to receive distributable funds from the company, and to subscribe to shares in conjunction with an increase in the share capital, 1) who are listed as shareholders in the shareholders\u2019 register on the record date; or 2) whose right to receive payment is recorded in the book-entry account of a shareholder listed in the shareholders\u2019 register on the record date, and this right is entered in the share- holders\u2019 register; or 3) whose shares, in the case of registered shares, are registered in their book-entry account on the record date, and as required by section 28 of the Act on the Book-Entry System, the respective manager of the shares is listed on the record date in the shareholders\u2019 register as the manager of said shares. Shareholders whose ownership is registered in the waiting list on the record date have the right to receive distributable funds from the company, and the right to subscribe to shares in conjunction with an increase in the share capital, provided they are able to furnish evidence of ownership on the record date. Own shares Alma Media Corporation owns a total of 198,391 of its own shares, representing 0.2 per cent of the total number of the company\u2019s shares and related votes. The total regis- tered number of Alma Media\u2019s shares is 82,383,182, which entitle to 82,383,182 votes . Foreign currency translation reserve The translation differences fund comprises the exchange rate differences arising from the translation into EUR of the \ufb01nancial statements of the independent foreign units. Share premium reserve In cases in which stock options have been decided during the time the previous Finnish Limited Liability Companies Act (29.9.1978/734) was in force, payments re- ceived for share subscriptions based on stock options have been recognised in share capital and the share premium reserve in accordance with the terms of the respective option programmes, less the transaction costs. Distributable funds The distributable funds of the Group\u2019s parent company totalled EUR 156,846,256 on 31 December 2022 Dividend policy Alma Media aims to pay, on average, more than 50% of the pro\ufb01t for the period in divi- dends or capital repayments over the long term. Redemption of shares A shareholder whose proportional holding of all company shares or whose propor- tional entitlement to votes conferred by the company shares, either individually or jointly with other shareholders, is or exceeds 33.3% or 50% is obligated on demand by other shareholders to redeem such shareholders\u2019 shares. 3.9.1 Earnings per share Basic earnings per share are calculated by dividing the pro\ufb01t for the period attrib- utable to the ordinary equity holders of the parent by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by dividing the pro\ufb01t for the period attributable to the equity holders of the parent by the weighted average number of diluted shares during the period . MEUR 2022 2021 Pro\ufb01t attributable to ordinary shareholders of parent 72.0 43.6 Number of shares (1,000 pcs) Weighted average number of shares for basic earnings per share 82,185 82,213 Incentive schemes 1,522 1,778 Diluted weighted average number of outstanding shares 83,706 83,991 Earnings per share (basic) 0.88 0.53 Earnings per share (diluted) 0.86 0.52", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-367": { "value": "3.8 Information on shareholders\u2019 equity and its management The Group classi\ufb01es the instruments it has issued in either equity or liabilities (\ufb01nan- cial liabilities) based on their nature. An equity instrument is any contract that evi- dences a residual interest in the assets of an entity after deducting all of its liabilities. Expenses related to the issuance or acquisition of equity instruments are presented as a deduction from equity. If the Group acquires equity instruments of its own, their acquisition cost is deducted from equity. The following describes information on Alma Media Corporation\u2019s shares and changes in 2022. Total number of shares Share capital, MEUR Share premium fund, MEUR Invested non-restricted equity fund, MEUR 1.1.2022 82,383,182 45.3 7.7 19.1 31.12.2022 82,383,182 45.3 7.7 19.1 The company has one share series and all shares confer the same voting rights with one vote per share. The shares have no nominal value Book-entry securities system The company\u2019s shares are registered in the book-entry system. Only such sharehold- ers have the right to receive distributable funds from the company, and to subscribe to shares in conjunction with an increase in the share capital, 1) who are listed as shareholders in the shareholders\u2019 register on the record date; or 2) whose right to receive payment is recorded in the book-entry account of a shareholder listed in the shareholders\u2019 register on the record date, and this right is entered in the share- holders\u2019 register; or 3) whose shares, in the case of registered shares, are registered in their book-entry account on the record date, and as required by section 28 of the Act on the Book-Entry System, the respective manager of the shares is listed on the record date in the shareholders\u2019 register as the manager of said shares. Shareholders whose ownership is registered in the waiting list on the record date have the right to receive distributable funds from the company, and the right to subscribe to shares in conjunction with an increase in the share capital, provided they are able to furnish evidence of ownership on the record date. Own shares Alma Media Corporation owns a total of 198,391 of its own shares, representing 0.2 per cent of the total number of the company\u2019s shares and related votes. The total regis- tered number of Alma Media\u2019s shares is 82,383,182, which entitle to 82,383,182 votes . Foreign currency translation reserve The translation differences fund comprises the exchange rate differences arising from the translation into EUR of the \ufb01nancial statements of the independent foreign units. Share premium reserve In cases in which stock options have been decided during the time the previous Finnish Limited Liability Companies Act (29.9.1978/734) was in force, payments re- ceived for share subscriptions based on stock options have been recognised in share capital and the share premium reserve in accordance with the terms of the respective option programmes, less the transaction costs. Distributable funds The distributable funds of the Group\u2019s parent company totalled EUR 156,846,256 on 31 December 2022 . Dividend policy Alma Media aims to pay, on average, more than 50% of the pro\ufb01t for the period in divi- dends or capital repayments over the long term. Redemption of shares A shareholder whose proportional holding of all company shares or whose propor- tional entitlement to votes conferred by the company shares, either individually or jointly with other shareholders, is or exceeds 33.3% or 50% is obligated on demand by other shareholders to redeem such shareholders\u2019 shares. 3.9.1 Earnings per share Basic earnings per share are calculated by dividing the pro\ufb01t for the period attrib- utable to the ordinary equity holders of the parent by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by dividing the pro\ufb01t for the period attributable to the equity holders of the parent by the weighted average number of diluted shares during the period . MEUR 2022 2021 Pro\ufb01t attributable to ordinary shareholders of parent 72.0 43.6 Number of shares (1,000 pcs) Weighted average number of shares for basic earnings per share 82,185 82,213 Incentive schemes 1,522 1,778 Diluted weighted average number of outstanding shares 83,706 83,991 Earnings per share (basic) 0.88 0.53 Earnings per share (diluted) 0.86 0.52", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-368": { "value": "The Group classi\ufb01es the instruments it has issued in either equity or liabilities (\ufb01nan- cial liabilities) based on their nature. An equity instrument is any contract that evi- dences a residual interest in the assets of an entity after deducting all of its liabilities. Expenses related to the issuance or acquisition of equity instruments are presented as a deduction from equity. If the Group acquires equity instruments of its own, their acquisition cost is deducted from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-369": { "value": "The company\u2019s shares are registered in the book-entry system. Only such sharehold- ers have the right to receive distributable funds from the company, and to subscribe to shares in conjunction with an increase in the share capital, 1) who are listed as shareholders in the shareholders\u2019 register on the record date; or 2) whose right to receive payment is recorded in the book-entry account of a shareholder listed in the shareholders\u2019 register on the record date, and this right is entered in the share- holders\u2019 register; or 3) whose shares, in the case of registered shares, are registered in their book-entry account on the record date, and as required by section 28 of the Act on the Book-Entry System, the respective manager of the shares is listed on the record date in the shareholders\u2019 register as the manager of said shares. Shareholders whose ownership is registered in the waiting list on the record date have the right to receive distributable funds from the company, and the right to subscribe to shares in conjunction with an increase in the share capital, provided they are able to furnish evidence of ownership on the record date. Own shares Alma Media Corporation owns a total of 198,391 of its own shares, representing 0.2 per cent of the total number of the company\u2019s shares and related votes. The total regis- tered number of Alma Media\u2019s shares is 82,383,182, which entitle to 82,383,182 votes . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-370": { "value": "Own shares Alma Media Corporation owns a total of 198,391 of its own shares, representing 0.2 per cent of the total number of the company\u2019s shares and related votes. The total regis- tered number of Alma Media\u2019s shares is 82,383,182, which entitle to 82,383,182 votes ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-371": { "value": "Foreign currency translation reserve The translation differences fund comprises the exchange rate differences arising from the translation into EUR of the \ufb01nancial statements of the independent foreign units. Share premium reserve In cases in which stock options have been decided during the time the previous Finnish Limited Liability Companies Act (29.9.1978/734) was in force, payments re- ceived for share subscriptions based on stock options have been recognised in share capital and the share premium reserve in accordance with the terms of the respective option programmes, less the transaction costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-372": { "value": "Dividend policy Alma Media aims to pay, on average, more than 50% of the pro\ufb01t for the period in divi- dends or capital repayments over the long term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-373": { "value": "3.9.1 Earnings per share Basic earnings per share are calculated by dividing the pro\ufb01t for the period attrib- utable to the ordinary equity holders of the parent by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by dividing the pro\ufb01t for the period attributable to the equity holders of the parent by the weighted average number of diluted shares during the period . MEUR 2022 2021 Pro\ufb01t attributable to ordinary shareholders of parent 72.0 43.6 Number of shares (1,000 pcs) Weighted average number of shares for basic earnings per share 82,185 82,213 Incentive schemes 1,522 1,778 Diluted weighted average number of outstanding shares 83,706 83,991 Earnings per share (basic) 0.88 0.53 Earnings per share (diluted) 0.86 0.52", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-374": { "value": "Basic earnings per share are calculated by dividing the pro\ufb01t for the period attrib- utable to the ordinary equity holders of the parent by the weighted average number of shares outstanding during the year. Diluted earnings per share are calculated by dividing the pro\ufb01t for the period attributable to the equity holders of the parent by the weighted average number of diluted shares during the period ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-375": { "value": "4.1 General principles of consolidation All subsidiaries are consolidated in the consolidated \ufb01nancial statements. Subsidiaries are com- panies in which the Group has a controlling interest. The criteria for control are ful\ufb01lled when the Group is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The accounting principles applied in the subsidiaries have been brought into line with the IFRS principles applied in the consolidated \ufb01nancial statements. Mutual holdings are eliminated using the purchase method. Purchase consid- eration and the individualised assets and liabilities of the acquired entity are recognised at their fair value on the acquisition date. The costs related to the acquisition, with the exception of costs arising from the issue of equity or debt securities, are recorded as expenses. Additional purchase cost, if applicable, is recognised at fair value on the acquisition date and classi\ufb01ed as a liability through pro\ufb01t or loss. Additional purchase cost classi\ufb01ed as a liability is measured through pro\ufb01t or loss at fair value on the last day of each reporting period . 4.2 Subsidiaries The Group\u2019s parent and subsidiary relationships are as follows: Holding, % Share of votes, % Company Finland 2022 2021 2022 2021 Parent company Alma Media Corpo- ration Finland Alma Finanssipalvelut Oy Finland 100.0 100.0 Alma Career Oy Finland 100.0 100.0 100.0 100.0 Alma Career, spletno oglasevanje d.o.o Slovenia 100.0 100.0 100.0 100.0 Alma Media Suomi Oy Finland 100.0 100.0 100.0 100.0 Alma Talent Oy Finland 100.0 100.0 100.0 100.0 CV-Online Estonia O\u00dc Estonia 100.0 100.0 100.0 100.0 Digitaalinen asuntokauppa DIAS Oy Finland 80.5 80.5 80.5 80.5 Etua Oy Finland 100.0 100.0 100.0 100.0 Karenstock Oy Finland 100.0 100.0 100.0 100.0 Kolektiv d.o.o Bosnia and Herzegovina 100.0 100.0 100.0 100.0 Kotikokki.net Oy Finland 65.0 65.0 65.0 65.0 LMC s.r.o Czech Republic 100.0 100.0 100.0 100.0 Talentem s.r.o. Czech Re- public 100.0 100.0 100.0 100.0 Objektvision AB Sweden 100.0 100.0 100.0 100.0 Profesia s.r.o Slovakia 100.0 100.0 100.0 100.0 Profesia s.r.o Czech Republic 100.0 100.0 100.0 100.0 Rantapallo Oy Finland 79.0 79.0 79.0 79.0 SIA CV-Online Latvia Latvia 100.0 100.0 100.0 100.0 Seduo Slovakia Slovakia 100.0 100.0 Suoramarkkinointi Mega Oy Finland 100.0 100.0 100.0 100.0 TAU On-line d.o.o Croatia 100.0 100.0 100.0 100.0 UAB CV-Online LT Lithuania 100.0 100.0 100.0 100.0 Neirone SP. z.o.o Poland 100.0 100.0 Netello Systems Oy Finland 100.0 60.0 100.0 60.0 Holding, % Share of votes, % Subsidiaries merged with other Group companies during the \ufb01nancial year: Finland 2022 2021 2022 2021 Alma Mediapartners Oy Finland 100.0 100.0 100.0 100.0 Nettix Oy Finland 100.0 100.0 100.0 100.0 Quantiq s.r.o Czech Republic 100.0 100.0 100.0 100.0 Holding, % Share of votes, % Subsidiaries sold during the period: Finland 2022 2021 2022 2021 M\u00fc\u00fcgimeistrite A/S Estonia 80.0 80.0 Telemarket SI A Latvia 72.0 72.0 In 20 22 , dispos als of subsidiaries had an ef fe ct of MEUR - 0. 2 on th e Group\u2019s equity. Itemisation of signi\ufb01cant non-controlling interests in the Group: Subsidiary Finland Holding, % 2022 Holding, % 2021 Digitaalinen asuntokauppa DIAS Oy Finland 19.5 19.5 During the \ufb01nancial year 2022, Alma Media Corporation acquired 40% of the share capital of Netello Systems and thereby increased its shareholding to 100% (previously 60%). The acquisition had an effect of MEUR -0.1 on the Group\u2019s equity. During the \ufb01nancial year 2021, Alma Media Corporation acquired the entire share cap- ital of Nettix Oy, 60% of the share capital of Netello Systems and increased its shareholding to 100% in Alma Career Oy (previously 83.34%) and Etua Oy (previously 60%). In 2021, the redemption of the non-controlling interests of 16.66% in Alma Career Oy and 40% in Etua Oy affected the Group\u2019s balance sheet position by the redemption prices of the non-controlling interests being deducted directly from the Group\u2019s eq- uity. The redemption of the minority interest in Alma Career Oy reduced the Group\u2019s equity by MEUR 40 and the redemption of the minority interest in Etua Oy increased the Group\u2019s equity by MEUR 0.7 .", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-376": { "value": "4.1 General principles of consolidation All subsidiaries are consolidated in the consolidated \ufb01nancial statements. Subsidiaries are com- panies in which the Group has a controlling interest. The criteria for control are ful\ufb01lled when the Group is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The accounting principles applied in the subsidiaries have been brought into line with the IFRS principles applied in the consolidated \ufb01nancial statements. Mutual holdings are eliminated using the purchase method. Purchase consid- eration and the individualised assets and liabilities of the acquired entity are recognised at their fair value on the acquisition date. The costs related to the acquisition, with the exception of costs arising from the issue of equity or debt securities, are recorded as expenses. Additional purchase cost, if applicable, is recognised at fair value on the acquisition date and classi\ufb01ed as a liability through pro\ufb01t or loss. Additional purchase cost classi\ufb01ed as a liability is measured through pro\ufb01t or loss at fair value on the last day of each reporting period 4.2 Subsidiaries The Group\u2019s parent and subsidiary relationships are as follows: Holding, % Share of votes, % Company Finland 2022 2021 2022 2021 Parent company Alma Media Corpo- ration Finland Alma Finanssipalvelut Oy Finland 100.0 100.0 Alma Career Oy Finland 100.0 100.0 100.0 100.0 Alma Career, spletno oglasevanje d.o.o Slovenia 100.0 100.0 100.0 100.0 Alma Media Suomi Oy Finland 100.0 100.0 100.0 100.0 Alma Talent Oy Finland 100.0 100.0 100.0 100.0 CV-Online Estonia O\u00dc Estonia 100.0 100.0 100.0 100.0 Digitaalinen asuntokauppa DIAS Oy Finland 80.5 80.5 80.5 80.5 Etua Oy Finland 100.0 100.0 100.0 100.0 Karenstock Oy Finland 100.0 100.0 100.0 100.0 Kolektiv d.o.o Bosnia and Herzegovina 100.0 100.0 100.0 100.0 Kotikokki.net Oy Finland 65.0 65.0 65.0 65.0 LMC s.r.o Czech Republic 100.0 100.0 100.0 100.0 Talentem s.r.o. Czech Re- public 100.0 100.0 100.0 100.0 Objektvision AB Sweden 100.0 100.0 100.0 100.0 Profesia s.r.o Slovakia 100.0 100.0 100.0 100.0 Profesia s.r.o Czech Republic 100.0 100.0 100.0 100.0 Rantapallo Oy Finland 79.0 79.0 79.0 79.0 SIA CV-Online Latvia Latvia 100.0 100.0 100.0 100.0 Seduo Slovakia Slovakia 100.0 100.0 Suoramarkkinointi Mega Oy Finland 100.0 100.0 100.0 100.0 TAU On-line d.o.o Croatia 100.0 100.0 100.0 100.0 UAB CV-Online LT Lithuania 100.0 100.0 100.0 100.0 Neirone SP. z.o.o Poland 100.0 100.0 Netello Systems Oy Finland 100.0 60.0 100.0 60.0 Holding, % Share of votes, % Subsidiaries merged with other Group companies during the \ufb01nancial year: Finland 2022 2021 2022 2021 Alma Mediapartners Oy Finland 100.0 100.0 100.0 100.0 Nettix Oy Finland 100.0 100.0 100.0 100.0 Quantiq s.r.o Czech Republic 100.0 100.0 100.0 100.0 Holding, % Share of votes, % Subsidiaries sold during the period: Finland 2022 2021 2022 2021 M\u00fc\u00fcgimeistrite A/S Estonia 80.0 80.0 Telemarket SI A Latvia 72.0 72.0 In 20 22 , dispos als of subsidiaries had an ef fe ct of MEUR - 0. 2 on th e Group\u2019s equity. Itemisation of signi\ufb01cant non-controlling interests in the Group: Subsidiary Finland Holding, % 2022 Holding, % 2021 Digitaalinen asuntokauppa DIAS Oy Finland 19.5 19.5 During the \ufb01nancial year 2022, Alma Media Corporation acquired 40% of the share capital of Netello Systems and thereby increased its shareholding to 100% (previously 60%). The acquisition had an effect of MEUR -0.1 on the Group\u2019s equity. During the \ufb01nancial year 2021, Alma Media Corporation acquired the entire share cap- ital of Nettix Oy, 60% of the share capital of Netello Systems and increased its shareholding to 100% in Alma Career Oy (previously 83.34%) and Etua Oy (previously 60%). In 2021, the redemption of the non-controlling interests of 16.66% in Alma Career Oy and 40% in Etua Oy affected the Group\u2019s balance sheet position by the redemption prices of the non-controlling interests being deducted directly from the Group\u2019s eq- uity. The redemption of the minority interest in Alma Career Oy reduced the Group\u2019s equity by MEUR 40 and the redemption of the minority interest in Etua Oy increased the Group\u2019s equity by MEUR 0.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-377": { "value": "All subsidiaries are consolidated in the consolidated \ufb01nancial statements. Subsidiaries are com- panies in which the Group has a controlling interest. The criteria for control are ful\ufb01lled when the Group is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the entity. The accounting principles applied in the subsidiaries have been brought into line with the IFRS principles applied in the consolidated \ufb01nancial statements. Mutual holdings are eliminated using the purchase method. Purchase consid- eration and the individualised assets and liabilities of the acquired entity are recognised at their fair value on the acquisition date. The costs related to the acquisition, with the exception of costs arising from the issue of equity or debt securities, are recorded as expenses. Additional purchase cost, if applicable, is recognised at fair value on the acquisition date and classi\ufb01ed as a liability through pro\ufb01t or loss. Additional purchase cost classi\ufb01ed as a liability is measured through pro\ufb01t or loss at fair value on the last day of each reporting period ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-379": { "value": " Subsidiaries acquired are consolidated from the time when the Group gains the right of control, and divested subsidiaries until the Group ceases to exercise the right of control. All intra-Group transactions, receivables, liabilities and pro\ufb01ts are eliminated in the consolidated \ufb01nancial state- ments. The distribution of the pro\ufb01t for the year between the parent company owners and non-con- trolling interest shareholders is shown in the statement of comprehensive income. The eventual non-controlling interest in the acquired companies is measured at fair value or to the amount corresponding to the share of the non-controlling interest based on the proportionate share of the speci\ufb01ed net assets. The measurement method is de\ufb01ned for each acquisition separately. The comprehensive income is attributed to parent company shareholders and non-controlling shareholders, even if this were to lead to a negative portion being attributed to non-controlling shareholders. The amount of shareholders\u2019 equity attributable to non-controlling shareholders is shown as a separate item in the balance sheet under shareholders\u2019 equity. Changes in the parent company\u2019s holding in a subsidiary that do not lead to a loss of control are treated as equity transac- tions. In conjunction with acquisitions achieved in stages, the previous holding is measured at fair value through pro\ufb01t or loss. When the Group loses control in a subsidiary, the remaining investment is measured at fair value through pro\ufb01t or loss on the date control in the subsidiary is lost, and the difference is recognised through pro\ufb01t or loss. Acquisitions that took place before 1 January 2010 are recognised according to the provisions valid at the time ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-380": { "value": "4.3 Business combinationsSubsidiaries acquired are consolidated from the time when the Group gains the right of control, and divested subsidiaries until the Group ceases to exercise the right of control. All intra-Group transactions, receivables, liabilities and pro\ufb01ts are eliminated in the consolidated \ufb01nancial state- ments. The distribution of the pro\ufb01t for the year between the parent company owners and non-con- trolling interest shareholders is shown in the statement of comprehensive income. The eventual non-controlling interest in the acquired companies is measured at fair value or to the amount corresponding to the share of the non-controlling interest based on the proportionate share of the speci\ufb01ed net assets. The measurement method is de\ufb01ned for each acquisition separately. The comprehensive income is attributed to parent company shareholders and non-controlling shareholders, even if this were to lead to a negative portion being attributed to non-controlling shareholders. The amount of shareholders\u2019 equity attributable to non-controlling shareholders is shown as a separate item in the balance sheet under shareholders\u2019 equity. Changes in the parent company\u2019s holding in a subsidiary that do not lead to a loss of control are treated as equity transac- tions. In conjunction with acquisitions achieved in stages, the previous holding is measured at fair value through pro\ufb01t or loss. When the Group loses control in a subsidiary, the remaining investment is measured at fair value through pro\ufb01t or loss on the date control in the subsidiary is lost, and the difference is recognised through pro\ufb01t or loss. Acquisitions that took place before 1 January 2010 are recognised according to the provisions valid at the time . Acquisitions in 2022 The Group did not carry out any acquisitions in 2022. Acquisitions in 2021 The Group carried out the following acquisitions in 2021: Business Acquisition date Acquired share Group share Alma Career segment Quantiq s.r.o Online service 7 Jan 2021 100% 100% Alma Consumer segment Netello Systems Oy Online service 31 Mar 2021 60% 60% Nettix Oy Online service 1 Apr 2021 100% 100% Alma Career Consideration MEUR Fair value Consideration, settled in cash 1.0 Contingent consideration 0.9 Total consideration 1.9 The assets and liabilities recorded as a result of the acquisition were as follows: MEUR Fair values entered in inte- gration Property, plant and equipment 0.8 Trade receivables and other receivables 0.0 Cash and cash equivalents 0.0 Total assets acquired 0.8 Deferred tax liabilities 0.1 Trade payables and other payables 0.2 Total liabilities acquired 0.3 Acquired identi\ufb01able net assets at fair value, total 0.5 Group\u2019s share of net assets 0.5 Goodwill 1.5 Annual amortisation of intangible assets related to acquisitions 0.0 Alma Consumer Consideration MEUR Nettix Oy Other Total Consideration, settled in cash 171.2 2.9 174.1 Total consideration 171.2 2.9 174.1 The assets and liabilities recorded as a result of the acquisition were as follows: MEUR Nettix Oy Other Total Property, plant and equipment 0.0 0.0 0.1 Intangible assets 38.7 3.1 41.7 Trade receivables and other receivables 1.9 0.3 2.2 Cash and cash equivalents 3.2 0.2 3.4 Total assets acquired 43.8 3.6 47.4 Deferred tax liabilities 7.6 0.6 8.1 Trade payables and other pay- ables 4.7 0.6 5.3 Total liabilities acquired 12.3 1.1 13.4 Acquired identi\ufb01able net assets at fair value, total 31.6 2.4 34.0 Group\u2019s share of net assets 31.6 1.5 33.0 Non-controlling interest 1.0 1.0 Goodwill 139.7 1.4 141.1 Alma Media completed the acquisition of Nettix Oy from Otava Group in spring 2021. The transaction was announced on 5 March 2021 and closed on 1 April 2021. Nettix Oy is reported as part of the Alma Consumer business segment starting from the second quarter of 2021. Nettix Oy\u2019s business consists of Finland\u2019s leading motor vehicle marketplaces, such as Nettiauto, Nettikone and Nettimoto, and they reach an audience of 2.5 million Finns every week. In 2020, marketplaces generated over 81% of Nettix Oy\u2019s revenue. The compound annual growth rate (CAGR) of the marketplaces was approximately 7% in 2016\u20132020. In addition, Nettix Oy consists of Konep\u00f6rssi, the leading professional media for machine and transport business, and the news service Ampparit. As a result of the ac- quisition, a total of 39 Nettix Oy employees (converted to full-time employees) were transferred to Alma Media. The acquisition of Nettix Oy is a continuation of Alma Media\u2019s strategy, which concen- trates on digital media and services. Nettix complements Alma Media\u2019s marketplaces business, offering opportunities for cross-selling and additional sales and the sharing of best practices between the services. Through this acquisition, Alma Media contin- ues its strategic expansion into new digital products and services that address cus- tomer needs and cover the entire value chain, ranging from sales systems to transac- tions. Digitalisation of mobility services and the automotive ecosystem is expected to accelerate even further in the next few years, and sales and purchases will continue to move to digital marketplaces. In 2020, Nettix Oy\u2019s revenue totalled MEUR 22.5, its EBITDA was MEUR 11.2 and its op- erating pro\ufb01t amounted to MEUR 10.0. The purchase price for the acquired business was MEUR 171.2. There are no additional purchase price components included in the transaction. Alma Media \ufb01nanced the acquisition entirely with debt. The transaction costs related to the acquisition have amounted to MEUR 4.6, of which MEUR 0.5 was recognised in expenses in 2020 and MEUR 4.1 in other other operating expenses in the \ufb01rst half of 2021. The expense is treated as an operating pro\ufb01t adjustment item in 2021. The Nettix Oy acquisition increases Alma Media\u2019s goodwill by MEUR 140. The goodwill consists of the future growth expectations of the business, as well as synergies. Alma Media estimates that the transaction will generate annual synergy gains of approximately MEUR 1.5, mostly associated with media sales, support func- tions, premises, IT systems and IT development. In addition, other intangible assets increased by MEUR 38 in connection with the transaction, consisting of customer agreements amounting to MEUR 16.8 and brands amounting to MEUR 21. The assets recognised at fair value in connection with the acquisition increase depreciation by MEUR 3.4 annually. Nettix Oy\u2019s effect on Alma Media Group\u2019s revenue in 2021 was MEUR 16.5, on EBITDA MEUR 8.2, and on operating pro\ufb01t less PPA amortisation MEUR 5.3. Had Nettix Oy been consolidated into Alma Media Group from the beginning of 2021, its effect on the Group\u2019s revenue would have been MEUR 21.8, on EBITDA 10.7, and on operating pro\ufb01t less PPA amortisation MEUR 6.8. The fair values entered on intangible assets in consolidation relate primarily to acquired customer agreements, the brand and information systems developed in- house. Factors contributing to goodwill were the synergies related to these business- es expected to be realised and the expectation of the growth of the mobility market- places business in the coming years. Consideration paid for acquisitions \u2013 cash \ufb02ow RMEUR 2022 2021 Paid cash less acquired cash: Cash consideration 236.5 Asset transfer tax and transaction costs 0.0 4.5 Contingent considerations paid during the \ufb01nancial year 2.4 Less acquired amounts Cash 3.4 Net cash \ufb02ow \u2013 capital expenditure 2.4 236.7", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-381": { "value": "4.4 Investments in associated companies and joint ventures Associated companies are those in which the Group has a signi\ufb01cant controlling interest. A signi\ufb01cant controlling interest arises when the Group holds 20% or more of the company\u2019s voting rights or over which the Group otherwise is able to exercise signi\ufb01cant control. A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. A joint venture is a joint arrangement whereby the Group has rights to the net assets of the arrangement, whereas in a joint operation, the Group has rights to the assets, and obligations for the liabilities, relating to the arrangement. Associated companies and joint ventures are consolidated using the equity method. Investments in associated companies include any goodwill arising from their acquisition. If the Group\u2019s share of the associated compa- ny\u2019s losses exceeds the book value of the investment, this investment is entered at zero value in the balance sheet and any losses in excess of this value are not recognised unless the Group has obli- gations with respect to the associated companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating pro\ufb01t. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consolidated comprehen- sive income statement under other comprehensive income . MEUR 2022 2021 Investments in associated companies and joint ventures At beginning of period 7.7 6.6 Increases 0.5 Decreases -4.0 0.0 Share of results 0.7 1.0 Capital repayments received Dividends received -0.2 -0.3 Impairment At end of period 4.2 7. 7 Further information on associated companies: Summary of \ufb01nancial information on associated companies and joint ventures (100%). MEUR Alma Career Alma Talent Other associated companies Year 2022 Current assets 4.2 0.5 Non-current assets 10.8 0.0 Current liabilities 0.9 0.2 Non-current liabilities 2.9 0.1 Revenue 24.4 0.8 Pro\ufb01t/loss for the period 3.1 0.1 Other comprehensive income Reconciliation between associated companies\u2019 and joint ventures\u2019 \ufb01nan- cial information and the balance sheet value recognised by the Group: Associated company\u2019s net assets 11.3 0.0 0.1 Group\u2019s share of net assets 3.0 0.1 0.1 Goodwill 0.6 0.4 Other adjustments 0.1 Associated companies\u2019 balance sheet value on the consolidated balance sheet 3.7 0.5 0.1 Receivables from associated compa- nies Owed to associated companies Dividends and capital repayments received from associated companies during the period 0.2 MEUR Alma Career Alma Talent Other associated companies 2021 Current assets 23.7 0.5 Non-current assets 8.3 0.0 Current liabilities 13.6 0.1 Non-current liabilities 3.0 0.1 Revenue 81.4 0.3 Pro\ufb01t/loss for the period 4.9 -0.1 Other comprehensive income 0 0 Reconciliation between associated companies\u2019 and joint ventures\u2019 \ufb01nancial information and the balance sheet value recognised by the Group: Associated company\u2019s net assets 12.5 -0.1 0.1 Group\u2019s share of net assets 3.6 0.1 0.1 Goodwill 3.2 0.4 Other adjustments 1.0 0 Associated companies\u2019 balance sheet value on the consolidated balance sheet 7.2 0.4 0.1 Receivables from associated companies Owed to associated companies Dividends and capital repayments received from associated companies during the period 0.3 Associated companies Segment Holding (%) Share of votes (%) Year 2022 Infostud 3 d.o.o. Alma Career 25.0 25.0 Kyt\u00f6pirtti Oy Non-allocated 43.2 43.2 Media Metrics Finland Oy Alma Career 25.0 25.0 Suomen Tunnistetieto Oy Alma Talent 25.0 25.0 Vrabotuvanje Online Alma Career 30.0 30.0 During the \ufb01nancial year, the Group sold its 21.1% stake in the associated company Bolt Group Oy .", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-382": { "value": "4.4 Investments in associated companies and joint ventures Associated companies are those in which the Group has a signi\ufb01cant controlling interest. A signi\ufb01cant controlling interest arises when the Group holds 20% or more of the company\u2019s voting rights or over which the Group otherwise is able to exercise signi\ufb01cant control. A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. A joint venture is a joint arrangement whereby the Group has rights to the net assets of the arrangement, whereas in a joint operation, the Group has rights to the assets, and obligations for the liabilities, relating to the arrangement. Associated companies and joint ventures are consolidated using the equity method. Investments in associated companies include any goodwill arising from their acquisition. If the Group\u2019s share of the associated compa- ny\u2019s losses exceeds the book value of the investment, this investment is entered at zero value in the balance sheet and any losses in excess of this value are not recognised unless the Group has obli- gations with respect to the associated companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating pro\ufb01t. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consolidated comprehen- sive income statement under other comprehensive income . MEUR 2022 2021 Investments in associated companies and joint ventures At beginning of period 7.7 6.6 Increases 0.5 Decreases -4.0 0.0 Share of results 0.7 1.0 Capital repayments received Dividends received -0.2 -0.3 Impairment At end of period 4.2 7. Further information on associated companies: Summary of \ufb01nancial information on associated companies and joint ventures (100%). MEUR Alma Career Alma Talent Other associated companies Year 2022 Current assets 4.2 0.5 Non-current assets 10.8 0.0 Current liabilities 0.9 0.2 Non-current liabilities 2.9 0.1 Revenue 24.4 0.8 Pro\ufb01t/loss for the period 3.1 0.1 Other comprehensive income Reconciliation between associated companies\u2019 and joint ventures\u2019 \ufb01nan- cial information and the balance sheet value recognised by the Group: Associated company\u2019s net assets 11.3 0.0 0.1 Group\u2019s share of net assets 3.0 0.1 0.1 Goodwill 0.6 0.4 Other adjustments 0.1 Associated companies\u2019 balance sheet value on the consolidated balance sheet 3.7 0.5 0.1 Receivables from associated compa- nies Owed to associated companies Dividends and capital repayments received from associated companies during the period 0.2 MEUR Alma Career Alma Talent Other associated companies 2021 Current assets 23.7 0.5 Non-current assets 8.3 0.0 Current liabilities 13.6 0.1 Non-current liabilities 3.0 0.1 Revenue 81.4 0.3 Pro\ufb01t/loss for the period 4.9 -0.1 Other comprehensive income 0 0 Reconciliation between associated companies\u2019 and joint ventures\u2019 \ufb01nancial information and the balance sheet value recognised by the Group: Associated company\u2019s net assets 12.5 -0.1 0.1 Group\u2019s share of net assets 3.6 0.1 0.1 Goodwill 3.2 0.4 Other adjustments 1.0 0 Associated companies\u2019 balance sheet value on the consolidated balance sheet 7.2 0.4 0.1 Receivables from associated companies Owed to associated companies Dividends and capital repayments received from associated companies during the period 0.3 Associated companies Segment Holding (%) Share of votes (%) Year 2022 Infostud 3 d.o.o. Alma Career 25.0 25.0 Kyt\u00f6pirtti Oy Non-allocated 43.2 43.2 Media Metrics Finland Oy Alma Career 25.0 25.0 Suomen Tunnistetieto Oy Alma Talent 25.0 25.0 Vrabotuvanje Online Alma Career 30.0 30.0 During the \ufb01nancial year, the Group sold its 21.1% stake in the associated company Bolt Group Oy ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-383": { "value": " Associated companies are those in which the Group has a signi\ufb01cant controlling interest. A signi\ufb01cant controlling interest arises when the Group holds 20% or more of the company\u2019s voting rights or over which the Group otherwise is able to exercise signi\ufb01cant control. A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint arrangement is either a joint operation or a joint venture. A joint venture is a joint arrangement whereby the Group has rights to the net assets of the arrangement, whereas in a joint operation, the Group has rights to the assets, and obligations for the liabilities, relating to the arrangement. Associated companies and joint ventures are consolidated using the equity method. Investments in associated companies include any goodwill arising from their acquisition. If the Group\u2019s share of the associated compa- ny\u2019s losses exceeds the book value of the investment, this investment is entered at zero value in the balance sheet and any losses in excess of this value are not recognised unless the Group has obli- gations with respect to the associated companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating pro\ufb01t. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consolidated comprehen- sive income statement under other comprehensive income ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-384": { "value": "4.5 Related party transactions Alma Media Group\u2019s related parties are its associated companies (see Note 4.4), the companies that they own and af\ufb01liated companies. The related parties also include the Group\u2019s most signi\ufb01cant shareholders. The largest shareholders are listed in the Report by the Board of Directors. Related parties also include the company\u2019s management (the Board of Directors, the Presidents and the Group Executive Team). The employee bene\ufb01ts of management and other related party transactions between management and the company are detailed in Note 1.4. Sales of goods and services with related party members are based on the Group\u2019s prices in force at the time of transaction. Related party transactions \u2013 associated companies MEUR 2022 2021 Sales of goods and services 0.1 0.1 Purchases of goods and services 0.2 0.1 Trade, loan and other receivables 0.0 0.0 Trade payables -0.1 Related party transactions \u2013 principal shareholders MEUR 2022 2021 Sales of goods and services 0.1 0.1 Purchases of goods and services 0.7 0.2 Trade, loan and other receivables 0.0 0.0 Trade payables 0.0 0.0 Acquired businesses* 171.2 Divested business operations** 1.0 Related party transactions \u2013 corporations where management exercises in\ufb02uence MEUR 2022 2021 Sales of goods and services 0.5 0.2 Purchases of goods and services 0.7 0.2 Trade, loan and other receivables 0.0 0.0 Trade payables * The selling party in the Nettix Oy transaction in 2021 was Otava Markkinapaikat Oy, a subsidiary of Otava Oy, which is Alma Media\u2019s largest shareholder. Otava Oy is Alma Media\u2019s largest share- holder, and the transaction has been classi\ufb01ed as a transaction with a related party. ** In 2021, Alma Media Corporation sold its shareholding in KPK Yhti\u00f6t Oyj (formerly Kes- ki-Pohjanmaan Kirjapaino Oyj) to Ilkka-Yhtym\u00e4. The transaction concerned the 24,379 series A shares held by Alma Media Corporation, corresponding to 5.6 per cent of KPK Yhti\u00f6t Oyj\u2019s share capital and 0.5 per cent of votes.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-385": { "value": "Alma Media Group\u2019s related parties are its associated companies (see Note 4.4), the companies that they own and af\ufb01liated companies. The related parties also include the Group\u2019s most signi\ufb01cant shareholders. The largest shareholders are listed in the Report by the Board of Directors. Related parties also include the company\u2019s management (the Board of Directors, the Presidents and the Group Executive Team). The employee bene\ufb01ts of management and other related party transactions between management and the company are detailed in Note 1.4. Sales of goods and services with related party members are based on the Group\u2019s prices in force at the time of transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-386": { "value": "5.1 Income tax The tax expense in the pro\ufb01t or loss comprises the tax based on the company\u2019s taxable income for the period together with deferred taxes. The tax based on taxable income for the period is the taxable income calculated on the applicable tax rate in each country of operation. The tax is adjusted for any tax related to previous periods . MEUR 2022 2021 Current income tax charge 15.5 13.5 Adjustments in respect of current income tax of previous years 0.0 0.0 Deferred taxes -1.0 -1.5 Total 14.5 12.1 Reconciliation of tax expenses in the income statement and tax calculated on the parent company\u2019s tax rate (20.0%) MEUR 2022 2021 Pro\ufb01t before tax 86.4 56.3 Share of pro\ufb01t of associated companies -0.7 -1.0 Total 85.8 55.3 Tax calculated on the parent company\u2019s tax rate of 20.0% 17.2 11.1 Impact of varying tax rates of foreign subsidiaries -0.4 -0.2 Tax-free income -2.5 -0.1 Non-tax-deductible expenses 0.2 1.3 Items from previous periods Use of previously non-entered deferred tax assets Unrecognised deferred tax asset from the con\ufb01rmed tax losses 0.0 0.0 Recognition of previously unrecognised deferred tax assets on the bal- ance sheet Other items 0.0 0.1 Tax recognised in the income statement 14.5 12.1 Tax impacts of entries due to IAS 19 accounting principles are included in other com- prehensive income", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-387": { "value": "The tax expense in the pro\ufb01t or loss comprises the tax based on the company\u2019s taxable income for the period together with deferred taxes. The tax based on taxable income for the period is the taxable income calculated on the applicable tax rate in each country of operation. The tax is adjusted for any tax related to previous periods Deferred tax assets and liabilities are recognised on all temporary differences between their book and actual tax values. Deferred taxes are calculated using the tax rates enacted by the balance sheet date. However, the deferred tax liability is not recognised on the initial recognition of goodwill or if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable pro\ufb01t or loss. Deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01t will be avail- able against which the deductible temporary differences can be utilised. A deferred tax liability is recognised on non-distributed retained earnings of subsidiaries when it is likely that the tax will be paid in the foreseeable future. Deferred tax assets and liabilities are netted by the company when they relate to income tax levied by the same tax authority and when the tax authority permits the company to pay or receive a single net tax payment. Deferred taxes are recognised to the extent that it is probable that taxable pro\ufb01t will be available, against which the deductible temporary differences can be utilised. For this purpose, the conditions for the recognition of deferred taxes are assessed on the \ufb01nal day of each reporting period", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-388": { "value": "5.2 Deferred tax assets and liabilities Deferred tax assets and liabilities are recognised on all temporary differences between their book and actual tax values. Deferred taxes are calculated using the tax rates enacted by the balance sheet date. However, the deferred tax liability is not recognised on the initial recognition of goodwill or if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable pro\ufb01t or loss. Deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01t will be avail- able against which the deductible temporary differences can be utilised. A deferred tax liability is recognised on non-distributed retained earnings of subsidiaries when it is likely that the tax will be paid in the foreseeable future. Deferred tax assets and liabilities are netted by the company when they relate to income tax levied by the same tax authority and when the tax authority permits the company to pay or receive a single net tax payment. Deferred taxes are recognised to the extent that it is probable that taxable pro\ufb01t will be available, against which the deductible temporary differences can be utilised. For this purpose, the conditions for the recognition of deferred taxes are assessed on the \ufb01nal day of each reporting period. Changes in deferred taxes during 2022: MEUR 31.12.2021 Recognised in income statement Recognised in equity Acquired/sold subsidiaries 31.12.2022 Deferred tax assets Provisions 0.0 0.0 0.0 0.0 0.0 Pension bene\ufb01ts 0.0 0.0 0.0 0.0 0.0 Deferred depreciation 0.0 0.0 0.0 0.0 0.0 Loss for the period rec- ognised in deferred tax assets 0.0 0.0 0.0 0.0 Other items 0.4 0.0 0.0 0.0 0.4 Total 0.5 -0.1 0.0 0.0 0.4 Taxes, net 0.3 0.2 Deferred tax assets on balance sheet 0.7 0.6 Deferred tax liabilitie MEUR 31.12.2021 Recognised in income statement Recognised in equity Acquired/sold subsidiaries 31.12.2022 Accumulated depreciation differences 0.2 0.0 0.0 0.0 0.2 Business combinations 17.8 -1.5 0.0 0.0 16.3 Retained earnings of sub- sidiary companies 0.5 0.0 0.0 0.0 0.5 Other items 0.0 0.1 0.0 0.0 0.1 Total 18.6 -1.4 0.0 0.0 17.1 Taxes, net 0.3 0.2 Deferred tax liabilities on balance sheet 18.9 17.2 No deferred tax asset has been recognised on the con\ufb01rmed losses of Group compa- nies. The utilisation of tax assets requires that the normal operations of such compa- nies would generate taxable income. The losses expire in 2023, at the latest Changes in deferred taxes during 2021: MEUR 31.12.2020 Recognised in income state- ment Recognised in equity Acquired/sold subsidiaries 31.12.2021 Deferred tax assets Provisions 0.1 -0.1 0.0 0.0 0.0 Pension bene\ufb01ts 0.0 0.0 0.0 0.0 0.0 Deferred depreciation 0.0 0.0 0.0 0.0 0.0 Other items -0.1 0.5 0.0 0.0 0.4 Total 0.0 0.4 0.0 0.0 0.5 Taxes, net 0.2 0.3 Deferred tax assets on bal- ance sheet 0.3 0.7 Deferred tax liabilities Accumulated depreciation differences 0.2 0.0 0.0 0.0 0.2 Business combinations 10.7 -1.1 0.0 8.2 17.8 Retained earnings of subsid- iary companies 0.4 0.1 0.0 0.0 0.5 Other items -0.1 0.1 0.0 0.0 0.0 Total 11.3 -0.9 0.0 8.2 18.6 Taxes, net 0.2 0.3 Deferred tax liabilities on balance sheet 11.5 18.9", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-389": { "value": "5.3 Events after the balance sheet date The period during which matters affecting the \ufb01nancial statements are taken into account is the period from the closing of the accounts to the release of the statements. The release date is the day on which the Financial Statements Bulletin will be published. Events occurring during the period re- ferred to above are examined to determine whether they do or do not render it necessary to correct the information in the \ufb01nancial statements. Information in the \ufb01nancial statements is corrected in the case of events that provide additional insight into the situation prevailing on the balance sheet date. Events of this nature include, for example, information received after the closing of the accounts indicating that the value of an asset had already been reduced on the balance sheet date. Alma Talent Oy, a subsidiary of Alma Media, agreed to acquire the business of the rental commercial property marketplace Toimitilat.\ufb01 from Talso Oy. The transaction will be carried out as a business acquisition on 1 January 2023. Business Acquisition date Alma Talent segment Toimitilat .\ufb01 Online service 1 Jan 2023 Alma Talent Consideration MEUR Fair value Consideration, settled in cash 2.8 Contingent consideration 0.6 Total consideration 3.4 The assets and liabilities recorded as a result of the acquisition were as follows: MEUR Fair values entered in integration Intangible assets 1.1 Total assets acquired 1.1 Deferred tax liabilities 0.2 Total liabilities acquired 0.3 Acquired identi\ufb01able net assets at fair value, total 0.9 Group\u2019s share of net assets 0.9 Goodwill 2.5 Annual amortisation of intangible assets related to acquisitions 0.2 The fair values entered on intangible assets in consolidation relate primarily to acquired customer agreements, the brand and information systems developed in- house. Factors contributing to goodwill were the synergies related to these business- es expected to be realised and the expectation of the growth of the business premis- es marketplaces business in the coming years", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }