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Accounting principles for the consolidated financial statements Basic information about the Group The business idea of Nurminen Logistics is to provide and produce high-quality and customer competitiveness increasing logistics ser- vices in Finland and regular international railway line services. The Group\u2019s parent company is Nurminen Logistics Plc. The parent com- pany\u2019 is domiciled in Helsinki, Finland, and its registered address is Satamakaari 24, 00980 Helsinki, Finland. The parent company is listed on NASDAQ OMX Helsinki Stock Exchange. Copies of the consolidated financial statements are available on the internet at www.nurminenlogistics.com. The consolidated financial statements were authorised for issue by the Board of Directors on 13 March 2024. According to the Finnish Limited Liability Companies Act, shareholders have the right to approve or reject the financial statements in the Annual General Meeting held after the publication of the financial statements. The Annual General Meeting also has the right to decide to amend the financial statements. Basis of preparation The consolidated financial statements have been prepared in accor- dance with International Financial Reporting Standards (IFRS) approved in European Union, in accordance with the IAS and IFRS standards and SIC and IFRIC interpretations effective on 31 Decem- ber 2023. International Financial Reporting Standards are standards and interpretations adopted for application in the European Union in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the European Parliament and Council. The notes to the consolidated financial statements are also in accordance with the Finnish legislation on accounting and entities complementing the IFRS. The consolidated financial statements are prepared for the calendar year, which is also the financial year of the parent company and Group companies. The consolidated financial statements have been prepared on the historical cost basis except for the financial assets and financial lia- bilities measured at fair value through profit or loss. The financial statements are presented in thousands of euro and the figures are rounded off to the nearest thousand, so the sum of indi- vidually presented figures can deviate from the disclosed sums. Application of new and revised IFRS standards The Group has applied the following amendments as of 1 January 2023: \u2022 Amendments to IAS 1 Presentation of Financial Statements and the Making Materiality Judgements statement, effective from 1 January 2023. Significant accounting principles were replaced with material accounting principles. The aim of the amendment is to help the company to present the accounting principles which are material to understanding the company\u2019s financial statements information. The amendment requires the management to make estimates as to whether an accounting principles is material or not. The amendment has had some effect on the accounting principles presented in the consolidated financial statements of Nurminen Logistics, as the consolidated financial statements focus on presenting the accounting principles material to the company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "Basic information about the Group The business idea of Nurminen Logistics is to provide and produce high-quality and customer competitiveness increasing logistics ser- vices in Finland and regular international railway line services. The Group\u2019s parent company is Nurminen Logistics Plc. The parent com- pany\u2019 is domiciled in Helsinki, Finland, and its registered address is Satamakaari 24, 00980 Helsinki, Finland. The parent company is listed on NASDAQ OMX Helsinki Stock Exchange. Copies of the consolidated financial statements are available on the internet at www.nurminenlogistics.com. The consolidated financial statements were authorised for issue by the Board of Directors on 13 March 2024. According to the Finnish Limited Liability Companies Act, shareholders have the right to approve or reject the financial statements in the Annual General Meeting held after the publication of the financial statements. The Annual General Meeting also has the right to decide to amend the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "The business idea of Nurminen Logistics is to provide and produce high-quality and customer competitiveness increasing logistics ser- vices in Finland and regular international railway line services.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-285": { "value": "Nurminen Logistics Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-286": { "value": "Helsinki, Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-287": { "value": "Satamakaari 24, 00980 Helsinki", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-288": { "value": "Copies of the consolidated financial statements are available on the internet at www.nurminenlogistics.com. The consolidated financial statements were authorised for issue by the Board of Directors on 13 March 2024. According to the Finnish Limited Liability Companies Act, shareholders have the right to approve or reject the financial statements in the Annual General Meeting held after the publication of the financial statements. The Annual General Meeting also has the right to decide to amend the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-289": { "value": "Basis of preparation The consolidated financial statements have been prepared in accor- dance with International Financial Reporting Standards (IFRS) approved in European Union, in accordance with the IAS and IFRS standards and SIC and IFRIC interpretations effective on 31 Decem- ber 2023. International Financial Reporting Standards are standards and interpretations adopted for application in the European Union in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the European Parliament and Council. The notes to the consolidated financial statements are also in accordance with the Finnish legislation on accounting and entities complementing the IFRS. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-290": { "value": "Basis of preparation The consolidated financial statements have been prepared in accor- dance with International Financial Reporting Standards (IFRS) approved in European Union, in accordance with the IAS and IFRS standards and SIC and IFRIC interpretations effective on 31 Decem- ber 2023. International Financial Reporting Standards are standards and interpretations adopted for application in the European Union in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the European Parliament and Council. The notes to the consolidated financial statements are also in accordance with the Finnish legislation on accounting and entities complementing the IFRS. The consolidated financial statements are prepared for the calendar year, which is also the financial year of the parent company and Group companies. The consolidated financial statements have been prepared on the historical cost basis except for the financial assets and financial lia- bilities measured at fair value through profit or loss. The financial statements are presented in thousands of euro and the figures are rounded off to the nearest thousand, so the sum of indi- vidually presented figures can deviate from the disclosed sums. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-291": { "value": "Application of new and revised IFRS standards The Group has applied the following amendments as of 1 January 2023: \u2022 Amendments to IAS 1 Presentation of Financial Statements and the Making Materiality Judgements statement, effective from 1 January 2023. Significant accounting principles were replaced with material accounting principles. The aim of the amendment is to help the company to present the accounting principles which are material to understanding the company\u2019s financial statements information. The amendment requires the management to make estimates as to whether an accounting principles is material or not. The amendment has had some effect on the accounting principles presented in the consolidated financial statements of Nurminen Logistics, as the consolidated financial statements focus on presenting the accounting principles material to the company. \u2022 Amendments to IAS 8 Accounting Policies, Changes in Account- ing Estimates and Errors, effective from 1 January 2023. The amendments clarified the differences between accounting esti- mates and changes in accounting policies and the correction of errors. The amendment clarified that the impacts of new infor- mation or a change in the measurement method on an account- ing estimate are changes in accounting estimates if they are not caused by correcting errors in previous periods. The amendment did not have a significant effect on the consolidated financial statements of Nurminen Logistics. \u2022 Amendments to IAS 12 Income Taxes, effective from 1 January 2023. Deferred taxes are recognised based on assets and lia- bilities arising from a single transaction. The amendments apply to transactions that occur on or after the beginning of the earliest comparative period presented. The amendment restricted the scope of application of the initial recognition exemption of deferred taxes so that it is no longer applied to transactions that give rise to equal taxable and deductible temporary differences. It applies to assets and liabilities arising from individual transac- tions, such as right-of-use assets and lease liabilities, or resto- ration obligation and corresponding asset if their deferred taxes are not equal. The amendment does not have a significant effect on the consolidated statement of financial position of Nurminen Logistics, because the deferred tax assets and tax liabilities that have arisen from the recognition of leases can be netted for the most part. However, the amendment amends the note on deferred taxes in the consolidated financial statements. \u2022 Amendments to IAS 12 Income Taxes, effective from 1 January 2023. IAS 12 Income Taxes is applied to income taxes rec- ognised under the tax laws already in force or coming into effect in the coming years under the OECD's Pillar II. The amendment includes a mandatory exception to the requirement of IAS 12 Income Taxes to recognise and present the deferred tax assets and liabilities arising from the application of Pillar II. The amend- ment does not have an effect on the consolidated financial state- ments of Nurminen Logistics, as the regulation under Pillar II does not apply to Nurminen Logistics. The Pillar II requirements only apply to international groups whose consolidated annual net sales exceed EUR 750 million. Other new or revised standards or interpretations or annual improve- ments to standards which became effective for the reporting period that begun on 1 January 2023 did not have a significant impact on the consolidated financial statements of Nurminen Logistics. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "value": "Principles of Consolidation Subsidiaries The consolidated financial statements include the financial state- ments of Nurminen Logistics Plc and those of all its subsidiaries. The subsidiaries are entities controlled by the parent company. Nurminen Logistics Plc controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Subsidiaries acquired are included in the consolidated financial statements from the acquisition date that control commences until the date that con- trol ceases. Acquired subsidiaries are accounted for by using the acquisition method. The consideration transferred, identifiable assets and liabil- ities assumed of the acquired entity and are measured at their fair values at the acquisition date. Goodwill arising on an acquisition is recognised as the excess of the aggregate of the consideration transferred, the amount of any non-controlling interests and previ- ously held equity interests in the acquiree, over the Group\u2019s share of the fair value of the net assets acquired at the acquisition date. The consideration transferred includes any assets transferred by the acquirer, liabilities incurred by the acquirer to former owners of the acquiree and the equity interests issued by the acquirer, measured at fair value. Any contingent consideration related to the business combination is measured at fair value at the acquisition date and it is classified as either liability or equity. Contingent consideration classified as liability is remeasured at its fair value at each balance sheet date and the subsequent changes to fair value are recognised in profit or loss. Contingent consideration classified as equity is not subsequently remeasured. The consideration transferred does not include any transactions accounted for separately from the acquisi- tion, which are treated in conjunction with the acquisition in profit or loss. All acquisition-related costs, with the exception for costs to issue debt or equity securities, are expensed in the periods in which costs are incurred and services rendered. All intra-group transactions, receivables and liabilities as well as unrealised gains and profit distribution are eliminated in the consol- idation. Non-controlling interests are presented as a separate item under equity. Non-controlling interests Any non-controlling interest in the acquiree is measured on an acqui- sition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. Changes in the parent company\u2019s ownership interest in a subsidiary are accounted for as equity transactions if the parent company retains control over the subsidiary. The result for the financial year and items recognised in other com- prehensive income are allocated to the equity holders of the parent company and non-controlling interests. Total comprehensive income is allocated to the equity holders of the parent company and non-con- trolling interests, even if that results in a deficit balance, unless non-controlling interests have an exemption not to meet obligations which exceed non-controlling interests\u2019 investment. Equity attribut- able to the non-controlling interest is presented separately under equity in the consolidated balance sheet. Associates Associates are companies in which the Group has significant influ- ence. Significant influence generally arises when the Group holds 20 to 50 per cent of a company\u2019s voting power or the Group otherwise has significant influence but not power to govern the financial and operating policies of an entity. Associates are consolidated using the equity method. When the Group\u2019s share of an associate\u2019s losses exceeds the carrying amount of the interest, the interest is recognised at zero value in the balance sheet and recognition of further losses is discontinued, except to the extent that the Group has committed to settle the associate\u2019s obligations. Investment in an associate includes goodwill arisen on acquisition. Unrealised gains resulting from transactions between the Group and the associate are elimi- nated to the extent of the interest in the associate. The Group\u2019s share of an associate\u2019s result for the financial year is disclosed separately after financial items in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-293": { "value": "Subsidiaries The consolidated financial statements include the financial state- ments of Nurminen Logistics Plc and those of all its subsidiaries. The subsidiaries are entities controlled by the parent company. Nurminen Logistics Plc controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Subsidiaries acquired are included in the consolidated financial statements from the acquisition date that control commences until the date that con- trol ceases. Acquired subsidiaries are accounted for by using the acquisition method. The consideration transferred, identifiable assets and liabil- ities assumed of the acquired entity and are measured at their fair values at the acquisition date. Goodwill arising on an acquisition is recognised as the excess of the aggregate of the consideration transferred, the amount of any non-controlling interests and previ- ously held equity interests in the acquiree, over the Group\u2019s share of the fair value of the net assets acquired at the acquisition date. The consideration transferred includes any assets transferred by the acquirer, liabilities incurred by the acquirer to former owners of the acquiree and the equity interests issued by the acquirer, measured at fair value. Any contingent consideration related to the business combination is measured at fair value at the acquisition date and it is classified as either liability or equity. Contingent consideration classified as liability is remeasured at its fair value at each balance sheet date and the subsequent changes to fair value are recognised in profit or loss. Contingent consideration classified as equity is not subsequently remeasured. The consideration transferred does not include any transactions accounted for separately from the acquisi- tion, which are treated in conjunction with the acquisition in profit or loss. All acquisition-related costs, with the exception for costs to issue debt or equity securities, are expensed in the periods in which costs are incurred and services rendered. All intra-group transactions, receivables and liabilities as well as unrealised gains and profit distribution are eliminated in the consol- idation. Non-controlling interests are presented as a separate item under equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "Nurminen Logistics Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "Acquired subsidiaries are accounted for by using the acquisition method. The consideration transferred, identifiable assets and liabil- ities assumed of the acquired entity and are measured at their fair values at the acquisition date. Goodwill arising on an acquisition is recognised as the excess of the aggregate of the consideration transferred, the amount of any non-controlling interests and previ- ously held equity interests in the acquiree, over the Group\u2019s share of the fair value of the net assets acquired at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "Acquired subsidiaries are accounted for by using the acquisition method. The consideration transferred, identifiable assets and liabil- ities assumed of the acquired entity and are measured at their fair values at the acquisition date. Goodwill arising on an acquisition is recognised as the excess of the aggregate of the consideration transferred, the amount of any non-controlling interests and previ- ously held equity interests in the acquiree, over the Group\u2019s share of the fair value of the net assets acquired at the acquisition date. Goodwill Goodwill arising on business combinations is recognised as the excess of the aggregate of the consideration transferred, the amount of non-controlling interest in the acquiree and the value of any pre- viously held equity interest over the fair value of the acquired net assets. Goodwill is not amortised but it is tested at least annually for impair- ment. Goodwill is carried at historical cost less accumulated impair- ment losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "Non-controlling interests Any non-controlling interest in the acquiree is measured on an acqui- sition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. Changes in the parent company\u2019s ownership interest in a subsidiary are accounted for as equity transactions if the parent company retains control over the subsidiary. The result for the financial year and items recognised in other com- prehensive income are allocated to the equity holders of the parent company and non-controlling interests. Total comprehensive income is allocated to the equity holders of the parent company and non-con- trolling interests, even if that results in a deficit balance, unless non-controlling interests have an exemption not to meet obligations which exceed non-controlling interests\u2019 investment. Equity attribut- able to the non-controlling interest is presented separately under equity in the consolidated balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "Associates Associates are companies in which the Group has significant influ- ence. Significant influence generally arises when the Group holds 20 to 50 per cent of a company\u2019s voting power or the Group otherwise has significant influence but not power to govern the financial and operating policies of an entity. Associates are consolidated using the equity method. When the Group\u2019s share of an associate\u2019s losses exceeds the carrying amount of the interest, the interest is recognised at zero value in the balance sheet and recognition of further losses is discontinued, except to the extent that the Group has committed to settle the associate\u2019s obligations. Investment in an associate includes goodwill arisen on acquisition. Unrealised gains resulting from transactions between the Group and the associate are elimi- nated to the extent of the interest in the associate. The Group\u2019s share of an associate\u2019s result for the financial year is disclosed separately after financial items in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "Associates Associates are companies in which the Group has significant influ- ence. Significant influence generally arises when the Group holds 20 to 50 per cent of a company\u2019s voting power or the Group otherwise has significant influence but not power to govern the financial and operating policies of an entity. Associates are consolidated using the equity method. When the Group\u2019s share of an associate\u2019s losses exceeds the carrying amount of the interest, the interest is recognised at zero value in the balance sheet and recognition of further losses is discontinued, except to the extent that the Group has committed to settle the associate\u2019s obligations. Investment in an associate includes goodwill arisen on acquisition. Unrealised gains resulting from transactions between the Group and the associate are elimi- nated to the extent of the interest in the associate. The Group\u2019s share of an associate\u2019s result for the financial year is disclosed separately after financial items in the consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "Foreign Currency Transactions Items included in the financial statements of each subsidiary in the Group are determined using the currency reflecting the primary economic environment of that subsidiary (\u201cthe functional currency\u201d). The consolidated financial statements are prepared in euro which is the functional and presentation currency of the parent company and the presentation currency of the consolidated financial statements. Foreign currency transactions of the Group companies are translated into functional currencies using the exchange rates prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currency are translated using the balance sheet date exchange rates and non-monetary assets and liabilities that are measured at historical cost are translated using the transaction date exchange rates. Gains and losses arising from the translation are recognised in the consolidated statement of comprehensive income. In the preparation of consolidated financial statements, income and expenses for the income statements and for the statements of com- prehensive income of those foreign Group companies whose func- tional currency is not euro, are translated into euro by using the average exchange rate for the financial year and the balance sheets are translated at the exchange rate at the balance sheet date. Trans- lation differences arising from such translation are recognised in equity. Retranslating the result and the total comprehensive income for the financial year using different exchange rates for the statement of comprehensive income and for the balance sheet causes a trans- lation difference recognised in Group\u2019s equity, the change in this translation difference is recognised under other comprehensive income. Respectively, foreign currency differences arising from the elimination of the costs of foreign subsidiaries, and from the retrans- lation of post-combination equity components in subsequent periods, are recognised in other comprehensive income. When a foreign operation is sold or is otherwise disposed of, in part or in full, the accumulated foreign currency differences are recognised in the statement of comprehensive income as part of the gain or loss on sale for the disposed part. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "Foreign Currency Transactions Items included in the financial statements of each subsidiary in the Group are determined using the currency reflecting the primary economic environment of that subsidiary (\u201cthe functional currency\u201d). The consolidated financial statements are prepared in euro which is the functional and presentation currency of the parent company and the presentation currency of the consolidated financial statements. Foreign currency transactions of the Group companies are translated into functional currencies using the exchange rates prevailing at the transaction date. Monetary assets and liabilities denominated in foreign currency are translated using the balance sheet date exchange rates and non-monetary assets and liabilities that are measured at historical cost are translated using the transaction date exchange rates. Gains and losses arising from the translation are recognised in the consolidated statement of comprehensive income. In the preparation of consolidated financial statements, income and expenses for the income statements and for the statements of com- prehensive income of those foreign Group companies whose func- tional currency is not euro, are translated into euro by using the average exchange rate for the financial year and the balance sheets are translated at the exchange rate at the balance sheet date. Trans- lation differences arising from such translation are recognised in equity. Retranslating the result and the total comprehensive income for the financial year using different exchange rates for the statement of comprehensive income and for the balance sheet causes a trans- lation difference recognised in Group\u2019s equity, the change in this translation difference is recognised under other comprehensive income. Respectively, foreign currency differences arising from the elimination of the costs of foreign subsidiaries, and from the retrans- lation of post-combination equity components in subsequent periods, are recognised in other comprehensive income. When a foreign operation is sold or is otherwise disposed of, in part or in full, the accumulated foreign currency differences are recognised in the statement of comprehensive income as part of the gain or loss on sale for the disposed part. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "
Property, plant and equipment
Items of property, plant and equipment are carried at historical cost
less accumulated depreciation and impairment losses. The cost
includes all expenditure directly attributable to the acquisition of the
asset. The borrowing costs directly attributable to the acquisition or
construction of an asset that necessarily takes a substantial period
to get ready for its intended use or sale, are capitalised as part of the
carrying amount of the asset. Subsequent costs are recognised in
the carrying amount of the item only if it is probable that future eco-
nomic benefits associated with the asset will flow to the Group and
its cost can be measured reliably. Other repair and maintenance
costs are expensed as incurred.
Property, plant and equipment are depreciated using the straight-line method over their estimated useful lives, which are the following: Buildings 30\u201340 years Transport equipment 5\u20138 years Machinery and equipment 3\u201310 years Locomotives 30 years Locomotive parts 5\u201312 years ICT equipment 3 years Software 5\u201310 years Land is not depreciated. Recognition of depreciation on an item of property, plant and equip- ment is discontinued when the item is classified as held for sale in accordance with IFRS 5 standard. Non-current assets held for sale are measured at the lower of carrying amount and fair value less costs to sell. Gains and losses on the disposal of assets are reported as the difference between selling price and carrying amount, and the gains and losses are included in other operating income and expenses in the income statement. Useful lives and residual values are reviewed at every balance sheet date. Changes in the future economic benefits to be received from the items of property, plant and equipment are accounted for by adjusting the useful lives and residual values of the items in question. Gains and losses arising from sale and disposal of property, plant and equipment are included in other operating income or in other operating expenses.
Impairment of Intangible Assets and
Property, Plant and Equipment
The Group assesses, at every balance sheet date, if there are any
indications of impairment of property, plant and equipment or intan-
gible assets. In case such indications exist, the asset\u2019s recoverable
amount is estimated. If the carrying amount of an asset exceeds its
recoverable amount, the impairment loss is recognised in the income
statement. The recoverable amount of an asset is the higher of its
fair value less costs to sell and its value in use.
As to goodwill, the recoverable amount is estimated at least annually
irrespective of whether indications of impairment exist. Impairment
is assessed at a cash-generating unit level, i.e. at the lowest level for
which there are separately identifiable, mainly independent cash
flows. In impairment testing of goodwill, the recoverable amount is
based on value in use, i.e. on the estimated discounted future net
cash flows.
At the recognition of the impairment loss the asset\u2019s useful life is
re-estimated. The recognised impairment loss is reversed if the
estimates used to determine the asset\u2019s recoverable amount have
changed. The reversal of the impairment loss shall not exceed the
carrying amount that would have been determined had no impairment
loss been recognised for the asset. An impairment loss on goodwill
is never reversed.
Kiinteist\u00f6 Oy Helsingin Satamakaari 24 was consolidated into the Group in accordance with IAS 16 Property, Plant and Equipment. Kiinteist\u00f6
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "Property, plant and equipment are depreciated using the straight-line method over their estimated useful lives, which are the following: Buildings 30\u201340 years Transport equipment 5\u20138 years Machinery and equipment 3\u201310 years Locomotives 30 years Locomotive parts 5\u201312 years ICT equipment 3 years Software 5\u201310 years Land is not depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "Recognition of depreciation on an item of property, plant and equip- ment is discontinued when the item is classified as held for sale in accordance with IFRS 5 standard. Non-current assets held for sale are measured at the lower of carrying amount and fair value less costs to sell. Gains and losses on the disposal of assets are reported as the difference between selling price and carrying amount, and the gains and losses are included in other operating income and expenses in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "Recognition of depreciation on an item of property, plant and equip- ment is discontinued when the item is classified as held for sale in accordance with IFRS 5 standard. Non-current assets held for sale are measured at the lower of carrying amount and fair value less costs to sell. Gains and losses on the disposal of assets are reported as the difference between selling price and carrying amount, and the gains and losses are included in other operating income and expenses in the income statement. Useful lives and residual values are reviewed at every balance sheet date. Changes in the future economic benefits to be received from the items of property, plant and equipment are accounted for by adjusting the useful lives and residual values of the items in question. Gains and losses arising from sale and disposal of property, plant and equipment are included in other operating income or in other operating expenses. Plant and Equipment. Kiinteist\u00f6 Oy Luum\u00e4en Suoanttilantie property, EUR 897 thousand, was previously categorised as held for sale. It was recategorised into fixed assets in 2021. The property has been leased out. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "Intangible assets Goodwill Goodwill arising on business combinations is recognised as the excess of the aggregate of the consideration transferred, the amount of non-controlling interest in the acquiree and the value of any pre- viously held equity interest over the fair value of the acquired net assets. Goodwill is not amortised but it is tested at least annually for impair- ment. Goodwill is carried at historical cost less accumulated impair- ment losses. Research and development costs Research costs are expensed in the financial year in which they are incurred. Development costs are capitalised when certain criteria are met. Other intangible assets An intangible asset is recognised in the balance sheet only if its cost can be measured reliably and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. An intangible asset is measured at historical cost less amortisation and any impairment losses. Group\u2019s intangible assets include mainly IT software which is amortised on a straight-line basis over 5 to 7 years. Impairment of Intangible Assets and Property, Plant and Equipment The Group assesses, at every balance sheet date, if there are any indications of impairment of property, plant and equipment or intan- gible assets. In case such indications exist, the asset\u2019s recoverable amount is estimated. If the carrying amount of an asset exceeds its recoverable amount, the impairment loss is recognised in the income statement. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. As to goodwill, the recoverable amount is estimated at least annually irrespective of whether indications of impairment exist. Impairment is assessed at a cash-generating unit level, i.e. at the lowest level for which there are separately identifiable, mainly independent cash flows. In impairment testing of goodwill, the recoverable amount is based on value in use, i.e. on the estimated discounted future net cash flows. At the recognition of the impairment loss the asset\u2019s useful life is re-estimated. The recognised impairment loss is reversed if the estimates used to determine the asset\u2019s recoverable amount have changed. The reversal of the impairment loss shall not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset. An impairment loss on goodwill is never reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "Intangible assets Goodwill Goodwill arising on business combinations is recognised as the excess of the aggregate of the consideration transferred, the amount of non-controlling interest in the acquiree and the value of any pre- viously held equity interest over the fair value of the acquired net assets. Goodwill is not amortised but it is tested at least annually for impair- ment. Goodwill is carried at historical cost less accumulated impair- ment losses. Research and development costs Research costs are expensed in the financial year in which they are incurred. Development costs are capitalised when certain criteria are met. Other intangible assets An intangible asset is recognised in the balance sheet only if its cost can be measured reliably and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. An intangible asset is measured at historical cost less amortisation and any impairment losses. Group\u2019s intangible assets include mainly IT software which is amortised on a straight-line basis over 5 to 7 years. Impairment of Intangible Assets and Property, Plant and Equipment The Group assesses, at every balance sheet date, if there are any indications of impairment of property, plant and equipment or intan- gible assets. In case such indications exist, the asset\u2019s recoverable amount is estimated. If the carrying amount of an asset exceeds its recoverable amount, the impairment loss is recognised in the income statement. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. As to goodwill, the recoverable amount is estimated at least annually irrespective of whether indications of impairment exist. Impairment is assessed at a cash-generating unit level, i.e. at the lowest level for which there are separately identifiable, mainly independent cash flows. In impairment testing of goodwill, the recoverable amount is based on value in use, i.e. on the estimated discounted future net cash flows. At the recognition of the impairment loss the asset\u2019s useful life is re-estimated. The recognised impairment loss is reversed if the estimates used to determine the asset\u2019s recoverable amount have changed. The reversal of the impairment loss shall not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset. An impairment loss on goodwill is never reversed.
12. Intangible assets
Other intangible
EUR 1,000
Goodwill
Intangible rights
assets
Total
2023
Cost at 1 January
6,171
863
5,669
12,703
Additions
1
837
838
Disposals
-127
-127
Cost at 31 December
6,171
864
6,379
13,414
Accumulated depreciation and
impairment losses at 1 January
-5,271
-839
-4,758
-10,869
Depreciation for the period
-6
-362
-368
Impairment losses
-2
-2
Accumulated depreciation and
impairment losses at 31 December
-5,271
-844
-5,123
-11,239
Carrying amount at 1 Jan 2023
899
24
911
1,834
Carrying amount at 31 Dec 2023
899
19
1,256
2,175
2022
Cost at 1 January
6,171
838
5,597
12,606
Additions
26
72
98
Cost at 31 December
6,171
863
5,669
12,703
Accumulated depreciation and
impairment losses at 1 January
-5,271
-836
-4,415
-10,522
Depreciation for the period
-3
-334
-377
Impairment losses
-10
-10
Accumulated depreciation for
disposals and transfers
0
0
Accumulated depreciation and
impairment losses at 31 December
-5,271
-839
-4,758
-10,869
Carrying amount at 1 Jan 2022
899
2
1,183
2,084
Carrying amount at 31 Dec 2022
899
24
911
1,834
Information on goodwill impairment testing is provided in Note 15. Impairment of assets. 15. Impairment of assets Goodwill is tested for impairment annually, and if indications of impairment exist. The recoverable amount in the impairment testing calcula- tions is determined based on value in use. An impairment loss is recognised if the carrying amount of the assets allocated to a cash-generating unit, including goodwill, is higher than the unit\u2019s recoverable amount. The recoverable amount of each cash-generating unit is determined by discounting the estimated future cash flows of the unit. Goodwill is allocated for cash generating units (CGUs) for impairment testing. Starting from 2023, Nurminen Logistics Plc Group has two cash-generating units (CGUs): Operations in Finland and the Baltics (49% minority). Goodwill is allocated in full to business operations in Finland. Business in Russia was wound down in 2022 as a result of the war in Ukraine. EUR 1,000 Business in Finland 2023 2022 Goodwill on consolidation 899 899 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "Goodwill Goodwill arising on business combinations is recognised as the excess of the aggregate of the consideration transferred, the amount of non-controlling interest in the acquiree and the value of any pre- viously held equity interest over the fair value of the acquired net assets. Goodwill is not amortised but it is tested at least annually for impair- ment. Goodwill is carried at historical cost less accumulated impair- ment losses. As to goodwill, the recoverable amount is estimated at least annually irrespective of whether indications of impairment exist. Impairment is assessed at a cash-generating unit level, i.e. at the lowest level for which there are separately identifiable, mainly independent cash flows. In impairment testing of goodwill, the recoverable amount is based on value in use, i.e. on the estimated discounted future net cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "Research and development costs Research costs are expensed in the financial year in which they are incurred. Development costs are capitalised when certain criteria are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "Other intangible assets An intangible asset is recognised in the balance sheet only if its cost can be measured reliably and it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group. An intangible asset is measured at historical cost less amortisation and any impairment losses. Group\u2019s intangible assets include mainly IT software which is amortised on a straight-line basis over 5 to 7 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "An intangible asset is measured at historical cost less amortisation and any impairment losses. Group\u2019s intangible assets include mainly IT software which is amortised on a straight-line basis over 5 to 7 years. Impairment of Intangible Assets and Property, Plant and Equipment The Group assesses, at every balance sheet date, if there are any indications of impairment of property, plant and equipment or intan- gible assets. In case such indications exist, the asset\u2019s recoverable amount is estimated. If the carrying amount of an asset exceeds its recoverable amount, the impairment loss is recognised in the income statement. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. As to goodwill, the recoverable amount is estimated at least annually irrespective of whether indications of impairment exist. Impairment is assessed at a cash-generating unit level, i.e. at the lowest level for which there are separately identifiable, mainly independent cash flows. In impairment testing of goodwill, the recoverable amount is based on value in use, i.e. on the estimated discounted future net cash flows. At the recognition of the impairment loss the asset\u2019s useful life is re-estimated. The recognised impairment loss is reversed if the estimates used to determine the asset\u2019s recoverable amount have changed. The reversal of the impairment loss shall not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset. An impairment loss on goodwill is never reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "Impairment of Intangible Assets and Property, Plant and Equipment The Group assesses, at every balance sheet date, if there are any indications of impairment of property, plant and equipment or intan- gible assets. In case such indications exist, the asset\u2019s recoverable amount is estimated. If the carrying amount of an asset exceeds its recoverable amount, the impairment loss is recognised in the income statement. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. As to goodwill, the recoverable amount is estimated at least annually irrespective of whether indications of impairment exist. Impairment is assessed at a cash-generating unit level, i.e. at the lowest level for which there are separately identifiable, mainly independent cash flows. In impairment testing of goodwill, the recoverable amount is based on value in use, i.e. on the estimated discounted future net cash flows. At the recognition of the impairment loss the asset\u2019s useful life is re-estimated. The recognised impairment loss is reversed if the estimates used to determine the asset\u2019s recoverable amount have changed. The reversal of the impairment loss shall not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset. An impairment loss on goodwill is never reversed. Application of IFRS 9 Impairment policies are based on expected credit loss models. Impairment models apply to cash and cash equivalents, such as rental, sales and factoring receivables and loan receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "Application of IFRS 9 Impairment policies are based on expected credit loss models. Impairment models apply to cash and cash equivalents, such as rental, sales and factoring receivables and loan receivables. Financial instruments Financial assets Financial assets of Nurminen Logistics are classified according to IFRS 9 into the following categories: financial assets at amortised cost and financial assets at fair value through profit or loss. The classification of financial assets is made at initial recognition of finan- cial assets and is based on the business model applied by the com- pany for the holding of financial assets and the nature of contractual cash flows. Measurement of a financial asset at amortised cost requires the contractual cash flows to consist solely of interest and the repayment of principal (the so-called SPPI criterion). Compliance with the SPPI criterion is assessed on a per-instrument basis. If the SPPI criterion is not met, financial assets are measured at fair value through profit or loss. Financial assets are classified as current assets if they have a matu- rity of less than 12 months and are expected to be disposed of within 12 months. Otherwise, the item is presented as non-current assets. Transaction costs are included in the original carrying amount of the financial assets in the case of an item measured at amortised cost. Purchases and sales of financial instruments are recognised on the settlement date. The fair values of financial instruments are deter- mined using discounted cash flows. Financial assets at amortised cost An item of financial assets is measured at amortised cost if the busi- ness model requires the collection of fixed or predetermined cash flows. They consist of repayments of capital and interest on capital and arise when the Group provides loans or provides products and services directly to debtors. If an item of financial assets does not meet the above conditions, it is measured at fair value. The Group typically recognises rental, factoring and trade receivables as well as loan receivables at amortised cost. Credit risk assessment of financial assets In accordance with IFRS 9, Nurminen Logistics recognises expected credit losses on cash classified at amortised cost. According to this model, expected loan losses based on an individual counterparty default risk assessment. The Group uses a simplified method for recognising credit losses permitted by the standard, in which case the Group recognises the expected credit loss over the life of the contract. The change in expected credit losses recorded at each reporting date reflects the change in the credit risk of the financial assets from the initial recognition. A credit loss transaction is no longer required to record a credit loss. Recognising the amount of expected credit loss and a proactive provision for impairment is based on the management\u2019s best estimate of future credit losses. Customer receivables and the related credit loss risk are actively monitored by the company, and decisions on measures to secure the receivables are made, if necessary. When the amount of provision for credit loss is estimated on a case-by-case basis, any collateral or insurance, the customer\u2019s financial position and previous payment behaviour are taken into consideration. Financial assets are derecognised when the Group loses its contrac- tual right to receive cash flows or when it has transferred a significant part of the risks and rewards of ownership. An impairment loss is recognised immediately in profit or loss, depending on the item, either in other operating expenses or in financial items. Financial liabilities The financial liabilities of Nurminen Logistics are classified to the following categories: financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost (other finan- cial liabilities). The former category includes derivatives entered into by the Group, to which hedge accounting is not applied and that are not financial guarantee contracts. They are classified as held-for- trading instruments. The financial liabilities in this category are initially measured at fair value and are subsequently re-measured at their fair values. Gains and losses arising from derivatives\u2019 fair value changes, both unrealised and realised, are recognised in profit or loss in the period in which they occur. Fair values are determined by discounting the instruments\u2019 cash flows. Other financial liabilities are measured at fair value upon initial rec- ognition. Transaction costs are included in the original carrying amount. Subsequently other financial liabilities are measured at amortised cost using the effective interest rate method. A financial liability is classified as current if the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. A financial liability (or part of the liability) is not derecognised until the liability has ceased to exist, that is, when the obligation identified in a contract has been fulfilled or cancelled or is no longer effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "Application of IFRS 9 Impairment policies are based on expected credit loss models. Impairment models apply to cash and cash equivalents, such as rental, sales and factoring receivables and loan receivables. Credit risk assessment of financial assets In accordance with IFRS 9, Nurminen Logistics recognises expected credit losses on cash classified at amortised cost. According to this model, expected loan losses based on an individual counterparty default risk assessment. The Group uses a simplified method for recognising credit losses permitted by the standard, in which case the Group recognises the expected credit loss over the life of the contract. The change in expected credit losses recorded at each reporting date reflects the change in the credit risk of the financial assets from the initial recognition. A credit loss transaction is no longer required to record a credit loss. Recognising the amount of expected credit loss and a proactive provision for impairment is based on the management\u2019s best estimate of future credit losses. Customer receivables and the related credit loss risk are actively monitored by the company, and decisions on measures to secure the receivables are made, if necessary. When the amount of provision for credit loss is estimated on a case-by-case basis, any collateral or insurance, the customer\u2019s financial position and previous payment behaviour are taken into consideration. Financial assets are derecognised when the Group loses its contrac- tual right to receive cash flows or when it has transferred a significant part of the risks and rewards of ownership. An impairment loss is recognised immediately in profit or loss, depending on the item, either in other operating expenses or in financial items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "Financial assets Financial assets of Nurminen Logistics are classified according to IFRS 9 into the following categories: financial assets at amortised cost and financial assets at fair value through profit or loss. The classification of financial assets is made at initial recognition of finan- cial assets and is based on the business model applied by the com- pany for the holding of financial assets and the nature of contractual cash flows. Measurement of a financial asset at amortised cost requires the contractual cash flows to consist solely of interest and the repayment of principal (the so-called SPPI criterion). Compliance with the SPPI criterion is assessed on a per-instrument basis. If the SPPI criterion is not met, financial assets are measured at fair value through profit or loss. Financial assets are classified as current assets if they have a matu- rity of less than 12 months and are expected to be disposed of within 12 months. Otherwise, the item is presented as non-current assets. Transaction costs are included in the original carrying amount of the financial assets in the case of an item measured at amortised cost. Purchases and sales of financial instruments are recognised on the settlement date. The fair values of financial instruments are deter- mined using discounted cash flows. Financial assets at amortised cost An item of financial assets is measured at amortised cost if the busi- ness model requires the collection of fixed or predetermined cash flows. They consist of repayments of capital and interest on capital and arise when the Group provides loans or provides products and services directly to debtors. If an item of financial assets does not meet the above conditions, it is measured at fair value. The Group typically recognises rental, factoring and trade receivables as well as loan receivables at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "Financial assets are derecognised when the Group loses its contrac- tual right to receive cash flows or when it has transferred a significant part of the risks and rewards of ownership. An impairment loss is recognised immediately in profit or loss, depending on the item, either in other operating expenses or in financial items. A financial liability is classified as current if the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. A financial liability (or part of the liability) is not derecognised until the liability has ceased to exist, that is, when the obligation identified in a contract has been fulfilled or cancelled or is no longer effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank accounts as well as highly liquid investments with original maturities of three months or less at the acquisition date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "Financial liabilities The financial liabilities of Nurminen Logistics are classified to the following categories: financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost (other finan- cial liabilities). The former category includes derivatives entered into by the Group, to which hedge accounting is not applied and that are not financial guarantee contracts. They are classified as held-for- trading instruments. The financial liabilities in this category are initially measured at fair value and are subsequently re-measured at their fair values. Gains and losses arising from derivatives\u2019 fair value changes, both unrealised and realised, are recognised in profit orloss in the period in which they occur. Fair values are determined by discounting the instruments\u2019 cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "Financial liabilities The financial liabilities of Nurminen Logistics are classified to the following categories: financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost (other finan- cial liabilities). The former category includes derivatives entered into by the Group, to which hedge accounting is not applied and that are not financial guarantee contracts. They are classified as held-for- trading instruments. The financial liabilities in this category are initially measured at fair value and are subsequently re-measured at their fair values. Gains and losses arising from derivatives\u2019 fair value changes, both unrealised and realised, are recognised in profit orloss in the period in which they occur. Fair values are determined by discounting the instruments\u2019 cash flows. Other financial liabilities are measured at fair value upon initial rec- ognition. Transaction costs are included in the original carrying amount. Subsequently other financial liabilities are measured at amortised cost using the effective interest rate method. A financial liability is classified as current if the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. A financial liability (or part of the liability) is not derecognised until the liability has ceased to exist, that is, when the obligation identified in a contract has been fulfilled or cancelled or is no longer effective", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "Revenue recognition principles \u2013 adaptation of IFRS 15 The company\u2019s revenue consists mainly of forwarding services, railway transport and terminal services. The company also receives income from short- and long-term warehousing services. Revenue is recognised as goods are assigned to customer or service is con- cluded or over time (railway services): as performance obligations are met and customer obtains the goods or services within the per- formance obligation. Revenue is recognised with the same price that the company expects to be entitled to, with sales taxes and other possible compensations deducted from the price. The prices for company\u2019s services are fixed and generally contain no variable com-ponents. The Baltic subsidiaries act as freight brokers, and revenue is recog- nized when the performance obligations are met, i.e. the services have been concluded. Revenue recognition principles have been described below: Railway services The company provides international railway transport services with various types of wagons in which the goods are delivered to desti- nation. The contract price of trains or containers en route at the end of the reporting period is recognised as revenue over time, corre-sponding to the time en route on the closing date relative to the total delivery time. The recognition principles applies to rail transport offered by international railway operations and North Rail Oy. The service is a singular contract obligation, which includes transport service to the destination, and the contract price is allocated in full to that obligation. The principle of revenue recognition is based on the IFRS 15 criterion that the performance obligation is fulfilled over time when performing a transport service. Forwarding Forwarding service agreement consists of actions necessary for importing, exporting and customs duties. As whole they compile the performance obligation towards customer, which is usually concluded within a month from the signing of the agreement. The company recognises revenue from agreement price when the delivery orders connected to import or export have been received and authority over the goods is transferred to customer or other party. The entire con- tract price is allocated to a single performance obligation. Terminal services Terminal services consist of handling of goods at the arrival or depar-ture of goods. The definite content of service is defined at contract level. Terminal service agreement is an entity to which the contract price is allocated. The contract price is recognised when the work on handling goods has been completed. Warehousing services Warehousing services consist of renting space from terminal or terminal area for short or long term holding of goods. The warehous-ing agreement is an entity to which the contract price is allocated. Profits from warehousing services are recognised over the time during the lease period for which the customer benefits from the service. Lease income is processed according to IFRS 15 standard when the customer is not given control over the leased space.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "Contractual amounts recognised on the balance sheet Trade receivables Trade receivable is a transaction price to which the company has an unconditional right Trade receivables are non-interest bearing and are typically from 14 to 60 days, corresponding to the average payment terms. Contract assets or contract liabilities Due to the nature of the business, the company does not have con- tract assets or contract liabilities", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "Employee benefits Pension arrangements The pension arrangements of Nurminen Logistics have been classi-fied as defined contribution plans. Payments to defined contribution plans are recognised as an expense in the income statement in the period to which they relate. In defined contribution plans the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligation to pay further amounts in case the separate entity receiving the contributions fails to pay out the pension benefits. Defined benefit pension plans are insured by a life insurance com- pany, and in addition to the old-age pension benefit, the additional pension insurance covers any survivor\u2019s pension benefit and burial grant benefit. Additional defined benefit pension obligations are measured based on calculations by independent actuaries. Accord- ing to the measurement principles, assets are measured at fair value on the closing date, costs according to the calculation method and recognised in profit or loss, in addition interest is recognised in finan-cial items and actuarial gains and losses caused by the remeasure- ment of the defined benefit net debt in comprehensive income, and these items will not subsequently be reclassified in profit or loss. The defined benefit pension plan is described in more detail in Note 23. Share-based payments Starting from 2022, Nurminen Logistics has two share-based incen-tive programmes for the company\u2019s key personnel: Performance Share Plan 2022\u20132026 and Restricted Share Plan 2022\u20132026, and starting from 2023, the CEO Performance Share plan 2023\u20132027. More details on the share-based incentive schemes are presented in Note 22. The rewards will be paid partly in Nurminen Logistics shares and partly in cash. The cash proportions of the rewards are intended for covering taxes and tax-related expenses arising from the rewards to the participants. In general, no reward is paid if the participant\u2019s employment or director contract terminates before the reward pay- ment. The amount of remuneration paid based on the share-based incen- tive scheme will be cut if the maximum value for remuneration paid for the earning periods 2022\u20132024 set by the Board of Directors is reached. The Nurminen Logistics Management Team member is obliged to hold 50 percent of the received net reward shares, until the total value of the Management Team member\u2019s shareholding in Nurminen Logis-tics equals to 50 percent of their annual base salary of the preceding year. Respectively, the CEO is obliged to hold 50 percent of the received net reward shares, until CEO\u00b4s shareholding in Nurminen Logistics equals to 100 percent of the CEO\u00b4s annual base salary of the preceding year. Such number of Nurminen Logistics shares must be held as long as the membership in the Management Team or the position as the CEO continues. Share-based transactions paid in cash include arrangements in which the company has granted the persons a right to future cash payments by granting them a right to shares that can be redeemed at the request of either the company or the employee. A liability resulting from such an arrangement is measured at fair value at the end of each reporting period and on the day of settling the debt, and changes in fair value are recognised in profit or loss for the period in question. The benefits granted in the scheme are measured at fair value upon granting and expensed in the income statement over the vesting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "Share-based payments Starting from 2022, Nurminen Logistics has two share-based incen-tive programmes for the company\u2019s key personnel: Performance Share Plan 2022\u20132026 and Restricted Share Plan 2022\u20132026, and starting from 2023, the CEO Performance Share plan 2023\u20132027. More details on the share-based incentive schemes are presented in Note 22. The rewards will be paid partly in Nurminen Logistics shares and partly in cash. The cash proportions of the rewards are intended for covering taxes and tax-related expenses arising from the rewards to the participants. In general, no reward is paid if the participant\u2019s employment or director contract terminates before the reward pay- ment. The amount of remuneration paid based on the share-based incen- tive scheme will be cut if the maximum value for remuneration paid for the earning periods 2022\u20132024 set by the Board of Directors is reached. The Nurminen Logistics Management Team member is obliged to hold 50 percent of the received net reward shares, until the total value of the Management Team member\u2019s shareholding in Nurminen Logis-tics equals to 50 percent of their annual base salary of the preceding year. Respectively, the CEO is obliged to hold 50 percent of the received net reward shares, until CEO\u00b4s shareholding in Nurminen Logistics equals to 100 percent of the CEO\u00b4s annual base salary of the preceding year. Such number of Nurminen Logistics shares must be held as long as the membership in the Management Team or the position as the CEO continues. Share-based transactions paid in cash include arrangements in which the company has granted the persons a right to future cash payments by granting them a right to shares that can be redeemed at the request of either the company or the employee. A liability resulting from such an arrangement is measured at fair value at the end of each reporting period and on the day of settling the debt, and changes in fair value are recognised in profit or loss for the period in question. The benefits granted in the scheme are measured at fair value upon granting and expensed in the income statement over the vesting period. 22. Share-based remuneration According to the resolution of the Annual General Meeting, 50 per cent of the annual remuneration of the members of the Board will be paid in the company\u2019s shares in 2023. The share of Board members\u2019 share awards recognised as an expense in the income statement was EUR 90 thousand in 2023. The number of shares transferred to the Board members was 91,463 based on the price on the payment date of 19 July 2023. On 4 July 2022, the Board of Directors of Nurminen Logistics Plc decided to create two new share-based incentive programmes for the com- pany\u2019s key personnel: a performance-based share bonus plan 2022\u20132026 and a share bonus plan to encourage commitment 2022\u20132026. The aim of the programmes is to harmonise the goals of key personnel and the shareholders of Nurminen Logistics Plc and, thus, increase the company\u2019s value in the long term, promote economic and efficient performance, as well as encourage commitment of key personnel to the company by offering them a competitive, performance-based earnings opportunity. Performance Share Plan 2022\u20132026 The Performance Share Plan 2022\u20132026 consists of three performance periods, covering the financial years of 2022\u20132024, 2023\u20132025 and 2024\u20132026 respectively. In the plan, the target group is given an opportunity to earn Nurminen Logistics shares based on achieving performance targets set by the Board of Directors. The Board of Directors decides on the plan\u2019s performance criteria and targets to be set for each criterion at the beginning of a performance period. The potential rewards based on the plan will be paid after the end of each performance period. During the performance period 2022\u20132024, the following performance criteria are used as the basis for the reward: \u2022 Total Shareholder Return (TSR), weight 50% \u2022 Operative Cash Flow and Change in Net Working Capital, weight 50% \u2022 employee satisfaction (eNPS), a variable that can vary between 0.9 and 1.1. The gross rewards to be paid on the basis of the performance period 2022\u20132024 correspond to the value of an approximate maximum total of 500,000 shares of Nurminen Logistics Plc. The Board of Directors has approved approximately 10 key employees as eligible for participating in the performance period 2022\u20132024. Earning period 2023\u20132025 of the Performance Share Plan 2022\u20132026 On 21 November 2023, the company\u2019s Board of Directors decided on a new earning period for the plan, covering the financial years 2023\u20132025. The target group of the plan during the earning period 2023\u20132025 includes the company\u2019s CEO and all members of the Management Team. In the earning period 2023\u20132025, the rewards are based on the total shareholder return (TSR) on Nurminen Logistics Plc\u2019s share and the ratio of net debt to EBITDA at the end of the financial year 2025. The gross bonuses to be paid for the earning period are equal to a maximum total of 376,000 Nurminen Logistics Plc shares, including the cash share. Any rewards for the earning period 2023\u20132025 will be paid by the end of May 2026, partly in Nurminen Logistics Plc shares and partly in cash. The cash share is intended to cover the taxes and statutory social security contributions resulting to the participant from the remuneration. The amount of remuneration paid based on the plan will be cut if the maximum value for remuneration paid for the earning period 2023\u2013 2025 set by the Board of Directors is reached. Restricted Share Plan 2022\u20132026 The Restricted Share Plan is intended to be used as a tool in specific situations seen necessary by the Board of Directors, for example ensuring retention of key talents, attracting new talent or other specific situations determined by the Board. The reward from the Restricted Share Plan 2022\u20142026 is based on a valid employment or director contract and the continuity of the employment or service. The plan is intended for selected key employees only, based on the decision by the Board of Directors. The rewards to be earned on the basis of the plan will be paid by the end of May 2024, 2025 or 2026 but in any event a minimum twelve (12) months after the determination of the Reward. The gross rewards to be allocated during 2022\u20132026 on the basis of the restricted share plan correspond to the value of maximum 500,000 Nurminen Logistics Plc shares. CEO Performance Share Plan On 21 November 2023, the Board of Directors of Nurminen Logistics Plc resolved to establish a new Performance Share Plan for the CEO of the company. The purpose of the plan is to align the objectives of the company\u2019s shareholders and the CEO for increasing the value of the company in the long term. The CEO Performance Share Plan consists of one earning period, which begins on 21 November 2023 and ends at the end of the financial year 2025. In the plan, the CEO has an opportunity to earn Nurminen Logistics Plc shares as a reward based on the Total Shareholder Return (TSR) of the company. The potential rewards from the plan will be paid in three instalments during the financial years 2026\u20132027. The value of the gross rewards to be paid on the basis of the plan corresponds to an approximate maximum total of 608,000 Nurminen Logistics Plc shares, also including the proportion to be paid in cash. The potential rewards from the plan will be paid partly in Nurminen Logistics Plc shares and partly in cash. The cash proportion of the reward is intended to cover taxes and statutory social security contributions arising from the reward to the CEO. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "Income taxes The income tax expense in the statement of comprehensive income comprises the current tax, adjustments to previous periods\u2019 taxes as well as changes in deferred taxes. Income taxes are recognised in profit or loss except when they relate to other comprehensive income or equity, while income taxes are recognised within the respective items. Current tax is calculated based on taxable income using tax rates enacted in each country. Deferred tax assets and deferred tax liabilities are calculated for temporary differences between the amounts of assets and liabilities used for taxation purposes and the carrying amounts for financial reporting purposes under IFRS. The principal temporary differences arise from financial instruments measured at fair value through profit or loss and depreciation related to component accounting. Deferred taxes are measured at the tax rate that has been enacted or sub-stantially enacted by the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax liabilities are recognised in the statement of financial position in full. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "Deferred tax assets and deferred tax liabilities are calculated for temporary differences between the amounts of assets and liabilities used for taxation purposes and the carrying amounts for financial reporting purposes under IFRS. The principal temporary differences arise from financial instruments measured at fair value through profit or loss and depreciation related to component accounting. Deferred taxes are measured at the tax rate that has been enacted or sub-stantially enacted by the reporting date. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax liabilities are recognised in the statement of financial position in full. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "Tangible Assets and Leases IFRS 16 requires lessees to recognise all leases in the balance sheet on a right-of-use basis. Leased assets are treated during the lease term on the same basis as owner-occupied assets and the right-of- use assets recognised for them on the balance sheet are amortised based on the defined lease term. The debt based on the present value of the rent is reduced as the rent is paid. The group\u2019s right-of- use assets are comprised of the IFRS 16 lease liabilities concerning land and water areas, buildings and machinery and equipment. Because of its industry and business model, Nurminen Logistics primarily is the lessee in the contracts. The company primarily applies the standard to leases on land areas, premises and terminal proper-ties, as well as terminal machinery and equipment. In determining the term of a lease, the company has exercised discretion in estimat-ing the probability of exercising the extension options of leases and included the terms covered by the option in the term of the lease, if exercising the option is reasonably certain. Leases are distinguished from service contracts using a control model. When the arrangement includes a specific asset that is under the control of the customer, it is a lease. The contract is recognised in the balance sheet as a non-current asset and a liability arising therefrom. Service contracts are recognised as an expense in the income statement. Lease liabilities At the commencement date of the agreement, Nurminen Logistics values the lease liability at the present value of the rent outstanding at that date. Payments include fixed rentals and residual value guar-antees less any available lease incentives. The company considers lease termination charges as part of the lease payments if it has considered the option to terminate during the lease term. VAT is not included in the amount of the lease liability and management and maintenance fees and other payments of a service nature are gen- erally treated as an expense that cannot be capitalised in the balance sheet. Interest expenses are recognised through profit or loss over the term of the lease and the right-of-use asset is amortised using the straight-line method over the term of the lease Rents are discounted using the company\u2019s estimated incremental borrowing rate. The standard defines the incremental borrowing rate as the interest that the lessee would have to pay on borrowing for the same period and with similar collateral to acquire the asset at the cost of the underlying asset. Right-of-use assets Nurminen Logistics records the lease at the commencement date of the lease, i.e. the date on which the lessor transfers the asset to the control of the company. The property, plant and equipment are mea-sured at cost less accumulated depreciation and impairment losses and adjusted for any subsequent revaluation of the lease liability. The original cost equals the original lease liability. The right-of-use assets are subject to impairment testing. Application of facilitations and significant assumptions Nurminen Logistics does not treat short-term leases of less than 12 months or low value assets as property, plant and equipment, but recognises the resulting rental expense in the income statement. Contracts of minor value primarily include IT and office hardware, company cars and small office spaces. Fixed-term leases are dealt with by the company within the term of a non-cancellable lease term and are subject to any subsequent option periods when the company has reasonable assurance that they will be exercised. The manage-ment exercises discretion in assessing the term of leases valid until further notice, which is based on the company\u2019s strategic situation and market conditions, as well as the costs that would be incurred if the leased commodity was replaced by another commodity. Leases in which Nurminen Logistics is the lessor are operating leases and are recognised in the income statement on a straight-line basis over the lease term. The remaining liabilities for leases that do not include property, plant and equipment assets and lease liabilities are disclosed in Note 27 as off-balance sheet liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "Operating profit The operating profit is the total of sales and other operating income from which expenses for material and services, employee benefits and other operating expenses as well as depreciation, amortisation and impairment losses on non-current assets are subtracted. Foreign currency differences arising from working capital items are included in the operating result, whereas foreign currency differences from financial assets and financial liabilities are included in financial income and expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "Accounting policies requiring management discretion and key uncertainties associated with estimates The preparation of IFRS financial statements requires the company\u2019s management to make certain estimates and assumptions and dis- cretion in the application of accounting principles. The estimates and assumptions made affect the reported amounts of assets and liabil- ities in the balance sheet as well as the income and expenses in the income statement. In business combinations fair values of the items of property, plant and equipment and intangible assets are estimated and the depre- ciation and amortisation periods for the assets are determined. The determination of fair value of intangible assets is based on estimates about future cash flows to be generated by these assets. Goodwill is tested for impairment annually. Management\u2019s judgment must be used in determining the cash-generating units for goodwill testing. The recoverable amounts of the cash-generating units are determined based on value in use. The preparation of these calcu- lations requires use of estimates. In calculation of value in use esti- mates are made about future cash flows and discount rate to be used. Estimates are based on budgets and forecasts, which contain some degree of uncertainty. In business combination, there may happen a bargain purchase when the net of acquisition-date amounts of identifable assets acquired and the libilities assumed exceed the consideration trans- ferred. The gain of the bargain purchase is recognised in profit on the acquisition day. The recognition and measurement of deferred taxes requires the company\u2019s management to make estimates, especially in the case of a deferred tax asset recognised based on the Group companies\u2019 losses or another temporary difference for which a deferred tax asset is recognised. Due to uncertainty regarding use of confirmed losses, the Group recognises deferred tax assets in the consolidated balance sheet by the principle of prudence. Property, plant and equipment as well as intangible assets are reviewed annually as to whether any indications exist that these assets might be impaired. If indications exist, the asset\u2019s recoverable amount is estimated. Items of property, plant and equipment as well as intangible assets are depreciated and amortised over their estimated useful lives. The useful lives are reviewed regularly. The management reviews regu- larly, whether if certain items to be divested will not meet the criteria of IFRS 5 standard for probability of divestment of an asset within 12-month period from classifying these assets as non-current assets held for sale. If indications exist, the asset is derecognised from non-current assets held for sale. Estimates made in preparing the financial statements are based on the management\u2019s best view and the information available at the balance sheet date. Estimates and assumptions are based on expe- rience and other factors that are considered the best view in mea- suring such assets and liabilities, whose values cannot be derived from other sources. The estimates concerning the future are based on assumptions that are regarded as the most probable at the bal- ance sheet date relating to the expected development of the financial environment of Nurminen Logistics and assumptions about the devel- opment of sales and cost level. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed continuously. The realisation of estimates and assumptions and the changes in underlying factors are reviewed regularly by using both external and internal sources of information. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only the period in question. If the revision to account-ing estimate affects both the period in which the estimate is revised and future periods, the revision is recognised respectively in the period in question and in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "New and revised standards and interpretations The International Accounting Standards Board has announced the following new or revised standards and interpretations, which the Group has not yet adopted but which are estimated to have an impact on the Group\u2019s financial statements. The Group will apply each stan- dard and interpretation as of its effective date or, if the effective date is some other date than the first day of the accounting period, as of the beginning of the financial year following the effective date. New standards and amendments to existing standards coming into effect in the fiscal year starting 1 January 2024 or later are the following: \u2022 Amendments to IAS 1 Presentation of Financial Statements, effective from 1 January 2024. The amendments clarified how an entity classifies debt and other financial liabilities as current or non-current by clarifying, for example, what the right to post- pone settling the debt at the end of the reporting period if it meets the defined conditions on the reporting date means. The proba- bility of the Group exercising its right to postpone does not affect the classification of a liability as current or non-current. The adoption of the standard listed above or other new or revised standards effective from 1 January 2024 is not expected to have an impact on Nurminen Logistics Plc\u2019s financial statements in subse- quent periods. War in Ukraine and the geopolitical situation World trade weakening from the current situation as a consequence of the war in Ukraine may have a negative impact on the demand for the group\u2019s services and thereby result. In addition, in the railway business, food supply-related fertilisers critical to the world or metals required for the green transition being subjected to sanctions due to the war in Ukraine would have a negative impact on the business of the acquired company North Rail Oy. As Russia's war of aggression continues in Ukraine, the demand for the Trans-Caspian route bypassing Russia has stabilised. In addition, the situation in the Red Sea, which escalated towards the end of the year, has increased the demand for direct rail transport between Europe and Asia. Geopolitical factors, such as the war in the Middle East, increase the need for alternative and safe transport routes for companies. Nurmi- nen Logistics continuously and actively develops the routes to solve customers' logistical needs in changing conditions. Risks related to climate change The group does not see that risks related to climate change, such as extreme weather events, would affect Nurminen Logistics' business. Auditing The interim reports and financial statement release for the 2023 financial year are unaudited.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "2. Net sales and accounting principles The effects of the IFRS 15 standard are described in the section on calculation principles. IFRS 15: recognition of sales income when the performance obligation has been satisfied EUR 1,000 1 JAN\u201331 DEC 2023 1 JAN\u201331 DEC 2022 Recognised over time 5,330 4,465 Recognised at a specific time 122,621 118,047 Revenue from contracts with customers 127,951 122,511 In 2023, net sales are distributed geographically between Finland and the Baltics. Information on geographical areas 2023 EUR 1,000 Finland Russia Baltic countries Total Net sales 53,316 0 74,636 127,951 Non-current assets 87,135 15 816 87,966 Information on geographical areas 2022 EUR 1,000 Finland Russia Baltic countries Total Net sales 59,223 974 62,314 122,511 Non-current assets 53,822 13 362 54,196 The railway business accounts for EUR 26.8 million (23.5), or 21% (19%) of the Group\u2019s net sales. The Multimodal Forwarding business accounts for EUR 9.8 million (16.3), or 7% (13%) of the Group\u2019s net sales. The Cargo business accounts for EUR 19.2 million (19.8), or 15% (16%) of the Group\u2019s net sales. The Baltic operations account for EUR 74.8 million (62.3), or 57% (51%) of the Group\u2019s net sales. Information on biggest customers Group income from Global Transport and Logistics Pte. in 2023 was EUR 27,612 thousand, or 22% of the Group\u2019s net sales. In 2023, there were not other single customers, from whom the Group received more than ten per cent of the net sales. In 2022, the Group did not have any single customer exceeding 10% of the Group net sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "Information on geographical areas 2023 EUR 1,000 Finland Russia Baltic countries Total Net sales 53,316 0 74,636 127,951 Non-current assets 87,135 15 816 87,966 Information on geographical areas 2022 EUR 1,000 Finland Russia Baltic countries Total Net sales 59,223 974 62,314 122,511 Non-current assets 53,822 13 362 54,196 The railway business accounts for EUR 26.8 million (23.5), or 21% (19%) of the Group\u2019s net sales. The Multimodal Forwarding business accounts for EUR 9.8 million (16.3), or 7% (13%) of the Group\u2019s net sales. The Cargo business accounts for EUR 19.2 million (19.8), or 15% (16%) of the Group\u2019s net sales. The Baltic operations account for EUR 74.8 million (62.3), or 57% (51%) of the Group\u2019s net sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "3. Other operating income EUR 1,000 2023 2022 Gains from sale of property, plant and equipment 0 1 Rental income 14 43 Gain from the bargain purchase 12,269 0 Other items 221 50 Total 12,505 93 4. Operating expenses EUR 1,000 2023 2022 Use of materials and supplies 79,506 99,904 Expenses relating to short term low value leases 1,552 1,706 Administrative expenses 5,231 3,892 Other cost items 2,165 2,620 Total other operating expenses 8,947 8,217 The repayments of lease liabilities in the cash flow from financing activities amounted to EUR 791 thousand in 2023 and EUR 620 thousand in 2022. Auditor fees EUR 1,000 2023 2022 Auditing 241 152 Other services 56 10 Total 297 163 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "3. Other operating income EUR 1,000 2023 2022 Gains from sale of property, plant and equipment 0 1 Rental income 14 43 Gain from the bargain purchase 12,269 0 Other items 221 50 Total 12,505 93 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "4. Operating expenses EUR 1,000 2023 2022 Use of materials and supplies 79,506 99,904 Expenses relating to short term low value leases 1,552 1,706 Administrative expenses 5,231 3,892 Other cost items 2,165 2,620 Total other operating expenses 8,947 8,217 The repayments of lease liabilities in the cash flow from financing activities amounted to EUR 791 thousand in 2023 and EUR 620 thousand in 2022. Auditor fees EUR 1,000 2023 2022 Auditing 241 152 Other services 56 10 Total 297 163 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "value": "4. Operating expenses EUR 1,000 2023 2022 Use of materials and supplies 79,506 99,904 Expenses relating to short term low value leases 1,552 1,706 Administrative expenses 5,231 3,892 Other cost items 2,165 2,620 Total other operating expenses 8,947 8,217 The repayments of lease liabilities in the cash flow from financing activities amounted to EUR 791 thousand in 2023 and EUR 620 thousand in 2022. Auditor fees EUR 1,000 2023 2022 Auditing 241 152 Other services 56 10 Total 297 163 5. Employee benefit expenses EUR 1,000 2023 2022 Salaries and fees 11,320 6,920 Pension expenses, defined contribution plans 1,620 957 Pension expenses, defined benefit plans -37 -12 Other social security costs 544 272 Share-based payments 124 126 Total 13,571 8,262 Information on the management remuneration is presented in Note 29. Related party transactions. Information on the share-based payments is presented in Note 22. Share-based payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "Auditor fees EUR 1,000 2023 2022 Auditing 241 152 Other services 56 10 Total 297 163 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "7. Financial income and expenses EUR 1,000 2023 2022 Financial income Interest income 37 70 Exchange rate gains 390 738 Total financial income 427 809 Financial expenses Interest expenses 3,172 980 Exchange rate losses 468 867 Financial expenses on lease liabilities (IFRS 16) 321 329 Other financial expenses 209 118 Total financial expenses 4,170 2,294 Items above the operating profit include exchange rate differences totalling EUR -39 thousand in 2023 and EUR -318 thousand in 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "7. Financial income and expenses EUR 1,000 2023 2022 Financial income Interest income 37 70 Exchange rate gains 390 738 Total financial income 427 809 Financial expenses Interest expenses 3,172 980 Exchange rate losses 468 867 Financial expenses on lease liabilities (IFRS 16) 321 329 Other financial expenses 209 118 Total financial expenses 4,170 2,294 Items above the operating profit include exchange rate differences totalling EUR -39 thousand in 2023 and EUR -318 thousand in 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "7. Financial income and expenses EUR 1,000 2023 2022 Financial income Interest income 37 70 Exchange rate gains 390 738 Total financial income 427 809 Financial expenses Interest expenses 3,172 980 Exchange rate losses 468 867 Financial expenses on lease liabilities (IFRS 16) 321 329 Other financial expenses 209 118 Total financial expenses 4,170 2,294 Items above the operating profit include exchange rate differences totalling EUR -39 thousand in 2023 and EUR -318 thousand in 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "5. Employee benefit expenses EUR 1,000 2023 2022 Salaries and fees 11,320 6,920 Pension expenses, defined contribution plans 1,620 957 Pension expenses, defined benefit plans -37 -12 Other social security costs 544 272 Share-based payments 124 126 Total 13,571 8,262 Information on the management remuneration is presented in Note 29. Related party transactions. Information on the share-based payments is presented in Note 22. Share-based payments. Personnel of the Group during the year on average 2023 2022 Total 196 141", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "Personnel of the Group during the year on average 2023 2022 Total 196 141", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "6. Depreciation, amortisation and impairment losses Depreciation and amortisation by asset category: EUR 1,000 2023 2022 Intangible assets Intangible rights 6 3 Other capitalised long-term expenditure 362 334 Impairment losses 2 10 Total 370 347 Property, plant and equipment Buildings 1,581 1,601 Machinery and equipment 2,424 61 Other tangible assets 34 34 Total 4,039 1,696 Amortisation of right-of-use assets (IFRS 16) 932 770 Total 5,061 2,813", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "6. Depreciation, amortisation and impairment losses Depreciation and amortisation by asset category: Property, plant and equipment Buildings 1,581 1,601 Machinery and equipment 2,424 61 Other tangible assets 34 34 Total 4,039 1,696
11. Property, plant and equipment
Machin-
Land Land and Machin- ery and Prepayments
and bodies Build- ery and equip- Other and
bodies of water, ings, equip- ment, tangible acquisitions
EUR 1,000 of water
IFRS 16
Buildings
IFRS 16 ment IFRS 16 assets
in progress
Total
2023
Cost at 1 January
247
8,978
47,163
8,081
17,385
1,961
904
203
84,922
Additions
5
191
36,344
735
5
-39
37,241
Transfers between
asset categories
54
87
0
0
-141
0
Disposals
-60
-2
-63
Cost at 31 December
247
8,978
47,222
8,273
53,755
2,693
909
23
122,100
Accumulated depreciation
and impairment losses
at 1 January
-727
-12,274
-7,720
-17,120
-1,395
-757
-39,993
Depreciation for the period
-306
-1,581
-109
-2,424
-517
-34
-4,971
Accumulated depreciation
for disposals and transfers
17
0
17
Accumulated depreciation
and impairment losses
at 31 December
-1,033
-13,855
-7,829
-19,527
-1,913
-791
-44,947
Carrying amount
at 1 Jan 2023
247
8,251
34,889
362
265
566
147
203
44,929
Carrying amount
at 31 Dec 2023
247
7,945
33,367
444
34,228
781
118
23
77,153
Kiinteist\u00f6 Oy Helsingin Satamakaari 24 was consolidated into the Group in accordance with IAS 16 Property, Plant and Equipment. Kiinteist\u00f6 Oy Luum\u00e4en Suoanttilantie property, EUR 897 thousand, was previously categorised as held for sale. It was recategorised into fixed assets in 2021. The property has been leased out.
2022
Cost at 1 January
247
8,978
47,163
8,032
17,275
1.780
881
106
84,462
Additions
49
141
208
10
173
582
Transfers between
asset categories
29
34
13
-76
0
Disposals
-61
-61
-122
Cost at 31 December
247
8,978
47,163
8,081
17,385
1,961
904
203
84,922
Accumulated depreciation
and impairment losses
at 1 January
-422
-10,673
-7,632
-17,120
-1,062
-723
-37,631
Depreciation for the period
-306
-1,601
-88
-61
-376
-34
-2,466
Accumulated depreciation
for disposals and transfers
61
42
103
Accumulated depreciation
and impairment losses
at 31 December
-727
-12,274
-7,720
-17,120
-1,395
-757
-39,993
Carrying amount
at 1 Jan 2022
247
8,556
36,490
401
156
718
158
106
46,831
Carrying amount
at 31 Dec 2022
247
8,251
34,889
362
265
566
147
203
44,929
13. Leases
In consolidated statement of comprehensive income
EUR 1,000
2023
2022
Payments for short-term or low value leases
2,317
4,007
Depreciation, amortisation and impairment losses
932
770
Operating profit
3,249
4,777
Financial expenses
321
329
Profit for the financial period
3,570
5,105
Payments for short-term or low value leases include container rents of EUR 965 thousand (2022: EUR 2,545 thousand).
In consolidated statement of financial position
EUR 1,000 Land and Right-of-use
bodies of Machinery and assets
Assets
water
Buildings
equipment total
2023
Cost at 1 January
8,978
8,081
1,961
19,021
Additions
191
735
926
Disposals
-2
-2
Cost at 31 December
8,978
8,273
2,694
19,945
Accumulated depreciation at 1 January
-727
-7,720
-1,396
-9,842
Depreciation for the period
-306
-109
-517
-932
Accumulated depreciation at 31 December
-1,032
-7,828
-1,913
-10,774
Carrying amount at 1 Jan 2023
8,251
362
566
9,179
Carrying amount at 31 Dec 2023
7,946
444
781
9,171
2022
Cost at 1 January
8,978
8,032
1,780
18,790
Additions
49
208
257
Disposals
-61
-61
Transfers between asset categories
34
34
Cost at 31 December
8,978
8,081
1,961
19,021
Accumulated depreciation at 1 January
-421
-7,631
-1,062
-9,115
Accumulated depreciation for disposals
42
42
Depreciation for the period
-306
-88
-376
-770
Accumulated depreciation at 31 December
-727
-7,720
-1,396
-9,842
Carrying amount at 1 Jan 2022
8,557
401
718
9,676
Carrying amount at 31 Dec 2022
8,251
362
566
9,179
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "9. Earnings per share 2023 2022 Result attributable to the equity holders of the parent company (EUR 1,000) 14,329 -1,041 Weighted average number of shares, undiluted 78,076,485 77,863,691 Earnings per share, undiluted, EUR 0.18 -0.01 Result attributable to the equity holders of the parent company (EUR 1,000) 14,329 -1,041 Weighted average number of shares, diluted 78,076,485 77,961,285 Earnings per share, diluted, EUR 0.18 -0.01", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "8. Income taxes The income tax expense in the statement of comprehensive income consists of the following: EUR 1,000 2023 2022 Current tax expense -1,334 -607 Other direct taxes 0 -2 Deferred taxes, net -4,735 157 Total -6,069 -453 The reconciliation between the income tax expense recognised in the consolidated statement of comprehensive income and the taxes calculated using the Finnish corporate tax rate (20.0%): EUR 1,000 2023 2022 Result before income tax 29,342 1,925 Corporate tax rate 20% 20% Income tax calculated using the Finnish corporate tax rate -5,868 -385 Adjustments Effect of tax rates used in foreign subsidiaries 1,755 507 Unrecognised deferred tax assets on losses -755 -784 Tax-exempt income 2,454 0 Non-deductible expenses -42 -45 Use of previously unrecognised tax losses 284 78 Recognised deferred tax assets on losses -1,192 55 Deferred tax liabilities from undistributed earnings -2,790 0 Other differences 85 121 Total adjustments -200 -68 Income tax expense in the income statement -6,069 -45", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "10. Subsidiaries and associates The companies belonging to the Nurminen Logistics Group are the following: Subsidiaries Domicile Ownership (%) Share of votes (%) Nurminen Logistics Services Oy Finland 100.0% 100.0% North Rail Oy Finland 79.8% 79.8% North Rail Holding Oy Finland 79.8% 79.8% Kiinteist\u00f6 Oy Kotkan Siikasaarentie 78 Finland 100.0% 100.0% Kiinteist\u00f6 Oy Luum\u00e4en Suoanttilantie 101 Finland 100.0% 100.0% Kiinteist\u00f6 Oy Vainikkalan Huolintatie 13 Finland 100.0% 100.0% OOO Nurminen Logistics Russia 100.0% 100.0% Kiinteist\u00f6 Oy Helsingin Satamakaari 24 Finland 51.0% 51.0% Nurminen Maritime Latvia SIA Latvia 51.0% 51.0% Nurminen Maritime UAB Lithuania 51.0% 51.0% The Group has five subsidiaries with material non-controlling interests. The acquisition of North Rail Oy is presented in more detail in Note 30 Acquisitions and divested businesses. The following is summarised financial information for the subsidiaries with material non-controlling interests. The information is before intra-Group eliminations. The Group has recognised deferred tax liabilities of EUR 2,790 thousand from the profit of its subsidiaries in Latvia and Lithuania. 2023 2022 EUR 1,000 Kiinteist\u00f6 Oy Helsingin Satamakaari 24 Nurminen Maritime Latvia SIA Nurminen Maritime UAB North Rail Total Kiinteist\u00f6 Oy Helsingin Satamakaari 24 Nurminen Maritime Latvia SIA Nurminen Maritime UAB Total Summary of comprehensive income statement Net sales 2,806 50,241 24,241 22,145 99,433 2,570 34,068 28,246 64,884 Profit before taxes 79 10,513 4,950 17,385 32,926 299 1,573 3,844 5,717 Income taxes -16 3,075 1,055 839 4,954 -17 29 578 590 Comprehensive income 95 7,438 3,894 16,546 27,972 316 1,544 3,266 5,126 Total comprehensive income attributable to NCI 46 3,646 1,910 3,342 8,944 155 757 1,602 2,513 Summary of balance sheets Current assets 90 12,751 5,123 2,859 20,822 1,185 3,999 4,204 9,389 Non-current assets 38,461 615 202 35,453 74,730 39,964 179 183 40,325 Current liabilities 1,183 3,251 922 17,744 23,100 1,323 1,939 936 4,198 Non-current liabilities 19,698 2,497 450 22 22,668 22,251 0 131 22,382 Net assets 17,670 7,617 3,952 20,545 49,784 17,575 2,239 3,320 23,134 Equity attributable to NCI 8,573 3,734 1,938 4,150 18,395 8,527 1,098 1,628 11,252 Summary of cash flows Cash flow from operating activities 1,268 8,306 4,580 7,819 6,336 1,877 731 3,393 6,001 Cash flow from investing activities -14 -510 -265 -13 -802 0 -133 -122 -255 Cash flow from financing activities -2,348 -2,097 -3,283 -152 -7,880 -1,100 -40 -3,991 -5,131 Net increase/ decrease in cash and cash equivalents -1,094 5,700 -1,032 -7,984 -2,345 778 557 -720 615 Dividends paid to NCI during the year 0 1,010 1,600 0 2,610 0 0 1,944 1,944 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "10. Subsidiaries and associates The companies belonging to the Nurminen Logistics Group are the following: Subsidiaries Domicile Ownership (%) Share of votes (%) Nurminen Logistics Services Oy Finland 100.0% 100.0% North Rail Oy Finland 79.8% 79.8% North Rail Holding Oy Finland 79.8% 79.8% Kiinteist\u00f6 Oy Kotkan Siikasaarentie 78 Finland 100.0% 100.0% Kiinteist\u00f6 Oy Luum\u00e4en Suoanttilantie 101 Finland 100.0% 100.0% Kiinteist\u00f6 Oy Vainikkalan Huolintatie 13 Finland 100.0% 100.0% OOO Nurminen Logistics Russia 100.0% 100.0% Kiinteist\u00f6 Oy Helsingin Satamakaari 24 Finland 51.0% 51.0% Nurminen Maritime Latvia SIA Latvia 51.0% 51.0% Nurminen Maritime UAB Lithuania 51.0% 51.0% Associates and joint ventures Domicile Ownership (%) Share of votes (%) Pelkolan Terminaali Oy Finland 20.0% 20.0% The Group has five subsidiaries with material non-controlling interests. The acquisition of North Rail Oy is presented in more detail in Note 30 Acquisitions and divested businesses. The following is summarised financial information for the subsidiaries with material non-controlling interests. The information is before intra-Group eliminations. The Group has recognised deferred tax liabilities of EUR 2,790 thousand from the profit of its subsidiaries in Latvia and Lithuania. 2023 2022 EUR 1,000 Kiinteist\u00f6 Oy Helsingin Satamakaari 24 Nurminen Maritime Latvia SIA Nurminen Maritime UAB North Rail Total Kiinteist\u00f6 Oy Helsingin Satamakaari 24 Nurminen Maritime Latvia SIA Nurminen Maritime UAB Total Summary of comprehensive income statement Net sales 2,806 50,241 24,241 22,145 99,433 2,570 34,068 28,246 64,884 Profit before taxes 79 10,513 4,950 17,385 32,926 299 1,573 3,844 5,717 Income taxes -16 3,075 1,055 839 4,954 -17 29 578 590 Comprehensive income 95 7,438 3,894 16,546 27,972 316 1,544 3,266 5,126 Total comprehensive income attributable to NCI 46 3,646 1,910 3,342 8,944 155 757 1,602 2,513 Summary of balance sheets Current assets 90 12,751 5,123 2,859 20,822 1,185 3,999 4,204 9,389 Non-current assets 38,461 615 202 35,453 74,730 39,964 179 183 40,325 Current liabilities 1,183 3,251 922 17,744 23,100 1,323 1,939 936 4,198 Non-current liabilities 19,698 2,497 450 22 22,668 22,251 0 131 22,382 Net assets 17,670 7,617 3,952 20,545 49,784 17,575 2,239 3,320 23,134 Equity attributable to NCI 8,573 3,734 1,938 4,150 18,395 8,527 1,098 1,628 11,252 Summary of cash flows Cash flow from operating activities 1,268 8,306 4,580 7,819 6,336 1,877 731 3,393 6,001 Cash flow from investing activities -14 -510 -265 -13 -802 0 -133 -122 -255 Cash flow from financing activities -2,348 -2,097 -3,283 -152 -7,880 -1,100 -40 -3,991 -5,131 Net increase/ decrease in cash and cash equivalents -1,094 5,700 -1,032 -7,984 -2,345 778 557 -720 615 Dividends paid to NCI during the year 0 1,010 1,600 0 2,610 0 0 1,944 1,944 16. Investments in equity-accounted investees EUR 1,000 2023 2022 At 1 January 176 174 Share of profit/loss for the year -5 2 At 31 December 171 176 The equity-accounted investees (listed below) are not material for the Group. Registered office Ownership (%) Pelkolan Terminaali Oy Finland 20.0% The financial statements for the joint venture have been composed according to FAS, and they have been consolidated into Group accounts using the equity method. If the financial statements would be composed according to IFRS, the consolidation would not be substantially different from consolidation according to FAS.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "Associates and joint ventures Domicile Ownership (%) Share of votes (%) Pelkolan Terminaali Oy Finland 20.0% 20.0% The equity-accounted investees (listed below) are not material for the Group. Registered office Ownership (%) Pelkolan Terminaali Oy Finland 20.0% ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "The Group has five subsidiaries with material non-controlling interests. The acquisition of North Rail Oy is presented in more detail in Note 30 Acquisitions and divested businesses. The following is summarised financial information for the subsidiaries with material non-controlling interests. The information is before intra-Group eliminations. The Group has recognised deferred tax liabilities of EUR 2,790 thousand from the profit of its subsidiaries in Latvia and Lithuania. 2023 2022 EUR 1,000 Kiinteist\u00f6 Oy Helsingin Satamakaari 24 Nurminen Maritime Latvia SIA Nurminen Maritime UAB North Rail Total Kiinteist\u00f6 Oy Helsingin Satamakaari 24 Nurminen Maritime Latvia SIA Nurminen Maritime UAB Total Summary of comprehensive income statement Net sales 2,806 50,241 24,241 22,145 99,433 2,570 34,068 28,246 64,884 Profit before taxes 79 10,513 4,950 17,385 32,926 299 1,573 3,844 5,717 Income taxes -16 3,075 1,055 839 4,954 -17 29 578 590 Comprehensive income 95 7,438 3,894 16,546 27,972 316 1,544 3,266 5,126 Total comprehensive income attributable to NCI 46 3,646 1,910 3,342 8,944 155 757 1,602 2,513 Summary of balance sheets Current assets 90 12,751 5,123 2,859 20,822 1,185 3,999 4,204 9,389 Non-current assets 38,461 615 202 35,453 74,730 39,964 179 183 40,325 Current liabilities 1,183 3,251 922 17,744 23,100 1,323 1,939 936 4,198 Non-current liabilities 19,698 2,497 450 22 22,668 22,251 0 131 22,382 Net assets 17,670 7,617 3,952 20,545 49,784 17,575 2,239 3,320 23,134 Equity attributable to NCI 8,573 3,734 1,938 4,150 18,395 8,527 1,098 1,628 11,252 Summary of cash flows Cash flow from operating activities 1,268 8,306 4,580 7,819 6,336 1,877 731 3,393 6,001 Cash flow from investing activities -14 -510 -265 -13 -802 0 -133 -122 -255 Cash flow from financing activities -2,348 -2,097 -3,283 -152 -7,880 -1,100 -40 -3,991 -5,131 Net increase/ decrease in cash and cash equivalents -1,094 5,700 -1,032 -7,984 -2,345 778 557 -720 615 Dividends paid to NCI during the year 0 1,010 1,600 0 2,610 0 0 1,944 1,944 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "
12. Intangible assets
Other intangible
EUR 1,000
Goodwill
Intangible rights
assets
Total
2023
Cost at 1 January
6,171
863
5,669
12,703
Additions
1
837
838
Disposals
-127
-127
Cost at 31 December
6,171
864
6,379
13,414
Accumulated depreciation and
impairment losses at 1 January
-5,271
-839
-4,758
-10,869
Depreciation for the period
-6
-362
-368
Impairment losses
-2
-2
Accumulated depreciation and
impairment losses at 31 December
-5,271
-844
-5,123
-11,239
Carrying amount at 1 Jan 2023
899
24
911
1,834
Carrying amount at 31 Dec 2023
899
19
1,256
2,175
2022
Cost at 1 January
6,171
838
5,597
12,606
Additions
26
72
98
Cost at 31 December
6,171
863
5,669
12,703
Accumulated depreciation and
impairment losses at 1 January
-5,271
-836
-4,415
-10,522
Depreciation for the period
-3
-334
-377
Impairment losses
-10
-10
Accumulated depreciation for
disposals and transfers
0
0
Accumulated depreciation and
impairment losses at 31 December
-5,271
-839
-4,758
-10,869
Carrying amount at 1 Jan 2022
899
2
1,183
2,084
Carrying amount at 31 Dec 2022
899
24
911
1,834
Information on goodwill impairment testing is provided in Note 15. Impairment of assets.
15. Impairment of assets Goodwill is tested for impairment annually, and if indications of impairment exist. The recoverable amount in the impairment testing calcula- tions is determined based on value in use. An impairment loss is recognised if the carrying amount of the assets allocated to a cash-generating unit, including goodwill, is higher than the unit\u2019s recoverable amount. The recoverable amount of each cash-generating unit is determined by discounting the estimated future cash flows of the unit. Goodwill is allocated for cash generating units (CGUs) for impairment testing. Starting from 2023, Nurminen Logistics Plc Group has two cash-generating units (CGUs): Operations in Finland and the Baltics (49% minority). Goodwill is allocated in full to business operations in Finland. Business in Russia was wound down in 2022 as a result of the war in Ukraine. EUR 1,000 Business in Finland 2023 2022 Goodwill on consolidation 899 899 ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "
13. Leases
In consolidated statement of comprehensive income
EUR 1,000
2023
2022
Payments for short-term or low value leases
2,317
4,007
Depreciation, amortisation and impairment losses
932
770
Operating profit
3,249
4,777
Financial expenses
321
329
Profit for the financial period
3,570
5,105
Payments for short-term or low value leases include container rents of EUR 965 thousand (2022: EUR 2,545 thousand).
In consolidated statement of financial position
EUR 1,000 Land and Right-of-use
bodies of Machinery and assets
Assets
water
Buildings
equipment total
2023
Cost at 1 January
8,978
8,081
1,961
19,021
Additions
191
735
926
Disposals
-2
-2
Cost at 31 December
8,978
8,273
2,694
19,945
Accumulated depreciation at 1 January
-727
-7,720
-1,396
-9,842
Depreciation for the period
-306
-109
-517
-932
Accumulated depreciation at 31 December
-1,032
-7,828
-1,913
-10,774
Carrying amount at 1 Jan 2023
8,251
362
566
9,179
Carrying amount at 31 Dec 2023
7,946
444
781
9,171
2022
Cost at 1 January
8,978
8,032
1,780
18,790
Additions
49
208
257
Disposals
-61
-61
Transfers between asset categories
34
34
Cost at 31 December
8,978
8,081
1,961
19,021
Accumulated depreciation at 1 January
-421
-7,631
-1,062
-9,115
Accumulated depreciation for disposals
42
42
Depreciation for the period
-306
-88
-376
-770
Accumulated depreciation at 31 December
-727
-7,720
-1,396
-9,842
Carrying amount at 1 Jan 2022
8,557
401
718
9,676
Carrying amount at 31 Dec 2022
8,251
362
566
9,179
EUR 1,000
Liabilities
2023
2022
1 January
9,497
9,887
Additions
907
249
Disposals
-794
-639
Other changes
0
0
31 December
9,610
9,497
Non-current lease liabilities
9,001
8,947
Current lease liabilities
609
550
Total
9,610
9,497
The maturity breakdown of lease liabilities is presented in Note 25.
Impact of leases on the Group\u2019s cash flows. The impact does not include payments for short-term or low
value leases, which are presented in consolidated statement of comprehensive income.
Net cash flow from operating activities
-321
-329
Cash flow from financing activities
-791
-620
Increase (+) / decrease (-) in cash and cash equivalents
-1,112
-949
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "
EUR 1,000
Liabilities
2023
2022
1 January
9,497
9,887
Additions
907
249
Disposals
-794
-639
Other changes
0
0
31 December
9,610
9,497
Non-current lease liabilities
9,001
8,947
Current lease liabilities
609
550
Total
9,610
9,497
The maturity breakdown of lease liabilities is presented in Note 25.
Impact of leases on the Group\u2019s cash flows. The impact does not include payments for short-term or low
value leases, which are presented in consolidated statement of comprehensive income.
Net cash flow from operating activities
-321
-329
Cash flow from financing activities
-791
-620
Increase (+) / decrease (-) in cash and cash equivalents
-1,112
-949
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "
14. Carrying amounts of financial assets and financial liabilities by category
Assets Financial Liabilities Carrying
measured at assets at measured at amounts in the
EUR 1,000
Note
amortised cost fair value amortised cost balance sheet
2023
Financial assets and liabilities
according to IFRS 9
Long-term financial assets
Non-current receivables
17
44
952
996
Short-term financial assets
Trade and other receivables
19
11,897
11,897
Cash and cash equivalents
20
12,814
12,814
Long-term financial liabilities
Interest-bearing liabilities
18,172
18,172
IFRS 16 lease liabilities
13
9,001
9,001
Short-term financial liabilities
Interest-bearing liabilities
20,631
20,631
IFRS 16 lease liabilities
13
609
609
Trade payables
25
6,151
6,151
Nurminen Logistics Plc and Nurminen Logistics Services Oy have credit limits amounting to a maximum of EUR 3 million in Oma Savings
Bank. As of 31 December 2023, EUR 2,652 thousand of the credit limit was used, included in short-term interest bearing liabilities. In
the financial statements of 31 December 2022, EUR 466 thousand of the limit was used. Financial assets at fair value are measured
at level 1 of the fair value hierarchy.
Liabilities
Assets Financial measured Carrying
measured at assets at at amor- amounts in the
EUR 1,000
Note
amortised cost fair value tised cost balance sheet
2022
Financial financial assets and
liabilities according to IFRS 9
Long-term financial assets
Non-current receivables
17
30
319
349
Short-term financial assets
Trade and other receivables
19
9,098
9,098
Cash and cash equivalents
20
6,141
6,141
Long-term financial liabilities
Interest-bearing liabilities
15,568
15,568
IFRS 16 lease liabilities
13
8,947
8,947
Short-term financial liabilities
Interest-bearing liabilities
10,004
10,004
IFRS 16 lease liabilities
13
550
550
Trade payables
25
4,811
4,811
After initial recognition, the Group\u2019s cash and cash equivalents are classified at fair value through profit and loss, or as amortised cost in
financial assets and financial liabilities.
The carrying amounts of these financial assets and liabilities substantially correspond to their fair values and are classified in level 2 of the
fair value hierarchy.
The following levels are used in measuring fair values:
Level 1: Fair value is determined based on quotations from the market.
Level 2: Fair value is determined using valuation techniques. Fair value means the value that can be determined from the market value of
parts of a financial instrument or similar financial instruments; or a value that can be determined using valuation models and methods gen-
erally accepted in the financial markets, if the market value can be reliably determined using them.
Level 3: Fair value is determined using valuation techniques in which the factors used have a significant effect on the recorded fair value and
these factors are not based on observable market data.
Sensitivity analysis for variable interest rate loans
2023
EUR 1,000
31 December 2023
Income statement 100 bp
Increase
Decrease
Total amount of variable interest rate loans
30,951
Variable interest rate instruments
-256
256
Total effect
-256
256
2022
EUR 1,000
31 December 2022
Income statement 100 bp
Increase
Decrease
Total amount of variable interest rate loans
25,106
Variable interest rate instruments
-204
204
Total effect
-204
204
Market-based loans are raised mainly as variable interest rate loans. Nurminen Logistics hedges the interest rate risk of market-based loans by selecting the interest rate periods and with derivative instruments, mainly interest rate swaps. No interest rate swaps were used in 2023 and 2022. LIQUIDITY RISK The contractual cash flows of loan instalments and interests at 31 December 2023 were the following:
1\u20133 4 months\u2013 2\u20135 5 years
EUR 1,000 months 1 year years \u2013>
Loans from financial institutions
2,425
10,854
10,153
8,019
Credit limit 2,652
Purchase price debt 4,700
Lease liabilities
293
700
2,370
10,333
Trade payables
6,151
Interest to financial institutions
882
1,590
3,341
1,077
Total
17,103
13,145
15,864
19,429
The contractual cash flows of loan instalments and interests at 31 December 2022 were the following:
1\u20133 4 months\u2013 2\u20135 5 years
EUR 1,000 months 1 year years \u2013>
Loans from financial
756
8,782
5,409
10,159
institutions
Credit limit 466
Lease liabilities
220
608
2,252
10,814
Trade payables
4,811
Interest to financial institutions
278
584
3,442
1,653
Total
6,531
9,974
11,102
22,626
The long-term loan from Ilmarinen includes the condition that the company pays 30% of free cash flow as premature repayments. According to the agreement, free cash flow is calculated by deducting financial expenses, loan repayments and working capital investments from the operational cash flow. The loan amount at 31 December 2023 is EUR 5,353 thousand (at 31 December 2022: EUR 7,644 thousand). The loan was due in June 2023. On 14 June 2023, the company entered into an amendment agreement with Ilmarinen, according to which the outstanding principal of the loan will be paid on 30 September 2024. The group took out a new EUR 3.5 million loan with a fixed amortisation schedule from Oma Savings Bank in 2021. The loan amount at 31 December 2023 is EUR 1,500 thousand (at 31 December 2022: EUR 2,500 thousand). The agreement includes a covenant that the credit rating of no individual group company can decrease below Alfa Rating A and the group equity ratio should be over 20% at each financial statement date during the loan period. During the financial year 2023, Nurminen Logistics Plc took out the following loans: EUR 4.0 million TyEL loan from Ilmarinen. The loan amount at 31 December 2023 is EUR 4,000 thousand. EUR 3.0 million working capital loan from Finnvera. The loan amount at 31 December 2023 is EUR 3,000 thousand. EUR 0.5 million from Oma Savings Bank. The loan amount at 31 December 2023 is EUR 500 thousand. During the financial year, North Rail Oy took out a EUR 7.0 million loan from Nordea. The loan amount at 31 December 2023 is EUR 4.0 million. The purchase price debt of EUR 4.7 million is related to the acquisition of North Rail Oy and will be paid in 2024. Nurminen Logistics Plc and Nurminen Logistics Services Oy have credit limits amounting to a maximum of EUR 3 million in Oma Savings Bank. As of 31 December 2023, EUR 2 652 thousand of the limit was used, which is included in the short-term liabilities. On 31 December 2022, EUR 644 thousand of the limit was used. Changes in long-term interest bearing debts
Cash Cash Other changes 31
1 Jan flows from flows from with no cash December
2023 additions
disposals
Divestments
flow effect 2023
Long-term liabilities, interest bearing
15,568
10,556
0
0
-7,951
18,172
Long-term leasing liabilities,
interest bearing
8,947
0
0
0
54
9,001
Total
24,515
10,556
0
0
-7,897
27,173
Changes in short-term interest bearing debts 1 Jan 2023 Cash flows from additions Cash flows from disposals Divestments Other changes with no cash flow effect 31 December 2023 Short-term liabilities, interest bearing 10,004 6,631 -35,985 27,330 7,951 15,931 Long-term leasing liabilities, interest bearing 550 0 -791 0 850 609 Current purchase price debt 0 0 0 4,700 0 4,700 Total 10,554 6,631 -36,776 32,030 8,802 21,240 Changes in long-term interest bearing debts 1 Jan 2022 Cash flows from additions Cash flows from disposals Divestments Other changes with no cash flow effect 31 December 2022 Long-term liabilities, interest bearing 25,106 0 0 0 -9,538 15,568 Long-term leasing liabilities, interest bearing 9,211 0 0 0 -264 8,947 Total 34,317 0 0 0 -9,802 24,515 Changes in short-term interest bearing debts 1 Jan 2022 Cash flows from additions Cash flows from disposals Divestments Other changes with no cash flow effect 31 December 2022 Short-term liabilities, interest bearing 1,924 466 -1,977 0 9,591 10,004 Long-term leasing liabilities, interest bearing 676 0 -620 0 494 550 Total 2,600 466 -2,598 0 10,085 10,554 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "
14. Carrying amounts of financial assets and financial liabilities by category
Assets Financial Liabilities Carrying
measured at assets at measured at amounts in the
EUR 1,000
Note
amortised cost fair value amortised cost balance sheet
2023
Financial assets and liabilities
according to IFRS 9
Long-term financial assets
Non-current receivables
17
44
952
996
Short-term financial assets
Trade and other receivables
19
11,897
11,897
Cash and cash equivalents
20
12,814
12,814
Long-term financial liabilities
Interest-bearing liabilities
18,172
18,172
IFRS 16 lease liabilities
13
9,001
9,001
Short-term financial liabilities
Interest-bearing liabilities
20,631
20,631
IFRS 16 lease liabilities
13
609
609
Trade payables
25
6,151
6,151
Nurminen Logistics Plc and Nurminen Logistics Services Oy have credit limits amounting to a maximum of EUR 3 million in Oma Savings Bank. As of 31 December 2023, EUR 2,652 thousand of the credit limit was used, included in short-term interest bearing liabilities. In the financial statements of 31 December 2022, EUR 466 thousand of the limit was used. Financial assets at fair value are measured at level 1 of the fair value hierarchy.
Liabilities
Assets Financial measured Carrying
measured at assets at at amor- amounts in the
EUR 1,000
Note
amortised cost fair value tised cost balance sheet
2022
Financial financial assets and
liabilities according to IFRS 9
Long-term financial assets
Non-current receivables
17
30
319
349
Short-term financial assets
Trade and other receivables
19
9,098
9,098
Cash and cash equivalents
20
6,141
6,141
Long-term financial liabilities
Interest-bearing liabilities
15,568
15,568
IFRS 16 lease liabilities
13
8,947
8,947
Short-term financial liabilities
Interest-bearing liabilities
10,004
10,004
IFRS 16 lease liabilities
13
550
550
Trade payables
25
4,811
4,811
After initial recognition, the Group\u2019s cash and cash equivalents are classified at fair value through profit and loss, or as amortised cost in financial assets and financial liabilities. The carrying amounts of these financial assets and liabilities substantially correspond to their fair values and are classified in level 2 of the fair value hierarchy. The following levels are used in measuring fair values: Level 1: Fair value is determined based on quotations from the market. Level 2: Fair value is determined using valuation techniques. Fair value means the value that can be determined from the market value of parts of a financial instrument or similar financial instruments; or a value that can be determined using valuation models and methods gen- erally accepted in the financial markets, if the market value can be reliably determined using them. Level 3: Fair value is determined using valuation techniques in which the factors used have a significant effect on the recorded fair value and these factors are not based on observable market data.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "Nurminen Logistics Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "After initial recognition, the Group\u2019s cash and cash equivalents are classified at fair value through profit and loss, or as amortised cost in financial assets and financial liabilities. The carrying amounts of these financial assets and liabilities substantially correspond to their fair values and are classified in level 2 of the fair value hierarchy. The following levels are used in measuring fair values: Level 1: Fair value is determined based on quotations from the market. Level 2: Fair value is determined using valuation techniques. Fair value means the value that can be determined from the market value of parts of a financial instrument or similar financial instruments; or a value that can be determined using valuation models and methods gen- erally accepted in the financial markets, if the market value can be reliably determined using them. Level 3: Fair value is determined using valuation techniques in which the factors used have a significant effect on the recorded fair value and these factors are not based on observable market data", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "After initial recognition, the Group\u2019s cash and cash equivalents are classified at fair value through profit and loss, or as amortised cost in financial assets and financial liabilities. The carrying amounts of these financial assets and liabilities substantially correspond to their fair values and are classified in level 2 of the fair value hierarchy. The following levels are used in measuring fair values: Level 1: Fair value is determined based on quotations from the market. Level 2: Fair value is determined using valuation techniques. Fair value means the value that can be determined from the market value of parts of a financial instrument or similar financial instruments; or a value that can be determined using valuation models and methods gen- erally accepted in the financial markets, if the market value can be reliably determined using them. Level 3: Fair value is determined using valuation techniques in which the factors used have a significant effect on the recorded fair value and these factors are not based on observable market data", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "15. Impairment of assets Goodwill is tested for impairment annually, and if indications of impairment exist. The recoverable amount in the impairment testing calcula- tions is determined based on value in use. An impairment loss is recognised if the carrying amount of the assets allocated to a cash-generating unit, including goodwill, is higher than the unit\u2019s recoverable amount. The recoverable amount of each cash-generating unit is determined by discounting the estimated future cash flows of the unit. Goodwill is allocated for cash generating units (CGUs) for impairment testing. Starting from 2023, Nurminen Logistics Plc Group has two cash-generating units (CGUs): Operations in Finland and the Baltics (49% minority). Goodwill is allocated in full to business operations in Finland. Business in Russia was wound down in 2022 as a result of the war in Ukraine. EUR 1,000 Business in Finland 2023 2022 Goodwill on consolidation 899 899 Signals on possible depreciation of assets are regularly observed from information sources within and outside the Group. Such signals can be, for example, unexpected deviations from key assumptions in Group reporting. In addition to this the signals can be changes in competition or other circumstances in the market, or new regulations or concessions that have an impact on various business fields. Impairment test calculations on cash flow are based budgets and strategic forecasts accepted by management from the previous five years. For the time period after this forecast period (terminal value) estimated cash flows have been defined by using long term growth forecasts. Essential assumptions having an impact on defining values in use are connected to development of net sales and profitability, and to weighted average cost of capital (WACC) used in discounting cash flows. For the five-year time period the cash flow has been estimated to develop according to the company\u2019s medium-term net sales and profit- ability goals. Sales increase and profitability level development have been estimated based on businesses recent development and general forecasts. Terminal value is based on 1% growth in cash flow. The cash flow forecast is based on turnover and profitability forecasts made for each business sector, which are based on the budget for the year 2024 and long-term strategy approved by management. These are affected by market development in Finland, Russia and neighboring regions, planned growth in regular railway service between Finland and China and actions to improve profitability in the company. The discount rate is based on industry average WACC after tax. The discount rate used is 8.89%. The corresponding pre-tax discount rate is 10.67%. Discount rate and impairment test calculation take into account market risks and capital intensity. The cost for equity affecting on WACC is consistent with the Group\u2019s long-term targets. Net sales in the Finnish business was EUR 53.2 million in 2023. The net sales are expected to increase especially due to international cargo train traffic and the acquired company North Rail Oy in 2024. The estimated annual increase in net sales (CAGR) over the years 2024\u20132028 averages 24.5%. The forecast average increase in net sales per year over the years 2024\u20132028 is 13.8 %. The operating margin for the underlying business is expected to be above the Group\u2019s long-term target throughout the estimation period. (The company\u2019s long-term target is above 13%). Tax rate of 20% has been used. CGU net sales and operating result 2021\u20132028 Actual (Finland-Russia) Actual Finland Forecast (Finland) 2021 2022 2023 2024 2025 2026 2027 2028 2028 Terminal value Net sales 72,765 60,197 53,171 94,608 110,378 126,328 142,460 158,776 160,363 Operating result 4,954 -2,041 5,259 20,979 23,935 26,936 29,982 36,115 36,500 Sensitivity analysis when one component changes: The management estimates that the most sensitive judgements relate to changes in terminal growth, profitability and WACC. Forecast period 2024\u20132028 Change Impact of change on recoverable amount \u2022 Terminal growth 1% Terminal growth -1%-point i.e. terminal growth 0% EUR -30.1 million \u2022 WACC 8.89% WACC +1 %-point i.e. WACC 9.89% EUR -38.9 million \u2022 Average EBIT 21.8% and EBITDA 25.6% EBITDA decrease 1%-point i.e. average EBITDA 24.6% EUR -15.1 million Based on the sensitivity analyses, the management evaluates that above mentioned essential judgements would not cause a situation in which the carrying amount of cash generating units would exceed the recoverable amount, and this would not cause impairment loss on goodwill in fiscal year 2024. The cash flow estimate was 4.4 times the CGU\u2019s assets employed.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "16. Investments in equity-accounted investees EUR 1,000 2023 2022 At 1 January 176 174 Share of profit/loss for the year -5 2 At 31 December 171 176 The equity-accounted investees (listed below) are not material for the Group. Registered office Ownership (%) Pelkolan Terminaali Oy Finland 20.0% The financial statements for the joint venture have been composed according to FAS, and they have been consolidated into Group accounts using the equity method. If the financial statements would be composed according to IFRS, the consolidation would not be substantially different from consolidation according to FAS. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "17. Non-current receivables EUR 1,000 2023 2022 Financial assets at fair value through profit or loss 952 319 Other receivables 44 30 Total 996 349 The financial assets at fair value through profit or loss are Oma Savings Bank funds.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "
18. Deferred tax assets and liabilities
Rec-
Recognised ognised in Exchange 31
1 Jan in the income the balance rate dif- December
EUR 1,000 2023 statement sheet ferences 2023
Movements in deferred taxes during 2023
Deferred tax assets:
Losses of Group companies from
previous financial years
6,672
-2,031
1,254
0
5,894
Lease liabilities
1,851
-154
176
0
1,873
From pension provisions
11
-7
7
0
11
Intangible and tangible assets
177
73
1,243
7
1,500
Total
8,711
-2,120
2,680
7
9,278
Netting of deferred taxes
-1,803
-1,802
Deferred tax assets net
6,908
-2,120
2,680
7
7,477
Deferred tax liabilities:
Tangible assets
1,804
175
-176
0
1,803
Retained earnings of subsidiaries
0
2,790
0
0
2,790
Total
1,804
2 965
-176
0
4 592
Netting of deferred taxes
-1,803
0
0
0
-1,802
Deferred tax liabilities net
0
2 965
-176
0
2,789
Rec-
Recognised ognised in Exchange 31
1 Jan in the income the balance rate dif- December
EUR 1,000 2022 statement sheet ferences 2022
Movements in deferred taxes during 2022:
Deferred tax assets:
Confirmed losses
6,617
55
6,672
Lease liabilities
1,943
-98
6
1,851
From pension provisions
-2
13
11
Intangible and tangible assets
88
80
9
177
Total
8,649
34
19
9
8,711
Netting of deferred taxes
-1,921
-1,803
Deferred tax assets net
6,728
34
19
9
6,908
Deferred tax liabilities:
Tangible assets
1,921
-123
6
1,804
Total
1,921
-123
6
0
1,804
Netting of deferred taxes
-1,921
-1,803
Deferred tax liabilities net
0
-123
6
0
0
EUR 1,000
2023
2022
Deferred taxes
Confirmed losses of Group companies for which no deferred tax assets have been recognised.
17,190
14,783
The confirmed losses will expire in 2023\u20132030 or later.
Off-balance sheet deferred tax assets from losses in prior periods
3,438
2,957
The deferred tax assets include an item of EUR 5,894 thousand associated with unused tax losses of Nurminen Logistics Plc, Nurminen Logistics Services Oy and North Rail Oy. Measures taken in 2023 to lighten the cost structure, together with the acquisition of North Rail Oy, facilitate positive development of the operating result starting from 2024. The company\u2019s management assesses based on the strategy figures and comprehensive supplementary materials that the deferred tax assets recorded in the consolidated statement of financial position will likely be used, and according to the management\u2019s estimate, the recognised deferred tax assets will be used by the end of 2027. In addition, the management estimates that the deferred tax assets not recognised in the balance sheet will be used by the end of 2027. EUR 7,939 thousand of losses expired in 2023, of which the deferred tax asset was EUR 1,588 thousand. The combined profit before taxes of Nurminen Logistics Plc and Nurminen Logistics Services Oy in 2023 was EUR -896 thousand, and in the forecast period 2024\u20132028 on average EUR +10,449 thousand per year. Sensitivity analysis when one component changes: Forecast period 2024\u20132028 Change Impact of change on recoverable amount Average forecast period profit before tax is 10% less than estimated Profit before taxes 90% of forecast No effect on the use of balance sheet deferred tax assets. No effect on the use of off-balance sheet deferred tax assets. Average forecast period profit before tax is 15% less than estimated Profit before taxes 85% of forecast No effect on the use of balance sheet deferred tax assets. No effect on the use of off-balance sheet deferred tax assets. Average forecast period profit before tax is 20% less than estimated Profit before taxes 80% of forecast The use of balance sheet deferred tax assets is postponed by a year. The use of off-balance sheet deferred tax assets is postponed by a year. Expiration of deferred tax assets: EUR 1,000 2024 2025 2026 2027 2028 2029 2030 2031 Later Deferred tax assets 691 786 950 347 709 1,138 858 0 415", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "19. Trade and other receivables EUR 1,000 2023 2022 Trade receivables 9,005 7,060 Prepaid expenses and accrued income 2,484 1,914 VAT receivables 313 111 Other receivables 95 12 Total 11,897 9,098 The company has booked a provision for bad debts in 2023 amounting to EUR 26,346 (EUR 93,071 in 2022) Trade and other receivables in currencies EUR 9,136 6,127 USD 2,760 2,944 RUB 0 27 11,896 9,098 The carrying amounts of current receivables best represent the maximum exposure to credit risk, excluding fair value of any collaterals, in the case other party to an agreement fail to discharge an obligation concerning financial instruments. The receivables do not contain any significant concentrations of credit risk. The carrying amounts of trade and other current receivables are in essentially equivalent to their fair values.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "20. Cash and cash equivalents EUR 1,000 2023 2022 Cash and bank balances 12,814 6,141 Cash and cash equivalents in the balance sheet 12,814 6,141 Cash and cash equivalents in the cash flow statement equal to the cash and cash equivalents in the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "
21. Information about equity
The Board members of the parent company review the capital structure and gearing of the Group on regular basis. The mid- to long-term
target for gearing has been set to less than 100. The Board of the parent company may take measures if development of the gearing is
unfavourable. Gearing calculated from the consolidated statement of financial position of the Group was 77.6% at the end of 2023 and 119.8%
at the end of 2022. Equity management covers both equity and interest-bearing liabilities. The aim is to secure business continuity and cost
of capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "21. Information about equity The Board members of the parent company review the capital structure and gearing of the Group on regular basis. The mid- to long-term target for gearing has been set to less than 100. The Board of the parent company may take measures if development of the gearing is unfavourable. Gearing calculated from the consolidated statement of financial position of the Group was 77.6% at the end of 2023 and 119.8% at the end of 2022. Equity management covers both equity and interest-bearing liabilities. The aim is to secure business continuity and cost of capital.
Reserve for
invested
Share capital, Share premium Legal reserve, unrestricted
Number of thousands reserve, thou- thousands equity, thou-
shares of euro sands of euro of euro sands of euro
31 December 2017
44,254,174
4,215
86
2,378
26,430
31 December 2018
44,254,174
4,215
86
2,378
26,430
Directed share issue
350,000
31 December 2019
44,604,174
4,215
86
2,378
26,430
Directed share issue
in April 2020 *
120,000
29
Free share issue in
September 2020 **
143,539
Directed share issue in
December 2020 ***
29,344,954
9,092
31 December 2020
74,212,667
4,215
86
2,376
35,550
Hybrid bond conversion to
shares in July 2021 ****
1,288
Directed free share issue
in July 2021 *****
105,728
31 December 2021
77,194,190
4,215
86
2,376
36,838
Directed free share issue
in February 2022 ******
774,386
Repayment of equity
in April 2022 ******
\u2013740
Directed free share issue
in July 2022 *******
133,078
Repayment of equity in
September 2022 *******
-507
31 December 2022
78,101,654
4,215
86
2,376
35,591
Directed free share issue 26,201
in June 2023 **********
31 December 2023
78,127,855
4,215
86
2,376
35,591
* directed share issue to the CEO, subscription price EUR 0.24 per share. There was a weighty financial reason for the company to deviate from the pre-emptive subscription right of the shareholders, as the share issue was part of the execution of the CEO\u2019s long-term incentive plan. ** issue without consideration to the company itself, for the payment of remuneration to the Board of Directors *** directed share issue to Finnish investors, subscription price EUR 0.31692 per share. There was a weighty financial reason for the company to deviate from the pre-emptive subscription right of the shareholders, as the share issue best served the interests of the company and all share- holders and made the Vuosaari real estate transaction possible. **** Ilmarinen Mutual Pension Insurance Company converted the remaining EUR 1.25 million hybrid bond into shares in summer 2021. ***** Directed share issue without consideration in July 2021. ****** Directed free share issue in February 2022. ******* Repayment of equity in April 2022. ******** Directed free share issue in July 2022. ********* Repayment of equity in September 2022. ********** Directed free share issue in June 2023. The company\u2019s shares have no nominal value. The maximum share capital of the company is EUR 4,215 thousand. The company did not hold any of its own shares on 31 December 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "21. Information about equity The Board members of the parent company review the capital structure and gearing of the Group on regular basis. The mid- to long-term target for gearing has been set to less than 100. The Board of the parent company may take measures if development of the gearing is unfavourable. Gearing calculated from the consolidated statement of financial position of the Group was 77.6% at the end of 2023 and 119.8% at the end of 2022. Equity management covers both equity and interest-bearing liabilities. The aim is to secure business continuity and cost of capital.
Reserve for
invested
Share capital, Share premium Legal reserve, unrestricted
Number of thousands reserve, thou- thousands equity, thou-
shares of euro sands of euro of euro sands of euro
31 December 2017
44,254,174
4,215
86
2,378
26,430
31 December 2018
44,254,174
4,215
86
2,378
26,430
Directed share issue
350,000
31 December 2019
44,604,174
4,215
86
2,378
26,430
Directed share issue
in April 2020 *
120,000
29
Free share issue in
September 2020 **
143,539
Directed share issue in
December 2020 ***
29,344,954
9,092
31 December 2020
74,212,667
4,215
86
2,376
35,550
Hybrid bond conversion to
shares in July 2021 ****
1,288
Directed free share issue
in July 2021 *****
105,728
31 December 2021
77,194,190
4,215
86
2,376
36,838
Directed free share issue
in February 2022 ******
774,386
Repayment of equity
in April 2022 ******
\u2013740
Directed free share issue
in July 2022 *******
133,078
Repayment of equity in
September 2022 *******
-507
31 December 2022
78,101,654
4,215
86
2,376
35,591
Directed free share issue 26,201
in June 2023 **********
31 December 2023
78,127,855
4,215
86
2,376
35,591
* directed share issue to the CEO, subscription price EUR 0.24 per share. There was a weighty financial reason for the company to deviate from the pre-emptive subscription right of the shareholders, as the share issue was part of the execution of the CEO\u2019s long-term incentive plan. ** issue without consideration to the company itself, for the payment of remuneration to the Board of Directors *** directed share issue to Finnish investors, subscription price EUR 0.31692 per share. There was a weighty financial reason for the company to deviate from the pre-emptive subscription right of the shareholders, as the share issue best served the interests of the company and all share- holders and made the Vuosaari real estate transaction possible. **** Ilmarinen Mutual Pension Insurance Company converted the remaining EUR 1.25 million hybrid bond into shares in summer 2021. ***** Directed share issue without consideration in July 2021. ****** Directed free share issue in February 2022. ******* Repayment of equity in April 2022. ******** Directed free share issue in July 2022. ********* Repayment of equity in September 2022. ********** Directed free share issue in June 2023. The company\u2019s shares have no nominal value. The maximum share capital of the company is EUR 4,215 thousand. The company did not hold any of its own shares on 31 December 2023. Reserves included in equity Share premium reserve The share premium reserve comprises both share issue gains arisen in the years 1997\u20132006, less transaction costs, as well as gains from sales of own shares. Legal reserve The share issue gains accrued from those share issues carried out before the entry into force of the amended Finnish Limited Liability Companies Act on 1 September 2006 have been recognised in the legal reserve. Reserve for invested unrestricted equity Comprises the share issue gains arisen from the directed share issues.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "
The company\u2019s shares have no nominal value.
The maximum share capital of the company is EUR 4,215 thousand.
The company did not hold any of its own shares on 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "
Reserves included in equity
Share premium reserve
The share premium reserve comprises both share issue gains arisen in the years 1997\u20132006, less transaction costs, as well as gains
from sales of own shares.
Legal reserve
The share issue gains accrued from those share issues carried out before the entry into force of the amended Finnish Limited Liability
Companies Act on 1 September 2006 have been recognised in the legal reserve.
Reserve for invested unrestricted equity
Comprises the share issue gains arisen from the directed share issues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "22. Share-based remuneration According to the resolution of the Annual General Meeting, 50 per cent of the annual remuneration of the members of the Board will be paid in the company\u2019s shares in 2023. The share of Board members\u2019 share awards recognised as an expense in the income statement was EUR 90 thousand in 2023. The number of shares transferred to the Board members was 91,463 based on the price on the payment date of 19 July 2023. On 4 July 2022, the Board of Directors of Nurminen Logistics Plc decided to create two new share-based incentive programmes for the com- pany\u2019s key personnel: a performance-based share bonus plan 2022\u20132026 and a share bonus plan to encourage commitment 2022\u20132026. The aim of the programmes is to harmonise the goals of key personnel and the shareholders of Nurminen Logistics Plc and, thus, increase the company\u2019s value in the long term, promote economic and efficient performance, as well as encourage commitment of key personnel to the company by offering them a competitive, performance-based earnings opportunity. Performance Share Plan 2022\u20132026 The Performance Share Plan 2022\u20132026 consists of three performance periods, covering the financial years of 2022\u20132024, 2023\u20132025 and 2024\u20132026 respectively. In the plan, the target group is given an opportunity to earn Nurminen Logistics shares based on achieving performance targets set by the Board of Directors. The Board of Directors decides on the plan\u2019s performance criteria and targets to be set for each criterion at the beginning of a performance period. The potential rewards based on the plan will be paid after the end of each performance period. During the performance period 2022\u20132024, the following performance criteria are used as the basis for the reward: \u2022 Total Shareholder Return (TSR), weight 50% \u2022 Operative Cash Flow and Change in Net Working Capital, weight 50% \u2022 employee satisfaction (eNPS), a variable that can vary between 0.9 and 1.1. The gross rewards to be paid on the basis of the performance period 2022\u20132024 correspond to the value of an approximate maximum total of 500,000 shares of Nurminen Logistics Plc. The Board of Directors has approved approximately 10 key employees as eligible for participating in the performance period 2022\u20132024. Earning period 2023\u20132025 of the Performance Share Plan 2022\u20132026 On 21 November 2023, the company\u2019s Board of Directors decided on a new earning period for the plan, covering the financial years 2023\u20132025. The target group of the plan during the earning period 2023\u20132025 includes the company\u2019s CEO and all members of the Management Team. In the earning period 2023\u20132025, the rewards are based on the total shareholder return (TSR) on Nurminen Logistics Plc\u2019s share and the ratio of net debt to EBITDA at the end of the financial year 2025. The gross bonuses to be paid for the earning period are equal to a maximum total of 376,000 Nurminen Logistics Plc shares, including the cash share. Any rewards for the earning period 2023\u20132025 will be paid by the end of May 2026, partly in Nurminen Logistics Plc shares and partly in cash. The cash share is intended to cover the taxes and statutory social security contributions resulting to the participant from the remuneration. The amount of remuneration paid based on the plan will be cut if the maximum value for remuneration paid for the earning period 2023\u2013 2025 set by the Board of Directors is reached. Restricted Share Plan 2022\u20132026 The Restricted Share Plan is intended to be used as a tool in specific situations seen necessary by the Board of Directors, for example ensuring retention of key talents, attracting new talent or other specific situations determined by the Board. The reward from the Restricted Share Plan 2022\u20142026 is based on a valid employment or director contract and the continuity of the employment or service. The plan is intended for selected key employees only, based on the decision by the Board of Directors. The rewards to be earned on the basis of the plan will be paid by the end of May 2024, 2025 or 2026 but in any event a minimum twelve (12) months after the determination of the Reward. The gross rewards to be allocated during 2022\u20132026 on the basis of the restricted share plan correspond to the value of maximum 500,000 Nurminen Logistics Plc shares. CEO Performance Share Plan On 21 November 2023, the Board of Directors of Nurminen Logistics Plc resolved to establish a new Performance Share Plan for the CEO of the company. The purpose of the plan is to align the objectives of the company\u2019s shareholders and the CEO for increasing the value of the company in the long term. The CEO Performance Share Plan consists of one earning period, which begins on 21 November 2023 and ends at the end of the financial year 2025. In the plan, the CEO has an opportunity to earn Nurminen Logistics Plc shares as a reward based on the Total Shareholder Return (TSR) of the company. The potential rewards from the plan will be paid in three instalments during the financial years 2026\u20132027. The value of the gross rewards to be paid on the basis of the plan corresponds to an approximate maximum total of 608,000 Nurminen Logistics Plc shares, also including the proportion to be paid in cash. The potential rewards from the plan will be paid partly in Nurminen Logistics Plc shares and partly in cash. The cash proportion of the reward is intended to cover taxes and statutory social security contributions arising from the reward to the CEO. The assumptions used in the accounting entries for the share-based remuneration plan are described in the following tables: Plan CEO Performance Share Plan Performance Share Plan Performance SharePlan Restrictive SharePlan 2022\u20132026 Instrument Installments 2023\u20132025 Plan 2022\u20132024 Plan 2023\u20132025 Payment 2025 Granting dates 21 November 2023 4 July 2022 21 November 2023 6 June 2023 Fair value of the share reward at the time of granting, EUR 0.79 0.69 0.79 1.07 Share price at the time of granting, EUR 0.92 0.77 0.92 1.11 Estimated dividends 0.13 0.08 0.13 0.04 Share price limit of the reward, EUR 3.00 3.00 3.00 3.00 Maximum number of shares paid 608,000 500,000 376,000 60,000 Share price at the end of the financial year 1.26 1.26 1.26 1.26 Earning period start date 21 November 2023 4 July 2022 21 November 2023 6 June 2023 Earning period end date 31 May 2027\u201331 May 2028 31 May 2025 31 May 2026 31 May 2025 Number of persons in the plan 1 4 6 7 Changes during the financial year Number of share rewards at the beginning of the year 0 416,000 0 0 Granted 608,000 0 376,000 60,000 Lost 0 160,000 0 0 Number of share rewards at the end of the year 608,000 256,000 376,000 60,000 The value of the share at the time of granting, or the fair value of the share, is defined as follows: the value of the share at the time of grant- ing is the share price of the granting date less estimated dividends paid during the earning period. The expense included in the income statement is specified in the following table: EUR 1,000 2023 Cost impact of share-based payments 30 The expense to be recognised in the 2024\u20132028 financial years was estimated on 31 December 2023 to be approximately EUR 329 thou- sand. The actual amount may differ from the estimate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "23. Defined benefit pension plans Characteristics of the defined benefit pension plan The employer has promised an additional pension benefit to a group of employees. The additional pension arrangements result from a prior acquisition. In order to fulfil its promise, the employer has taken out additional pension insurance policies from a life insurance company. The arrangement is closed to new employees, and it covers 31 persons, none of whom are members of the Executive Board. In addition to the old-age pension benefit, the additional pension insurance policies include any survivor\u2019s pension benefit and burial insurance. The insurance company collects insurance premiums annually from the employer. The insurance premium is primarily comprised of index increases paid on the earned benefits. The benefits paid after retirement are annually increased by the TyEL index specified in the insurance policies. The insurance company indemnifies the paid pensions with its own, yield-based index, and any deficit compared to the paid TyEL index is charged to the employer as an \u201cindex difference charge\u201d. In addition, the pension premium includes a management expense compo- nent to cover the insurance company\u2019s expenses for managing the plans. Depending on the insurance policy, 3.5% or a lower interest rate is used in calculating the insurance premiums. Risks relating to defined benefit plans Changes in the yield expectations of bonds. In the employer\u2019s IFRS financial statements disclosures \u2013 in deviation from the national practice \u2013 the obligation resulting from the pension promise is measured at market values. The pension obligation recognised for the additional pension insurance policies in the IFRS financial statements depends on the yield expectations of bonds issued by reputable companies at the closing date. If the yield expectation decreases, the pension obligation calculated according to IAS 19 increases. Because the employer is not liable for the investment risk, an increase in the yield expectation also affects the value of the assets corresponding to the pension obligation, determined under the principles of IAS 19. The value of the assets increases when the yield expectation decreases, which offsets the increase in the pension obligation. Inflation risk. The risk of inflation is taken into consideration in calculating the pension obligation. Inflation is an estimate of the long-term change in consumer prices. The inflation assumption used in the calculation is market-based, and its horizon must correspond with the average duration of the pension obligation. In accordance with the insurance policies, the pensions paid in the plan are tied to the TyEL index, changes in which depend on actual inflation (80%) and general wage index (20%). The employer is liable for the difference between the TyEL index and the index rebate granted by the insurance company. High inflation results in an increase in the pension obligation and thereby additional expenses for the employer. Mortality risk. If the pension benefit recipient\u2019s actual lifetime is higher than expected, the insurance company covers the resulting risk. The Gompertz mortality model, used in the statutory pension system, is used in the IFRS calculations. Any change in the mortality model used by the insurance company will only be reflected in the employer\u2019s future insurance premiums. Other risks. When a person with a paid-up policy retires, the final amount of the pension is revised, and this might result in additional costs to the employer. Moreover, in these cases where the benefits are tied to the TyEL index, index increases between the granting of a paid-up policy and start of the pension for which the employer is liable will only be charged in the year the pension is granted. Uncertainty of future cash flows. A sensitivity analysis as of the end of the reporting period is disclosed in IFRS reporting for each significant actuarial assumption, indicating how somewhat possible changes in the actuarial assumption would have affected the defined benefit pension obligation during the year. The pension obligation of the sensitivity analysis is calculated using the projected unit credit method. The sensitivity analysis only takes into consideration the impact of changes in actuarial assumptions on the pension obligation and corresponding assets so that a change in the assumptions does not have an effect on the insurance premiums paid during the year and taken into consideration in assets ", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfPresentValueOfDefinedBenefitObligationThatDistinguishesNatureCharacteristicsAndRisksExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "23. Defined benefit pension plans Characteristics of the defined benefit pension plan The employer has promised an additional pension benefit to a group of employees. The additional pension arrangements result from a prior acquisition. In order to fulfil its promise, the employer has taken out additional pension insurance policies from a life insurance company. The arrangement is closed to new employees, and it covers 31 persons, none of whom are members of the Executive Board. In addition to the old-age pension benefit, the additional pension insurance policies include any survivor\u2019s pension benefit and burial insurance. The insurance company collects insurance premiums annually from the employer. The insurance premium is primarily comprised of index increases paid on the earned benefits. The benefits paid after retirement are annually increased by the TyEL index specified in the insurance policies. The insurance company indemnifies the paid pensions with its own, yield-based index, and any deficit compared to the paid TyEL index is charged to the employer as an \u201cindex difference charge\u201d. In addition, the pension premium includes a management expense compo- nent to cover the insurance company\u2019s expenses for managing the plans. Depending on the insurance policy, 3.5% or a lower interest rate is used in calculating the insurance premiums. Risks relating to defined benefit plans Changes in the yield expectations of bonds. In the employer\u2019s IFRS financial statements disclosures \u2013 in deviation from the national practice \u2013 the obligation resulting from the pension promise is measured at market values. The pension obligation recognised for the additional pension insurance policies in the IFRS financial statements depends on the yield expectations of bonds issued by reputable companies at the closing date. If the yield expectation decreases, the pension obligation calculated according to IAS 19 increases. Because the employer is not liable for the investment risk, an increase in the yield expectation also affects the value of the assets corresponding to the pension obligation, determined under the principles of IAS 19. The value of the assets increases when the yield expectation decreases, which offsets the increase in the pension obligation. Inflation risk. The risk of inflation is taken into consideration in calculating the pension obligation. Inflation is an estimate of the long-term change in consumer prices. The inflation assumption used in the calculation is market-based, and its horizon must correspond with the average duration of the pension obligation. In accordance with the insurance policies, the pensions paid in the plan are tied to the TyEL index, changes in which depend on actual inflation (80%) and general wage index (20%). The employer is liable for the difference between the TyEL index and the index rebate granted by the insurance company. High inflation results in an increase in the pension obligation and thereby additional expenses for the employer. Mortality risk. If the pension benefit recipient\u2019s actual lifetime is higher than expected, the insurance company covers the resulting risk. The Gompertz mortality model, used in the statutory pension system, is used in the IFRS calculations. Any change in the mortality model used by the insurance company will only be reflected in the employer\u2019s future insurance premiums. Other risks. When a person with a paid-up policy retires, the final amount of the pension is revised, and this might result in additional costs to the employer. Moreover, in these cases where the benefits are tied to the TyEL index, index increases between the granting of a paid-up policy and start of the pension for which the employer is liable will only be charged in the year the pension is granted. Uncertainty of future cash flows. A sensitivity analysis as of the end of the reporting period is disclosed in IFRS reporting for each significant actuarial assumption, indicating how somewhat possible changes in the actuarial assumption would have affected the defined benefit pension obligation during the year. The pension obligation of the sensitivity analysis is calculated using the projected unit credit method. The sensitivity analysis only takes into consideration the impact of changes in actuarial assumptions on the pension obligation and corresponding assets so that a change in the assumptions does not have an effect on the insurance premiums paid during the year and taken into consideration in assets Defined benefit obligations EUR 1,000 2023 2022 Expense through profit or loss from defined benefit plans Net interest (+expense/-income) 2 1 Expense through profit or loss from defined benefit plans 2 1 Re-measurement of the defined benefit pension plan Changes in financial assumptions -22 0 Yield of the assets included in the plan, excluding items relating to net interest 53 24 Empirical changes 3 7 Recognised in comprehensive income, total remeasurement effect 34 31 In statement of financial position Current value of defined benefit obligations transferred to reserves 491 524 Fair value of plan assets -437 -469 Net defined benefit debt 54 55 Changes in the fair value of plan assets Assets at 1 January 469 521 Interest income 15 18 Yield of assets, excluding interest income included in net interest expense -3 -7 Employer\u2019s contributions 37 12 Benefits paid -81 -75 Assets at 31 December 437 469 Change in the current value of the plan obligation 2023 2022 Obligation at 1 January 524 556 Expense based on work performance during the period 17 19 Interest expense 32 24 Fulfilment of the obligation -81 -75 Obligation at 31 December 491 524 The estimated payments to defined benefit plans amount to EUR 30 thousand in 2024. Key actuarial assumptions 2023 2022 Discount rate, % 3.9% 3.5% Future pay increase, % 0.0% 0.0% Insurance company\u2019s customer rebate, % 0.0% 0.0% Increase in benefits, % 2.6% 2.9% Inflation, % 2.4% 2.7% Sensitivity analysis of significant actuarial assumptions Possible changes in certain significant actuarial assumptions, should the other variables remain unchanged, would have had the following effect on the defined benefit obligation: Assumptions Change in assumption 2023 2022 Discount rate 0.50% increase -15 -18 0.50% decrease 16 19 Increase in benefits 0.50% increase 14 16 0.50% decrease -13 -15 - an increase/decrease of 0.50% in the discount rate would result in a 3.1%/3.3% decrease/increase in the defined benefit obligation - an increase/decrease of 0.50% in the benefit increase assumption would result in a 2.8%/2.7% increase/decrease in the defined benefit pension obligation The sensitivity analysis presented above might not necessarily give a true view of the actual impacts of the changes. Should several assump- tions change simultaneously, the combined effect of these changes might not be the same as the sum of individual changes. If the changes in the assumptions differ from the amounts described above, the effect on the defined benefit obligation will not necessarily be linear EUR 1,000 2023 2022 Maturity distribution of non-discounted pension liability During the next 12 months 86 80 1\u20135 years 220 220 5\u201310 years 148 162 Over 10 years 219 244 Total 673 707 The average duration of the defined benefit obligation was 7 years at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "EUR 1,000 2023 2022 Maturity distribution of non-discounted pension liability During the next 12 months 86 80 1\u20135 years 220 220 5\u201310 years 148 162 Over 10 years 219 244 Total 673 707 The average duration of the defined benefit obligation was 7 years at the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutMaturityProfileOfDefinedBenefitObligationExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "
24. Interest-bearing liabilities
EUR 1,000 2023 2022
Interest-bearing net liabilities
Non-current interest-bearing liabilities 27,173 24,515
Current interest-bearing liabilities 21,240 10,554
Interest-bearing liabilities, total 48,413 35,068
Cash and cash equivalents 12,814 6,141
Interest-bearing net liabilities, total 35,599 28,928
Interest-bearing liabilities in currencies
EUR 48,413 35,068
The contractual cash flows of loan instalments and interests at 31 December 2023 were the following:
1\u20133 4 months\u2013 2\u20135 5 years
EUR 1,000 months 1 year years \u2013>
Loans from financial institutions
2,425
10,854
10,153
8,019
Credit limit 2,652
Purchase price debt 4,700
Lease liabilities
293
700
2,370
10,333
Trade payables
6,151
Interest to financial institutions
882
1,590
3,341
1,077
Total
17,103
13,145
15,864
19,429
The contractual cash flows of loan instalments and interests at 31 December 2022 were the following:
1\u20133 4 months\u2013 2\u20135 5 years
EUR 1,000 months 1 year years \u2013>
Loans from financial
756
8,782
5,409
10,159
institutions
Credit limit 466
Lease liabilities
220
608
2,252
10,814
Trade payables
4,811
Interest to financial institutions
278
584
3,442
1,653
Total
6,531
9,974
11,102
22,626
The long-term loan from Ilmarinen includes the condition that the company pays 30% of free cash flow as premature repayments. According to the agreement, free cash flow is calculated by deducting financial expenses, loan repayments and working capital investments from the operational cash flow. The loan amount at 31 December 2023 is EUR 5,353 thousand (at 31 December 2022: EUR 7,644 thousand). The loan was due in June 2023. On 14 June 2023, the company entered into an amendment agreement with Ilmarinen, according to which the outstanding principal of the loan will be paid on 30 September 2024. The group took out a new EUR 3.5 million loan with a fixed amortisation schedule from Oma Savings Bank in 2021. The loan amount at 31 December 2023 is EUR 1,500 thousand (at 31 December 2022: EUR 2,500 thousand). The agreement includes a covenant that the credit rating of no individual group company can decrease below Alfa Rating A and the group equity ratio should be over 20% at each financial statement date during the loan period. During the financial year 2023, Nurminen Logistics Plc took out the following loans: EUR 4.0 million TyEL loan from Ilmarinen. The loan amount at 31 December 2023 is EUR 4,000 thousand. EUR 3.0 million working capital loan from Finnvera. The loan amount at 31 December 2023 is EUR 3,000 thousand. EUR 0.5 million from Oma Savings Bank. The loan amount at 31 December 2023 is EUR 500 thousand. During the financial year, North Rail Oy took out a EUR 7.0 million loan from Nordea. The loan amount at 31 December 2023 is EUR 4.0 million. The purchase price debt of EUR 4.7 million is related to the acquisition of North Rail Oy and will be paid in 2024. Nurminen Logistics Plc and Nurminen Logistics Services Oy have credit limits amounting to a maximum of EUR 3 million in Oma Savings Bank. As of 31 December 2023, EUR 2 652 thousand of the limit was used, which is included in the short-term liabilities. On 31 December 2022, EUR 644 thousand of the limit was used. Changes in long-term interest bearing debts
Cash Cash Other changes 31
1 Jan flows from flows from with no cash December
2023 additions
disposals
Divestments
flow effect 2023
Long-term liabilities, interest bearing
15,568
10,556
0
0
-7,951
18,172
Long-term leasing liabilities,
interest bearing
8,947
0
0
0
54
9,001
Total
24,515
10,556
0
0
-7,897
27,173
Changes in short-term interest bearing debts 1 Jan 2023 Cash flows from additions Cash flows from disposals Divestments Other changes with no cash flow effect 31 December 2023 Short-term liabilities, interest bearing 10,004 6,631 -35,985 27,330 7,951 15,931 Long-term leasing liabilities, interest bearing 550 0 -791 0 850 609 Current purchase price debt 0 0 0 4,700 0 4,700 Total 10,554 6,631 -36,776 32,030 8,802 21,240 Changes in long-term interest bearing debts 1 Jan 2022 Cash flows from additions Cash flows from disposals Divestments Other changes with no cash flow effect 31 December 2022 Long-term liabilities, interest bearing 25,106 0 0 0 -9,538 15,568 Long-term leasing liabilities, interest bearing 9,211 0 0 0 -264 8,947 Total 34,317 0 0 0 -9,802 24,515 Changes in short-term interest bearing debts 1 Jan 2022 Cash flows from additions Cash flows from disposals Divestments Other changes with no cash flow effect 31 December 2022 Short-term liabilities, interest bearing 1,924 466 -1,977 0 9,591 10,004 Long-term leasing liabilities, interest bearing 676 0 -620 0 494 550 Total 2,600 466 -2,598 0 10,085 10,554 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "24. Interest-bearing liabilities EUR 1,000 2023 2022 Interest-bearing net liabilities Non-current interest-bearing liabilities 27,173 24,515 Current interest-bearing liabilities 21,240 10,554 Interest-bearing liabilities, total 48,413 35,068 Cash and cash equivalents 12,814 6,141 Interest-bearing net liabilities, total 35,599 28,928 Interest-bearing liabilities in currencies EUR 48,413 35,068 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "25. Trade payables and other liabilities EUR 1,000 2023 2022 Current Trade payables 6,151 4,811 Advances received 3,881 148 Other liabilities 573 362 Accrued expenses 5,909 4,993 Total trade payables and other liabilities 16,514 10,314 Trade payables and other liabilities in currencies EUR 15,831 8,917 SEK 7 32 NOK 71 180 USD 592 1,177 CHF 12 6 16,514 10,314 Non-current Other liabilities 54 108 Non-current liabilities 54 108 The most significant items under accrued expense consist of operational accrued expenses of EUR 1,493 thousand in 2023 (EUR 1,431 thousand in 2022) and accrued personnel expenses of EUR 2,630 thousand in 2023 (EUR 1,841 thousand in 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "The most significant items under accrued expense consist of operational accrued expenses of EUR 1,493 thousand in 2023 (EUR 1,431 thousand in 2022) and accrued personnel expenses of EUR 2,630 thousand in 2023 (EUR 1,841 thousand in 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "26. Financial Risk Management The goal of the Group\u2019s risk management is to minimise the harmful effects of changes in the financial markets on the Group\u2019s result and equity. The policy for managing financial risks is based on the main principles approved by the Board of Directors. The company\u2019s finance department is responsible for daily risk management within the limits set by the Board. Currency risk Currency risk arises from foreign currency imports and exports, from the financing of foreign subsidiaries and from the translation of subsid- iaries\u2019 equity in foreign currency. The Group manages the currency risk inherent in cash flows by keeping foreign currency income and expense cash flows in the same cur- rency, and by matching them simultaneously to the extent possible. If matching is not possible, part of an open exposure may be hedged. Foreign currency transaction risk exposure can be hedged if its countervalue exceeds EUR 500 thousand. Exposures greater than EUR 2 million are hedged 50\u2013110%. Foreign currency risk of the net translation exposure can be hedged 25\u201375%. Instruments used in hedging include forward contracts and plain vanilla options. Exotic options are forbidden. The hedge ratio is considered based on the current economic trends and the predicted currency prospects as well as the functionality of each currency\u2019s hedge market. In extraordinary hedging market circumstances, the company may deviate from the guidelines above. Currency amounts in bank accounts should be kept as small as possible without disturbing payment transactions. The amount of cash and cash equivalents denominated in foreign currencies may not exceed three per cent of the balance sheet total. Interest rate risk Interest rate risks to the Group derive mainly through interest-bearing debts. The purpose of interest rate risk management is to diminish the effect of market interest rate movements on cash flows from financing. Hedging instruments may include forward rate agreements and interest rate futures, interest rate swaps and interest collar agreements. Liquidity risk The purpose of liquidity risk management is to ensure sufficient financing in all situations. Funds required for about two weeks\u2019 payment transactions will be reserved as a buffer for liquidity of payment transactions. The Group aims to guarantee the availability and flexibility of financing by using a number of financial institutions and financing methods in raising finance. The financial statements are based on the principle of business continuity. The management of the company estimates that the cash flow will cover the current business needs and liabilities for the next 12 months. The sufficiency of cash flows from operations is subject to risks if estimates deviate considerably from expectations. If the Group is unable to secure sufficient long term financing arrangements, the conti- nuity of operations can be at risk. The measurement of the assets in the financial statements is based on the going concern assumption. If the forecasts do not materialise, it may be necessary to recognise impairment losses on assets. Credit risk The objective of credit risk management is to minimise losses which arise from the counterparty neglecting their obligations. The Group manages the counterparty risk based on the customer credit rating and engages in active debt collection, when necessary. The Group has made ECL measurement analysis according to IFRS 9. The provision for credit losses is recognised in profit or loss. The Group has not applied hedge accounting for interest rates or currencies, nor has it used hedging instruments during 2023 and 2022. INTEREST RATE RISK Sensitivity analysis for interest rate risk In calculating the sensitivity to changes in the interest rate level, the following assumptions have been used: \u2022 the change in the interest rate level has been assumed to be +/\u2013 100 bps \u2022 At a time of negative reference interest rates, interest rate movements affect as diluted. In the analysis, reference interest rates are thought to be at least zero. Sensitivity analysis for variable interest rate loans
2023
EUR 1,000
31 December 2023
Income statement 100 bp
Increase
Decrease
Total amount of variable interest rate loans
30,951
Variable interest rate instruments
-256
256
Total effect
-256
256
2022
EUR 1,000
31 December 2022
Income statement 100 bp
Increase
Decrease
Total amount of variable interest rate loans
25,106
Variable interest rate instruments
-204
204
Total effect
-204
204
Market-based loans are raised mainly as variable interest rate loans. Nurminen Logistics hedges the interest rate risk of market-based loans by selecting the interest rate periods and with derivative instruments, mainly interest rate swaps. No interest rate swaps were used in 2023 and 2022. CURRENCY RISK n calculating the sensitivity to changes in exchange rates, the following assumptions have been used: \u2022 the change in the exchange rate has been assumed to be +/\u2013 10% \u2022 other variables remain constant
2023
Trade receivables 10%
Trade payables 10%
EUR 1,000
USD
decreases
increases
decreases
increases
Total currency items
Trade receivables
2,760
Trade payables
592
Total effect
-239
292
51
-63
2022
Trade receivables 10%
Trade payables 10%
EUR 1,000
USD
decreases
increases
decreases
increases
Total currency items
Trade receivables
2,944
Trade payables
2,566
Total effect
-251
307
219
-267
Balance sheet
exchange rate
Exchange rates used
2023
2022
USD
1.05
1.07
LIQUIDITY RISK The contractual cash flows of loan instalments and interests at 31 December 2023 were the following:
1\u20133 4 months\u2013 2\u20135 5 years
EUR 1,000 months 1 year years \u2013>
Loans from financial institutions
2,425
10,854
10,153
8,019
Credit limit 2,652
Purchase price debt 4,700
Lease liabilities
293
700
2,370
10,333
Trade payables
6,151
Interest to financial institutions
882
1,590
3,341
1,077
Total
17,103
13,145
15,864
19,429
The contractual cash flows of loan instalments and interests at 31 December 2022 were the following:
1\u20133 4 months\u2013 2\u20135 5 years
EUR 1,000 months 1 year years \u2013>
Loans from financial
756
8,782
5,409
10,159
institutions
Credit limit 466
Lease liabilities
220
608
2,252
10,814
Trade payables
4,811
Interest to financial institutions
278
584
3,442
1,653
Total
6,531
9,974
11,102
22,626
The long-term loan from Ilmarinen includes the condition that the company pays 30% of free cash flow as premature repayments. According to the agreement, free cash flow is calculated by deducting financial expenses, loan repayments and working capital investments from the operational cash flow. The loan amount at 31 December 2023 is EUR 5,353 thousand (at 31 December 2022: EUR 7,644 thousand). The loan was due in June 2023. On 14 June 2023, the company entered into an amendment agreement with Ilmarinen, according to which the outstanding principal of the loan will be paid on 30 September 2024. The group took out a new EUR 3.5 million loan with a fixed amortisation schedule from Oma Savings Bank in 2021. The loan amount at 31 December 2023 is EUR 1,500 thousand (at 31 December 2022: EUR 2,500 thousand). The agreement includes a covenant that the credit rating of no individual group company can decrease below Alfa Rating A and the group equity ratio should be over 20% at each financial statement date during the loan period. During the financial year 2023, Nurminen Logistics Plc took out the following loans: EUR 4.0 million TyEL loan from Ilmarinen. The loan amount at 31 December 2023 is EUR 4,000 thousand. EUR 3.0 million working capital loan from Finnvera. The loan amount at 31 December 2023 is EUR 3,000 thousand. EUR 0.5 million from Oma Savings Bank. The loan amount at 31 December 2023 is EUR 500 thousand. During the financial year, North Rail Oy took out a EUR 7.0 million loan from Nordea. The loan amount at 31 December 2023 is EUR 4.0 million. The purchase price debt of EUR 4.7 million is related to the acquisition of North Rail Oy and will be paid in 2024. Nurminen Logistics Plc and Nurminen Logistics Services Oy have credit limits amounting to a maximum of EUR 3 million in Oma Savings Bank. As of 31 December 2023, EUR 2 652 thousand of the limit was used, which is included in the short-term liabilities. On 31 December 2022, EUR 644 thousand of the limit was used. Changes in long-term interest bearing debts
Cash Cash Other changes 31
1 Jan flows from flows from with no cash December
2023 additions
disposals
Divestments
flow effect 2023
Long-term liabilities, interest bearing
15,568
10,556
0
0
-7,951
18,172
Long-term leasing liabilities,
interest bearing
8,947
0
0
0
54
9,001
Total
24,515
10,556
0
0
-7,897
27,173
Changes in short-term interest bearing debts 1 Jan 2023 Cash flows from additions Cash flows from disposals Divestments Other changes with no cash flow effect 31 December 2023 Short-term liabilities, interest bearing 10,004 6,631 -35,985 27,330 7,951 15,931 Long-term leasing liabilities, interest bearing 550 0 -791 0 850 609 Current purchase price debt 0 0 0 4,700 0 4,700 Total 10,554 6,631 -36,776 32,030 8,802 21,240 Changes in long-term interest bearing debts 1 Jan 2022 Cash flows from additions Cash flows from disposals Divestments Other changes with no cash flow effect 31 December 2022 Long-term liabilities, interest bearing 25,106 0 0 0 -9,538 15,568 Long-term leasing liabilities, interest bearing 9,211 0 0 0 -264 8,947 Total 34,317 0 0 0 -9,802 24,515 Changes in short-term interest bearing debts 1 Jan 2022 Cash flows from additions Cash flows from disposals Divestments Other changes with no cash flow effect 31 December 2022 Short-term liabilities, interest bearing 1,924 466 -1,977 0 9,591 10,004 Long-term leasing liabilities, interest bearing 676 0 -620 0 494 550 Total 2,600 466 -2,598 0 10,085 10,554 CREDIT RISK Maximum exposure to credit risk EUR 1,000 2023 9,005 2022 7,060 Aging of trade receivables EUR 1,000 Not past due Past due less than 30 days Past due 30\u2013120 days Past due over 120 days Total 2023 7,537 783 305 380 9,005 2022 4,522 1,731 531 275 7,060 Nurminen Logistics has no significant risk concentrations.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "
Currency risk
Currency risk arises from foreign currency imports and exports, from the financing of foreign subsidiaries and from the translation of subsid-
iaries\u2019 equity in foreign currency.
The Group manages the currency risk inherent in cash flows by keeping foreign currency income and expense cash flows in the same cur-
rency, and by matching them simultaneously to the extent possible. If matching is not possible, part of an open exposure may be hedged.
Foreign currency transaction risk exposure can be hedged if its countervalue exceeds EUR 500 thousand. Exposures greater than EUR 2
million are hedged 50\u2013110%. Foreign currency risk of the net translation exposure can be hedged 25\u201375%. Instruments used in hedging
include forward contracts and plain vanilla options. Exotic options are forbidden. The hedge ratio is considered based on the current economic
trends and the predicted currency prospects as well as the functionality of each currency\u2019s hedge market. In extraordinary hedging market
circumstances, the company may deviate from the guidelines above.
Currency amounts in bank accounts should be kept as small as possible without disturbing payment transactions. The amount of cash and
cash equivalents denominated in foreign currencies may not exceed three per cent of the balance sheet total.
Interest rate risk
Interest rate risks to the Group derive mainly through interest-bearing debts. The purpose of interest rate risk management is to diminish the
effect of market interest rate movements on cash flows from financing. Hedging instruments may include forward rate agreements and
interest rate futures, interest rate swaps and interest collar agreements.
The Group has not applied hedge accounting for interest rates or currencies, nor has it used hedging instruments during 2023 and 2022
INTEREST RATE RISK
Sensitivity analysis for interest rate risk
In calculating the sensitivity to changes in the interest rate level, the following assumptions have been used:
\u2022 the change in the interest rate level has been assumed to be +/\u2013 100 bps
\u2022 At a time of negative reference interest rates, interest rate movements affect as diluted. In the analysis, reference interest rates are thought to
be at least zero.
Sensitivity analysis for variable interest rate loans
2023
EUR 1,000
31 December 2023
Income statement 100 bp
Increase
Decrease
Total amount of variable interest rate loans
30,951
Variable interest rate instruments
-256
256
Total effect
-256
256
2022
EUR 1,000
31 December 2022
Income statement 100 bp
Increase
Decrease
Total amount of variable interest rate loans
25,106
Variable interest rate instruments
-204
204
Total effect
-204
204
Market-based loans are raised mainly as variable interest rate loans. Nurminen Logistics hedges the interest rate risk of market-based loans
by selecting the interest rate periods and with derivative instruments, mainly interest rate swaps. No interest rate swaps were used in 2023
and 2022.
CURRENCY RISK
n calculating the sensitivity to changes in exchange rates, the following assumptions have been used:
\u2022 the change in the exchange rate has been assumed to be +/\u2013 10%
\u2022 other variables remain constant
2023
Trade receivables 10%
Trade payables 10%
EUR 1,000
USD
decreases
increases
decreases
increases
Total currency items
Trade receivables
2,760
Trade payables
592
Total effect
-239
292
51
-63
2022
Trade receivables 10%
Trade payables 10%
EUR 1,000
USD
decreases
increases
decreases
increases
Total currency items
Trade receivables
2,944
Trade payables
2,566
Total effect
-251
307
219
-267
Balance sheet
exchange rate
Exchange rates used
2023
2022
USD
1.05
1.07
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "
Liquidity risk
The purpose of liquidity risk management is to ensure sufficient financing in all situations. Funds required for about two weeks\u2019 payment
transactions will be reserved as a buffer for liquidity of payment transactions. The Group aims to guarantee the availability and flexibility of
financing by using a number of financial institutions and financing methods in raising finance.
The financial statements are based on the principle of business continuity. The management of the company estimates that the cash flow
will cover the current business needs and liabilities for the next 12 months. The sufficiency of cash flows from operations is subject to risks
if estimates deviate considerably from expectations. If the Group is unable to secure sufficient long term financing arrangements, the conti-
nuity of operations can be at risk. The measurement of the assets in the financial statements is based on the going concern assumption. If
the forecasts do not materialise, it may be necessary to recognise impairment losses on assets.
LIQUIDITY RISK
The contractual cash flows of loan instalments and interests at 31 December 2023 were the following:
1\u20133 4 months\u2013 2\u20135 5 years
EUR 1,000 months 1 year years \u2013>
Loans from financial institutions
2,425
10,854
10,153
8,019
Credit limit 2,652
Purchase price debt 4,700
Lease liabilities
293
700
2,370
10,333
Trade payables
6,151
Interest to financial institutions
882
1,590
3,341
1,077
Total
17,103
13,145
15,864
19,429
The contractual cash flows of loan instalments and interests at 31 December 2022 were the following:
1\u20133 4 months\u2013 2\u20135 5 years
EUR 1,000 months 1 year years \u2013>
Loans from financial
756
8,782
5,409
10,159
institutions
Credit limit 466
Lease liabilities
220
608
2,252
10,814
Trade payables
4,811
Interest to financial institutions
278
584
3,442
1,653
Total
6,531
9,974
11,102
22,626
The long-term loan from Ilmarinen includes the condition that the company pays 30% of free cash flow as premature repayments. According
to the agreement, free cash flow is calculated by deducting financial expenses, loan repayments and working capital investments from the
operational cash flow. The loan amount at 31 December 2023 is EUR 5,353 thousand (at 31 December 2022: EUR 7,644 thousand). The
loan was due in June 2023. On 14 June 2023, the company entered into an amendment agreement with Ilmarinen, according to which the
outstanding principal of the loan will be paid on 30 September 2024.
The group took out a new EUR 3.5 million loan with a fixed amortisation schedule from Oma Savings Bank in 2021. The loan amount at 31
December 2023 is EUR 1,500 thousand (at 31 December 2022: EUR 2,500 thousand). The agreement includes a covenant that the credit
rating of no individual group company can decrease below Alfa Rating A and the group equity ratio should be over 20% at each financial
statement date during the loan period.
During the financial year 2023, Nurminen Logistics Plc took out the following loans: EUR 4.0 million TyEL loan from Ilmarinen. The loan
amount at 31 December 2023 is EUR 4,000 thousand. EUR 3.0 million working capital loan from Finnvera. The loan amount at 31 December
2023 is EUR 3,000 thousand. EUR 0.5 million from Oma Savings Bank. The loan amount at 31 December 2023 is EUR 500 thousand.
During the financial year, North Rail Oy took out a EUR 7.0 million loan from Nordea. The loan amount at 31 December 2023 is EUR 4.0
million. The purchase price debt of EUR 4.7 million is related to the acquisition of North Rail Oy and will be paid in 2024.
Nurminen Logistics Plc and Nurminen Logistics Services Oy have credit limits amounting to a maximum of EUR 3 million in Oma Savings
Bank. As of 31 December 2023, EUR 2 652 thousand of the limit was used, which is included in the short-term liabilities. On 31 December
2022, EUR 644 thousand of the limit was used.
Changes in long-term interest bearing debts
Cash Cash Other changes 31
1 Jan flows from flows from with no cash December
2023 additions
disposals
Divestments
flow effect 2023
Long-term liabilities, interest bearing
15,568
10,556
0
0
-7,951
18,172
Long-term leasing liabilities,
interest bearing
8,947
0
0
0
54
9,001
Total
24,515
10,556
0
0
-7,897
27,173
Changes in short-term interest bearing debts
1 Jan
2023
Cash
flows from
additions
Cash
flows from
disposals Divestments
Other changes
with no cash
flow effect
31
December
2023
Short-term liabilities, interest bearing 10,004 6,631 -35,985 27,330 7,951 15,931
Long-term leasing liabilities,
interest bearing 550 0 -791 0 850 609
Current purchase price debt 0 0 0 4,700 0 4,700
Total 10,554 6,631 -36,776 32,030 8,802 21,240
Changes in long-term interest bearing debts
1 Jan 2022
Cash
flows from
additions
Cash
flows from
disposals
Divestments
Other changes
with no cash
flow effect
31
December
2022
Long-term liabilities, interest bearing 25,106 0 0 0 -9,538 15,568
Long-term leasing liabilities,
interest bearing 9,211 0 0 0 -264 8,947
Total 34,317 0 0 0 -9,802 24,515
Changes in short-term interest bearing debts
1 Jan 2022
Cash
flows from
additions
Cash
flows from
disposals
Divestments
Other changes
with no cash
flow effect
31
December
2022
Short-term liabilities, interest bearing 1,924 466 -1,977 0 9,591 10,004
Long-term leasing liabilities,
interest bearing 676 0 -620 0 494 550
Total 2,600 466 -2,598 0 10,085 10,554
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "Credit risk The objective of credit risk management is to minimise losses which arise from the counterparty neglecting their obligations. The Group manages the counterparty risk based on the customer credit rating and engages in active debt collection, when necessary. The Group has made ECL measurement analysis according to IFRS 9. The provision for credit losses is recognised in profit or loss. CREDIT RISK Maximum exposure to credit risk EUR 1,000 2023 9,005 2022 7,060 Aging of trade receivables EUR 1,000 Not past due Past due less than 30 days Past due 30\u2013120 days Past due over 120 days Total 2023 7,537 783 305 380 9,005 2022 4,522 1,731 531 275 7,060 Nurminen Logistics has no significant risk concentrations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "Market-based loans are raised mainly as variable interest rate loans. Nurminen Logistics hedges the interest rate risk of market-based loans by selecting the interest rate periods and with derivative instruments, mainly interest rate swaps. No interest rate swaps were used in 2023 and 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "CREDIT RISK Maximum exposure to credit risk EUR 1,000 2023 9,005 2022 7,060 Aging of trade receivables EUR 1,000 Not past due Past due less than 30 days Past due 30\u2013120 days Past due over 120 days Total 2023 7,537 783 305 380 9,005 2022 4,522 1,731 531 275 7,060 Nurminen Logistics has no significant risk concentrations.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "27. Other leases The Group as lessee Lease liabilities for off-balance sheet leases where the value of the asset group is insignificant or short-term: EUR 1,000 2023 2022 Less than one year 411 363 Between one year and five years 268 107 Total 680 470 In accordance with the IFRS 16 standard, leases are recognised as fixed assets and lease liabilities in the consolidated balance sheet. Nurminen Logistics\u2019 other leases mainly consist of different kinds of ICT equipment, office automation equipment, vehicles and smaller office premises. 28. Contingencies and commitments EUR 1,000 2023 2022 Liabilities and contingent liabilities secured by corporate mortgages and pledges Loans from financial institutions 36,151 25,106 Customs duties and other guarantees 9,222 3,794 Interest-bearing accounts for which business mortgages have been given and subsidiary shares pledged Credit limit 3,000 3,000 Unused credit 348 2,534 Pledges given on own behalf Book value of pledged subsidiary shares 43,766 43,766 Mortgages given on own behalf Company mortgages 43,500 25,500 Real estate mortgages 25,125 25,125 The Group as lessor: lease guarantees for off-balance sheet leases Deposit guarantee from 1 April 2021 to 1 April 2023 and then until further notice rental security 599 599 Kiinteist\u00f6 Oy Luum\u00e4en Suoanttilantie 101. The lease agreement was terminated in January 2022. 31. Legal proceedings The lease agreement related to the Luum\u00e4ki property was terminated in January 2022. The tenant has disputed the agreement and has filed an application for a summons with the Helsinki district court in January 2022. Nurminen Logistics Plc has filed two counterclaims in the case in 2023, and the District Court of Helsinki has issued a final judgment by default in the case on 5 December 2023, as the counterparty's representative has not been reached. According to the judgment, the tenant is obligated to pay to Nurminen Logistics Plc the legal costs, unpaid rents, damages based on lost rental income, compensation for increased rent as well as the costs incurred in the removal of waste and the restoration and repair measures of the site. In addition, the District Court confirms in the judgment that Nurminen Logistics Plc has the right, on the basis of the counterclaims it has made, to receive compensation for the aforementioned costs from the rental security deposit provided by the tenant.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "28. Contingencies and commitments EUR 1,000 2023 2022 Liabilities and contingent liabilities secured by corporate mortgages and pledges Loans from financial institutions 36,151 25,106 Customs duties and other guarantees 9,222 3,794 Interest-bearing accounts for which business mortgages have been given and subsidiary shares pledged Credit limit 3,000 3,000 Unused credit 348 2,534 Pledges given on own behalf Book value of pledged subsidiary shares 43,766 43,766 Mortgages given on own behalf Company mortgages 43,500 25,500 Real estate mortgages 25,125 25,125 The Group as lessor: lease guarantees for off-balance sheet leases Deposit guarantee from 1 April 2021 to 1 April 2023 and then until further notice rental security 599 599 Kiinteist\u00f6 Oy Luum\u00e4en Suoanttilantie 101. The lease agreement was terminated in January 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "29. Related party transactions The company\u2019s related parties include the members of the Board of Directors and those of the Management Team as well as companies under their control. Related parties are also those shareholders that have direct or indirect control or significant influence in the Group. The business transferred to new John Nurminen in the demerger of John Nurminen Ltd is also considered to be related party. The acquisition of North Rail Oy was carried out together with the related party RailCap Oy. RailCap Oy\u2019s holding in North Rail Oy is 10.1%. RailCap Oy has granted a shareholder loan of EUR 166.7 thousand to North Rail Holding Oy, which owns North Rail Oy. Related party transactions with companies controlled by Board members EUR 1,000 2023 2022 Sales 8 18 Purchases 3 1,208 Current receivables 4 8 Shareholder loan 167 0 On 8 February 2023, Nurminen Logistics announced Board member Juha Nurminen\u2019s transfer notification concerning 238,094 shares. On 14 February 2023, Nurminen Logistics announced President and CEO Olli Pohjanvirta\u2019s transfer notification concerning 14,700 shares. On 17 May 2023, Nurminen Logistics announced Board member Juha Nurminen\u2019s transfer notification concerning 72,289 shares. On 12 June 2023, Nurminen Logistics announced the transfer notification of Railcap Ltd, which is controlled by President and CEO Olli Pohjanvirta, concerning 200,000 shares. On 15 June 2023, Nurminen Logistics announced the transfer notification of JN Uljas Oy, controlled by Board member Juha Nurminen, concerning 14,477 shares. During the period 15 June\u201324 July 2023, Nurminen Logistics announced Board member Juha Nurminen\u2019s transfer notifications concerning 273,993 shares. On 25 July 2023, Nurminen Logistics announced the remuneration in shares for the Board of Directors. Irmeli Rytk\u00f6nen, Chair of the Board of Directors subscribed for 30,488 shares, Juha Nurminen, member of the Board of Directors subscribed for 15,244 shares, Olli Pohjanvirta, member of the Board of Directors subscribed for 15,243 shares, Karri Koskela, member of the Board of Directors subscribed for 15,244 shares and Erja Sankari, member of the Board of Directors subscribed for 15,244 shares. During the period 1 August\u201310 August 2023, Nurminen Logistics announced the transfer notifications of JN Uljas Oy, controlled by Board member Juha Nurminen, concerning 226,342 shares. EUR 1,000 2023 2022 CEO, the members of the Board and the Management Team Salaries and other short-term employee benefits 1,983 1,133 Statutory pension payments 323 181 Share-based remuneration 90 105 Total 2,396 1,419 EUR 1,000 2023 2022 Salaries and fees President and CEO Olli Pohjanvirta 755 355 Members of the Board Alexey Grom (until 11 April 2022) 0 24 Juha Nurminen 39 41 Olli Pohjanvirta 30 26 Irmeli Rytk\u00f6nen 78 83 Erja Sankari 43 47 Karri Koskela 38 41 Victor Hartwall (until 12 April 2023) 30 50 Total 1,012 666 Members of the Board and the CEO owned 18.2% of company shares on 31 December 2023 either directly or indirectly through companies under their control.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "The company\u2019s related parties include the members of the Board of Directors and those of the Management Team as well as companies under their control. Related parties are also those shareholders that have direct or indirect control or significant influence in the Group. The business transferred to new John Nurminen in the demerger of John Nurminen Ltd is also considered to be related party. The acquisition of North Rail Oy was carried out together with the related party RailCap Oy. RailCap Oy\u2019s holding in North Rail Oy is 10.1%. RailCap Oy has granted a shareholder loan of EUR 166.7 thousand to North Rail Holding Oy, which owns North Rail Oy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "EUR 1,000 2023 2022 CEO, the members of the Board and the Management Team Salaries and other short-term employee benefits 1,983 1,133 Statutory pension payments 323 181 Share-based remuneration 90 105 Total 2,396 1,419 EUR 1,000 2023 2022 Salaries and fees President and CEO Olli Pohjanvirta 755 355 Members of the Board Alexey Grom (until 11 April 2022) 0 24 Juha Nurminen 39 41 Olli Pohjanvirta 30 26 Irmeli Rytk\u00f6nen 78 83 Erja Sankari 43 47 Karri Koskela 38 41 Victor Hartwall (until 12 April 2023) 30 50 Total 1,012 666 Members of the Board and the CEO owned 18.2% of company shares on 31 December 2023 either directly or indirectly through companies under their control.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "30. Acquisitions and divested businesses On 14 February 2023, North Rail Holding Oy, a subsidiary acquired by Nurminen Logistics Plc, purchased the entire share capital of Operail Finland Oy together with Finnish investors. Nurminen Logistics Plc\u2019s holding in the acquired company is 79.8% and non-controlling interests 20.8%, of which a related party\u2019s holding is 10.1%. After the name change in March 2023, Operail Finland Oy operates under the name North Rail Oy. The main purpose of the company is to provide rail transport services in Finland. The company\u2019s net sales for 2022 amounted to EUR 4.2 million, operating result for the financial year to EUR -1.8 million and number of personnel to 45. In the Half-Year Financial Report 2023, the purchase price allocation of the acquisition was preliminary. In the acquisition, Nurminen Logis- tics acquired the shares of North Rail Oy with a cash payment of EUR 9.2 million, which is the final purchase price. The debt-free purchase price of the transaction was EUR 27.7 million euros and it was paid in cash. The one-time costs related to the acquisition were 297 thousand euros. The net assets of the target company according to the final purchase price allocation at the time of acquisition, based on fair values, were EUR 21.5 million on 14 February 2023. In December, Nurminen Logistics Plc recognised to other operating income a total of EUR 12.3 million as a non-recurring item affecting comparability. The recognised EUR 12.3 million is the difference between the aforementioned pur- chase price and the fair value of the net assets. The gain from the bargain purchase was due to valuing tangible fixed assets at fair value and deferred tax assets. Nurminen Logistics-group was able to acquire North Rail Oy for less than the fair value of its assets because the seller had decided to give up operations in Finland. The share of the item belonging to non-controlling interests is EUR 2.5 million and the share belonging to the owners of the parent company is EUR 9.8 million. The fair value of the net assets includes EUR 2.5 million in deferred tax assets. Of this, EUR 1.3 million relates to tax confirmed losses, which the company estimates will be utilised in the next few years. The consideration for the acquisition, the net assets acquired and the goodwill were as follows: Purchase price paid in cash 9,200 Intangible fixed assets 86 Tangible fixed assets 35,775 Deferred tax assets, fixed assets 1,243 Deferred tax assets from confirmed losses 1,254 Inventories 1,063 Trade and other receivables 1,699 Cash and cash equivalents 8,747 Loans from financial institutions - 27,330 Trade payables and other current liabilities -1,068 Acquired net assets 21,469 Difference, gain from the bargain purchase 12,269 Purchase price paid in cash - cash flow: Cash consideration paid during financial year 2023 -4,500 Less: Cash and cash equivalents in the balance sheet at the time of acqui- sition 8,747 Net cash flow, investment in the accounting period 4,247 The short-term purchase price debt from the acquisition on December 31, 2023 amounts to EUR 4.7 million euros. The debt will be paid during the financial year 2024 and is presented in the group of short-term financial liabilities. The net sales of North Rail Oy after the acquisition date in 2023 were EUR 22.1 million and the result for the period was EUR 7.1 million. The full-year net sales were EUR 24.2 million and the result for the period was EUR 7.2 million. If North Rail Oy had been merged with the Group as of 1 January 2023, the Group\u2019s net sales in 2023 would have been EUR 130.0 million and the result for the period would have been EUR 23.4 million. There were no acquisitions or divestments during the financial year 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "32. Events after the balance sheet date No significant events occurred after the review period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700O69NCHTNEV0362", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }