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"value": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES FOR THE CONSOLIDATED FINANCIAL STATEMENTSNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2. FINANCIAL RESULTSNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. CAPITAL EMPLOYEDNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 4. CAPITAL STRUCTURE AND FINANCIAL RISKSNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 5. OTHER 5.5 Events after the balance sheet date Kesko announced on 30 January 2023 that it would acquire Elektroskandia Norge AS, a company operating in technical wholesale in Norway, from Rexel Group. The acquisition will strengthen Onninen\u2019s position in technical trade in Norway. Elektroskandia Norge AS\u2019s net sales in 2022 totalled some \u20ac250 million and the company has 270 employees, 13 sales points, and a highly automated distribution centre. The completion of the acquisition is subject to the approval of the local competition authority.",
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"value": "1.2 Basis of preparation Kesko's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) approved for adoption by the European Union, and they comply with the IAS and IFRS standards and respective SIC and IFRIC Interpretations effective on 31 December 2022. The International Reporting Standards refer to standards and their interpretations approved for adoption within the EU in accordance with the procedure enacted in EU regulation (EC) 1606/2002, included in the Finnish Accounting Act and regulations based on it. The Group has applied new and amended standards that became effective in the financial year that began on 1 January 2022. The improvements and amendments to existing standards did not have an impact on the consolidated financial statements. Accounting standards not yet effective have not been adopted voluntarily for the consolidated financial statements. The notes to the consolidated financial statements also include compliance with Finnish accounting and corporate legislation. All amounts in the consolidated financial statements are in millions of euros and based on original cost, with the exception of items specified below, which have been measured at fair value in compliance with the standards. ",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-317": {
"value": "Kesko's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) approved for adoption by the European Union, and they comply with the IAS and IFRS standards and respective SIC and IFRIC Interpretations effective on 31 December 2022. The International Reporting Standards refer to standards and their interpretations approved for adoption within the EU in accordance with the procedure enacted in EU regulation (EC) 1606/2002, included in the Finnish Accounting Act and regulations based on it. The Group has applied new and amended standards that became effective in the financial year that began on 1 January 2022. The improvements and amendments to existing standards did not have an impact onthe consolidated financial statements. Accounting standards not yet effective have not been adopted voluntarily for the consolidated financial statements. The notes to the consolidated financial statements also include compliance with Finnish accounting and corporate legislation. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-318": {
"value": "1.3 Critical accounting estimates and assumptions The preparation of consolidated financial statements in conformity with international accounting standards requires the use of certain estimates and assumptions about the future that affect the reported amounts of assets and liabilities, contingent liabilities, and income and expense. The actual results may differ from these estimates and assumptions. The estimates and judgements made are continuously evaluated, and they are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The critical accounting estimates and assumptions used in the preparation of consolidated financial statements are further described in the corresponding notes. \u2022 Acquisitions (3.1) \u2022 Intangible assets (3.3) \u2022 Leases (3.4) \u2022 Inventories (3.5) \u2022 Trade and other current receivables (3.6) \u2022 Pension assets (3.7) \u2022 Provisions (3.9) 1.4 Critical judgements in applying accounting policies The Group's management uses its judgement in the adoption and application of accounting policies in the financial statements. The management has exercised its judgement in the application of accounting policies in the income statement with regard to the presentation of income (Note 2.1), the existence of control over subsidiaries (Note 1.5), measuring receivables, determining provisions for restructuring, and measuring assets and liabilities recognised in the balance sheet based on lease agreements (Note 3.4).Critical accounting estimates and assumptions The measurement of intangible assets is based on the present values of future cash flows and requires management estimates regarding future cash flows and the use of assets. Critical accounting estimates and assumptions The recoverable amounts of cash generating units have been determined using calculations based on value in use. In the calculations, forecast cash flows are based on financial plans approved by management, covering a period of three years. Critical accounting estimates and assumptions When recognising leases in the balance sheet, assessments must be made concerning the lease term, use of extension options and the discount rate used. When assessing the lease term of a new lease, extension options are not acknowledged until a commitment has been made to use the extension option. The assessments may differ from the actualised future lease terms and conditions. Critical accounting estimates and assumptions The Group regularly reviews inventories for obsolescence and turnover, and for possible reduction of net realisable value below cost, and records an impairment as necessary. Such reviews require assessments of future demand for products. Possible changes in these estimates may cause changes in inventory measurement in future periods. Critical accounting estimates and assumptions The Group companies apply a uniform practice to measuring receivables past due. Possible changes in customers' solvency may cause changes in the measurement of trade receivables in future periods. Critical accounting estimates and assumptions Items relating to employee benefits are calculated using several factors that require the application of judgement. Pension calculations under defined benefit plans in compliance with IAS 19 are based on, among others, the following factors that rely on management estimates: \u2022 discount rate used in calculating pension expenses and obligations and net finance cost for the period \u2022 future salary increase \u2022 employee service life. Changes in these assumptions can significantly impact the amounts of pension obligation and future pension expenses. In addition, a significant part of the pension plan assets is invested in real estate and shares, whose value adjustments impact the recognised amount of pension assets. Critical accounting estimates and assumptions The existence of criteria for recognising provisions and the amounts of provisions are determined based on estimates of the existence and amount of the obligation. Estimates may differ from the actual future amount of the obligation and with respect to the existence of the obligation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-319": {
"value": "Associates Associates are companies over which the Group has significant influence but not control. In Kesko Group, significant influence accompanies a shareholding or agreement of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the associates are eliminated to the extent of the Group\u2019s interest in the associates. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from associates are deducted from the Group's result and the cost of the shares. An investment in an associate includes the goodwill generated by the acquisition. Goodwill is not amortised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-320": {
"value": "Associates Associates are companies over which the Group has significant influence but not control. In Kesko Group, significant influence accompanies a shareholding or agreement of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the associates are eliminated to the extent of the Group\u2019s interest in the associates. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from associates are deducted from the Group's result and the cost of the shares. An investment in an associate includes the goodwill generated by the acquisition. Goodwill is not amortised. Joint agreements Joint agreements are arrangements in which the sharing of joint control has been contractually agreed between two or more parties. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint agreement whereby the parties that have joint control of the agreement have rights to the net assets of the agreement. Investments in joint ventures are accounted for using the equity method, and on initial recognition, they are recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the joint ventures are eliminated to the extent of the Group\u2019s interests in the joint ventures. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from joint ventures are deducted from the Group's result and the cost of the shares. An investment in a joint venture includes the goodwill generated by the acquisition. Goodwill is not amortised. Mutual real estate companies are consolidated as common functions on a line-by-line basis in proportion to ownership. The Group's share of mutual real estate companies' loans and reserves is accounted for separately in the consolidation. Associates and joint ventures and proportionately consolidated mutual real estate companies are listed in Note 5.1. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-321": {
"value": "Associates Associates are companies over which the Group has significant influence but not control. In Kesko Group, significant influence accompanies a shareholding or agreement of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the associates are eliminated to the extent of the Group\u2019s interest in the associates. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from associates are deducted from the Group's result and the cost of the shares. An investment in an associate includes the goodwill generated by the acquisition. Goodwill is not amortised. Significant associates Mercada Oy is a limited liability company registered in Finland, which operates in real estate investment. Mercada owns, manages and develops retail sites mainly used by Kesko Group in Finland. Kesko Corporation's holding in Mercada is 33.3%. Mercada\u2019s three shareholders have equal stakes in the company. Summary of financials of a significant associate, \u20ac million 2022 2021 Current assets 27.7 9.9 Non-current assets 516.3 525.3 Current liabilities 11.4 181.0 Non-current liabilities 488.5 320.5 Equity attributable to equity holders of the parent 44.1 33.6 Net sales 48.7 46.9 Net profit for the year 10.5 4.9 Comprehensive income for the year, total 9.6 4.7 Reconciliation for balance sheet value of an associate, \u20ac million 2022 2021 Net assets of the associate 44.1 33.6 Group interest in net assets 14.7 11.2 Balance sheet value of the associate 14.7 11.2 Other associates Summary of financials of other associates, \u20ac million 2022 2021 Group share of profit for the year -3.5 1.4 Group share of comprehensive income for the year -3.5 1.4 Balance sheet value of associates in the consolidated statement of financial position 65.9 63.3 The table presents the associates V\u00e4hitt\u00e4iskaupan Takaus Oy and V\u00e4hitt\u00e4iskaupan Tilipalvelu Oy, which sell services to Kesko and retail companies of K-retailers, as well as some business property companies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-322": {
"value": "Associates Associates are companies over which the Group has significant influence but not control. In Kesko Group, significant influence accompanies a shareholding or agreement of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the associates are eliminated to the extent of the Group\u2019s interest in the associates. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from associates are deducted from the Group's result and the cost of the shares. An investment in an associate includes the goodwill generated by the acquisition. Goodwill is not amortised. Joint agreements Joint agreements are arrangements in which the sharing of joint control has been contractually agreed between two or more parties. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint agreement whereby the parties that have joint control of the agreement have rights to the net assets of the agreement. Investments in joint ventures are accounted for using the equity method, and on initial recognition, they are recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the joint ventures are eliminated to the extent of the Group\u2019s interests in the joint ventures. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from joint ventures are deducted from the Group's result and the cost of the shares. An investment in a joint venture includes the goodwill generated by the acquisition. Goodwill is not amortised. Mutual real estate companies are consolidated as common functions on a line-by-line basis in proportion to ownership. The Group's share of mutual real estate companies' loans and reserves is accounted for separately in the consolidation. Associates and joint ventures and proportionately consolidated mutual real estate companies are listed in Note 5.1. 3.8 Shares in associates and joint ventures Associates and joint ventures Associates and joint ventures are treated as equity-accounted investments. The shares in associates and joint ventures are not quoted on the market. Associates and joint ventures are listed in Note 5.1. Related party transactions are presented in Note 5.2. Significant joint ventures The Group has a significant joint venture, UAB Kesko Senukai Lithuania. Kesko Senukai Group engages in building and home improvement trade. The Group\u2019s parent company, UAB Kesko Senukai Lithuania, is a limited liability company registered in Lithuania. Kesko Group has a 50.0% holding in Kesko Senukai Group. UAB KS Holding is a limited liability company registered in Lithuania that engages in real estate development and real estate rental. Its operations are closely related to the operations of Kesko Senukai Group. Kesko Group\u2019s holding in KS Holding Group is 50.0%. Summary of financials of significant joint ventures, \u20ac million 31 Dec. 2022 31 Dec. 2021 Current assets 427.4 440.4 Non-current assets 422.1 416.1 Current liabilities 285.8 270.6 Non-current liabilities 296.2 300.2 The above-mentioned balance sheet items contain the following items: Cash and cash equivalents 72.8 120.8 Current interest-bearing liabilities 39.8 44.8 Non-current interest-bearing liabilities 296.1 300.1 1 Jan.\u201331 Dec. 2022 1 Jan.\u201331 Dec. 2021 Net sales 1,224.3 1,091.4 Net profit attributable to owners of the parent 47.1 56.0 Comprehensive income for the year attributable to owners of the parent 48.2 54.9 Group share of profit for the year 23.5 28.0 Share of result of the joint venture consolidated in the consolidated financial statements 23.5 28.0 Share of other comprehensive income of the joint venture consolidated in the consolidated financial statements 24.1 27.5 The above-mentioned income statement items contain the following items: Depreciation, amortisation and impairment -49.3 -46.1 Interest income 0.6 0.1 Interest expense -12.3 -12.4 Income tax -7.9 -7.5 Dividends received from joint ventures -33.0 - Reconciliation for balance sheet value of joint ventures, \u20ac million 2022 2021 Net assets of joint ventures 267.6 285.6 Minority interest in net assets 34.0 33.6 Group interest in net assets 117.2 126.0 Goodwill 19.2 19.2 Fair value allocations 15.0 15.0 Balance sheet value of joint ventures 151.3 160.1 Significant associates Mercada Oy is a limited liability company registered in Finland, which operates in real estate investment. Mercada owns, manages and develops retail sites mainly used by Kesko Group in Finland. Kesko Corporation's holding in Mercada is 33.3%. Mercada\u2019s three shareholders have equal stakes in the company. Summary of financials of a significant associate, \u20ac million 2022 2021 Current assets 27.7 9.9 Non-current assets 516.3 525.3 Current liabilities 11.4 181.0 Non-current liabilities 488.5 320.5 Equity attributable to equity holders of the parent 44.1 33.6 Net sales 48.7 46.9 Net profit for the year 10.5 4.9 Comprehensive income for the year, total 9.6 4.7 Reconciliation for balance sheet value of an associate, \u20ac million 2022 2021 Net assets of the associate 44.1 33.6 Group interest in net assets 14.7 11.2 Balance sheet value of the associate 14.7 11.2 Other associates Summary of financials of other associates, \u20ac million 2022 2021 Group share of profit for the year -3.5 1.4 Group share of comprehensive income for the year -3.5 1.4 Balance sheet value of associates in the consolidated statement of financial position 65.9 63.3 The table presents the associates V\u00e4hitt\u00e4iskaupan Takaus Oy and V\u00e4hitt\u00e4iskaupan Tilipalvelu Oy, which sell services to Kesko and retail companies of K-retailers, as well as some business property companies. Mutual real estate companies Mutual real estate companies are consolidated in the consolidated financial statements in proportion to ownership. The figures in the table below are the Group\u2019s share of real estate companies\u2019 assets and liabilities and net profit, included in the consolidated statement of financial position and income statement. Mutual real estate companies are treated as joint operations and accounted for in proportion to ownership. \u20ac million 2022 2021 Non-current assets 28.7 29.7 Current assets 0.7 0.7 Non-current liabilities 1.3 0.1 Current liabilities 6.6 7.7 Net assets 21.6 22.7 Income 2.4 2.4 Costs 3.6 3.4 Net profit for the year -1.1 -1.0Associates and joint ventures Associates and joint ventures are consolidated using the equity method. Owned by the parent Domicile Group's ownership interest, % Parent's ownership interest, % Graanin Liikekeskus Oy Mikkeli, Finland 50.00 50.00 Kesko Senukai Lithuania UAB Vilnius, Lithuania 50.00 50.00 Kiinteist\u00f6 Oy It\u00e4aukio Lahti, Finland 26.20 26.20 Kiinteist\u00f6 Oy Janakkalan Linnatuuli Janakkala, Finland 29.86 29.86 Kiinteist\u00f6 Oy Joensuun Kaupunginportti Joensuu, Finland 22.77 22.77 Mercada Oy Helsinki, Finland 33.33 33.33 V\u00e4hitt\u00e4iskaupan Takaus Oy Helsinki, Finland 42.84 42.84 V\u00e4hitt\u00e4iskaupan Tilipalvelu VTP Oy Helsinki, Finland 30.00 30.00 Owned by other Group companies Domicile Group's ownership interest, % Parent's ownership interest, % EDISON Data AS Oslo, Norway 20.00 Proffsenteret AS Ringerike, Norway 34.11 KS Holding UAB Vilnius, Lithuania 50.01",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-323": {
"value": "Joint agreements Joint agreements are arrangements in which the sharing of joint control has been contractually agreed between two or more parties. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint agreement whereby the parties that have joint control of the agreement have rights to the net assets of the agreement. Investments in joint ventures are accounted for using the equity method, and on initial recognition, they are recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the joint ventures are eliminated to the extent of the Group\u2019s interests in the joint ventures. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from joint ventures are deducted from the Group's result and the cost of the shares. An investment in a joint venture includes the goodwill generated by the acquisition. Goodwill is not amortised. Mutual real estate companies are consolidated as common functions on a line-by-line basis in proportion to ownership. The Group's share of mutual real estate companies' loans and reserves is accounted for separately in the consolidation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-324": {
"value": "Joint agreements Joint agreements are arrangements in which the sharing of joint control has been contractually agreed between two or more parties. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint agreement whereby the parties that have joint control of the agreement have rights to the net assets of the agreement. Investments in joint ventures are accounted for using the equity method, and on initial recognition, they are recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the joint ventures are eliminated to the extent of the Group\u2019s interests in the joint ventures. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from joint ventures are deducted from the Group's result and the cost of the shares. An investment in a joint venture includes the goodwill generated by the acquisition. Goodwill is not amortised. Mutual real estate companies are consolidated as common functions on a line-by-line basis in proportion to ownership. The Group's share of mutual real estate companies' loans and reserves is accounted for separately in the consolidation. Associates and joint ventures and proportionately consolidated mutual real estate companies are listed in Note 5.1. Significant joint ventures The Group has a significant joint venture, UAB Kesko Senukai Lithuania. Kesko Senukai Group engages in building and home improvement trade. The Group\u2019s parent company, UAB Kesko Senukai Lithuania, is a limited liability company registered in Lithuania. Kesko Group has a 50.0% holding in Kesko Senukai Group. UAB KS Holding is a limited liability company registered in Lithuania that engages in real estate development and real estate rental. Its operations are closely related to the operations of Kesko Senukai Group. Kesko Group\u2019s holding in KS Holding Group is 50.0%. Summary of financials of significant joint ventures, \u20ac million 31 Dec. 2022 31 Dec. 2021 Current assets 427.4 440.4 Non-current assets 422.1 416.1 Current liabilities 285.8 270.6 Non-current liabilities 296.2 300.2 The above-mentioned balance sheet items contain the following items: Cash and cash equivalents 72.8 120.8 Current interest-bearing liabilities 39.8 44.8 Non-current interest-bearing liabilities 296.1 300.1 1 Jan.\u201331 Dec. 2022 1 Jan.\u201331 Dec. 2021 Net sales 1,224.3 1,091.4 Net profit attributable to owners of the parent 47.1 56.0 Comprehensive income for the year attributable to owners of the parent 48.2 54.9 Group share of profit for the year 23.5 28.0 Share of result of the joint venture consolidated in the consolidated financial statements 23.5 28.0 Share of other comprehensive income of the joint venture consolidated in the consolidated financial statements 24.1 27.5 The above-mentioned income statement items contain the following items: Depreciation, amortisation and impairment -49.3 -46.1 Interest income 0.6 0.1 Interest expense -12.3 -12.4 Income tax -7.9 -7.5 Dividends received from joint ventures -33.0 - Reconciliation for balance sheet value of joint ventures, \u20ac million 2022 2021 Net assets of joint ventures 267.6 285.6 Minority interest in net assets 34.0 33.6 Group interest in net assets 117.2 126.0 Goodwill 19.2 19.2 Fair value allocations 15.0 15.0 Balance sheet value of joint ventures 151.3 160.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-325": {
"value": "1.5 Consolidation principles Subsidiaries The consolidated financial statements combine the financial statements of Kesko Corporation and subsidiaries controlled by the Group. Control exists when the Group has more than half of the voting rights of a subsidiary or otherwise exercises control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Acquired subsidiaries are consolidated from the date on which the Group gains control until the date on which control ceases. The existence of potential voting rights has been considered when assessing the existence of control in the case that the instruments entitling to potential control are currently exercisable. Subsidiaries are listed in Note 5.1. Mutual shareholding is eliminated by using the acquisition cost method. The cost of assets acquired is determined on the basis of the fair value of the acquired assets as at the acquisition date, the issued equity instruments and liabilities resulting from or assumed on the date of the exchange transaction. The identifiable assets, liabilities and contingent liabilities acquired are measured at the fair value at the acquisition date, gross of non-controlling interest. Intragroup transactions, receivables and payables, unrealised profits and internal distributions of profits are eliminated when preparing the consolidated financial statements. Unrealised losses are not eliminated if the loss is due to the impairment of an asset. Non-controlling interest in the profit for the period is disclosed in the income statement and the amount of equity attributable to the non- controlling interests is disclosed separately in equity. The Group accounts for its real estate company acquisitions as acquisitions of assets. Associates Associates are companies over which the Group has significant influence but not control. In Kesko Group, significant influence accompanies a shareholding or agreement of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the associates are eliminated to the extent of the Group\u2019s interest in the associates. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from associates are deducted from the Group's result and the cost of the shares. An investment in an associate includes the goodwill generated by the acquisition. Goodwill is not amortised. Joint agreements Joint agreements are arrangements in which the sharing of joint control has been contractually agreed between two or more parties. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint agreement whereby the parties that have joint control of the agreement have rights to the net assets of the agreement. Investments in joint ventures are accounted for using the equity method, and on initial recognition, they are recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the joint ventures are eliminated to the extent of the Group\u2019s interests in the joint ventures. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from joint ventures are deducted from the Group's result and the cost of the shares. An investment in a joint venture includes the goodwill generated by the acquisition. Goodwill is not amortised. Mutual real estate companies are consolidated as common functions on a line-by-line basis in proportion to ownership. The Group's share of mutual real estate companies' loans and reserves is accounted for separately in the consolidation. Associates and joint ventures and proportionately consolidated mutual real estate companies are listed in Note 5.1. Foreign currency items The consolidated financial statements are presented in euros, which is both the functional currency of the environment in which the Group\u2019s parent operates and the presentation currency. On initial recognition, the amounts with respect to the result and financial position of the Group companies located outside the euro zone are recorded in the functional currency of each of their operating environments. Foreign currency transactions are recorded in euros by applying the exchange rate at the date of the transaction. Receivables and liabilities denominated in foreign currency are translated into euros using the closing rate. Exchange rate gains and losses on foreign currency transactions as well as receivables and liabilities denominated in foreign currency are recognised in the income statement, with the exception of monetary items that form a part of a net investment in a foreign operation and loans designated as hedges for foreign net investments and regarded as effective. These exchange differences are recognised in equity and their changes are presented in other comprehensive income. The exchange differences are presented in the income statement on disposal of the foreign operation or settlement of the hedges. The Group has currently no loans designated as hedges for foreign net investments. Foreign exchange gains and losses resulting from operating activities are included in the respective items above operating profit. Foreign exchange gains and losses from foreign exchange forward contracts and options used for hedging financial transactions, and from foreign currency borrowings are included in finance income and costs. The income statements of the Group companies operating outside the euro zone have been translated into euros at the average rate of the financial year, and their balance sheets at the closing rate. The foreign exchange difference resulting from the use of different rates, the translation differences arising from the elimination of the acquisition cost of subsidiaries outside the euro zone, exchange differences arising from monetary items that form a part of a net investment in a foreign operation and the hedging results of net investments are recognised in equity, and the changes are presented in other comprehensive income. In connection with the disposal of a subsidiary, translation differences are recognised in the income statement as part of the gains or losses on the disposal. Goodwill arising on the acquisition of foreign operations and the fair value adjustments of assets and liabilities made upon their acquisition are treated as assets and liabilities of these foreign operations and translated into euros at the closing rate. ",
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"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-326": {
"value": "Subsidiaries The consolidated financial statements combine the financial statements of Kesko Corporation and subsidiaries controlled by the Group. Control exists when the Group has more than half of the voting rights of a subsidiary or otherwise exercises control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Acquired subsidiaries are consolidated from the date on which the Group gains control until the date on which control ceases. The existence of potential voting rights has been considered when assessing the existence of control in the case that the instruments entitling to potential control are currently exercisable. Subsidiaries are listed in Note 5.1. Mutual shareholding is eliminated by using the acquisition cost method. The cost of assets acquired is determined on the basis of the fair value of the acquired assets as at the acquisition date, the issued equity instruments and liabilities resulting from or assumed on the date of the exchange transaction. The identifiable assets, liabilities and contingent liabilities acquired are measured at the fair value at the acquisition date, gross of non-controlling interest. Intragroup transactions, receivables and payables, unrealised profits and internal distributions of profits are eliminated when preparing the consolidated financial statements. Unrealised losses are not eliminated if the loss is due to the impairment of an asset. Non-controlling interest in the profit for the period is disclosed in the income statement and the amount of equity attributable to the non- controlling interests is disclosed separately in equity. The Group accounts for its real estate company acquisitions as acquisitions of assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-327": {
"value": "Subsidiaries The consolidated financial statements combine the financial statements of Kesko Corporation and subsidiaries controlled by the Group. Control exists when the Group has more than half of the voting rights of a subsidiary or otherwise exercises control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Acquired subsidiaries are consolidated from the date on which the Group gains control until the date on which control ceases. The existence of potential voting rights has been considered when assessing the existence of control in the case that the instruments entitling to potential control are currently exercisable. Subsidiaries are listed in Note 5.1. Mutual shareholding is eliminated by using the acquisition cost method. The cost of assets acquired is determined on the basis of the fair value of the acquired assets as at the acquisition date, the issued equity instruments and liabilities resulting from or assumed on the date of the exchange transaction. The identifiable assets, liabilities and contingent liabilities acquired are measured at the fair value at the acquisition date, gross of non-controlling interest. Intragroup transactions, receivables and payables, unrealised profits and internal distributions of profits are eliminated when preparing the consolidated financial statements. Unrealised losses are not eliminated if the loss is due to the impairment of an asset. Non-controlling interest in the profit for the period is disclosed in the income statement and the amount of equity attributable to the non- controlling interests is disclosed separately in equity. The Group accounts for its real estate company acquisitions as acquisitions of assets. Associates Associates are companies over which the Group has significant influence but not control. In Kesko Group, significant influence accompanies a shareholding or agreement of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the associates are eliminated to the extent of the Group\u2019s interest in the associates. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from associates are deducted from the Group's result and the cost of the shares. An investment in an associate includes the goodwill generated by the acquisition. Goodwill is not amortised. Joint agreements Joint agreements are arrangements in which the sharing of joint control has been contractually agreed between two or more parties. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint agreement whereby the parties that have joint control of the agreement have rights to the net assets of the agreement. Investments in joint ventures are accounted for using the equity method, and on initial recognition, they are recognised at cost. The Group\u2019s share of post-acquisition profits or losses is recognised in the income statement. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. If the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses. Unrealised gains on transactions between the Group and the joint ventures are eliminated to the extent of the Group\u2019s interests in the joint ventures. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the asset transferred. Dividends received from joint ventures are deducted from the Group's result and the cost of the shares. An investment in a joint venture includes the goodwill generated by the acquisition. Goodwill is not amortised. Mutual real estate companies are consolidated as common functions on a line-by-line basis in proportion to ownership. The Group's share of mutual real estate companies' loans and reserves is accounted for separately in the consolidation. Associates and joint ventures and proportionately consolidated mutual real estate companies are listed in Note 5.1. Foreign currency items The consolidated financial statements are presented in euros, which is both the functional currency of the environment in which the Group\u2019s parent operates and the presentation currency. On initial recognition, the amounts with respect to the result and financial position of the Group companies located outside the euro zone are recorded in the functional currency of each of their operating environments. Foreign currency transactions are recorded in euros by applying the exchange rate at the date of the transaction. Receivables and liabilities denominated in foreign currency are translated into euros using the closing rate. Exchange rate gains and losses on foreign currency transactions as well as receivables and liabilities denominated in foreign currency are recognised in the income statement, with the exception of monetary items that form a part of a net investment in a foreign operation and loans designated as hedges for foreign net investments and regarded as effective. These exchange differences are recognised in equity and their changes are presented in other comprehensive income. The exchange differences are presented in the income statement on disposal of the foreign operation or settlement of the hedges. The Group has currently no loans designated as hedges for foreign net investments. Foreign exchange gains and losses resulting from operating activities are included in the respective items above operating profit. Foreign exchange gains and losses from foreign exchange forward contracts and options used for hedging financial transactions, and from foreign currency borrowings are included in finance income and costs. The income statements of the Group companies operating outside the euro zone have been translated into euros at the average rate of the financial year, and their balance sheets at the closing rate. The foreign exchange difference resulting from the use of different rates, the translation differences arising from the elimination of the acquisition cost of subsidiaries outside the euro zone, exchange differences arising from monetary items that form a part of a net investment in a foreign operation and the hedging results of net investments are recognised in equity, and the changes are presented in other comprehensive income. In connection with the disposal of a subsidiary, translation differences are recognised in the income statement as part of the gains or losses on the disposal. Goodwill arising on the acquisition of foreign operations and the fair value adjustments of assets and liabilities made upon their acquisition are treated as assets and liabilities of these foreign operations and translated into euros at the closing rate. 1.6 Discontinued operations and non- current assets classified as held for sale and related liabilities Non-current assets (or a disposal group) are classified as held for sale if their carrying amount will be recovered principally through the disposal of the assets and the sale is highly probable. If their carrying amount will be recovered principally through their disposal rather than through their continuing use, they are measured at the lower rate of the carrying amount and fair value net of costs to sell. The comparative information in the income statement is adjusted for operations classified as discontinued during the latest financial period being reported. Consequently, the result of discontinued operations is presented as a separate line item also for the comparatives. The Group did not have any discontinued operations in the 2022 and 2021 financial years.Accounting policies In the consolidated income statement, net sales comprise the sales of goods, services and energy based on customer agreements. The share of sales of services and energy of total net sales is not significant. The Group sells products to retailers and other business customers and engages in own retailing. Income from sales of goods and services is recognised when the customer obtains control of the goods or services. Customers obtain control when they have the ability to direct the use of and obtain the benefits from the goods or services. As a rule, income from sales of goods can be recognised at the time of transfer. Income from services is recognised as the service is being performed. Sales to retailers and business customers are based on invoicing. Sales to consumers are mainly in cash or by credit card. When calculating net sales, sales revenue is adjusted for indirect taxes, sales adjustment items and the exchange differences of foreign-currency-denominated sales. In businesses in Finland that are part of the K-Plussa customer loyalty scheme, sales adjustment items include loyalty award credits, recognised as part of sales transactions. Income from corresponding sales is recognised when the award credits are redeemed or expire. Contract liability is recognised in the balance sheet. Loyalty award credits affect the net sales of those businesses that grant K-Plussa customer loyalty award credits in Finland and engage in retailing. Other operating income includes income other than that associated with the sale of goods or services based on customer agreements, such as lease income, store site and chain fees charged from retailers, and various other service fees and commissions. Fees charged from retailer entrepreneurs are based on a partnership agreement (chain agreement) based on which the retailers engage in business in line with the chain\u2019s operating models and objectives. Store site fees and chain fees vary depending on the growth and profitability of the retailer\u2019s business operations under the chain agreement. Chain marketing fees and data system fees are cost- based charges. More detailed information on other operating income is presented in Note 2.4. Other operating income also includes gains on the disposal of property, plant and equipment and intangible assets as well as gains on disposal of businesses and realised and unrealised gains on derivatives used for hedging foreign currency risks associated with commercial transactions. Interest income is recognised on a time apportionment basis using the effective interest method. Dividend income is recognised when the right to receive payment is established. entered into and realised gains and losses are reported as part of other operating income and expenses to the extent that they hedge the divisions\u2019 foreign exchange risk. The assets and liabilities of a division's capital employed consist of operating items that can be justifiably allocated to the divisions. The assets of capital employed comprise property, plant and equipment and intangible assets, right-of-use assets related to leases, interests in associates and joint ventures and other investments, pension assets, inventories, trade receivables and other non-interest-bearing receivables, interest-bearing receivables, and assets held for sale. The liabilities of capital employed consist of trade payables, the share of other non-interest-bearing liabilities and provisions. The Group\u2019s real estate assets and the revenue and costs generated from them have been allocated to the divisions. Capital employed does not include deferred tax assets and liabilities, financial assets at fair value through profit or loss with the exception of fair value of foreign exchange forward contracts recognised in the balance sheet, cash and cash equivalents, or interest-bearing liabilities. The same revenue recognition policies apply to segment information as to the consolidated financial statements and consolidated statement of financial position. The revenue recognition policies are presented in Note 2.1. Accounting policies Other operating expenses include expenses other than the cost of goods sold, such as employee benefit expenses, marketing costs, property and store site maintenance costs, information system expenses, and lease payments recognised in the income statement on leases classified as short-term leases or leased assets classified as of low value. Other operating expenses also include losses on the disposal of property, plant and equipment and intangible assets, losses on disposal of business operations as well as realised and unrealised losses on derivatives used for hedging foreign currency risks associated with commercial transactions. Accounting policies The taxes recognised in the consolidated income statement include the Group companies' taxes on current net profits on an accrual basis, prior period tax adjustments and changes in deferred taxes. The Group companies' taxes have been calculated from the taxable income of each company determined by local jurisdiction. The tax impact of items recognised in other comprehensive income has been recognised correspondingly in other comprehensive income. Deferred tax assets and liabilities are recognised on temporary differences arising between the tax bases and carrying amounts of assets and liabilities and for unused tax losses. Deferred tax liability has not been calculated on goodwill insofar as goodwill is not tax deductible. Deferred tax on subsidiaries' undistributed earnings is not recognised unless a distribution of earnings is probable, causing tax implications. Deferred tax has been determined using the tax rates enacted at the balance sheet date, and as the rates changed, at the known new rate. A deferred income tax asset is recognised to the extent that it is probable that it can be utilised against future taxable income. The Group's deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority. The most significant temporary differences arise from leases, defined benefit pension plans, property, plant and equipment (depreciation difference), provisions and measurements at fair value of asset items in connection with acquisitions. Group's tax positions are assessed regularly to identify situations requiring interpretation. Group prepares for situations in which it is deemed unlikely that the Group\u2019s interpretation will be approved in the calculation of income tax. An uncertain tax position may affect taxes or deferred taxes for the financial year or both. Accounting policies Basic earnings per share is calculated by dividing the net profit for the period attributable to the parent\u2019s equity holders by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average number of all shares to assume conversion of all potentially dilutive shares. Accounting Policies The Group's reportable segments are composed of the Group's divisions, namely the grocery trade, the building and technical trade, and the car trade. Division information is reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, responsible for allocating resources to the divisions, has been identified as the Group Management Board. The reportable operating segments derive their net sales from the grocery trade, the building and technical trade, and the car trade. Sales between divisions are charged at prevailing market rates. The Group Management Board uses alternative performance measures alongside the IFRS financial statements indicators in the Group\u2019s results reporting. The Group Management Board assesses the divisions' performances based on operating profit, comparable operating profit, and comparable return on capital employed. Results reporting to management corresponds to the accounting policies of the consolidated financial statements apart from items affecting comparability. Finance income and costs are not allocated to the divisions as the Group\u2019s cash and cash equivalents and financial liabilities are managed by the Group Treasury. Changes in the fair values of intra-Group foreign exchange forward contracts Accounting policies Assets acquired and liabilities assumed in business combinations are measured at their fair values at the date of acquisition. The fair values on which the allocation of assets and liabilities is based are determined by reference to market values to the extent they are available. If market values are not available, the measurement is based on the estimated earnings-generating capacity of the asset and its future use in Kesko's operating activities. Critical accounting estimates and assumptions The measurement of intangible assets is based on the present values of future cash flows and requires management estimates regarding future cash flows and the use of assets. Accounting policies Property, plant and equipment mainly comprise land, buildings, machinery and equipment. Property, plant and equipment are carried at its cost less any accumulated depreciation and possible impairment charges. The property, plant and equipment of acquired subsidiaries are measured at fair value at the date of acquisition. Subsequent costs relating to items of property, plant and equipment are included in the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. The machinery and equipment of buildings are treated as separate assets and any significant expenditure related to their replacement is capitalised. All other repair, service and maintenance expenditures of items of property, plant and equipment are charged to the income statement during the financial period in which they are incurred. Depreciation on property, plant and equipment is calculated using the straight-line method over their estimated useful lives. Land is not depreciated. The most common estimated useful lives are: Buildings 10\u221233 years Components of buildings 8\u221210 years Machinery and equipment 3\u22128 years Cars and transport equipment 5 years The residual values and useful lives of property, plant and equipment are reviewed at least at the end of each financial year. If the estimates of useful life and the expected pattern of economic benefits are different from previous estimates, the change in the estimate is accounted for. Depreciation of property, plant and equipment ceases when an item is classified as a non- current asset held for sale. Gains and losses on disposals of property, plant and equipment are recognised in the income statement and stated as other operating income and expenses. The Group has not capitalised interest costs incurred as part of the acquisition of assets, because the Group does not have qualifying assets. Accounting policies Goodwill and trademarks Goodwill is not amortised but is instead tested for impairment whenever there is an indication of impairment, and at least annually. For testing purposes, goodwill is allocated to the cash generating units. Goodwill is measured at initial cost. Any negative goodwill is immediately recognised as income. For goodwill, a recognised impairment loss is not reversed. Intangible assets with indefinite useful lives are not amortised. They are tested for impairment whenever there is an indication of impairment, and at least annually. Costs for intangible assets with finite useful lives are initially measured at cost and amortised over the useful life of the assets. The intangible assets with indefinite useful lives include trademarks capitalised upon acquisitions, recognised at their fair values at the acquisition date. Other intangible assets The intangible assets with finite useful lives are initially measured at cost and amortised over their useful lives. Such intangible assets include software licences, customer relationships and licences measured at the fair value at the date of acquisition, and leasehold interests that are amortised during their probable lease terms. The estimated useful lives are: Software and licences 3\u22125 years Customer and supplier relationships 5\u201310 years Research and development expenses The costs of research and development activities have been expensed as incurred, because the Group does not have development costs eligible for capitalisation. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. Software Costs directly attributable to the development of new software are capitalised as part of the software cost. On the balance sheet, software is included in intangible assets and its cost is amortised over the useful life of the software. Costs associated with maintaining the software are recognised as an expense as incurred. Impairment of non-financial assets At each balance sheet date, the Group assesses whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset is estimated. The recoverable amount of goodwill and intangible assets with indefinite useful lives is assessed every year whether or not there is an indication of impairment. In addition, an impairment test is performed whenever there is an indication of impairment. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Often, it is not possible to estimate the recoverable amount for an individual asset. Then, as in the case of goodwill, the recoverable amount is determined for the cash generating unit to which the goodwill or asset belongs. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is recognised in the income statement. An impairment loss recognised for an asset in prior years is reversed, if the revaluation shows an increase in the recoverable amount. However, the reversal of an impairment loss of an asset should not exceed the carrying amount of the asset without impairment loss recognition. For goodwill, a recognised impairment loss is not reversed under any circumstances. Critical accounting estimates and assumptions The recoverable amounts of cash generating units have been determined using calculations based on value in use. In the calculations, forecast cash flows are based on financial plans approved by management, covering a period of three years. Accounting policies Group as a lessee The Group leases properties, machinery and equipment for use in its business operations. At inception of a contract the Group determines whether the contract is, or contains, a lease. A contract is deemed as a lease if the contract gives the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of the lease the Group recognises a right-of-use asset and a lease liability except for leases of low-value assets and for leases for which the lease term is 12 months or less, for which the Group applies the practical expedient of the standard. Lease payments for the short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. The Group separates the non-lease components, such as service components, and expenses them as they incur. Lease liability is recognised at the commencement date of the lease and measured at the present value of the future lease payments payable during the lease term. The lease payments are discounted using the interest rate implicit in the lease, if readily available. The interest rate implicit in the lease is not available for all leases. In such cases, the incremental borrowing rate is used, which comprises the reference rate, credit spread for the incremental borrowing, and a potential country and currency risk premium. At the commencement date of the lease, the measurement of the lease liability includes fixed lease payments, variable lease payments that depend on an index or a rate, potential residual value guarantees, and the price of a purchase option if it is reasonably certain the option will be exercised. Payments of penalties for terminating the lease are also included in the measurement of the lease liability if the lease term reflects the option to terminate the lease. Lease liability is subsequently remeasured when there is a change in lease term due to reassessment of an option to continue or terminate the lease, or when there is a change in future lease payments due to changes of an index or a rate. The amount of the remeasurement of the lease liability is recognised as an adjustment to the right-of-use asset. If the reduction in lease liability exceeds the right-of-use asset, the difference is recognised in profit or loss. Right-of-use asset is measured at cost at the commencement date of the lease. The cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability. In addition, the cost comprises any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs incurred and an estimate of costs to be incurred to restore the asset. Subsequently the right-of-use asset is measured at cost less any accumulated depreciation and impairment losses and adjusted with any remeasurement of the lease liability. The right-of-use asset is depreciated from the commencement date of the lease to the earlier of the end of the useful life of the right-of- use asset or the end of the lease term. If the use of a leased asset is discontinued or a sublease is made to the lease at a lower rate, the lease contract becomes loss-making and an impairment is recognised to the corresponding right-of-use asset. In sale and leaseback transactions, the parties assess whether the transfer of the asset satisfies the requirements of IFRS 15 for a sale. If the transfer is accounted for as a sale, the right-of-use asset recognised in the balance sheet will be measured by the portion of the carrying amount of the original asset that corresponds to the value of the right to use that remains with the seller. Only the portion of the sales proceeds of the asset corresponding to the rights transferred to the buyer is presented as sales gain or loss. If the consideration for the sale of the asset or payments for the lease do not equal the fair value, the difference is recognised as an adjustment to the asset\u2019s sales proceeds. Any below-market terms are accounted for as a prepayment of lease payments, and any above-market terms are accounted for as financial liability. If the requirements for a sale are not satisfied, the Group will continue to recognise the transferred asset in its balance sheet, and will present the transfer proceeds as financial liability. Critical accounting estimates and assumptions When recognising leases in the balance sheet, assessments must be made concerning the lease term, use of extension options and the discount rate used. When assessing the lease term of a new lease, extension options are not acknowledged until a commitment has been made to use the extension option. The assessments may differ from the actualised future lease terms and conditions. Accounting policies Group as a lessor In lessor accounting leases are classified as operating leases or finance leases. The Group assesses at the commencement date of a lease whether it is classified as an operating lease or a finance lease. Leases where the risks and rewards incidental to ownership are transferred to the lessee are classified as finance lease agreements. At the commencement date of the lease, the lessor recognises in the balance sheet a finance lease receivable that corresponds to the net investment in the lease. Lease income for operating leases is recognised in the income statement on a straight-line basis over the lease term. Accounting policies Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less direct costs necessary to make the sale. The cost is determined using weighted average costs. The cost of finished goods comprises all costs of purchase including freight. The cost of self-constructed goods comprises all costs of conversion including direct costs and allocations of variable and fixed production overheads. The cost excludes borrowing costs. Critical accounting estimates and assumptions The Group regularly reviews inventories for obsolescence and turnover, and for possible reduction of net realisable value below cost, and records an impairment as necessary. Such reviews require assessments of future demand for products. Possible changes in these estimates may cause changes in inventory measurement in future periods. Accounting policies Trade receivables and other current receivables are recognised in the amounts of the initial receivable. According to the IFRS 9 impairment model, impairments must be recognised on the basis of expected credit losses. The Group has adopted the standard\u2019s simplified approach for recognising impairment of trade receivables using the provision matrix. For the impairment model, Group companies have been classified into risk categories on the basis of their business model and realised historical credit losses. In addition, impairment is recognised, if there is other evidence of a debtor's insolvency, bankruptcy or liquidation. Impairment is recognised as an expense in other operating expenses. If an amount previously written off is subsequently settled, it is recognised as a reduction of other operating expenses. Critical accounting estimates and assumptions The Group companies apply a uniform practice to measuring receivables past due. Possible changes in customers' solvency may cause changes in the measurement of trade receivables in future periods. Accounting policies The Group operates both defined contribution pension plans and defined benefit pension plans. The contributions payable under defined contribution plans are recognised as expenses in the income statement for the period to which the payments relate. In defined contribution plans, the Group does not have a legal or constructive obligation to pay further contributions, in case the payment recipient is unable to pay the retirement benefits. In defined benefit plans, the Group may incur obligations or assets after the payment of the contribution. The pension obligation represents the present value of future cash flows from the benefits payable. The present value of pension obligations has been calculated using the projected unit credit method. Pension costs are expensed during employees' service lives based on actuarial calculations. The discount rate assumed in calculating the present value of the pension obligation is the market yield of high-quality corporate bonds. Their maturity substantially corresponds to the maturity of the pension liability. The assets corresponding to the pension obligation of the retirement benefit plan are carried at fair values at the balance sheet date. Actuarial gains and losses are recognised in comprehensive income in the income statement. Critical accounting estimates and assumptions Items relating to employee benefits are calculated using several factors that require the application of judgement. Pension calculations under defined benefit plans in compliance with IAS 19 are based on, among others, the following factors that rely on management estimates: \u2022 discount rate used in calculating pension expenses and obligations and net finance cost for the period \u2022 future salary increase \u2022 employee service life. Changes in these assumptions can significantly impact the amounts of pension obligation and future pension expenses. In addition, a significant part of the pension plan assets is invested in real estate and shares, whose value adjustments impact the recognised amount of pension assets. Accounting policies A provision is recognised when the Group has a present legal or constructive obligation as the result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and that a reliable estimate can be made of the amount of the obligation. Provision amounts are reviewed on each balance sheet date and adjusted to reflect the current best estimate. Changes in provisions are recorded in the income statement in the same item in which the provision was originally recognised. A warranty provision is recognised when a product covered by warranty provisions is sold. The provision amount is based on historical experience about the level of warranty expenses. Critical accounting estimates and assumptions The existence of criteria for recognising provisions and the amounts of provisions are determined based on estimates of the existence and amount of the obligation. Estimates may differ from the actual future amount of the obligation and with respect to the existence of the obligation. Accounting policies The Group classifies the instruments it has issued either in equity or in financial liabilities based on their nature. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Expenses related to the issuance or acquisition of equity instruments are presented as an allowance for equity. If Kesko Corporation acquires equity instruments of its own, their cost is deducted from equity. The dividend proposed by the Board of Directors to the General Meeting has not been deducted from equity. Instead, dividends are recognised on the basis of the resolution by the General Meeting. Accounting policies Financial assets The Group classifies financial assets into three groups in accordance with IFRS 9. Financial assets are classified either as instruments measured at amortised cost, or as instruments measured at fair value through profit or loss or in other comprehensive income, depending on the business model targets and cash flows based on agreements. Regular way purchases or sales of financial assets are recognised on settlement date. Financial assets are classified as non-current, if they have a maturity of more than 12 months after the balance sheet date. If financial assets are expected to be settled within 12 months, they are classified as current. Financial assets are derecognised when the rights to receive cash flows from the financial asset have expired or have been transferred from the Group, and when the risks and rewards of ownership have been transferred from the Group. Financial assets at amortised cost and financial assets at fair value are only invested in counterparties deemed creditworthy. The impairment model for expected credit losses in line with the standard requires credit losses to be recognised with a forward-looking approach. As for other financial assets, lacking historical credit losses, counterparty risk is monitored actively and credit losses are recognised if risk is observed. Financial assets at amortised cost Financial assets at amortised cost consist of assets that are to be held to maturity and whose cash flows consist solely of payments of principal and interest. Financial assets at amortised cost also include trade receivables and other receivables. Financial assets at fair value Financial assets at fair value in other comprehensive income comprise derivatives that meet the hedge accounting criteria. Financial assets that do not meet the criteria of the other groups are classified as financial assets measured at fair value through profit or loss. Level 1 instruments are traded in active markets and their fair values are directly based on quoted market prices. The fair values of level 2 instruments are derived from market data. The fair value of level 3 instruments is not based on observable market data (inputs not observable). Cash and cash equivalents Cash and cash equivalents include cash on hand and deposits with banks as well as liquid funds measured at amortised cost which are invested in instruments with maturities of less than three months from acquisition. Investments in money market funds recognised at fair value through profit or loss, for which liquidity is assessed as very good, are also classified as cash and cash equivalents. The cash and cash equivalents in the consolidated balance sheet also include amounts relating to the retail operations of the group companies, used as cash floats in stores, or amounts being transferred to the respective companies. Financial liabilities Financial liabilities have initially been recognised at fair value, net of transaction costs. In the financial statements, financial liabilities are measured at amortised cost using the effective interest rate method. Arrangement fees paid on the establishment of loan facilities and financial liabilities are amortised over the period of the facility to which it relates. Financial liabilities having maturities of more than 12 months after the balance sheet date are classified as non-current liabilities. Those maturing within 12 months after the balance sheet date are classified as current liabilities. Derivative financial instruments and hedge accounting When derivative contracts are entered into, they are recognised at fair value and in the financial statements, they are re-measured at their fair value. The recognition of changes in the fair value of derivatives depends on whether the derivative instrument qualifies for hedge accounting or not and, if so, on the hedged item. When entered into, derivative contracts are treated either as fair value hedges of receivables or liabilities, or in the case of interest rate risk and electricity price risk, as cash flow hedges, as hedges of net investments in a foreign entity, or as derivative contracts that do not meet the hedge accounting criteria. If the hedge accounting criteria are not met, the results of instruments hedging a commercial foreign exchange risk are recognised in profit or loss within other operating income or expenses. Concerning derivatives hedging financial transactions, the amount to be recognised in the income statement is included in financial items. When a hedging arrangement is entered into, the relationship between the hedged item and the hedging instrument, as well as the objectives of the Group's risk management are documented. The effectiveness of the hedge relationship is tested regularly and the effective portion is recognised, according to the nature of the hedged item, against the change in the fair value of the hedged item, in translation differences in equity, or in the revaluation reserve. The ineffective portion is recognised, according to its nature, either in financial items or other operating income and expenses. Hedge accounting is discontinued when the hedging instrument expires or is sold, or when the contract is terminated or exercised. Any cumulative gain or loss existing in equity at that time remains in equity until the forecast transaction has occurred. Measurement principles The fair value of forward rate agreements is determined by reference to the market prices at the balance sheet date. The fair value of interest rate swaps is calculated on the basis of the present value of future cash flows, using the market prices at the balance sheet date. The fair value of foreign exchange forward contracts is determined by measuring the forward contracts at the forward rate at the balance sheet date. Currency options are measured using the counterparty's price quotation, but the Group also verifies the price by applying the Black\u2212Scholes method. Electricity derivatives are measured at fair value using the market quotations at the balance sheet date. Hedging a net investment in foreign operations During the financial year, the Group has not hedged net investments in foreign operations. If a hedge is initiated, the Group applies hedge accounting in accordance with IFRS 9 to hedge foreign currency net investments in foreign operations. Foreign exchange forward contracts or foreign currency borrowings are used as hedging instruments. Spot price changes in foreign exchange forward contracts are recognised in translation differences under equity, and disclosed in other comprehensive income. The premiums of forward contracts are recognised as income under financial items. The exchange difference of foreign currency borrowings is recognised in translation differences under equity. When a foreign operation is partially or wholly disposed of or wound up, cumulative gains or losses from the hedging instruments are recognised in profit or loss. Accounting policies The costs relating to share-based payments are recorded in the income statement and the corresponding liability for share-based payments settled in cash is recognised in the balance sheet. The liability in the balance sheet is measured at fair value at each balance sheet date. For equity-settled share-based payment transactions, an increase corresponding to the expensed amount is recorded in equity. The Company's Board of Directors has granted a share-based compensation plan to management under which an award consisting of B series shares and an amount in cash is paid upon fulfilling the plan\u2019s terms. The fair value of the award paid in shares is the value of the share at the grant date and it is recognised as an expense on a straight-line basis over the vesting and commitment period of the plan. The expensed amount is based on the Group's estimate of the amount of award payable in shares at the end of the vesting period. The effects of non-market conditions are not included in the fair value of the awards. Instead, they are accounted for in the assumptions of the number of shares expected to vest at the end of the vesting period. A cash component is paid to cover the taxes and tax- like charges incurred under the award. The cash component is recognised as an expense during the vesting period. Changes in estimates are recorded in the income statement. As of 1.1.2018 cash-settled share-based payments for which the employer shall deduct, on behalf of the employee, from the share award such number of shares which covers taxes and tax-like charges paid in cash, shall be classified in their entirety as equity-settled share- based payments. ",
"dimensions": {
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"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-328": {
"value": "Subsidiaries The consolidated financial statements combine the financial statements of Kesko Corporation and subsidiaries controlled by the Group. Control exists when the Group has more than half of the voting rights of a subsidiary or otherwise exercises control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Acquired subsidiaries are consolidated from the date on which the Group gains control until the date on which control ceases. The existence of potential voting rights has been considered when assessing the existence of control in the case that the instruments entitling to potential control are currently exercisable. Subsidiaries are listed in Note 5.1. Mutual shareholding is eliminated by using the acquisition cost method. The cost of assets acquired is determined on the basis of the fair value of the acquired assets as at the acquisition date, the issued equity instruments and liabilities resulting from or assumed on the date of the exchange transaction. The identifiable assets, liabilities and contingent liabilities acquired are measured at the fair value at the acquisition date, gross of non-controlling interest. Intragroup transactions, receivables and payables, unrealised profits and internal distributions of profits are eliminated when preparing the consolidated financial statements. Unrealised losses are not eliminated if the loss is due to the impairment of an asset. Non-controlling interest in the profit for the period is disclosed in the income statement and the amount of equity attributable to the non- controlling interests is disclosed separately in equity. The Group accounts for its real estate company acquisitions as acquisitions of assets. 5.1 Subsidiaries, associates, joint ventures and proportionately
consolidated mutual real estate companies
Subsidiaries
Owned by the parent Domicile
Group's
ownership
interest, %
Parent's
ownership
interest, %
Ankkuri-Energia Oy Helsinki, Finland 100.00 100.00
Asunto Oy Kirkkonummen V\u00e4steruddintie 33 Kirkkonummi, Finland 100.00 100.00
Barker-Littoinen Oy Espoo, Finland 100.00 100.00
Byggmakker Handel AS Oppeg\u00e5rd, Norway 100.00 100.00
Fiesta Real Estate AS Tallinn, Estonia 100.00 100.00
Intersport Finland Oy Helsinki, Finland 100.00 100.00
Jyv\u00e4scool Oy Jyv\u00e4skyl\u00e4, Finland 100.00 100.00
Kalatukku E. Eriksson Oy Helsinki, Finland 100.00 100.00
K Auto Oy Helsinki, Finland 100.00 100.00
Keskin\u00e4inen Kiinteist\u00f6 Oy Malmin Kankirauta Helsinki, Finland 100.00 100.00
Keskin\u00e4inen Kiinteist\u00f6 Oy Voisalmentie 9
Lappeenranta Helsinki, Finland 100.00 100.00
Kesko AB Stockholm, Sweden 100.00 100.00
Kesko Export Oy Helsinki, Finland 100.00 100.00
Kesko Real Estate Latvia SIA Riga, Latvia 100.00 100.00
Kiinteist\u00f6 Oy Etel\u00e4koivulan Kauppakeskus Pori, Finland 78.45 78.45
Kiinteist\u00f6 Oy Helsingin It\u00e4keskus Helsinki, Finland 100.00 100.00
Kiinteist\u00f6 Oy Hiukkavaaran Kauppa Oulu, Finland 100.00 100.00
Kiinteist\u00f6 Oy Kittil\u00e4n S\u00e4\u00e4st\u00f6kulma Helsinki, Finland 100.00 100.00
Kiinteist\u00f6 Oy Kittil\u00e4n Valtatie 31\u201333 Helsinki, Finland 100.00 100.00
Kiinteist\u00f6 Oy Lappeenrannan Oksasenkatu 4 Helsinki, Finland 100.00 100.00
Kiinteist\u00f6 Oy Mustasaaren Mustikka Helsinki, Finland 100.00 100.00
Kiinteist\u00f6 Oy Nokian Kauppapaikka Helsinki, Finland 100.00 100.00
Kiinteist\u00f6 Oy Pontsonkulma Helsinki, Finland 94.60 94.60
Kiinteist\u00f6 Oy Riistaveden Keskustie 15 Helsinki, Finland 79.50 79.50
Owned by the parent Domicile
Group's
ownership
interest, %
Parent's
ownership
interest, %
Kiinteist\u00f6 Oy Savonlinnan L\u00e4nsikeskus Joensuu, Finland 100.00 100.00
Kiinteist\u00f6 Oy Sarviniitynkatu 4 Kerava, Finland 100.00 100.00
Kiinteist\u00f6 Oy Sunan Hallitalo Helsinki, Finland 100 100
Kiinteist\u00f6 Oy Tarkkaiikka Oulu, Finland 100.00 100.00
Kiinteist\u00f6 Oy Vasarakatu 22 Jyv\u00e4skyl\u00e4, Finland 100.00 100.00
Kiinteist\u00f6 Oy Voisalmen Liiketalo Helsinki, Finland 100.00 100.00
Klintcenter Ab Mariehamn, \u00c5land 100.00 100.00
K-Market Oy Helsinki, Finland 100.00 100.00
Konekesko Oy Helsinki, Finland 100.00 100.00
Koskelan Ostokeskus Oy Oulu, Finland 58.64 29.32
Onninen Oy Helsinki, Finland 100.00 100.00
Rake Eiendom AS Oppeg\u00e5rd, Norway 100.00 100.00
Rantasalmen Kauppakeskus Oy Helsinki, Finland 100.00 100.00
Reinin Liha Oy Helsinki, Finland 100.00 100.00
Tampereen L\u00e4nsikeskus Oy Tampere, Finland 100.00 100.00
Owned by other Group companies Domicile
Group's
ownership
interest, %
Parent's
ownership
interest, %
Arn Eiendom AS Vefsn, Norway 100.00
Byggarnas Partner Sverige AB Segeltorp, Sweden 100.00
Bygg & Interi\u00f6r i Katrineholm AB Katrineholm, Sweden 100.00
Bygg & Interi\u00f6r i Flen AB Flen, Sweden 100.00
Bygg & Interi\u00f6r i Ving\u00e5ker AB Ving\u00e5ker, Sweden 100.00
Byggmakker CF AS Sandefjord, Norway 100.00
Djurbergs J\u00e4rnhandel Aktiebolag S\u00f6derk\u00f6ping, Sweden 100.00
Fresks F\u00f6rs\u00e4ljning AB \u00d6stersund, Sweden 100.00
Hasti-Ari AS Oppeg\u00e5rd, Norway 100.00
H\u00f6gsbo Tr\u00e4 Aktiebolag V\u00e4stra Fr\u00f6lunda, Sweden 100.00
K Auto AC Oy Helsinki, Finland 100.00
K Auto PC Oy Helsinki, Finland 100.00
K Auto Leasing Oy Helsinki, Finland 100.00
K Auto Retail Oy Helsinki, Finland 100.00
Kesko Onninen International Trading Co., Ltd Shanghai, China 100.00
K rauta SIA Riga, Latvia 100.00
Kestra Kiinteist\u00f6palvelut Oy Helsinki, Finland 100.00
Kiinteist\u00f6 Oy Hyvink\u00e4\u00e4n Onnela Helsinki, Finland 100.00
Kiinteist\u00f6 Oy Kokkolan Kaanaanmaantie 2\u20134 Kokkola, Finland 64.78
Kiinteist\u00f6 Oy Lappeenrannan Rakuunaparkki Lappeenranta, Finland 57.12
Kiinteist\u00f6 Oy Vantaan Simonsampo Vantaa, Finland 100.00
Kiinteist\u00f6 Oy Visuveden Liiketalo Ruovesi, Finland 100.00
KR Fastigheter i J\u00e4rf\u00e4lla AB Sollentuna, Sweden 100.00
KR Fastigheter i Link\u00f6ping AB Sollentuna, Sweden 100.00
KR Fastigheter i T\u00e4by AB Sollentuna, Sweden 100.00
K-rauta Fastigheter i Malm\u00f6 AB Sollentuna, Sweden 100.00
K-Rauta Holding Finland Oy Helsinki, Finland 100.00
Kung\u00e4lvs Tr\u00e4varuaktiebolag Kung\u00e4lv, Sweden 100.00
Mark & Infra i Sverige AB T\u00e4by, Sweden 100.00
Olarin Autokiinteist\u00f6 Oy Espoo, Finland 100.00
Onninen AS Skedsmo, Norway 100.00
Onninen AS Tallinn, Estonia 100.00
Onninen LLP Aktau, Kazakhstan 100.00
Onninen SIA Riga, Latvia 100.00
Onninen Sp. z o.o. Warsaw, Poland 100.00
Owned by other Group companies Domicile
Group's
ownership
interest, %
Parent's
ownership
interest, %
Onninen UAB Vilnius, Lithuania 100.00
Peltosaaren Liikekeskus Oy Riihim\u00e4ki, Finland 59.67
Profelco Oy Vantaa, Finland 100.00
Rake Bergen AS Oppeg\u00e5rd, Norway 100.00
Sport1 Flokkmann Mosj\u00f8en AS Mosj\u00f8en, Norway 100.00
S\u00f8rb\u00f8 AS Skedsmokorset, Norway 100.00
S\u00f6rred\u2019s Byggvaruhus AB G\u00f6teborg, Sweden 100.00
Tau & J\u00f8rpeland Eiendom J\u00f8rpeland, Norway 100.00
Tr\u00f8gstadveien 13 AS Oppeg\u00e5rd, Norway 100.00
XL-Bygg Bergslagen AB Fr\u00f6vi, Sweden 100.00
\u00d6vik L\u00e5steknik AB \u00d6rnsk\u00f6ldsvik, Sweden 100.00
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-329": {
"value": "Foreign currency items The consolidated financial statements are presented in euros, which is both the functional currency of the environment in which the Group\u2019s parent operates and the presentation currency. On initial recognition, the amounts with respect to the result and financial position of the Group companies located outside the euro zone are recorded in the functional currency of each of their operating environments. Foreign currency transactions are recorded in euros by applying the exchange rate at the date of the transaction. Receivables and liabilities denominated in foreign currency are translated into euros using the closing rate. Exchange rate gains and losses on foreign currency transactions as well as receivables and liabilities denominated in foreign currency are recognised in the income statement, with the exception of monetary items that form a part of a net investment in a foreign operation and loans designated as hedges for foreign net investments and regarded as effective. These exchange differences are recognised in equity and their changes are presented in other comprehensive income. The exchange differences are presented in the income statement on disposal of the foreign operation or settlement of the hedges. The Group has currently no loans designated as hedges for foreign net investments. Foreign exchange gains and losses resulting from operating activities are included in the respective items above operating profit. Foreign exchange gains and losses from foreign exchange forward contracts and options used for hedging financial transactions, and from foreign currency borrowings are included in finance income and costs. The income statements of the Group companies operating outside the euro zone have been translated into euros at the average rate of the financial year, and their balance sheets at the closing rate. The foreign exchange difference resulting from the use of different rates, the translation differences arising from the elimination of the acquisition cost of subsidiaries outside the euro zone, exchange differences arising from monetary items that form a part of a net investment in a foreign operation and the hedging results of net investments are recognised in equity, and the changes are presented in other comprehensive income. In connection with the disposal of a subsidiary, translation differences are recognised in the income statement as part of the gains or losses on the disposal. Goodwill arising on the acquisition of foreign operations and the fair value adjustments of assets and liabilities made upon their acquisition are treated as assets and liabilities of these foreign operations and translated into euros at the closing rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-330": {
"value": "Foreign currency items The consolidated financial statements are presented in euros, which is both the functional currency of the environment in which the Group\u2019s parent operates and the presentation currency. On initial recognition, the amounts with respect to the result and financial position of the Group companies located outside the euro zone are recorded in the functional currency of each of their operating environments. Foreign currency transactions are recorded in euros by applying the exchange rate at the date of the transaction. Receivables and liabilities denominated in foreign currency are translated into euros using the closing rate. Exchange rate gains and losses on foreign currency transactions as well as receivables and liabilities denominated in foreign currency are recognised in the income statement, with the exception of monetary items that form a part of a net investment in a foreign operation and loans designated as hedges for foreign net investments and regarded as effective. These exchange differences are recognised in equity and their changes are presented in other comprehensive income. The exchange differences are presented in the income statement on disposal of the foreign operation or settlement of the hedges. The Group has currently no loans designated as hedges for foreign net investments. Foreign exchange gains and losses resulting from operating activities are included in the respective items above operating profit. Foreign exchange gains and losses from foreign exchange forward contracts and options used for hedging financial transactions, and from foreign currency borrowings are included in finance income and costs. The income statements of the Group companies operating outside the euro zone have been translated into euros at the average rate of the financial year, and their balance sheets at the closing rate. The foreign exchange difference resulting from the use of different rates, the translation differences arising from the elimination of the acquisition cost of subsidiaries outside the euro zone, exchange differences arising from monetary items that form a part of a net investment in a foreign operation and the hedging results of net investments are recognised in equity, and the changes are presented in other comprehensive income. In connection with the disposal of a subsidiary, translation differences are recognised in the income statement as part of the gains or losses on the disposal. Goodwill arising on the acquisition of foreign operations and the fair value adjustments of assets and liabilities made upon their acquisition are treated as assets and liabilities of these foreign operations and translated into euros at the closing rate. 2.6 Foreign exchange differences recognised in operating profit \u20ac million 2022 2021 Net sales -0.0 -0.1 Other operating income 16.1 7.2 Material and services 1.2 -0.4 Other operating expenses -11.1 -4.0 Total 6.1 2.8\u20ac million 2022 2021 Interest income and other finance income Income on investments at amortised cost 1.0 0.8 Interest income on loans and receivables 9.7 8.5 Income on investments at fair value through profit or loss 1.0 1.6 Other finance income 1.3 1.6 Total interest income and other finance income 13.0 12.5 Interest expense and other finance costs Interest expense on financial liabilities at amortised cost -4.0 -4.8 Losses on investments at amortised cost -2.2 0.1 Losses on investments at fair value through profit or loss -3.5 -4.4 Other finance costs 12.7 0.5 Total interest expense and other finance costs 2.9 -8.6 Interest expense for lease liabilities -68.4 -71.3 Exchange differences Exchange differences and changes in fair values of derivatives, borrowings denominated in foreign currencies not qualifying for hedge accounting, and cash at bank -3.5 -0.8 Total exchange differences -3.5 -0.8 Total finance income and costs -56.0 -68.2 ",
"dimensions": {
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"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-331": {
"value": "The consolidated financial statements are presented in euros, which is both the functional currency of the environment in which the Group\u2019s parent operates and the presentation currency. On initial recognition, the amounts with respect to the result and financial position of the Group companies located outside the euro zone are recorded in the functional currency of each of their operating environments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-332": {
"value": "1.6 Discontinued operations and non- current assets classified as held for sale and related liabilities Non-current assets (or a disposal group) are classified as held for sale if their carrying amount will be recovered principally through the disposal of the assets and the sale is highly probable. If their carrying amount will be recovered principally through their disposal rather than through their continuing use, they are measured at the lower rate of the carrying amount and fair value net of costs to sell. The comparative information in the income statement is adjusted for operations classified as discontinued during the latest financial period being reported. Consequently, the result of discontinued operations is presented as a separate line item also for the comparatives. The Group did not have any discontinued operations in the 2022 and 2021 financial years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-333": {
"value": "1.7 New IFRS standards and IFRIC interpretations and the impact of new and updated standards IFRIC interpretations, amendments to existing standards, and new and updated standards Annual improvements or amendments to existing standards that become effective for annual periods beginning on or after 1 January 2023 are not estimated to have a material impact on the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-334": {
"value": "1.7 New IFRS standards and IFRIC interpretations and the impact of new and updated standards IFRIC interpretations, amendments to existing standards, and new and updated standards Annual improvements or amendments to existing standards that become effective for annual periods beginning on or after 1 January 2023 are not estimated to have a material impact on the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-335": {
"value": "2.1 Revenue recognition Accounting policies In the consolidated income statement, net sales comprise the sales of goods, services and energy based on customer agreements. The share of sales of services and energy of total net sales is not significant. The Group sells products to retailers and other business customers and engages in own retailing. Income from sales of goods and services is recognised when the customer obtains control of the goods or services. Customers obtain control when they have the ability to direct the use of and obtain the benefits from the goods or services. As a rule, income from sales of goods can be recognised at the time of transfer. Income from services is recognised as the service is being performed. Sales to retailers and business customers are based on invoicing. Sales to consumers are mainly in cash or by credit card. When calculating net sales, sales revenue is adjusted for indirect taxes, sales adjustment items and the exchange differences of foreign-currency-denominated sales. In businesses in Finland that are part of the K-Plussa customer loyalty scheme, sales adjustment items include loyalty award credits, recognised as part of sales transactions. Income from corresponding sales is recognised when the award credits are redeemed or expire. Contract liability is recognised in the balance sheet. Loyalty award credits affect the net sales of those businesses that grant K-Plussa customer loyalty award credits in Finland and engage in retailing. Other operating income includes income other than that associated with the sale of goods or services based on customer agreements, such as lease income, store site and chain fees charged from retailers, and various other service fees and commissions. Fees charged from retailer entrepreneurs are based on a partnership agreement (chain agreement) based on which the retailers engage in business in line with the chain\u2019s operating models and objectives. Store site fees and chain fees vary depending on the growth and profitability of the retailer\u2019s business operations under the chain agreement. Chain marketing fees and data system fees are cost- based charges. More detailed information on other operating income is presented in Note 2.4. Other operating income also includes gains on the disposal of property, plant and equipment and intangible assets as well as gains on disposal of businesses and realised and unrealised gains on derivatives used for hedging foreign currency risks associated with commercial transactions. Interest income is recognised on a time apportionment basis using the effective interest method. Dividend income is recognised when the right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-337": {
"value": "Accounting policies In the consolidated income statement, net sales comprise the sales of goods, services and energy based on customer agreements. The share of sales of services and energy of total net sales is not significant. The Group sells products to retailers and other business customers and engages in own retailing. Income from sales of goods and services is recognised when the customer obtains control of the goods or services. Customers obtain control when they have the ability to direct the use of and obtain the benefits from the goods or services. As a rule, income from sales of goods can be recognised at the time of transfer. Income from services is recognised as the service is being performed. Sales to retailers and business customers are based on invoicing. Sales to consumers are mainly in cash or by credit card. When calculating net sales, sales revenue is adjusted for indirect taxes, sales adjustment items and the exchange differences of foreign-currency-denominated sales. In businesses in Finland that are part of the K-Plussa customer loyalty scheme, sales adjustment items include loyalty award credits, recognised as part of sales transactions. Income from corresponding sales is recognised when the award credits are redeemed or expire. Contract liability is recognised in the balance sheet. Loyalty award credits affect the net sales of those businesses that grant K-Plussa customer loyalty award credits in Finland and engage in retailing. Other operating income includes income other than that associated with the sale of goods or services based on customer agreements, such as lease income, store site and chain fees charged from retailers, and various other service fees and commissions. Fees charged from retailer entrepreneurs are based on a partnership agreement (chain agreement) based on which the retailers engage in business in line with the chain\u2019s operating models and objectives. Store site fees and chain fees vary depending on the growth and profitability of the retailer\u2019s business operations under the chain agreement. Chain marketing fees and data system fees are cost- based charges. More detailed information on other operating income is presented in Note 2.4. Other operating income also includes gains on the disposal of property, plant and equipment and intangible assets as well as gains on disposal of businesses and realised and unrealised gains on derivatives used for hedging foreign currency risks associated with commercial transactions. Interest income is recognised on a time apportionment basis using the effective interest method. Dividend income is recognised when the right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-338": {
"value": "In businesses in Finland that are part of the K-Plussa customer loyalty scheme, sales adjustment items include loyalty award credits, recognised as part of sales transactions. Income from corresponding sales is recognised when the award credits are redeemed or expire. Contract liability is recognised in the balance sheet. Loyalty award credits affect the net sales of those businesses that grant K-Plussa customer loyalty award credits in Finland and engage in retailing. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-340": {
"value": "2.2 Segment information Accounting Policies The Group's reportable segments are composed of the Group's divisions, namely the grocery trade, the building and technical trade, and the car trade. Division information is reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, responsible for allocating resources to the divisions, has been identified as the Group Management Board. The reportable operating segments derive their net sales from the grocery trade, the building and technical trade, and the car trade. Sales between divisions are charged at prevailing market rates. The Group Management Board uses alternative performance measures alongside the IFRS financial statements indicators in the Group\u2019s results reporting. The Group Management Board assesses the divisions' performances based on operating profit, comparable operating profit, and comparable return on capital employed. Results reporting to management corresponds to the accounting policies of the consolidated financial statements apart from items affecting comparability. Finance income and costs are not allocated to the divisions as the Group\u2019s cash and cash equivalents and financial liabilities are managed by the Group Treasury. Changes in the fair values of intra-Group foreign exchange forward contracts entered into and realised gains and losses are reported as part of other operating income and expenses to the extent that they hedge the divisions\u2019 foreign exchange risk. The assets and liabilities of a division's capital employed consist of operating items that can be justifiably allocated to the divisions. The assets of capital employed comprise property, plant and equipment and intangible assets, right-of-use assets related to leases, interests in associates and joint ventures and other investments, pension assets, inventories, trade receivables and other non-interest-bearing receivables, interest-bearing receivables, and assets held for sale. The liabilities of capital employed consist of trade payables, the share of other non-interest-bearing liabilities and provisions. The Group\u2019s real estate assets and the revenue and costs generated from them have been allocated to the divisions. Capital employed does not include deferred tax assets and liabilities, financial assets at fair value through profit or loss with the exception of fair value of foreign exchange forward contracts recognised in the balance sheet, cash and cash equivalents, or interest-bearing liabilities. The same revenue recognition policies apply to segment information as to the consolidated financial statements and consolidated statement of financial position. The revenue recognition policies are presented in Note 2.1. Kesko\u2019s business models Kesko\u2019s principal business model in the Finnish market is the chain business model, in which independent K-retailers run retail stores in Kesko's chains and B2B trade. Kesko manages the operations of the chains made up of the stores. Chain operations ensure higher competitiveness and a strong operational basis for K-retailers in terms of purchasing goods, building selections, marketing and price competition. Outside Finland, Kesko mainly engages in own retailing and B2B trade. Retailer operations accounted for 46% (48%) of the Group\u2019s net sales in 2022. B2B trade accounted for 40% (36%) of the Group\u2019s net sales in 2022. Kesko\u2019s own retailing accounted for 14% (16%) of the Group\u2019s net sales. The management views that these categories depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Grocery trade The grocery trade comprises the wholesale and B2B trade of groceries and the retailing of home and speciality goods in Finland. Kesko's grocery trade operates under the K-retailer business model. There are approximately 1,200 K-food stores operated by K-retailers in Finland. These stores form the K-Citymarket, K-Supermarket, K-Market and Neste K groceryretail chains. Kespro is a foodservice provider and wholesaler in Finland. K-Citymarket's home and speciality goods trade operates in home and speciality goods retailing in Finland. Building and technical trade The building and technical trade operates in the wholesale, retail and B2B trade in Finland, Sweden, Norway, the Baltic countries and Poland. In the building and home improvement trade, Kesko is responsible for the chains\u2019 concepts, marketing, purchasing and logistics services and the store site network in all operating countries and for retailer resources in Finland where the retailer business model is employed. Kesko acts as a retail operator in Sweden and Norway. The retail store chains are K-Rauta (Finland and Sweden), K-Bygg (Sweden) and Byggmakker (Norway). The building and home improvement stores serve both consumers and business customers. Onninen provides HEPAC and electrical products and services to business customers in the Baltic Sea Region and Scandinavia. Onninen has around 130 places of business in Finland, Sweden, Norway, Poland and the Baltic countries. Speciality goods trade is included in the building and technical trade division, and comprises leisure trade in Finland, with the Intersport and Budget Sport chains. The operations of the Kookenk\u00e4 and The Athlete\u2019s Foot shoe store chains were discontinued in 2021 as part of the strategy for leisure trade. Car trade Car trade comprises the business operations of new cars, used cars, services and leasing. The new cars business includes the operations for importing, marketing and retailing of Volkswagen, Audi, SEAT, CUPRA, Porsche and Bentley passenger cars and of Volkswagen and MAN commercial vehicles in Finland, and of SEAT and CUPRA passenger cars in the Baltics. The used car business includes the purchasing of used cars from Finland and abroad and the retailing of the cars in Finland. Services operations include repair and maintenance services, spare parts sales and accessories services in Finland. The leasing business provides car leasing services for both private and corporate customers. Services provided by the car trade division also include the K-Charge charging network for electric vehicles. Common functions Common functions comprise Group support functions. Segment information 2022 Profit \u20ac million Grocery trade Building and technical trade Car trade Common functions Total Division net sales 6,124.7 4,805.1 910.9 -0.0 11,840.7 of which intersegment sales -23.3 0.0 -8.2 -0.3 -31.7 Net sales from external customers 6,101.4 4,805.2 902.7 -0.3 11,809.0 Change in net sales in local currency excluding acquisitions and disposals, % 3.6 9.4 -11.4 - 4.4 Change in net sales, % 3.6 9.5 -11.4 - 4.5 Other division income 789.0 177.2 10.6 28.8 1,005.6 of which intersegment income -0.1 -2.1 -0.1 -4.6 -6.9 Other operating income from external customers 788.9 175.1 10.6 24.1 998.7 Depreciation and amortisation -84.4 -28.4 -26.6 -29.7 -169.0 Depreciation and impairment charges for right-of-use assets -213.7 -92.4 -10.1 -5.9 -322.1 Share of result of joint ventures 23.5 23.5 Operating profit 461.5 340.8 47.8 -33.6 816.5 Items affecting comparability 1.1 1.0 -0.6 -0.1 1.5 Comparable operating profit 460.4 339.8 48.4 -33.5 815.1 Finance income and costs -56.0 Share of result of associates 0.6 Profit before tax 761.1 Assets and liabilities \u20ac million Grocery trade Building and technical trade Car trade Common opera- tions Elimina- tions Total Property, plant, equipment and intangible assets 1,333.6 844.6 243.0 105.1 -1.6 2,524.6 Right-of-use assets 1,189.3 434.3 51.8 62.1 1,737.6 Interests in associates and joint ventures and other investments 4.3 160.4 0.1 81.0 -0.6 245.2 Pension assets 19.6 4.5 62.8 86.9 Inventories 270.3 647.9 197.2 1,115.4 Trade receivables 369.2 561.1 41.1 2.9 -5.1 969.3 Other non-interest-bearing receivables 121.6 231.5 15.2 73.7 -33.0 409.0 Interest-bearing receivables 0.8 68.6 69.4 Non-current assets classified as held for sale 0.5 0.5 Assets included in capital employed 3,308.7 2,884.4 548.3 456.7 -40.3 7,157.7 Unallocated items Deferred tax assets 2.2 Other financial assets 68.6 Cash and cash equivalents 245.5 Total assets 3,308.7 2,884.4 548.3 456.7 -40.3 7,474.0 \u20ac million Grocery trade Building and technical trade Car trade Common opera- tions Elimina- tions Total Trade payables 596.7 837.7 35.3 32.3 -2.6 1,499.4 Other non-interest-bearing liabilities 294.7 293.1 82.9 55.8 -35.4 691.1 Provisions 0.8 2.2 19.0 0.2 22.2 Liabilities included in capital employed 892.2 1,133.0 137.3 88.3 -38.1 2,212.7 Unallocated items Interest-bearing liabilities 498.2 Lease liabilities 1,920.1 Other non-interest-bearing liabilities 37.6 Deferred tax liabilities 63.2 Total liabilities 892.2 1,133.0 137.3 88.3 -38.1 4,731.8 Total capital employed as at 31 December 2,416.5 1,751.3 411.0 368.4 -2.2 4,945.0 Average capital employed 2,353.6 1,752.1 379.5 328.9 -2.2 4,811.9 Return on capital employed, %, comparable 19.6 19.4 12.7 16.9 Number of personnel as at 31 December 8,316 7,226 1,298 1,001 17,841 Average number of personnel 6,288 6,155 1,235 955 14,633 Segment information 2021 Profit \u20ac million Grocery trade Building and technical trade Car trade Common functions Total Division net sales 5,909.0 4,387.7 1,028.3 0.0 11,325.1 of which intersegment sales -17.8 0.2 -6.7 -0.5 -24.8 Net sales from external customers 5,891.2 4,388.0 1,021.6 -0.5 11,300.2 Change in net sales in local currency excluding acquisitions and disposals, % 3.1 14.7 15.2 - 8.2 Change in net sales, % 3.1 20.6 15.2 - 5.9 Other division income 762.9 171.3 9.7 17.6 961.5 of which intersegment income -0.1 -1.1 -0.1 -2.8 -4.2 Other operating income from external customers 762.7 170.2 9.6 14.8 957.3 Depreciation and amortisation -79.8 -32.7 -31.5 -32.7 -176.8 Depreciation and impairment charges for right-of-use asses -205.5 -89.2 -9.8 -5.9 -310.3 Share of result of joint ventures 28.0 28.0 Operating profit 443.9 323.1 46.2 -38.0 775.2 Items affecting comparability 0.9 5.0 -6.1 -0.3 -0.3 Comparable operating profit 442.9 318.0 52.2 -37.7 775.5 Finance income and costs -68.2 Share of result of associates 5.9 Profit before tax 712.9 Assets and liabilities \u20ac million Grocery trade Building and technical trade Car trade Common functions Elimina- tions Total Property, plant, equipment and intangible assets 1,161.7 817.3 242.5 96.7 -1.6 2,316.5 Right-of-use assets 1,170.3 440.3 58.4 66.0 1,735.0 Interests in associates and joint ventures and other investments 7.7 168.7 0.0 74.4 -0.6 250.1 Pension assets 19.8 4.5 70.4 94.7 Inventories 225.4 525.5 143.4 894.3 Trade receivables 349.7 524.2 35.2 2.8 -2.6 909.2 Other non-interest-bearing receivables 78.4 187.7 23.3 30.6 -15.8 304.2 Interest-bearing receivables 0.6 71.9 72.5 Non-current assets classified as held for sale 0.5 0.5 Assets included in capital employed 3,013.7 2,668.2 502.6 413.2 -20.6 6,577.1 Unallocated items Deferred tax assets 1.1 Other financial assets 107.9 Cash and cash equivalents 279.8 Total assets 3,013.7 2,668.2 502.6 413.2 -20.6 6,966.0 \u20ac million Grocery trade Building and technical trade Car trade Common functions Elimina- tions Total Trade payables 569.1 716.6 25.0 23.3 -1.4 1,332.6 Other non-interest-bearing liabilities 283.7 306.4 95.6 49.0 -17.0 717.7 Provisions 0.9 1.0 27.9 0.0 29.8 Liabilities included in capital employed 853.7 1,024.0 148.5 72.3 -18.4 2,080.0 Unallocated items Interest-bearing liabilities 366.5 Lease liabilities 1,928.6 Other non-interest-bearing liabilities 23.5 Deferred tax liabilities 37.9 Total liabilities 853.7 1,024.0 148.5 72.3 -18.4 4,436.5 Total capital employed as at 31 December 2,160.0 1,644.2 354.2 340.9 -2.2 4,497.1 Average capital employed 2,145.6 1,673.5 374.4 317.5 -2.1 4,508.9 Return on capital employed, %, comparable 20.6 19.0 14.0 17.2 Number of personnel as at 31 December 8,303 6,940 1,164 995 17,402 Average number of personnel 6,126 5,977 1,225 905 14,232 Alternative performance measures in segment reporting Kesko uses alternative performance measures in internal reporting of business performance and profitability to the highest operational decision-making body, i.e. the Group Management Board. The alternative performance measures should be examined together with the IFRS performance indicators. Change in comparable net sales is used to reflect changes in the Group\u2019s business volume between periods. The indicator reflects the change in net sales excluding the impact of acquisitions and divestments, in local currencies. The comparable net sales have been calculated by including in the net sales the business operations that have been part of Kesko Group in both the reporting period as well as the comparison period. Other structural arrangements related to acquisitions and divestments have been adjusted in the same manner as acquisitions. Exceptional transactions outside the ordinary course of business are treated as items affecting comparability. Performance indicators reflecting comparable profit and profitability are used to improve the comparability of operational performance between periods. Gains and losses on the disposal of real estate, shares and business operations, impairments and significant restructurings are identified as items affecting comparability. Gains on disposals are presented in the income statement within other operating income, and losses on disposals within other operating expenses. Impairment charges and significant profit and loss items related to changes in lease agreements are presented in the income statement under depreciation, amortisation and impairment charges. Alternative performance measures that have been adjusted for the impact of IFRS 16 are used to illustrate continuity in business profitability and financial position and the achievement of certain financial targets. The EBITDA excluding the impact of IFRS 16 corresponds to EBITDA before the adoption of IFRS 16, and the interest bearing net debt excluding lease liabilities correspond to interest-bearing net debt before the adoption of the standard. These restated indicators are included as components in the Group\u2019s financial targets\u2019 performance indicators. The indicator is presented in Note 4.1 Capital management. Items affecting comparability \u20ac million 2022 2021 Gains on disposal +0,0 +1,4 Losses on disposal -0,1 -0.0 Impairment - -5.4 Structural arrangements +1,6 +3,7 Items in operating profit affecting comparability, total +1,5 -0.3 Items related to structural arrangements are presented on the following lines in the consolidated income statement: employee benefit expenses (\u20ac-1.1 million), depreciation and impairment charges for right-of-use assets (\u20ac1.6 million), other operating expenses (\u20ac-1.6 million) and share of result of joint ventures (\u20ac2.6 million). In 2021 the most significant items affecting comparability were the \u20ac0.9 million sales gains from grocery trade properties, the \u20ac6.5 million sales gain on real estate in the building and technical trade division, included in the share of result of joint ventures, and the \u20ac6.1 million costs related to the restructuring of the car trade division and impairment charges. In 2021 items related to structural arrangements are presented on the following lines in the consolidated income statement: material and services (\u20ac0.0 million), change in inventory (\u20ac0.6 million), employee benefit expenses (\u20ac-4.8 million), depreciation, amortisation and impairment charges (\u20ac-0.9 million), depreciation and impairment charges for right-of-use assets (\u20ac1.2 million), other operating expenses (\u20ac0.9 million) and share of result of joint ventures (\u20ac6.5 million). Reconciliation of alternative performance measures to IFRS financial statements \u20ac million 2022 2021 Operating profit, comparable Operating profit 816.5 775.2 Net of Items in operating profit affecting comparability 1.5 -0.3 Operating profit, comparable 815.1 775.5 Return on capital employed, comparable, % Operating profit, comparable 815.1 775.5 Capital employed, average 4,811.9 4,508.9 Return on capital employed, comparable, % 16.9 17.2 Comparable change in net sales Net sales, building and technical trade 4,805.1 4,387.7 Foreign exchange effects 35.3 Effect of acquisitions and divestments -61.0 -17.3 Change in net sales, comparable, % 9.4 Net sales, Group 11,809.0 11,300.2 Foreign exchange effects 35.3 Effect of acquisitions and divestments -61.0 -17.3 Change in net sales, comparable, % 4.4 Calculation of performance indicators Operating profit, comparable Operating profit +/\u2013 items affecting comparability Return on capital employed, comparable, % Comparable operating profit x 100 (Property, plant and equipment + Goodwill + Intangible assets + Right-of-use assets + Shares in associates and joint ventures + Financial assets at fair value through profit or loss + Non-current receivables + Pension assets + Inventories + Trade receivables + Income tax assets + Other non- interest-bearing receivables + Non-current assets classified as held for sale - Non-interest-bearing non-current liabilities - Pension obligations - Provisions - Trade payables - Other non-interest bearing liabilities - Income tax liabilities - Accrued liabilities - Liabilities related to available-for-sale non-current assets) on average for the reporting period Geographical information The Group operates in Finland, Sweden, Norway, Estonia, Latvia, Lithuania and Poland. The grocery trade operates in Finland. The building and technical trade operates in Finland, Sweden, Norway, the Baltic countries and Poland, and the car trade operates in Finland. Net sales, assets, capital expenditure and personnel are presented by location. Net sales are mostly derived from sales of goods. The amount derived from sales of services is minor. Kesko Group does not have net sales derived from a single customer, which exceeds 10% of Kesko Group\u2019s total net sales. 2022 \u20ac million Finland Other Nordic countries Baltic countries Others Eliminations Total Net sales 9,610.7 1,729.3 130.8 349.2 -10.9 11,809.0 Assets included in capital employed 5,492.6 1,294.5 216.0 154.6 7,157.7 Average number of personnel 10,372 3,036 337 888 14,633 2021 \u20ac million Finland Other Nordic countries Baltic countries Others Eliminations Total Net sales 9,290.7 1,618.6 94.8 303.3 -7.1 11,300.2 Assets included in capital employed 4,989.8 1,226.6 220.9 139.8 6,577.1 Average number of personnel 10,114 2,980 316 822 14,232",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-341": {
"value": "Accounting Policies The Group's reportable segments are composed of the Group's divisions, namely the grocery trade, the building and technical trade, and the car trade. Division information is reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, responsible for allocating resources to the divisions, has been identified as the Group Management Board. The reportable operating segments derive their net sales from the grocery trade, the building and technical trade, and the car trade. Sales between divisions are charged at prevailing market rates. The Group Management Board uses alternative performance measures alongside the IFRS financial statements indicators in the Group\u2019s results reporting. The Group Management Board assesses the divisions' performances based on operating profit, comparable operating profit, and comparable return on capital employed. Results reporting to management corresponds to the accounting policies of the consolidated financial statements apart from items affecting comparability. Finance income and costs are not allocated to the divisions as the Group\u2019s cash and cash equivalents and financial liabilities are managed by the Group Treasury. Changes in the fair values of intra-Group foreign exchange forward contracts entered into and realised gains and losses are reported as part of other operating income and expenses to the extent that they hedge the divisions\u2019 foreign exchange risk. The assets and liabilities of a division's capital employed consist of operating items that can be justifiably allocated to the divisions. The assets of capital employed comprise property, plant and equipment and intangible assets, right-of-use assets related to leases, interests in associates and joint ventures and other investments, pension assets, inventories, trade receivables and other non-interest-bearing receivables, interest-bearing receivables, and assets held for sale. The liabilities of capital employed consist of trade payables, the share of other non-interest-bearing liabilities and provisions. The Group\u2019s real estate assets and the revenue and costs generated from them have been allocated to the divisions. Capital employed does not include deferred tax assets and liabilities, financial assets at fair value through profit or loss with the exception of fair value of foreign exchange forward contracts recognised in the balance sheet, cash and cash equivalents, or interest-bearing liabilities. The same revenue recognition policies apply to segment information as to the consolidated financial statements and consolidated statement of financial position. The revenue recognition policies are presented in Note 2.1. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-342": {
"value": "2.4 Other operating income Revenue recognition, including the definition of income reported under other operating income, is presented in Note 2.1. \u20ac million 2022 2021 Income from services 773.7 753.7 Lease income 44.0 40.9 Gains on disposal of property, plant, equipment and intangible assets 0.7 1.7 Gains on disposal of businesses 0.0 0.6 Realised gains on derivative contracts and changes in fair value 16.1 7.2 Others 164.3 153.3 Total 998.7 957.4 Income from services mainly comprises chain and store site fees paid by retailers' chain companies. More information on lease income is provided in Note 3.4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-343": {
"value": "Accounting policies Other operating expenses include expenses other than the cost of goods sold, such as employee benefit expenses, marketing costs, property and store site maintenance costs, information system expenses, and lease payments recognised in the income statement on leases classified as short-term leases or leased assets classified as of low value. Other operating expenses also include losses on the disposal of property, plant and equipment and intangible assets, losses on disposal of business operations as well as realised and unrealised losses on derivatives used for hedging foreign currency risks associated with commercial transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-344": {
"value": "Employee benefit expenses \u20ac million 2022 2021 Salaries and fees -626.0 -610.6 Social security costs -58.8 -54.6 Pension costs Defined benefit plans -4.1 -7.2 Defined contribution plans -86.2 -81.9 Share-based payment -10.6 -9.6 Total -785.8 -764.0 Information on the defined benefit plans is presented in Note 3.7. Information on the employee benefits of the Group\u2019s management personnel and other related party transactions are presented in Note 5.2,3.7 Pension assets Accounting policies The Group operates both defined contribution pension plans and defined benefit pension plans. The contributions payable under defined contribution plans are recognised as expenses in the income statement for the period to which the payments relate. In defined contribution plans, the Group does not have a legal or constructive obligation to pay further contributions, in case the payment recipient is unable to pay the retirement benefits. In defined benefit plans, the Group may incur obligations or assets after the payment of the contribution. The pension obligation represents the present value of future cash flows from the benefits payable. The present value of pension obligations has been calculated using the projected unit credit method. Pension costs are expensed during employees' service lives based on actuarial calculations. The discount rate assumed in calculating the present value of the pension obligation is the market yield of high-quality corporate bonds. Their maturity substantially corresponds to the maturity of the pension liability. The assets corresponding to the pension obligation of the retirement benefit plan are carried at fair values at the balance sheet date. Actuarial gains and losses are recognised in comprehensive income in the income statement. Critical accounting estimates and assumptions Items relating to employee benefits are calculated using several factors that require the application of judgement. Pension calculations under defined benefit plans in compliance with IAS 19 are based on, among others, the following factors that rely on management estimates: \u2022 discount rate used in calculating pension expenses and obligations and net finance cost for the period \u2022 future salary increase \u2022 employee service life. Changes in these assumptions can significantly impact the amounts of pension obligation and future pension expenses. In addition, a significant part of the pension plan assets is invested in real estate and shares, whose value adjustments impact the recognised amount of pension assets. The Group operates several pension plans in different operating countries. In Finland, the statutory pension provision of personnel is provided through pension insurance companies and the voluntary supplementary pension provision is mainly provided through Kesko Pension Fund. The statutory pension provision provided through pension insurance companies is a defined contribution plan. Defined benefit plans comprise mainly supplementary pension provision provided through Kesko Pension Fund. Pension plans in foreign subsidiaries are managed in accordance with local regulations and practices, and they are defined contribution plans. Kesko Pension Fund Kesko Pension Fund is a pension provider of its members providing supplementary retirement benefits to employees who are beneficiaries of the Pension Fund. New members have not been included in the Pension Fund after 9 May 1998. As the conditions set out in the Fund's rules are met, beneficiaries between 60 and 65 years of age are granted an old-age pension. The amount of retirement benefit granted by the Fund is the difference between the employee's retirement benefit based on his/her pensionable salary calculated in accordance with the Fund's rules and the statutory pension. In addition to the individually calculated pensionable salary, the retirement benefit amount of each beneficiary is impacted by the duration of his/her membership of the Pension Fund. The Pension Fund had 2,148 beneficiaries, of whom 286 were active employees and 1,862 were retired employees. Kesko Group's contribution to the Pension Fund's obligation is 96.4% (96.4%). The notes present Kesko Group's interest in the Pension Fund except for the analysis of assets by category and the maturity analysis of the obligation. In addition to its rules, the Pension Fund's operations are regulated by the Employee Benefit Funds Act, the decrees under the Act and official instructions, and the Fund's operations are supervised by the Financial Supervisory Authority. The regulations include stipulations on the calculation of pension obligation and its coverage, for example. The pension obligation shall be fully covered by the plan assets, any temporary deficit is only allowed exceptionally. In addition, the regulations include detailed stipulations on the acceptability of the covering assets and the diversification of investment risks. Kesko Pension Fund did not charge contributions from its members during this or the previous financial year. In 2022 Kesko Pension Fund paid \u20ac42.9 million in total in return of surplus assets to Finnish Group companies. The return of surplus assets included the property of K-Citymarket in Turtola in Tampere, \u20ac40.3 million. Kesko Group does not expect to pay contributions to the Pension Fund in 2023. The defined benefit asset recognised in the balance sheet is determined as follows: \u20ac million 2022 2021 Present value of defined benefit obligation -225.2 -282.1 Fair value of plan assets 312.1 376.9 Net assets recognised in the balance sheet 86.9 94.7 Movement in the net assets recognised in the balance sheet: As at 1 January 94.7 89.6 Income/cost recognised in the income statement -4.1 -7.2 Remeasurement 38.3 49.9 Return of surplus assets -42.9 -38.6 Contributions to plan and plan costs 1.0 1.0 As at 31 December 86.9 94.7 \u20ac million Present value of defined benefit obligation Fair value of plan assets Total As at 1 January 2022 -282.2 376.9 94.7 Current service cost -4.0 -4.0 Gains or losses on settlement -0.3 -0.3 Interest cost/income -2.5 3.1 0.6 Plan costs -0.5 -0.5 -6.8 2.6 -4.1 Remeasurement Return on plan assets -12.1 -12.1 Gain/loss from changes in financial assumptions 58.5 58.5 Experience gains/losses -8.0 -8.0 50.5 -12.1 38.3 Contributions to plan 1.0 1.0 Return of surplus assets -42.9 -42.9 Benefit payments 13.3 -13.3 0.0 As at 31 December 2022 -225.2 312.1 86.9 \u20ac million Present value of defined benefit obligation Fair value of plan assets Total As at 1 January 2021 -294.5 384.0 89.5 Current service cost -4.2 -4.2 Gains or losses on settlement -2.8 -2.8 Interest cost/income -1.3 1.6 0.3 Plan costs -0.5 -0.5 -8.3 1.1 -7.2 Remeasurement Return on plan assets 42.7 42.7 Gain/loss from changes in demographic assumptions 0.4 0.4 Gain/loss from changes in financial assumptions 12.1 12.1 Experience gains/losses -5.2 -5.2 7.3 42.7 49.9 Contributions to plan and plan costs 1.0 1.0 Return of surplus assets -38.6 -38.6 Benefit payments 13.3 -13.3 0.0 As at 31 December 2021 -282.2 376.9 94.7 Plan assets were comprised as follows in 2022 \u20ac million Quoted Unquoted Total Europe Equity instruments 29.2 29.2 Debt instruments 49.8 20.4 70.2 Investment funds 56.1 15.1 71.2 Properties 86.9 86.9 United States Investment funds 47.2 47.2 Other countries Investment funds 18.5 18.5 Total 171.6 151.6 323.2 Plan assets were comprised as follows in 2021 \u20ac million Quoted Unquoted Total Europe Equity instruments 34.5 34.5 Debt instruments 42.8 14.4 57.1 Investment funds 64.9 10.2 75.1 Properties 120.0 120.0 United States Investment funds 78.1 78.1 Other countries Investment funds 29.1 29.1 Total 214.9 179.1 394.0 \u20ac million 2022 2021 Kesko Corporation shares included in fair value - - Properties leased by Kesko Group included in fair value 86.9 120.0 Principal actuarial assumptions: 2022 2021 Discount rate 3.56% 0.89% Salary growth rate 2.97% 2.00% Inflation 2.49% 1.50% Pension growth rate 2.68% 1.80% Average service expectancy, years 5 7 Weighted average duration of pension obligations and expected maturity analysis of undiscounted pension obligations 2022 2021 Weighted average duration of pension obligations, years 12 15 Expected maturity analysis of undiscounted pension obligations, \u20ac million Less than 1 year 15.4 14.1 Between 1\u221210 years 120.5 111.7 Between 10\u221220 years 110.2 94.6 Between 20\u221230 years 76.9 61.3 Over 30 years 59.4 45.2 Total 382.3 327.0 Risks related to pension plan Asset related risks The Pension Fund's investments comprise properties, equity index funds, private equity funds, unlisted shares and both long-term and short-term money market investments. The Pension Fund's investment policy defines the investment restrictions pertaining to classes of assets and the allowed investees. The investment plan, annually approved by the Pension Fund board, sets the investment allocation and return targets for the year ahead. The objective of investing activity is to secure a return on the investments and their convertibility into cash, as well as ensuring appropriate diversity and diversification of investments. On an annual basis, the objective is to exceed the Pension Fund's obligation expenses and costs, so that contributions need not be charged to the members. The long-term target return on investment activity is 5.0%. The risks involved in investment activity are managed by continuously monitoring market developments and analysing the adequacy of the return and risk potential of the investments. The returns compared to chosen reference indices and the breakdown of investments are reported on a monthly basis. In 2022, the realised return on investing activity was -3.73%. If the return on investment assets underperforms the discount rate applied to the calculation of the present value of defined pension obligation, a deficit in the plan may arise. The diversification of assets is aimed to reduce this risk in varying financial conditions. If a deficit is created in the pension plan, such that the pension obligation is not fully covered, Pension Fund members are obligated to pay contributions to the Fund in order to cover the obligation. Calculated in compliance with the IAS 19 standard, the amount of plan assets exceeded the plan obligation by \u20ac89.2 million as at 31 December 2022. Local rules concerning the Pension Fund may also create a contribution obligation in situations in which the IAS 19 obligation is fully covered. In such a case, the amount of contributions charged increases the amount of pension assets according to IAS 19. Obligation related risks In addition to the general level of interest rates, the defined benefit obligation may be impacted by changes in the statutory pension provision, future salary increases, index-based pension increases and changes in life expectancy. The pension promise made to the Fund's beneficiaries is tied to the amount of pensionable salary and it is a lifelong benefit. The total pension amount consists of the statutory pension and the supplementary pension provided by the Fund. Salary increases will increase the future pension amount. If changes in statutory pension provision, such as an increase in the retirement age or reduction of pension provision, were compensated to pensioners by the supplementary pension, the changes would increase the defined benefit obligation. The amount of future pensions is adjusted annually with an index-based increase in accordance with the terms and conditions of the plan. The extension of life expectancy will result in an increase in plan obligation. Changes in the general level of interest rates and the market yield of high-quality bonds have an impact on the present value of the defined benefit obligation. When the level of interest rates rises, the present value of the defined benefit obligation decreases. Because the Pension Fund's investment assets are invested and their return targets are set for long terms, changes in the annual return on investments do not necessarily correlate in the short term with changes in the discount rate applied to the defined benefit obligation. Sensitivity analysis The sensitivity of the defined benefit obligation to changes in the principal assumptions is presented in the following table. Actuarial assumption Change in assumption Impact on defined benefit obligation, increase Impact on defined benefit obligation, decrease 2022 Discount rate 0.50% -5.70% 6.33% Salary growth rate 0.50% 0.72% -0.70% Pension growth rate 0.50% 5.30% -4.90% 2021 Discount rate 0.50% -6.89% 7.77% Salary growth rate 0.50% 0.99% -0.95% Pension growth rate 0.50% 6.40% 5.80% The impacts of sensitivity analysis have been calculated so that the impact of a change in the assumption is calculated while assuming that all other assumptions are constant. In practice, this is unlikely to occur, and changes in some of the assumptions may correlate with each other. The sensitivity of the defined benefit obligation has been calculated using the same method as when calculating the pension obligation recognised within the statement of financial position.Management's employee benefits The top management comprises the Board of Directors and the Group Management Board. The compensation paid to them for their employee services consists of the following items: Monetary salaries, fees, fringe benefits and share-based compensation \u20ac1,000 2022 2021 Mikko Helander President and CEO 4,866.4 4,381.8 Group Management Board other members 9,801.4 8,714.4 Esa Kiiskinen Board Chair 117.0 119.9 Jannica Fagerholm Board member 75.6 78.4 Peter Fagern\u00e4s Board Deputy Chair 71.4 74.9 Piia Karhu Board member 57.1 59.5 Jussi Per\u00e4l\u00e4 Board member (starting 12 April 2021) 54.1 54.1 Toni Pokela Board member 54.1 56.1 Timo Ritakallio Board member (starting 12 April 2021) 58.9 57.7 Matti Kyyts\u00f6nen Board member (until 12 April 2021) - 4.5 Matti Naumanen Board member (until 12 April 2021) - 2.0 Total 15,156.0 13,603.3 Approximately 30% of the annual fees for Board members was paid in shares in the Company and the remaining fee amount was paid in cash. The members of the Board of Directors were granted 4,918 Kesko Corporation B shares in 2022. Retirement benefits The statutory pension provision for the President and CEO and other members of the Group Management Board is provided through a pension insurance company. Three Group Management Board members are provided with a supplementary pension based on a defined benefit plan in line with the rules of Kesko Pension Fund and personal service contracts. Four Group Management Board members are provided with a defined contribution supplementary pension. President and CEO Mikko Helander's old-age pension based on a defined benefit plan accrues until 30 June 2023. The amount of the defined benefit based old-age pension is 60% of the pensionable earnings for the final 10 years in accordance with the Employees' Pensions Act (TyEL). The President and CEO's supplementary pension will be based on a defined contribution plan as of 1 July 2023. The cost of the defined benefit supplementary pension for the period, calculated on an accrual basis, was \u20ac1.3 million (\u20ac1.2 million) and the related pension asset in the balance sheet was \u20ac0.9 million (\u20ac3.0 million). The pension cost of the President and CEO's statutory pension provision was \u20ac0.3 million (\u20ac0.3 million). Termination benefits If the service contract of the President and CEO or some other Group Management Board member is terminated by the Company, he/she is entitled to a monetary salary and fringe benefits for the period of notice and a separate non-recurring termination compensation determined on the basis of the executive's monetary salary and fringe benefits for the month of notice. The termination compensation is not part of the executive's salary and it is not included in the determination of the salary for the period of notice, termination compensation or, in case of retirement, pensionable salary. If an executive resigns, he/she is only entitled to a salary for the period of notice and fringe benefits. When a service relationship terminates due to retirement, the executive is paid a pension based on his/her service contract without other compensations. ",
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"fact-345": {
"value": "Average number of the Group personnel 2022 2021 Grocery trade 6,288 6,126 Building and technical trade 6,155 5,977 Car trade 1,235 1,225 Common functions 955 905 Total, Group 14,633 14,232",
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"fact-346": {
"value": "2.3 Material and services \u20ac million 2022 2021 Material and services -10,088.5 -9,488.6 External services -216.0 -206.7 Total -10,304.5 -9,695.3 2.5 Operating expenses Employee benefit expenses \u20ac million 2022 2021 Salaries and fees -626.0 -610.6 Social security costs -58.8 -54.6 Pension costs Defined benefit plans -4.1 -7.2 Defined contribution plans -86.2 -81.9 Share-based payment -10.6 -9.6 Total -785.8 -764.0 Other operating expenses \u20ac million 2022 2021 Marketing costs -210.2 -210.6 Property and store site maintenance expenses -181.5 -159.2 ICT expenses -117.6 -102.1 Lease payments in the income statement -7.4 -7.6 Losses on disposal of property, plant, equipment and intangible assets -0.4 -0.5 Realised losses on derivative contracts and changes in fair value -11.1 -4.0 Other operating expenses -142.0 -123.3 Total -670.2 -607.2 Lease payments in the income statement consist of payments for short-term leases and payments for leases of low-value assets as well as variable lease payments. Property and store site maintenance expenses also include maintenance expenses for leased properties. More information on lease expenditure is provided in Note 3.4. Auditors' fees \u20ac million 2022 2021 Audit -1.2 -1.0 Tax consultation -0.0 -0.0 Other services -0.1 -0.1 Total -1.3 -1.1 Kesko Corporation\u2019s Auditor is Deloitte Oy.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-347": {
"value": "Other operating expenses \u20ac million 2022 2021 Marketing costs -210.2 -210.6 Property and store site maintenance expenses -181.5 -159.2 ICT expenses -117.6 -102.1 Lease payments in the income statement -7.4 -7.6 Losses on disposal of property, plant, equipment and intangible assets -0.4 -0.5 Realised losses on derivative contracts and changes in fair value -11.1 -4.0 Other operating expenses -142.0 -123.3 Total -670.2 -607.2 Lease payments in the income statement consist of payments for short-term leases and payments for leases of low-value assets as well as variable lease payments. Property and store site maintenance expenses also include maintenance expenses for leased properties. More information on lease expenditure is provided in Note 3.4. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-348": {
"value": "Auditors' fees \u20ac million 2022 2021 Audit -1.2 -1.0 Tax consultation -0.0 -0.0 Other services -0.1 -0.1 Total -1.3 -1.1 Kesko Corporation\u2019s Auditor is Deloitte Oy.",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-349": {
"value": "2.7 Income tax Accounting policies The taxes recognised in the consolidated income statement include the Group companies' taxes on current net profits on an accrual basis, prior period tax adjustments and changes in deferred taxes. The Group companies' taxes have been calculated from the taxable income of each company determined by local jurisdiction. The tax impact of items recognised in other comprehensive income has been recognised correspondingly in other comprehensive income. Deferred tax assets and liabilities are recognised on temporary differences arising between the tax bases and carrying amounts of assets and liabilities and for unused tax losses. Deferred tax liability has not been calculated on goodwill insofar as goodwill is not tax deductible. Deferred tax on subsidiaries' undistributed earnings is not recognised unless a distribution of earnings is probable, causing tax implications. Deferred tax has been determined using the tax rates enacted at the balance sheet date, and as the rates changed, at the known new rate. A deferred income tax asset is recognised to the extent that it is probable that it can be utilised against future taxable income. The Group's deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority. The most significant temporary differences arise from leases, defined benefit pension plans, property, plant and equipment (depreciation difference), provisions and measurements at fair value of asset items in connection with acquisitions. Group's tax positions are assessed regularly to identify situations requiring interpretation. Group prepares for situations in which it is deemed unlikely that the Group\u2019s interpretation will be approved in the calculation of income tax. An uncertain tax position may affect taxes or deferred taxes for the financial year or both. \u20ac million 2022 2021 Current tax -141.5 -134.0 Tax for prior years -0.9 0.0 Deferred tax -8.8 -7.1 Total -151.2 -141.1 Reconciliation between tax expense shown in the income statement and tax calculated at parent's rate \u20ac million 2022 2021 Profit before tax 761.1 712.9 Tax at parent's rate 20.0% -152.2 -142.6 Effect of foreign subsidiaries' different tax rates -2.8 -1.7 Effect of tax-free income 0.3 0.7 Effect of expenses not deductible for tax purposes -1.2 -1.2 Effect of unrecognised deferred tax assets 0.1 0.1 Effect of consolidation of share of result of associates and joint ventures 4.8 6.8 Tax for prior years -0.9 0.0 Adjustment and revaluation of deferred tax for previous years 0.6 -2.0 Others 0.1 -1.3 Tax charge -151.2 -141.1 Effective tax rate 19.9% 19.8% Balance sheet division of net deferred tax asset \u20ac million 2022 2021 Deferred tax assets 2.2 1.1 Deferred tax liabilities 63.2 37.9 Total -61.0 -36.8 Movements in deferred tax in 2022 \u20ac million 1 Jan. 2022 Income statement charge Tax charged/ credited to equity Exchange differences Other changes 31 Dec. 2022 Deferred tax assets Leases 39.2 -1.9 -0.2 37.1 Provisions 10.4 -1.3 -0.2 -0.1 8.9 Defined benefit pension plans 0.1 -0.0 0.0 Tax loss carry-forwards 0.5 -0.4 0.1 Other temporary differences 13.5 -0.7 0.1 -0.1 0.1 12.9 Total 63.7 -4.3 0.1 -0.5 0.0 59.0 Deferred tax liabilities Difference between accounting depreciation and tax depreciation 49.4 12.3 0.3 62.0 Fair value allocation 28.4 -0.9 -0.6 1.1 28.1 Defined benefit pension plans 18.9 -9.4 7.6 17.2 Other temporary differences 3.7 2.5 6.7 -0.0 -0.0 12.8 Total 100.5 4.5 14.3 -0.6 1.4 120.0 Net deferred tax asset (+)/ liability (-) -36.8 -61.0 Movements in deferred tax in 2021 \u20ac million 1 Jan. 2021 Income statement charge Tax charged/ credited to equity Exchange differences Other changes 31 Dec. 2021 Deferred tax assets Leases 41.6 -2.5 0.0 39.2 Provisions 7.6 2.0 -0.0 0.8 10.4 Defined benefit pension plans 0.1 -0.0 0.1 Tax loss carry-forwards 4.3 -3.8 0.0 0.5 Other temporary differences 23.6 -6.7 -0.8 0.3 -2.9 13.5 Total 77.1 -11.0 -0.8 0.4 -2.1 63.7 Deferred tax liabilities Difference between accounting depreciation and tax depreciation 43.9 5.3 0.2 49.4 Fair value allocation 25.4 3.0 0.5 -0.6 28.4 Defined benefit pension plans 17.6 -8.7 10.0 18.9 Other temporary differences 5.1 -3.4 2.0 0.0 3.7 Total 92.0 -3.8 12.0 0.6 -0.4 100.5 Net deferred tax asset -14.9 -36.8 Deferred tax related to components of other comprehensive income \u20ac million 2022 Before tax Tax charge/ credit After tax 2021 Before tax Tax charge/ credit After tax Items that will not be reclassified subsequently to profit or loss Actuarial gains and losses 38.2 -7.6 30.6 50.0 -10.0 40.0 Items that may be reclassified subsequently to profit or loss Currency translation differences relating to a foreign operation -41.9 -41.9 9.8 9.8 Share of other comprehensive income of associates and joint ventures -0.5 -0.5 -0.5 -0.5 Cash flow hedge revaluation 32.8 -6.6 26.2 13.9 -2.8 11.1 Total 28.6 -14.2 14.3 73.2 -12.8 60.4 Tax loss carry-forwards As at 31 December 2022, the Group had \u20ac198,2 million of unused tax losses for which deferred tax assets have not been recognised, because at the balance sheet date, the realisation of the related tax benefit through future taxable profits is not probable. Tax losses carried forward for which tax assets have not been recognised expire as follows: \u20ac million 2023 2024 2025 2026 2027 2028- Total 0.1 198.0 198.2",
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"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-350": {
"value": "Accounting policies The taxes recognised in the consolidated income statement include the Group companies' taxes on current net profits on an accrual basis, prior period tax adjustments and changes in deferred taxes. The Group companies' taxes have been calculated from the taxable income of each company determined by local jurisdiction. The tax impact of items recognised in other comprehensive income has been recognised correspondingly in other comprehensive income. Deferred tax assets and liabilities are recognised on temporary differences arising between the tax bases and carrying amounts of assets and liabilities and for unused tax losses. Deferred tax liability has not been calculated on goodwill insofar as goodwill is not tax deductible. Deferred tax on subsidiaries' undistributed earnings is not recognised unless a distribution of earnings is probable, causing tax implications. Deferred tax has been determined using the tax rates enacted at the balance sheet date, and as the rates changed, at the known new rate. A deferred income tax asset is recognised to the extent that it is probable that it can be utilised against future taxable income. The Group's deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority. The most significant temporary differences arise from leases, defined benefit pension plans, property, plant and equipment (depreciation difference), provisions and measurements at fair value of asset items in connection with acquisitions. Group's tax positions are assessed regularly to identify situations requiring interpretation. Group prepares for situations in which it is deemed unlikely that the Group\u2019s interpretation will be approved in the calculation of income tax. An uncertain tax position may affect taxes or deferred taxes for the financial year or both. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-351": {
"value": "Deferred tax assets and liabilities are recognised on temporary differences arising between the tax bases and carrying amounts of assets and liabilities and for unused tax losses. Deferred tax liability has not been calculated on goodwill insofar as goodwill is not tax deductible. Deferred tax on subsidiaries' undistributed earnings is not recognised unless a distribution of earnings is probable, causing tax implications. Deferred tax has been determined using the tax rates enacted at the balance sheet date, and as the rates changed, at the known new rate. A deferred income tax asset is recognised to the extent that it is probable that it can be utilised against future taxable income. The Group's deferred income tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority. The most significant temporary differences arise from leases, defined benefit pension plans, property, plant and equipment (depreciation difference), provisions and measurements at fair value of asset items in connection with acquisitions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-353": {
"value": "Balance sheet division of net deferred tax asset \u20ac million 2022 2021 Deferred tax assets 2.2 1.1 Deferred tax liabilities 63.2 37.9 Total -61.0 -36.8 Movements in deferred tax in 2022 \u20ac million 1 Jan. 2022 Income statement charge Tax charged/ credited to equity Exchange differences Other changes 31 Dec. 2022 Deferred tax assets Leases 39.2 -1.9 -0.2 37.1 Provisions 10.4 -1.3 -0.2 -0.1 8.9 Defined benefit pension plans 0.1 -0.0 0.0 Tax loss carry-forwards 0.5 -0.4 0.1 Other temporary differences 13.5 -0.7 0.1 -0.1 0.1 12.9 Total 63.7 -4.3 0.1 -0.5 0.0 59.0 Deferred tax liabilities Difference between accounting depreciation and tax depreciation 49.4 12.3 0.3 62.0 Fair value allocation 28.4 -0.9 -0.6 1.1 28.1 Defined benefit pension plans 18.9 -9.4 7.6 17.2 Other temporary differences 3.7 2.5 6.7 -0.0 -0.0 12.8 Total 100.5 4.5 14.3 -0.6 1.4 120.0 Net deferred tax asset (+)/ liability (-) -36.8 -61.0 Movements in deferred tax in 2021 \u20ac million 1 Jan. 2021 Income statement charge Tax charged/ credited to equity Exchange differences Other changes 31 Dec. 2021 Deferred tax assets Leases 41.6 -2.5 0.0 39.2 Provisions 7.6 2.0 -0.0 0.8 10.4 Defined benefit pension plans 0.1 -0.0 0.1 Tax loss carry-forwards 4.3 -3.8 0.0 0.5 Other temporary differences 23.6 -6.7 -0.8 0.3 -2.9 13.5 Total 77.1 -11.0 -0.8 0.4 -2.1 63.7 Deferred tax liabilities Difference between accounting depreciation and tax depreciation 43.9 5.3 0.2 49.4 Fair value allocation 25.4 3.0 0.5 -0.6 28.4 Defined benefit pension plans 17.6 -8.7 10.0 18.9 Other temporary differences 5.1 -3.4 2.0 0.0 3.7 Total 92.0 -3.8 12.0 0.6 -0.4 100.5 Net deferred tax asset -14.9 -36.8 Deferred tax related to components of other comprehensive income \u20ac million 2022 Before tax Tax charge/ credit After tax 2021 Before tax Tax charge/ credit After tax Items that will not be reclassified subsequently to profit or loss Actuarial gains and losses 38.2 -7.6 30.6 50.0 -10.0 40.0 Items that may be reclassified subsequently to profit or loss Currency translation differences relating to a foreign operation -41.9 -41.9 9.8 9.8 Share of other comprehensive income of associates and joint ventures -0.5 -0.5 -0.5 -0.5 Cash flow hedge revaluation 32.8 -6.6 26.2 13.9 -2.8 11.1 Total 28.6 -14.2 14.3 73.2 -12.8 60.4 Tax loss carry-forwards As at 31 December 2022, the Group had \u20ac198,2 million of unused tax losses for which deferred tax assets have not been recognised, because at the balance sheet date, the realisation of the related tax benefit through future taxable profits is not probable. Tax losses carried forward for which tax assets have not been recognised expire as follows: \u20ac million 2023 2024 2025 2026 2027 2028- Total 0.1 198.0 198.2",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-354": {
"value": "2.9 Additional details related to the statement of cash flows Adjustments to cash flows from operating activities \u20ac million 2022 2021 Adjustment of non-cash transactions in the income statement and items presented elsewhere in the statement of cash flows: Change in provisions -7.5 -8.2 Share of results of associates and joint ventures -24.1 -34.1 Impairments - 5.4 Credit losses 4.0 2.2 Gains on disposal of property, plant, equipment and intangible assets and business operations 3.5 -1.0 Losses on disposal of property, plant, equipment and intangible assets and business operations 0.4 4.5 Share-based compensation -9.2 -10.6 Defined benefit pensions 5.5 44.6 Others 7.3 6.2 Total -20.2 9.0 The group \u2018Others\u2019 within the adjustments to cash flows from operating activities includes the adjustment of unrealised foreign exchange gains and losses on purchases and sales, and the adjustment of other transactions of a non-cash nature. Capital expenditure and non-cash financing activities \u20ac million 2022 2021 Total acquisitions of property, plant, equipment and intangible assets 399.1 262.6 Total acquisitions of subsidiaries and investments in associates and other investments 50.1 14.0 Total capital expenditure 449.2 276.6 of which cash payments 386.4 247.4 Loans relating to acquired companies and cash and cash equivalents 19.9 5.3 Payments arising from prior period investing activities -21.9 -10.4 Capital expenditure financed with liabilities 24.4 34.2 Pension Fund return of surplus assets 40.3 - Total 449.2 276.6",
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"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-355": {
"value": "2.8 Earnings per share Accounting policies Basic earnings per share is calculated by dividing the net profit for the period attributable to the parent\u2019s equity holders by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average number of all shares to assume conversion of all potentially dilutive shares. 2022 2021 Net profit for the period attributable to equity holders of the parent, \u20ac million 609.9 571.8 Number of shares Weighted average number of shares outstanding 397,383,187 397,032,704 Diluted weighted average number of shares outstanding 397,383,187 397,032,704 Earnings per share from net profit attributable to equity holders of the parent Basic and diluted, Group total, \u20ac 1.53 1.44",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-356": {
"value": "Accounting policies Basic earnings per share is calculated by dividing the net profit for the period attributable to the parent\u2019s equity holders by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average number of all shares to assume conversion of all potentially dilutive shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-357": {
"value": "3.1. Acquisitions Accounting policies Assets acquired and liabilities assumed in business combinations are measured at their fair values at the date of acquisition. The fair values on which the allocation of assets and liabilities is based are determined by reference to market values to the extent they are available. If market values are not available, the measurement is based on the estimated earnings-generating capacity of the asset and its future use in Kesko's operating activities. Critical accounting estimates and assumptions The measurement of intangible assets is based on the present values of future cash flows and requires management estimates regarding future cash flows and the use of assets. Acquisitions in 2022 Acquisitions in Sweden Kesko's Swedish subsidiary Fresks F\u00f6rs\u00e4ljning AB acquired Kung\u00e4lvs Tr\u00e4varuaktiebolag, a company that serves professional builders, on 1 March 2022, Djurbergs J\u00e4rnhandel Aktiebolag and F\u00f6llinge S\u00e5g AB on 1 September 2022, and XL-BYGG Bergslagen AB on 1 October 2022. The consideration paid for the acquisitions totalled \u20ac38.3 million. The acquisitions complete Kesko's growing K-Bygg chain for professional builders. The fair value of the assets acquired for Kesko Group amounted to \u20ac43.1 million and the fair value of the liabilities assumed to \u20ac23.8 million. The fair value of the intangible assets acquired at the date of acquisitions totalled \u20ac4.0 million. The goodwill arising from the acquisition is not tax deductible. The consolidated income statement includes minor acquisition-related costs under \u201cOther operating expenses\u201d, presented as items affecting comparability. The impact of the acquired businesses to the Group\u2019s net sales and operating profit was minor. Acquisitions in Norway Kesko's Norwegian subsidiary Byggmakker CF AS acquired the entire capital stock of the Norwegian Seljord Elektriske AS on 1 June 2022. The consideration paid was \u20ac12.5 million. The fair value of the assets acquired for Kesko Group amounted to \u20ac9.2 million and the fair value of the liabilities assumed to \u20ac4.0 million. The fair value of the intangible assets acquired at the date of acquisition totalled \u20ac1.1 million. The goodwill arising from the acquisition is not tax deductible. The consolidated income statement includes minor acquisition-related costs under \u201cOther operating expenses\u201d, presented as items affecting comparability. The impact of the acquired business to the Group\u2019s net sales and operating profit was minor. Acquisitions in 2021 Byggarnas Partner i Sverige AB Kesko\u2019s subsidiary Fresks F\u00f6rs\u00e4ljning AB acquired the entire capital stock of Byggarnas Partner i Sverige AB, a Swedish building and home improvement trade business for professional builders, on 1 September 2021. The consideration paid was \u20ac9.7 million. The acquisition strengthens Kesko\u2019s position in the building and home improvement market especially in the Stockholm region, where Byggarnas Partner has a network of five stores. The fair value of the assets acquired for Kesko Group amounted to \u20ac7.9 million and the liabilities assumed to \u20ac4.5 million. The fair value of the intangible assets acquired at the date of acquisitions totalled \u20ac0.6 million. The goodwill arising from the acquisition is not tax deductible. The consolidated income statement includes minor acquisition-related costs under \u201cOther operating expenses\u201d, presented as items affecting comparability. The impact of the acquired business to the Group\u2019s net sales and operating profit was minor. The following table provides a summary of the consideration paid, the values of assets acquired and liabilities assumed by Kesko Group at the date of acquisition, and the cash flow impact of the acquisitions. 2022 2021 \u20ac million Acquisitions in Sweden Acquisitions in Norway Byggarnas Partner i Sverige AB Debt-free acquisition price 38.3 12.5 9.7 Fair values of assets acquired and liabilities assumed at the date of acquisition Intangible assets 4.0 1.1 0.6 Property, plant, equipment, right-of-use assets and investments 14.5 2.5 1.5 Inventories 10.2 2.8 3.1 Receivables 8.5 1.4 2.8 Deferred tax asset 0.0 0.1 Cash and cash equivalents 5.9 1.3 Total assets 43.1 9.2 7.9 Trade payables, other payables, provisions, lease liabilities 22.2 3.7 4.3 Deferred tax liability 1.6 0.3 0.3 Total liabilities 23.8 4.0 4.5 Net assets acquired, total 19.3 5.2 3.4 Goodwill 19.0 7.3 6.3 Cash flow impact of acquisition Consideration paid -38.3 -12.5 -9.7 Cash and cash equivalents acquired 5.9 1.3 0.0 Cash flow impact of acquisition -32.4 -11.2 -9.7",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-359": {
"value": "Accounting policies Assets acquired and liabilities assumed in business combinations are measured at their fair values at the date of acquisition. The fair values on which the allocation of assets and liabilities is based are determined by reference to market values to the extent they are available. If market values are not available, the measurement is based on the estimated earnings-generating capacity of the asset and its future use in Kesko's operating activities. Critical accounting estimates and assumptions The measurement of intangible assets is based on the present values of future cash flows and requires management estimates regarding future cash flows and the use of assets. ",
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},
"fact-362": {
"value": "3.2 Property, plant and equipment Accounting policies Property, plant and equipment mainly comprise land, buildings, machinery and equipment. Property, plant and equipment are carried at its cost less any accumulated depreciation and possible impairment charges. The property, plant and equipment of acquired subsidiaries are measured at fair value at the date of acquisition. Subsequent costs relating to items of property, plant and equipment are included in the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. The machinery and equipment of buildings are treated as separate assets and any significant expenditure related to their replacement is capitalised. All other repair, service and maintenance expenditures of items of property, plant and equipment are charged to the income statement during the financial period in which they are incurred. Depreciation on property, plant and equipment is calculated using the straight-line method over their estimated useful lives. Land is not depreciated. The most common estimated useful lives are: Buildings 10\u221233 years Components of buildings 8\u221210 years Machinery and equipment 3\u22128 years Cars and transport equipment 5 years The residual values and useful lives of property, plant and equipment are reviewed at least at the end of each financial year. If the estimates of useful life and the expected pattern of economic benefits are different from previous estimates, the change in the estimate is accounted for. Depreciation of property, plant and equipment ceases when an item is classified as a non- current asset held for sale. Gains and losses on disposals of property, plant and equipment are recognised in the income statement and stated as other operating income and expenses. The Group has not capitalised interest costs incurred as part of the acquisition of assets, because the Group does not have qualifying assets. 2022 \u20ac million Land and waters Buildings Machinery and equipment Other tangible assets Prepay- ments and construction in progress Total 2022 Cost Cost as at 1 January 317.6 1,474.0 642.5 37.6 51.8 2,523.5 Exchange differences -1.7 -4.3 -5.1 -0.6 -0.1 -11.7 Additions 35.5 148.5 79.6 1.7 104.8 370.0 Acquisitions - 0.6 1.0 - 0.0 1.6 Deductions -0.1 -3.0 -63.1 -0.8 -1.7 -68.8 Transfers between items 1.2 31.9 11.0 -4.5 -41.1 -1.4 Cost as at 31 December 352.5 1,647.8 665.8 33.4 113.8 2,813.3 Accumulated depreciation and impairment charges Accumulated depreciation and impairment charges as at 1 January -7.3 -588.9 -367.5 -22.3 -985.9 Exchange differences 0.1 2.1 3.5 0.4 6.2 Accumulated depreciation on deductions - 2.2 46.0 1.0 49.2 Accumulated depreciation on transfers - 0.2 -1.0 1.0 0.2 Depreciation and impairment charges for the year -0.0 -74.2 -61.5 -1.7 -137.5 Accumulated depreciation and impairment charges as at 31 December -7.3 -658.5 -380.5 -21.6 -1,067.8 Carrying amount as at 1 January 310.3 885.1 275.0 15.3 51.8 1,537.6 Carrying amount as at 31 December 345.3 989.3 285.3 11.8 113.8 1,745.5 2021 \u20ac million Land and waters Buildings Machinery and equipment Other tangible assets Prepay- ments and construction in progress Total 2021 Cost Cost as at 1 January 302.0 1,411.0 604.2 35.7 11.9 2,364.8 Exchange differences 0.3 0.2 0.1 -0.2 0.0 0.4 Additions 13.3 59.6 102.3 3.3 50.4 229.0 Acquisitions 1.9 5.1 1.1 - - 8.1 Deductions -0.4 -16.6 -65.6 -1.3 -0.3 -84.3 Transfers between items 0.5 14.7 0.5 0.1 -10.2 5.5 Cost as at 31 December 317.6 1,474.0 642.5 37.6 51.8 2,523.5 Accumulated depreciation and impairment charges Accumulated depreciation and impairment charges as at 1 January -5.0 -537.1 -350.3 -21.7 -914.0 Exchange differences 0.0 0.1 0.2 0.1 0.5 Accumulated depreciation on deductions 0.0 15.9 49.1 1.2 66.3 Accumulated depreciation on transfers - -0.1 0.0 0.1 0.0 Depreciation and impairment charges for the year -2.4 -67.7 -66.6 -2.2 -138.8 Accumulated depreciation and impairment charges as at 31 December -7.3 -588.9 -367.5 -22.3 -985.9 Carrying amount as at 1 January 297.0 873.9 253.9 14.0 11.9 1,450.8 Carrying amount as at 31 December 310.3 885.1 275.0 15.3 51.8 1,537.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-363": {
"value": "Accounting policies Property, plant and equipment mainly comprise land, buildings, machinery and equipment. Property, plant and equipment are carried at its cost less any accumulated depreciation and possible impairment charges. The property, plant and equipment of acquired subsidiaries are measured at fair value at the date of acquisition. Subsequent costs relating to items of property, plant and equipment are included in the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. The machinery and equipment of buildings are treated as separate assets and any significant expenditure related to their replacement is capitalised. All other repair, service and maintenance expenditures of items of property, plant and equipment are charged to the income statement during the financial period in which they are incurred. Depreciation on property, plant and equipment is calculated using the straight-line method over their estimated useful lives. Land is not depreciated. The most common estimated useful lives are: Buildings 10\u221233 years Components of buildings 8\u221210 years Machinery and equipment 3\u22128 years Cars and transport equipment 5 years The residual values and useful lives of property, plant and equipment are reviewed at least at the end of each financial year. If the estimates of useful life and the expected pattern of economic benefits are different from previous estimates, the change in the estimate is accounted for. Depreciation of property, plant and equipment ceases when an item is classified as a non- current asset held for sale. Gains and losses on disposals of property, plant and equipment are recognised in the income statement and stated as other operating income and expenses. The Group has not capitalised interest costs incurred as part of the acquisition of assets, because the Group does not have qualifying assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-364": {
"value": "Depreciation on property, plant and equipment is calculated using the straight-line method over their estimated useful lives. Land is not depreciated. The most common estimated useful lives are: Buildings 10\u221233 years Components of buildings 8\u221210 years Machinery and equipment 3\u22128 years Cars and transport equipment 5 years 2022 \u20ac million Land and waters Buildings Machinery and equipment Other tangible assets Prepay- ments and construction in progress Total 2022 Cost Cost as at 1 January 317.6 1,474.0 642.5 37.6 51.8 2,523.5 Exchange differences -1.7 -4.3 -5.1 -0.6 -0.1 -11.7 Additions 35.5 148.5 79.6 1.7 104.8 370.0 Acquisitions - 0.6 1.0 - 0.0 1.6 Deductions -0.1 -3.0 -63.1 -0.8 -1.7 -68.8 Transfers between items 1.2 31.9 11.0 -4.5 -41.1 -1.4 Cost as at 31 December 352.5 1,647.8 665.8 33.4 113.8 2,813.3 Accumulated depreciation and impairment charges Accumulated depreciation and impairment charges as at 1 January -7.3 -588.9 -367.5 -22.3 -985.9 Exchange differences 0.1 2.1 3.5 0.4 6.2 Accumulated depreciation on deductions - 2.2 46.0 1.0 49.2 Accumulated depreciation on transfers - 0.2 -1.0 1.0 0.2 Depreciation and impairment charges for the year -0.0 -74.2 -61.5 -1.7 -137.5 Accumulated depreciation and impairment charges as at 31 December -7.3 -658.5 -380.5 -21.6 -1,067.8 Carrying amount as at 1 January 310.3 885.1 275.0 15.3 51.8 1,537.6 Carrying amount as at 31 December 345.3 989.3 285.3 11.8 113.8 1,745.5 2021 \u20ac million Land and waters Buildings Machinery and equipment Other tangible assets Prepay- ments and construction in progress Total 2021 Cost Cost as at 1 January 302.0 1,411.0 604.2 35.7 11.9 2,364.8 Exchange differences 0.3 0.2 0.1 -0.2 0.0 0.4 Additions 13.3 59.6 102.3 3.3 50.4 229.0 Acquisitions 1.9 5.1 1.1 - - 8.1 Deductions -0.4 -16.6 -65.6 -1.3 -0.3 -84.3 Transfers between items 0.5 14.7 0.5 0.1 -10.2 5.5 Cost as at 31 December 317.6 1,474.0 642.5 37.6 51.8 2,523.5 Accumulated depreciation and impairment charges Accumulated depreciation and impairment charges as at 1 January -5.0 -537.1 -350.3 -21.7 -914.0 Exchange differences 0.0 0.1 0.2 0.1 0.5 Accumulated depreciation on deductions 0.0 15.9 49.1 1.2 66.3 Accumulated depreciation on transfers - -0.1 0.0 0.1 0.0 Depreciation and impairment charges for the year -2.4 -67.7 -66.6 -2.2 -138.8 Accumulated depreciation and impairment charges as at 31 December -7.3 -588.9 -367.5 -22.3 -985.9 Carrying amount as at 1 January 297.0 873.9 253.9 14.0 11.9 1,450.8 Carrying amount as at 31 December 310.3 885.1 275.0 15.3 51.8 1,537.6 The estimated useful lives are: Software and licences 3\u22125 years Customer and supplier relationships 5\u201310 years 2022 \u20ac million Goodwill Trademarks Other intangible assets Prepayments Total 2022 Cost Cost as at 1 January 634.9 97.0 258.8 12.6 1,003.2 Exchange differences -25.9 -1.7 -3.6 - -31.2 Additions 0.0 0.1 21.1 7.3 28.6 Acquisitions 26.1 0.7 3.2 - 30.0 Deductions 0.0 - -42.4 -0.1 -42.5 Transfers between items - - 12.2 -10.7 1.5 Cost as at 31 December 635.1 96.1 249.4 9.1 989.7 Accumulated amortisation and impairment charges Accumulated amortisation and impairment charges as at 1 January -46.1 -8.8 -169.4 -224.3 Exchange differences -0.1 0.5 2.6 2.9 Accumulated amortisation and impairment charges on disposals - 42.5 42.5 Accumulated amortisation and impairment on transfers -0.2 -0.2 Amortisation and impairment charges for the year -1.0 -30.6 -31.6 Accumulated amortisation and impairment charges as at 31 December -46.2 -9.3 -155.1 -210.6 Carrying amount as at 1 January 588.8 88.2 89.3 12.6 779.0 Carrying amount as at 31 December 588.9 86.8 94.2 9.1 779.1 2021 \u20ac million Goodwill Trademarks Other intangible assets Prepayments Total 2021 Cost Cost as at 1 January 618.3 95.0 261.6 11.9 986.8 Exchange differences 5.6 1.5 1.9 0.0 9.0 Additions 4.7 - 16.5 12.1 33.3 Acquisitions 6.3 0.5 0.1 - 6.9 Deductions 0.0 - -24.8 -0.3 -25.1 Transfers between items - - 3.4 -11.1 -7.7 Cost as at 31 December 634.9 97.0 258.8 12.6 1,003.2 Accumulated amortisation and impairment charges Accumulated amortisation and impairment charges as at 1 January -46.2 -7.2 -156.0 -209.5 Exchange differences 0.1 -0.3 -1.5 -1.6 Accumulated amortisation and impairment charges on disposals 0.0 24.9 24.9 Amortisation and impairment charges for the year -1.2 -36.8 -38.0 Accumulated amortisation and impairment charges as at 31 December -46.1 -8.8 -169.4 -224.3 Carrying amount as at 1 January 572.1 87.7 105.6 11.9 777.4 Carrying amount as at 31 December 588.8 88.2 89.3 12.6 779.0 2022 \u20ac million Land and buildings Machinery and equipment Total Carrying amount as at 1 January 1,717.2 17.9 1,735.0 Additions 346.6 8.0 354.6 Acquisitions 14.7 0.9 15.6 Depreciation -313.8 -7.5 -321.3 Impairment charges -2.4 - -2.4 Deductions -30.0 -0.0 -30.1 Exchange differences -13.3 -0.6 -13.9 Carrying amount as at 31 December 1,718.9 18.6 1,737.6 2021 \u20ac million Land and buildings Machinery and equipment Total Carrying amount as at 1 January 1,798.1 20.9 1,819.0 Additions 256.1 5.0 261.0 Acquisitions 1.1 0.1 1.2 Depreciation -300.1 -8.1 -308.2 Impairment charges -1.6 0.0 -1.6 Deductions -42.0 -0.2 -42.2 Exchange differences 5.5 0.2 5.7 Carrying amount as at 31 December 1,717.2 17.9 1,735.0 ",
"dimensions": {
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"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-365": {
"value": "Depreciation on property, plant and equipment is calculated using the straight-line method over their estimated useful lives. Land is not depreciated. The most common estimated useful lives are: Buildings 10\u221233 years Components of buildings 8\u221210 years Machinery and equipment 3\u22128 years Cars and transport equipment 5 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
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"fact-366": {
"value": "3.3 Intangible assets Accounting policies Goodwill and trademarks Goodwill is not amortised but is instead tested for impairment whenever there is an indication of impairment, and at least annually. For testing purposes, goodwill is allocated to the cash generating units. Goodwill is measured at initial cost. Any negative goodwill is immediately recognised as income. For goodwill, a recognised impairment loss is not reversed. Intangible assets with indefinite useful lives are not amortised. They are tested for impairment whenever there is an indication of impairment, and at least annually. Costs for intangible assets with finite useful lives are initially measured at cost and amortised over the useful life of the assets. The intangible assets with indefinite useful lives include trademarks capitalised upon acquisitions, recognised at their fair values at the acquisition date. Other intangible assets The intangible assets with finite useful lives are initially measured at cost and amortised over their useful lives. Such intangible assets include software licences, customer relationships and licences measured at the fair value at the date of acquisition, and leasehold interests that are amortised during their probable lease terms. The estimated useful lives are: Software and licences 3\u22125 years Customer and supplier relationships 5\u201310 years Research and development expenses The costs of research and development activities have been expensed as incurred, because the Group does not have development costs eligible for capitalisation. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. Software Costs directly attributable to the development of new software are capitalised as part of the software cost. On the balance sheet, software is included in intangible assets and its cost is amortised over the useful life of the software. Costs associated with maintaining the software are recognised as an expense as incurred. Impairment of non-financial assets At each balance sheet date, the Group assesses whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset is estimated. The recoverable amount of goodwill and intangible assets with indefinite useful lives is assessed every year whether or not there is an indication of impairment. In addition, an impairment test is performed whenever there is an indication of impairment. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Often, it is not possible to estimate the recoverable amount for an individual asset. Then, as in the case of goodwill, the recoverable amount is determined for the cash generating unit to which the goodwill or asset belongs. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is recognised in the income statement. An impairment loss recognised for an asset in prior years is reversed, if the revaluation shows an increase in the recoverable amount. However, the reversal of an impairment loss of an asset should not exceed the carrying amount of the asset without impairment loss recognition. For goodwill, a recognised impairment loss is not reversed under any circumstances. Critical accounting estimates and assumptions The recoverable amounts of cash generating units have been determined using calculations based on value in use. In the calculations, forecast cash flows are based on financial plans approved by management, covering a period of three years. 2022 \u20ac million Goodwill Trademarks Other intangible assets Prepayments Total 2022 Cost Cost as at 1 January 634.9 97.0 258.8 12.6 1,003.2 Exchange differences -25.9 -1.7 -3.6 - -31.2 Additions 0.0 0.1 21.1 7.3 28.6 Acquisitions 26.1 0.7 3.2 - 30.0 Deductions 0.0 - -42.4 -0.1 -42.5 Transfers between items - - 12.2 -10.7 1.5 Cost as at 31 December 635.1 96.1 249.4 9.1 989.7 Accumulated amortisation and impairment charges Accumulated amortisation and impairment charges as at 1 January -46.1 -8.8 -169.4 -224.3 Exchange differences -0.1 0.5 2.6 2.9 Accumulated amortisation and impairment charges on disposals - 42.5 42.5 Accumulated amortisation and impairment on transfers -0.2 -0.2 Amortisation and impairment charges for the year -1.0 -30.6 -31.6 Accumulated amortisation and impairment charges as at 31 December -46.2 -9.3 -155.1 -210.6 Carrying amount as at 1 January 588.8 88.2 89.3 12.6 779.0 Carrying amount as at 31 December 588.9 86.8 94.2 9.1 779.1 2021 \u20ac million Goodwill Trademarks Other intangible assets Prepayments Total 2021 Cost Cost as at 1 January 618.3 95.0 261.6 11.9 986.8 Exchange differences 5.6 1.5 1.9 0.0 9.0 Additions 4.7 - 16.5 12.1 33.3 Acquisitions 6.3 0.5 0.1 - 6.9 Deductions 0.0 - -24.8 -0.3 -25.1 Transfers between items - - 3.4 -11.1 -7.7 Cost as at 31 December 634.9 97.0 258.8 12.6 1,003.2 Accumulated amortisation and impairment charges Accumulated amortisation and impairment charges as at 1 January -46.2 -7.2 -156.0 -209.5 Exchange differences 0.1 -0.3 -1.5 -1.6 Accumulated amortisation and impairment charges on disposals 0.0 24.9 24.9 Amortisation and impairment charges for the year -1.2 -36.8 -38.0 Accumulated amortisation and impairment charges as at 31 December -46.1 -8.8 -169.4 -224.3 Carrying amount as at 1 January 572.1 87.7 105.6 11.9 777.4 Carrying amount as at 31 December 588.8 88.2 89.3 12.6 779.0 Other intangible assets include software and licences amounting to \u20ac52.9 million (\u20ac47.6 million). Impairment testing for goodwill and intangible rights Goodwill is allocated to cash-generating units (CGUs) for impairment testing purposes. The cash-generating units have been identified at maximum at the level of reportable segments. The following table presents the allocation of goodwill and trademarks to cash-generating units. \u20ac million Trademarks 2022 Goodwill 2022 Trademarks 2021 Goodwill 2021 Grocery trade Grocery trade, chain operations - 76.1 - 76.1 Grocery trade, Kespro 5.3 2.0 5.3 2.0 Building and technical trade Byggmakker, Norway 22.4 211.5 24.1 214.9 Onninen 58.3 66.0 58.4 66.9 K-Bygg, Sweden 0.7 190.3 0.4 185.8 Car trade - 43.1 - 43.1 Total 86.7 588.9 88.2 588.8 Goodwill is tested for impairment whenever there is indication of impairment, and at least annually. Impairment tests have been carried out during the fourth quarter of 2022 for goodwill and trademarks with indefinite useful lives. Trademarks with indefinite useful lives are part of assets acquired in connection with business combinations. The recoverable amount of a cash-generating unit is determined based on value-in-use calculations. In the calculations, forecast cash flows are based on financial plans approved by management, covering a period of three years. The plans are based on external sources concerning projections for total market growth, weighted with the cash-generating unit\u2019s own business\u2019 share of the market in question. The key variable used in determining the forecast cash flows is the development in profitability based on plans approved by management. The development in profitability is influenced by growth predictions, changes in products and services selection and pricing, changes in store site network and development of operating expenses. The average compound annual growth rate for the forecast period was 0.3\u20134.6% and the EBITDA ratio range 6.1\u201313.7%. Cash flows after the forecast period are estimated based on a 0.5\u20132.0% growth projection, taking into account country-specific differences. The key variables in impairment testing are the terminal growth rate, discount rate and EBITDA margin-%. The following table presents the pre-tax discount rate and terminal growth rate-% for each cash-generating unit. \u20ac million Pre-tax discount rate 2022 Terminal growth rate 2022 Pre-tax discount rate 2021 Terminal growth rate 2021 Grocery trade Grocery trade, chain operations 6.8% 0.5% 6.1% 0.5% Grocery trade, Kespro 6.5% 1.5% 5.9% 1.5% Building and technical trade Byggmakker, Norway 7.2% 2.0% 7.2% 2.0% Onninen 7.8% 2.0% 7.5% 2.0% K-Bygg, Sweden 7.1% 2.0% 7.1% 2.0% Car trade 7.2% 1.5% 7.2% 1.5% The discount rate used is the weighted average cost of capital (WACC) after tax, specified for each division and country and adjusted for tax effect in connection with the test. The WACC formula inputs are risk-free rate of return, market risk premium, industry-specific beta factor, target capital structure, borrowing cost and country risks. In the impairment testing carried out in 2022 the recoverable amount exceeded the carrying amount in all cash-generating units. There were no impairment charges recognised on goodwill or intangible rights in the financial years 2022 and 2021. Sensitivity analysis According to management estimates, a foreseeable change in any key variable would not create a situation in which the unit's recoverable amount would be lower than its carrying amount. The most sensitive to movements in assumptions is the goodwill impairment test for K-Bygg. For the K-Bygg impairment test a foreseeable change in the key variables would not result in impairment of goodwill. K-Bygg\u2019s net sales in 2022 totalled \u20ac352.8 million. During the forecast period, the range for change in K-Bygg\u2019s net sales is 0.5\u20135.2% and the growth projection for the period following the forecast period is 2%. By the end of the forecast period, K-Bygg\u2019s EBITDA margin is expected to have grown by 0.4 percentage points from the EBITDA margin achieved in 2022. In K-Bygg\u2019s impairment test, the recoverable amount exceeded the carrying amount of the assets tested by \u20ac161.7 million. Impairment would be recognised if the post-forecast period EBITDA margin would decrease by more than 2.5 percentage points, if the post- forecast period growth percentage would be below -0.7%, or if the pre-tax discount rate was above 9.8%.",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-367": {
"value": "Accounting policies Goodwill and trademarks Goodwill is not amortised but is instead tested for impairment whenever there is an indication of impairment, and at least annually. For testing purposes, goodwill is allocated to the cash generating units. Goodwill is measured at initial cost. Any negative goodwill is immediately recognised as income. For goodwill, a recognised impairment loss is not reversed. Intangible assets with indefinite useful lives are not amortised. They are tested for impairment whenever there is an indication of impairment, and at least annually. Costs for intangible assets with finite useful lives are initially measured at cost and amortised over the useful life of the assets. The intangible assets with indefinite useful lives include trademarks capitalised upon acquisitions, recognised at their fair values at the acquisition date. Other intangible assets The intangible assets with finite useful lives are initially measured at cost and amortised over their useful lives. Such intangible assets include software licences, customer relationships and licences measured at the fair value at the date of acquisition, and leasehold interests that are amortised during their probable lease terms. The estimated useful lives are: Software and licences 3\u22125 years Customer and supplier relationships 5\u201310 years Research and development expenses The costs of research and development activities have been expensed as incurred, because the Group does not have development costs eligible for capitalisation. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. Software Costs directly attributable to the development of new software are capitalised as part of the software cost. On the balance sheet, software is included in intangible assets and its cost is amortised over the useful life of the software. Costs associated with maintaining the software are recognised as an expense as incurred. Impairment of non-financial assets At each balance sheet date, the Group assesses whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset is estimated. The recoverable amount of goodwill and intangible assets with indefinite useful lives is assessed every year whether or not there is an indication of impairment. In addition, an impairment test is performed whenever there is an indication of impairment. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Often, it is not possible to estimate the recoverable amount for an individual asset. Then, as in the case of goodwill, the recoverable amount is determined for the cash generating unit to which the goodwill or asset belongs. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is recognised in the income statement. An impairment loss recognised for an asset in prior years is reversed, if the revaluation shows an increase in the recoverable amount. However, the reversal of an impairment loss of an asset should not exceed the carrying amount of the asset without impairment loss recognition. For goodwill, a recognised impairment loss is not reversed under any circumstances. Critical accounting estimates and assumptions The recoverable amounts of cash generating units have been determined using calculations based on value in use. In the calculations, forecast cash flows are based on financial plans approved by management, covering a period of three years. ",
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},
"fact-368": {
"value": "Accounting policies Goodwill and trademarks Goodwill is not amortised but is instead tested for impairment whenever there is an indication of impairment, and at least annually. For testing purposes, goodwill is allocated to the cash generating units. Goodwill is measured at initial cost. Any negative goodwill is immediately recognised as income. For goodwill, a recognised impairment loss is not reversed. Intangible assets with indefinite useful lives are not amortised. They are tested for impairment whenever there is an indication of impairment, and at least annually. Costs for intangible assets with finite useful lives are initially measured at cost and amortised over the useful life of the assets. The intangible assets with indefinite useful lives include trademarks capitalised upon acquisitions, recognised at their fair values at the acquisition date. Other intangible assets The intangible assets with finite useful lives are initially measured at cost and amortised over their useful lives. Such intangible assets include software licences, customer relationships and licences measured at the fair value at the date of acquisition, and leasehold interests that are amortised during their probable lease terms. The estimated useful lives are: Software and licences 3\u22125 years Customer and supplier relationships 5\u201310 years Research and development expenses The costs of research and development activities have been expensed as incurred, because the Group does not have development costs eligible for capitalisation. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. Software Costs directly attributable to the development of new software are capitalised as part of the software cost. On the balance sheet, software is included in intangible assets and its cost is amortised over the useful life of the software. Costs associated with maintaining the software are recognised as an expense as incurred. Impairment of non-financial assets At each balance sheet date, the Group assesses whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset is estimated. The recoverable amount of goodwill and intangible assets with indefinite useful lives is assessed every year whether or not there is an indication of impairment. In addition, an impairment test is performed whenever there is an indication of impairment. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Often, it is not possible to estimate the recoverable amount for an individual asset. Then, as in the case of goodwill, the recoverable amount is determined for the cash generating unit to which the goodwill or asset belongs. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is recognised in the income statement. An impairment loss recognised for an asset in prior years is reversed, if the revaluation shows an increase in the recoverable amount. However, the reversal of an impairment loss of an asset should not exceed the carrying amount of the asset without impairment loss recognition. For goodwill, a recognised impairment loss is not reversed under any circumstances. Critical accounting estimates and assumptions The recoverable amounts of cash generating units have been determined using calculations based on value in use. In the calculations, forecast cash flows are based on financial plans approved by management, covering a period of three years. 2022 \u20ac million Goodwill Trademarks Other intangible assets Prepayments Total 2022 Cost Cost as at 1 January 634.9 97.0 258.8 12.6 1,003.2 Exchange differences -25.9 -1.7 -3.6 - -31.2 Additions 0.0 0.1 21.1 7.3 28.6 Acquisitions 26.1 0.7 3.2 - 30.0 Deductions 0.0 - -42.4 -0.1 -42.5 Transfers between items - - 12.2 -10.7 1.5 Cost as at 31 December 635.1 96.1 249.4 9.1 989.7 Accumulated amortisation and impairment charges Accumulated amortisation and impairment charges as at 1 January -46.1 -8.8 -169.4 -224.3 Exchange differences -0.1 0.5 2.6 2.9 Accumulated amortisation and impairment charges on disposals - 42.5 42.5 Accumulated amortisation and impairment on transfers -0.2 -0.2 Amortisation and impairment charges for the year -1.0 -30.6 -31.6 Accumulated amortisation and impairment charges as at 31 December -46.2 -9.3 -155.1 -210.6 Carrying amount as at 1 January 588.8 88.2 89.3 12.6 779.0 Carrying amount as at 31 December 588.9 86.8 94.2 9.1 779.1 2021 \u20ac million Goodwill Trademarks Other intangible assets Prepayments Total 2021 Cost Cost as at 1 January 618.3 95.0 261.6 11.9 986.8 Exchange differences 5.6 1.5 1.9 0.0 9.0 Additions 4.7 - 16.5 12.1 33.3 Acquisitions 6.3 0.5 0.1 - 6.9 Deductions 0.0 - -24.8 -0.3 -25.1 Transfers between items - - 3.4 -11.1 -7.7 Cost as at 31 December 634.9 97.0 258.8 12.6 1,003.2 Accumulated amortisation and impairment charges Accumulated amortisation and impairment charges as at 1 January -46.2 -7.2 -156.0 -209.5 Exchange differences 0.1 -0.3 -1.5 -1.6 Accumulated amortisation and impairment charges on disposals 0.0 24.9 24.9 Amortisation and impairment charges for the year -1.2 -36.8 -38.0 Accumulated amortisation and impairment charges as at 31 December -46.1 -8.8 -169.4 -224.3 Carrying amount as at 1 January 572.1 87.7 105.6 11.9 777.4 Carrying amount as at 31 December 588.8 88.2 89.3 12.6 779.0 Other intangible assets include software and licences amounting to \u20ac52.9 million (\u20ac47.6 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-369": {
"value": "Goodwill and trademarks Goodwill is not amortised but is instead tested for impairment whenever there is an indication of impairment, and at least annually. For testing purposes, goodwill is allocated to the cash generating units. Goodwill is measured at initial cost. Any negative goodwill is immediately recognised as income. For goodwill, a recognised impairment loss is not reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "Goodwill and trademarks Goodwill is not amortised but is instead tested for impairment whenever there is an indication of impairment, and at least annually. For testing purposes, goodwill is allocated to the cash generating units. Goodwill is measured at initial cost. Any negative goodwill is immediately recognised as income. For goodwill, a recognised impairment loss is not reversed. 2022 \u20ac million Goodwill Trademarks Other intangible assets Prepayments Total 2022 Cost Cost as at 1 January 634.9 97.0 258.8 12.6 1,003.2 Exchange differences -25.9 -1.7 -3.6 - -31.2 Additions 0.0 0.1 21.1 7.3 28.6 Acquisitions 26.1 0.7 3.2 - 30.0 Deductions 0.0 - -42.4 -0.1 -42.5 Transfers between items - - 12.2 -10.7 1.5 Cost as at 31 December 635.1 96.1 249.4 9.1 989.7 Accumulated amortisation and impairment charges Accumulated amortisation and impairment charges as at 1 January -46.1 -8.8 -169.4 -224.3 Exchange differences -0.1 0.5 2.6 2.9 Accumulated amortisation and impairment charges on disposals - 42.5 42.5 Accumulated amortisation and impairment on transfers -0.2 -0.2 Amortisation and impairment charges for the year -1.0 -30.6 -31.6 Accumulated amortisation and impairment charges as at 31 December -46.2 -9.3 -155.1 -210.6 Carrying amount as at 1 January 588.8 88.2 89.3 12.6 779.0 Carrying amount as at 31 December 588.9 86.8 94.2 9.1 779.1 2021 \u20ac million Goodwill Trademarks Other intangible assets Prepayments Total 2021 Cost Cost as at 1 January 618.3 95.0 261.6 11.9 986.8 Exchange differences 5.6 1.5 1.9 0.0 9.0 Additions 4.7 - 16.5 12.1 33.3 Acquisitions 6.3 0.5 0.1 - 6.9 Deductions 0.0 - -24.8 -0.3 -25.1 Transfers between items - - 3.4 -11.1 -7.7 Cost as at 31 December 634.9 97.0 258.8 12.6 1,003.2 Accumulated amortisation and impairment charges Accumulated amortisation and impairment charges as at 1 January -46.2 -7.2 -156.0 -209.5 Exchange differences 0.1 -0.3 -1.5 -1.6 Accumulated amortisation and impairment charges on disposals 0.0 24.9 24.9 Amortisation and impairment charges for the year -1.2 -36.8 -38.0 Accumulated amortisation and impairment charges as at 31 December -46.1 -8.8 -169.4 -224.3 Carrying amount as at 1 January 572.1 87.7 105.6 11.9 777.4 Carrying amount as at 31 December 588.8 88.2 89.3 12.6 779.0 \u20ac million Trademarks 2022 Goodwill 2022 Trademarks 2021 Goodwill 2021 Grocery trade Grocery trade, chain operations - 76.1 - 76.1 Grocery trade, Kespro 5.3 2.0 5.3 2.0 Building and technical trade Byggmakker, Norway 22.4 211.5 24.1 214.9 Onninen 58.3 66.0 58.4 66.9 K-Bygg, Sweden 0.7 190.3 0.4 185.8 Car trade - 43.1 - 43.1 Total 86.7 588.9 88.2 588.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-371": {
"value": "Intangible assets with indefinite useful lives are not amortised. They are tested for impairment whenever there is an indication of impairment, and at least annually. Costs for intangible assets with finite useful lives are initially measured at cost and amortised over the useful life of the assets. The intangible assets with indefinite useful lives include trademarks capitalised upon acquisitions, recognised at their fair values at the acquisition date. Other intangible assets The intangible assets with finite useful lives are initially measured at cost and amortised over their useful lives. Such intangible assets include software licences, customer relationships and licences measured at the fair value at the date of acquisition, and leasehold interests that are amortised during their probable lease terms. The estimated useful lives are: Software and licences 3\u22125 years Customer and supplier relationships 5\u201310 years Research and development expenses The costs of research and development activities have been expensed as incurred, because the Group does not have development costs eligible for capitalisation. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. Software Costs directly attributable to the development of new software are capitalised as part of the software cost. On the balance sheet, software is included in intangible assets and its cost is amortised over the useful life of the software. Costs associated with maintaining the software are recognised as an expense as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-372": {
"value": "Research and development expenses The costs of research and development activities have been expensed as incurred, because the Group does not have development costs eligible for capitalisation. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-373": {
"value": "Research and development expenses The costs of research and development activities have been expensed as incurred, because the Group does not have development costs eligible for capitalisation. Development costs previously recognised as an expense are not recognised as an asset in subsequent periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-374": {
"value": "Impairment of non-financial assets At each balance sheet date, the Group assesses whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset is estimated. The recoverable amount of goodwill and intangible assets with indefinite useful lives is assessed every year whether or not there is an indication of impairment. In addition, an impairment test is performed whenever there is an indication of impairment. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Often, it is not possible to estimate the recoverable amount for an individual asset. Then, as in the case of goodwill, the recoverable amount is determined for the cash generating unit to which the goodwill or asset belongs. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is recognised in the income statement. An impairment loss recognised for an asset in prior years is reversed, if the revaluation shows an increase in the recoverable amount. However, the reversal of an impairment loss of an asset should not exceed the carrying amount of the asset without impairment loss recognition. For goodwill, a recognised impairment loss is not reversed under any circumstances. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "Impairment testing for goodwill and intangible rights Goodwill is allocated to cash-generating units (CGUs) for impairment testing purposes. The cash-generating units have been identified at maximum at the level of reportable segments. The following table presents the allocation of goodwill and trademarks to cash-generating units. \u20ac million Trademarks 2022 Goodwill 2022 Trademarks 2021 Goodwill 2021 Grocery trade Grocery trade, chain operations - 76.1 - 76.1 Grocery trade, Kespro 5.3 2.0 5.3 2.0 Building and technical trade Byggmakker, Norway 22.4 211.5 24.1 214.9 Onninen 58.3 66.0 58.4 66.9 K-Bygg, Sweden 0.7 190.3 0.4 185.8 Car trade - 43.1 - 43.1 Total 86.7 588.9 88.2 588.8 Goodwill is tested for impairment whenever there is indication of impairment, and at least annually. Impairment tests have been carried out during the fourth quarter of 2022 for goodwill and trademarks with indefinite useful lives. Trademarks with indefinite useful lives are part of assets acquired in connection with business combinations. The recoverable amount of a cash-generating unit is determined based on value-in-use calculations. In the calculations, forecast cash flows are based on financial plans approved by management, covering a period of three years. The plans are based on external sources concerning projections for total market growth, weighted with the cash-generating unit\u2019s own business\u2019 share of the market in question. The key variable used in determining the forecast cash flows is the development in profitability based on plans approved by management. The development in profitability is influenced by growth predictions, changes in products and services selection and pricing, changes in store site network and development of operating expenses. The average compound annual growth rate for the forecast period was 0.3\u20134.6% and the EBITDA ratio range 6.1\u201313.7%. Cash flows after the forecast period are estimated based on a 0.5\u20132.0% growth projection, taking into account country-specific differences. The key variables in impairment testing are the terminal growth rate, discount rate and EBITDA margin-%. The following table presents the pre-tax discount rate and terminal growth rate-% for each cash-generating unit. \u20ac million Pre-tax discount rate 2022 Terminal growth rate 2022 Pre-tax discount rate 2021 Terminal growth rate 2021 Grocery trade Grocery trade, chain operations 6.8% 0.5% 6.1% 0.5% Grocery trade, Kespro 6.5% 1.5% 5.9% 1.5% Building and technical trade Byggmakker, Norway 7.2% 2.0% 7.2% 2.0% Onninen 7.8% 2.0% 7.5% 2.0% K-Bygg, Sweden 7.1% 2.0% 7.1% 2.0% Car trade 7.2% 1.5% 7.2% 1.5% The discount rate used is the weighted average cost of capital (WACC) after tax, specified for each division and country and adjusted for tax effect in connection with the test. The WACC formula inputs are risk-free rate of return, market risk premium, industry-specific beta factor, target capital structure, borrowing cost and country risks. In the impairment testing carried out in 2022 the recoverable amount exceeded the carrying amount in all cash-generating units. There were no impairment charges recognised on goodwill or intangible rights in the financial years 2022 and 2021. Sensitivity analysis According to management estimates, a foreseeable change in any key variable would not create a situation in which the unit's recoverable amount would be lower than its carrying amount. The most sensitive to movements in assumptions is the goodwill impairment test for K-Bygg. For the K-Bygg impairment test a foreseeable change in the key variables would not result in impairment of goodwill. K-Bygg\u2019s net sales in 2022 totalled \u20ac352.8 million. During the forecast period, the range for change in K-Bygg\u2019s net sales is 0.5\u20135.2% and the growth projection for the period following the forecast period is 2%. By the end of the forecast period, K-Bygg\u2019s EBITDA margin is expected to have grown by 0.4 percentage points from the EBITDA margin achieved in 2022. In K-Bygg\u2019s impairment test, the recoverable amount exceeded the carrying amount of the assets tested by \u20ac161.7 million. Impairment would be recognised if the post-forecast period EBITDA margin would decrease by more than 2.5 percentage points, if the post- forecast period growth percentage would be below -0.7%, or if the pre-tax discount rate was above 9.8%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "3.4 Leases Accounting policies Group as a lessee The Group leases properties, machinery and equipment for use in its business operations. At inception of a contract the Group determines whether the contract is, or contains, a lease. A contract is deemed as a lease if the contract gives the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of the lease the Group recognises a right-of-use asset and a lease liability except for leases of low-value assets and for leases for which the lease term is 12 months or less, for which the Group applies the practical expedient of the standard. Lease payments for the short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. The Group separates the non-lease components, such as service components, and expenses them as they incur. Lease liability is recognised at the commencement date of the lease and measured at the present value of the future lease payments payable during the lease term. The lease payments are discounted using the interest rate implicit in the lease, if readily available. The interest rate implicit in the lease is not available for all leases. In such cases, the incremental borrowing rate is used, which comprises the reference rate, credit spread for the incremental borrowing, and a potential country and currency risk premium. At the commencement date of the lease, the measurement of the lease liability includes fixed lease payments, variable lease payments that depend on an index or a rate, potential residual value guarantees, and the price of a purchase option if it is reasonably certain the option will be exercised. Payments of penalties for terminating the lease are also included in the measurement of the lease liability if the lease term reflects the option to terminate the lease. Lease liability is subsequently remeasured when there is a change in lease term due to reassessment of an option to continue or terminate the lease, or when there is a change in future lease payments due to changes of an index or a rate. The amount of the remeasurement of the lease liability is recognised as an adjustment to the right-of-use asset. If the reduction in lease liability exceeds the right-of-use asset, the difference is recognised in profit or loss. Right-of-use asset is measured at cost at the commencement date of the lease. The cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability. In addition, the cost comprises any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs incurred and an estimate of costs to be incurred to restore the asset. Subsequently the right-of-use asset is measured at cost less any accumulated depreciation and impairment losses and adjusted with any remeasurement of the lease liability. The right-of-use asset is depreciated from the commencement date of the lease to the earlier of the end of the useful life of the right-of- use asset or the end of the lease term. If the use of a leased asset is discontinued or a sublease is made to the lease at a lower rate, the lease contract becomes loss-making and an impairment is recognised to the corresponding right-of-use asset. In sale and leaseback transactions, the parties assess whether the transfer of the asset satisfies the requirements of IFRS 15 for a sale. If the transfer is accounted for as a sale, the right-of-use asset recognised in the balance sheet will be measured by the portion of the carrying amount of the original asset that corresponds to the value of the right to use that remains with the seller. Only the portion of the sales proceeds of the asset corresponding to the rights transferred to the buyer is presented as sales gain or loss. If the consideration for the sale of the asset or payments for the lease do not equal the fair value, the difference is recognised as an adjustment to the asset\u2019s sales proceeds. Any below-market terms are accounted for as a prepayment of lease payments, and any above-market terms are accounted for as financial liability. If the requirements for a sale are not satisfied, the Group will continue to recognise the transferred asset in its balance sheet, and will present the transfer proceeds as financial liability. Critical accounting estimates and assumptions When recognising leases in the balance sheet, assessments must be made concerning the lease term, use of extension options and the discount rate used. When assessing the lease term of a new lease, extension options are not acknowledged until a commitment has been made to use the extension option. The assessments may differ from the actualised future lease terms and conditions. Right-of-use assets The Group leases for its business operations facilities required for retail and for the logistics operations serving retail. The Group's lease contracts are typically fixed term and in line with local market practices. Some of the leases for the properties contain extension options. The Group also leases machinery and equipment used in its business operations, such as vehicles, logistics machinery and equipment, and equipment for recycling waste at stores and logistics operations. The Group has classified office machinery and equipment as low-value assets, and lease payments for them are recognised as an expense in the income statement. 2022 \u20ac million Land and buildings Machinery and equipment Total Carrying amount as at 1 January 1,717.2 17.9 1,735.0 Additions 346.6 8.0 354.6 Acquisitions 14.7 0.9 15.6 Depreciation -313.8 -7.5 -321.3 Impairment charges -2.4 - -2.4 Deductions -30.0 -0.0 -30.1 Exchange differences -13.3 -0.6 -13.9 Carrying amount as at 31 December 1,718.9 18.6 1,737.6 2021 \u20ac million Land and buildings Machinery and equipment Total Carrying amount as at 1 January 1,798.1 20.9 1,819.0 Additions 256.1 5.0 261.0 Acquisitions 1.1 0.1 1.2 Depreciation -300.1 -8.1 -308.2 Impairment charges -1.6 0.0 -1.6 Deductions -42.0 -0.2 -42.2 Exchange differences 5.5 0.2 5.7 Carrying amount as at 31 December 1,717.2 17.9 1,735.0 The lease commitments for leases not commenced on 31 December 2022 to which the Group is committed totalled \u20ac102.4 million (\u20ac127.9 million). Lease expenditure \u20ac million 2022 2021 Operating profit Depreciation and impairment charges on right-of-use assets -322.1 -310.3 Lease payments for short-term leases -3.0 -3.3 Lease payments for low-value assets -3.4 -2.7 Variable lease payments -1.0 -1.6 Financial expenses Interest expense for lease liabilities -68.4 -71.3 Total -397.9 -389.2 Maturity of lease liabilities and related finance costs are detailed in Note 4.3. Cash flow from leases \u20ac million 2022 2021 Interest expense for lease liabilities -68.4 -71.3 Repayments of lease liabilities -332.7 -323.2 Lease payments in the income statement -7.4 -7.6 Total -408.5 -402.1 Accounting policies Group as a lessor In lessor accounting leases are classified as operating leases or finance leases. The Group assesses at the commencement date of a lease whether it is classified as an operating lease or a finance lease. Leases where the risks and rewards incidental to ownership are transferred to the lessee are classified as finance lease agreements. At the commencement date of the lease, the lessor recognises in the balance sheet a finance lease receivable that corresponds to the net investment in the lease. Lease income for operating leases is recognised in the income statement on a straight-line basis over the lease term. Kesko leases premises to entrepreneurs other than K-retailers to ensure that the combination of services at a store site supports Kesko\u2019s overall profit generation. Such premises typically include so-called store entrance shops at large retail outlets. Kesko has store entrance shops both in its own properties and in leased properties. The entrance shops in leased properties include a sublease agreement where Kesko has the head lease. The subleases are classified as operating leases. The business premises owned or leased by Kesko and used by K-retailers to conduct chain operations are provided to the retailers under chain agreements, and are not treated as leases. The treatment of income based on chain agreements is detailed in Note 2.1. Lease income \u20ac million 2022 2021 Lease income for operating leases 22.8 19.1 Lease income for subleases 21.1 21.7 Total 44.0 40.931 Dec. 2022 31 Dec. 2021 \u20ac million < 1 year 1\u20135 years > 5 years Total < 1 year 1\u20135 years > 5 years Total Maturities of financial liabilities and related finance costs Borrowings from financial institutions 0.2 200.6 0.9 201.7 1.6 150.1 0.1 151.8 finance costs 4.5 9.2 0.1 13.9 0.5 1.0 0.0 1.5 Pension loans 12.0 38.6 5.7 56.3 12.0 44.9 11.5 68.3 finance costs 0.8 1.4 0.1 2.2 0.9 2.0 0.2 3.2 Lease liabilities 328.1 1,012.4 579.7 1,920.1 317.8 984.0 626.8 1,928.6 finance costs 61.6 144.2 52.1 257.9 61.7 146.6 54.7 263.0 Payables to K-retailers 82.1 82.1 120.7 120.7 finance costs 0.2 0.2 Other interest-bearing liabilities 158.3 0.0 158.3 25.7 0.0 25.8 finance costs 1.3 1.3 Non-current non-interest-bearing liabilities 1.0 2.6 20.5 24.1 0.7 3.4 20.7 24.8 Current non-interest-bearing liabilities Trade payables 1,499.4 1,499.4 1,332.6 1,332.6 Accrued expenses 442.6 442.6 454.8 454.8 Other non-interest-bearing liabilities 195.5 195.5 186.1 186.1 Financial liabilities in the balance sheet include \u20ac1.2 million (\u20ac3.4 million) in items related to derivatives, of which \u20ac1.2 million will mature within the next 12 months. More information on leases is presented in Note 3.4. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "Accounting policies Group as a lessee The Group leases properties, machinery and equipment for use in its business operations. At inception of a contract the Group determines whether the contract is, or contains, a lease. A contract is deemed as a lease if the contract gives the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date of the lease the Group recognises a right-of-use asset and a lease liability except for leases of low-value assets and for leases for which the lease term is 12 months or less, for which the Group applies the practical expedient of the standard. Lease payments for the short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. The Group separates the non-lease components, such as service components, and expenses them as they incur. Lease liability is recognised at the commencement date of the lease and measured at the present value of the future lease payments payable during the lease term. The lease payments are discounted using the interest rate implicit in the lease, if readily available. The interest rate implicit in the lease is not available for all leases. In such cases, the incremental borrowing rate is used, which comprises the reference rate, credit spread for the incremental borrowing, and a potential country and currency risk premium. At the commencement date of the lease, the measurement of the lease liability includes fixed lease payments, variable lease payments that depend on an index or a rate, potential residual value guarantees, and the price of a purchase option if it is reasonably certain the option will be exercised. Payments of penalties for terminating the lease are also included in the measurement of the lease liability if the lease term reflects the option to terminate the lease. Lease liability is subsequently remeasured when there is a change in lease term due to reassessment of an option to continue or terminate the lease, or when there is a change in future lease payments due to changes of an index or a rate. The amount of the remeasurement of the lease liability is recognised as an adjustment to the right-of-use asset. If the reduction in lease liability exceeds the right-of-use asset, the difference is recognised in profit or loss. Right-of-use asset is measured at cost at the commencement date of the lease. The cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability. In addition, the cost comprises any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs incurred and an estimate of costs to be incurred to restore the asset. Subsequently the right-of-use asset is measured at cost less any accumulated depreciation and impairment losses and adjusted with any remeasurement of the lease liability. The right-of-use asset is depreciated from the commencement date of the lease to the earlier of the end of the useful life of the right-of- use asset or the end of the lease term. If the use of a leased asset is discontinued or a sublease is made to the lease at a lower rate, the lease contract becomes loss-making and an impairment is recognised to the corresponding right-of-use asset. In sale and leaseback transactions, the parties assess whether the transfer of the asset satisfies the requirements of IFRS 15 for a sale. If the transfer is accounted for as a sale, the right-of-use asset recognised in the balance sheet will be measured by the portion of the carrying amount of the original asset that corresponds to the value of the right to use that remains with the seller. Only the portion of the sales proceeds of the asset corresponding to the rights transferred to the buyer is presented as sales gain or loss. If the consideration for the sale of the asset or payments for the lease do not equal the fair value, the difference is recognised as an adjustment to the asset\u2019s sales proceeds. Any below-market terms are accounted for as a prepayment of lease payments, and any above-market terms are accounted for as financial liability. If the requirements for a sale are not satisfied, the Group will continue to recognise the transferred asset in its balance sheet, and will present the transfer proceeds as financial liability. Critical accounting estimates and assumptions When recognising leases in the balance sheet, assessments must be made concerning the lease term, use of extension options and the discount rate used. When assessing the lease term of a new lease, extension options are not acknowledged until a commitment has been made to use the extension option. The assessments may differ from the actualised future lease terms and conditions. Accounting policies Group as a lessor In lessor accounting leases are classified as operating leases or finance leases. The Group assesses at the commencement date of a lease whether it is classified as an operating lease or a finance lease. Leases where the risks and rewards incidental to ownership are transferred to the lessee are classified as finance lease agreements. At the commencement date of the lease, the lessor recognises in the balance sheet a finance lease receivable that corresponds to the net investment in the lease. Lease income for operating leases is recognised in the income statement on a straight-line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "The lease commitments for leases not commenced on 31 December 2022 to which the Group is committed totalled \u20ac102.4 million (\u20ac127.9 million). 4.6 Commitments and contingencies \u20ac million 2022 2021 Collateral given for own commitments Pledges 9.0 9.0 Mortgages 179.6 179.8 Guarantees 61.6 62.1 Other commitments and contingent liabilities 58.4 57.1 Collateral given for others Guarantees - - Other commitments and contingent liabilities - - The guarantees given do not include guarantees related to the items presented within liabilities in the consolidated statement of financial position or as a lease liability in Note 3.4. Guarantee maturities are \u20ac1.4 million in 2023 and \u20ac60.1 million in 2024\u22122027. Leases not commenced yet but to which the Group is committed at the balance sheet date 31 December 2022 are presented in Note 3.4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "3.5 Inventories Accounting policies Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less direct costs necessary to make the sale. The cost is determined using weighted average costs. The cost of finished goods comprises all costs of purchase including freight. The cost of self-constructed goods comprises all costs of conversion including direct costs and allocations of variable and fixed production overheads. The cost excludes borrowing costs. Critical accounting estimates and assumptions The Group regularly reviews inventories for obsolescence and turnover, and for possible reduction of net realisable value below cost, and records an impairment as necessary. Such reviews require assessments of future demand for products. Possible changes in these estimates may cause changes in inventory measurement in future periods. \u20ac million 2022 2021 Goods 1,113.0 890.5 Prepayments 2.3 3.8 Total 1,115.4 894.3 Write-down of inventories to net realisable value 56.7 46.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-380": {
"value": "Accounting policies Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less direct costs necessary to make the sale. The cost is determined using weighted average costs. The cost of finished goods comprises all costs of purchase including freight. The cost of self-constructed goods comprises all costs of conversion including direct costs and allocations of variable and fixed production overheads. The cost excludes borrowing costs. Critical accounting estimates and assumptions The Group regularly reviews inventories for obsolescence and turnover, and for possible reduction of net realisable value below cost, and records an impairment as necessary. Such reviews require assessments of future demand for products. Possible changes in these estimates may cause changes in inventory measurement in future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "3.6 Trade and other current receivables Accounting policies Trade receivables and other current receivables are recognised in the amounts of the initial receivable. According to the IFRS 9 impairment model, impairments must be recognised on the basis of expected credit losses. The Group has adopted the standard\u2019s simplified approach for recognising impairment of trade receivables using the provision matrix. For the impairment model, Group companies have been classified into risk categories on the basis of their business model and realised historical credit losses. In addition, impairment is recognised, if there is other evidence of a debtor's insolvency, bankruptcy or liquidation. Impairment is recognised as an expense in other operating expenses. If an amount previously written off is subsequently settled, it is recognised as a reduction of other operating expenses. Critical accounting estimates and assumptions The Group companies apply a uniform practice to measuring receivables past due. Possible changes in customers' solvency may cause changes in the measurement of trade receivables in future periods. \u20ac million 2022 2021 Interest-bearing receivables Interest-bearing loans and receivables 4.4 4.1 Total interest-bearing receivables 4.4 4.1 Trade receivables 969.3 909.2 Income tax assets 21.9 0.1 Other non-interest-bearing receivables Non-interest-bearing loans and receivables 80.2 49.0 Prepaid expenses and deferred income 281.0 250.8 Total other non-interest-bearing receivables 361.2 299.9 Total 1,356.9 1,213.3 Prepaid expenses and deferred income mainly relate to purchases. The fair values of current trade and loan receivables, and those of current interest-bearing receivables are estimated to equal the carrying amounts due to their short maturities. Ageing analysis of trade receivables Business entities are responsible for managing the credit risk associated with amounts due from customers. Terms and conditions of credit sale and collateral requirements as well as decision-making authorisations for credit facilities have been determined for managing credit risk within businesses. Credit control identifies customers with risk and ensures that credit decisions are based on up-to-date information on a customer\u2019s solvency and any changes in solvency are considered. The economic uncertainty is taken into account when estimating expected credit losses in connection with measurement of trade receivables. The Group\u2019s trade receivables are from a large number of individual customers, and receivables do not contain significant risk concentrations. The seasonality of businesses impacts the amount of trade receivables in the consolidated statement of financial position. The amount of credit losses remained moderate despite the economic uncertainty. \u20ac million 2022 2021 Trade receivables not due 886.7 853.7 1\u22127 days past due trade receivables 38.1 21.9 8\u221230 days past due trade receivables 23.6 17.5 31\u221260 days past due trade receivables 4.1 3.9 Over 60 days past due trade receivables 16.8 12.2 Total 969.3 909.2 In Finland the key part of the business is done in cooperation with retailers and within trade receivables, \u20ac395.6 million (\u20ac375.8 million) were from chain retailers. The collateral for retailer receivables is an overdraft facility granted by a Kesko associate, V\u00e4hitt\u00e4iskaupan Takaus Oy, with the maximum always limited to the realisable value of the counter security from the K-retailer's company and its entrepreneur to V\u00e4hitt\u00e4iskaupan Takaus Oy. At the end of the financial year, the aggregate value of counter securities was \u20ac238.6 million (\u20ac352.7 million). In addition, the collateral for receivables includes other collaterals, such as business mortgages and other pledged assets. Trade receivables include an impairment charge to a total of \u20ac19.4 million (\u20ac19.6 million). The aggregate amount of credit losses and impairments recognised in the profit for the financial year was \u20ac4.0 million (\u20ac2.2 million). The amount of trade receivables with renegotiated terms totalled \u20ac2.3 million (\u20ac3.4 million).Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 13.2 13.2 13.2 13.2 Non-current receivables 66.0 66.0 66.0 Non-current receivables, derivatives 12.1 12.8 24.9 24.9 24.9 Current financial assets Trade receivables 969.3 969.3 969.3 Other receivables 331.2 331.2 331.2 Other receivables, derivatives 2.4 32.1 34.4 34.4 34.4 Other financial assets 29.9 38.7 68.6 68.6 29.9 Cash and cash equivalents 245.5 245.5 245.5 Total financial assets 57.6 1,650.6 44.8 1,753.1 1,753.1 89.2 13.2 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 15.5 15.5 15.5 15.5 Non-current receivables 68.9 68.9 68.9 Non-current receivables, derivatives 3.6 3.6 3.6 3.6 Current financial assets Trade receivables 909.2 909.2 909.2 Other receivables 294.4 294.4 294.4 Other receivables, derivatives 1.7 7.9 9.6 9.6 9.6 Other financial assets 55.2 52.7 107.9 108.0 55.2 Cash and cash equivalents 50.0 229.9 279.8 279.8 50.0 Total financial assets 122.3 1,555.1 11.6 1,689.0 1,689.1 118.4 15.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-382": {
"value": "Accounting policies Trade receivables and other current receivables are recognised in the amounts of the initial receivable. According to the IFRS 9 impairment model, impairments must be recognised on the basis of expected credit losses. The Group has adopted the standard\u2019s simplified approach for recognising impairment of trade receivables using the provision matrix. For the impairment model, Group companies have been classified into risk categories on the basis of their business model and realised historical credit losses. In addition, impairment is recognised, if there is other evidence of a debtor's insolvency, bankruptcy or liquidation. Impairment is recognised as an expense in other operating expenses. If an amount previously written off is subsequently settled, it is recognised as a reduction of other operating expenses. Trade receivables include an impairment charge to a total of \u20ac19.4 million (\u20ac19.6 million). The aggregate amount of credit losses and impairments recognised in the profit for the financial year was \u20ac4.0 million (\u20ac2.2 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "Accounting policies Trade receivables and other current receivables are recognised in the amounts of the initial receivable. According to the IFRS 9 impairment model, impairments must be recognised on the basis of expected credit losses. The Group has adopted the standard\u2019s simplified approach for recognising impairment of trade receivables using the provision matrix. For the impairment model, Group companies have been classified into risk categories on the basis of their business model and realised historical credit losses. In addition, impairment is recognised, if there is other evidence of a debtor's insolvency, bankruptcy or liquidation. Impairment is recognised as an expense in other operating expenses. If an amount previously written off is subsequently settled, it is recognised as a reduction of other operating expenses. Critical accounting estimates and assumptions The Group companies apply a uniform practice to measuring receivables past due. Possible changes in customers' solvency may cause changes in the measurement of trade receivables in future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "\u20ac million 2022 2021 Interest-bearing receivables Interest-bearing loans and receivables 4.4 4.1 Total interest-bearing receivables 4.4 4.1 Trade receivables 969.3 909.2 Income tax assets 21.9 0.1 Other non-interest-bearing receivables Non-interest-bearing loans and receivables 80.2 49.0 Prepaid expenses and deferred income 281.0 250.8 Total other non-interest-bearing receivables 361.2 299.9 Total 1,356.9 1,213.3 Prepaid expenses and deferred income mainly relate to purchases. The fair values of current trade and loan receivables, and those of current interest-bearing receivables are estimated to equal the carrying amounts due to their short maturities. Ageing analysis of trade receivables Business entities are responsible for managing the credit risk associated with amounts due from customers. Terms and conditions of credit sale and collateral requirements as well as decision-making authorisations for credit facilities have been determined for managing credit risk within businesses. Credit control identifies customers with risk and ensures that credit decisions are based on up-to-date information on a customer\u2019s solvency and any changes in solvency are considered. The economic uncertainty is taken into account when estimating expected credit losses in connection with measurement of trade receivables. The Group\u2019s trade receivables are from a large number of individual customers, and receivables do not contain significant risk concentrations. The seasonality of businesses impacts the amount of trade receivables in the consolidated statement of financial position. The amount of credit losses remained moderate despite the economic uncertainty. \u20ac million 2022 2021 Trade receivables not due 886.7 853.7 1\u22127 days past due trade receivables 38.1 21.9 8\u221230 days past due trade receivables 23.6 17.5 31\u221260 days past due trade receivables 4.1 3.9 Over 60 days past due trade receivables 16.8 12.2 Total 969.3 909.2 In Finland the key part of the business is done in cooperation with retailers and within trade receivables, \u20ac395.6 million (\u20ac375.8 million) were from chain retailers. The collateral for retailer receivables is an overdraft facility granted by a Kesko associate, V\u00e4hitt\u00e4iskaupan Takaus Oy, with the maximum always limited to the realisable value of the counter security from the K-retailer's company and its entrepreneur to V\u00e4hitt\u00e4iskaupan Takaus Oy. At the end of the financial year, the aggregate value of counter securities was \u20ac238.6 million (\u20ac352.7 million). In addition, the collateral for receivables includes other collaterals, such as business mortgages and other pledged assets. Trade receivables include an impairment charge to a total of \u20ac19.4 million (\u20ac19.6 million). The aggregate amount of credit losses and impairments recognised in the profit for the financial year was \u20ac4.0 million (\u20ac2.2 million). The amount of trade receivables with renegotiated terms totalled \u20ac2.3 million (\u20ac3.4 million).4.3 Financial risks With respect to financial risk management, the Group observes a uniform treasury policy that has been approved by the Company's Board of Directors. Compliance with this policy and developments in the Group\u2019s financial situation are monitored by the Board\u2019s Audit Committee. The Group Treasury is centrally responsible for obtaining financial resources for the Group, for liquidity management, relations with providers of finance, and the management of financial risks. In the main, the Group\u2019s financial resources have been obtained through the parent company, and the Group Treasury arranges financial resources for subsidiaries in their functional currencies. For subsidiaries with significant external ownership, the Group has not guaranteed financial liabilities in excess of its ownership interest. Foreign exchange risks Kesko Group conducts business operations in seven countries, in addition to which it makes purchases from numerous countries. In consequence, the Group is exposed to various foreign exchange risks arising from net investments in foreign operations (translation risks) and from assets, liabilities and forecast transactions (transaction risks) denominated in foreign currencies. The Group companies\u2019 financial resources are arranged in their functional currencies. The parent company bears the ensuing foreign exchange risk and hedges the risk exposure using derivatives or borrowings denominated in the relevant foreign currencies. Translation risks The Group is exposed to foreign currency translation risks relating to net investments in subsidiaries outside the euro zone held on the balance sheet. This balance sheet exposure has not been hedged. The hedge can be designated if equity is repatriated, or if a currency is expected to be exposed to a significant devaluation risk. The most significant translation exposures are the Norwegian krone and the Swedish krona. Relative to the Group's volume of operations and the balance sheet total, the foreign currency translation risk is low. Group's translation exposure as at 31 Dec. 2022 \u20ac million NOK SEK PLN Net investment 381.6 263.4 71.0 Group's translation exposure as at 31 Dec. 2021 \u20ac million NOK SEK PLN Net investment 373.0 253.3 49.0 The following table shows how a 10% weakening or strengthening of the functional currencies of Group companies against the euro would affect the Group\u2019s equity. Sensitivity analysis, impact on equity as at 31 Dec. 2022 \u20ac million NOK SEK PLN Weakening 10% -34.7 -23.9 -6.5 Strengthening 10% 42.4 29.3 7.9 Sensitivity analysis, impact on equity as at 31 Dec. 2021 \u20ac million NOK SEK PLN Weakening 10% -33.9 -23.0 -4.5 Strengthening 10% 41.4 28.1 5.4 Transaction risks International purchasing activities and foreign currency denominated financial resources arranged by the parent to subsidiaries expose the Group to transaction risks relating to several currencies. The currency-specific transaction risk exposure comprises foreign currency denominated receivables and liabilities in the balance sheet, forecast foreign currency cash flows, and foreign subsidiaries\u2019 liabilities and receivables with respect to the parent. The risk is commercially managed by, for example, transferring exchange rate changes to selling prices, or by replacing suppliers. The remaining exposures are hedged using foreign currency derivatives. The subsidiaries report their foreign exchange exposures to the Group Treasury on a monthly basis. In the main, the subsidiaries hedge their risk exposures with the Group Treasury, which in turn hedges risk exposures using market transactions within the limits confirmed for each currency. Intra-Group derivative contracts are allocated to the segments in segment reporting. As a rule, the Group does not apply hedge accounting in accordance with IFRS 9 to hedge the transaction risk relating to purchases and sales. In initial measurement, derivative instruments are recognised at fair value and subsequently in the financial statements, they are remeasured at fair value. The change in fair value of foreign currency derivatives used for hedging purchases and sales is recognised in other operating income or expenses. Insofar as the Group applies hedge accounting to hedge purchases, the valuation of derivatives is recognised in the revaluation reserve of equity. When a derivative matures, it is treated similarly to the hedged item. Group's transaction exposure as at 31 Dec. 2022 \u20ac million USD SEK NOK PLN Group's transaction risk -1.2 74.9 23.7 11.9 Hedging derivatives 23.4 -56.2 -20.9 -10.7 Open exposure 22.3 18.7 2.8 1.2 Group's transaction exposure as at 31 Dec. 2021 \u20ac million USD SEK NOK PLN Group's transaction risk -1.7 55.0 59.3 27.3 Hedging derivatives 46.8 -58.0 -56.6 -26.1 Open exposure 45.1 -3.1 2.8 1.2 The Group monitors the transaction risk exposure in respect of existing balances and forecast cash flows. The table above presents transaction exposure excluding future cash flows. It does not include the Group\u2019s actual foreign exchange risk after hedging. When forecast amounts are included in the transaction exposure, the most significant difference to the table is in the USD exposures. As at 31 December 2022, the exposure with respect to USD was \u20ac-5.2 million. A sensitivity analysis of the transaction exposure shows the impact on profit or loss of a +/-10% exchange rate change in intra-Group receivables and liabilities denominated in foreign currencies and foreign currency derivatives and borrowings used for hedging. Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2022 \u20ac million USD SEK NOK PLN Change +10 % -2.0 -1.7 -0.3 -0.1 Change -10 % 2.5 2.1 0.3 0.1 Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2021 \u20ac million USD SEK NOK PLN Change +10 % -4.1 0.3 -0.3 -0.1 Change -10 % 5.0 -0.3 0.3 0.1 Liquidity risk Liquidity risk management aims to maintain sufficient liquid assets and credit facilities in order to ensure the ongoing availability of sufficient financial resources for the Group\u2019s operating activities. Liquid assets comprise cash and cash equivalents in the balance sheet, financial assets at amortised cost, and current financial assets at fair value through profit or loss. Changes in these balance sheet items are presented in the consolidated statement of cash flows under change in cash and cash equivalents for cash and cash equivalents, and in cash flow from investing activities for other financial assets. The Group\u2019s liquid assets have mainly been invested in the debt instruments of major Finnish companies, in certificates of deposit and bank deposits operating in Kesko\u2019s market area, in bonds of selected companies and in corporate bond funds. The return on these investments in 2022 was -1.1% (0.6%) and the duration 0.7 years at the end of the financial year. The maximum credit risk is the fair value of these investments on the balance sheet at the balance sheet date. Interest-bearing net debt reconciliation is presented in Note 4.1. Payables to K-retailers consist of two types of interest-bearing liabilities by Kesko to K-retailers: retailers\u2019 prepayments to Kesko and Kesko\u2019s chain rebate liabilities to retailers. Kesko has drawn down two bilateral loans, which combined total \u20ac200 million. The interest margin of these loans accounts for Kesko\u2019s sustainability targets for its carbon footprint and food waste, and in the value chain, emission reduction targets set by Kesko\u2019s direct suppliers of goods and services. At the balance sheet date, the total equivalent of undrawn committed long-term credit facilities was \u20ac300 million (\u20ac300 million). According to the terms and conditions of loan agreements, at change of control, the lenders have the right to terminate the credit facility and loan amounts possibly drawn. According to the terms and conditions of the loan facility, the change of ownership to retailers or an association of retailers does not constitute a change of control. In addition, the Group\u2019s uncommitted financial resources available contained commercial paper programmes denominated in euros totalling an equivalent of \u20ac506 million (\u20ac506 million). 31 Dec. 2022 31 Dec. 2021 \u20ac million < 1 year 1\u20135 years > 5 years Total < 1 year 1\u20135 years > 5 years Total Maturities of financial liabilities and related finance costs Borrowings from financial institutions 0.2 200.6 0.9 201.7 1.6 150.1 0.1 151.8 finance costs 4.5 9.2 0.1 13.9 0.5 1.0 0.0 1.5 Pension loans 12.0 38.6 5.7 56.3 12.0 44.9 11.5 68.3 finance costs 0.8 1.4 0.1 2.2 0.9 2.0 0.2 3.2 Lease liabilities 328.1 1,012.4 579.7 1,920.1 317.8 984.0 626.8 1,928.6 finance costs 61.6 144.2 52.1 257.9 61.7 146.6 54.7 263.0 Payables to K-retailers 82.1 82.1 120.7 120.7 finance costs 0.2 0.2 Other interest-bearing liabilities 158.3 0.0 158.3 25.7 0.0 25.8 finance costs 1.3 1.3 Non-current non-interest-bearing liabilities 1.0 2.6 20.5 24.1 0.7 3.4 20.7 24.8 Current non-interest-bearing liabilities Trade payables 1,499.4 1,499.4 1,332.6 1,332.6 Accrued expenses 442.6 442.6 454.8 454.8 Other non-interest-bearing liabilities 195.5 195.5 186.1 186.1 Financial liabilities in the balance sheet include \u20ac1.2 million (\u20ac3.4 million) in items related to derivatives, of which \u20ac1.2 million will mature within the next 12 months. More information on leases is presented in Note 3.4. 31 Dec. 2022 31 Dec. 2021 \u20ac million < 1 year 1\u20135 years > 5 years Total < 1 year 1\u20135 years > 5 years Total Cash flows of derivatives Payables Foreign currency derivatives 140.9 140.9 202.6 202.6 Interest rate derivatives 1.0 3.0 4.0 1.5 3.7 0.1 5.3 Electricity derivatives 0.6 0.1 0.7 0.2 0.0 0.2 Receivables Foreign currency derivatives 142.8 142.8 203.2 203.2 Interest rate derivatives 3.3 8.2 11.5 0.1 0.2 0.2 Electricity derivatives 29.3 15.5 44.8 7.1 4.3 11.5 Interest rate risk on borrowings and sensitivity analysis Changes in the interest rate level have an impact on the Group\u2019s interest expense. The policy for hedging interest rate risk is aimed at balancing the effects of changes in the interest rate level on profit or loss for different financial periods. The interest rate risk is centrally managed by the Group Treasury, which adjusts the duration by using interest rate derivative contracts. The target duration is three years, which is allowed to vary between one and a half and four years. The actual duration during the financial year was 1.7 (2.1) years on average. The sensitivity analysis for changes in interest rate level in respect of commercial paper liabilities realised during the financial year has used average balance values. At the balance sheet date of 31 December 2022, the effect of variable rate borrowings on the pre-tax profit would have been \u20ac-/+1.1 million (\u20ac-/+1.2 million), if the interest rate level had risen or fallen by 1 percentage point. Pension loans, \u20ac56.3 million in total, have fixed rates, and their effective interest cost was 1.4%. Other borrowings from financial institutions have variable interest rates. At the end of the financial year, the average rate of these borrowings, payables to retailers, and other interest-bearing liabilities was 1.8%. Credit and counterparty risk Financial instruments involve the risk of non-performance by counterparties. Credit risk is managed with agreements with financially sound Finnish and foreign banks, financial institutes and brokers, within the counterparty risks limits set in the treasury policy. Financial assets are also invested in money market funds and the bonds, commercial papers and certificates of deposit issued by conservatively selected companies and banks. The limits are reviewed regularly depending on the market situation. Further information about credit and counterparty risk of trade receivables can be found in Note 3.6. Supply chain financing arrangements The Group has established a supply chain financing scheme with three banks. Trade payables in the consolidated statement of financial position on 31 December 2022 totalled \u20ac1,499.4 million, of which \u20ac399.3 million were liabilities related to open purchase accounts covered by the schemes. In supply chain financing, the supplier utilises the buyer\u2019s credit rating when selling its receivables to a financing institution. Once the buyer approves the purchase accounts, the bank pays them to the supplier without a right of recourse, meaning the supplier has quick access to the cash flows related to trade receivables. The Group does not pay commission to the banks for the supply chain financing, and the payment terms do not materially deviate from the payment terms applied with suppliers. Open purchase accounts covered by the scheme are presented under trade payables on the Group balance sheet. The impact of these trade payables can be seen in cash flow from operating activities as change in working capital. Current interest-bearing receivables and sensitivity analysis The objective is to invest liquidity consisting of financial assets in the money markets using efficient combinations of return and risk. At regular intervals, the Group\u2019s management approves the investment instruments and limits for each counterparty among those analysed by the Group Treasury. The risks and actual returns on investments are monitored regularly. Financial assets at amortised cost \u20ac million 2022 2021 Carrying amount as at 1 January 52.7 31.7 Changes -14.1 21.0 Carrying amount as at 31 December 38.7 52.7 The financial assets at amortised costs include investments in commercial papers, certificates of deposits and other interest rate instruments. In the sensitivity analysis of floating rate receivables, average annual balances of invested assets have been used. The receivables include customer financing receivables, other interest- bearing receivables, and within investments money market funds. The sensitivity of money market funds has been determined based on duration. If the interest rate level had changed by +/-1 percentage point, the effect of these items on the pre-tax profit would have been \u20ac+/- 1.8 million (\u20ac+/-1.8 million). Maturity of non-current receivables Maturity analysis of non-current receivables as at 31 Dec. 2022 \u20ac million 2024 2025 2026 2027 2028- Total Non-interest-bearing non-current receivables 9.8 5.2 4.2 5.9 0.7 25.9 Loans and receivables from associates and joint ventures 3.4 3.4 0.5 1.5 56.0 64.7 Other non-current receivables 0.2 0.0 0.0 0.0 0.0 0.2 Total 13.4 8.6 4.7 7.4 56.7 90.8 The carrying amount of non-interest-bearing non-current receivables equals their fair value. Maturity analysis of non-current receivables as at 31 Dec. 2021 \u20ac million 2023 2024 2025 2026 2027- Total Non-interest-bearing non-current receivables 2.8 0.6 0.2 0.0 0.6 4.2 Loans and receivables from associates and joint ventures 3.4 3.4 3.4 0.5 57.5 68.1 Other non-current receivables 0.0 0.0 0.0 0.0 0.2 0.2 Total 6.2 4.0 3.6 0.5 58.3 72.6 Commodity risks and their sensitivity analysis The Group uses electricity derivatives for the purpose of balancing out energy costs. The electricity price risk is assessed for five-year periods. The changes in the fair values of derivatives hedging the price of electricity supplied during the financial year are recognised within adjustments to purchases. Hedge accounting is applied to contracts hedging future purchases. Hedge accounting is applied in accordance with IFRS 9 to hedge the risk component. The effective portion of the change in the value of derivatives that qualify for hedge accounting is recognised in the revaluation reserve of equity. The change in the revaluation reserve recognised in equity is presented in the statement of comprehensive income under Revaluation of cash flow hedge. Result of cash flow hedging As a result of hedge accounting applied to electricity, an amount of \u20ac34.8 million (\u20ac2.5 million) was removed from equity and included in the income statement as purchase cost adjustment, and \u20ac67.7 million (\u20ac15.4 million) was recognised in equity, respectively. Their combined effect on the revaluation reserve for the year was \u20ac44.2 million (\u20ac11.3 million) before accounting for deferred tax. As at the balance sheet date, a total quantity of 810,336 MWH (1,001,424 MWH) of electricity had been purchased with electricity derivatives and 1,196,839 MWH (1,271,047 MWH) under fixed price purchase agreements. The 1\u201312 month hedging level was 89% (88%), the 13\u201324 month level was 73% (82%), the 25\u201336 month level was 56% (62%), the 37\u201348 month level was 22% (30%), and the 49-59 month level was 19% (19%). The sensitivity analysis of electricity derivatives assumes that derivatives maturing in less than 12 months have an impact on profit. If the market price of electricity derivatives changed by -/+20% from the balance sheet date 31 December 2022, it would contribute \u20ac-/+8.5 million (\u20ac-/+3.4 million) to the 2022 income statement and \u20ac-/+5.6 million (\u20ac-/+7.0 million) to equity. The impact has been calculated before taxes. Derivatives Fair values of derivative contracts \u20ac million 31 Dec. 2022 Positive fair value (balance sheet value) 31 Dec. 2022 Negative fair value (balance sheet value) 31 Dec. 2021 Positive fair value (balance sheet value) 31 Dec. 2021 Negative fair value (balance sheet value) Interest rate derivatives 12.2 -0.1 0.1 -2.2 Foreign currency derivatives 2.4 -0.6 1.7 -1.1 Electricity derivatives 44.8 -0.7 11.5 -0.2 Notional principal amounts of derivative contracts \u20ac million 31 Dec. 2022 31 Dec. 2021 Interest rate derivatives 330.0 420.0 Foreign currency derivatives 141.7 204.6 Electricity derivatives 69.7 35.2 The fair values of derivatives are presented as gross amounts. Kesko has entered into netting arrangements under ISDA contracts with all counterparties engaged in transactions with derivatives. All of these contracts provide for mutual posting of collateral. The threshold level for collateral posting had not been exceeded at the balance sheet date. Analysed by counterparty, derivative financial liabilities could be set off in a total of \u20ac0.5 million. The maximum credit risk from derivatives is the fair value of the balance sheet at the reporting date. 4.5 Financial assets and liabilities by category Accounting policies Financial assets The Group classifies financial assets into three groups in accordance with IFRS 9. Financial assets are classified either as instruments measured at amortised cost, or as instruments measured at fair value through profit or loss or in other comprehensive income, depending on the business model targets and cash flows based on agreements. Regular way purchases or sales of financial assets are recognised on settlement date. Financial assets are classified as non-current, if they have a maturity of more than 12 months after the balance sheet date. If financial assets are expected to be settled within 12 months, they are classified as current. Financial assets are derecognised when the rights to receive cash flows from the financial asset have expired or have been transferred from the Group, and when the risks and rewards of ownership have been transferred from the Group. Financial assets at amortised cost and financial assets at fair value are only invested in counterparties deemed creditworthy. The impairment model for expected credit losses in line with the standard requires credit losses to be recognised with a forward-looking approach. As for other financial assets, lacking historical credit losses, counterparty risk is monitored actively and credit losses are recognised if risk is observed. Financial assets at amortised cost Financial assets at amortised cost consist of assets that are to be held to maturity and whose cash flows consist solely of payments of principal and interest. Financial assets at amortised cost also include trade receivables and other receivables. Financial assets at fair value Financial assets at fair value in other comprehensive income comprise derivatives that meet the hedge accounting criteria. Financial assets that do not meet the criteria of the other groups are classified as financial assets measured at fair value through profit or loss. Level 1 instruments are traded in active markets and their fair values are directly based on quoted market prices. The fair values of level 2 instruments are derived from market data. The fair value of level 3 instruments is not based on observable market data (inputs not observable). Cash and cash equivalents Cash and cash equivalents include cash on hand and deposits with banks as well as liquid funds measured at amortised cost which are invested in instruments with maturities of less than three months from acquisition. Investments in money market funds recognised at fair value through profit or loss, for which liquidity is assessed as very good, are also classified as cash and cash equivalents. The cash and cash equivalents in the consolidated balance sheet also include amounts relating to the retail operations of the group companies, used as cash floats in stores, or amounts being transferred to the respective companies. Financial liabilities Financial liabilities have initially been recognised at fair value, net of transaction costs. In the financial statements, financial liabilities are measured at amortised cost using the effective interest rate method. Arrangement fees paid on the establishment of loan facilities and financial liabilities are amortised over the period of the facility to which it relates. Financial liabilities having maturities of more than 12 months after the balance sheet date are classified as non-current liabilities. Those maturing within 12 months after the balance sheet date are classified as current liabilities. Derivative financial instruments and hedge accounting When derivative contracts are entered into, they are recognised at fair value and in the financial statements, they are re-measured at their fair value. The recognition of changes in the fair value of derivatives depends on whether the derivative instrument qualifies for hedge accounting or not and, if so, on the hedged item. When entered into, derivative contracts are treated either as fair value hedges of receivables or liabilities, or in the case of interest rate risk and electricity price risk, as cash flow hedges, as hedges of net investments in a foreign entity, or as derivative contracts that do not meet the hedge accounting criteria. If the hedge accounting criteria are not met, the results of instruments hedging a commercial foreign exchange risk are recognised in profit or loss within other operating income or expenses. Concerning derivatives hedging financial transactions, the amount to be recognised in the income statement is included in financial items. When a hedging arrangement is entered into, the relationship between the hedged item and the hedging instrument, as well as the objectives of the Group's risk management are documented. The effectiveness of the hedge relationship is tested regularly and the effective portion is recognised, according to the nature of the hedged item, against the change in the fair value of the hedged item, in translation differences in equity, or in the revaluation reserve. The ineffective portion is recognised, according to its nature, either in financial items or other operating income and expenses. Hedge accounting is discontinued when the hedging instrument expires or is sold, or when the contract is terminated or exercised. Any cumulative gain or loss existing in equity at that time remains in equity until the forecast transaction has occurred. Measurement principles The fair value of forward rate agreements is determined by reference to the market prices at the balance sheet date. The fair value of interest rate swaps is calculated on the basis of the present value of future cash flows, using the market prices at the balance sheet date. The fair value of foreign exchange forward contracts is determined by measuring the forward contracts at the forward rate at the balance sheet date. Currency options are measured using the counterparty's price quotation, but the Group also verifies the price by applying the Black\u2212Scholes method. Electricity derivatives are measured at fair value using the market quotations at the balance sheet date. Hedging a net investment in foreign operations During the financial year, the Group has not hedged net investments in foreign operations. If a hedge is initiated, the Group applies hedge accounting in accordance with IFRS 9 to hedge foreign currency net investments in foreign operations. Foreign exchange forward contracts or foreign currency borrowings are used as hedging instruments. Spot price changes in foreign exchange forward contracts are recognised in translation differences under equity, and disclosed in other comprehensive income. The premiums of forward contracts are recognised as income under financial items. The exchange difference of foreign currency borrowings is recognised in translation differences under equity. When a foreign operation is partially or wholly disposed of or wound up, cumulative gains or losses from the hedging instruments are recognised in profit or loss. As at 31 December 2022 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 13.2 13.2 13.2 13.2 Non-current receivables 66.0 66.0 66.0 Non-current receivables, derivatives 12.1 12.8 24.9 24.9 24.9 Current financial assets Trade receivables 969.3 969.3 969.3 Other receivables 331.2 331.2 331.2 Other receivables, derivatives 2.4 32.1 34.4 34.4 34.4 Other financial assets 29.9 38.7 68.6 68.6 29.9 Cash and cash equivalents 245.5 245.5 245.5 Total financial assets 57.6 1,650.6 44.8 1,753.1 1,753.1 89.2 13.2 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 245.5 245.5 243.4 Non-current lease liabilities 1,592.0 1,592.0 1,592.0 Non-current non-interest-bearing liabilities 24.1 24.1 24.1 Non-current non-interest-bearing liabilities, derivatives Current financial liabilities Current interest-bearing liabilities 252.6 252.6 252.2 Current lease liabilities 328.1 328.1 328.1 Trade payables 1,499.4 1,499.4 1,499.4 Other non-interest-bearing liabilities 636.9 636.9 636.9 Other non-interest-bearing liabilities, derivatives 0.6 0.7 1.2 1.2 1.2 Total financial liabilities 0.6 4,578.7 0.7 4,579.9 4,577.3 1.2 As at 31 December 2021 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 15.5 15.5 15.5 15.5 Non-current receivables 68.9 68.9 68.9 Non-current receivables, derivatives 3.6 3.6 3.6 3.6 Current financial assets Trade receivables 909.2 909.2 909.2 Other receivables 294.4 294.4 294.4 Other receivables, derivatives 1.7 7.9 9.6 9.6 9.6 Other financial assets 55.2 52.7 107.9 108.0 55.2 Cash and cash equivalents 50.0 229.9 279.8 279.8 50.0 Total financial assets 122.3 1,555.1 11.6 1,689.0 1,689.1 118.4 15.5 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 206.4 206.4 207.6 Non-current lease liabilities 1,610.7 1,610.7 1,610.7 Non-current non-interest-bearing liabilities 24.8 24.8 24.8 Non-current non-interest-bearing liabilities, derivatives 0.0 0.0 0.0 0.0 Current financial liabilities Current interest-bearing liabilities 160.1 160.1 160.2 Current lease liabilities 317.9 317.9 317.9 Trade payables 1,332.6 1,332.6 1,332.6 Other non-interest-bearing liabilities 637.5 637.5 637.5 Other non-interest-bearing liabilities, derivatives 3.2 0.2 3.4 3.4 3.4 Total financial liabilities 3.2 4,290.0 0.2 4,293.4 4,294.7 3.4 In addition to cash on hand and deposits with banks, cash and cash equivalents include liquid assets measured at amortised cost due in less than three months from acquisition of \u20ac17.0 million (\u20ac32.0 million), and financial assets recognised at fair value through profit or loss of \u20ac0.0 million (\u20ac50.0 million). Non-current receivables from associates and joint ventures contain the shareholder loan granted to Mercada Oy and the financing loans granted to UAB Kesko Senukai. Deferred tax assets, income tax receivables, deferred tax liabilities and income tax liabilities are not classified as financial assets or financial liabilities and are not included in the table above. Prepayments received of \u20ac46.9 million (\u20ac46.2 million) are not classified as financial liabilities and are not included in the table above in other non-interest-bearing liabilities. The fair values of borrowings have been calculated based on the present value of future cash flows using the 1.9%\u22123.5% market rates of interest of the balance sheet date. The fair value of current interest-bearing liabilities has been estimated to approximately equal their balance sheet value. The maturity structure of non-current borrowings has been presented in Note 4.3. Changes in level 3 instruments \u20ac million 2022 2021 Private equity funds and other shares and interests as at 1 January 15.5 22.7 Purchases 0.3 0.2 Refunds received -3.1 Gains and losses through profit or loss -0.4 -1.6 Changes in fair value -2.2 -2.7 Private equity funds and other shares and interests as at 31 December 13.2 15.5 Level 3 includes private equity funds and other shares and interests. These investments have been classified as financial assets at fair value through profit or loss. Level 3 financial assets are measured based on computations received from the companies. A loss of \u20ac2.6 million has been recorded on these investments for the financial year 2022.",
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"fact-385": {
"value": "Ageing analysis of trade receivables Business entities are responsible for managing the credit risk associated with amounts due from customers. Terms and conditions of credit sale and collateral requirements as well as decision-making authorisations for credit facilities have been determined for managing credit risk within businesses. Credit control identifies customers with risk and ensures that credit decisions are based on up-to-date information on a customer\u2019s solvency and any changes in solvency are considered. The economic uncertainty is taken into account when estimating expected credit losses in connection with measurement of trade receivables. The Group\u2019s trade receivables are from a large number of individual customers, and receivables do not contain significant risk concentrations. The seasonality of businesses impacts the amount of trade receivables in the consolidated statement of financial position. The amount of credit losses remained moderate despite the economic uncertainty. \u20ac million 2022 2021 Trade receivables not due 886.7 853.7 1\u22127 days past due trade receivables 38.1 21.9 8\u221230 days past due trade receivables 23.6 17.5 31\u221260 days past due trade receivables 4.1 3.9 Over 60 days past due trade receivables 16.8 12.2 Total 969.3 909.2 In Finland the key part of the business is done in cooperation with retailers and within trade receivables, \u20ac395.6 million (\u20ac375.8 million) were from chain retailers. The collateral for retailer receivables is an overdraft facility granted by a Kesko associate, V\u00e4hitt\u00e4iskaupan Takaus Oy, with the maximum always limited to the realisable value of the counter security from the K-retailer's company and its entrepreneur to V\u00e4hitt\u00e4iskaupan Takaus Oy. At the end of the financial year, the aggregate value of counter securities was \u20ac238.6 million (\u20ac352.7 million). In addition, the collateral for receivables includes other collaterals, such as business mortgages and other pledged assets. Trade receivables include an impairment charge to a total of \u20ac19.4 million (\u20ac19.6 million). The aggregate amount of credit losses and impairments recognised in the profit for the financial year was \u20ac4.0 million (\u20ac2.2 million). The amount of trade receivables with renegotiated terms totalled \u20ac2.3 million (\u20ac3.4 million).Credit and counterparty risk Financial instruments involve the risk of non-performance by counterparties. Credit risk is managed with agreements with financially sound Finnish and foreign banks, financial institutes and brokers, within the counterparty risks limits set in the treasury policy. Financial assets are also invested in money market funds and the bonds, commercial papers and certificates of deposit issued by conservatively selected companies and banks. The limits are reviewed regularly depending on the market situation. Further information about credit and counterparty risk of trade receivables can be found in Note 3.6. ",
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"fact-387": {
"value": "Accounting policies The Group operates both defined contribution pension plans and defined benefit pension plans. The contributions payable under defined contribution plans are recognised as expenses in the income statement for the period to which the payments relate. In defined contribution plans, the Group does not have a legal or constructive obligation to pay further contributions, in case the payment recipient is unable to pay the retirement benefits. In defined benefit plans, the Group may incur obligations or assets after the payment of the contribution. The pension obligation represents the present value of future cash flows from the benefits payable. The present value of pension obligations has been calculated using the projected unit credit method. Pension costs are expensed during employees' service lives based on actuarial calculations. The discount rate assumed in calculating the present value of the pension obligation is the market yield of high-quality corporate bonds. Their maturity substantially corresponds to the maturity of the pension liability. The assets corresponding to the pension obligation of the retirement benefit plan are carried at fair values at the balance sheet date. Actuarial gains and losses are recognised in comprehensive income in the income statement. Critical accounting estimates and assumptions Items relating to employee benefits are calculated using several factors that require the application of judgement. Pension calculations under defined benefit plans in compliance with IAS 19 are based on, among others, the following factors that rely on management estimates: \u2022 discount rate used in calculating pension expenses and obligations and net finance cost for the period \u2022 future salary increase \u2022 employee service life. Changes in these assumptions can significantly impact the amounts of pension obligation and future pension expenses. In addition, a significant part of the pension plan assets is invested in real estate and shares, whose value adjustments impact the recognised amount of pension assets. ",
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"fact-391": {
"value": "3.9 Provisions Accounting policies A provision is recognised when the Group has a present legal or constructive obligation as the result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and that a reliable estimate can be made of the amount of the obligation. Provision amounts are reviewed on each balance sheet date and adjusted to reflect the current best estimate. Changes in provisions are recorded in the income statement in the same item in which the provision was originally recognised. A warranty provision is recognised when a product covered by warranty provisions is sold. The provision amount is based on historical experience about the level of warranty expenses. Critical accounting estimates and assumptions The existence of criteria for recognising provisions and the amounts of provisions are determined based on estimates of the existence and amount of the obligation. Estimates may differ from the actual future amount of the obligation and with respect to the existence of the obligation. \u20ac million Warranty provisions Other provisions Total Provisions as at 1 Jan. 2022 16.0 13.8 29.8 Foreign exchange effects 0.0 0.0 0.0 Additional provisions 7.6 8.2 15.8 Unused amounts reversed -7.8 -0.4 -8.2 Amounts charged against provision -7.9 -7.2 -15.1 Changes in the Group structure 0.0 -0.1 -0.1 Provisions as at 31 Dec. 2022 7.9 14.3 22.2 Analysis of total provisions Non-current 4.1 6.2 10.3 Current 3.8 8.1 11.9 The biggest items in other provisions are costs related to care plans of vehicles and machines sold by Group companies, real estate costs for empty store sites, and restructuring costs. The average duration for care plans is 3\u20134 years.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-392": {
"value": "Accounting policies A provision is recognised when the Group has a present legal or constructive obligation as the result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and that a reliable estimate can be made of the amount of the obligation. Provision amounts are reviewed on each balance sheet date and adjusted to reflect the current best estimate. Changes in provisions are recorded in the income statement in the same item in which the provision was originally recognised. A warranty provision is recognised when a product covered by warranty provisions is sold. The provision amount is based on historical experience about the level of warranty expenses. Critical accounting estimates and assumptions The existence of criteria for recognising provisions and the amounts of provisions are determined based on estimates of the existence and amount of the obligation. Estimates may differ from the actual future amount of the obligation and with respect to the existence of the obligation. ",
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"value": "4.1 Capital management Kesko Group\u2019s objectives in capital management include target rates set for the Group\u2019s solvency and liquidity. The Group\u2019s capital structure (equity-to-debt ratio) is managed at Group level. The targets for the Group\u2019s solvency and liquidity are set with the purpose of securing the Group\u2019s liquidity in all market situations, enabling the implementation of Group strategy, and increasing shareholder value. The targets have been set for the performance indicator \u2018interest-bearing net debt/EBITDA\u2019. Some of the Group\u2019s interest-bearing liabilities include covenants, whose terms and conditions have been taken into account in the above target rate. The Group does not have a credit rating from any external credit rating institution. Target levels for Kesko Group\u2019s performance indicators are approved by the Board of Directors of Kesko Corporation. The Board confirmed an updated version of the company\u2019s strategy and new medium-term financial targets for the company on 27 May 2021. The new medium-term financial targets for profitability are a comparable operating margin of over 6.0% (previously 5.5%) and a comparable return on capital employed of over 14.5% (previously 12.5%). As for financial position, the Group continues to target a maximum interest-bearing net debt/EBITDA of 2.5, excluding the impact of IFRS 16. \u20ac million 2022 2021 Interest-bearing liabilities and lease liabilities in the consolidated statement of financial position 2,418.3 2,295.1 - Lease liabilities 1,920.1 1,928.6 - Other current financial assets 68.6 107.9 - Cash and cash equivalents 245.5 279.8 Interest-bearing net debt excluding lease liabilities 184.1 -21.3 \u20ac million 2022 2021 Operating profit 816.5 775.2 + depreciation, amortisation and impairment 169.0 176.8 + depreciation and impairment charges for right-of-use-assets 322.1 310.3 - lease payments for right-of-use-assets 399.1 388.3 EBITDA excluding the impact of IFRS 16 908.5 873.9 Interest bearing net debt/EBITDA excluding the impact of IFRS 16 0.2 0.0 Reconciliation of net debt The Group determines net debt by deducting the Group's liquid assets, which comprise cash and cash equivalents and other current financial assets, from interest-bearing short-term and long term-liabilities. The Group had liquid assets of \u20ac314.1 million (\u20ac387.7 million) on 31 December 2022. Interest-bearing liabilities on 31 December 2022 totalled \u20ac2,418.3 million (\u20ac2,295.1 million), of which lease liabilities accounted for \u20ac1,920.1 million (\u20ac1,928.6 million). Interest- bearing net debt totalled \u20ac2,104.2 million (\u20ac1,907.3 million), and interest-bearing net debt excluding lease liabilities totalled \u20ac184.1 million (\u20ac-21.3 million). \u20ac million 2022 2021 Financial assets at fair value through profit or loss - 50.0 Financial assets at amortised cost (maturing in less than 3 months) 17.0 32.0 Cash and cash equivalents 228.5 197.9 Other current financial assets 68.6 107.9 Borrowings - repayable within one year (including overdraft) -252.6 -160.1 Lease liabilities - repayable within one year -328.1 -317.9 Borrowings - repayable after one year -245.5 -206.4 Lease liabilities - repayable after one year -1,592.0 -1,610.7 Cash and debt, net -2,104.2 -1,907.3 202 \u20ac million Carrying amount as at 1 Jan. 2022 Cash flows Business acquisitions and divestments Net changes of lease liabilities Foreign exchange adjustments Carrying amount as at 31 Dec. 2022 Lease liabilities due within 1 year -317.9 332.7 -1.6 -343.8 2.5 -328.1 Lease liabilities due after 1 year -1,610.7 -12.3 19.0 11.9 -1,592.0 Borrowings due within 1 year -160.1 -92.5 0.0 -252.6 Borrowings due after 1 year -206.4 -39.1 -0.0 -0.0 -245.5 Other current financial assets 107.9 -39.3 68.6 Cash and overdraft 197.9 23.5 7.4 -0.3 228.5 Financial assets at amortised cost 32.0 -15.0 17.0 Financial assets at fair value through profit or loss 50.0 -50.0 - Net debt -1,907.3 120.2 -6.4 -324.8 14.1 -2,104.2 \u20ac million Carrying amount as at 1 Jan. 2021 Cash flows Business acquisitions and divestments Net changes of lease liabilities Foreign exchange adjustments Carrying amount as at 31 Dec. 2021 Lease liabilities due within 1 year -312.7 323.2 -0.6 -326.9 -0.8 -317.9 Lease liabilities due after 1 year -1,712.3 -0.5 107.3 -5.3 -1,610.7 Borrowings due within 1 year -182.6 22.5 0.0 -160.1 Borrowings due after 1 year -408.7 202.4 0.0 -206.4 Other current financial assets 51.7 56.2 0.0 107.9 Cash and overdraft 150.0 47.6 0.0 0.3 197.9 Financial assets at amortised cost 4.5 27.5 32.0 Financial assets at fair value through profit or loss 99.9 -49.9 50.0 Net debt -2,310.3 629.4 -1.0 -219.6 -5.8 -1,907.3",
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"value": "Change in share numbers and equity reserves Number of shares Share capital A B Total Share capital \u20ac million Reserve of invested non-restricted equity \u20ac million Share premium \u20ac million Total \u20ac million 1 January 2021 126,948,028 269,791,118* 396,739,146* 197.3 197.8 266.8 661.9 Number of shares after the split Transfer of treasury shares 371,198 371,198 31 December 2021 126,948,028 270,162,316* 397,110,344* 197.3 197.8 266.9 662.0 Transfer of treasury shares 348,303 348,303 31 December 2022 126,948,028 270,510,619* 397,458,647 197.3 197.8 266.9 662.0 Number of votes 1,269,480,280 270,510,619 1,539,990,899 * Excluding treasury shares, which totalled 2,620,361 (2,968,664) at the end of the financial year. ",
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},
"fact-396": {
"value": "4.2 Shareholders' equity Accounting policies The Group classifies the instruments it has issued either in equity or in financial liabilities based on their nature. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Expenses related to the issuance or acquisition of equity instruments are presented as an allowance for equity. If Kesko Corporation acquires equity instruments of its own, their cost is deducted from equity. The dividend proposed by the Board of Directors to the General Meeting has not been deducted from equity. Instead, dividends are recognised on the basis of the resolution by the General Meeting. Change in share numbers and equity reserves Number of shares Share capital A B Total Share capital \u20ac million Reserve of invested non-restricted equity \u20ac million Share premium \u20ac million Total \u20ac million 1 January 2021 126,948,028 269,791,118* 396,739,146* 197.3 197.8 266.8 661.9 Number of shares after the split Transfer of treasury shares 371,198 371,198 31 December 2021 126,948,028 270,162,316* 397,110,344* 197.3 197.8 266.9 662.0 Transfer of treasury shares 348,303 348,303 31 December 2022 126,948,028 270,510,619* 397,458,647 197.3 197.8 266.9 662.0 Number of votes 1,269,480,280 270,510,619 1,539,990,899 * Excluding treasury shares, which totalled 2,620,361 (2,968,664) at the end of the financial year. Treasury shares Authorised by the General Meeting, the Board acquired a total of 500,000 of the Company\u2019s own B shares during the 2018 financial year. The Board also acquired a total of 1,200,000 of the Company\u2019s own B shares during the financial years 2011 and 2014. The shares are held by the Company as treasury shares and the Company\u2019s Board is entitled to transfer them. The acquisition cost of the B shares held by the Company and acquired during the 2018 financial year was \u20ac24.4 million, and the acquisition cost of the shares acquired during the 2011 and 2014 financial years was \u20ac23.5 million. These costs have been deducted from retained earnings in equity. The Board has the authorisation granted by the Annual General Meeting on 7 April 2022 to decide on the issuance of at maximum 33,000,000 B series shares and decide on the repurchase of a maximum of 16,000,000 of Kesko's B shares. The authorisation is valid until 30 June 2023. Information on share-based payments has been given in Note 5.3. pcs B shares held by the Company as at 31 Dec. 2021 2,968,664 Transfer, share-based compensation plan -350,022 Returned during the period 1,719 B shares held by the Company as at 31 Dec. 2022 2,620,361 Dividends After the balance sheet date, the Board of Directors proposed the distribution of a dividend of \u20ac1,08 per share. The dividend distributed for the profit for 2021 was \u20ac1,06 per share. Equity and reserves Equity consists of share capital, share premium, reserve of invested non-restricted equity, other reserves, revaluation reserve, currency translation differences and retained earnings net of treasury shares. Share premium The amount exceeding the par value of share received by the Company in connection with share subscriptions was recorded in the share premium in cases where options had been granted under the old Limited Liability Companies Act (29 Sept. 1978/734). As at the end of the financial year, the share premium was \u20ac197.8 million. Reserve of invested non-restricted equity The reserve of invested non-restricted equity, \u20ac24.1 million, includes the other equity-related investments and share subscription prices to the extent not designated to be included in share capital. Other reserves Other reserves, a total of \u20ac242.7 million, have mainly been created and increased as a result of resolutions by the General Meeting. Other reserves mainly comprise contingency reserves to a total amount of \u20ac242.3 million at the end of the financial year. Currency translation differences Currency translation differences arise from the translation of foreign operations\u2019 financial statements. Exchange differences arising from monetary items that form a part of a net investment in a foreign operation or exchange differences from loans designated as hedges for foreign net investments and regarded as effective, are also included in currency translation differences. The change in currency translation differences is stated within comprehensive income. Revaluation reserve The revaluation reserve includes the effective portion of the change in the fair value of derivatives for which cash flow hedge accounting is applied. Cash flow hedges include electricity derivatives. The change in the reserve is stated within comprehensive income. The result of cash flow hedging has been presented in Note 4.3 Financial risks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "Accounting policies The Group classifies the instruments it has issued either in equity or in financial liabilities based on their nature. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Expenses related to the issuance or acquisition of equity instruments are presented as an allowance for equity. If Kesko Corporation acquires equity instruments of its own, their cost is deducted from equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "The dividend proposed by the Board of Directors to the General Meeting has not been deducted from equity. Instead, dividends are recognised on the basis of the resolution by the General Meeting. Dividends After the balance sheet date, the Board of Directors proposed the distribution of a dividend of \u20ac1,08 per share. The dividend distributed for the profit for 2021 was \u20ac1,06 per share. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "The dividend proposed by the Board of Directors to the General Meeting has not been deducted from equity. Instead, dividends are recognised on the basis of the resolution by the General Meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "Treasury shares Authorised by the General Meeting, the Board acquired a total of 500,000 of the Company\u2019s own B shares during the 2018 financial year. The Board also acquired a total of 1,200,000 of the Company\u2019s own B shares during the financial years 2011 and 2014. The shares are held by the Company as treasury shares and the Company\u2019s Board is entitled to transfer them. The acquisition cost of the B shares held by the Company and acquired during the 2018 financial year was \u20ac24.4 million, and the acquisition cost of the shares acquired during the 2011 and 2014 financial years was \u20ac23.5 million. These costs have been deducted from retained earnings in equity. The Board has the authorisation granted by the Annual General Meeting on 7 April 2022 to decide on the issuance of at maximum 33,000,000 B series shares and decide on the repurchase of a maximum of 16,000,000 of Kesko's B shares. The authorisation is valid until 30 June 2023. Information on share-based payments has been given in Note 5.3. B shares held by the Company as at 31 Dec. 2021 2,968,664 Transfer, share-based compensation plan -350,022 Returned during the period 1,719 B shares held by the Company as at 31 Dec. 2022 2,620,361 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "108",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"fact-403": {
"value": "Equity and reserves Equity consists of share capital, share premium, reserve of invested non-restricted equity, other reserves, revaluation reserve, currency translation differences and retained earnings net of treasury shares. Share premium The amount exceeding the par value of share received by the Company in connection with share subscriptions was recorded in the share premium in cases where options had been granted under the old Limited Liability Companies Act (29 Sept. 1978/734). As at the end of the financial year, the share premium was \u20ac197.8 million. Reserve of invested non-restricted equity The reserve of invested non-restricted equity, \u20ac24.1 million, includes the other equity-related investments and share subscription prices to the extent not designated to be included in share capital. Other reserves Other reserves, a total of \u20ac242.7 million, have mainly been created and increased as a result of resolutions by the General Meeting. Other reserves mainly comprise contingency reserves to a total amount of \u20ac242.3 million at the end of the financial year. Currency translation differences Currency translation differences arise from the translation of foreign operations\u2019 financial statements. Exchange differences arising from monetary items that form a part of a net investment in a foreign operation or exchange differences from loans designated as hedges for foreign net investments and regarded as effective, are also included in currency translation differences. The change in currency translation differences is stated within comprehensive income. Revaluation reserve The revaluation reserve includes the effective portion of the change in the fair value of derivatives for which cash flow hedge accounting is applied. Cash flow hedges include electricity derivatives. The change in the reserve is stated within comprehensive income. The result of cash flow hedging has been presented in Note 4.3 Financial risks. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "4.3 Financial risks
With respect to financial risk management, the Group observes a uniform treasury policy
that has been approved by the Company's Board of Directors. Compliance with this policy
and developments in the Group\u2019s financial situation are monitored by the Board\u2019s Audit
Committee. The Group Treasury is centrally responsible for obtaining financial resources for
the Group, for liquidity management, relations with providers of finance, and the management
of financial risks. In the main, the Group\u2019s financial resources have been obtained through the
parent company, and the Group Treasury arranges financial resources for subsidiaries in their
functional currencies. For subsidiaries with significant external ownership, the Group has not
guaranteed financial liabilities in excess of its ownership interest.
Foreign exchange risks
Kesko Group conducts business operations in seven countries, in addition to which it makes
purchases from numerous countries. In consequence, the Group is exposed to various foreign
exchange risks arising from net investments in foreign operations (translation risks) and from
assets, liabilities and forecast transactions (transaction risks) denominated in foreign currencies.
The Group companies\u2019 financial resources are arranged in their functional currencies. The
parent company bears the ensuing foreign exchange risk and hedges the risk exposure using
derivatives or borrowings denominated in the relevant foreign currencies.
Translation risks
The Group is exposed to foreign currency translation risks relating to net investments in
subsidiaries outside the euro zone held on the balance sheet. This balance sheet exposure
has not been hedged. The hedge can be designated if equity is repatriated, or if a currency
is expected to be exposed to a significant devaluation risk. The most significant translation
exposures are the Norwegian krone and the Swedish krona. Relative to the Group's volume of
operations and the balance sheet total, the foreign currency translation risk is low.
Group's translation exposure as at 31 Dec. 2022
\u20ac million NOK SEK PLN
Net investment 381.6 263.4 71.0
Group's translation exposure as at 31 Dec. 2021
\u20ac million NOK SEK PLN
Net investment 373.0 253.3 49.0
The following table shows how a 10% weakening or strengthening of the functional currencies
of Group companies against the euro would affect the Group\u2019s equity.
Sensitivity analysis, impact on equity as at 31 Dec. 2022
\u20ac million NOK SEK PLN
Weakening 10% -34.7 -23.9 -6.5
Strengthening 10% 42.4 29.3 7.9
Sensitivity analysis, impact on equity as at 31 Dec. 2021
\u20ac million NOK SEK PLN
Weakening 10% -33.9 -23.0 -4.5
Strengthening 10% 41.4 28.1 5.4
Transaction risks
International purchasing activities and foreign currency denominated financial resources arranged
by the parent to subsidiaries expose the Group to transaction risks relating to several currencies.
The currency-specific transaction risk exposure comprises foreign currency denominated
receivables and liabilities in the balance sheet, forecast foreign currency cash flows, and foreign
subsidiaries\u2019 liabilities and receivables with respect to the parent. The risk is commercially
managed by, for example, transferring exchange rate changes to selling prices, or by replacing
suppliers. The remaining exposures are hedged using foreign currency derivatives. The
subsidiaries report their foreign exchange exposures to the Group Treasury on a monthly basis.
In the main, the subsidiaries hedge their risk exposures with the Group Treasury, which in turn
hedges risk exposures using market transactions within the limits confirmed for each currency.
Intra-Group derivative contracts are allocated to the segments in segment reporting.
As a rule, the Group does not apply hedge accounting in accordance with IFRS 9 to hedge the
transaction risk relating to purchases and sales. In initial measurement, derivative instruments are
recognised at fair value and subsequently in the financial statements, they are remeasured at fair
value. The change in fair value of foreign currency derivatives used for hedging purchases and
sales is recognised in other operating income or expenses.
Insofar as the Group applies hedge accounting to hedge purchases, the valuation of derivatives is
recognised in the revaluation reserve of equity. When a derivative matures, it is treated similarly
to the hedged item.
Group's transaction exposure as at 31 Dec. 2022
\u20ac million USD SEK NOK PLN
Group's transaction risk -1.2 74.9 23.7 11.9
Hedging derivatives 23.4 -56.2 -20.9 -10.7
Open exposure 22.3 18.7 2.8 1.2
Group's transaction exposure as at 31 Dec. 2021
\u20ac million USD SEK NOK PLN
Group's transaction risk -1.7 55.0 59.3 27.3
Hedging derivatives 46.8 -58.0 -56.6 -26.1
Open exposure 45.1 -3.1 2.8 1.2
The Group monitors the transaction risk exposure in respect of existing balances and forecast
cash flows. The table above presents transaction exposure excluding future cash flows. It does
not include the Group\u2019s actual foreign exchange risk after hedging. When forecast amounts are
included in the transaction exposure, the most significant difference to the table is in the USD
exposures. As at 31 December 2022, the exposure with respect to USD was \u20ac-5.2 million.
A sensitivity analysis of the transaction exposure shows the impact on profit or loss of a
+/-10% exchange rate change in intra-Group receivables and liabilities denominated in foreign
currencies and foreign currency derivatives and borrowings used for hedging.
Sensitivity analysis, impact on pre-tax profit
as at 31 Dec. 2022
\u20ac million USD SEK NOK PLN
Change +10 % -2.0 -1.7 -0.3 -0.1
Change -10 % 2.5 2.1 0.3 0.1
Sensitivity analysis, impact on pre-tax profit
as at 31 Dec. 2021
\u20ac million USD SEK NOK PLN
Change +10 % -4.1 0.3 -0.3 -0.1
Change -10 % 5.0 -0.3 0.3 0.1
Liquidity risk Liquidity risk management aims to maintain sufficient liquid assets and credit facilities in order to ensure the ongoing availability of sufficient financial resources for the Group\u2019s operating activities. Liquid assets comprise cash and cash equivalents in the balance sheet, financial assets at amortised cost, and current financial assets at fair value through profit or loss. Changes in these balance sheet items are presented in the consolidated statement of cash flows under change in cash and cash equivalents for cash and cash equivalents, and in cash flow from investing activities for other financial assets. The Group\u2019s liquid assets have mainly been invested in the debt instruments of major Finnish companies, in certificates of deposit and bank deposits operating in Kesko\u2019s market area, in bonds of selected companies and in corporate bond funds. The return on these investments in 2022 was -1.1% (0.6%) and the duration 0.7 years at the end of the financial year. The maximum credit risk is the fair value of these investments on the balance sheet at the balance sheet date. Interest-bearing net debt reconciliation is presented in Note 4.1. Payables to K-retailers consist of two types of interest-bearing liabilities by Kesko to K-retailers: retailers\u2019 prepayments to Kesko and Kesko\u2019s chain rebate liabilities to retailers. Kesko has drawn down two bilateral loans, which combined total \u20ac200 million. The interest margin of these loans accounts for Kesko\u2019s sustainability targets for its carbon footprint and food waste, and in the value chain, emission reduction targets set by Kesko\u2019s direct suppliers of goods and services. At the balance sheet date, the total equivalent of undrawn committed long-term credit facilities was \u20ac300 million (\u20ac300 million). According to the terms and conditions of loan agreements, at change of control, the lenders have the right to terminate the credit facility and loan amounts possibly drawn. According to the terms and conditions of the loan facility, the change of ownership to retailers or an association of retailers does not constitute a change of control. In addition, the Group\u2019s uncommitted financial resources available contained commercial paper programmes denominated in euros totalling an equivalent of \u20ac506 million (\u20ac506 million). 31 Dec. 2022 31 Dec. 2021 \u20ac million < 1 year 1\u20135 years > 5 years Total < 1 year 1\u20135 years > 5 years Total Maturities of financial liabilities and related finance costs Borrowings from financial institutions 0.2 200.6 0.9 201.7 1.6 150.1 0.1 151.8 finance costs 4.5 9.2 0.1 13.9 0.5 1.0 0.0 1.5 Pension loans 12.0 38.6 5.7 56.3 12.0 44.9 11.5 68.3 finance costs 0.8 1.4 0.1 2.2 0.9 2.0 0.2 3.2 Lease liabilities 328.1 1,012.4 579.7 1,920.1 317.8 984.0 626.8 1,928.6 finance costs 61.6 144.2 52.1 257.9 61.7 146.6 54.7 263.0 Payables to K-retailers 82.1 82.1 120.7 120.7 finance costs 0.2 0.2 Other interest-bearing liabilities 158.3 0.0 158.3 25.7 0.0 25.8 finance costs 1.3 1.3 Non-current non-interest-bearing liabilities 1.0 2.6 20.5 24.1 0.7 3.4 20.7 24.8 Current non-interest-bearing liabilities Trade payables 1,499.4 1,499.4 1,332.6 1,332.6 Accrued expenses 442.6 442.6 454.8 454.8 Other non-interest-bearing liabilities 195.5 195.5 186.1 186.1 Financial liabilities in the balance sheet include \u20ac1.2 million (\u20ac3.4 million) in items related to derivatives, of which \u20ac1.2 million will mature within the next 12 months. More information on leases is presented in Note 3.4. 31 Dec. 2022 31 Dec. 2021 \u20ac million < 1 year 1\u20135 years > 5 years Total < 1 year 1\u20135 years > 5 years Total Cash flows of derivatives Payables Foreign currency derivatives 140.9 140.9 202.6 202.6 Interest rate derivatives 1.0 3.0 4.0 1.5 3.7 0.1 5.3 Electricity derivatives 0.6 0.1 0.7 0.2 0.0 0.2 Receivables Foreign currency derivatives 142.8 142.8 203.2 203.2 Interest rate derivatives 3.3 8.2 11.5 0.1 0.2 0.2 Electricity derivatives 29.3 15.5 44.8 7.1 4.3 11.5 Interest rate risk on borrowings and sensitivity analysis Changes in the interest rate level have an impact on the Group\u2019s interest expense. The policy for hedging interest rate risk is aimed at balancing the effects of changes in the interest rate level on profit or loss for different financial periods. The interest rate risk is centrally managed by the Group Treasury, which adjusts the duration by using interest rate derivative contracts. The target duration is three years, which is allowed to vary between one and a half and four years. The actual duration during the financial year was 1.7 (2.1) years on average. The sensitivity analysis for changes in interest rate level in respect of commercial paper liabilities realised during the financial year has used average balance values. At the balance sheet date of 31 December 2022, the effect of variable rate borrowings on the pre-tax profit would have been \u20ac-/+1.1 million (\u20ac-/+1.2 million), if the interest rate level had risen or fallen by 1 percentage point. Pension loans, \u20ac56.3 million in total, have fixed rates, and their effective interest cost was 1.4%. Other borrowings from financial institutions have variable interest rates. At the end of the financial year, the average rate of these borrowings, payables to retailers, and other interest-bearing liabilities was 1.8%. Credit and counterparty risk Financial instruments involve the risk of non-performance by counterparties. Credit risk is managed with agreements with financially sound Finnish and foreign banks, financial institutes and brokers, within the counterparty risks limits set in the treasury policy. Financial assets are also invested in money market funds and the bonds, commercial papers and certificates of deposit issued by conservatively selected companies and banks. The limits are reviewed regularly depending on the market situation. Further information about credit and counterparty risk of trade receivables can be found in Note 3.6. Supply chain financing arrangements The Group has established a supply chain financing scheme with three banks. Trade payables in the consolidated statement of financial position on 31 December 2022 totalled \u20ac1,499.4 million, of which \u20ac399.3 million were liabilities related to open purchase accounts covered by the schemes. In supply chain financing, the supplier utilises the buyer\u2019s credit rating when selling its receivables to a financing institution. Once the buyer approves the purchase accounts, the bank pays them to the supplier without a right of recourse, meaning the supplier has quick access to the cash flows related to trade receivables. The Group does not pay commission to the banks for the supply chain financing, and the payment terms do not materially deviate from the payment terms applied with suppliers. Open purchase accounts covered by the scheme are presented under trade payables on the Group balance sheet. The impact of these trade payables can be seen in cash flow from operating activities as change in working capital. Current interest-bearing receivables and sensitivity analysis The objective is to invest liquidity consisting of financial assets in the money markets using efficient combinations of return and risk. At regular intervals, the Group\u2019s management approves the investment instruments and limits for each counterparty among those analysed by the Group Treasury. The risks and actual returns on investments are monitored regularly. Financial assets at amortised cost \u20ac million 2022 2021 Carrying amount as at 1 January 52.7 31.7 Changes -14.1 21.0 Carrying amount as at 31 December 38.7 52.7 The financial assets at amortised costs include investments in commercial papers, certificates of deposits and other interest rate instruments. In the sensitivity analysis of floating rate receivables, average annual balances of invested assets have been used. The receivables include customer financing receivables, other interest- bearing receivables, and within investments money market funds. The sensitivity of money market funds has been determined based on duration. If the interest rate level had changed by +/-1 percentage point, the effect of these items on the pre-tax profit would have been \u20ac+/- 1.8 million (\u20ac+/-1.8 million). Maturity of non-current receivables Maturity analysis of non-current receivables as at 31 Dec. 2022 \u20ac million 2024 2025 2026 2027 2028- Total Non-interest-bearing non-current receivables 9.8 5.2 4.2 5.9 0.7 25.9 Loans and receivables from associates and joint ventures 3.4 3.4 0.5 1.5 56.0 64.7 Other non-current receivables 0.2 0.0 0.0 0.0 0.0 0.2 Total 13.4 8.6 4.7 7.4 56.7 90.8 The carrying amount of non-interest-bearing non-current receivables equals their fair value. Maturity analysis of non-current receivables as at 31 Dec. 2021 \u20ac million 2023 2024 2025 2026 2027- Total Non-interest-bearing non-current receivables 2.8 0.6 0.2 0.0 0.6 4.2 Loans and receivables from associates and joint ventures 3.4 3.4 3.4 0.5 57.5 68.1 Other non-current receivables 0.0 0.0 0.0 0.0 0.2 0.2 Total 6.2 4.0 3.6 0.5 58.3 72.6 Commodity risks and their sensitivity analysis The Group uses electricity derivatives for the purpose of balancing out energy costs. The electricity price risk is assessed for five-year periods. The changes in the fair values of derivatives hedging the price of electricity supplied during the financial year are recognised within adjustments to purchases. Hedge accounting is applied to contracts hedging future purchases. Hedge accounting is applied in accordance with IFRS 9 to hedge the risk component. The effective portion of the change in the value of derivatives that qualify for hedge accounting is recognised in the revaluation reserve of equity. The change in the revaluation reserve recognised in equity is presented in the statement of comprehensive income under Revaluation of cash flow hedge. Result of cash flow hedging As a result of hedge accounting applied to electricity, an amount of \u20ac34.8 million (\u20ac2.5 million) was removed from equity and included in the income statement as purchase cost adjustment, and \u20ac67.7 million (\u20ac15.4 million) was recognised in equity, respectively. Their combined effect on the revaluation reserve for the year was \u20ac44.2 million (\u20ac11.3 million) before accounting for deferred tax. As at the balance sheet date, a total quantity of 810,336 MWH (1,001,424 MWH) of electricity had been purchased with electricity derivatives and 1,196,839 MWH (1,271,047 MWH) under fixed price purchase agreements. The 1\u201312 month hedging level was 89% (88%), the 13\u201324 month level was 73% (82%), the 25\u201336 month level was 56% (62%), the 37\u201348 month level was 22% (30%), and the 49-59 month level was 19% (19%). The sensitivity analysis of electricity derivatives assumes that derivatives maturing in less than 12 months have an impact on profit. If the market price of electricity derivatives changed by -/+20% from the balance sheet date 31 December 2022, it would contribute \u20ac-/+8.5 million
(\u20ac-/+3.4 million) to the 2022 income statement and \u20ac-/+5.6 million (\u20ac-/+7.0 million) to
equity. The impact has been calculated before taxes.
Derivatives
Fair values of derivative contracts
\u20ac million
31 Dec. 2022
Positive
fair value
(balance sheet
value)
31 Dec. 2022
Negative
fair value
(balance sheet
value)
31 Dec. 2021
Positive
fair value
(balance sheet
value)
31 Dec. 2021
Negative
fair value
(balance sheet
value)
Interest rate derivatives 12.2 -0.1 0.1 -2.2
Foreign currency derivatives 2.4 -0.6 1.7 -1.1
Electricity derivatives 44.8 -0.7 11.5 -0.2
Notional principal amounts of
derivative contracts
\u20ac million 31 Dec. 2022 31 Dec. 2021
Interest rate derivatives 330.0 420.0
Foreign currency derivatives 141.7 204.6
Electricity derivatives 69.7 35.2
The fair values of derivatives are presented as gross amounts. Kesko has entered into netting
arrangements under ISDA contracts with all counterparties engaged in transactions with
derivatives. All of these contracts provide for mutual posting of collateral. The threshold
level for collateral posting had not been exceeded at the balance sheet date. Analysed by
counterparty, derivative financial liabilities could be set off in a total of \u20ac0.5 million.
The maximum credit risk from derivatives is the fair value of the balance sheet at the
reporting date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "Foreign exchange risks Kesko Group conducts business operations in seven countries, in addition to which it makes purchases from numerous countries. In consequence, the Group is exposed to various foreign exchange risks arising from net investments in foreign operations (translation risks) and from assets, liabilities and forecast transactions (transaction risks) denominated in foreign currencies. The Group companies\u2019 financial resources are arranged in their functional currencies. The parent company bears the ensuing foreign exchange risk and hedges the risk exposure using derivatives or borrowings denominated in the relevant foreign currencies. Translation risks The Group is exposed to foreign currency translation risks relating to net investments in subsidiaries outside the euro zone held on the balance sheet. This balance sheet exposure has not been hedged. The hedge can be designated if equity is repatriated, or if a currency is expected to be exposed to a significant devaluation risk. The most significant translation exposures are the Norwegian krone and the Swedish krona. Relative to the Group's volume of operations and the balance sheet total, the foreign currency translation risk is low. Group's translation exposure as at 31 Dec. 2022 \u20ac million NOK SEK PLN Net investment 381.6 263.4 71.0 Group's translation exposure as at 31 Dec. 2021 \u20ac million NOK SEK PLN Net investment 373.0 253.3 49.0 The following table shows how a 10% weakening or strengthening of the functional currencies of Group companies against the euro would affect the Group\u2019s equity. Sensitivity analysis, impact on equity as at 31 Dec. 2022 \u20ac million NOK SEK PLN Weakening 10% -34.7 -23.9 -6.5 Strengthening 10% 42.4 29.3 7.9 Sensitivity analysis, impact on equity as at 31 Dec. 2021 \u20ac million NOK SEK PLN Weakening 10% -33.9 -23.0 -4.5 Strengthening 10% 41.4 28.1 5.4 Transaction risks International purchasing activities and foreign currency denominated financial resources arranged by the parent to subsidiaries expose the Group to transaction risks relating to several currencies. The currency-specific transaction risk exposure comprises foreign currency denominated receivables and liabilities in the balance sheet, forecast foreign currency cash flows, and foreign subsidiaries\u2019 liabilities and receivables with respect to the parent. The risk is commercially managed by, for example, transferring exchange rate changes to selling prices, or by replacing suppliers. The remaining exposures are hedged using foreign currency derivatives. The subsidiaries report their foreign exchange exposures to the Group Treasury on a monthly basis. In the main, the subsidiaries hedge their risk exposures with the Group Treasury, which in turn hedges risk exposures using market transactions within the limits confirmed for each currency. Intra-Group derivative contracts are allocated to the segments in segment reporting. As a rule, the Group does not apply hedge accounting in accordance with IFRS 9 to hedge the transaction risk relating to purchases and sales. In initial measurement, derivative instruments are recognised at fair value and subsequently in the financial statements, they are remeasured at fair value. The change in fair value of foreign currency derivatives used for hedging purchases and sales is recognised in other operating income or expenses. Insofar as the Group applies hedge accounting to hedge purchases, the valuation of derivatives is recognised in the revaluation reserve of equity. When a derivative matures, it is treated similarly to the hedged item. Group's transaction exposure as at 31 Dec. 2022 \u20ac million USD SEK NOK PLN Group's transaction risk -1.2 74.9 23.7 11.9 Hedging derivatives 23.4 -56.2 -20.9 -10.7 Open exposure 22.3 18.7 2.8 1.2 Group's transaction exposure as at 31 Dec. 2021 \u20ac million USD SEK NOK PLN Group's transaction risk -1.7 55.0 59.3 27.3 Hedging derivatives 46.8 -58.0 -56.6 -26.1 Open exposure 45.1 -3.1 2.8 1.2 The Group monitors the transaction risk exposure in respect of existing balances and forecast cash flows. The table above presents transaction exposure excluding future cash flows. It does not include the Group\u2019s actual foreign exchange risk after hedging. When forecast amounts are included in the transaction exposure, the most significant difference to the table is in the USD exposures. As at 31 December 2022, the exposure with respect to USD was \u20ac-5.2 million. A sensitivity analysis of the transaction exposure shows the impact on profit or loss of a +/-10% exchange rate change in intra-Group receivables and liabilities denominated in foreign currencies and foreign currency derivatives and borrowings used for hedging. Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2022 \u20ac million USD SEK NOK PLN Change +10 % -2.0 -1.7 -0.3 -0.1 Change -10 % 2.5 2.1 0.3 0.1 Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2021 \u20ac million USD SEK NOK PLN Change +10 % -4.1 0.3 -0.3 -0.1 Change -10 % 5.0 -0.3 0.3 0.1 Interest rate risk on borrowings and sensitivity analysis Changes in the interest rate level have an impact on the Group\u2019s interest expense. The policy for hedging interest rate risk is aimed at balancing the effects of changes in the interest rate level on profit or loss for different financial periods. The interest rate risk is centrally managed by the Group Treasury, which adjusts the duration by using interest rate derivative contracts. The target duration is three years, which is allowed to vary between one and a half and four years. The actual duration during the financial year was 1.7 (2.1) years on average. The sensitivity analysis for changes in interest rate level in respect of commercial paper liabilities realised during the financial year has used average balance values. At the balance sheet date of 31 December 2022, the effect of variable rate borrowings on the pre-tax profit would have been \u20ac-/+1.1 million (\u20ac-/+1.2 million), if the interest rate level had risen or fallen by 1 percentage point. Pension loans, \u20ac56.3 million in total, have fixed rates, and their effective interest cost was 1.4%. Other borrowings from financial institutions have variable interest rates. At the end of the financial year, the average rate of these borrowings, payables to retailers, and other interest-bearing liabilities was 1.8%. Credit and counterparty risk Financial instruments involve the risk of non-performance by counterparties. Credit risk is managed with agreements with financially sound Finnish and foreign banks, financial institutes and brokers, within the counterparty risks limits set in the treasury policy. Financial assets are also invested in money market funds and the bonds, commercial papers and certificates of deposit issued by conservatively selected companies and banks. The limits are reviewed regularly depending on the market situation. Further information about credit and counterparty risk of trade receivables can be found in Note 3.6. Commodity risks and their sensitivity analysis The Group uses electricity derivatives for the purpose of balancing out energy costs. The electricity price risk is assessed for five-year periods. The changes in the fair values of derivatives hedging the price of electricity supplied during the financial year are recognised within adjustments to purchases. Hedge accounting is applied to contracts hedging future purchases. Hedge accounting is applied in accordance with IFRS 9 to hedge the risk component. The effective portion of the change in the value of derivatives that qualify for hedge accounting is recognised in the revaluation reserve of equity. The change in the revaluation reserve recognised in equity is presented in the statement of comprehensive income under Revaluation of cash flow hedge. Result of cash flow hedging As a result of hedge accounting applied to electricity, an amount of \u20ac34.8 million (\u20ac2.5 million) was removed from equity and included in the income statement as purchase cost adjustment, and \u20ac67.7 million (\u20ac15.4 million) was recognised in equity, respectively. Their combined effect on the revaluation reserve for the year was \u20ac44.2 million (\u20ac11.3 million) before accounting for deferred tax. As at the balance sheet date, a total quantity of 810,336 MWH (1,001,424 MWH) of electricity had been purchased with electricity derivatives and 1,196,839 MWH (1,271,047 MWH) under fixed price purchase agreements. The 1\u201312 month hedging level was 89% (88%), the 13\u201324 month level was 73% (82%), the 25\u201336 month level was 56% (62%), the 37\u201348 month level was 22% (30%), and the 49-59 month level was 19% (19%). The sensitivity analysis of electricity derivatives assumes that derivatives maturing in less than 12 months have an impact on profit. If the market price of electricity derivatives changed by -/+20% from the balance sheet date 31 December 2022, it would contribute \u20ac-/+8.5 million (\u20ac-/+3.4 million) to the 2022 income statement and \u20ac-/+5.6 million (\u20ac-/+7.0 million) to equity. The impact has been calculated before taxes. Derivatives Fair values of derivative contracts \u20ac million 31 Dec. 2022 Positive fair value (balance sheet value) 31 Dec. 2022 Negative fair value (balance sheet value) 31 Dec. 2021 Positive fair value (balance sheet value) 31 Dec. 2021 Negative fair value (balance sheet value) Interest rate derivatives 12.2 -0.1 0.1 -2.2 Foreign currency derivatives 2.4 -0.6 1.7 -1.1 Electricity derivatives 44.8 -0.7 11.5 -0.2 Notional principal amounts of derivative contracts \u20ac million 31 Dec. 2022 31 Dec. 2021 Interest rate derivatives 330.0 420.0 Foreign currency derivatives 141.7 204.6 Electricity derivatives 69.7 35.2 The fair values of derivatives are presented as gross amounts. Kesko has entered into netting arrangements under ISDA contracts with all counterparties engaged in transactions with derivatives. All of these contracts provide for mutual posting of collateral. The threshold level for collateral posting had not been exceeded at the balance sheet date. Analysed by counterparty, derivative financial liabilities could be set off in a total of \u20ac0.5 million. The maximum credit risk from derivatives is the fair value of the balance sheet at the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "Liquidity risk Liquidity risk management aims to maintain sufficient liquid assets and credit facilities in order to ensure the ongoing availability of sufficient financial resources for the Group\u2019s operating activities. Liquid assets comprise cash and cash equivalents in the balance sheet, financial assets at amortised cost, and current financial assets at fair value through profit or loss. Changes in these balance sheet items are presented in the consolidated statement of cash flows under change in cash and cash equivalents for cash and cash equivalents, and in cash flow from investing activities for other financial assets. The Group\u2019s liquid assets have mainly been invested in the debt instruments of major Finnish companies, in certificates of deposit and bank deposits operating in Kesko\u2019s market area, in bonds of selected companies and in corporate bond funds. The return on these investments in 2022 was -1.1% (0.6%) and the duration 0.7 years at the end of the financial year. The maximum credit risk is the fair value of these investments on the balance sheet at the balance sheet date. Interest-bearing net debt reconciliation is presented in Note 4.1. Payables to K-retailers consist of two types of interest-bearing liabilities by Kesko to K-retailers: retailers\u2019 prepayments to Kesko and Kesko\u2019s chain rebate liabilities to retailers. Kesko has drawn down two bilateral loans, which combined total \u20ac200 million. The interest margin of these loans accounts for Kesko\u2019s sustainability targets for its carbon footprint and food waste, and in the value chain, emission reduction targets set by Kesko\u2019s direct suppliers of goods and services. At the balance sheet date, the total equivalent of undrawn committed long-term credit facilities was \u20ac300 million (\u20ac300 million). According to the terms and conditions of loan agreements, at change of control, the lenders have the right to terminate the credit facility and loan amounts possibly drawn. According to the terms and conditions of the loan facility, the change of ownership to retailers or an association of retailers does not constitute a change of control. In addition, the Group\u2019s uncommitted financial resources available contained commercial paper programmes denominated in euros totalling an equivalent of \u20ac506 million (\u20ac506 million). 31 Dec. 2022 31 Dec. 2021 \u20ac million < 1 year 1\u20135 years > 5 years Total < 1 year 1\u20135 years > 5 years Total Maturities of financial liabilities and related finance costs Borrowings from financial institutions 0.2 200.6 0.9 201.7 1.6 150.1 0.1 151.8 finance costs 4.5 9.2 0.1 13.9 0.5 1.0 0.0 1.5 Pension loans 12.0 38.6 5.7 56.3 12.0 44.9 11.5 68.3 finance costs 0.8 1.4 0.1 2.2 0.9 2.0 0.2 3.2 Lease liabilities 328.1 1,012.4 579.7 1,920.1 317.8 984.0 626.8 1,928.6 finance costs 61.6 144.2 52.1 257.9 61.7 146.6 54.7 263.0 Payables to K-retailers 82.1 82.1 120.7 120.7 finance costs 0.2 0.2 Other interest-bearing liabilities 158.3 0.0 158.3 25.7 0.0 25.8 finance costs 1.3 1.3 Non-current non-interest-bearing liabilities 1.0 2.6 20.5 24.1 0.7 3.4 20.7 24.8 Current non-interest-bearing liabilities Trade payables 1,499.4 1,499.4 1,332.6 1,332.6 Accrued expenses 442.6 442.6 454.8 454.8 Other non-interest-bearing liabilities 195.5 195.5 186.1 186.1 Financial liabilities in the balance sheet include \u20ac1.2 million (\u20ac3.4 million) in items related to derivatives, of which \u20ac1.2 million will mature within the next 12 months. More information on leases is presented in Note 3.4. 31 Dec. 2022 31 Dec. 2021
\u20ac million < 1 year 1\u20135 years > 5 years Total < 1 year 1\u20135 years > 5 years Total
Cash flows of derivatives
Payables
Foreign currency derivatives 140.9 140.9 202.6 202.6
Interest rate derivatives 1.0 3.0 4.0 1.5 3.7 0.1 5.3
Electricity derivatives 0.6 0.1 0.7 0.2 0.0 0.2
Receivables
Foreign currency derivatives 142.8 142.8 203.2 203.2
Interest rate derivatives 3.3 8.2 11.5 0.1 0.2 0.2
Electricity derivatives 29.3 15.5 44.8 7.1 4.3 11.5
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "Payables to K-retailers consist of two types of interest-bearing liabilities by Kesko to K-retailers:
retailers\u2019 prepayments to Kesko and Kesko\u2019s chain rebate liabilities to retailers.
Kesko has drawn down two bilateral loans, which combined total \u20ac200 million. The interest margin
of these loans accounts for Kesko\u2019s sustainability targets for its carbon footprint and food waste, and
in the value chain, emission reduction targets set by Kesko\u2019s direct suppliers of goods and services.
At the balance sheet date, the total equivalent of undrawn committed long-term credit facilities
was \u20ac300 million (\u20ac300 million). According to the terms and conditions of loan agreements, at
change of control, the lenders have the right to terminate the credit facility and loan amounts
possibly drawn. According to the terms and conditions of the loan facility, the change of
ownership to retailers or an association of retailers does not constitute a change of control. In
addition, the Group\u2019s uncommitted financial resources available contained commercial paper
programmes denominated in euros totalling an equivalent of \u20ac506 million (\u20ac506 million).
31 Dec. 2022 31 Dec. 2021 \u20ac million < 1 year 1\u20135 years > 5 years Total < 1 year 1\u20135 years > 5 years Total Maturities of financial liabilities and related finance costs Borrowings from financial institutions 0.2 200.6 0.9 201.7 1.6 150.1 0.1 151.8 finance costs 4.5 9.2 0.1 13.9 0.5 1.0 0.0 1.5 Pension loans 12.0 38.6 5.7 56.3 12.0 44.9 11.5 68.3 finance costs 0.8 1.4 0.1 2.2 0.9 2.0 0.2 3.2 Lease liabilities 328.1 1,012.4 579.7 1,920.1 317.8 984.0 626.8 1,928.6 finance costs 61.6 144.2 52.1 257.9 61.7 146.6 54.7 263.0 Payables to K-retailers 82.1 82.1 120.7 120.7 finance costs 0.2 0.2 Other interest-bearing liabilities 158.3 0.0 158.3 25.7 0.0 25.8 finance costs 1.3 1.3 Non-current non-interest-bearing liabilities 1.0 2.6 20.5 24.1 0.7 3.4 20.7 24.8 Current non-interest-bearing liabilities Trade payables 1,499.4 1,499.4 1,332.6 1,332.6 Accrued expenses 442.6 442.6 454.8 454.8 Other non-interest-bearing liabilities 195.5 195.5 186.1 186.1 Interest rate risk on borrowings and sensitivity analysis
Changes in the interest rate level have an impact on the Group\u2019s interest expense. The policy
for hedging interest rate risk is aimed at balancing the effects of changes in the interest rate
level on profit or loss for different financial periods.
The interest rate risk is centrally managed by the Group Treasury, which adjusts the duration
by using interest rate derivative contracts. The target duration is three years, which is allowed
to vary between one and a half and four years. The actual duration during the financial year
was 1.7 (2.1) years on average.
The sensitivity analysis for changes in interest rate level in respect of commercial paper
liabilities realised during the financial year has used average balance values. At the balance
sheet date of 31 December 2022, the effect of variable rate borrowings on the pre-tax profit
would have been \u20ac-/+1.1 million (\u20ac-/+1.2 million), if the interest rate level had risen or fallen
by 1 percentage point.
Pension loans, \u20ac56.3 million in total, have fixed rates, and their effective interest cost was
1.4%. Other borrowings from financial institutions have variable interest rates. At the end
of the financial year, the average rate of these borrowings, payables to retailers, and other
interest-bearing liabilities was 1.8%.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "31 Dec. 2022 31 Dec. 2021 \u20ac million < 1 year 1\u20135 years > 5 years Total < 1 year 1\u20135 years > 5 years Total Maturities of financial liabilities and related finance costs Borrowings from financial institutions 0.2 200.6 0.9 201.7 1.6 150.1 0.1 151.8 finance costs 4.5 9.2 0.1 13.9 0.5 1.0 0.0 1.5 Pension loans 12.0 38.6 5.7 56.3 12.0 44.9 11.5 68.3 finance costs 0.8 1.4 0.1 2.2 0.9 2.0 0.2 3.2 Lease liabilities 328.1 1,012.4 579.7 1,920.1 317.8 984.0 626.8 1,928.6 finance costs 61.6 144.2 52.1 257.9 61.7 146.6 54.7 263.0 Payables to K-retailers 82.1 82.1 120.7 120.7 finance costs 0.2 0.2 Other interest-bearing liabilities 158.3 0.0 158.3 25.7 0.0 25.8 finance costs 1.3 1.3 Non-current non-interest-bearing liabilities 1.0 2.6 20.5 24.1 0.7 3.4 20.7 24.8 Current non-interest-bearing liabilities Trade payables 1,499.4 1,499.4 1,332.6 1,332.6 Accrued expenses 442.6 442.6 454.8 454.8 Other non-interest-bearing liabilities 195.5 195.5 186.1 186.1 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 245.5 245.5 243.4 Non-current lease liabilities 1,592.0 1,592.0 1,592.0 Non-current non-interest-bearing liabilities 24.1 24.1 24.1 Non-current non-interest-bearing liabilities, derivatives Current financial liabilities Current interest-bearing liabilities 252.6 252.6 252.2 Current lease liabilities 328.1 328.1 328.1 Trade payables 1,499.4 1,499.4 1,499.4 Other non-interest-bearing liabilities 636.9 636.9 636.9 Other non-interest-bearing liabilities, derivatives 0.6 0.7 1.2 1.2 1.2 Total financial liabilities 0.6 4,578.7 0.7 4,579.9 4,577.3 1.2 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 206.4 206.4 207.6 Non-current lease liabilities 1,610.7 1,610.7 1,610.7 Non-current non-interest-bearing liabilities 24.8 24.8 24.8 Non-current non-interest-bearing liabilities, derivatives 0.0 0.0 0.0 0.0 Current financial liabilities Current interest-bearing liabilities 160.1 160.1 160.2 Current lease liabilities 317.9 317.9 317.9 Trade payables 1,332.6 1,332.6 1,332.6 Other non-interest-bearing liabilities 637.5 637.5 637.5 Other non-interest-bearing liabilities, derivatives 3.2 0.2 3.4 3.4 3.4 Total financial liabilities 3.2 4,290.0 0.2 4,293.4 4,294.7 3.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "31 Dec. 2022 31 Dec. 2021 \u20ac million < 1 year 1\u20135 years > 5 years Total < 1 year 1\u20135 years > 5 years Total Maturities of financial liabilities and related finance costs Borrowings from financial institutions 0.2 200.6 0.9 201.7 1.6 150.1 0.1 151.8 finance costs 4.5 9.2 0.1 13.9 0.5 1.0 0.0 1.5 Pension loans 12.0 38.6 5.7 56.3 12.0 44.9 11.5 68.3 finance costs 0.8 1.4 0.1 2.2 0.9 2.0 0.2 3.2 Lease liabilities 328.1 1,012.4 579.7 1,920.1 317.8 984.0 626.8 1,928.6 finance costs 61.6 144.2 52.1 257.9 61.7 146.6 54.7 263.0 Payables to K-retailers 82.1 82.1 120.7 120.7 finance costs 0.2 0.2 Other interest-bearing liabilities 158.3 0.0 158.3 25.7 0.0 25.8 finance costs 1.3 1.3 Non-current non-interest-bearing liabilities 1.0 2.6 20.5 24.1 0.7 3.4 20.7 24.8 Current non-interest-bearing liabilities Trade payables 1,499.4 1,499.4 1,332.6 1,332.6 Accrued expenses 442.6 442.6 454.8 454.8 Other non-interest-bearing liabilities 195.5 195.5 186.1 186.1 Financial liabilities in the balance sheet include \u20ac1.2 million (\u20ac3.4 million) in items related to derivatives, of which \u20ac1.2 million will mature within the next 12 months. More information on leases is presented in Note 3.4. Payables to K-retailers consist of two types of interest-bearing liabilities by Kesko to K-retailers: retailers\u2019 prepayments to Kesko and Kesko\u2019s chain rebate liabilities to retailers. Kesko has drawn down two bilateral loans, which combined total \u20ac200 million. The interest margin of these loans accounts for Kesko\u2019s sustainability targets for its carbon footprint and food waste, and in the value chain, emission reduction targets set by Kesko\u2019s direct suppliers of goods and services. At the balance sheet date, the total equivalent of undrawn committed long-term credit facilities was \u20ac300 million (\u20ac300 million). According to the terms and conditions of loan agreements, at change of control, the lenders have the right to terminate the credit facility and loan amounts possibly drawn. According to the terms and conditions of the loan facility, the change of ownership to retailers or an association of retailers does not constitute a change of control. In addition, the Group\u2019s uncommitted financial resources available contained commercial paper programmes denominated in euros totalling an equivalent of \u20ac506 million (\u20ac506 million). Financial liabilities
Financial liabilities have initially been recognised at fair value, net of transaction costs.
In the financial statements, financial liabilities are measured at amortised cost using
the effective interest rate method. Arrangement fees paid on the establishment of loan
facilities and financial liabilities are amortised over the period of the facility to which it
relates. Financial liabilities having maturities of more than 12 months after the balance
sheet date are classified as non-current liabilities. Those maturing within 12 months after
the balance sheet date are classified as current liabilities.
Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 206.4 206.4 207.6 Non-current lease liabilities 1,610.7 1,610.7 1,610.7 Non-current non-interest-bearing liabilities 24.8 24.8 24.8 Non-current non-interest-bearing liabilities, derivatives 0.0 0.0 0.0 0.0 Current financial liabilities Current interest-bearing liabilities 160.1 160.1 160.2 Current lease liabilities 317.9 317.9 317.9 Trade payables 1,332.6 1,332.6 1,332.6 Other non-interest-bearing liabilities 637.5 637.5 637.5 Other non-interest-bearing liabilities, derivatives 3.2 0.2 3.4 3.4 3.4 Total financial liabilities 3.2 4,290.0 0.2 4,293.4 4,294.7 3.4 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 245.5 245.5 243.4 Non-current lease liabilities 1,592.0 1,592.0 1,592.0 Non-current non-interest-bearing liabilities 24.1 24.1 24.1 Non-current non-interest-bearing liabilities, derivatives Current financial liabilities Current interest-bearing liabilities 252.6 252.6 252.2 Current lease liabilities 328.1 328.1 328.1 Trade payables 1,499.4 1,499.4 1,499.4 Other non-interest-bearing liabilities 636.9 636.9 636.9 Other non-interest-bearing liabilities, derivatives 0.6 0.7 1.2 1.2 1.2 Total financial liabilities 0.6 4,578.7 0.7 4,579.9 4,577.3 1.2 The fair values of borrowings have been calculated based on the present value of future cash flows using the 1.9%\u22123.5% market rates of interest of the balance sheet date. The fair value of current interest-bearing liabilities has been estimated to approximately equal their balance sheet value. The maturity structure of non-current borrowings has been presented in Note 4.3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "31 Dec. 2022 31 Dec. 2021 \u20ac million < 1 year 1\u20135 years > 5 years Total < 1 year 1\u20135 years > 5 years Total Cash flows of derivatives Payables Foreign currency derivatives 140.9 140.9 202.6 202.6 Interest rate derivatives 1.0 3.0 4.0 1.5 3.7 0.1 5.3 Electricity derivatives 0.6 0.1 0.7 0.2 0.0 0.2 Receivables Foreign currency derivatives 142.8 142.8 203.2 203.2 Interest rate derivatives 3.3 8.2 11.5 0.1 0.2 0.2 Electricity derivatives 29.3 15.5 44.8 7.1 4.3 11.5 Commodity risks and their sensitivity analysis The Group uses electricity derivatives for the purpose of balancing out energy costs. The electricity price risk is assessed for five-year periods. The changes in the fair values of derivatives hedging the price of electricity supplied during the financial year are recognised within adjustments to purchases. Hedge accounting is applied to contracts hedging future purchases. Hedge accounting is applied in accordance with IFRS 9 to hedge the risk component. The effective portion of the change in the value of derivatives that qualify for hedge accounting is recognised in the revaluation reserve of equity. The change in the revaluation reserve recognised in equity is presented in the statement of comprehensive income under Revaluation of cash flow hedge. Result of cash flow hedging As a result of hedge accounting applied to electricity, an amount of \u20ac34.8 million (\u20ac2.5 million) was removed from equity and included in the income statement as purchase cost adjustment, and \u20ac67.7 million (\u20ac15.4 million) was recognised in equity, respectively. Their combined effect on the revaluation reserve for the year was \u20ac44.2 million (\u20ac11.3 million) before accounting for deferred tax. As at the balance sheet date, a total quantity of 810,336 MWH (1,001,424 MWH) of electricity had been purchased with electricity derivatives and 1,196,839 MWH (1,271,047 MWH) under fixed price purchase agreements. The 1\u201312 month hedging level was 89% (88%), the 13\u201324 month level was 73% (82%), the 25\u201336 month level was 56% (62%), the 37\u201348 month level was 22% (30%), and the 49-59 month level was 19% (19%). The sensitivity analysis of electricity derivatives assumes that derivatives maturing in less than 12 months have an impact on profit. If the market price of electricity derivatives changed by -/+20% from the balance sheet date 31 December 2022, it would contribute \u20ac-/+8.5 million (\u20ac-/+3.4 million) to the 2022 income statement and \u20ac-/+5.6 million (\u20ac-/+7.0 million) to equity. The impact has been calculated before taxes. Derivatives Fair values of derivative contracts \u20ac million 31 Dec. 2022 Positive fair value (balance sheet value) 31 Dec. 2022 Negative fair value (balance sheet value) 31 Dec. 2021 Positive fair value (balance sheet value) 31 Dec. 2021 Negative fair value (balance sheet value) Interest rate derivatives 12.2 -0.1 0.1 -2.2 Foreign currency derivatives 2.4 -0.6 1.7 -1.1 Electricity derivatives 44.8 -0.7 11.5 -0.2 Notional principal amounts of derivative contracts \u20ac million 31 Dec. 2022 31 Dec. 2021 Interest rate derivatives 330.0 420.0 Foreign currency derivatives 141.7 204.6 Electricity derivatives 69.7 35.2 The fair values of derivatives are presented as gross amounts. Kesko has entered into netting arrangements under ISDA contracts with all counterparties engaged in transactions with derivatives. All of these contracts provide for mutual posting of collateral. The threshold level for collateral posting had not been exceeded at the balance sheet date. Analysed by counterparty, derivative financial liabilities could be set off in a total of \u20ac0.5 million. The maximum credit risk from derivatives is the fair value of the balance sheet at the reporting date. Derivative financial instruments and hedge accounting
When derivative contracts are entered into, they are recognised at fair value and in the
financial statements, they are re-measured at their fair value. The recognition of changes
in the fair value of derivatives depends on whether the derivative instrument qualifies for
hedge accounting or not and, if so, on the hedged item. When entered into, derivative
contracts are treated either as fair value hedges of receivables or liabilities, or in the
case of interest rate risk and electricity price risk, as cash flow hedges, as hedges of net
investments in a foreign entity, or as derivative contracts that do not meet the hedge
accounting criteria. If the hedge accounting criteria are not met, the results of instruments
hedging a commercial foreign exchange risk are recognised in profit or loss within other
operating income or expenses. Concerning derivatives hedging financial transactions, the
amount to be recognised in the income statement is included in financial items.
When a hedging arrangement is entered into, the relationship between the hedged item
and the hedging instrument, as well as the objectives of the Group's risk management
are documented. The effectiveness of the hedge relationship is tested regularly and the
effective portion is recognised, according to the nature of the hedged item, against the
change in the fair value of the hedged item, in translation differences in equity, or in the
revaluation reserve. The ineffective portion is recognised, according to its nature, either in
financial items or other operating income and expenses.
Hedge accounting is discontinued when the hedging instrument expires or is sold, or when
the contract is terminated or exercised. Any cumulative gain or loss existing in equity at
that time remains in equity until the forecast transaction has occurred.
Measurement principles
The fair value of forward rate agreements is determined by reference to the market prices
at the balance sheet date. The fair value of interest rate swaps is calculated on the basis
of the present value of future cash flows, using the market prices at the balance sheet
date. The fair value of foreign exchange forward contracts is determined by measuring
the forward contracts at the forward rate at the balance sheet date. Currency options are
measured using the counterparty's price quotation, but the Group also verifies the price by
applying the Black\u2212Scholes method. Electricity derivatives are measured at fair value using
the market quotations at the balance sheet date.
As at 31 December 2022 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 13.2 13.2 13.2 13.2 Non-current receivables 66.0 66.0 66.0 Non-current receivables, derivatives 12.1 12.8 24.9 24.9 24.9 Current financial assets Trade receivables 969.3 969.3 969.3 Other receivables 331.2 331.2 331.2 Other receivables, derivatives 2.4 32.1 34.4 34.4 34.4 Other financial assets 29.9 38.7 68.6 68.6 29.9 Cash and cash equivalents 245.5 245.5 245.5 Total financial assets 57.6 1,650.6 44.8 1,753.1 1,753.1 89.2 13.2 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 245.5 245.5 243.4 Non-current lease liabilities 1,592.0 1,592.0 1,592.0 Non-current non-interest-bearing liabilities 24.1 24.1 24.1 Non-current non-interest-bearing liabilities, derivatives Current financial liabilities Current interest-bearing liabilities 252.6 252.6 252.2 Current lease liabilities 328.1 328.1 328.1 Trade payables 1,499.4 1,499.4 1,499.4 Other non-interest-bearing liabilities 636.9 636.9 636.9 Other non-interest-bearing liabilities, derivatives 0.6 0.7 1.2 1.2 1.2 Total financial liabilities 0.6 4,578.7 0.7 4,579.9 4,577.3 1.2 As at 31 December 2021 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 15.5 15.5 15.5 15.5 Non-current receivables 68.9 68.9 68.9 Non-current receivables, derivatives 3.6 3.6 3.6 3.6 Current financial assets Trade receivables 909.2 909.2 909.2 Other receivables 294.4 294.4 294.4 Other receivables, derivatives 1.7 7.9 9.6 9.6 9.6 Other financial assets 55.2 52.7 107.9 108.0 55.2 Cash and cash equivalents 50.0 229.9 279.8 279.8 50.0 Total financial assets 122.3 1,555.1 11.6 1,689.0 1,689.1 118.4 15.5 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 206.4 206.4 207.6 Non-current lease liabilities 1,610.7 1,610.7 1,610.7 Non-current non-interest-bearing liabilities 24.8 24.8 24.8 Non-current non-interest-bearing liabilities, derivatives 0.0 0.0 0.0 0.0 Current financial liabilities Current interest-bearing liabilities 160.1 160.1 160.2 Current lease liabilities 317.9 317.9 317.9 Trade payables 1,332.6 1,332.6 1,332.6 Other non-interest-bearing liabilities 637.5 637.5 637.5 Other non-interest-bearing liabilities, derivatives 3.2 0.2 3.4 3.4 3.4 Total financial liabilities 3.2 4,290.0 0.2 4,293.4 4,294.7 3.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "Supply chain financing arrangements The Group has established a supply chain financing scheme with three banks. Trade payables in the consolidated statement of financial position on 31 December 2022 totalled \u20ac1,499.4 million, of which \u20ac399.3 million were liabilities related to open purchase accounts covered by the schemes. In supply chain financing, the supplier utilises the buyer\u2019s credit rating when selling its receivables to a financing institution. Once the buyer approves the purchase accounts, the bank pays them to the supplier without a right of recourse, meaning the supplier has quick access to the cash flows related to trade receivables. The Group does not pay commission to the banks for the supply chain financing, and the payment terms do not materially deviate from the payment terms applied with suppliers. Open purchase accounts covered by the scheme are presented under trade payables on the Group balance sheet. The impact of these trade payables can be seen in cash flow from operating activities as change in working capital. Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 206.4 206.4 207.6 Non-current lease liabilities 1,610.7 1,610.7 1,610.7 Non-current non-interest-bearing liabilities 24.8 24.8 24.8 Non-current non-interest-bearing liabilities, derivatives 0.0 0.0 0.0 0.0 Current financial liabilities Current interest-bearing liabilities 160.1 160.1 160.2 Current lease liabilities 317.9 317.9 317.9 Trade payables 1,332.6 1,332.6 1,332.6 Other non-interest-bearing liabilities 637.5 637.5 637.5 Other non-interest-bearing liabilities, derivatives 3.2 0.2 3.4 3.4 3.4 Total financial liabilities 3.2 4,290.0 0.2 4,293.4 4,294.7 3.4 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 245.5 245.5 243.4 Non-current lease liabilities 1,592.0 1,592.0 1,592.0 Non-current non-interest-bearing liabilities 24.1 24.1 24.1 Non-current non-interest-bearing liabilities, derivatives Current financial liabilities Current interest-bearing liabilities 252.6 252.6 252.2 Current lease liabilities 328.1 328.1 328.1 Trade payables 1,499.4 1,499.4 1,499.4 Other non-interest-bearing liabilities 636.9 636.9 636.9 Other non-interest-bearing liabilities, derivatives 0.6 0.7 1.2 1.2 1.2 Total financial liabilities 0.6 4,578.7 0.7 4,579.9 4,577.3 1.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "Derivatives Fair values of derivative contracts \u20ac million 31 Dec. 2022 Positive fair value (balance sheet value) 31 Dec. 2022 Negative fair value (balance sheet value) 31 Dec. 2021 Positive fair value (balance sheet value) 31 Dec. 2021 Negative fair value (balance sheet value) Interest rate derivatives 12.2 -0.1 0.1 -2.2 Foreign currency derivatives 2.4 -0.6 1.7 -1.1 Electricity derivatives 44.8 -0.7 11.5 -0.2 Notional principal amounts of derivative contracts \u20ac million 31 Dec. 2022 31 Dec. 2021 Interest rate derivatives 330.0 420.0 Foreign currency derivatives 141.7 204.6 Electricity derivatives 69.7 35.2 The fair values of derivatives are presented as gross amounts. Kesko has entered into netting arrangements under ISDA contracts with all counterparties engaged in transactions with derivatives. All of these contracts provide for mutual posting of collateral. The threshold level for collateral posting had not been exceeded at the balance sheet date. Analysed by counterparty, derivative financial liabilities could be set off in a total of \u20ac0.5 million. The maximum credit risk from derivatives is the fair value of the balance sheet at the reporting date. Financial assets at fair value Financial assets at fair value in other comprehensive income comprise derivatives that meet the hedge accounting criteria. Financial assets that do not meet the criteria of the other groups are classified as financial assets measured at fair value through profit or loss. Level 1 instruments are traded in active markets and their fair values are directly based on quoted market prices. The fair values of level 2 instruments are derived from market data. The fair value of level 3 instruments is not based on observable market data (inputs not observable). Measurement principles The fair value of forward rate agreements is determined by reference to the market prices at the balance sheet date. The fair value of interest rate swaps is calculated on the basis of the present value of future cash flows, using the market prices at the balance sheet date. The fair value of foreign exchange forward contracts is determined by measuring the forward contracts at the forward rate at the balance sheet date. Currency options are measured using the counterparty's price quotation, but the Group also verifies the price by applying the Black\u2212Scholes method. Electricity derivatives are measured at fair value using the market quotations at the balance sheet date. As at 31 December 2022 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 13.2 13.2 13.2 13.2 Non-current receivables 66.0 66.0 66.0 Non-current receivables, derivatives 12.1 12.8 24.9 24.9 24.9 Current financial assets Trade receivables 969.3 969.3 969.3 Other receivables 331.2 331.2 331.2 Other receivables, derivatives 2.4 32.1 34.4 34.4 34.4 Other financial assets 29.9 38.7 68.6 68.6 29.9 Cash and cash equivalents 245.5 245.5 245.5 Total financial assets 57.6 1,650.6 44.8 1,753.1 1,753.1 89.2 13.2 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 245.5 245.5 243.4 Non-current lease liabilities 1,592.0 1,592.0 1,592.0 Non-current non-interest-bearing liabilities 24.1 24.1 24.1 Non-current non-interest-bearing liabilities, derivatives Current financial liabilities Current interest-bearing liabilities 252.6 252.6 252.2 Current lease liabilities 328.1 328.1 328.1 Trade payables 1,499.4 1,499.4 1,499.4 Other non-interest-bearing liabilities 636.9 636.9 636.9 Other non-interest-bearing liabilities, derivatives 0.6 0.7 1.2 1.2 1.2 Total financial liabilities 0.6 4,578.7 0.7 4,579.9 4,577.3 1.2 As at 31 December 2021 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 15.5 15.5 15.5 15.5 Non-current receivables 68.9 68.9 68.9 Non-current receivables, derivatives 3.6 3.6 3.6 3.6 Current financial assets Trade receivables 909.2 909.2 909.2 Other receivables 294.4 294.4 294.4 Other receivables, derivatives 1.7 7.9 9.6 9.6 9.6 Other financial assets 55.2 52.7 107.9 108.0 55.2 Cash and cash equivalents 50.0 229.9 279.8 279.8 50.0 Total financial assets 122.3 1,555.1 11.6 1,689.0 1,689.1 118.4 15.5 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 206.4 206.4 207.6 Non-current lease liabilities 1,610.7 1,610.7 1,610.7 Non-current non-interest-bearing liabilities 24.8 24.8 24.8 Non-current non-interest-bearing liabilities, derivatives 0.0 0.0 0.0 0.0 Current financial liabilities Current interest-bearing liabilities 160.1 160.1 160.2 Current lease liabilities 317.9 317.9 317.9 Trade payables 1,332.6 1,332.6 1,332.6 Other non-interest-bearing liabilities 637.5 637.5 637.5 Other non-interest-bearing liabilities, derivatives 3.2 0.2 3.4 3.4 3.4 Total financial liabilities 3.2 4,290.0 0.2 4,293.4 4,294.7 3.4 The fair values of borrowings have been calculated based on the present value of future cash flows using the 1.9%\u22123.5% market rates of interest of the balance sheet date. The fair value of current interest-bearing liabilities has been estimated to approximately equal their balance sheet value. The maturity structure of non-current borrowings has been presented in Note 4.3. Changes in level 3 instruments \u20ac million 2022 2021 Private equity funds and other shares and interests as at 1 January 15.5 22.7 Purchases 0.3 0.2 Refunds received -3.1 Gains and losses through profit or loss -0.4 -1.6 Changes in fair value -2.2 -2.7 Private equity funds and other shares and interests as at 31 December 13.2 15.5 Level 3 includes private equity funds and other shares and interests. These investments have been classified as financial assets at fair value through profit or loss. Level 3 financial assets are measured based on computations received from the companies. A loss of \u20ac2.6 million has been recorded on these investments for the financial year 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "Derivatives Fair values of derivative contracts \u20ac million 31 Dec. 2022 Positive fair value (balance sheet value) 31 Dec. 2022 Negative fair value (balance sheet value) 31 Dec. 2021 Positive fair value (balance sheet value) 31 Dec. 2021 Negative fair value (balance sheet value) Interest rate derivatives 12.2 -0.1 0.1 -2.2 Foreign currency derivatives 2.4 -0.6 1.7 -1.1 Electricity derivatives 44.8 -0.7 11.5 -0.2 Notional principal amounts of derivative contracts \u20ac million 31 Dec. 2022 31 Dec. 2021 Interest rate derivatives 330.0 420.0 Foreign currency derivatives 141.7 204.6 Electricity derivatives 69.7 35.2 The fair values of derivatives are presented as gross amounts. Kesko has entered into netting arrangements under ISDA contracts with all counterparties engaged in transactions with derivatives. All of these contracts provide for mutual posting of collateral. The threshold level for collateral posting had not been exceeded at the balance sheet date. Analysed by counterparty, derivative financial liabilities could be set off in a total of \u20ac0.5 million. The maximum credit risk from derivatives is the fair value of the balance sheet at the reporting date. Financial assets at fair value Financial assets at fair value in other comprehensive income comprise derivatives that meet the hedge accounting criteria. Financial assets that do not meet the criteria of the other groups are classified as financial assets measured at fair value through profit or loss. Level 1 instruments are traded in active markets and their fair values are directly based on quoted market prices. The fair values of level 2 instruments are derived from market data. The fair value of level 3 instruments is not based on observable market data (inputs not observable). Measurement principles The fair value of forward rate agreements is determined by reference to the market prices at the balance sheet date. The fair value of interest rate swaps is calculated on the basis of the present value of future cash flows, using the market prices at the balance sheet date. The fair value of foreign exchange forward contracts is determined by measuring the forward contracts at the forward rate at the balance sheet date. Currency options are measured using the counterparty's price quotation, but the Group also verifies the price by applying the Black\u2212Scholes method. Electricity derivatives are measured at fair value using the market quotations at the balance sheet date. As at 31 December 2022 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 13.2 13.2 13.2 13.2 Non-current receivables 66.0 66.0 66.0 Non-current receivables, derivatives 12.1 12.8 24.9 24.9 24.9 Current financial assets Trade receivables 969.3 969.3 969.3 Other receivables 331.2 331.2 331.2 Other receivables, derivatives 2.4 32.1 34.4 34.4 34.4 Other financial assets 29.9 38.7 68.6 68.6 29.9 Cash and cash equivalents 245.5 245.5 245.5 Total financial assets 57.6 1,650.6 44.8 1,753.1 1,753.1 89.2 13.2 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 245.5 245.5 243.4 Non-current lease liabilities 1,592.0 1,592.0 1,592.0 Non-current non-interest-bearing liabilities 24.1 24.1 24.1 Non-current non-interest-bearing liabilities, derivatives Current financial liabilities Current interest-bearing liabilities 252.6 252.6 252.2 Current lease liabilities 328.1 328.1 328.1 Trade payables 1,499.4 1,499.4 1,499.4 Other non-interest-bearing liabilities 636.9 636.9 636.9 Other non-interest-bearing liabilities, derivatives 0.6 0.7 1.2 1.2 1.2 Total financial liabilities 0.6 4,578.7 0.7 4,579.9 4,577.3 1.2 As at 31 December 2021 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 15.5 15.5 15.5 15.5 Non-current receivables 68.9 68.9 68.9 Non-current receivables, derivatives 3.6 3.6 3.6 3.6 Current financial assets Trade receivables 909.2 909.2 909.2 Other receivables 294.4 294.4 294.4 Other receivables, derivatives 1.7 7.9 9.6 9.6 9.6 Other financial assets 55.2 52.7 107.9 108.0 55.2 Cash and cash equivalents 50.0 229.9 279.8 279.8 50.0 Total financial assets 122.3 1,555.1 11.6 1,689.0 1,689.1 118.4 15.5 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 206.4 206.4 207.6 Non-current lease liabilities 1,610.7 1,610.7 1,610.7 Non-current non-interest-bearing liabilities 24.8 24.8 24.8 Non-current non-interest-bearing liabilities, derivatives 0.0 0.0 0.0 0.0 Current financial liabilities Current interest-bearing liabilities 160.1 160.1 160.2 Current lease liabilities 317.9 317.9 317.9 Trade payables 1,332.6 1,332.6 1,332.6 Other non-interest-bearing liabilities 637.5 637.5 637.5 Other non-interest-bearing liabilities, derivatives 3.2 0.2 3.4 3.4 3.4 Total financial liabilities 3.2 4,290.0 0.2 4,293.4 4,294.7 3.4 The fair values of borrowings have been calculated based on the present value of future cash flows using the 1.9%\u22123.5% market rates of interest of the balance sheet date. The fair value of current interest-bearing liabilities has been estimated to approximately equal their balance sheet value. The maturity structure of non-current borrowings has been presented in Note 4.3. Changes in level 3 instruments \u20ac million 2022 2021 Private equity funds and other shares and interests as at 1 January 15.5 22.7 Purchases 0.3 0.2 Refunds received -3.1 Gains and losses through profit or loss -0.4 -1.6 Changes in fair value -2.2 -2.7 Private equity funds and other shares and interests as at 31 December 13.2 15.5 Level 3 includes private equity funds and other shares and interests. These investments have been classified as financial assets at fair value through profit or loss. Level 3 financial assets are measured based on computations received from the companies. A loss of \u20ac2.6 million has been recorded on these investments for the financial year 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "4.4 Finance income and costs \u20ac million 2022 2021 Interest income and other finance income Income on investments at amortised cost 1.0 0.8 Interest income on loans and receivables 9.7 8.5 Income on investments at fair value through profit or loss 1.0 1.6 Other finance income 1.3 1.6 Total interest income and other finance income 13.0 12.5 Interest expense and other finance costs Interest expense on financial liabilities at amortised cost -4.0 -4.8 Losses on investments at amortised cost -2.2 0.1 Losses on investments at fair value through profit or loss -3.5 -4.4 Other finance costs 12.7 0.5 Total interest expense and other finance costs 2.9 -8.6 Interest expense for lease liabilities -68.4 -71.3 Exchange differences Exchange differences and changes in fair values of derivatives, borrowings denominated in foreign currencies not qualifying for hedge accounting, and cash at bank -3.5 -0.8 Total exchange differences -3.5 -0.8 Total finance income and costs -56.0 -68.2 Interest expenses and other finance costs include positive change in fair value of interest rate derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "\u20ac million 2022 2021 Interest income and other finance income Income on investments at amortised cost 1.0 0.8 Interest income on loans and receivables 9.7 8.5 Income on investments at fair value through profit or loss 1.0 1.6 Other finance income 1.3 1.6 Total interest income and other finance income 13.0 12.5 Interest expense and other finance costs Interest expense on financial liabilities at amortised cost -4.0 -4.8 Losses on investments at amortised cost -2.2 0.1 Losses on investments at fair value through profit or loss -3.5 -4.4 Other finance costs 12.7 0.5 Total interest expense and other finance costs 2.9 -8.6 Interest expense for lease liabilities -68.4 -71.3 Exchange differences Exchange differences and changes in fair values of derivatives, borrowings denominated in foreign currencies not qualifying for hedge accounting, and cash at bank -3.5 -0.8 Total exchange differences -3.5 -0.8 Total finance income and costs -56.0 -68.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "\u20ac million 2022 2021 Interest income and other finance income Income on investments at amortised cost 1.0 0.8 Interest income on loans and receivables 9.7 8.5 Income on investments at fair value through profit or loss 1.0 1.6 Other finance income 1.3 1.6 Total interest income and other finance income 13.0 12.5 Interest expense and other finance costs Interest expense on financial liabilities at amortised cost -4.0 -4.8 Losses on investments at amortised cost -2.2 0.1 Losses on investments at fair value through profit or loss -3.5 -4.4 Other finance costs 12.7 0.5 Total interest expense and other finance costs 2.9 -8.6 Interest expense for lease liabilities -68.4 -71.3 Exchange differences Exchange differences and changes in fair values of derivatives, borrowings denominated in foreign currencies not qualifying for hedge accounting, and cash at bank -3.5 -0.8 Total exchange differences -3.5 -0.8 Total finance income and costs -56.0 -68.2 Interest expenses and other finance costs include positive change in fair value of interest rate derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "\u20ac million 2022 2021 Interest income and other finance income Income on investments at amortised cost 1.0 0.8 Interest income on loans and receivables 9.7 8.5 Income on investments at fair value through profit or loss 1.0 1.6 Other finance income 1.3 1.6 Total interest income and other finance income 13.0 12.5 Interest expense and other finance costs Interest expense on financial liabilities at amortised cost -4.0 -4.8 Losses on investments at amortised cost -2.2 0.1 Losses on investments at fair value through profit or loss -3.5 -4.4 Other finance costs 12.7 0.5 Total interest expense and other finance costs 2.9 -8.6 Interest expense for lease liabilities -68.4 -71.3 Exchange differences Exchange differences and changes in fair values of derivatives, borrowings denominated in foreign currencies not qualifying for hedge accounting, and cash at bank -3.5 -0.8 Total exchange differences -3.5 -0.8 Total finance income and costs -56.0 -68.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "\u20ac million 2022 2021 Interest income and other finance income Income on investments at amortised cost 1.0 0.8 Interest income on loans and receivables 9.7 8.5 Income on investments at fair value through profit or loss 1.0 1.6 Other finance income 1.3 1.6 Total interest income and other finance income 13.0 12.5 Interest expense and other finance costs Interest expense on financial liabilities at amortised cost -4.0 -4.8 Losses on investments at amortised cost -2.2 0.1 Losses on investments at fair value through profit or loss -3.5 -4.4 Other finance costs 12.7 0.5 Total interest expense and other finance costs 2.9 -8.6 Interest expense for lease liabilities -68.4 -71.3 Exchange differences Exchange differences and changes in fair values of derivatives, borrowings denominated in foreign currencies not qualifying for hedge accounting, and cash at bank -3.5 -0.8 Total exchange differences -3.5 -0.8 Total finance income and costs -56.0 -68.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "\u20ac million 2022 2021 Interest income and other finance income Income on investments at amortised cost 1.0 0.8 Interest income on loans and receivables 9.7 8.5 Income on investments at fair value through profit or loss 1.0 1.6 Other finance income 1.3 1.6 Total interest income and other finance income 13.0 12.5 Interest expense and other finance costs Interest expense on financial liabilities at amortised cost -4.0 -4.8 Losses on investments at amortised cost -2.2 0.1 Losses on investments at fair value through profit or loss -3.5 -4.4 Other finance costs 12.7 0.5 Total interest expense and other finance costs 2.9 -8.6 Interest expense for lease liabilities -68.4 -71.3 Exchange differences Exchange differences and changes in fair values of derivatives, borrowings denominated in foreign currencies not qualifying for hedge accounting, and cash at bank -3.5 -0.8 Total exchange differences -3.5 -0.8 Total finance income and costs -56.0 -68.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "Cash and cash equivalents Cash and cash equivalents include cash on hand and deposits with banks as well as liquid funds measured at amortised cost which are invested in instruments with maturities of less than three months from acquisition. Investments in money market funds recognised at fair value through profit or loss, for which liquidity is assessed as very good, are also classified as cash and cash equivalents. The cash and cash equivalents in the consolidated balance sheet also include amounts relating to the retail operations of the group companies, used as cash floats in stores, or amounts being transferred to the respective companies. Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 15.5 15.5 15.5 15.5 Non-current receivables 68.9 68.9 68.9 Non-current receivables, derivatives 3.6 3.6 3.6 3.6 Current financial assets Trade receivables 909.2 909.2 909.2 Other receivables 294.4 294.4 294.4 Other receivables, derivatives 1.7 7.9 9.6 9.6 9.6 Other financial assets 55.2 52.7 107.9 108.0 55.2 Cash and cash equivalents 50.0 229.9 279.8 279.8 50.0 Total financial assets 122.3 1,555.1 11.6 1,689.0 1,689.1 118.4 15.5 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 13.2 13.2 13.2 13.2 Non-current receivables 66.0 66.0 66.0 Non-current receivables, derivatives 12.1 12.8 24.9 24.9 24.9 Current financial assets Trade receivables 969.3 969.3 969.3 Other receivables 331.2 331.2 331.2 Other receivables, derivatives 2.4 32.1 34.4 34.4 34.4 Other financial assets 29.9 38.7 68.6 68.6 29.9 Cash and cash equivalents 245.5 245.5 245.5 Total financial assets 57.6 1,650.6 44.8 1,753.1 1,753.1 89.2 13.2 In addition to cash on hand and deposits with banks, cash and cash equivalents include liquid assets measured at amortised cost due in less than three months from acquisition of \u20ac17.0 million (\u20ac32.0 million), and financial assets recognised at fair value through profit or loss of \u20ac0.0 million (\u20ac50.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "Cash and cash equivalents Cash and cash equivalents include cash on hand and deposits with banks as well as liquid funds measured at amortised cost which are invested in instruments with maturities of less than three months from acquisition. Investments in money market funds recognised at fair value through profit or loss, for which liquidity is assessed as very good, are also classified as cash and cash equivalents. The cash and cash equivalents in the consolidated balance sheet also include amounts relating to the retail operations of the group companies, used as cash floats in stores, or amounts being transferred to the respective companies. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "Financial liabilities Financial liabilities have initially been recognised at fair value, net of transaction costs. In the financial statements, financial liabilities are measured at amortised cost using the effective interest rate method. Arrangement fees paid on the establishment of loan facilities and financial liabilities are amortised over the period of the facility to which it relates. Financial liabilities having maturities of more than 12 months after the balance sheet date are classified as non-current liabilities. Those maturing within 12 months after the balance sheet date are classified as current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "Derivative financial instruments and hedge accounting When derivative contracts are entered into, they are recognised at fair value and in the financial statements, they are re-measured at their fair value. The recognition of changes in the fair value of derivatives depends on whether the derivative instrument qualifies for hedge accounting or not and, if so, on the hedged item. When entered into, derivative contracts are treated either as fair value hedges of receivables or liabilities, or in the case of interest rate risk and electricity price risk, as cash flow hedges, as hedges of net investments in a foreign entity, or as derivative contracts that do not meet the hedge accounting criteria. If the hedge accounting criteria are not met, the results of instruments hedging a commercial foreign exchange risk are recognised in profit or loss within other operating income or expenses. Concerning derivatives hedging financial transactions, the amount to be recognised in the income statement is included in financial items. When a hedging arrangement is entered into, the relationship between the hedged item and the hedging instrument, as well as the objectives of the Group's risk management are documented. The effectiveness of the hedge relationship is tested regularly and the effective portion is recognised, according to the nature of the hedged item, against the change in the fair value of the hedged item, in translation differences in equity, or in the revaluation reserve. The ineffective portion is recognised, according to its nature, either in financial items or other operating income and expenses. Hedge accounting is discontinued when the hedging instrument expires or is sold, or when the contract is terminated or exercised. Any cumulative gain or loss existing in equity at that time remains in equity until the forecast transaction has occurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "Derivative financial instruments and hedge accounting When derivative contracts are entered into, they are recognised at fair value and in the financial statements, they are re-measured at their fair value. The recognition of changes in the fair value of derivatives depends on whether the derivative instrument qualifies for hedge accounting or not and, if so, on the hedged item. When entered into, derivative contracts are treated either as fair value hedges of receivables or liabilities, or in the case of interest rate risk and electricity price risk, as cash flow hedges, as hedges of net investments in a foreign entity, or as derivative contracts that do not meet the hedge accounting criteria. If the hedge accounting criteria are not met, the results of instruments hedging a commercial foreign exchange risk are recognised in profit or loss within other operating income or expenses. Concerning derivatives hedging financial transactions, the amount to be recognised in the income statement is included in financial items. When a hedging arrangement is entered into, the relationship between the hedged item and the hedging instrument, as well as the objectives of the Group's risk management are documented. The effectiveness of the hedge relationship is tested regularly and the effective portion is recognised, according to the nature of the hedged item, against the change in the fair value of the hedged item, in translation differences in equity, or in the revaluation reserve. The ineffective portion is recognised, according to its nature, either in financial items or other operating income and expenses. Hedge accounting is discontinued when the hedging instrument expires or is sold, or when the contract is terminated or exercised. Any cumulative gain or loss existing in equity at that time remains in equity until the forecast transaction has occurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "Accounting policies Financial assets The Group classifies financial assets into three groups in accordance with IFRS 9. Financial assets are classified either as instruments measured at amortised cost, or as instruments measured at fair value through profit or loss or in other comprehensive income, depending on the business model targets and cash flows based on agreements. Regular way purchases or sales of financial assets are recognised on settlement date. Financial assets are classified as non-current, if they have a maturity of more than 12 months after the balance sheet date. If financial assets are expected to be settled within 12 months, they are classified as current. Financial assets are derecognised when the rights to receive cash flows from the financial asset have expired or have been transferred from the Group, and when the risks and rewards of ownership have been transferred from the Group. Financial assets at amortised cost and financial assets at fair value are only invested in counterparties deemed creditworthy. The impairment model for expected credit losses in line with the standard requires credit losses to be recognised with a forward-looking approach. As for other financial assets, lacking historical credit losses, counterparty risk is monitored actively and credit losses are recognised if risk is observed. Financial assets at amortised cost Financial assets at amortised cost consist of assets that are to be held to maturity and whose cash flows consist solely of payments of principal and interest. Financial assets at amortised cost also include trade receivables and other receivables. Financial assets at fair value Financial assets at fair value in other comprehensive income comprise derivatives that meet the hedge accounting criteria. Financial assets that do not meet the criteria of the other groups are classified as financial assets measured at fair value through profit or loss. Level 1 instruments are traded in active markets and their fair values are directly based on quoted market prices. The fair values of level 2 instruments are derived from market data. The fair value of level 3 instruments is not based on observable market data (inputs not observable). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "Accounting policies Financial assets The Group classifies financial assets into three groups in accordance with IFRS 9. Financial assets are classified either as instruments measured at amortised cost, or as instruments measured at fair value through profit or loss or in other comprehensive income, depending on the business model targets and cash flows based on agreements. Regular way purchases or sales of financial assets are recognised on settlement date. Financial assets are classified as non-current, if they have a maturity of more than 12 months after the balance sheet date. If financial assets are expected to be settled within 12 months, they are classified as current. Financial assets are derecognised when the rights to receive cash flows from the financial asset have expired or have been transferred from the Group, and when the risks and rewards of ownership have been transferred from the Group. Financial assets at amortised cost and financial assets at fair value are only invested in counterparties deemed creditworthy. The impairment model for expected credit losses in line with the standard requires credit losses to be recognised with a forward-looking approach. As for other financial assets, lacking historical credit losses, counterparty risk is monitored actively and credit losses are recognised if risk is observed. Financial assets at amortised cost Financial assets at amortised cost consist of assets that are to be held to maturity and whose cash flows consist solely of payments of principal and interest. Financial assets at amortised cost also include trade receivables and other receivables. Financial assets at fair value Financial assets at fair value in other comprehensive income comprise derivatives that meet the hedge accounting criteria. Financial assets that do not meet the criteria of the other groups are classified as financial assets measured at fair value through profit or loss. Level 1 instruments are traded in active markets and their fair values are directly based on quoted market prices. The fair values of level 2 instruments are derived from market data. The fair value of level 3 instruments is not based on observable market data (inputs not observable). Cash and cash equivalents Cash and cash equivalents include cash on hand and deposits with banks as well as liquid funds measured at amortised cost which are invested in instruments with maturities of less than three months from acquisition. Investments in money market funds recognised at fair value through profit or loss, for which liquidity is assessed as very good, are also classified as cash and cash equivalents. The cash and cash equivalents in the consolidated balance sheet also include amounts relating to the retail operations of the group companies, used as cash floats in stores, or amounts being transferred to the respective companies. Financial liabilities Financial liabilities have initially been recognised at fair value, net of transaction costs. In the financial statements, financial liabilities are measured at amortised cost using the effective interest rate method. Arrangement fees paid on the establishment of loan facilities and financial liabilities are amortised over the period of the facility to which it relates. Financial liabilities having maturities of more than 12 months after the balance sheet date are classified as non-current liabilities. Those maturing within 12 months after the balance sheet date are classified as current liabilities. Derivative financial instruments and hedge accounting When derivative contracts are entered into, they are recognised at fair value and in the financial statements, they are re-measured at their fair value. The recognition of changes in the fair value of derivatives depends on whether the derivative instrument qualifies for hedge accounting or not and, if so, on the hedged item. When entered into, derivative contracts are treated either as fair value hedges of receivables or liabilities, or in the case of interest rate risk and electricity price risk, as cash flow hedges, as hedges of net investments in a foreign entity, or as derivative contracts that do not meet the hedge accounting criteria. If the hedge accounting criteria are not met, the results of instruments hedging a commercial foreign exchange risk are recognised in profit or loss within other operating income or expenses. Concerning derivatives hedging financial transactions, the amount to be recognised in the income statement is included in financial items. When a hedging arrangement is entered into, the relationship between the hedged item and the hedging instrument, as well as the objectives of the Group's risk management are documented. The effectiveness of the hedge relationship is tested regularly and the effective portion is recognised, according to the nature of the hedged item, against the change in the fair value of the hedged item, in translation differences in equity, or in the revaluation reserve. The ineffective portion is recognised, according to its nature, either in financial items or other operating income and expenses. Hedge accounting is discontinued when the hedging instrument expires or is sold, or when the contract is terminated or exercised. Any cumulative gain or loss existing in equity at that time remains in equity until the forecast transaction has occurred. Measurement principles The fair value of forward rate agreements is determined by reference to the market prices at the balance sheet date. The fair value of interest rate swaps is calculated on the basis of the present value of future cash flows, using the market prices at the balance sheet date. The fair value of foreign exchange forward contracts is determined by measuring the forward contracts at the forward rate at the balance sheet date. Currency options are measured using the counterparty's price quotation, but the Group also verifies the price by applying the Black\u2212Scholes method. Electricity derivatives are measured at fair value using the market quotations at the balance sheet date. Hedging a net investment in foreign operations During the financial year, the Group has not hedged net investments in foreign operations. If a hedge is initiated, the Group applies hedge accounting in accordance with IFRS 9 to hedge foreign currency net investments in foreign operations. Foreign exchange forward contracts or foreign currency borrowings are used as hedging instruments. Spot price changes in foreign exchange forward contracts are recognised in translation differences under equity, and disclosed in other comprehensive income. The premiums of forward contracts are recognised as income under financial items. The exchange difference of foreign currency borrowings is recognised in translation differences under equity. When a foreign operation is partially or wholly disposed of or wound up, cumulative gains or losses from the hedging instruments are recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "Financial assets at fair value Financial assets at fair value in other comprehensive income comprise derivatives that meet the hedge accounting criteria. Financial assets that do not meet the criteria of the other groups are classified as financial assets measured at fair value through profit or loss. Level 1 instruments are traded in active markets and their fair values are directly based on quoted market prices. The fair values of level 2 instruments are derived from market data. The fair value of level 3 instruments is not based on observable market data (inputs not observable). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "Financial assets at fair value Financial assets at fair value in other comprehensive income comprise derivatives that meet the hedge accounting criteria. Financial assets that do not meet the criteria of the other groups are classified as financial assets measured at fair value through profit or loss. Level 1 instruments are traded in active markets and their fair values are directly based on quoted market prices. The fair values of level 2 instruments are derived from market data. The fair value of level 3 instruments is not based on observable market data (inputs not observable). Measurement principles The fair value of forward rate agreements is determined by reference to the market prices at the balance sheet date. The fair value of interest rate swaps is calculated on the basis of the present value of future cash flows, using the market prices at the balance sheet date. The fair value of foreign exchange forward contracts is determined by measuring the forward contracts at the forward rate at the balance sheet date. Currency options are measured using the counterparty's price quotation, but the Group also verifies the price by applying the Black\u2212Scholes method. Electricity derivatives are measured at fair value using the market quotations at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "Financial assets at fair value Financial assets at fair value in other comprehensive income comprise derivatives that meet the hedge accounting criteria. Financial assets that do not meet the criteria of the other groups are classified as financial assets measured at fair value through profit or loss. Level 1 instruments are traded in active markets and their fair values are directly based on quoted market prices. The fair values of level 2 instruments are derived from market data. The fair value of level 3 instruments is not based on observable market data (inputs not observable). As at 31 December 2022 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 13.2 13.2 13.2 13.2 Non-current receivables 66.0 66.0 66.0 Non-current receivables, derivatives 12.1 12.8 24.9 24.9 24.9 Current financial assets Trade receivables 969.3 969.3 969.3 Other receivables 331.2 331.2 331.2 Other receivables, derivatives 2.4 32.1 34.4 34.4 34.4 Other financial assets 29.9 38.7 68.6 68.6 29.9 Cash and cash equivalents 245.5 245.5 245.5 Total financial assets 57.6 1,650.6 44.8 1,753.1 1,753.1 89.2 13.2 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 245.5 245.5 243.4 Non-current lease liabilities 1,592.0 1,592.0 1,592.0 Non-current non-interest-bearing liabilities 24.1 24.1 24.1 Non-current non-interest-bearing liabilities, derivatives Current financial liabilities Current interest-bearing liabilities 252.6 252.6 252.2 Current lease liabilities 328.1 328.1 328.1 Trade payables 1,499.4 1,499.4 1,499.4 Other non-interest-bearing liabilities 636.9 636.9 636.9 Other non-interest-bearing liabilities, derivatives 0.6 0.7 1.2 1.2 1.2 Total financial liabilities 0.6 4,578.7 0.7 4,579.9 4,577.3 1.2 As at 31 December 2021 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial assets Other investments 15.5 15.5 15.5 15.5 Non-current receivables 68.9 68.9 68.9 Non-current receivables, derivatives 3.6 3.6 3.6 3.6 Current financial assets Trade receivables 909.2 909.2 909.2 Other receivables 294.4 294.4 294.4 Other receivables, derivatives 1.7 7.9 9.6 9.6 9.6 Other financial assets 55.2 52.7 107.9 108.0 55.2 Cash and cash equivalents 50.0 229.9 279.8 279.8 50.0 Total financial assets 122.3 1,555.1 11.6 1,689.0 1,689.1 118.4 15.5 Balance, \u20ac million Fair value through profit or loss Amortised cost Fair value through other comprehensive income Carrying amount Fair value Level 1 Level 2 Level 3 Non-current financial liabilities Non-current interest-bearing liabilities 206.4 206.4 207.6 Non-current lease liabilities 1,610.7 1,610.7 1,610.7 Non-current non-interest-bearing liabilities 24.8 24.8 24.8 Non-current non-interest-bearing liabilities, derivatives 0.0 0.0 0.0 0.0 Current financial liabilities Current interest-bearing liabilities 160.1 160.1 160.2 Current lease liabilities 317.9 317.9 317.9 Trade payables 1,332.6 1,332.6 1,332.6 Other non-interest-bearing liabilities 637.5 637.5 637.5 Other non-interest-bearing liabilities, derivatives 3.2 0.2 3.4 3.4 3.4 Total financial liabilities 3.2 4,290.0 0.2 4,293.4 4,294.7 3.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "\u20ac million 2022 2021 Collateral given for own commitments Pledges 9.0 9.0 Mortgages 179.6 179.8 Guarantees 61.6 62.1 Other commitments and contingent liabilities 58.4 57.1 Collateral given for others Guarantees - - Other commitments and contingent liabilities - - The guarantees given do not include guarantees related to the items presented within liabilities in the consolidated statement of financial position or as a lease liability in Note 3.4. Guarantee maturities are \u20ac1.4 million in 2023 and \u20ac60.1 million in 2024\u22122027. Leases not commenced yet but to which the Group is committed at the balance sheet date 31 December 2022 are presented in Note 3.4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "5.2 Related party transactions The Group's related parties include its management (the Board of Directors, President and CEO and the Group Management Board) and the companies controlled by them, their family members and companies controlled by the family members, Kesko\u2019s subsidiaries, associates and joint ventures, and Kesko Pension Fund. The subsidiaries, associates and joint ventures are listed in Note 5.1. The related party transactions disclosed consist of such transactions carried out with related parties that are not eliminated in the consolidated financial statements. Some members of the Kesko Board are K-retailers. The Group companies sell goods and services to companies controlled by them. Goods and services have been sold to and purchased from related parties on normal market terms and conditions and at market prices. Kesko reports Kesko Senukai Group and KS Holding Group, which are part of Kesko\u2019s building and technical trade segment, as joint ventures using the equity method. The associated company consolidated using the equity method, Mercada Oy, owns properties which have been leased for use by the Group. V\u00e4hitt\u00e4iskaupan Takaus Oy and V\u00e4hitt\u00e4iskaupan Tilipalvelu Oy sell their services to Kesko\u2019s and K-retailers\u2019 retail companies. The other associates mainly comprise business property companies. Mutual real estate companies have been consolidated in the financial statements in proportion to their ownership interests. Kesko Pension Fund is a stand-alone legal entity which manages the majority of the pension assets related to the voluntary pensions of the Group\u2019s employees in Finland. At the end of 2022 or 2021, the pension assets did not include Kesko Corporation shares. Properties owned by Pension Fund have been leased to Kesko Group. During the financial years 2022 and 2021, Kesko Group did not pay contributions to Pension Fund. The following transactions were carried out with related parties: Income statement Associates and joint ventures Board and management Pension Fund \u20ac million 2022 2021 2022 2021 2022 2021 Sales of goods 9.9 9.6 88.2 92.0 Sales of services 5.2 5.1 1.0 1.0 0.2 0.3 Purchases of goods -0.6 -1.9 -13.1 -11.5 Purchases of services -0.1 -0.1 0.0 0.0 Other operating income 0.8 0.3 19.1 17.9 0.3 Other operating costs -3.9 -3.6 -0.0 -0.3 -0.2 0.0 Finance income 6.0 6.3 Finance expenses -0.3 -0.0 -0.0 Balance sheet Associates and joint ventures Board and management Pension Fund \u20ac million 2022 2021 2022 2021 2022 2021 Current receivables 25.8 4.9 7.2 8.2 0.0 3.8 Non-current receivables 64.7 68.1 Current liabilities 10.1 4.7 2.3 2.5 4.8 13.8 Items related to leases Associates and joint ventures Board and management Pension Fund \u20ac million 2022 2021 2022 2021 2022 2021 Cash flow from leases -35.9 -35.1 -1.8 -6.2 -8.3 Lease liabilities 231.9 243.0 41.7 48.5 At the balance sheet date, receivables arisen from Kesko's sales to companies controlled by the Board members were \u20ac7.2 million (\u20ac8.2 million). The receivables are collateralised by a commercial credit granted by V\u00e4hitt\u00e4iskaupan Takaus Oy, a Kesko associate, with the maximum amount always limited to the maximum realisable value of the counter security from the K-retailer company and entrepreneur to V\u00e4hitt\u00e4iskaupan Takaus. At the end of the financial year, the counter security was valued at \u20ac12.0 million (\u20ac16.0 million). Non-current receivables from associates and joint ventures contain the shareholder loan granted to Mercada Oy and the financing loans granted to UAB Kesko Senukai Lithuania. Current receivables contain \u20ac3.4 million of the current portion of these loans. Other current liabilities include, for example, chain rebate payables to companies controlled by the Kesko Board members. Chain rebates are paid retrospectively based on criteria related to the amount of actual annual purchases and the quality of operations. During the financial year 2022, Kesko Pension Fund paid in total \u20ac42.9 million in return of surplus assets to Finnish Group companies. The return of surplus assets included the property of K-Citymarket Turtola in Tampere, \u20ac40.3 million. The ownership of the property was transferred to Kesko Corporation. During the financial year 2021 Kesko Pension Fund paid in total \u20ac38.6 million in return of surplus assets to Finnish Group companies. The Group joint ventures UAB Kesko Senukai Lithuania and UAB KS Holding decided to distribute in total \u20ac33.0 million as dividends to Kesko Group companies in the 2022 financial year. Management's employee benefits The top management comprises the Board of Directors and the Group Management Board. The compensation paid to them for their employee services consists of the following items: Monetary salaries, fees, fringe benefits and share-based compensation \u20ac1,000 2022 2021 Mikko Helander President and CEO 4,866.4 4,381.8 Group Management Board other members 9,801.4 8,714.4 Esa Kiiskinen Board Chair 117.0 119.9 Jannica Fagerholm Board member 75.6 78.4 Peter Fagern\u00e4s Board Deputy Chair 71.4 74.9 Piia Karhu Board member 57.1 59.5 Jussi Per\u00e4l\u00e4 Board member (starting 12 April 2021) 54.1 54.1 Toni Pokela Board member 54.1 56.1 Timo Ritakallio Board member (starting 12 April 2021) 58.9 57.7 Matti Kyyts\u00f6nen Board member (until 12 April 2021) - 4.5 Matti Naumanen Board member (until 12 April 2021) - 2.0 Total 15,156.0 13,603.3 Approximately 30% of the annual fees for Board members was paid in shares in the Company and the remaining fee amount was paid in cash. The members of the Board of Directors were granted 4,918 Kesko Corporation B shares in 2022. Retirement benefits The statutory pension provision for the President and CEO and other members of the Group Management Board is provided through a pension insurance company. Three Group Management Board members are provided with a supplementary pension based on a defined benefit plan in line with the rules of Kesko Pension Fund and personal service contracts. Four Group Management Board members are provided with a defined contribution supplementary pension. President and CEO Mikko Helander's old-age pension based on a defined benefit plan accrues until 30 June 2023. The amount of the defined benefit based old-age pension is 60% of the pensionable earnings for the final 10 years in accordance with the Employees' Pensions Act (TyEL). The President and CEO's supplementary pension will be based on a defined contribution plan as of 1 July 2023. The cost of the defined benefit supplementary pension for the period, calculated on an accrual basis, was \u20ac1.3 million (\u20ac1.2 million) and the related pension asset in the balance sheet was \u20ac0.9 million (\u20ac3.0 million). The pension cost of the President and CEO's statutory pension provision was \u20ac0.3 million (\u20ac0.3 million). Share awards During the 2022 reporting period, members of the Group Management Board were granted 371,397 shares based on the PSP 2020\u20132023 plan, while the maximum number of shares to be granted was 421,150. The number of shares represents gross earnings, from which withholding tax is deducted. During the 2021 reporting period, members of the Group Management Board were granted 319,622 shares based on the PSP 2019\u20132022 plan. The number of shares represents gross earnings, from which withholding tax is deducted. Termination benefits If the service contract of the President and CEO or some other Group Management Board member is terminated by the Company, he/she is entitled to a monetary salary and fringe benefits for the period of notice and a separate non-recurring termination compensation determined on the basis of the executive's monetary salary and fringe benefits for the month of notice. The termination compensation is not part of the executive's salary and it is not included in the determination of the salary for the period of notice, termination compensation or, in case of retirement, pensionable salary. If an executive resigns, he/she is only entitled to a salary for the period of notice and fringe benefits. When a service relationship terminates due to retirement, the executive is paid a pension based on his/her service contract without other compensations. Shareholdings At 31 December 2022, the President and CEO held 5,000 Kesko Corporation A shares and 385,786 Kesko Corporation B shares, which represented 0.10% of the total number of shares and 0.03% of votes carried by all shares of the Company. At 31 December 2022, the Group Management Board, including the President and CEO, held 7,824 Kesko Corporation A shares and 993,933 Kesko Corporation B shares, which represented 0.25% of the total number of shares and 0.07% of votes carried by all shares of the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "The top management comprises the Board of Directors and the Group Management Board. The compensation paid to them for their employee services consists of the following items: Monetary salaries, fees, fringe benefits and share-based compensation \u20ac1,000 2022 2021 Mikko Helander President and CEO 4,866.4 4,381.8 Group Management Board other members 9,801.4 8,714.4 Esa Kiiskinen Board Chair 117.0 119.9 Jannica Fagerholm Board member 75.6 78.4 Peter Fagern\u00e4s Board Deputy Chair 71.4 74.9 Piia Karhu Board member 57.1 59.5 Jussi Per\u00e4l\u00e4 Board member (starting 12 April 2021) 54.1 54.1 Toni Pokela Board member 54.1 56.1 Timo Ritakallio Board member (starting 12 April 2021) 58.9 57.7 Matti Kyyts\u00f6nen Board member (until 12 April 2021) - 4.5 Matti Naumanen Board member (until 12 April 2021) - 2.0 Total 15,156.0 13,603.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "Share awards During the 2022 reporting period, members of the Group Management Board were granted 371,397 shares based on the PSP 2020\u20132023 plan, while the maximum number of shares to be granted was 421,150. The number of shares represents gross earnings, from which withholding tax is deducted. During the 2021 reporting period, members of the Group Management Board were granted 319,622 shares based on the PSP 2019\u20132022 plan. The number of shares represents gross earnings, from which withholding tax is deducted. 5.3 Share-based compensation Accounting policies The costs relating to share-based payments are recorded in the income statement and the corresponding liability for share-based payments settled in cash is recognised in the balance sheet. The liability in the balance sheet is measured at fair value at each balance sheet date. For equity-settled share-based payment transactions, an increase corresponding to the expensed amount is recorded in equity. The Company's Board of Directors has granted a share-based compensation plan to management under which an award consisting of B series shares and an amount in cash is paid upon fulfilling the plan\u2019s terms. The fair value of the award paid in shares is the value of the share at the grant date and it is recognised as an expense on a straight-line basis over the vesting and commitment period of the plan. The expensed amount is based on the Group's estimate of the amount of award payable in shares at the end of the vesting period. The effects of non-market conditions are not included in the fair value of the awards. Instead, they are accounted for in the assumptions of the number of shares expected to vest at the end of the vesting period. A cash component is paid to cover the taxes and tax- like charges incurred under the award. The cash component is recognised as an expense during the vesting period. Changes in estimates are recorded in the income statement. As of 1.1.2018 cash-settled share-based payments for which the employer shall deduct, on behalf of the employee, from the share award such number of shares which covers taxes and tax-like charges paid in cash, shall be classified in their entirety as equity-settled share- based payments. Share-based commitment and incentive scheme The purpose of the share-based compensation schemes is to promote Kesko's business and increase the Company's value by aligning the objectives of the shareholders and executives. The schemes also aim to commit the grantees to Kesko Group and give them the opportunity to receive Company shares upon fulfilling the objectives set in the share-based compensation plan. The impact of the share-based compensation plans on the Group's profit for 2022 was \u20ac-10.6 million (\u20ac-9.6 million). As at 31 December 2022, the amount to be recognised as expense for the financial years 2023\u22122025 is estimated at a total of \u20ac11.2 million. The actual amount may differ from the estimate. The performance Share Plan (PSP) PSP plan is a share-award plan that consists of individual annually commencing share plans, each with a two-year performance period and a two-year commitment period following the payment of the potential share award. Kesko's Board decides annually whether to initiate a new plan. During the commitment period, the shares cannot be pledged or transferred, but the other rights attached to the shares remain in force. If a person's employment or service relationship terminates prior to the expiry of a commitment period, the person must, as a rule, return the shares under transfer restriction to Kesko or its designate for no consideration. The number of shares granted based on the share-based compensation plan represents gross earnings, from which the applicable withholding tax is deducted and the remaining net amount is paid to the participants in shares. Kesko Group's tax free sales (%), Kesko Group's comparable return on capital employed (ROCE,%) and the absolute total shareholder return (TSR, %) of a Kesko B share are the performance criteria for the PSPs initiated during 2019\u2013 2021. In addition, the target measuring Kesko's sustainability, is included as the performance criteria for the PSP plan initiated in 2022. Assumptions for share award calculations PSP 2022\u20132023 PSP 2021\u20132022 PSP 2020\u20132021 PSP 2019\u20132020 Grant dates 2.2.2022 2.2.2021 4.2.2020 20.3.2019 Grant date fair value of share award, \u20ac 27.71 21.01 14.85 13.11 Share price at grant date, \u20ac 28.77 21.76 15.48 13.70 Shares transferred in 2024 2023 2022 2021 Number of share awards granted, maximum, pcs* 500,285 646,970 842,850 1,220,600 Changes in the number of shares granted, pcs -20,550 -87,500 -116,200 -129,600 Actual amount of share award, pcs* 655,729 726,168 Number of plan participants at end of financial year 59 52 46 103 Share price at balance sheet date, \u20ac 20.62 29.34 21.04 15.77 Assumed fulfilment of performance criteria, % 69.0 84.5 90.0 71.6 Estimated number of share awards returned prior to the end of commitment period, % 2.5 2.5 2.5 2.5 *Gross number of shares from which the applicable withholding tax is deducted and the remaining net amount is paid in shares. The performance-based share award plan Key Personnel Share Plan (KPSP) and Restricted Share Pool (RSP) KPSP plan consists of individual annually commencing share plans, each with a one-year performance period and a two-year commitment period. Kesko's Board decides annually whether to initiate a new plan. The number of shares granted based on the share-based compensation plan represents gross earnings, from which the applicable withholding tax is deducted and the remaining net amount is paid to the participants in shares. The performance criteria for the KPSP comprise indicators related to Kesko's profitability and the profitability, growth and capital efficiency of the participant's area of responsibility, and Kesko's share performance. RSP is a secondary share plan for special situations, to be decided upon separately. The plan consists of annually commencing individual share plans that each have a three-year commitment period, after which the potentially promised share awards for an individual plan will be paid to the participants, provided that their employment or service relationship with Kesko Group continues until the payment of the awards. The number of shares granted based on the share-based compensation plan represents gross earnings, from which the applicable withholding tax is deducted and the remaining net amount is paid to the participants in shares. Assumptions for share award calculations KPSP and RSP 2022 KPSP and RSP 2021 KPSP and RSP 2020 RSP 2019\u20132020 Grant dates 2.2.2022 2.2.2021 4.2.2020 20.3.2019 Grant date fair value of share award, \u20ac 27.71 21.01 14.85 13.11 Share price at grant date, \u20ac 28.77 21.76 15.48 13.70 Shares transferred in 2025 2024 2023 2022 Number of share awards granted, maximum, pcs* 215,155 256,769 291,700 34,800 Changes in the number of shares granted, pcs -13,365 -14,936 -50,966 -6,000 Actual amount of share award, pcs* 192,950 209,320 28,800 Number of plan participants at end of financial year 150 135 85 13 Share price at balance sheet date, \u20ac 20.62 29.34 21.04 15.77 Assumed fulfilment of performance criteria, % 55.0 89.3 82.0 71.6 Estimated number of share awards returned prior to the end of commitment period, % 2.5 2.5 2.5 2.5 *Gross number of shares from which the applicable withholding tax is deducted and the remaining net amount is paid in shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "Accounting policies The costs relating to share-based payments are recorded in the income statement and the corresponding liability for share-based payments settled in cash is recognised in the balance sheet. The liability in the balance sheet is measured at fair value at each balance sheet date. For equity-settled share-based payment transactions, an increase corresponding to the expensed amount is recorded in equity. The Company's Board of Directors has granted a share-based compensation plan to management under which an award consisting of B series shares and an amount in cash is paid upon fulfilling the plan\u2019s terms. The fair value of the award paid in shares is the value of the share at the grant date and it is recognised as an expense on a straight-line basis over the vesting and commitment period of the plan. The expensed amount is based on the Group's estimate of the amount of award payable in shares at the end of the vesting period. The effects of non-market conditions are not included in the fair value of the awards. Instead, they are accounted for in the assumptions of the number of shares expected to vest at the end of the vesting period. A cash component is paid to cover the taxes and tax- like charges incurred under the award. The cash component is recognised as an expense during the vesting period. Changes in estimates are recorded in the income statement. As of 1.1.2018 cash-settled share-based payments for which the employer shall deduct, on behalf of the employee, from the share award such number of shares which covers taxes and tax-like charges paid in cash, shall be classified in their entirety as equity-settled share- based payments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "5.5 Events after the balance sheet date Kesko announced on 30 January 2023 that it would acquire Elektroskandia Norge AS, a company operating in technical wholesale in Norway, from Rexel Group. The acquisition will strengthen Onninen\u2019s position in technical trade in Norway. Elektroskandia Norge AS\u2019s net sales in 2022 totalled some \u20ac250 million and the company has 270 employees, 13 sales points, and a highly automated distribution centre. The completion of the acquisition is subject to the approval of the local competition authority.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "5.4 Legal disputes and possible legal proceedings Group companies act as plaintiffs, defendants or parties to certain legal proceedings, disputes or investigations related to the Group\u2019s business operations. Although according to Kesko\u2019s management's estimate, the outcome of pending disputes and legal and authority proceedings is unlikely to have any material impact on the Group's financial position, the outcome of disputes and legal and authority proceedings is difficult to predict. Investigation by the Finnish Competition and Consumer Authority regarding Onninen Oy \u2013 The Finnish Competition and Consumer Authority has been investigating Kesko Group company Onninen\u2019s suspected violation of competition law for almost 10 years, and finally decided on 8 September 2022 to take the matter to the Market Court. The investigation has concerned a wide range of companies operating in the HPAC infra plastic pipe product market in Finland. The FCCA proposes a penalty payment of \u20ac16 million for Onninen for the alleged infringement. The suspected violation concerns almost in its entirety a period of time before Kesko acquired the capital stock of Onninen from Onvest Oy on 1 June 2016. Consequences resulting to Onninen from the investigation were addressed in the acquisition terms and conditions. Onninen denies the FCCA claims of suspected violation of competition law as unfounded. Kesko is not suspected of participation in the alleged infringement. Legal proceedings concerning UAB Kesko Senukai Lithuania \u2013 Kesko has disclosed, for example in its financial statements for 2021, that it was party to two legal proceedings concerning the shareholder agreement of Kesko\u2019s joint venture UAB Kesko Senukai Lithuania and the disagreements concerning the management and development of the company and its subsidiary. The other parties to these legal proceedings have included, for example, the minority shareholders of UAB Kesko Senukai Lithuania. Both legal proceedings have ended, and final judgements have been given. The minority shareholders have brought a claim to the District Court of Helsinki to annul and reverse the arbitral award given in one of the legal proceedings. Minority shareholders have also initiated a new arbitration proceeding against Kesko regarding the company\u2019s shareholder agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700OX6HSVMCAHPB95",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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}
}