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Accounting principles used in the consolidated financial statements
Basic information on the Group Alma Media Corporation (1944757-4) is an innovative group focusing on digital services and journalistic media content. The company\u2019s best-known brands are Kauppalehti, Talousel\u00e4m\u00e4, Iltalehti, Etuovi.com, Nettiauto and Jobly. Alma Media generates sustainable growth from media to services, providing content and services that benefit users in their everyday lives, work and leisure time. Alma Media operates in 12 European 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 financial statements is available online at www.almamedia.fi or from the parent company head office. The Board of Directors approved the financial statements for disclosure on 15 February 2024. According to the Finnish Limited Liability Companies Act, shareholders have the oppor- tunity to approve or reject the financial statements at the General Meeting of Shareholders held after publication. It is also possible to amend the financial statements at the General Meeting of Shareholders . The figures in the financial statements are independently rounded. Accounting principles The consolidated financial statements have been prepared in accordance with the Interna- tional Financial Reporting Standards (IFRS). The IAS and IFRS standards and SIC and IFRIC interpretations in effect on 31 December 2023 have been applied. International Financial Reporting Standards refer to the standards and their interpretations 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 financial statements also comply with Finnish accounting and company legislation. Alma Media publishes its financial statements in XHTML format in accordance with the Euro- pean Single Electronic Format (ESEF) reporting requirements. In line with the ESEF require- ments, the primary financial statements and notes have been labelled with XBRL tags. The XBRL tags have not been subject to audit. The consolidated financial statements are based on the purchase method of accounting unless otherwise specified in the accounting principles below. The figures in the tables in the financial statements are presented in millions of euros except where presenting the figures at a greater level of accuracy is deemed to be appropriate. During the financial year 2023, trade receivables and advances received on the consolidated balance sheet were adjusted by MEUR 1.4. This reduced the amount of assets and liabilities on the balance sheet. In addition, an adjustment of MEUR 5.2 between change in working capital and adjustment to working capital was made during the financial year 2023 to the comparison figure for cash flow from operating activities for the period 1 January\u201331 Decem- ber 2022. The adjustment has no effect on cash flow from operating activities. Changes in accounting principles The changes in IFRS standards that entered into effect in the financial year 2023 mainly con- sisted of amendments to existing standards, and they had no material effect on Alma Media\u2019s consolidated financial statements. Translation of items denominated in foreign currencies Figures in the consolidated financial statements are shown in euro, the euro being the func- tional and presentation currency of the parent company. Foreign currency items are entered in EUR at the rates prevailing at the transaction date. Monetary foreign currency items are translated into EUR using the rates prevailing at the balance sheet date. Non-monetary for- eign 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 transaction date. Exchange rate differences arising from sales and purchases are treated as additions or subtractions respectively in the statement of compre- hensive income. Exchange rate differences related to loans and loan receivables are taken to other finance income and expenses in the profit 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 foreign 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 reclassified from equity to profit or loss on disposal of the net investment. Operating profit and EBITDA IAS 1 Presentation of Financial Statements does not include a definition of operating profit or gross margin. Gross margin is the net amount formed when other operating profit is added to net sales, and material and service procurement costs adjusted for the change in invento- ries of finished and unfinished products, the costs arising from employee benefits and other operating expenses are subtracted from the total. Operating profit is the net amount formed when other operating profit 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 finished and unfinished products; the costs arising from employee benefits; depreciation, amortisation and impairment costs; and other operating expenses. All other items in the profit or loss not mentioned above are shown under operating profit. Exchange rate differences and changes in the fair value of derivative contracts are included in operating profit if they arise on items related to the company\u2019s normal business operations. Otherwise they are recognised in financial 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, acquisition-related transaction costs and other items recognised through profit or loss, and gains or losses from restructuring 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 profit and loss statement within the corresponding income or expense group. Adjusted 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 financial statements in conformity with IFRS standards requires the management to make estimates and assumptions which may differ from actual results in the future. The management is also required to use its discretion as to the applica- tion 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 financial statements. This particularly applies in cases where the existing IFRS regulations allow for alternative methods of recogni- tion, measurement and presentation. Alma Media has identified subscription products and customer loyalty products in accor- dance 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 as- sessment 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 recognise reve- nue when it satisfies 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 associated 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 management\u2019s assessment, recognising revenue evenly over the con- tract period instead of a revenue recognition model based on actual use leads to essentially the same outcome as recognising revenue based on the use of the credits. The estimates made in conjunction with preparing the financial statements are based on the management\u2019s best assessments on the reporting period end date. The estimates are based on prior experience, as well as future assumptions that are considered 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 assumptions, 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 period 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 significant risk of changes to the book values of the Group\u2019s assets and liabilities during the following financial year are presented below. The management has considered these components of the financial statements to be the most relevant in this regard, as they involve the most complicated accounting policies from the Group\u2019s perspec- tive and their application requires the most extensive application of significant 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 financial state- ments are estimated to be the largest. The determination of the fair value of intangible assets in conjunction with business com- binations is based on the management\u2019s estimate of the cash flows related to the assets in question. 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 vari- able in the change in fair value of contingent considerations is the estimate of future operating profit. Impairment tests: The Group tests goodwill and intangible assets with an indefinite 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 calcu- lations of their fair value. The preparation of these calculations 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 specifies 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 determining 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 no- tice, the financial 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 financial statements. Subsidiaries are companies in which the Group has a controlling interest. The criteria for control are fulfilled 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 financial statements. Mutual holdings are eliminated using the purchase method. Purchase consideration 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 pur- chase cost, if applicable, is recognised at fair value on the acquisition date and classified as a liability through profit or loss. Additional purchase cost classified as a liability is measured through profit or loss at fair value on the last day of each reporting period", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-273": { "value": "Basic information on the Group Alma Media Corporation (1944757-4) is an innovative group focusing on digital services and journalistic media content. The company\u2019s best-known brands are Kauppalehti, Talousel\u00e4m\u00e4, Iltalehti, Etuovi.com, Nettiauto and Jobly. Alma Media generates sustainable growth from media to services, providing content and services that benefit users in their everyday lives, work and leisure time. Alma Media operates in 12 European 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 financial statements is available online at www.almamedia.fi or from the parent company head office. The Board of Directors approved the financial statements for disclosure on 15 February 2024. According to the Finnish Limited Liability Companies Act, shareholders have the oppor- tunity to approve or reject the financial statements at the General Meeting of Shareholders held after publication. It is also possible to amend the financial statements at the General Meeting of Shareholders . The figures in the financial statements are independently rounded", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-274": { "value": "Alma Media Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-275": { "value": "1944757-4", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-276": { "value": "an innovative group focusing on digital services and journalistic media content.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-277": { "value": "Alma Media Corporation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-278": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-279": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-280": { "value": "Alvar Aallon katu 3 C, PL 140, FI-00100 Helsinki", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-281": { "value": " Finland. ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-282": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "The Board of Directors approved the financial statements for disclosure on 15 February 2024. According to the Finnish Limited Liability Companies Act, shareholders have the oppor- tunity to approve or reject the financial statements at the General Meeting of Shareholders held after publication. It is also possible to amend the financial statements at the General Meeting of Shareholders ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "Accounting principles The consolidated financial statements have been prepared in accordance with the Interna- tional Financial Reporting Standards (IFRS). The IAS and IFRS standards and SIC and IFRIC interpretations in effect on 31 December 2023 have been applied. International Financial Reporting Standards refer to the standards and their interpretations 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 financial statements also comply with Finnish accounting and company legislationAlma Media publishes its financial statements in XHTML format in accordance with the Euro- pean Single Electronic Format (ESEF) reporting requirements. In line with the ESEF require- ments, the primary financial statements and notes have been labelled with XBRL tags. The XBRL tags have not been subject to audit. The consolidated financial statements are based on the purchase method of accounting unless otherwise specified in the accounting principles below. The figures in the tables in the financial statements are presented in millions of euros except where presenting the figures at a greater level of accuracy is deemed to be appropriate. During the financial year 2023, trade receivables and advances received on the consolidated balance sheet were adjusted by MEUR 1.4. This reduced the amount of assets and liabilities on the balance sheet. In addition, an adjustment of MEUR 5.2 between change in working capital and adjustment to working capital was made during the financial year 2023 to the comparison figure for cash flow from operating activities for the period 1 January\u201331 Decem- ber 2022. The adjustment has no effect on cash flow from operating activities. Operating profit and EBITDA IAS 1 Presentation of Financial Statements does not include a definition of operating profit or gross margin. Gross margin is the net amount formed when other operating profit is added to net sales, and material and service procurement costs adjusted for the change in invento- ries of finished and unfinished products, the costs arising from employee benefits and other operating expenses are subtracted from the total. Operating profit is the net amount formed when other operating profit 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 finished and unfinished products; the costs arising from employee benefits; depreciation, amortisation and impairment costs; and other operating expenses. All other items in the profit or loss not mentioned above are shown under operating profit. Exchange rate differences and changes in the fair value of derivative contracts are included in operating profit if they arise on items related to the company\u2019s normal business operations. Otherwise they are recognised in financial 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, acquisition-related transaction costs and other items recognised through profit or loss, and gains or losses from restructuring 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 profit and loss statement within the corresponding income or expense group. Adjusted items are described in the Report by the Board of Directors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-285": { "value": "The consolidated financial statements have been prepared in accordance with the Interna- tional Financial Reporting Standards (IFRS). The IAS and IFRS standards and SIC and IFRIC interpretations in effect on 31 December 2023 have been applied. International Financial Reporting Standards refer to the standards and their interpretations 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 financial statements also comply with Finnish accounting and company legislation. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-286": { "value": "Changes in accounting principles The changes in IFRS standards that entered into effect in the financial year 2023 mainly con- sisted of amendments to existing standards, and they had no material effect on Alma Media\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-287": { "value": "Translation of items denominated in foreign currencies Figures in the consolidated financial statements are shown in euro, the euro being the func- tional and presentation currency of the parent company. Foreign currency items are entered in EUR at the rates prevailing at the transaction date. Monetary foreign currency items are translated into EUR using the rates prevailing at the balance sheet date. Non-monetary for- eign 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 transaction date. Exchange rate differences arising from sales and purchases are treated as additions or subtractions respectively in the statement of compre- hensive income. Exchange rate differences related to loans and loan receivables are taken to other finance income and expenses in the profit 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 foreign 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 reclassified from equity to profit or loss on disposal of the net investment", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-288": { "value": "
Accounting principles requiring management\u2019s judgement and key
sources of estimation uncertainty
The preparation of the consolidated financial statements in conformity with IFRS standards
requires the management to make estimates and assumptions which may differ from actual
results in the future. The management is also required to use its discretion as to the applica-
tion 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 financial statements. This particularly
applies in cases where the existing IFRS regulations allow for alternative methods of recogni-
tion, measurement and presentation.
Alma Media has identified subscription products and customer loyalty products in accor-
dance 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 as-
sessment 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 recognise reve-
nue when it satisfies 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 associated 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 management\u2019s assessment, recognising revenue evenly over the con-
tract period instead of a revenue recognition model based on actual use leads to essentially
the same outcome as recognising revenue based on the use of the credits.
The estimates made in conjunction with preparing the financial statements are based on
the management\u2019s best assessments on the reporting period end date. The estimates are
based on prior experience, as well as future assumptions that are considered 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 assumptions, 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 period 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 significant risk of changes to the book values of the Group\u2019s assets
and liabilities during the following financial year are presented below. The management has
considered these components of the financial statements to be the most relevant in this
regard, as they involve the most complicated accounting policies from the Group\u2019s perspec-
tive and their application requires the most extensive application of significant 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 financial state-
ments are estimated to be the largest.
The determination of the fair value of intangible assets in conjunction with business com-
binations is based on the management\u2019s estimate of the cash flows related to the assets in
question. 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 vari-
able in the change in fair value of contingent considerations is the estimate of future operating
profit.
Impairment tests: The Group tests goodwill and intangible assets with an indefinite 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 calcu-
lations of their fair value. The preparation of these calculations 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 specifies 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 determining 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 no-
tice, the financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-289": { "value": "
1.1 Information by segment
Alma Media has three business segments: Alma Career, which focuses on the recruitment
business and recruitment-related services in Eastern Central Europe and Finland; Alma
Talent, which provides financial media and services aimed at professionals 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 sup-
port services for advertising and digital sales for the entire Group, are reported as non-allo-
cated 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 accor-
dance with IFRS.
Recruitment-related services, such as Jobs.cz, Prace.cz, CV-Online, Profesia.sk, MojPosao.
net, MojPosao.ba, Jobly, the Seduo online training service and Prace za rohem, are report-
ed under the Alma Career segment. In addition to enhancing job advertising, 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 staffing services and training.
Alma Career operates in 10 countries in Europe.
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-channel 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 fields. In addition, the segment includes comparison services, such as Autojerry, Urakkamaailma and Etua.fi. Netello, which specialises in digital advertising solutions, is also reported under the Alma Consumer segment. 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 financial media brand Kauppalehti, Alma Talent\u2019s financial and professional media include Talousel\u00e4m\u00e4, Tekniikka&Talous and Arvopaperi. The segments\u2019 assets and liabilities are items used by the respective segments in their busi- ness operations The Group\u2019s business is mainly divided between two geographical areas: Finland and the rest of Europe. Alma Career operates in Finland and 11 other European countries, principally the Czech Republic and Slovakia. The Alma Talent segment\u2019s business operations 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 2023 and 2022
Revenue
MEUR 2023
Share of total,
% 2022
Share of total,
%
Segments, Finland 191.7 62.9 197.9 64.1
Segments, other countries 113.1 37.1 110.8 35.9
Total 304.9 100.0 308.7 100.0
Operating profit
MEUR 2023 Share of total, % 2022
Share of total,
%
Segments, Finland 34.3 47.0 48.3 60.4
Segments, other countries 50.6 69.3 44.9 56.1
Segments total 85.0 116.4 93.2 116.5
Non-allocated * -12.0 -16.4 -13.2 -16.5
Total 73.0 100.0 80.0 100.0
* The non-allocated operations comprise the common services produced by the parent company.
Assets
MEUR 2023
Share of total,
% 2022
Share of total,
%
Finland 370.8 70.3 338.0 68.4
Other countries 157.2 29.8 156.1 31.6
Eliminations -0.3 -0.1 -0.3 0.0
Total 527.7 100.0 493.8 100.0
Revenue
MEUR
Alma
Career
Alma
Consumer
Alma
Talent Segments, total
Non-allocated
items and
eliminations Group
Financial year 2023
Revenue
External revenue 111.0 100.0 93.6 304.6 0.2 304.9
Inter-segment revenue -0.5 0.4 1.1 1.0 -1.0
Segments total 110.5 100.4 94.8 305.6 -0.7 304.9
Financial year 2022
Revenue
External revenue 110.5 102.6 94.9 308.0 0.7 308.7
Inter-segment revenue -0.8 1.6 1.6 2.3 -2.3 0.0
Segments total 109.7 104.1 96.5 310.3 -1.6 308.7
Profit for the period
MEUR
Alma
Career
Alma
Consumer
Alma
Talent
Reportable
segments total
Non-allocated
items and
eliminations Group
Financial year 2023
EBITDA excluding adjusted
items 48.1 25.3 24.1 97.5 -6.5 91.0
Depreciation, amortisation
and impairment -2.9 -5.8 -3.5 -12.1 -5.3 -17.3
Operating profit excluding
adjusted items 45.3 19.6 20.6 85.4 -11.8 73.6
Adjusted items -0.3 -0.6 0.4 -0.5 -0.1 -0.6
Operating profit/loss 45.0 19.0 21.0 85.0 -11.9 73.0
Share of profit of associated
companies 0.9 0.0 0.0 0.9 0.0 0.9
Net financial expenses 0.0 -0.1 4.3 4.2 -9.6 -5.4
Profit before tax and appro-
priations 45.8 18.8 25.3 90.0 -21.5 68.5
Income tax -12.1 -12.1
Profit for the period 45.8 18.8 25.3 90.0 -33.6 56.4
Profit for the period MEUR Alma Career Alma Consumer Alma Talent Reportable segments total Non-allocated items and eliminations 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 profit 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 profit/loss 48.5 24.6 20.1 93.2 -13.2 80.0 Share of profit of associated companies 0.6 0.0 0.0 0.7 0.0 0.7 Net financial expenses -1.1 -0.2 4.2 2.8 3.0 5.8 Profit before tax and appropriations 48.0 24.3 24.3 96.7 -10.2 86.5 Income tax -14.5 -14.5 Profit for the period 48.0 24.3 24.3 96.7 -24.8 71.9 Assets and liabilities MEUR Alma Career Alma Con- sumer Alma Talent Segments, total Non-allocated items and eliminations Group Financial year 2023 Assets 86.6 221.0 111.7 419.3 104.0 523.3 Investments in associated companies and joint ventures 4.4 0.0 0.0 4.4 0.1 4.4 Assets, total 91.0 221.0 111.7 423.7 104.1 527.7 Liabilities, total 47.1 13.1 25.8 86.0 219.0 305.0 Capital expenditure 2.8 5.7 2.1 10.6 15.3 25.8 Financial year 2022 Assets 86.2 220.5 110.1 416.9 72.7 489.5 Investments in associated companies and joint ventures 3.7 0.0 0.5 4.2 0.1 4.2 Assets, total 89.9 220.5 110.6 421.0 72.7 493.8 Liabilities, total 48.8 12.9 31.9 93.6 194.3 287.8 Capital expenditure 6.0 6.2 3.6 15.8 2.5 18.3 The assets not allocated to segments comprise financial assets and tax receivables. Liabilities not allocated to segments are financial and tax liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-290": { "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 accor- dance with IFRS. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-291": { "value": "Operating income 1.2.1 Revenue IFRS 15 includes a five-stage framework for the recognition of revenue from contracts with customers. According to IFRS 15, an entity shall recognise revenue at an amount that reflects 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 transfer of control. The revenue of marketplaces mainly consists of digital advertising revenue. Revenue from classified digital ad- vertising sales is recognised over time during the term of the advertisement. Revenue from the sales of adver- tisements 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 mar- ketplaces 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 content revenue, digital ser- vices 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 provided by external partners. In these cases, Alma Media does not have primary responsibility for the fulfilment 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-specific 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 fulfilled. 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 significant financing 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 peri- od 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 obligations are transferred to customers; for example, based on the publication dates of the print products included in subscriptions . A lma Media has incremental costs of obtaining contracts, such as commissions on the sale of publications. 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 44.0 (MEUR 43.9) on 31 December 2023. 2023 MEUR Alma Career Alma Consumer Alma Talent Segments, total Non-allocated items and eliminations* Group Marketplaces 93.6 41.9 8.6 144.2 -2.8 141.4 Media 0.0 48.7 51.3 100.1 3.1 103.2 Content media 0.0 16.8 33.7 50.5 0.0 50.5 - of which digital 0.0 16.7% 53.3% 41.1% Advertising media 32.0 17.6 49.6 3.1 52.7 - of which digital 0.0 89.7% 59.0% 80.2% Service revenue 16.8 9.7 34.8 61.4 -1.1 60.3 - of which digital 97.6% 97.8% 65.2% 79.2% Total 110.5 100.4 94.8 305.6 -0.7 304.9 * 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 financial statements. 2022 MEUR Alma Career Alma Consumer Alma Talent Segments, total Non-allocated items and eliminations* Group Marketplaces 92.8 41.6 6.7 141.2 -2.9 138.3 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 16.9 10.4 36.4 63.6 -1.0 62.6 - of which digital 98.1% 98.7% 59.4% 74.8% Total 109.7 104.1 96.5 310.3 -1.6 308.7 * 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 financial statement", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "value": "IFRS 15 includes a five-stage framework for the recognition of revenue from contracts with customers. According to IFRS 15, an entity shall recognise revenue at an amount that reflects 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 transfer of control. The revenue of marketplaces mainly consists of digital advertising revenue. Revenue from classified digital ad- vertising sales is recognised over time during the term of the advertisement. Revenue from the sales of adver- tisements 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 mar- ketplaces 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 content revenue, digital ser- vices 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 provided by external partners. In these cases, Alma Media does not have primary responsibility for the fulfilment 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-specific 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 fulfilled. 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 significant financing 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 peri- od 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 obligations are transferred to customers; for example, based on the publication dates of the print products included in subscriptions lma Media has incremental costs of obtaining contracts, such as commissions on the sale of publications. 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 44.0 (MEUR 43.9) on 31 December 2023", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-293": { "value": "1.2.2 Other operating income MEUR 2023 2022 Gains on sale of non-current assets 1.2 6.9 Other operating income 0.2 0.3 Total 1.4 7.2", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "1.3.3 Employee benefits expense Employee benefits cover short-term employee benefits, other long-term benefits, benefits paid in connec- tion with dismissal and post-employment benefits. Short-term employee benefits include salaries and benefits in kind, annual holidays and bonuses. Other long- term benefits include, for example, a celebration, holiday or remuneration based on a long period of service. Benefits paid in connection with dismissal are benefits that are paid due to the termination of an employee\u2019s contract and not for service in the company. Post-employment benefits comprise pension and benefits to be paid after termination of the employee\u2019s contract, such as life insurance and healthcare. These benefits are classified as either defined contribution or defined benefit plans. The Group has both forms of benefit plans. The accounting principles related to pensions are presented in more detail in Note 3.5 Pension obligations. Past service costs are recognised as expenses through profit or loss at the earlier of the following: when the plan is rearranged or downsized, or a when the entity recognises the related rearrangement expenses or bene- fits related to the termination of employment . MEUR 2023 2022 Wages, salaries and fees 91.5 92.2 Pension costs \u2013 defined contribution plans 13.3 12.9 Share-based payment transaction expense 3.5 4.4 Other employee expenses 9.7 10.0 Total 118.1 119.6 Average number of employees, calculated as full-time employees (excl. telemarketers) 2023 2022 Alma Career 704 682 Alma Consumer 393 374 Alma Talent 422 438 Shared operations 175 184 Total 1,695 1,679 Telemarketers on average 144 1963.5 Pension obligations The Group has both defined contribution pension plans and defined benefit pension plans. The defined benefit pension plans comprise the Group\u2019s old supplementary pension plans for personnel, which have already been discontinued and closed. The benefits associated with them include both supplementary pension benefits and death benefits. The Group\u2019s defined benefit pension plans include both funded and unfunded pension plans. The unfunded pension plans are direct supplementary pension obligations, primarily for old employees who have already retired. The new supplementary pension benefits granted by the Group are defined contribution based pension plans. Obligations arising from defined benefit plans are calculated for each arrangement separately using the Projected Unit Credit Method. Pension costs are recognised as expenses over the beneficiaries\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 corporate bonds issued by the company and, if this data is not available, on yields of government 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 present value of the pension obligation to be recognised in the balance sheet. The net liabilities (or assets) associated with the defined benefit 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 defined benefit plan are recognised through profit or loss and presented under em- ployee benefit expenses. Items (such as actuarial gains and losses and return on funded defined benefit plan assets) arising from the redefinition of the net liabilities (or assets) associated with the defined benefit plan are recognised in other comprehensive income in the period in which they arise. Present value of obligations and fair value of assets MEUR 2023 2022 Present value of unfunded obligations 0.5 0.6 Present value of funded obligations 0.2 0.2 Fair value of assets -0.2 -0.2 Pension liability 0.5 0.6 The defined benefit pension obligation on the balance sheet is determined as follows: MEUR 31 Dec 2023 31 Dec 2022 Present value of obligations at start of period 0.8 1.1 Divestments Service cost during period 0.0 0.0 Interest cost 0.0 0.0 Actuarial gains and losses -0.0 -0.2 Payments of defined benefit obligations -0.0 -0.1 Present value of funded obligations at end of period 0.7 0.8 Fair value of plan assets at start of period 0.2 0.3 Divestments Interest income 0.0 0.0 Actuarial gains and losses -0.0 -0.1 Restructuring of contracts 0.0 0.0 Incentive payments paid Payments of defined benefit obligations -0.0 0.0 Fair value of plan assets at end of period 0.2 0.2 Defined benefit pension liabilities 0.5 0.6 Net pension liability Pension liability 0.5 0.6 Pension asset Net pension liability 0.5 0.6 The plan assets are invested primarily in fixed income or share-based instruments, and they have an aggregate expected annual return of 3.0%. A more detailed specification of the plan assets is not available. The plan assets are considered to be included 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 specification of the assets can be presented. The defined benefit pension expense in the income statement is determined as follows MEUR 2023 2022 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 -0.0 -0.1 Total 0.0 -0.1 Changes in liabilities shown on balance sheet MEUR 2023 2022 At beginning of period 0.6 0.8 Divestments 0.0 Incentive payments paid Payments of defined benefit obligations -0.1 -0.1 Pension expense in income statement 0.0 0.0 Comprehensive income for the period 0.0 -0.1 Defined benefit pension liabilities on the balance sheet 0.5 0.6 A similar investment is expected to be made in the plan in 2024 as in 2023. Sensitivity analysis of the pension plan MEUR Present value of pension obligation Change in present value of pension obligation, % Change of +0.5%-p in the discount rate 0.7 -12.2 Change of +0.5%-p in the salary increase assumption 0.2 1.4 Change of +0.5%-p in the pension increase rate 0.7 8.3 The sensitivity analysis uses the same methods as the calculation of the pension obligation. 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 % 2023 2022 Discount rate 3.7 3.1 Future salary increase assumption 3.5 3.8 Inflation assumption 2.5 2.6 Future increase in pension benefit 2.8 2.8 The duration of the pension plan is 7\u20139 years. The duration was calculated based on a discount rate of 3.7% (3.1%). Defined benefit plans expose the Group to several different risks, the most significant 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 deficit. Inflation risk Some of the benefit obligations under the plans are tied to inflation, and higher inflation will lead to higher liabilities (although a ceiling for inflation adjustments has been set in most cases to protect the plan from unusually high inflation). Life expectancy As the majority of the obligations under the plans are related to providing lifelong benefits to the members, the expected increase in life expectancy will result in higher obligations under the plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": " Employee benefits cover short-term employee benefits, other long-term benefits, benefits paid in connec- tion with dismissal and post-employment benefits. Short-term employee benefits include salaries and benefits in kind, annual holidays and bonuses. Other long- term benefits include, for example, a celebration, holiday or remuneration based on a long period of service. Benefits paid in connection with dismissal are benefits that are paid due to the termination of an employee\u2019s contract and not for service in the company. Post-employment benefits comprise pension and benefits to be paid after termination of the employee\u2019s contract, such as life insurance and healthcare. These benefits are classified as either defined contribution or defined benefit plans. The Group has both forms of benefit plans. The accounting principles related to pensions are presented in more detail in Note 3.5 Pension obligations. Past service costs are recognised as expenses through profit or loss at the earlier of the following: when the plan is rearranged or downsized, or a when the entity recognises the related rearrangement expenses or bene- fits related to the termination of employment ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "1.3 Operating expenses 1.3.1 Materials and services MEUR 2023 2022 Use of materials and supplies External services 35.0 37.6 Total 35.0 37.6 Materials and services 35.0 37.6 1.3.2 Research and development expenses The Group\u2019s research and development costs in 2023 totalled MEUR 8.5 (MEUR 7.6). MEUR 6.1 (MEUR 5.6) was recognised in the income statement and development expenses of MEUR 2.4 (MEUR 1.9) were capitalised on the balance sheet in 2023. There were capitalised research and developments expenses totalling MEUR 5.2 (MEUR 3.7) on the balance sheet on 31 December 2023
1.3.3 Employee benefits expense
Employee benefits cover short-term employee benefits, other long-term benefits, benefits paid in connec-
tion with dismissal and post-employment benefits.
Short-term employee benefits include salaries and benefits in kind, annual holidays and bonuses. Other long-
term benefits include, for example, a celebration, holiday or remuneration based on a long period of service.
Benefits paid in connection with dismissal are benefits that are paid due to the termination of an employee\u2019s
contract and not for service in the company.
Post-employment benefits comprise pension and benefits to be paid after termination of the employee\u2019s
contract, such as life insurance and healthcare. These benefits are classified as either defined contribution or
defined benefit plans. The Group has both forms of benefit plans. The accounting principles related to pensions
are presented in more detail in Note 3.5 Pension obligations.
Past service costs are recognised as expenses through profit or loss at the earlier of the following: when the
plan is rearranged or downsized, or a when the entity recognises the related rearrangement expenses or bene-
fits related to the termination of employment .
MEUR 2023 2022
Wages, salaries and fees 91.5 92.2
Pension costs \u2013 defined contribution plans 13.3 12.9
Share-based payment transaction expense 3.5 4.4
Other employee expenses 9.7 10.0
Total 118.1 119.6
1.3.4 Other operating expenses Specification of other operating expenses by category: MEUR 2023 2022 Information technology and telecommunication 31.1 30.3 Business premises 2.4 1.7 Sales and marketing expenses 13.1 14.2 Administration and experts 6.9 7.3 Other employee costs 7.0 6.7 Other expenses 2.2 1.4 Total 62.6 61.6 1.3.5 Audit expenses EUR 1,000 2023 2022 Companies belonging to the PricewaterhouseCoopers chain Audit 290.5 244.1 Tax consultation 1.1 Reporting and opinions 25.9 Other 42.9 69.2 Total 334.5 339.2 The non-audit services provided by PricewaterhouseCoopers Oy for Alma Media Group com- panies in the financial period 2023 totalled EUR 44,000 (a total of EUR 69,200 in the financial period 2022) 1.4 Salaries, bonuses and share-based payments paid to manage- ment The reward scheme of the President and CEO of Alma Media Corporation and other senior management consists of a fixed monetary salary (monthly salary), fringe benefits (company car and mobile telephone benefit, and housing benefit for the President & CEO), an incentive bonus related to the achievement of financial 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 benefit for management. 1.4.1 Salaries and bonuses paid to management Parent company President and CEO (Kai Telanne) EUR 1,000 2023 2022 Salaries and other short-term employee benefits 877.9 1,007.7 Post-employment benefits 470.5 471.9 Incentive schemes implemented and paid in the form of shares 876.8 908.7 Total 2,225.3 2,388.4 The figures in the table are presented on an accrual basis. In 2023, the salary and benefits paid to the President and CEO of the Group totalled EUR 2,729,843 (2022: EUR 3,450,902). Pension benefits of the President and CEO: In addition to statutory employment pension security, the President and CEO has a defined contribution group pension benefit. The supplementary pension contribution of the President and CEO\u2019s fixed annual salary is 37% of the annual salary, which is calculated by adding a computational share of 50% of the maximum incentive to the fixed annual salary. The President and CEO\u2019s retirement age is 60 years at the earliest. The pension is determined on the basis of the insurance savings accrued by the time of retirement. Retirement can be post- poned 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 com- pensation equal to 12 months\u2019 salary is paid if the employer terminates his contract 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 2023 2022 Salaries and other short-term employee benefits 2,329.2 2,659.4 Post-employment benefits 930.7 857.2 Incentive schemes implemented and paid in the form of shares 1,674.5 1,853.1 Total 4,934.4 5,369.7 The figures in the table are presented on an accrual basis. In 2023, the salary and benefits paid to the other members of the Group Executive Team totalled EUR 5,972,299 (2022: EUR 7,050,554). Board of Directors of Alma Media Corporation and benefits paid to its members EUR 1,000 2023 2022 Catharina Stackelberg-Hammar\u00e9n, Chair of the Board 88.8 78.0 Eero Broman, Deputy Chair 53.5 48.3 Heikki Herlin, member 44.3 39.0 Peter Immonen, member 45.3 40.0 Esa Lager, member 49.3 45.5 Alexander Lindholm, member 42.8 39.0 Kaisa Salakka, member 44.3 39.0 Petri Niemisvirta, member until 4 April 2023 1.5 40.9 Jorma Ollila, Chair until 29 March 2022 3.5 Total 369.8 373.2 The remuneration of the Board of Directors presented in the table is shown on an accrual basis. According to the resolution of the General Meeting, the benefits to the Board members are paid as shares of Alma Media Corporation .
Salaries and benefits to the Board of Directors, the President and CEO, and other members
of the Group Executive Team, total
EUR 1,000 2023 2022
Salaries and other short-term employee benefits 3,576.9 4,040.3
Post-employment benefits 1,401.2 1,329.1
Incentive schemes implemented and paid in the form of shares 2,551.3 2,761.8
Total 7,529.4 8,131.2
1.4.2 Share-based retention and incentive schemes
Share-Based incentive scheme (LTI 2015) (ended in spring 2023)
In 2015, the Board of Directors of Alma Media Corporation approved the establishment of a
long-term share-based incentive scheme for the key management of Alma Media (hereinafter
referred to as \u201cLTI 2015\u201d).
LTI 2015 consisted of annually commencing individual plans, each subject to separate Board
approval. Each of the individual plans consisted 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.
Performance Matching Plan
The performance matching plan comprised a five-year performance period in total. The share
rewards were delivered in tranches after three and five years if the performance targets set
by the Board of Directors were attained.
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 management. 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 Corporation. The new incentive scheme
entered into effect from the beginning of 2019.
In February 2020, 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 2020). The Board of Directors further decided on the commencement of
a new period under the performance-based share-based incentive scheme aimed at middle
management and selected key employees (PSP 2020). The incentive scheme ended in spring
2023.
In April 2021, the Board of Directors of Alma Media Corporation decided on the commence-
ment of a new period under the long-term share-based incentive scheme for senior man-
agement (MSP 2021). The Board of Directors further decided on the commencement 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 com-
mencement 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 incentive scheme aimed at middle
management and selected key employees (PSP 2022).
In February 2023, 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 2023). The Board of Directors further decided on the commencement of
a new period under the performance-based share-based incentive scheme aimed at middle
management and selected key employees (PSP 2023).
The Annual General Meeting of Alma Media Corporation held on 4 April 2023 authorised 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 trans-
ferring shares in possession of the company to implement incentive programmes.
Recognition of share-based incentives
Share-based incentives are recognised in their entirety as equity-settled share-based pay-
ment 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 rec-
ognised as an employee benefit expense over the vesting period with corresponding entries
in equity.
Principal terms and conditions of the performance share plan:
Instrument
Performance Matching
Share Plan PSP 2023
Performance Matching
Plan MSP 2023
Performance Matching
Share Plan PSP 2022
AGM date/
Date of issuing 4 Apr 2023 4 Apr 2023 29 Mar 2022
Maximum number of shares 290,000 630,000 290,000
Dividend adjustment No No No
Initial allocation date 2 Mar 2023 27 Apr 2023 16 Feb 2022
Performance period begins 1 Jan 2023 1 Jan 2023 1 Jan 2022
Performance period ends 31 Dec 2025 31 Dec 2025 31 Dec 2024
Vesting date 28 Feb 2026 28 Feb 2026 28 Feb 2025
Maximum contractual life, years 3.0 2.8 3.0
Remaining contractual life, years 2.2 2.2 1.2
Maximum number of people entitled to
participate 83 9 79
Payment method Cash & share Cash & share Cash & share
Instrument
Matching share plan
MSP 2020
Performance share
plan PSP 2020
Performance matching
share plan TSR LTI
2015 IV
AGM date/
Date of issuing 18 Dec 2018 18 Dec 2018 12 Feb 2015
Maximum number of shares 390,000 226,000 195,000
Dividend adjustment No No No
Initial allocation date 8 May 2020 8 May 2020 7 May 2018
Performance period begins 1 Jan 2020 1 Jan 2020 1 Jan 2018
Performance period ends 31 Dec 2022 31 Dec 2022 31 Mar 2023
Vesting date 28 Feb 2023 28 Feb 2023 31 Mar 2023
Maximum contractual life, years 2.8 2.8 4.8
Remaining contractual life, years 0.0 0 0.0
Maximum number of people entitled to
participate 0 47 0
Payment method Cash & share Cash & share Cash & share
Instrument
Performance Matching
Plan MSP 2022
Matching share plan
MSP 2021
Performance share
plan PSP 2021
AGM date/
Date of issuing 29 Mar 2022 18 Dec 2018 18 Dec 2018
Maximum number of shares 528,000 450,000 226,000
Dividend adjustment No No No
Initial allocation date 16 Feb 2022 7 Apr 2021 7 Apr 2021
Performance period begins 1 Jan 2022 1 Jan 2021 1 Jan 2021
Performance period ends 31 Dec 2024 31 Dec 2023 31 Dec 2023
Vesting date 28 Feb 2025 29 Feb 2024 29 Feb 2024
Maximum contractual life, years 3.0 3.0 3.0
Remaining contractual life, years 1.2 0.2 0.2
Maximum number of people entitled to
participate 10 9 58
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 9.07
Share price at end of period, EUR 9.60
Dividend yield assumption, EUR 1.02
Valuation method Monte Carlo simulation
Fair value on 31 December 2023, MEUR 2.7
Effect of the share-based incentive programme on the financial year\u2019s result and financial
position
MEUR 2023 2022
Costs for the financial year, share-based payments 3.5 4.4
Estimate of the total future share payable to the tax authorities of all current
LTI incentive schemes after the financial period 5.9 7.5
Changes during share plan period
1 Jan 2023
Performance
Matching Share
Plan PSP 2023
Performance
Matching
Plan MSP
2023
Matching share
plan
MSP 2022
Performance
Matching Share
Plan
PSP 2022
Matching share
plan
MSP 2021
Performance
Matching Share
Plan
PSP 2021
Matching share
plan MSP 2020
Performance
Matching Share
Plan
PSP 2020
Performance
matching share
plan TSR LTI
2015 IV Total
Outstanding at the beginning of the reporting period, pcs 508,140 240,000 391,500 186,000 344,316 194,000 144,988 2,008,944
Changes during the period
Granted during the period 262,000 503,134 17,100 782,234
Forfeited during the period 2,000 48,000 69,025 4,000 36,000 2,000 3,008 164,033
Earned during the period 361,416 190,992 62,353 614,761
Expired during the period 82,635
31 Dec 2023
Outstanding at the end of the period, pcs 260,000 455,134 439,115 236,000 355,500 184,000 0 0 0 1,929,749
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "1.3.1 Materials and services MEUR 2023 2022 Use of materials and supplies External services 35.0 37.6 Total 35.0 37.6 Materials and services 35.0 37.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "1.3.2 Research and development expenses The Group\u2019s research and development costs in 2023 totalled MEUR 8.5 (MEUR 7.6). MEUR 6.1 (MEUR 5.6) was recognised in the income statement and development expenses of MEUR 2.4 (MEUR 1.9) were capitalised on the balance sheet in 2023. There were capitalised research and developments expenses totalling MEUR 5.2 (MEUR 3.7) on the balance sheet on 31 December 2023 .", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "Average number of employees, calculated as full-time employees (excl. telemarketers) 2023 2022 Alma Career 704 682 Alma Consumer 393 374 Alma Talent 422 438 Shared operations 175 184 Total 1,695 1,679 Telemarketers on average 144 196", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "1.3.4 Other operating expenses Specification of other operating expenses by category: MEUR 2023 2022 Information technology and telecommunication 31.1 30.3 Business premises 2.4 1.7 Sales and marketing expenses 13.1 14.2 Administration and experts 6.9 7.3 Other employee costs 7.0 6.7 Other expenses 2.2 1.4 Total 62.6 61.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "1.3.4 Other operating expenses Specification of other operating expenses by category: MEUR 2023 2022 Information technology and telecommunication 31.1 30.3 Business premises 2.4 1.7 Sales and marketing expenses 13.1 14.2 Administration and experts 6.9 7.3 Other employee costs 7.0 6.7 Other expenses 2.2 1.4 Total 62.6 61.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "1.3.5 Audit expenses EUR 1,000 2023 2022 Companies belonging to the PricewaterhouseCoopers chain Audit 290.5 244.1 Tax consultation 1.1 Reporting and opinions 25.9 Other 42.9 69.2 Total 334.5 339.2 The non-audit services provided by PricewaterhouseCoopers Oy for Alma Media Group com- panies in the financial period 2023 totalled EUR 44,000 (a total of EUR 69,200 in the financial period 2022) .", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "1.4 Salaries, bonuses and share-based payments paid to manage- ment The reward scheme of the President and CEO of Alma Media Corporation and other senior management consists of a fixed monetary salary (monthly salary), fringe benefits (company car and mobile telephone benefit, and housing benefit for the President & CEO), an incentive bonus related to the achievement of financial 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 benefit for management. 1.4.1 Salaries and bonuses paid to management Parent company President and CEO (Kai Telanne) EUR 1,000 2023 2022 Salaries and other short-term employee benefits 877.9 1,007.7 Post-employment benefits 470.5 471.9 Incentive schemes implemented and paid in the form of shares 876.8 908.7 Total 2,225.3 2,388.4 The figures in the table are presented on an accrual basis. In 2023, the salary and benefits paid to the President and CEO of the Group totalled EUR 2,729,843 (2022: EUR 3,450,902). Pension benefits of the President and CEO: In addition to statutory employment pension security, the President and CEO has a defined contribution group pension benefit. The supplementary pension contribution of the President and CEO\u2019s fixed annual salary is 37% of the annual salary, which is calculated by adding a computational share of 50% of the maximum incentive to the fixed annual salary. The President and CEO\u2019s retirement age is 60 years at the earliest. The pension is determined on the basis of the insurance savings accrued by the time of retirement. Retirement can be post- poned 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 com- pensation equal to 12 months\u2019 salary is paid if the employer terminates his contract 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 2023 2022 Salaries and other short-term employee benefits 2,329.2 2,659.4 Post-employment benefits 930.7 857.2 Incentive schemes implemented and paid in the form of shares 1,674.5 1,853.1 Total 4,934.4 5,369.7 The figures in the table are presented on an accrual basis. In 2023, the salary and benefits paid to the other members of the Group Executive Team totalled EUR 5,972,299 (2022: EUR 7,050,554). Board of Directors of Alma Media Corporation and benefits paid to its members EUR 1,000 2023 2022 Catharina Stackelberg-Hammar\u00e9n, Chair of the Board 88.8 78.0 Eero Broman, Deputy Chair 53.5 48.3 Heikki Herlin, member 44.3 39.0 Peter Immonen, member 45.3 40.0 Esa Lager, member 49.3 45.5 Alexander Lindholm, member 42.8 39.0 Kaisa Salakka, member 44.3 39.0 Petri Niemisvirta, member until 4 April 2023 1.5 40.9 Jorma Ollila, Chair until 29 March 2022 3.5 Total 369.8 373.2 The remuneration of the Board of Directors presented in the table is shown on an accrual basis. According to the resolution of the General Meeting, the benefits to the Board members are paid as shares of Alma Media Corporation Salaries and benefits to the Board of Directors, the President and CEO, and other members of the Group Executive Team, total EUR 1,000 2023 2022 Salaries and other short-term employee benefits 3,576.9 4,040.3 Post-employment benefits 1,401.2 1,329.1 Incentive schemes implemented and paid in the form of shares 2,551.3 2,761.8 Total 7,529.4 8,131.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "Parent company President and CEO (Kai Telanne) EUR 1,000 2023 2022 Salaries and other short-term employee benefits 877.9 1,007.7 Post-employment benefits 470.5 471.9 Incentive schemes implemented and paid in the form of shares 876.8 908.7 Total 2,225.3 2,388.4 EUR 1,000 2023 2022 Salaries and other short-term employee benefits 2,329.2 2,659.4 Post-employment benefits 930.7 857.2 Incentive schemes implemented and paid in the form of shares 1,674.5 1,853.1 Total 4,934.4 5,369.7 EUR 1,000 2023 2022 Catharina Stackelberg-Hammar\u00e9n, Chair of the Board 88.8 78.0 Eero Broman, Deputy Chair 53.5 48.3 Heikki Herlin, member 44.3 39.0 Peter Immonen, member 45.3 40.0 Esa Lager, member 49.3 45.5 Alexander Lindholm, member 42.8 39.0 Kaisa Salakka, member 44.3 39.0 Petri Niemisvirta, member until 4 April 2023 1.5 40.9 Jorma Ollila, Chair until 29 March 2022 3.5 Total 369.8 373.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "1.4.2 Share-based retention and incentive schemes Share-Based incentive scheme (LTI 2015) (ended in spring 2023) In 2015, the Board of Directors of Alma Media Corporation approved the establishment of a long-term share-based incentive scheme for the key management of Alma Media (hereinafter referred to as \u201cLTI 2015\u201d). LTI 2015 consisted of annually commencing individual plans, each subject to separate Board approval. Each of the individual plans consisted 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. Performance Matching Plan The performance matching plan comprised a five-year performance period in total. The share rewards were delivered in tranches after three and five years if the performance targets set by the Board of Directors were attained. 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 management. 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 Corporation. The new incentive scheme entered into effect from the beginning of 2019. In February 2020, 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 2020). The Board of Directors further decided on the commencement of a new period under the performance-based share-based incentive scheme aimed at middle management and selected key employees (PSP 2020). The incentive scheme ended in spring 2023. In April 2021, the Board of Directors of Alma Media Corporation decided on the commence- ment of a new period under the long-term share-based incentive scheme for senior man- agement (MSP 2021). The Board of Directors further decided on the commencement 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 com- mencement 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 incentive scheme aimed at middle management and selected key employees (PSP 2022). In February 2023, 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 2023). The Board of Directors further decided on the commencement of a new period under the performance-based share-based incentive scheme aimed at middle management and selected key employees (PSP 2023). The Annual General Meeting of Alma Media Corporation held on 4 April 2023 authorised 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 trans- ferring shares in possession of the company to implement incentive programmes. Recognition of share-based incentives Share-based incentives are recognised in their entirety as equity-settled share-based pay- ment 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 rec- ognised as an employee benefit expense over the vesting period with corresponding entries in equity. Principal terms and conditions of the performance share plan: Instrument Performance Matching Share Plan PSP 2023 Performance Matching Plan MSP 2023 Performance Matching Share Plan PSP 2022 AGM date/ Date of issuing 4 Apr 2023 4 Apr 2023 29 Mar 2022 Maximum number of shares 290,000 630,000 290,000 Dividend adjustment No No No Initial allocation date 2 Mar 2023 27 Apr 2023 16 Feb 2022 Performance period begins 1 Jan 2023 1 Jan 2023 1 Jan 2022 Performance period ends 31 Dec 2025 31 Dec 2025 31 Dec 2024 Vesting date 28 Feb 2026 28 Feb 2026 28 Feb 2025 Maximum contractual life, years 3.0 2.8 3.0 Remaining contractual life, years 2.2 2.2 1.2 Maximum number of people entitled to participate 83 9 79 Payment method Cash & share Cash & share Cash & share Instrument Matching share plan MSP 2020 Performance share plan PSP 2020 Performance matching share plan TSR LTI 2015 IV AGM date/ Date of issuing 18 Dec 2018 18 Dec 2018 12 Feb 2015 Maximum number of shares 390,000 226,000 195,000 Dividend adjustment No No No Initial allocation date 8 May 2020 8 May 2020 7 May 2018 Performance period begins 1 Jan 2020 1 Jan 2020 1 Jan 2018 Performance period ends 31 Dec 2022 31 Dec 2022 31 Mar 2023 Vesting date 28 Feb 2023 28 Feb 2023 31 Mar 2023 Maximum contractual life, years 2.8 2.8 4.8 Remaining contractual life, years 0.0 0 0.0 Maximum number of people entitled to participate 0 47 0 Payment method Cash & share Cash & share Cash & share Instrument Performance Matching Plan MSP 2022 Matching share plan MSP 2021 Performance share plan PSP 2021 AGM date/ Date of issuing 29 Mar 2022 18 Dec 2018 18 Dec 2018 Maximum number of shares 528,000 450,000 226,000 Dividend adjustment No No No Initial allocation date 16 Feb 2022 7 Apr 2021 7 Apr 2021 Performance period begins 1 Jan 2022 1 Jan 2021 1 Jan 2021 Performance period ends 31 Dec 2024 31 Dec 2023 31 Dec 2023 Vesting date 28 Feb 2025 29 Feb 2024 29 Feb 2024 Maximum contractual life, years 3.0 3.0 3.0 Remaining contractual life, years 1.2 0.2 0.2 Maximum number of people entitled to participate 10 9 58 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 9.07 Share price at end of period, EUR 9.60 Dividend yield assumption, EUR 1.02 Valuation method Monte Carlo simulation Fair value on 31 December 2023, MEUR 2.7 Effect of the share-based incentive programme on the financial year\u2019s result and financial position MEUR 2023 2022 Costs for the financial year, share-based payments 3.5 4.4 Estimate of the total future share payable to the tax authorities of all current LTI incentive schemes after the financial period 5.9 7.5 Changes during share plan period 1 Jan 2023 Performance Matching Share Plan PSP 2023 Performance Matching Plan MSP 2023 Matching share plan MSP 2022 Performance Matching Share Plan PSP 2022 Matching share plan MSP 2021 Performance Matching Share Plan PSP 2021 Matching share plan MSP 2020 Performance Matching Share Plan PSP 2020 Performance matching share plan TSR LTI 2015 IV Total Outstanding at the beginning of the reporting period, pcs 508,140 240,000 391,500 186,000 344,316 194,000 144,988 2,008,944 Changes during the period Granted during the period 262,000 503,134 17,100 782,234 Forfeited during the period 2,000 48,000 69,025 4,000 36,000 2,000 3,008 164,033 Earned during the period 361,416 190,992 62,353 614,761 Expired during the period 82,635 31 Dec 2023 Outstanding at the end of the period, pcs 260,000 455,134 439,115 236,000 355,500 184,000 0 0 0 1,929,749", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "Recognition of share-based incentives Share-based incentives are recognised in their entirety as equity-settled share-based pay- ment 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 rec- ognised as an employee benefit expense over the vesting period with corresponding entries in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "
2.1 Intangible assets and goodwill
Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur-
chase price, the share of the non-controlling interest in the acquired entity and the purchaser\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 significantly improved products are capitalised as intangible assets when the costs of
the development stage can be reliably determined, the product is technically feasible and economically viable,
the product is expected to produce an economic benefit 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 capitalised 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 finite useful life are shown in the balance
sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is
entered on intangible assets with an indefinite useful life; instead, these are tested annually for impairment. In
Alma Media, intangible assets with an indefinite useful life are trademarks measured at fair value at the time of
acquisition.
The useful lives of intangible assets are 3\u201310 years
MEUR
Intangible
rights
Other
intangible
assets
Advances,
intangible Goodwill Total
Financial year 2023
Acquisition cost 1 Jan 163.4 1.7 5.1 296.0 466.3
Increases 2.7 5.4 8.1
Acquisitions of business oper-
ations 3.9 4.8 8.7
Decreases -3.5 -0.1 -0.4 -4.0
Exchange rate differences -0.6 -0.3 -0.9
Transfers between items 3.5 -3.5 0.0
Acquisition cost 31 Dec 169.4 1.6 6.9 300.1 478.1
Accumulated depreciation, amor-
tisation and impairment 1 Jan 81.3 1.4 1.7 84.4
Accumulated depreciation in
decreases and transfers -2.0 -2.0
Depreciation for the financial
year 9.4 0.1 9.5
Exchange rate differences -0.6 0.4 -0.2
Accumulated depreciation,
amortisation and impairments
31 Dec 88.1 1.5 2.1 91.7
Book value 1 Jan 82.1 0.2 5.1 294.4 381.8
Book value 31 Dec 81.3 0.1 6.9 298.0 386.3
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, amor- tisation 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 financial 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 impairments 31 Dec 81.3 1.4 0.0 1.7 84.4 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 Allocation of intangibles with indefinite lives to cash-generating units The book value of intangible assets includes intangible rights totalling MEUR 59.8 which are not depreciated; instead, these rights are tested annually for impairment. In Alma Media, in- tangible assets with an indefinite 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 2023 2022 Alma Career 16.1 16.3 Alma Consumer 25.8 26.5 Alma Talent 17.8 16.7 Assets with indefinite lives, total 59.8 59. 5
Allocation of goodwill to business operations:
MEUR 2023 2022
A significant amount of goodwill has been allocated to the following
cash-generating units
Alma Career 48.8 48.8
Alma Consumer 169.0 169.5
Alma Talent 80.1 76.0
Non-allocated goodwill 0.1 0.1
Total goodwill 298.0 294.4
Goodwill, intangible rights with indefinite useful lives and other long-term assets are tested
at the level of cash generating units. In testing for impairment, the recoverable amount is the
value in use.
Impairment testing of goodwill and intangibles with indefinite 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 indefinite useful life. These are assessed regardless
of whether or not indications of impairment exist. The recoverable 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 flows obtainable from the asset or cash-generating unit, discounted to
their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat-
ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment
loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair-
ment losses recognised on goodwill are never reversed .
Following the model used before, estimated cash flows determined in the test are based
on the Group\u2019s strategic forecasts for the following three years confirmed 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 flow for the terminal year is determined on the basis
of the cash flow of the most recent year of the forecast period and without a growth assump-
tion. In addition to general economic factors, the main assumptions and variables used when
determining cash flows are, for the media business, the growth assumptions for advertising
and content sales in different market segments, the unit-specific 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 activities are dependent on the economic cycle, particularly with
regard to advertising. Advertising sales constitute approximately one-fifth of consolidated
revenue. Advertising sales correlate with changes in GDP, and changes in advertising sales
are largely intensified at cyclical turns. Investments in advertising have been low in Finland
in relation to the level of GDP in 2014\u20132023, 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 revenue and costs used in the value in use
calculations are presented in the table on the next page.
According to its strategy, the Group has invested in new revenue sources, the development of
digital products and services. Digital service revenue accounts for 79.2% of consolidated rev-
enue. In digital services, the realised changes are larger and the future growth assumptions
higher than in average advertising investments.
The discount rate used in impairment testing has been determined using geographical (coun-
try) and business-specific 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 tax-
es (net of taxes as adjusted for final presentation 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 interest 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 1.2%, which is based on Alma Media\u2019s market capitalisation on the valuation date as well as the statistical analysis of small enterprise risk premiums conducted by Duff & Phelps. Changes from 2022: No changes were made to the segments\u2019 tested businesses. The most significant growth assumptions used in impairment testing Financial year 2023 Revenue growth as- sumption, % * Cost growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Republic, the Baltic coun- tries, Slovakia 4.0 3.2 12.3 Digital Alma Consumer Finland 2.3 1.3 10.8 Media, digital Alma Talent Finland, Sweden 2.6 2.6 10.8 Media, digital, services Financial year 2022 Revenue growth as- sumption, % * Cost growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Republic, the Baltic coun- tries, Slovakia 3.6 3.2 12.6 Digital Alma Consumer Finland 2.3 2.9 10.7 Media, digital Alma Talent Finland, Sweden 1.1 1.9 10.8 Media, digital, services * The growth assumptions are based on the annual averages for the period. Impairment losses and their allocation During the past financial year, the Group recognised MEUR 1.1 in impairment losses, which were allocated to other investments. In the management\u2019s view, there are no indications of impairment with regard to the other assets of Alma Media Group. During the previous finan- cial year, the Group recognised MEUR 0.6 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 acqui- sitions, 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 flows has been estimated. The sensitivity analysis of marketplac- es sales and media sales is based on the management\u2019s view of the future development on the balance sheet date. For the cash-generating units, no somewhat probable change in the key assumptions would lead to the book value of a cash-generating unit exceeding its value in use. The balance sheet value of associated companies is assessed in relation to the cash flow obtained from the companies (dividend income), in comparison to their net asset value, or through other assessment of the company\u2019s profit performance with respect to future cash flow estimates. Based on the analysis performed, the shares in associated companies do not include a risk of impairment", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "2.1 Intangible assets and goodwill Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price, the share of the non-controlling interest in the acquired entity and the purchaser\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 significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined, the product is technically feasible and economically viable, the product is expected to produce an economic benefit 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 capitalised 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 finite useful life are shown in the balance sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is entered on intangible assets with an indefinite useful life; instead, these are tested annually for impairment. In Alma Media, intangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. The useful lives of intangible assets are 3\u201310 years MEUR Intangible rights Other intangible assets Advances, intangible Goodwill Total Financial year 2023 Acquisition cost 1 Jan 163.4 1.7 5.1 296.0 466.3 Increases 2.7 5.4 8.1 Acquisitions of business oper- ations 3.9 4.8 8.7 Decreases -3.5 -0.1 -0.4 -4.0 Exchange rate differences -0.6 -0.3 -0.9 Transfers between items 3.5 -3.5 0.0 Acquisition cost 31 Dec 169.4 1.6 6.9 300.1 478.1 Accumulated depreciation, amor- tisation and impairment 1 Jan 81.3 1.4 1.7 84.4 Accumulated depreciation in decreases and transfers -2.0 -2.0 Depreciation for the financial year 9.4 0.1 9.5 Exchange rate differences -0.6 0.4 -0.2 Accumulated depreciation, amortisation and impairments 31 Dec 88.1 1.5 2.1 91.7 Book value 1 Jan 82.1 0.2 5.1 294.4 381.8 Book value 31 Dec 81.3 0.1 6.9 298.0 386.3 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, amor- tisation 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 financial 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 impairments 31 Dec 81.3 1.4 0.0 1.7 84.4 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 Allocation of intangibles with indefinite lives to cash-generating units The book value of intangible assets includes intangible rights totalling MEUR 59.8 which are not depreciated; instead, these rights are tested annually for impairment. In Alma Media, in- tangible assets with an indefinite 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 2023 2022 Alma Career 16.1 16.3 Alma Consumer 25.8 26.5 Alma Talent 17.8 16.7 Assets with indefinite lives, total 59.8 59. Allocation of goodwill to business operations: MEUR 2023 2022 A significant amount of goodwill has been allocated to the following cash-generating units Alma Career 48.8 48.8 Alma Consumer 169.0 169.5 Alma Talent 80.1 76.0 Non-allocated goodwill 0.1 0.1 Total goodwill 298.0 294.4 Goodwill, intangible rights with indefinite useful lives and other long-term assets are tested at the level of cash generating units. In testing for impairment, the recoverable amount is the value in use. Impairment testing of goodwill and intangibles with indefinite 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 indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable 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 flows obtainable from the asset or cash-generating unit, discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed . Following the model used before, estimated cash flows determined in the test are based on the Group\u2019s strategic forecasts for the following three years confirmed 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 flow for the terminal year is determined on the basis of the cash flow of the most recent year of the forecast period and without a growth assump- tion. In addition to general economic factors, the main assumptions and variables used when determining cash flows are, for the media business, the growth assumptions for advertising and content sales in different market segments, the unit-specific 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 activities are dependent on the economic cycle, particularly with regard to advertising. Advertising sales constitute approximately one-fifth of consolidated revenue. Advertising sales correlate with changes in GDP, and changes in advertising sales are largely intensified at cyclical turns. Investments in advertising have been low in Finland in relation to the level of GDP in 2014\u20132023, 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 revenue and costs used in the value in use calculations are presented in the table on the next page. According to its strategy, the Group has invested in new revenue sources, the development of digital products and services. Digital service revenue accounts for 79.2% of consolidated rev- enue. In digital services, the realised changes are larger and the future growth assumptions higher than in average advertising investments. The discount rate used in impairment testing has been determined using geographical (coun- try) and business-specific 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 tax- es (net of taxes as adjusted for final presentation 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 interest 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 1.2%, which is based on Alma Media\u2019s market capitalisation on the valuation date as well as the statistical analysis of small enterprise risk premiums conducted by Duff & Phelps. Changes from 2022: No changes were made to the segments\u2019 tested businesses. The most significant growth assumptions used in impairment testing Financial year 2023 Revenue growth as- sumption, % * Cost growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Republic, the Baltic coun- tries, Slovakia 4.0 3.2 12.3 Digital Alma Consumer Finland 2.3 1.3 10.8 Media, digital Alma Talent Finland, Sweden 2.6 2.6 10.8 Media, digital, services Financial year 2022 Revenue growth as- sumption, % * Cost growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Republic, the Baltic coun- tries, Slovakia 3.6 3.2 12.6 Digital Alma Consumer Finland 2.3 2.9 10.7 Media, digital Alma Talent Finland, Sweden 1.1 1.9 10.8 Media, digital, services * The growth assumptions are based on the annual averages for the period. Impairment losses and their allocation During the past financial year, the Group recognised MEUR 1.1 in impairment losses, which were allocated to other investments. In the management\u2019s view, there are no indications of impairment with regard to the other assets of Alma Media Group. During the previous finan- cial year, the Group recognised MEUR 0.6 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 acqui- sitions, 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 flows has been estimated. The sensitivity analysis of marketplac- es sales and media sales is based on the management\u2019s view of the future development on the balance sheet date. For the cash-generating units, no somewhat probable change in the key assumptions would lead to the book value of a cash-generating unit exceeding its value in use. The balance sheet value of associated companies is assessed in relation to the cash flow obtained from the companies (dividend income), in comparison to their net asset value, or through other assessment of the company\u2019s profit performance with respect to future cash flow estimates. Based on the analysis performed, the shares in associated companies do not include a risk of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "2.1 Intangible assets and goodwill Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price, the share of the non-controlling interest in the acquired entity and the purchaser\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 significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined, the product is technically feasible and economically viable, the product is expected to produce an economic benefit 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 capitalised 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 finite useful life are shown in the balance sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is entered on intangible assets with an indefinite useful life; instead, these are tested annually for impairment. In Alma Media, intangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. The useful lives of intangible assets are 3\u201310 years MEUR Intangible rights Other intangible assets Advances, intangible Goodwill Total Financial year 2023 Acquisition cost 1 Jan 163.4 1.7 5.1 296.0 466.3 Increases 2.7 5.4 8.1 Acquisitions of business oper- ations 3.9 4.8 8.7 Decreases -3.5 -0.1 -0.4 -4.0 Exchange rate differences -0.6 -0.3 -0.9 Transfers between items 3.5 -3.5 0.0 Acquisition cost 31 Dec 169.4 1.6 6.9 300.1 478.1 Accumulated depreciation, amor- tisation and impairment 1 Jan 81.3 1.4 1.7 84.4 Accumulated depreciation in decreases and transfers -2.0 -2.0 Depreciation for the financial year 9.4 0.1 9.5 Exchange rate differences -0.6 0.4 -0.2 Accumulated depreciation, amortisation and impairments 31 Dec 88.1 1.5 2.1 91.7 Book value 1 Jan 82.1 0.2 5.1 294.4 381.8 Book value 31 Dec 81.3 0.1 6.9 298.0 386.3
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, amor-
tisation 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 financial
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 impairments
31 Dec 81.3 1.4 0.0 1.7 84.4
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
Allocation of intangibles with indefinite lives to cash-generating units
The book value of intangible assets includes intangible rights totalling MEUR 59.8 which are
not depreciated; instead, these rights are tested annually for impairment. In Alma Media, in-
tangible assets with an indefinite 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 2023 2022
Alma Career 16.1 16.3
Alma Consumer 25.8 26.5
Alma Talent 17.8 16.7
Assets with indefinite lives, total 59.8 59. 5
Allocation of goodwill to business operations: MEUR 2023 2022 A significant amount of goodwill has been allocated to the following cash-generating units Alma Career 48.8 48.8 Alma Consumer 169.0 169.5 Alma Talent 80.1 76.0 Non-allocated goodwill 0.1 0.1 Total goodwill 298.0 294.4 Goodwill, intangible rights with indefinite useful lives and other long-term assets are tested at the level of cash generating units. In testing for impairment, the recoverable amount is the value in use. Impairment testing of goodwill and intangibles with indefinite 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 indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable 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 flows obtainable from the asset or cash-generating unit, discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed . Following the model used before, estimated cash flows determined in the test are based on the Group\u2019s strategic forecasts for the following three years confirmed 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 flow for the terminal year is determined on the basis of the cash flow of the most recent year of the forecast period and without a growth assump- tion. In addition to general economic factors, the main assumptions and variables used when determining cash flows are, for the media business, the growth assumptions for advertising and content sales in different market segments, the unit-specific 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 activities are dependent on the economic cycle, particularly with regard to advertising. Advertising sales constitute approximately one-fifth of consolidated revenue. Advertising sales correlate with changes in GDP, and changes in advertising sales are largely intensified at cyclical turns. Investments in advertising have been low in Finland in relation to the level of GDP in 2014\u20132023, 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 revenue and costs used in the value in use calculations are presented in the table on the next page. According to its strategy, the Group has invested in new revenue sources, the development of digital products and services. Digital service revenue accounts for 79.2% of consolidated rev- enue. In digital services, the realised changes are larger and the future growth assumptions higher than in average advertising investments. The discount rate used in impairment testing has been determined using geographical (coun- try) and business-specific 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 tax- es (net of taxes as adjusted for final presentation 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 interest 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 1.2%, which is based on Alma Media\u2019s market capitalisation on the valuation
date as well as the statistical analysis of small enterprise risk premiums conducted by Duff &
Phelps.
Changes from 2022:
No changes were made to the segments\u2019 tested businesses.
The most significant growth assumptions used in impairment testing
Financial year 2023
Revenue
growth as-
sumption, % *
Cost growth
assumption,
% *
WACC
before
taxes, % Business
Alma Career
Finland, the
Czech Republic,
the Baltic coun-
tries, Slovakia 4.0 3.2 12.3 Digital
Alma Consumer Finland 2.3 1.3 10.8 Media, digital
Alma Talent Finland, Sweden 2.6 2.6 10.8
Media, digital,
services
Financial year 2022
Revenue
growth as-
sumption, % *
Cost growth
assumption,
% *
WACC
before
taxes, % Business
Alma Career
Finland, the
Czech Republic,
the Baltic coun-
tries, Slovakia 3.6 3.2 12.6 Digital
Alma Consumer Finland 2.3 2.9 10.7 Media, digital
Alma Talent Finland, Sweden 1.1 1.9 10.8
Media, digital,
services
* The growth assumptions are based on the annual averages for the period.
Impairment losses and their allocation
During the past financial year, the Group recognised MEUR 1.1 in impairment losses, which
were allocated to other investments. In the management\u2019s view, there are no indications of
impairment with regard to the other assets of Alma Media Group. During the previous finan-
cial year, the Group recognised MEUR 0.6 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 acqui-
sitions, 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 flows has been estimated. The sensitivity analysis of marketplac-
es sales and media sales is based on the management\u2019s view of the future development on
the balance sheet date.
For the cash-generating units, no somewhat probable change in the key assumptions would
lead to the book value of a cash-generating unit exceeding its value in use.
The balance sheet value of associated companies is assessed in relation to the cash flow
obtained from the companies (dividend income), in comparison to their net asset value, or
through other assessment of the company\u2019s profit performance with respect to future cash
flow estimates. Based on the analysis performed, the shares in associated companies do not
include a risk of impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price, the share of the non-controlling interest in the acquired entity and the purchaser\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 significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined, the product is technically feasible and economically viable, the product is expected to produce an economic benefit 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 capitalised 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 finite useful life are shown in the balance sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is entered on intangible assets with an indefinite useful life; instead, these are tested annually for impairment. In Alma Media, intangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. The useful lives of intangible assets are 3\u201310 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price, the share of the non-controlling interest in the acquired entity and the purchaser\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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "Goodwill created through mergers and acquisitions is recorded at the amount by which the sum of the pur- chase price, the share of the non-controlling interest in the acquired entity and the purchaser\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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "Research costs are entered as an expense in the period in which they arise. Development costs arising from the development of new or significantly improved products are capitalised as intangible assets when the costs of the development stage can be reliably determined, the product is technically feasible and economically viable, the product is expected to produce an economic benefit 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 capitalised 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 finite useful life are shown in the balance sheet and expensed on a straight-line basis in the profit or loss during their useful lives. No depreciation is entered on intangible assets with an indefinite useful life; instead, these are tested annually for impairment. In Alma Media, intangible assets with an indefinite useful life are trademarks measured at fair value at the time of acquisition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "The useful lives of intangible assets are 3\u201310 years Straight line depreciation is entered on the assets over their estimated useful lives. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "MEUR Intangible rights Other intangible assets Advances, intangible Goodwill Total Financial year 2023 Acquisition cost 1 Jan 163.4 1.7 5.1 296.0 466.3 Increases 2.7 5.4 8.1 Acquisitions of business oper- ations 3.9 4.8 8.7 Decreases -3.5 -0.1 -0.4 -4.0 Exchange rate differences -0.6 -0.3 -0.9 Transfers between items 3.5 -3.5 0.0 Acquisition cost 31 Dec 169.4 1.6 6.9 300.1 478.1 Accumulated depreciation, amor- tisation and impairment 1 Jan 81.3 1.4 1.7 84.4 Accumulated depreciation in decreases and transfers -2.0 -2.0 Depreciation for the financial year 9.4 0.1 9.5 Exchange rate differences -0.6 0.4 -0.2 Accumulated depreciation, amortisation and impairments 31 Dec 88.1 1.5 2.1 91.7 Book value 1 Jan 82.1 0.2 5.1 294.4 381.8 Book value 31 Dec 81.3 0.1 6.9 298.0 386.3 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, amor- tisation 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 financial 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 impairments 31 Dec 81.3 1.4 0.0 1.7 84.4 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 MEUR Buildings and structures Machinery and equipment Other tangible assets Advance payments and purchases 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 financial 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "Impairment testing of goodwill and intangibles with indefinite 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 indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable 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 flows obtainable from the asset or cash-generating unit, discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed . Following the model used before, estimated cash flows determined in the test are based on the Group\u2019s strategic forecasts for the following three years confirmed 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 flow for the terminal year is determined on the basis of the cash flow of the most recent year of the forecast period and without a growth assump- tion. In addition to general economic factors, the main assumptions and variables used when determining cash flows are, for the media business, the growth assumptions for advertising and content sales in different market segments, the unit-specific 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 activities are dependent on the economic cycle, particularly with regard to advertising. Advertising sales constitute approximately one-fifth of consolidated revenue. Advertising sales correlate with changes in GDP, and changes in advertising sales are largely intensified at cyclical turns. Investments in advertising have been low in Finland in relation to the level of GDP in 2014\u20132023, 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 revenue and costs used in the value in use calculations are presented in the table on the next page. According to its strategy, the Group has invested in new revenue sources, the development of digital products and services. Digital service revenue accounts for 79.2% of consolidated rev- enue. In digital services, the realised changes are larger and the future growth assumptions higher than in average advertising investments. The discount rate used in impairment testing has been determined using geographical (coun- try) and business-specific 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 tax- es (net of taxes as adjusted for final presentation 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 interest 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 1.2%, which is based on Alma Media\u2019s market capitalisation on the valuation date as well as the statistical analysis of small enterprise risk premiums conducted by Duff & Phelps. Changes from 2022: No changes were made to the segments\u2019 tested businesses. The most significant growth assumptions used in impairment testing Financial year 2023 Revenue growth as- sumption, % * Cost growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Republic, the Baltic coun- tries, Slovakia 4.0 3.2 12.3 Digital Alma Consumer Finland 2.3 1.3 10.8 Media, digital Alma Talent Finland, Sweden 2.6 2.6 10.8 Media, digital, services Financial year 2022 Revenue growth as- sumption, % * Cost growth assumption, % * WACC before taxes, % Business Alma Career Finland, the Czech Republic, the Baltic coun- tries, Slovakia 3.6 3.2 12.6 Digital Alma Consumer Finland 2.3 2.9 10.7 Media, digital Alma Talent Finland, Sweden 1.1 1.9 10.8 Media, digital, services * The growth assumptions are based on the annual averages for the period. Impairment losses and their allocation During the past financial year, the Group recognised MEUR 1.1 in impairment losses, which were allocated to other investments. In the management\u2019s view, there are no indications of impairment with regard to the other assets of Alma Media Group. During the previous finan- cial year, the Group recognised MEUR 0.6 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 acqui- sitions, 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 flows has been estimated. The sensitivity analysis of marketplac- es sales and media sales is based on the management\u2019s view of the future development on the balance sheet date. For the cash-generating units, no somewhat probable change in the key assumptions would lead to the book value of a cash-generating unit exceeding its value in use. The balance sheet value of associated companies is assessed in relation to the cash flow obtained from the companies (dividend income), in comparison to their net asset value, or through other assessment of the company\u2019s profit performance with respect to future cash flow estimates. Based on the analysis performed, the shares in associated companies do not include a risk of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "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 indefinite useful life. These are assessed regardless of whether or not indications of impairment exist. The recoverable 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 flows obtainable from the asset or cash-generating unit, discounted to their current value. Impairment losses are recognised when the carrying amount of the asset or cash-generat- ing unit exceeds the recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss may be reversed if circumstances regarding the intangible or tangible assets in question change. Impair- ment losses recognised on goodwill are never reversed ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "2.2 Property, plant and equipment Property, plant and equipment are measured at cost less depreciation, amortisation and impairment 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. 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 financial period and adjusted, where necessary, to reflect 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 benefit. All other expenses, such as normal service and repair procedures, are entered as an expense in the profit or loss as they arise. Gains and losses arising from the decommissioning and sale of tangible assets are recognised through profit and loss under other operating income and expenses. The gains or losses on sale are defined as the difference between the selling price and the remaining acquisition cost. MEUR Buildings and structures Machinery and equipment Other tangible assets Advance payments and purchases in progress Total Financial year 2023 Acquisition cost 1 Jan 63.0 4.4 1.2 0.1 68.8 Increases 12.8 2.1 0.9 15.8 Decreases -0.7 -0.1 -0.2 -0.1 -1.2 Exchange rate differences 0.0 0.0 0.0 0.0 0.0 Transfers between items Acquisition cost 31 Dec 75.1 6.3 2.0 0.0 83.4 Accumulated depreciation, amortisation and impairment 1 Jan 32.1 2.8 0.1 0.0 35.1 Accumulated depreciation in decreases Depreciation for the financial year 6.1 1.6 0.1 7.8 Exchange rate differences 0.0 0.0 -0.1 Accumulated depreciation, amortisation and impairments 31 Dec 38.2 4.3 0.2 0.0 42.7 Book value 1 Jan 30.9 1.6 0.9 0.1 33.6 Book value 31 Dec 36.9 2.0 1.8 0.0 40.7 MEUR Buildings and structures Machinery and equipment Other tangible assets Advance payments and purchases 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 financial 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 Property, plant and equipment include right-of-use assets as follows: MEUR Buildings Machinery and equipment Total Financial year 2023 Acquisition cost 1 Jan 61.0 2.9 63.9 Increases 12.8 0.8 13.6 Decreases -0.1 -0.1 Acquisition cost 31 Dec 73.7 3.7 77.4 Accumulated depreciation 1 Jan 31.8 2.1 33.9 Accumulated depreciation in decreases Depreciation for the financial year 5.9 0.6 6.5 Accumulated depreciation 31 Dec 37.7 2.7 40.4 Book value 31 Dec 36.1 1.0 37.0 Financial year 2022 Acquisition cost 1 Jan 57.0 2.6 59.6 Increases 4.2 1.0 5.1 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 financial 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", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "Property, plant and equipment are measured at cost less depreciation, amortisation and impairment 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. 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 financial period and adjusted, where necessary, to reflect 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 benefit. All other expenses, such as normal service and repair procedures, are entered as an expense in the profit or loss as they arise. Gains and losses arising from the decommissioning and sale of tangible assets are recognised through profit and loss under other operating income and expenses. The gains or losses on sale are defined as the difference between the selling price and the remaining acquisition cost", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "3.1 Financial income and expenses Financial income presented by category of financial instrument MEUR 2023 2022 Interest income on held to maturity investments 0.1 0.1 Fair value gain on items recognised at fair value through profit or loss Change in the fair value of contingent consideration liabilities 4.2 4.2 Change in the fair value of interest rate and foreign currency derivative 4.8 Dividend income from assets measured at fair value through other comprehen- sive income 0.1 0.1 Total 4.5 9.2 Financial expenses by category of financial instrument MEUR 2023 2022 Interest expenses from interest-bearing debts measured at amortised cost 5.4 1.2 Interest expenses from leases recognised on the balance sheet and measured at amortised cost 0.8 0.5 Foreign exchange gains and losses (loans and receivables) 1.7 0.4 Fair value gain on items recognised at fair value through profit or loss Change in the fair value of interest rate and foreign currency derivative 0.5 Changes in value of non-current investments 1.1 0.5 Other financial expenses 0.5 0.7 Total 9.8 3.4", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "Financial income presented by category of financial instrument MEUR 2023 2022 Interest income on held to maturity investments 0.1 0.1 Fair value gain on items recognised at fair value through profit or loss Change in the fair value of contingent consideration liabilities 4.2 4.2 Change in the fair value of interest rate and foreign currency derivative 4.8 Dividend income from assets measured at fair value through other comprehen- sive income 0.1 0.1 Total 4.5 9.2 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "Financial expenses by category of financial instrument MEUR 2023 2022 Interest expenses from interest-bearing debts measured at amortised cost 5.4 1.2 Interest expenses from leases recognised on the balance sheet and measured at amortised cost 0.8 0.5 Foreign exchange gains and losses (loans and receivables) 1.7 0.4 Fair value gain on items recognised at fair value through profit or loss Change in the fair value of interest rate and foreign currency derivative 0.5 Changes in value of non-current investments 1.1 0.5 Other financial expenses 0.5 0.7 Total 9.8 3.4", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "3.2 Financial assets The Group\u2019s financial assets are measured and classified according to IFRS 9 as follows: measured at amor- tised cost, measured at fair value through comprehensive income, and measured at fair value through profit or loss. The classification is made on initial acquisition and it is based on the objective of the business model and the contractual cash flow characteristics of the financial assets. Financial assets measured at fair value through profit 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 financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. 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. Impairment on trade receivables is recognised based on expected credit losses using the simplified approach described in Note 3.6.3. Trade receivables and contract assets are written off when the Group has no reasonable expecta- tions of recovering the contractual cash flows. Indications that recovering the contractual cash flows cannot be reasonable expected to occur include a debtor experiencing considerable financial difficulties, 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 financial income when the right to the dividend is established. 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 associated with cash and cash equivalents. The transaction date is generally used when recognising financial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash flows or when the Group has transferred a substantial portion of the risks and income to an external party . 3.2.1 Other financial assets MEUR Balance sheet values 2023 Balance sheet values 2022 Non-current financial assets Available-for-sale financial assets Unquoted share investments, assets classified as held for sale 2.6 3.4 Investments held to maturity Interest rate derivatives 3.3 5.5 Total 5.9 8.8 Current financial assets Investments held to maturity Interest rate derivatives 1.1 Financial assets, total 1.1 Financial assets, total 7.0 8.8 Unquoted share investments are presented in the following table: MEUR 2023 2022 At beginning of period 3.4 3.6 Other increases 0.0 0.4 Decreases -0.8 -0.6 At end of period 2.6 3.4 3.2.2 Cash and cash equivalents MEUR 2023 2022 Cash and bank accounts 52.4 30.0 Total 52.4 30.0 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 fair value of contin- gent considerations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consideration liabilities for the redemption of non-controlling interests is recognised in equity . Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial 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 specified in IAS 23 . The Group leases various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed 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 consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. The other com- ponents 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 borrowing purposes. Leases applying to tangible assets in which the Group holds a significant share of the risks and rewards inciden- tal to their ownership are recognised as a right-of-use assets and 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 liabilities include the net present value of the following lease payments: \u2022 fixed 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 incremental bor- rowing 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 obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be increased by one percentage point, the effect on financial 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 finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liabil- ity. 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 profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in offices and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. Alma Media has leases for which the lease term has been defined as valid with reasonable certainty. For these leases, the extension option has been defined as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. 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 obligation s . The table describes the Group\u2019s non-current and current financial liabilities. MEUR 2023 2022 FINANCIAL LIABILITIES Non-current financial liabilities Financial liabilities measured at amortised cost Non-current lease liabilities 31.8 23.7 Non-current loans from credit institutions 160.0 140.0 Liabilities recognised at fair value through profit or loss Contingent consideration liabilities arising from the acquisition of business operations 6.5 9.6 Other liabilities 0.0 0.0 Total 198.3 173.3 Current financial liabilities Based on amortised cost Lease liabilities 6.3 7.0 Short-term loans from credit institutions 0.0 2.0 Liabilities recognised at fair value through profit or loss 0.8 1.0 Foreign currency derivatives 0.3 0.7 Contingent consideration liabilities arising from the acquisition of business operations 0.6 0.3 Total 7.1 9.9 Financial liabilities total 205.4 183.3 The Group\u2019s financial liabilities are denominated in euro and carry a variable interest rate. At the end of 2023, 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 financial liabilities in 2023 was 3.2% (0.9% in 2022). 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 2023 30.0 7.0 23.7 2.0 140.0 142.6 Cash flows 22.4 -6.4 -2.0 20.0 -10.8 Acquisitions \u2013 lease liabilities and incentives Change in IFRS 16 lease liability 13.8 13.8 Exchange rate adjustments Other non-cash changes 5.7 -5.7 0.0 Net debt 31 Dec 2023 52.4 6.3 31.8 0.0 160.0 145.7 Net debt 1 Jan 2022 51.9 7.0 26.8 200.0 181.8 Cash flows -21.9 -7.1 2.0 -60.0 -43.2 Acquisitions \u2013 lease liabilities and incentives Change in IFRS 16 lease liability 4.1 4.1 Exchange rate adjustments 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 The Group has categorised items recognised at fair value through profit or loss according to the following hierarchy of fair values: MEUR 2023 2022 Level 2 Interest rate derivatives 4.4 5.5 Foreign currency derivatives -0.3 -0.7 Level 3 Contingent consideration liabilities arising from the acquisition of business operations 7.0 9.9 Shares measured at fair value through comprehensive income 2.6 3.4 Level 1 includes the quoted (unadjusted) prices of identical liabilities in active markets. Level 2 instruments\u2019 fair values are, to a significant degree, based on inputs other than the quoted prices included in Level 1, but nevertheless on data that can be either directly or indirectly verified for the asset or liability in question. Level 3 includes inputs concerning liabilities that are not based on observable market data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the ended financial period and the previous financial period . The contingent consideration liabilities and liabilities related to the redemption of non-con- trolling interests arose from acquisitions of business operations. They are based on the acquired businesses\u2019 projected growth and profit performance during the period 2023\u20132025. Depending on individual agreements, the actual liabilities related to contingent considerations and the redemption of non-controlling interests may vary. Based on the best available information, MEUR 7.0 in liabilities has been recognised in the financial statements dated 31 December 2023 (MEUR 9.9 on 31 December 2022). Contingent consideration liabilities and liabilities related to the redemption of non- controlling interests MEUR 31 Dec 2023 31 Dec 2022 Fair value of the contingent consideration liability at the start of the period 9.9 16.8 New considerations 4.8 Considerations, settled in cash -0.1 -2.4 Change in fair value during the financial period * -7.5 -4.6 Fair value of the contingent consideration liability at the end of the period 7.0 9.9 * Includes changes in the fair value of the contingent consideration liabilities for Digitaalinen asuntokauppa DIAS Oy, Asuntopuntari and Netello Systems Oy Contingent consideration assets MEUR 31 Dec 2023 31 Dec 2022 Fair value of the contingent consideration assets at the start of the period 0.2 0.2 Considerations, settled in cash 0.1 Fair value of the contingent consideration assets at the end of the period 0.1 0.2 The book values of financial 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 2023 2022 Interest rate derivatives Fair value 4.4 5.5 Value of underlying instruments 50.0 50.0 Foreign currency derivative Fair value -0.3 -0.7 Value of underlying instruments 11.7 13.7 The fair values of forward exchange contracts are determined using the market prices for contracts 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 flows, 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 financial liabilities is described in more detail in Note 3.7. Financial risks Maturities of lease liabilities MEUR 2023 2022 Lease liabilities \u2013 total minimum lease payments 2023 7.5 2024 6.5 7.1 2025 5.9 6.6 2026 5.9 6.1 2027 5.3 4.7 2028 4.9 Later 17.4 1.5 Total 45.8 33.5 Lease liabilities \u2013 present value of minimum lease payments 2023 7.0 2024 6.3 6.9 2025 5.4 6.3 2026 5.3 5.4 2027 4.5 4.1 2028 4.0 Later 12.6 1.1 Total 38.1 30.7 Financial expenses accruing in the future 7.8 2.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "3.2 Financial assets The Group\u2019s financial assets are measured and classified according to IFRS 9 as follows: measured at amor- tised cost, measured at fair value through comprehensive income, and measured at fair value through profit or loss. The classification is made on initial acquisition and it is based on the objective of the business model and the contractual cash flow characteristics of the financial assets. Financial assets measured at fair value through profit 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 financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. 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. Impairment on trade receivables is recognised based on expected credit losses using the simplified approach described in Note 3.6.3. Trade receivables and contract assets are written off when the Group has no reasonable expecta- tions of recovering the contractual cash flows. Indications that recovering the contractual cash flows cannot be reasonable expected to occur include a debtor experiencing considerable financial difficulties, 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 financial income when the right to the dividend is established. 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 associated with cash and cash equivalents. The transaction date is generally used when recognising financial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash flows or when the Group has transferred a substantial portion of the risks and income to an external party 3.2.1 Other financial assets MEUR Balance sheet values 2023 Balance sheet values 2022 Non-current financial assets Available-for-sale financial assets Unquoted share investments, assets classified as held for sale 2.6 3.4 Investments held to maturity Interest rate derivatives 3.3 5.5 Total 5.9 8.8 Current financial assets Investments held to maturity Interest rate derivatives 1.1 Financial assets, total 1.1 Financial assets, total 7.0 8.8 Unquoted share investments are presented in the following table: MEUR 2023 2022 At beginning of period 3.4 3.6 Other increases 0.0 0.4 Decreases -0.8 -0.6 At end of period 2.6 3.4 3.2.2 Cash and cash equivalents MEUR 2023 2022 Cash and bank accounts 52.4 30.0 Total 52.4 30.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "Financial assets measured at fair value through profit 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 financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. 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 fair value of contin- gent considerations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consideration liabilities for the redemption of non-controlling interests is recognised in equity . Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "Financial assets measured at fair value through profit 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 financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial 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 specified in IAS 23 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "Financial assets measured at fair value through profit 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 financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "Financial assets measured at fair value through profit 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 financial liabilities. Contingent considerations and derivatives are measured at fair value as they arise and remeasured on the balance sheet date. Changes in fair value of the contingent considerations are recognised in the profit or loss. Changes in the fair value of derivatives are recognised through profit or loss in financial items ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. 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 fair value of contin- gent considerations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consideration liabilities for the redemption of non-controlling interests is recognised in equity ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "The measurement of contingent considerations and liabilities is based on the discounted values of estimated future cash flows. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "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 associated with cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "The transaction date is generally used when recognising financial assets. Financial assets are derecognised from the balance sheet when the Group has lost the contractual right to the cash flows 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "3.2.1 Other financial assets MEUR Balance sheet values 2023 Balance sheet values 2022 Non-current financial assets Available-for-sale financial assets Unquoted share investments, assets classified as held for sale 2.6 3.4 Investments held to maturity Interest rate derivatives 3.3 5.5 Total 5.9 8.8 Current financial assets Investments held to maturity Interest rate derivatives 1.1 Financial assets, total 1.1 Financial assets, total 7.0 8.8 Unquoted share investments are presented in the following table: MEUR 2023 2022 At beginning of period 3.4 3.6 Other increases 0.0 0.4 Decreases -0.8 -0.6 At end of period 2.6 3.4 3.2.2 Cash and cash equivalents MEUR 2023 2022 Cash and bank accounts 52.4 30.0 Total 52.4 30.0 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "3.2.2 Cash and cash equivalents MEUR 2023 2022 Cash and bank accounts 52.4 30.0 Total 52.4 30.0 The table describes the Group\u2019s non-current and current financial liabilities. MEUR 2023 2022 FINANCIAL LIABILITIES Non-current financial liabilities Financial liabilities measured at amortised cost Non-current lease liabilities 31.8 23.7 Non-current loans from credit institutions 160.0 140.0 Liabilities recognised at fair value through profit or loss Contingent consideration liabilities arising from the acquisition of business operations 6.5 9.6 Other liabilities 0.0 0.0 Total 198.3 173.3 Current financial liabilities Based on amortised cost Lease liabilities 6.3 7.0 Short-term loans from credit institutions 0.0 2.0 Liabilities recognised at fair value through profit or loss 0.8 1.0 Foreign currency derivatives 0.3 0.7 Contingent consideration liabilities arising from the acquisition of business operations 0.6 0.3 Total 7.1 9.9 Financial liabilities total 205.4 183.3 The Group\u2019s financial liabilities are denominated in euro and carry a variable interest rate. At the end of 2023, 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 financial liabilities in 2023 was 3.2% (0.9% in 2022). 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 2023 30.0 7.0 23.7 2.0 140.0 142.6 Cash flows 22.4 -6.4 -2.0 20.0 -10.8 Acquisitions \u2013 lease liabilities and incentives Change in IFRS 16 lease liability 13.8 13.8 Exchange rate adjustments Other non-cash changes 5.7 -5.7 0.0 Net debt 31 Dec 2023 52.4 6.3 31.8 0.0 160.0 145.7 Net debt 1 Jan 2022 51.9 7.0 26.8 200.0 181.8 Cash flows -21.9 -7.1 2.0 -60.0 -43.2 Acquisitions \u2013 lease liabilities and incentives Change in IFRS 16 lease liability 4.1 4.1 Exchange rate adjustments 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "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 fair value of contin- gent considerations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consideration liabilities for the redemption of non-controlling interests is recognised in equity . Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial 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 specified in IAS 23 . The Group leases various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed 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 consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. The other com- ponents 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 borrowing purposes. Leases applying to tangible assets in which the Group holds a significant share of the risks and rewards inciden- tal to their ownership are recognised as a right-of-use assets and 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 liabilities include the net present value of the following lease payments: \u2022 fixed 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 incremental bor- rowing 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 obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be increased by one percentage point, the effect on financial 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 finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liabil- ity. 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 profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in offices and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. Alma Media has leases for which the lease term has been defined as valid with reasonable certainty. For these leases, the extension option has been defined as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. 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 obligation s The table describes the Group\u2019s non-current and current financial liabilities. MEUR 2023 2022 FINANCIAL LIABILITIES Non-current financial liabilities Financial liabilities measured at amortised cost Non-current lease liabilities 31.8 23.7 Non-current loans from credit institutions 160.0 140.0 Liabilities recognised at fair value through profit or loss Contingent consideration liabilities arising from the acquisition of business operations 6.5 9.6 Other liabilities 0.0 0.0 Total 198.3 173.3 Current financial liabilities Based on amortised cost Lease liabilities 6.3 7.0 Short-term loans from credit institutions 0.0 2.0 Liabilities recognised at fair value through profit or loss 0.8 1.0 Foreign currency derivatives 0.3 0.7 Contingent consideration liabilities arising from the acquisition of business operations 0.6 0.3 Total 7.1 9.9 Financial liabilities total 205.4 183.3 The Group\u2019s financial liabilities are denominated in euro and carry a variable interest rate. At the end of 2023, 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 financial liabilities in 2023 was 3.2% (0.9% in 2022). 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 2023 30.0 7.0 23.7 2.0 140.0 142.6 Cash flows 22.4 -6.4 -2.0 20.0 -10.8 Acquisitions \u2013 lease liabilities and incentives Change in IFRS 16 lease liability 13.8 13.8 Exchange rate adjustments Other non-cash changes 5.7 -5.7 0.0 Net debt 31 Dec 2023 52.4 6.3 31.8 0.0 160.0 145.7 Net debt 1 Jan 2022 51.9 7.0 26.8 200.0 181.8 Cash flows -21.9 -7.1 2.0 -60.0 -43.2 Acquisitions \u2013 lease liabilities and incentives Change in IFRS 16 lease liability 4.1 4.1 Exchange rate adjustments 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 The Group has categorised items recognised at fair value through profit or loss according to the following hierarchy of fair values: MEUR 2023 2022 Level 2 Interest rate derivatives 4.4 5.5 Foreign currency derivatives -0.3 -0.7 Level 3 Contingent consideration liabilities arising from the acquisition of business operations 7.0 9.9 Shares measured at fair value through comprehensive income 2.6 3.4 Level 1 includes the quoted (unadjusted) prices of identical liabilities in active markets. Level 2 instruments\u2019 fair values are, to a significant degree, based on inputs other than the quoted prices included in Level 1, but nevertheless on data that can be either directly or indirectly verified for the asset or liability in question. Level 3 includes inputs concerning liabilities that are not based on observable market data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the ended financial period and the previous financial period . The contingent consideration liabilities and liabilities related to the redemption of non-con- trolling interests arose from acquisitions of business operations. They are based on the acquired businesses\u2019 projected growth and profit performance during the period 2023\u20132025. Depending on individual agreements, the actual liabilities related to contingent considerations and the redemption of non-controlling interests may vary. Based on the best available information, MEUR 7.0 in liabilities has been recognised in the financial statements dated 31 December 2023 (MEUR 9.9 on 31 December 2022). Contingent consideration liabilities and liabilities related to the redemption of non- controlling interests MEUR 31 Dec 2023 31 Dec 2022 Fair value of the contingent consideration liability at the start of the period 9.9 16.8 New considerations 4.8 Considerations, settled in cash -0.1 -2.4 Change in fair value during the financial period * -7.5 -4.6 Fair value of the contingent consideration liability at the end of the period 7.0 9.9 * Includes changes in the fair value of the contingent consideration liabilities for Digitaalinen asuntokauppa DIAS Oy, Asuntopuntari and Netello Systems Oy Contingent consideration assets MEUR 31 Dec 2023 31 Dec 2022 Fair value of the contingent consideration assets at the start of the period 0.2 0.2 Considerations, settled in cash 0.1 Fair value of the contingent consideration assets at the end of the period 0.1 0.2 The book values of financial 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 2023 2022 Interest rate derivatives Fair value 4.4 5.5 Value of underlying instruments 50.0 50.0 Foreign currency derivative Fair value -0.3 -0.7 Value of underlying instruments 11.7 13.7 The fair values of forward exchange contracts are determined using the market prices for contracts 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 flows, 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 financial liabilities is described in more detail in Note 3.7. Financial risks Maturities of lease liabilities MEUR 2023 2022 Lease liabilities \u2013 total minimum lease payments 2023 7.5 2024 6.5 7.1 2025 5.9 6.6 2026 5.9 6.1 2027 5.3 4.7 2028 4.9 Later 17.4 1.5 Total 45.8 33.5 Lease liabilities \u2013 present value of minimum lease payments 2023 7.0 2024 6.3 6.9 2025 5.4 6.3 2026 5.3 5.4 2027 4.5 4.1 2028 4.0 Later 12.6 1.1 Total 38.1 30.7 Financial expenses accruing in the future 7.8 2.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "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 fair value of contin- gent considerations are estimates of future operating profit. Contingent liabilities arising from acquisitions are classified as financial liabilities through profit or loss. They are recognised at fair value in the balance sheet and the change in fair value is recognised in the financial items through profit or loss. Change in the fair value of contingent consideration liabilities for the redemption of non-controlling interests is recognised in equity . Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial 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 specified in IAS 23 . The Group leases various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed 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 consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. The other com- ponents 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 borrowing purposes. Leases applying to tangible assets in which the Group holds a significant share of the risks and rewards inciden- tal to their ownership are recognised as a right-of-use assets and 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 liabilities include the net present value of the following lease payments: \u2022 fixed 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 incremental bor- rowing 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 obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be increased by one percentage point, the effect on financial 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 finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liabil- ity. 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 profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in offices and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. Alma Media has leases for which the lease term has been defined as valid with reasonable certainty. For these leases, the extension option has been defined as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. 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 obligation s . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "value": "Other financial liabilities are initially recognised in the balance sheet at fair value. Later other financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "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 specified in IAS 23 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "The Group leases various offices, warehouses, equipment and vehicles. Rental contracts are typically made for fixed 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 consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. The other com- ponents 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 borrowing purposes. Leases applying to tangible assets in which the Group holds a significant share of the risks and rewards inciden- tal to their ownership are recognised as a right-of-use assets and 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 liabilities include the net present value of the following lease payments: \u2022 fixed 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 incremental bor- rowing 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 obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be increased by one percentage point, the effect on financial 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 finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liabil- ity. 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 profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. Most extension options in offices and vehicles leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. Alma Media has leases for which the lease term has been defined as valid with reasonable certainty. For these leases, the extension option has been defined as three years. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. 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 obligation Short-term leases with a term of less than 12 months and leases of low value, such as leases for ICT equip- ment, are treated as off-balance sheet liabilities. When the Group is the lessor, lease income is entered in the profit or loss on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "The Group has categorised items recognised at fair value through profit or loss according to the following hierarchy of fair values: MEUR 2023 2022 Level 2 Interest rate derivatives 4.4 5.5 Foreign currency derivatives -0.3 -0.7 Level 3 Contingent consideration liabilities arising from the acquisition of business operations 7.0 9.9 Shares measured at fair value through comprehensive income 2.6 3.4 Level 1 includes the quoted (unadjusted) prices of identical liabilities in active markets. Level 2 instruments\u2019 fair values are, to a significant degree, based on inputs other than the quoted prices included in Level 1, but nevertheless on data that can be either directly or indirectly verified for the asset or liability in question. Level 3 includes inputs concerning liabilities that are not based on observable market data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the ended financial period and the previous financial period ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "The Group has categorised items recognised at fair value through profit or loss according to the following hierarchy of fair values: MEUR 2023 2022 Level 2 Interest rate derivatives 4.4 5.5 Foreign currency derivatives -0.3 -0.7 Level 3 Contingent consideration liabilities arising from the acquisition of business operations 7.0 9.9 Shares measured at fair value through comprehensive income 2.6 3.4 Level 1 includes the quoted (unadjusted) prices of identical liabilities in active markets. Level 2 instruments\u2019 fair values are, to a significant degree, based on inputs other than the quoted prices included in Level 1, but nevertheless on data that can be either directly or indirectly verified for the asset or liability in question. Level 3 includes inputs concerning liabilities that are not based on observable market data (unobservable inputs). No transfers between the fair value hierarchy levels have taken place during the ended financial period and the previous financial period . The contingent consideration liabilities and liabilities related to the redemption of non-con- trolling interests arose from acquisitions of business operations. They are based on the acquired businesses\u2019 projected growth and profit performance during the period 2023\u20132025. Depending on individual agreements, the actual liabilities related to contingent considerations and the redemption of non-controlling interests may vary. Based on the best available information, MEUR 7.0 in liabilities has been recognised in the financial statements dated 31 December 2023 (MEUR 9.9 on 31 December 2022). Contingent consideration liabilities and liabilities related to the redemption of non- controlling interests MEUR 31 Dec 2023 31 Dec 2022 Fair value of the contingent consideration liability at the start of the period 9.9 16.8 New considerations 4.8 Considerations, settled in cash -0.1 -2.4 Change in fair value during the financial period * -7.5 -4.6 Fair value of the contingent consideration liability at the end of the period 7.0 9.9 * Includes changes in the fair value of the contingent consideration liabilities for Digitaalinen asuntokauppa DIAS Oy, Asuntopuntari and Netello Systems Oy Contingent consideration assets MEUR 31 Dec 2023 31 Dec 2022 Fair value of the contingent consideration assets at the start of the period 0.2 0.2 Considerations, settled in cash 0.1 Fair value of the contingent consideration assets at the end of the period 0.1 0.2 The book values of financial 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 2023 2022 Interest rate derivatives Fair value 4.4 5.5 Value of underlying instruments 50.0 50.0 Foreign currency derivative Fair value -0.3 -0.7 Value of underlying instruments 11.7 13.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "The contingent consideration liabilities and liabilities related to the redemption of non-con- trolling interests arose from acquisitions of business operations. They are based on the acquired businesses\u2019 projected growth and profit performance during the period 2023\u20132025. Depending on individual agreements, the actual liabilities related to contingent considerations and the redemption of non-controlling interests may vary. Based on the best available information, MEUR 7.0 in liabilities has been recognised in the financial statements dated 31 December 2023 (MEUR 9.9 on 31 December 2022). Contingent consideration liabilities and liabilities related to the redemption of non- controlling interests MEUR 31 Dec 2023 31 Dec 2022 Fair value of the contingent consideration liability at the start of the period 9.9 16.8 New considerations 4.8 Considerations, settled in cash -0.1 -2.4 Change in fair value during the financial period * -7.5 -4.6 Fair value of the contingent consideration liability at the end of the period 7.0 9.9 * Includes changes in the fair value of the contingent consideration liabilities for Digitaalinen asuntokauppa DIAS Oy, Asuntopuntari and Netello Systems Oy ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "Derivative contracts MEUR 2023 2022 Interest rate derivatives Fair value 4.4 5.5 Value of underlying instruments 50.0 50.0 Foreign currency derivative Fair value -0.3 -0.7 Value of underlying instruments 11.7 13.7 The fair values of forward exchange contracts are determined using the market prices for contracts 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 flows, 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 financial liabilities is described in more detail in Note 3.7. Financial risks ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "The fair values of forward exchange contracts are determined using the market prices for contracts 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 flows, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "Maturities of lease liabilities MEUR 2023 2022 Lease liabilities \u2013 total minimum lease payments 2023 7.5 2024 6.5 7.1 2025 5.9 6.6 2026 5.9 6.1 2027 5.3 4.7 2028 4.9 Later 17.4 1.5 Total 45.8 33.5 Lease liabilities \u2013 present value of minimum lease payments 2023 7.0 2024 6.3 6.9 2025 5.4 6.3 2026 5.3 5.4 2027 4.5 4.1 2028 4.0 Later 12.6 1.1 Total 38.1 30.7 Financial expenses accruing in the future 7.8 2.7 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 equip- ment, are treated as off-balance sheet liabilities. When the Group is the lessor, lease income is entered in the profit 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 2023 2022 Within one year 0.6 0.4 Within 1\u20135 years 0.7 0.7 After 5 years 0.0 Total 1.3 1.1 The Group as the lessor Minimum rental payments receivable based on other non-cancellable leases: MEUR 2023 2022 Within one year 0.2 0.2 Within 1\u20135 years 0.2 0.2 Total 0.4 0.4", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "3.5 Pension obligations The Group has both defined contribution pension plans and defined benefit pension plans. The defined benefit pension plans comprise the Group\u2019s old supplementary pension plans for personnel, which have already been discontinued and closed. The benefits associated with them include both supplementary pension benefits and death benefits. The Group\u2019s defined benefit pension plans include both funded and unfunded pension plans. The unfunded pension plans are direct supplementary pension obligations, primarily for old employees who have already retired. The new supplementary pension benefits granted by the Group are defined contribution based pension plans. Obligations arising from defined benefit plans are calculated for each arrangement separately using the Projected Unit Credit Method. Pension costs are recognised as expenses over the beneficiaries\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 corporate bonds issued by the company and, if this data is not available, on yields of government 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 present value of the pension obligation to be recognised in the balance sheet. The net liabilities (or assets) associated with the defined benefit 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 defined benefit plan are recognised through profit or loss and presented under em- ployee benefit expenses. Items (such as actuarial gains and losses and return on funded defined benefit plan assets) arising from the redefinition of the net liabilities (or assets) associated with the defined benefit plan are recognised in other comprehensive income in the period in which they arise. Present value of obligations and fair value of assets MEUR 2023 2022 Present value of unfunded obligations 0.5 0.6 Present value of funded obligations 0.2 0.2 Fair value of assets -0.2 -0.2 Pension liability 0.5 0.6 The defined benefit pension obligation on the balance sheet is determined as follows: MEUR 31 Dec 2023 31 Dec 2022 Present value of obligations at start of period 0.8 1.1 Divestments Service cost during period 0.0 0.0 Interest cost 0.0 0.0 Actuarial gains and losses -0.0 -0.2 Payments of defined benefit obligations -0.0 -0.1 Present value of funded obligations at end of period 0.7 0.8 Fair value of plan assets at start of period 0.2 0.3 Divestments Interest income 0.0 0.0 Actuarial gains and losses -0.0 -0.1 Restructuring of contracts 0.0 0.0 Incentive payments paid Payments of defined benefit obligations -0.0 0.0 Fair value of plan assets at end of period 0.2 0.2 Defined benefit pension liabilities 0.5 0.6 Net pension liability Pension liability 0.5 0.6 Pension asset Net pension liability 0.5 0.6 The plan assets are invested primarily in fixed income or share-based instruments, and they have an aggregate expected annual return of 3.0%. A more detailed specification of the plan assets is not available. The plan assets are considered to be included 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 specification of the assets can be presented. The defined benefit pension expense in the income statement is determined as follows MEUR 2023 2022 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 -0.0 -0.1 Total 0.0 -0.1 Changes in liabilities shown on balance sheet MEUR 2023 2022 At beginning of period 0.6 0.8 Divestments 0.0 Incentive payments paid Payments of defined benefit obligations -0.1 -0.1 Pension expense in income statement 0.0 0.0 Comprehensive income for the period 0.0 -0.1 Defined benefit pension liabilities on the balance sheet 0.5 0.6 A similar investment is expected to be made in the plan in 2024 as in 2023. Sensitivity analysis of the pension plan MEUR Present value of pension obligation Change in present value of pension obligation, % Change of +0.5%-p in the discount rate 0.7 -12.2 Change of +0.5%-p in the salary increase assumption 0.2 1.4 Change of +0.5%-p in the pension increase rate 0.7 8.3 The sensitivity analysis uses the same methods as the calculation of the pension obligation. 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 % 2023 2022 Discount rate 3.7 3.1 Future salary increase assumption 3.5 3.8 Inflation assumption 2.5 2.6 Future increase in pension benefit 2.8 2.8 The duration of the pension plan is 7\u20139 years. The duration was calculated based on a discount rate of 3.7% (3.1%). Defined benefit plans expose the Group to several different risks, the most significant 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 deficit. Inflation risk Some of the benefit obligations under the plans are tied to inflation, and higher inflation will lead to higher liabilities (although a ceiling for inflation adjustments has been set in most cases to protect the plan from unusually high inflation). Life expectancy As the majority of the obligations under the plans are related to providing lifelong benefits to the members, the expected increase in life expectancy will result in higher obligations under the plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "3.6.1 Inventories Inventories are materials and supplies, work in progress and finished 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 necessary to bring the product to comple- tion and the costs of selling. The acquisition cost is defined by the FIFO (first-in-first-out) method. Within Alma Media, inventories mainly consist of the products sold by the book business. MEUR 2023 2022 Finished products 0.6 0.7 Total 0.6 0.7", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "Inventories are materials and supplies, work in progress and finished 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 necessary to bring the product to comple- tion and the costs of selling. The acquisition cost is defined by the FIFO (first-in-first-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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "3.6.2 Trade and other receivables In recognising expected credit losses, the Group applies the simplified approach defined in IFRS 9, accord- ing 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 rec- ognised in other operating expenses. 31 Dec 2023 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 receivables 21.5 3.7 1.1 0.2 0.6 27.1 Loss allowance 0.0 0.0 0.0 0.1 0.6 0.8 31 Dec 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 receivables 21.6 2.5 1.0 0.0 0.4 25.5 Loss allowance 0.0 0.0 0.0 0.0 0.4 0.5 MEUR 2023 2022 Trade receivables 26.3 25.0 Receivables from associated companies Total 26.3 25.0 Receivables from others Prepaid expenses and accrued income 5.9 5.3 Other receivables 1.1 3.6 Total 7.0 8.9 Receivables, total 33.3 33.9 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 significant", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": " In recognising expected credit losses, the Group applies the simplified approach defined in IFRS 9, accord- ing 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 rec- ognised in other operating expenses", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "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 financial risks as follows: Interest rate risk The interest rate risk describes how changes in interest rates and maturities related to various interest-bearing business transactions and balance sheet items could affect the Group\u2019s finan- cial position and net result. The impact of the interest rate risk on net result can be reduced us- ing interest rate swaps, interest forwards and futures and interest or foreign exchange options. The Group\u2019s interest-bearing debt totalled MEUR 198.1 (172.7) on 31 December 2023. The interest-bearing debt consists of a Term Loan of MEUR 160 with a maturity of three years, including extension options of 12 and 24 months, and IFRS 16 lease liabilities. The Group\u2019s net debt amounted to MEUR 145.7 (142.6) on 31 December 2023. 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 contrac- tual obligations pertaining to leases for business premises. If the computational interest rate used in calculating lease liabilities were to be increased by one percentage point, the effect on the Group\u2019s financial expenses would be MEUR 0.3. In December 2021, the Group took out an interest rate hedge for its Term Loan. The interest rate hedge has a nominal value of MEUR 50. The interest rate hedge agreement is a four-year fixed interest rate agreement that will commence in December 2023. On the balance sheet date, the fair value of the interest rate hedge was MEUR 4.4 (5.5). The change in fair value has been recognised through profit or loss in financial items. The cash flow effect of the interest rate derivative will be realised from 2024 onwards. The interest rate on the Term Loan is linked to a floating market rate. If the reference rate of the loan were to increase by one percentage point in 2024, the annual effect on financial expenses would be MEUR 1.6. The interest rate derivative taken out for the Term Loan would reduce the cash-based cost effect of a one percentage point increase in the reference rate by MEUR 0.5 at the annual level. Long-term capital funding To secure its long-term financing needs, Alma Media uses capital market instruments, leasing or other financial arrangements. The table illustrates the maturity distribution of interest- bearing liabilities and other trade payables and short-term financial liabilities: MEUR 31 Dec 2023 0\u20136 months 1 year 1\u20132 years 2\u20135 years Over 5 years Total Balance sheet value Loans from financial institutions 4.1 4.1 8.1 168.1 184.4 160.0 Contingent consideration liability 1.3 5.7 7.0 7.0 Lease liabilities 3.3 3.3 5.9 16.1 17.4 45.9 38.1 Foreign currency derivative 0.1 0.1 0.3 0.3 Trade payables and other current financial liabilities 35.5 35.5 35.5 Total 44.3 7.5 19.7 184.2 17.4 273.1 240.9 MEUR 31 Dec 2022 0\u20136 months 1 year 1\u20132 years 2\u20135 years Over 5 years Total Balance sheet value Loans from financial 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 financial liabilities 35.9 35.9 35.9 Total 43.8 5.8 160.1 17.4 1.5 228.6 218.9 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 significant 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 flows in the same currency are netted through a common foreign currency account whenever the cost/benefit ratio is significant \u2022 Known, continuous and significant foreign currency cash flow is hedged. The Czech koruna is hedged at a target level of approximately 50% of the cash flow 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 described in Note 3.3. Capital management risks Liquidity management In December 2023, Alma Media signed a new MEUR 160 Term Loan financing facility. The new financing arrangement replaced the MEUR 200 financing facility signed in 2021, for which the remaining loan amount on the repayment date was MEUR 140. The new financing arrange- ment has a maturity of 36 months, including extension options of 12 or 24 months. The financing package also includes a revolving credit facility of MEUR 30 that will be used for the Group\u2019s general financing needs. The credit limit agreement has the same maturity as the Term Loan. The limit was not in use on 31 December 2023. The financing 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 2023. 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 financial year, the Group took out MEUR 62 under the commercial paper programme and repaid MEUR 64. The commercial paper programme was unused on 31 December 2023. Credit risk The Group\u2019s credit policy is described and documented in the Group credit management policy. The Group does not have significant risks of past due receivables because it has a large cus- tomer base and no individual customer will comprise a significant amount. During the financial year, credit losses of MEUR 0.7 (0.4) were recognised through profit 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 influenced through dividend distribution, for example. The development of the Group\u2019s capital structure is continuously monitored with gearing and equity ratio key figures. The company\u2019s financing agreements contain covenants concerning the company\u2019s equity ratio and the ratio of net debt to EBITDA. The following describes the values of these key figures in 2023 and 2022 as well as an itemisation of net debt and changes therein during the financial periods in question. Reconciliation of net debt MEUR 2023 2022 Interest-bearing long-term liabilities 191.8 163.7 Short-term interest-bearing liabilities 6.3 9.0 Cash and cash equivalents 52.4 30.0 Net debt 145.7 142.6 Total equity 222.8 205.9 Gearing, % 65.4% 69.3% Equity ratio, % 46.1% 45.8%", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "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 significant taking the maturity of the liabilities into account. The main items in accrued expenses and prepaid income are allocated wages, salaries and other employee expenses. MEUR 2023 2022 Trade payables 4.3 3.7 Owed to associated companies Trade payables Accrued expenses and prepaid income 23.0 26.2 Other liabilities 8.2 6.0 Total 35.5 35.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "The book values of trade payables and other liabilities are estimated to correspond with their fair values. The impact of discounting is not significant taking the maturity of the liabilities into account. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "Liquidity management In December 2023, Alma Media signed a new MEUR 160 Term Loan financing facility. The new financing arrangement replaced the MEUR 200 financing facility signed in 2021, for which the remaining loan amount on the repayment date was MEUR 140. The new financing arrange- ment has a maturity of 36 months, including extension options of 12 or 24 months. The financing package also includes a revolving credit facility of MEUR 30 that will be used for the Group\u2019s general financing needs. The credit limit agreement has the same maturity as the Term Loan. The limit was not in use on 31 December 2023. The financing 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 2023. 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 financial year, the Group took out MEUR 62 under the commercial paper programme and repaid MEUR 64. The commercial paper programme was unused on 31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "Credit risk The Group\u2019s credit policy is described and documented in the Group credit management policy. The Group does not have significant risks of past due receivables because it has a large cus- tomer base and no individual customer will comprise a significant amount. During the financial year, credit losses of MEUR 0.7 (0.4) were recognised through profit 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "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 influenced through dividend distribution, for example. The development of the Group\u2019s capital structure is continuously monitored with gearing and equity ratio key figures. The company\u2019s financing agreements contain covenants concerning the company\u2019s equity ratio and the ratio of net debt to EBITDA. The following describes the values of these key figures in 2023 and 2022 as well as an itemisation of net debt and changes therein during the financial periods in question. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "3.8 Information on shareholders\u2019 equity and its management The Group classifies the instruments it has issued in either equity or liabilities (financial lia- bilities) based on their nature. An equity instrument is any contract that evidences 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 2023. Total number of shares Share capital, MEUR Share premium fund, MEUR Invested non-re- stricted equity fund, MEUR 1 Jan 2023 82,383,182 45.3 7.7 19.1 31 Dec 2023 82,383,182 45.3 7.8 19.1 The company has one share series and all shares confer the same voting rights, 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 shareholders 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 shareholders\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 309,889 of its own shares, representing 0.4 per cent of the total number of the company\u2019s shares and related votes. The total registered number of Alma Media\u2019s shares is 82,383,182, which carry 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 financial 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 received 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 152,095,452 on 31 December 2023. Dividend policy Alma Media aims to pay, on average, more than 50% of the profit for the period in dividends or capital repayments over the long term. Redemption of shares A shareholder whose proportional holding of all company shares, or whose proportional 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 . 3.8.1 Earnings per share Basic earnings per share are calculated by dividing the profit for the period attributable 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 profit for the period attributable to the equity holders of the parent by the weighted average number of diluted shares during the period. MEUR 2023 2022 Profit attributable to ordinary shareholders of parent 56.3 72.0 Number of shares (1,000 pcs) Weighted average number of shares for basic earnings per share 82,073 82,185 Incentive schemes 1,564 1,522 Diluted weighted average number of outstanding shares 83,637 83,706 Earnings per share (basic) 0.69 0.88 Earnings per share (diluted) 0.67 0.86", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "3.8 Information on shareholders\u2019 equity and its management The Group classifies the instruments it has issued in either equity or liabilities (financial lia- bilities) based on their nature. An equity instrument is any contract that evidences 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 2023. Total number of shares Share capital, MEUR Share premium fund, MEUR Invested non-re- stricted equity fund, MEUR 1 Jan 2023 82,383,182 45.3 7.7 19.1 31 Dec 2023 82,383,182 45.3 7.8 19.1 The company has one share series and all shares confer the same voting rights, 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 shareholders 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 shareholders\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 309,889 of its own shares, representing 0.4 per cent of the total number of the company\u2019s shares and related votes. The total registered number of Alma Media\u2019s shares is 82,383,182, which carry 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 financial 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 received 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 152,095,452 on 31 December 2023. Dividend policy Alma Media aims to pay, on average, more than 50% of the profit for the period in dividends or capital repayments over the long term. Redemption of shares A shareholder whose proportional holding of all company shares, or whose proportional 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 3.8.1 Earnings per share Basic earnings per share are calculated by dividing the profit for the period attributable 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 profit for the period attributable to the equity holders of the parent by the weighted average number of diluted shares during the period. MEUR 2023 2022 Profit attributable to ordinary shareholders of parent 56.3 72.0 Number of shares (1,000 pcs) Weighted average number of shares for basic earnings per share 82,073 82,185 Incentive schemes 1,564 1,522 Diluted weighted average number of outstanding shares 83,637 83,706 Earnings per share (basic) 0.69 0.88 Earnings per share (diluted) 0.67 0.86", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "The Group classifies the instruments it has issued in either equity or liabilities (financial lia- bilities) based on their nature. An equity instrument is any contract that evidences 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "Book-entry securities system The company\u2019s shares are registered in the book-entry system. Only such shareholders 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 shareholders\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 309,889 of its own shares, representing 0.4 per cent of the total number of the company\u2019s shares and related votes. The total registered number of Alma Media\u2019s shares is 82,383,182, which carry 82,383,182 votes ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "Own shares Alma Media Corporation owns a total of 309,889 of its own shares, representing 0.4 per cent of the total number of the company\u2019s shares and related votes. The total registered number of Alma Media\u2019s shares is 82,383,182, which carry 82,383,182 votes . ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "Foreign currency translation reserve The translation differences fund comprises the exchange rate differences arising from the translation into EUR of the financial 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 received 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "Dividend policy Alma Media aims to pay, on average, more than 50% of the profit for the period in dividends or capital repayments over the long term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "3.8.1 Earnings per share Basic earnings per share are calculated by dividing the profit for the period attributable 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 profit for the period attributable to the equity holders of the parent by the weighted average number of diluted shares during the period. MEUR 2023 2022 Profit attributable to ordinary shareholders of parent 56.3 72.0 Number of shares (1,000 pcs) Weighted average number of shares for basic earnings per share 82,073 82,185 Incentive schemes 1,564 1,522 Diluted weighted average number of outstanding shares 83,637 83,706 Earnings per share (basic) 0.69 0.88 Earnings per share (diluted) 0.67 0.86", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "Basic earnings per share are calculated by dividing the profit for the period attributable 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 profit 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "4.1 General principles of consolidation All subsidiaries are consolidated in the consolidated financial statements. Subsidiaries are companies in which the Group has a controlling interest. The criteria for control are fulfilled 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 financial statements. Mutual holdings are eliminated using the purchase method. Purchase consideration 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 pur- chase cost, if applicable, is recognised at fair value on the acquisition date and classified as a liability through profit or loss. Additional purchase cost classified as a liability is measured through profit 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 2023 2022 2023 2022 Parent company Alma Media Corporation Finland Alma Finanssipalvelut Oy Finland 100.0 100.0 100.0 100.0 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 Objektvision AB Sweden 100.0 100.0 100.0 100.0 Profesia s.r.o Slovakia 100.0 100.0 100.0 100.0 SIA CV-Online Latvia Latvia 100.0 100.0 100.0 100.0 Suomen Tunnistetieto Oy Finland 51.0 25.0 51.0 25.0 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 LMC Poland Sp. z.o.o Poland 100.0 100.0 Vrabotuvanje Online d.o.o North Macedonia 100.0 30.0 100.0 30.0 Holding, % Share of votes, % Subsidiaries merged with other Group companies during the financial year: Finland 2023 2022 2023 2022 Netello Systems Oy Finland 100.0 100.0 100.0 100.0 Profesia s.r.o Czech Republic 100.0 100.0 100.0 100.0 Seduo Slovakia Slovakia 100.0 100.0 100.0 100.0 Holding, % Share of votes, % Subsidiaries sold during the period: Finland 2023 2022 2023 2022 Rantapallo Oy Finland 79.0 79.0 Talentem s.r.o. Czech Republic 100.0 100.0 Itemisation of significant non-controlling interests in the Group: Subsidiary Finland Holding, % 2023 Holding, % 2022 Digitaalinen asuntokauppa DIAS Oy Finland 19.5 19.5 Kotikokki.net Oy Finland 35.0 35.0 Suomen Tunnistetieto Oy Finland 49.0 During the financial year 2023, Alma Media Corporation acquired a majority stake in Suomen Tunnistetieto Oy. Alma Media acquired 25% of the company in 2021 and increased its hold- ings to 51% in 2023. In connection with the acquisition, a liability related to the redemption of non-controlling interests was recognised. This item had an effect of MEUR -3.5 on consolidat- ed equity on 31 December 2023. During the financial year 2023, Alma Media Corporation acquired a 70% stake in Vrabotuvanje Online, North Macedonia\u2019s leading online recruitment service. With Tau Online, which is part of the Alma Media Group, already having owned 30% of the company, Vrabotuvanje Online became a wholly owned subsidiary of Alma Media Group as a result of the transaction.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "4.1 General principles of consolidation All subsidiaries are consolidated in the consolidated financial statements. Subsidiaries are companies in which the Group has a controlling interest. The criteria for control are fulfilled 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 financial statements. Mutual holdings are eliminated using the purchase method. Purchase consideration 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 pur- chase cost, if applicable, is recognised at fair value on the acquisition date and classified as a liability through profit or loss. Additional purchase cost classified as a liability is measured through profit 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 2023 2022 2023 2022 Parent company Alma Media Corporation Finland Alma Finanssipalvelut Oy Finland 100.0 100.0 100.0 100.0 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 Objektvision AB Sweden 100.0 100.0 100.0 100.0 Profesia s.r.o Slovakia 100.0 100.0 100.0 100.0 SIA CV-Online Latvia Latvia 100.0 100.0 100.0 100.0 Suomen Tunnistetieto Oy Finland 51.0 25.0 51.0 25.0 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 LMC Poland Sp. z.o.o Poland 100.0 100.0 Vrabotuvanje Online d.o.o North Macedonia 100.0 30.0 100.0 30.0 Holding, % Share of votes, % Subsidiaries merged with other Group companies during the financial year: Finland 2023 2022 2023 2022 Netello Systems Oy Finland 100.0 100.0 100.0 100.0 Profesia s.r.o Czech Republic 100.0 100.0 100.0 100.0 Seduo Slovakia Slovakia 100.0 100.0 100.0 100.0 Holding, % Share of votes, % Subsidiaries sold during the period: Finland 2023 2022 2023 2022 Rantapallo Oy Finland 79.0 79.0 Talentem s.r.o. Czech Republic 100.0 100.0 Itemisation of significant non-controlling interests in the Group: Subsidiary Finland Holding, % 2023 Holding, % 2022 Digitaalinen asuntokauppa DIAS Oy Finland 19.5 19.5 Kotikokki.net Oy Finland 35.0 35.0 Suomen Tunnistetieto Oy Finland 49.0 During the financial year 2023, Alma Media Corporation acquired a majority stake in Suomen Tunnistetieto Oy. Alma Media acquired 25% of the company in 2021 and increased its hold- ings to 51% in 2023. In connection with the acquisition, a liability related to the redemption of non-controlling interests was recognised. This item had an effect of MEUR -3.5 on consolidat- ed equity on 31 December 2023. During the financial year 2023, Alma Media Corporation acquired a 70% stake in Vrabotuvanje Online, North Macedonia\u2019s leading online recruitment service. With Tau Online, which is part of the Alma Media Group, already having owned 30% of the company, Vrabotuvanje Online became a wholly owned subsidiary of Alma Media Group as a result of the transaction", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "All subsidiaries are consolidated in the consolidated financial statements. Subsidiaries are companies in which the Group has a controlling interest. The criteria for control are fulfilled 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 financial statements. Mutual holdings are eliminated using the purchase method. Purchase consideration 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 pur- chase cost, if applicable, is recognised at fair value on the acquisition date and classified as a liability through profit or loss. Additional purchase cost classified as a liability is measured through profit or loss at fair value on the last day of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "4.3 Business combinations Subsidiaries acquired are consolidated from the time when the Group gains the right of control, and divest- ed subsidiaries until the Group ceases to exercise the right of control. All intra-Group transactions, receivables, liabilities and profits are eliminated in the consolidated financial statements. The distribution of the profit for the year between the parent company owners and non-controlling interest shareholders is shown in the state- ment 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 propor- tionate share of the specified net assets. The measurement method is defined 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 transactions. In conjunction with acquisitions achieved in stages, the previous holding is measured at fair value through profit or loss. When the Group loses control in a subsidiary, the remaining investment is measured at fair value through profit or loss on the date control in the subsidiary is lost, and the difference is recognised through profit or loss. Acquisitions that took place before 1 January 2010 are recognised according to the provisions valid at the time. Acquisitions in 2023 The Group carried out the following acquisitions in 2023: Business Acquisition date Acquired share Group share Alma Career segment Vrabotuvanje Online d.o.o Online service 1 Jul 2023 70% 100% Alma Talent segment Toimitilat.fi Online service 1 Jan 2023 100% 100% Suomen Tunnistetieto Oy Online service 3 Apr 2023 26% 51% Alma Career Consideration MEUR Fair value Consideration, settled in cash 0.9 Fair value of acquisition achieved in stages 0.3 Value of previous holdings 0.1 Total consideration 1.3 The assets and liabilities recorded as a result of the acquisition were as follows: MEUR Fair values entered in integra- tion, total Property, plant and equipment 0.0 Intangible assets 0.5 Trade and other receivables 0.1 Cash and cash equivalents 0.2 Total assets acquired 0.7 Deferred tax liabilities 0.0 Trade and other payables 0.2 Total liabilities acquired 0.2 Acquired identifiable net assets at fair value, total 0.5 Group\u2019s share of net assets 0.5 Goodwill 0.8 Annual amortisation of intangible assets related to acquisitions 0.1 Alma Talent Consideration MEUR Fair value Consideration, settled in cash 4.2 Contingent consideration 0.6 Fair value of acquisition achieved in stages 0.9 Value of previous holdings 0.5 Total consideration 6.1 The assets and liabilities recorded as a result of the acquisition were as follows: MEUR Fair values entered in integration, total Property, plant and equipment 0.1 Intangible assets 3.5 Trade and other receivables 0.2 Cash and cash equivalents 0.4 Total assets acquired 4.1 Deferred tax liabilities 0.7 Trade and other payables 0.1 Total liabilities acquired 0.8 Acquired identifiable net assets at fair value, total 3.3 Group\u2019s share of net assets 2.1 Non-controlling interest 1.2 Goodwill 4.0 Annual amortisation of intangible assets related to acquisitions 0.5 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 businesses expected to be realised and the expectation of the growth of the business premises marketplaces business in the coming years. Consideration paid for acquisitions \u2013 cash flow MEUR 2023 2022 Paid cash less acquired cash: Cash consideration 5.1 Asset transfer tax and transaction costs 0.0 0.0 Contingent considerations paid during the financial year 2.4 Less acquired amounts Cash 0.6 Net cash flow \u2013 capital expenditure 4.6 2.4 Acquisitions in 2022 The Group did not carry out any acquisitions in 2022", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "Subsidiaries acquired are consolidated from the time when the Group gains the right of control, and divest- ed subsidiaries until the Group ceases to exercise the right of control. All intra-Group transactions, receivables, liabilities and profits are eliminated in the consolidated financial statements. The distribution of the profit for the year between the parent company owners and non-controlling interest shareholders is shown in the state- ment 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 propor- tionate share of the specified net assets. The measurement method is defined 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 transactions. In conjunction with acquisitions achieved in stages, the previous holding is measured at fair value through profit or loss. When the Group loses control in a subsidiary, the remaining investment is measured at fair value through profit or loss on the date control in the subsidiary is lost, and the difference is recognised through profit 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "4.4 Investments in associated companies and joint ventures Associated companies are those in which the Group has a significant controlling interest. A significant 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 significant 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 company\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 obligations with respect to the associat- ed companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating profit. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consolidated comprehensive income statement under other comprehensive income . MEUR 2023 2022 Investments in associated companies and joint ventures At beginning of period 4.2 7.7 Increases Decreases -0.5 -4.0 Share of results 0.9 0.7 Capital repayments received Dividends received -0.2 -0.2 Impairment At end of period 4.4 4.2 Further information on associated companies: Summary of financial information on associated companies and joint ventures (100%). MEUR Alma Career Other associated companies Year 2023 Current assets 8.1 Non-current assets 14.5 Current liabilities 3.8 Non-current liabilities 5.4 Revenue 17.8 Profit/loss for the period 3.1 Other comprehensive income Reconciliation between associated companies\u2019 and joint ventures\u2019 financial information and the balance sheet value recognised by the Group: Associated company\u2019s net assets 14.7 0.1 Group\u2019s share of net assets 3.4 0.1 Goodwill 0.6 Other adjustments 0.1 Associated companies\u2019 balance sheet value on the consolidated balance sheet 4.4 0.1 Receivables from associated companies Owed to associated companies Dividends and capital repayments received from associated company during the period 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 Profit/loss for the period 3.1 0.1 Other comprehensive income 0 0 Reconciliation between associated companies\u2019 and joint ventures\u2019 financial 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 consoli- dated balance sheet 3.7 0.5 0.1 Receivables from associated companies Owed to associated companies Dividends and capital repayments received from associat- ed company during the period 0.2 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 During the financial year, the Group increased its holdings in Suomen Tunnistetieto Oy and Vrabotuvanje Online D.o.o. The companies are reported as subsidiaries in the financial year 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "4.4 Investments in associated companies and joint ventures Associated companies are those in which the Group has a significant controlling interest. A significant 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 significant 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 company\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 obligations with respect to the associat- ed companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating profit. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consolidated comprehensive income statement under other comprehensive income . MEUR 2023 2022 Investments in associated companies and joint ventures At beginning of period 4.2 7.7 Increases Decreases -0.5 -4.0 Share of results 0.9 0.7 Capital repayments received Dividends received -0.2 -0.2 Impairment At end of period 4.4 4.2 Further information on associated companies: Summary of financial information on associated companies and joint ventures (100%). MEUR Alma Career Other associated companies Year 2023 Current assets 8.1 Non-current assets 14.5 Current liabilities 3.8 Non-current liabilities 5.4 Revenue 17.8 Profit/loss for the period 3.1 Other comprehensive income Reconciliation between associated companies\u2019 and joint ventures\u2019 financial information and the balance sheet value recognised by the Group: Associated company\u2019s net assets 14.7 0.1 Group\u2019s share of net assets 3.4 0.1 Goodwill 0.6 Other adjustments 0.1 Associated companies\u2019 balance sheet value on the consolidated balance sheet 4.4 0.1 Receivables from associated companies Owed to associated companies Dividends and capital repayments received from associated company during the period 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 Profit/loss for the period 3.1 0.1 Other comprehensive income 0 0 Reconciliation between associated companies\u2019 and joint ventures\u2019 financial 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 consoli- dated balance sheet 3.7 0.5 0.1 Receivables from associated companies Owed to associated companies Dividends and capital repayments received from associat- ed company during the period 0.2 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 During the financial year, the Group increased its holdings in Suomen Tunnistetieto Oy and Vrabotuvanje Online D.o.o. The companies are reported as subsidiaries in the financial year 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "Associated companies are those in which the Group has a significant controlling interest. A significant 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 significant 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 company\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 obligations with respect to the associat- ed companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating profit. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consolidated comprehensive income statement under other comprehensive income ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "Associated companies are those in which the Group has a significant controlling interest. A significant 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 significant 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 company\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 obligations with respect to the associat- ed companies. The Group\u2019s share of the results of its associated companies is shown as a separate item after operating profit. The Group\u2019s share of its associated companies\u2019 other changes in comprehensive income is recognised in the consolidated comprehensive income statement under other comprehensive income ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "4.5 Related party transactions Alma Media Group\u2019s related parties are its associated companies (see Note 4.4), the com- panies that they own and affiliated companies. The related parties also include the Group\u2019s most significant 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 benefits 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 2023 2022 Sales of goods and services 0.0 0.1 Purchases of goods and services 0.2 0.2 Trade, loan and other receivables 0.0 Related party transactions \u2013 principal shareholders MEUR 2023 2022 Sales of goods and services 0.3 0.1 Purchases of goods and services 0.8 0.7 Trade, loan and other receivables 0.0 0.0 Trade payables 0.1 0.0 Related party transactions \u2013 corporations where management exercises influence MEUR 2023 2022 Sales of goods and services 0.7 0.5 Purchases of goods and services 0.3 0.7 Trade, loan and other receivables 0.0 0.0", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "Alma Media Group\u2019s related parties are its associated companies (see Note 4.4), the com- panies that they own and affiliated companies. The related parties also include the Group\u2019s most significant 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 benefits 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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "5.1 Income tax The tax expense in the profit 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 opera- tion. The tax is adjusted for any tax related to previous periods. MEUR 2023 2022 Current income tax charge 13.0 15.5 Adjustments in respect of current income tax of previous years -0.4 0.0 Deferred taxes -0.5 -1.0 Total 12.1 14.5 Reconciliation of tax expenses in the income statement and tax calculated on the parent company\u2019s tax rate (20.0%): MEUR 2023 2022 Profit before tax 68.5 86.4 Share of profit of associated companies -0.9 -0.7 Total 67.6 85.8 Tax calculated on the parent company\u2019s tax rate of 20.0% 13.5 17.2 Impact of varying tax rates of foreign subsidiaries -0.4 -0.4 Tax-free income -1.3 -2.5 Non-tax-deductible expenses 0.2 0.2 Other items 0.0 0.0 Tax recognised in the income statement 12.1 14.5 Tax impacts of entries due to IAS 19 accounting principles are included in other comprehen- sive income", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "The tax expense in the profit 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 opera- tion. The tax is adjusted for any tax related to previous periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "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. How- ever, the deferred tax liability is not recognised on the initial recognition of goodwill or if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. A deferred tax liability is recognised on non-dis- tributed 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 profit 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 final day of each reporting period. Changes in deferred taxes during 2023: MEUR 31.12.2022 Recognised in income statement Recognised in equity Acquired/sold subsidiaries 31.12.2023 Deferred tax assets Provisions 0.0 0.0 Pension benefits 0.0 0.0 0.0 Deferred depreciation 0.0 0.0 Loss for the period recognised in deferred tax assets 0.0 0.0 Other items 0.4 -0.3 0.1 Total 0.4 -0.3 0.1 Taxes, net 0.2 0.1 Deferred tax assets on balance sheet 0.6 0.2 MEUR 31.12.2022 Recognised in income statement Recognised in equity Acquired/sold subsidiaries 31.12.2023 Deferred tax liabilities Accumulated depreciation differences 0.2 0.1 0.2 Business combinations 16.3 -0.7 0.5 16.1 Retained earnings of subsidiary companies 0.5 -0.3 0.2 Other items 0.1 0.2 0.4 Total 17.1 -0.8 0.5 16.9 Taxes, net 0.2 0.1 Deferred tax liabilities on balance sheet 17.2 17.0 No deferred tax asset has been recognised on the confirmed losses of Group companies. The utilisation tax assets requires that the normal operations of such companies would generate taxable income. The losses expire in 2032 at the latest 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 benefits 0.0 0.0 0.0 0.0 0.0 Deferred depreciation 0.0 0.0 0.0 0.0 0.0 Other items 0.4 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 liabilities 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 subsidiary 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", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": " 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. How- ever, the deferred tax liability is not recognised on the initial recognition of goodwill or if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. A deferred tax liability is recognised on non-dis- tributed 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 profit 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 final day of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "5.3 Events after the balance sheet date The period during which matters affecting the financial 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 referred to above are examined to determine whether they do or do not render it necessary to correct the information in the financial statements. Information in the financial 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 Media acquired the share capital of the automotive industry software company Netwheels Oy to strengthen its offering of automotive and mobility services to corporate customers. Netwheels Oy provides software on a SaaS basis for the automotive industry. In 2023, the revenue of Netwheels Oy amounted to approximately MEUR 8, and the company employs 29 people who will become part of the Alma Media Group. The transaction was finalised on 31 January 2024, after which Netwheels Oy is reported as part of the Alma Consumer business segment. Business Acquisition date Alma Consumer segment Netwheels Oy Online service 31 Jan 2024 Alma Consumer Consideration MEUR Fair value Consideration, settled in cash 18.3 Total consideration 18.3 The assets and liabilities recorded as a result of the acquisition were as follows: MEUR Fair values entered in integration Intangible assets 6.6 Property, plant and equipment 0.0 Trade and other receivables 0.3 Cash and cash equivalents 3.8 Total assets acquired 10.7 Deferred tax liabilities 1.2 Trade and other payables 1.2 Total liabilities acquired 2.4 Acquired identifiable net assets at fair value, total 8.3 Group\u2019s share of net assets 8.3 Goodwill 10.0 Annual amortisation of intangible assets related to acquisitions 0.7 The fair values entered on intangible assets in consolidation relate to acquired customer agreements and the brand. Factors contributing to goodwill were the synergies related to these businesses expected to be realised and the expectation of the growth of the business in the coming years.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700ILU1PL86IW3429", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }