| Group's | Parent's | ||
| ownership | ownership | ||
Owned by the parent | Domicile | interest, % | interest, % |
Ankkuri-Energia Oy | Helsinki, Finland | 100.00 | 100.00 |
Asunto Oy Kirkkonummen V\u00e4steruddintie 33 | Kirkkonummi, Finland | 100.00 | 100.00 |
Asunto Oy Porvoon Taiteilija | Porvoo, 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 |
JK-Kiinteist\u00f6t Oy | Hyvink\u00e4\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 |
Kiinteist\u00f6osakeyhti\u00f6 Varkauden Kauppakatu 29 | Varkaus, Finland | 52.29 | 52.29 |
Kiinteist\u00f6 Oy Espoontori | Espoo, Finland | 66.60 | 66.60 |
Kiinteist\u00f6 Oy Espoon Asemakuja 2 | Espoo, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Espoon Asematori | Espoo, Finland | 54.10 | 54.10 |
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 |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by the parent | Domicile | interest, % | interest, % |
Kiinteist\u00f6 Oy Hyvink\u00e4\u00e4n Onnela | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Kittil\u00e4n S\u00e4\u00e4st\u00f6kulma | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Kuopion Tulliportinkatu 33 | Kuopio, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Lappeenrannan Oksasenkatu 4 | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Mariannen Liiketila | 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 |
Kiinteist\u00f6 Oy Sarviniitynkatu 4 | Kerava, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Sunan Hallitalo | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Tarkkaiikka | Oulu, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Voisalmen Liiketalo | Helsinki, Finland | 100.00 | 100.00 |
Klintcenter Ab | Mariehamn, \u00c5land | 100.00 | 100.00 |
Kompass Invest Oy | Kemi\u00f6nsaari, Finland | 100.00 | 100.00 |
K-Market Oy | Helsinki, Finland | 100.00 | 100.00 |
Koskelan Ostokeskus Oy | Oulu, Finland | 58.64 | 29.32 |
ML 84 Dormant Oy | Helsinki, Finland | 100.00 | 100.00 |
Onninen Oy | Helsinki, Finland | 100.00 | 100.00 |
Rake Eiendom AS | Oppeg\u00e5rd, Norway | 100.00 | 100.00 |
Reinin Liha Oy | Helsinki, Finland | 100.00 | 100.00 |
Tampereen L\u00e4nsikeskus Oy | Tampere, Finland | 100.00 | 100.00 |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by other Group companies | Domicile | interest, % | interest, % |
Arn Eiendom AS | Vefsn, Norway | 100.00 | |
Djurbergs J\u00e4rnhandel Aktiebolag | \u00d6stersund, Sweden | 100.00 | |
Elektroskandia Norge AS | Langhus, Norway | 100.00 | |
Espoontorin Pys\u00e4k\u00f6intitalo Oy | Espoo, Finland | 68.80 | |
Geitanger Bygg AS | Bergen, Norway | 100.00 | |
Hasti-Ari AS | Oppeg\u00e5rd, Norway | 100.00 | |
| V\u00e4stra Fr\u00f6lunda, | |||
| H\u00f6gsbo Tr\u00e4 Aktiebolag | 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 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 | |
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-Bygg Bergslagen AB | Sollentuna, Sweden | 100.00 | |
K-Bygg F\u00f6rs\u00e4ljning AB | Segeltorp, Sweden | 100.00 | |
K-Bygg Sverige AB | \u00d6stersund, 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 SIA | Riga, Latvia | 100.00 | |
Onninen Sp. z o.o. | Warsaw, Poland | 100.00 | |
Onninen UAB | Vilnius, Lithuania | 100.00 |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by other Group companies | Domicile | interest, % | interest, % |
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 | |
| Skedsmokorset, | |||
| S\u00f8rb\u00f8 AS | 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 | |
Zenitec Sweden AB | H\u00e4stvdeda, Sweden | 100.00 | |
\u00d6vik L\u00e5steknik AB | \u00d6rnsk\u00f6ldsvik, Sweden | 100.00 |
Summary of financials of significant joint ventures, \u20ac million | 31 Dec. 2023 | 31 Dec. 2022 |
Current assets | 413.9 | 427.4 |
Non-current assets | 426.8 | 422.1 |
Current liabilities | 301.0 | 285.8 |
Non-current liabilities | 292.9 | 296.2 |
| The above-mentioned balance sheet items contain the following | ||
| items: | ||
Cash and cash equivalents | 69.7 | 72.8 |
Current interest-bearing liabilities | 47.1 | 39.8 |
Non-current interest-bearing liabilities | 292.8 | 296.1 |
| 1 Jan.\u201331 Dec. | 1 Jan.\u201331 Dec. | |
| 2023 | 2022 | |
Net sales | 1,174.9 | 1,224.3 |
Net profit attributable to owners of the parent | 37.9 | 47.1 |
Comprehensive income for the year attributable to owners of the parent | 34.3 | 48.2 |
Group share of profit for the year | 19.0 | 23.5 |
Share of result of the joint venture consolidated in the consolidated financial statements | 19.0 | 23.5 |
| Share of other comprehensive income of the joint venture | ||
consolidated in the consolidated financial statements | 17.1 | 24.1 |
The above-mentioned income statement items contain the following items: | ||
Depreciation, amortisation and impairment | -53.9 | -49.3 |
Interest income | 1.1 | 0.6 |
Interest expense | -11.9 | -12.3 |
Income tax | -4.7 | -7.9 |
Dividends and repayment of capital received from joint ventures | -21.7 | -33.0 |
| Reconciliation for balance sheet value of joint ventures, | ||
\u20ac million | 2023 | 2022 |
Net assets of joint ventures | 246.7 | 267.6 |
Minority interest in net assets | 22.0 | 34.0 |
Group interest in net assets | 112.6 | 117.2 |
Goodwill | 19.2 | 19.2 |
Fair value allocations | 15.0 | 15.0 |
Balance sheet value of joint ventures | 146.8 | 151.3 |
Summary of financials of a significant associate, \u20ac million | 2023 | 2022 |
Current assets | 22.1 | 27.7 |
Non-current assets | 506.7 | 516.3 |
Current liabilities | 11.1 | 11.4 |
Non-current liabilities | 477.6 | 488.5 |
Equity attributable to equity holders of the parent | 40.1 | 44.1 |
Net sales | 51.8 | 48.7 |
Net profit for the year | -4.1 | 10.5 |
Comprehensive income for the year, total | -4.2 | 9.6 |
| Reconciliation for balance sheet value of an associate, | ||
\u20ac million | 2023 | 2022 |
Net assets of the associate | 40.1 | 44.1 |
Group interest in net assets | 13.4 | 14.7 |
Balance sheet value of the associate | 13.4 | 14.7 |
Summary of financials of other associates, \u20ac million | 2023 | 2022 |
Group share of profit for the year | 2.8 | -3.5 |
Group share of comprehensive income for the year | 2.8 | -3.5 |
| Balance sheet value of associates in the consolidated statement | ||
of financial position | 72.7 | 65.9 |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by the parent | Domicile | interest, % | 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 |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by other Group companies | Domicile | interest, % | interest, % |
EDISON Data AS | Oslo, Norway | 40.00 | |
Proffsenteret AS | Ringerike, Norway | 34.11 | |
KS Holding UAB | Vilnius, Lithuania | 50.01 |
Summary of financials of a significant associate, \u20ac million | 2023 | 2022 |
Current assets | 22.1 | 27.7 |
Non-current assets | 506.7 | 516.3 |
Current liabilities | 11.1 | 11.4 |
Non-current liabilities | 477.6 | 488.5 |
Equity attributable to equity holders of the parent | 40.1 | 44.1 |
Net sales | 51.8 | 48.7 |
Net profit for the year | -4.1 | 10.5 |
Comprehensive income for the year, total | -4.2 | 9.6 |
| Reconciliation for balance sheet value of an associate, | ||
\u20ac million | 2023 | 2022 |
Net assets of the associate | 40.1 | 44.1 |
Group interest in net assets | 13.4 | 14.7 |
Balance sheet value of the associate | 13.4 | 14.7 |
Summary of financials of other associates, \u20ac million | 2023 | 2022 |
Group share of profit for the year | 2.8 | -3.5 |
Group share of comprehensive income for the year | 2.8 | -3.5 |
| Balance sheet value of associates in the consolidated statement | ||
of financial position | 72.7 | 65.9 |
Summary of financials of significant joint ventures, \u20ac million | 31 Dec. 2023 | 31 Dec. 2022 |
Current assets | 413.9 | 427.4 |
Non-current assets | 426.8 | 422.1 |
Current liabilities | 301.0 | 285.8 |
Non-current liabilities | 292.9 | 296.2 |
| The above-mentioned balance sheet items contain the following | ||
| items: | ||
Cash and cash equivalents | 69.7 | 72.8 |
Current interest-bearing liabilities | 47.1 | 39.8 |
Non-current interest-bearing liabilities | 292.8 | 296.1 |
| 1 Jan.\u201331 Dec. | 1 Jan.\u201331 Dec. | |
| 2023 | 2022 | |
Net sales | 1,174.9 | 1,224.3 |
Net profit attributable to owners of the parent | 37.9 | 47.1 |
Comprehensive income for the year attributable to owners of the parent | 34.3 | 48.2 |
Group share of profit for the year | 19.0 | 23.5 |
Share of result of the joint venture consolidated in the consolidated financial statements | 19.0 | 23.5 |
| Share of other comprehensive income of the joint venture | ||
consolidated in the consolidated financial statements | 17.1 | 24.1 |
The above-mentioned income statement items contain the following items: | ||
Depreciation, amortisation and impairment | -53.9 | -49.3 |
Interest income | 1.1 | 0.6 |
Interest expense | -11.9 | -12.3 |
Income tax | -4.7 | -7.9 |
Dividends and repayment of capital received from joint ventures | -21.7 | -33.0 |
| Reconciliation for balance sheet value of joint ventures, | ||
\u20ac million | 2023 | 2022 |
Net assets of joint ventures | 246.7 | 267.6 |
Minority interest in net assets | 22.0 | 34.0 |
Group interest in net assets | 112.6 | 117.2 |
Goodwill | 19.2 | 19.2 |
Fair value allocations | 15.0 | 15.0 |
Balance sheet value of joint ventures | 146.8 | 151.3 |
\u20ac million | 2023 | 2022 |
Net sales | -0.2 | -0.0 |
Other operating income | 1.4 | 16.1 |
Material and services | -1.0 | 1.2 |
Other operating expenses | -1.7 | -11.1 |
Total | -1.4 | 6.1 |
\u20ac million | 2023 | 2022 |
| Interest income and other finance income | ||
Income on investments at amortised cost | 0.6 | 1.0 |
Interest income on loans and receivables | 13.4 | 9.7 |
Income on investments at fair value through profit or loss | 0.6 | 1.0 |
Other finance income | 2.4 | 1.3 |
Total interest income and other finance income | 16.9 | 13.0 |
| Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -24.9 | -4.0 |
Losses on investments at amortised cost | 1.2 | -2.2 |
Losses on investments at fair value through profit or loss | -0.3 | -3.5 |
Other finance costs | -2.2 | 12.7 |
Total interest expense and other finance costs | -26.3 | 2.9 |
Interest expense for lease liabilities | -73.4 | -68.4 |
| 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 | -1.1 | -3.5 |
Total exchange differences | -1.1 | -3.5 |
Total finance income and costs | -83.9 | -56.0 |
| Profit | |||||
| Building and | |||||
\u20ac million | Grocery trade | technical trade | Car trade | Common functions | Total |
Division net sales | 6,351.6 | 4,193.2 | 1,262.3 | -0.0 | 11,807.1 |
of which intersegment sales | -16.5 | 0.9 | -7.4 | -0.3 | -23.3 |
Net sales from external customers | 6,335.1 | 4,194.1 | 1,254.9 | -0.3 | 11,783.8 |
Change in net sales in local currency excluding acquisitions and disposals, % | 3.7 | -10.5 | 13.9 | - | -0.8 |
Change in net sales, % | 3.7 | -8.7 | 12.2 | - | -0.2 |
Other division income | 803.6 | 135.8 | 29.3 | 10.6 | 979.3 |
of which intersegment income | -0.4 | -1.8 | 0.1 | -2.0 | -4.1 |
Other operating income from external customers | 803.2 | 133.9 | 29.4 | 8.7 | 975.2 |
Depreciation and amortisation | -93.6 | -30.8 | -28.6 | -31.0 | -184.0 |
Depreciation and impairment charges for right-of-use assets | -232.0 | -91.9 | -22.8 | -6.4 | -353.2 |
Share of result of joint ventures | 19.0 | 19.0 | |||
Operating profit | 443.6 | 201.9 | 82.4 | -32.6 | 695.4 |
Items affecting comparability | -1.3 | -10.5 | -0.1 | -4.8 | -16.7 |
Comparable operating profit | 444.8 | 212.5 | 82.6 | -27.8 | 712.0 |
Finance income and costs | -83.9 | ||||
Share of result of associates | 2.1 | ||||
Profit before tax | 613.5 |
| Assets and liabilities | ||||||
| Building | ||||||
| and | ||||||
| Grocery | technical | Common | Elimina- | |||
| \u20ac million | trade | trade | Car trade | functions | tions | Total |
| Property, plant, equipment | ||||||
and intangible assets | 1,534.9 | 1,035.5 | 265.7 | 96.4 | -1.8 | 2,930.7 |
Right-of-use assets | 1,233.1 | 441.4 | 81.1 | 61.2 | 1,816.9 | |
| Interests in associates | ||||||
| and joint ventures | ||||||
and other investments | 5.5 | 155.7 | 0.1 | 86.2 | -0.6 | 246.8 |
Pension assets | 18.6 | 4.9 | 56.0 | 79.6 | ||
Inventories | 271.9 | 578.2 | 233.8 | 1,083.9 | ||
Trade receivables | 389.8 | 509.9 | 71.2 | 2.1 | -2.5 | 970.5 |
| Other non-interest-bearing | ||||||
receivables | 80.3 | 189.2 | 28.1 | 35.9 | -15.6 | 318.0 |
Interest-bearing receivables | 1.7 | 0.0 | 65.3 | 66.9 | ||
Assets included in capital employed | 3,535.9 | 2,914.9 | 680.0 | 403.1 | -20.6 | 7,513.3 |
| Unallocated items | ||||||
Deferred tax assets | 13.7 | |||||
Other financial assets | 15.4 | |||||
Cash and cash equivalents | 211.9 | |||||
Total assets | 3,535.9 | 2,914.9 | 680.0 | 403.1 | -20.6 | 7,754.3 |
| Building | ||||||
| and | ||||||
| Grocery | technical | Common | Elimina- | |||
| \u20ac million | trade | trade | Car trade | functions | tions | Total |
Trade payables | 620.4 | 717.7 | 55.4 | 26.5 | -1.7 | 1,418.3 |
| Other non-interest-bearing | ||||||
liabilities | 295.0 | 242.2 | 96.6 | 47.3 | -16.6 | 664.5 |
Provisions | 0.2 | 5.2 | 13.2 | 0.4 | 18.9 | |
Liabilities included in capital employed | 915.5 | 965.0 | 165.2 | 74.2 | -18.3 | 2,101.7 |
| Unallocated items | ||||||
Interest-bearing liabilities | 789.2 | |||||
Lease liabilities | 1,997.9 | |||||
| Other non-interest-bearing | ||||||
liabilities | 36.3 | |||||
Deferred tax liabilities | 70.9 | |||||
Total liabilities | 915.5 | 965.0 | 165.2 | 74.2 | -18.3 | 4,995.9 |
| Total capital employed | ||||||
as at 31 December | 2,620.4 | 1,949.8 | 514.7 | 329.0 | -2.3 | 5,411.6 |
Average capital employed | 2,555.4 | 1,865.1 | 523.6 | 371.5 | -2.3 | 5,313.3 |
| Return on capital | ||||||
employed, %, comparable | 17.4 | 11.4 | 15.8 | 13.4 | ||
| Number of personnel | ||||||
as at 31 December | 8,184 | 6,934 | 1,641 | 943 | 17,702 | |
Average number of personnel converted into full-time employees | 6,257 | 6,073 | 1,531 | 905 | 14,766 |
| Profit | |||||
| Building and | |||||
\u20ac million | Grocery trade | technical trade | Car trade | Common functions | Total |
Division net sales | 6,124.7 | 4,591.1 | 1,124.8 | -0.0 | 11,840.6 |
of which intersegment sales | -23.3 | -0.6 | -7.5 | -0.3 | -31.6 |
Net sales from external customers | 6,101.4 | 4,590.6 | 1,117.3 | -0.3 | 11,809.0 |
Change in net sales in local currency excluding acquisitions and disposals, % | 3.6 | 9.7 | -9.2 | - | 4.4 |
Change in net sales, % | 3.6 | 10.0 | -9.6 | - | 4.5 |
Other division income | 789.0 | 153.0 | 35.9 | 28.8 | 1,006.6 |
of which intersegment income | -0.1 | -2.9 | -0.2 | -4.6 | -7.9 |
Other operating income from external customers | 788.9 | 150.1 | 35.6 | 24.1 | 998.7 |
Depreciation and amortisation | -84.4 | -27.8 | -27.2 | -29.7 | -169.0 |
Depreciation and impairment charges for right-of-use assets | -213.7 | -80.7 | -21.8 | -5.9 | -322.1 |
Share of result of joint ventures | 23.5 | 23.5 | |||
Operating profit | 461.5 | 324.8 | 63.9 | -33.6 | 816.5 |
Items affecting comparability | 1.1 | 0.9 | -0.4 | -0.1 | 1.5 |
Comparable operating profit | 460.4 | 323.8 | 64.3 | -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 | ||||||
| Building | ||||||
| and | ||||||
| Grocery | technical | Common | Elimina- | |||
| \u20ac million | trade | trade | Car trade | functions | tions | Total |
| Property, plant, equipment | ||||||
and intangible assets | 1,333.6 | 842.2 | 245.3 | 105.1 | -1.6 | 2,524.6 |
Right-of-use assets | 1,189.3 | 402.9 | 83.2 | 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 | 611.7 | 233.4 | 1,115.4 | ||
Trade receivables | 369.2 | 517.7 | 84.5 | 2.9 | -5.1 | 969.3 |
| Other non-interest-bearing | ||||||
receivables | 121.6 | 223.9 | 22.8 | 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 | 2,763.3 | 669.4 | 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 | 2,763.3 | 669.4 | 456.7 | -40.3 | 7,474.0 |
| Building | ||||||
| and | ||||||
| Grocery | technical | Common | Elimina- | |||
| \u20ac million | trade | trade | Car trade | functions | tions | Total |
Trade payables | 596.7 | 794.1 | 79.0 | 32.3 | -2.6 | 1,499.4 |
| Other non-interest-bearing | ||||||
liabilities | 294.7 | 278.3 | 97.7 | 55.8 | -35.4 | 691.1 |
Provisions | 0.8 | 2.2 | 19.1 | 0.2 | 22.2 | |
Liabilities included in capital employed | 892.2 | 1,074.5 | 195.8 | 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 | 1,074.5 | 195.8 | 88.3 | -38.1 | 4,731.8 |
| Total capital employed | ||||||
as at 31 December | 2,416.5 | 1,688.8 | 473.6 | 368.4 | -2.2 | 4,945.0 |
Average capital employed | 2,353.6 | 1,693.5 | 438.2 | 328.9 | -2.2 | 4,811.9 |
| Return on capital | ||||||
employed, %, comparable | 19.6 | 19.1 | 14.7 | 16.9 | ||
| Number of personnel | ||||||
as at 31 December | 8,316 | 6,863 | 1,661 | 1,001 | 17,841 | |
Average number of personnel converted into full-time employees | 6,288 | 5,871 | 1,519 | 955 | 14,633 |
| Items affecting comparability \u20ac million | ||
\u20ac million | 2023 | 2022 |
Gains on disposal | +0,4 | +0,0 |
Losses on disposal | -1.0 | -0.1 |
Structural arrangements | -16.1 | +1,6 |
Items in operating profit affecting comparability, total | -16.7 | +1,5 |
| Reconciliation of alternative performance measures to IFRS financial statements | ||
\u20ac million | 2023 | 2022 |
| Operating profit, comparable | ||
Operating profit | 695.4 | 816.5 |
Net of Items in operating profit affecting comparability | -16.7 | 1.5 |
Operating profit, comparable | 712.0 | 815.1 |
| Return on capital employed, comparable, % | ||
Operating profit, comparable | 712.0 | 815.1 |
Capital employed, average | 5,313.3 | 4,811.9 |
Return on capital employed, comparable, % | 13.4 | 16.9 |
| Comparable change in net sales | ||
Net sales, building and technical trade | 4,193.2 | 4,591.1 |
Foreign exchange effects | 172.4 | |
Effect of acquisitions and divestments | -258.5 | |
Change in net sales, comparable, % | -10.5 | 9.7 |
Net sales, Group | 11,783.8 | 11,809.0 |
Foreign exchange effects | 172.4 | |
Effect of acquisitions and divestments | -258.5 | -5.3 |
Change in net sales, comparable, % | -0.8 | 4.4 |
| 2023 | Other | |||||
\u20ac million | Finland | Nordic countries | Baltic countries | Others | Eliminations | Total |
Net sales | 9,714.0 | 1,612.5 | 129.1 | 336.9 | -8.7 | 11,783.8 |
Assets included in capital employed | 5,733.1 | 1,417.5 | 211.3 | 151.4 | 7,513.3 | |
Average number of personnel converted into full-time employees | 10,314 | 3,167 | 357 | 927 | 14,766 |
| 2022 | Other | |||||
\u20ac million | Finland | 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 converted into full-time employees | 10,372 | 3,036 | 337 | 888 | 14,633 |
\u20ac million | 2023 | 2022 |
Material and services | -9,814.8 | -10,088.5 |
External services | -220.2 | -216.0 |
Total | -10,035.0 | -10,304.5 |
\u20ac million | 2023 | 2022 |
Salaries and fees | -629.8 | -626.0 |
Social security costs | -58.4 | -58.8 |
| Pension costs | ||
Defined benefit plans | -1.2 | -4.1 |
Defined contribution plans | -89.2 | -86.2 |
Share-based payment | -8.1 | -10.6 |
Total | -786.6 | -785.8 |
\u20ac million | 2023 | 2022 |
Marketing costs | -208.5 | -210.2 |
Property and store site maintenance expenses | -185.1 | -181.5 |
ICT expenses | -111.9 | -117.6 |
Lease payments in the income statement | -7.7 | -7.4 |
| Losses on disposal of property, plant, equipment | ||
and intangible assets | -1.1 | -0.4 |
Realised losses on derivative contracts and changes in fair value | -1.7 | -11.1 |
Other operating expenses | -135.8 | -142.0 |
Total | -651.8 | -670.2 |
\u20ac million | 2023 | 2022 |
Audit | -1.2 | -1.2 |
Tax consultation | -0.0 | -0.0 |
Other services | -0.2 | -0.1 |
Total | -1.4 | -1.3 |
\u20ac million | 2023 | 2022 |
Income from services | 780.3 | 773.7 |
Lease income | 46.1 | 44.0 |
| Gains on disposal of property, plant, equipment | ||
and intangible assets | 1.6 | 0.7 |
Gains on disposal of businesses | - | 0.0 |
Realised gains on derivative contracts and changes in fair value | 1.4 | 16.1 |
Others | 145.9 | 164.3 |
Total | 975.2 | 998.7 |
\u20ac million | 2023 | 2022 |
Marketing costs | -208.5 | -210.2 |
Property and store site maintenance expenses | -185.1 | -181.5 |
ICT expenses | -111.9 | -117.6 |
Lease payments in the income statement | -7.7 | -7.4 |
| Losses on disposal of property, plant, equipment | ||
and intangible assets | -1.1 | -0.4 |
Realised losses on derivative contracts and changes in fair value | -1.7 | -11.1 |
Other operating expenses | -135.8 | -142.0 |
Total | -651.8 | -670.2 |
\u20ac million | 2023 | 2022 |
Income from services | 780.3 | 773.7 |
Lease income | 46.1 | 44.0 |
| Gains on disposal of property, plant, equipment | ||
and intangible assets | 1.6 | 0.7 |
Gains on disposal of businesses | - | 0.0 |
Realised gains on derivative contracts and changes in fair value | 1.4 | 16.1 |
Others | 145.9 | 164.3 |
Total | 975.2 | 998.7 |
\u20ac million | 2023 | 2022 |
Salaries and fees | -629.8 | -626.0 |
Social security costs | -58.4 | -58.8 |
| Pension costs | ||
Defined benefit plans | -1.2 | -4.1 |
Defined contribution plans | -89.2 | -86.2 |
Share-based payment | -8.1 | -10.6 |
Total | -786.6 | -785.8 |
\u20ac million | 2023 | 2022 |
Present value of defined benefit obligation | -241.0 | -225.2 |
Fair value of plan assets | 320.3 | 312.1 |
Net assets recognised in the balance sheet | 79.6 | 86.9 |
| Movement in the net assets recognised in the balance sheet | ||
As at 1 January | 86.9 | 94.7 |
Income/cost recognised in the income statement | -1.2 | -4.1 |
Remeasurement | -6.8 | 38.3 |
Return of surplus assets | 0.0 | -42.9 |
Contributions to plan and plan costs | 0.3 | 1.0 |
As at 31 December | 79.6 | 86.9 |
| Present value of | |||
| defined benefit | Fair value of | ||
| \u20ac million | obligation | plan assets | Total |
As at 1 January 2023 | -225.2 | 312.1 | 86.9 |
Current service cost | -2.3 | -2.3 | |
Gains or losses on settlement | -1.5 | -1.5 | |
Interest cost/income | -7.7 | 10.9 | 3.2 |
Plan costs | -0.5 | -0.5 | |
-11.6 | 10.4 | -1.2 | |
| Remeasurement | |||
Return on plan assets | 11.4 | 11.4 | |
| Gain/loss from changes in financial | |||
assumptions | -15.1 | -15.1 | |
Experience gains/losses | -3.2 | -3.2 | |
-18.3 | 11.4 | -6.8 | |
Contributions to plan | 0.3 | 0.3 | |
Benefit payments | 14.0 | -14.0 | - |
As at 31 December 2023 | -241.0 | 320.3 | 79.6 |
| Present value of | |||
| defined benefit | Fair value of | ||
| \u20ac million | obligation | 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 and plan costs | 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 | Quoted | Unquoted | Total |
| Europe | |||
Equity instruments | 28.5 | 28.5 | |
Debt instruments | 57.4 | 3.2 | 60.6 |
Investment funds | 72.9 | 15.9 | 88.8 |
Properties | 85.5 | 85.5 | |
| United States | |||
Investment funds | 51.2 | 51.2 | |
| Other countries | |||
Investment funds | 16.9 | 16.9 | |
Total | 198.5 | 133.1 | 331.6 |
\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 |
\u20ac million | 2023 | 2022 |
Kesko Corporation shares included in fair value | - | - |
Properties leased by Kesko Group included in fair value | 85.5 | 86.9 |
2023 | 2022 | |
Discount rate | 3.02% | 3.56% |
Salary growth rate | 2.96% | 2.97% |
Inflation | 2.48% | 2.49% |
Pension growth rate | 2.67% | 2.68% |
Average service expectancy, years | 5 | 5 |
2023 | 2022 | |
Weighted average duration of pension obligations, years | 12 | 12 |
Expected maturity analysis of undiscounted pension obligations, \u20ac million | ||
Less than 1 year | 15.4 | 15.4 |
Between 1\u221210 years | 121.4 | 120.5 |
Between 10\u221220 years | 109.2 | 110.2 |
Between 20\u221230 years | 75.6 | 76.9 |
Over 30 years | 55.5 | 59.4 |
Total | 377.0 | 382.3 |
| Impact on | Impact on | ||
| defined benefit | defined benefit | ||
| Change in | obligation, | obligation, | |
| Actuarial assumption | assumption | increase | decrease |
| 2023 | |||
Discount rate | 0.50% | -5.87% | 6.52% |
Salary growth rate | 0.50% | 0.74% | -0.56% |
Pension growth rate | 0.50% | 5.60% | -5.10% |
| 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% |
| Monetary salaries, fees, fringe benefits | |||
| and share-based compensation | |||
\u20ac1,000 | 2023 | 2022 | |
Mikko Helander | President and CEO | 3,370.1 | 4,866.4 |
| Group Management | |||
Board | other members | 8,232.9 | 9,801.4 |
Esa Kiiskinen | Board Chairman | 114.6 | 117.0 |
Peter Fagern\u00e4s | Board Deputy Chairman | 70.2 | 71.4 |
Jannica Fagerholm | Board member | 74.4 | 75.6 |
Piia Karhu | Board member | 55.9 | 57.1 |
Jussi Per\u00e4l\u00e4 | Board member | 52.9 | 54.1 |
Toni Pokela | Board member | 52.9 | 54.1 |
Timo Ritakallio | Board member | 57.7 | 58.9 |
Total | 12,081.6 | 15,156.0 |
2023 | 2022 | |
Grocery trade | 6,257 | 6,288 |
Building and technical trade | 6,073 | 5,871 |
Car trade | 1,531 | 1,519 |
Common functions | 905 | 955 |
Total, Group | 14,766 | 14,633 |
\u20ac million | 2023 | 2022 |
Marketing costs | -208.5 | -210.2 |
Property and store site maintenance expenses | -185.1 | -181.5 |
ICT expenses | -111.9 | -117.6 |
Lease payments in the income statement | -7.7 | -7.4 |
| Losses on disposal of property, plant, equipment | ||
and intangible assets | -1.1 | -0.4 |
Realised losses on derivative contracts and changes in fair value | -1.7 | -11.1 |
Other operating expenses | -135.8 | -142.0 |
Total | -651.8 | -670.2 |
\u20ac million | 2023 | 2022 |
Audit | -1.2 | -1.2 |
Tax consultation | -0.0 | -0.0 |
Other services | -0.2 | -0.1 |
Total | -1.4 | -1.3 |
\u20ac million | 2023 | 2022 |
Current tax | -113.9 | -141.5 |
Tax for prior years | -0.5 | -0.9 |
Change in deferred taxes | -3.6 | -8.8 |
Total | -118.0 | -151.2 |
\u20ac million | 2023 | 2022 |
Profit before tax | 613.5 | 761.1 |
Tax at parent's rate 20.0% | -122.7 | -152.2 |
Effect of foreign subsidiaries' different tax rates | -3.5 | -2.8 |
Effect of tax-free income | 0.4 | 0.3 |
Effect of expenses not deductible for tax purposes | -2.0 | -1.2 |
Effect of unrecognised deferred tax assets | -0.6 | 0.1 |
| Effect of consolidation of share of result of associates and joint | ||
ventures | 4.2 | 4.8 |
Tax for prior years | -0.5 | -0.9 |
Adjustment and revaluation of deferred tax for previous years | 7.0 | 0.6 |
Others | -0.3 | 0.1 |
Tax charge | -118.0 | -151.2 |
Effective tax rate | 19.2% | 19.9% |
\u20ac million | 2023 | 2022 |
Deferred tax assets | 13.7 | 2.2 |
Deferred tax liabilities | 70.9 | 63.2 |
Total | -57.2 | -61.0 |
| Income | Tax | |||||
| state- | charged/ | Exchange | ||||
| 1 Jan. | ment | credited | differ- | Other | 31 Dec. | |
| \u20ac million | 2023 | charge | to equity | ences | changes | 2023 |
| Deferred tax assets | ||||||
Leases | 37.1 | -0.1 | - | -0.1 | - | 36.8 |
Provisions | 8.9 | -1.6 | - | -0.1 | -0.1 | 7.1 |
| Defined benefit pension | ||||||
plans | 0.0 | 0.4 | - | - | - | 0.5 |
Tax loss carry-forwards | 0.1 | 9.9 | - | 0.3 | 0.1 | 10.5 |
| Other temporary | ||||||
differences | 12.9 | 1.7 | 0.3 | 0.0 | 0.4 | 15.3 |
Total | 59.0 | 10.3 | 0.3 | 0.2 | 0.4 | 70.2 |
| Deferred tax liabilities | ||||||
Difference between accounting depreciation | ||||||
and tax depreciation | 62.0 | 8.0 | - | - | 0.0 | 70.0 |
Fair value allocation | 28.1 | 1.5 | - | -0.7 | 2.8 | 31.7 |
| Defined benefit pension | ||||||
plans | 17.2 | -0.0 | -1.4 | - | - | 15.8 |
| Other temporary | ||||||
differences | 12.8 | 4.5 | -7.5 | -0.0 | 0.1 | 9.9 |
Total | 120.0 | 13.9 | -8.8 | -0.7 | 2.9 | 127.3 |
| Net deferred tax asset (+)/ | ||||||
liability (-) | -61.0 | -57.2 |
| Income | Tax | |||||
| state- | charged/ | Exchange | ||||
| 1 Jan. | ment | credited | differ- | Other | 31 Dec. | |
| \u20ac million | 2022 | charge | to equity | ences | changes | 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 | -36.8 | -61.0 |
| 2023 | Tax | 2022 | Tax | |||
| Before | charge/ | After | Before | charge/ | After | |
| \u20ac million | tax | credit | tax | tax | credit | tax |
| Items that will not be reclassified | ||||||
| subsequently to profit or loss | ||||||
Actuarial gains and losses | -6.9 | 1.4 | -5.5 | 38.2 | -7.6 | 30.6 |
| Items that may be reclassified | ||||||
| subsequently to profit or loss | ||||||
| Currency translation differences | ||||||
relating to a foreign operation | -19.5 | -19.5 | -41.9 | -41.9 | ||
| Share of other comprehensive income | ||||||
of associates and joint ventures | -1.8 | -1.8 | -0.5 | -0.5 | ||
Cash flow hedge revaluation | -38.8 | 7.8 | -31.0 | 32.8 | -6.6 | 26.2 |
Total | -67.0 | 9.1 | -57.9 | 28.6 | -14.2 | 14.3 |
\u20ac million | 2024 | 2025 | 2026 | 2027 | 2028 | 2029\u2013 | Total |
- | - | - | - | - | 149.2 | 149.2 |
\u20ac million | 2023 | 2022 |
Deferred tax assets | 13.7 | 2.2 |
Deferred tax liabilities | 70.9 | 63.2 |
Total | -57.2 | -61.0 |
| Income | Tax | |||||
| state- | charged/ | Exchange | ||||
| 1 Jan. | ment | credited | differ- | Other | 31 Dec. | |
| \u20ac million | 2023 | charge | to equity | ences | changes | 2023 |
| Deferred tax assets | ||||||
Leases | 37.1 | -0.1 | - | -0.1 | - | 36.8 |
Provisions | 8.9 | -1.6 | - | -0.1 | -0.1 | 7.1 |
| Defined benefit pension | ||||||
plans | 0.0 | 0.4 | - | - | - | 0.5 |
Tax loss carry-forwards | 0.1 | 9.9 | - | 0.3 | 0.1 | 10.5 |
| Other temporary | ||||||
differences | 12.9 | 1.7 | 0.3 | 0.0 | 0.4 | 15.3 |
Total | 59.0 | 10.3 | 0.3 | 0.2 | 0.4 | 70.2 |
| Deferred tax liabilities | ||||||
Difference between accounting depreciation | ||||||
and tax depreciation | 62.0 | 8.0 | - | - | 0.0 | 70.0 |
Fair value allocation | 28.1 | 1.5 | - | -0.7 | 2.8 | 31.7 |
| Defined benefit pension | ||||||
plans | 17.2 | -0.0 | -1.4 | - | - | 15.8 |
| Other temporary | ||||||
differences | 12.8 | 4.5 | -7.5 | -0.0 | 0.1 | 9.9 |
Total | 120.0 | 13.9 | -8.8 | -0.7 | 2.9 | 127.3 |
| Net deferred tax asset (+)/ | ||||||
liability (-) | -61.0 | -57.2 |
| Income | Tax | |||||
| state- | charged/ | Exchange | ||||
| 1 Jan. | ment | credited | differ- | Other | 31 Dec. | |
| \u20ac million | 2022 | charge | to equity | ences | changes | 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 | -36.8 | -61.0 |
| 2023 | Tax | 2022 | Tax | |||
| Before | charge/ | After | Before | charge/ | After | |
| \u20ac million | tax | credit | tax | tax | credit | tax |
| Items that will not be reclassified | ||||||
| subsequently to profit or loss | ||||||
Actuarial gains and losses | -6.9 | 1.4 | -5.5 | 38.2 | -7.6 | 30.6 |
| Items that may be reclassified | ||||||
| subsequently to profit or loss | ||||||
| Currency translation differences | ||||||
relating to a foreign operation | -19.5 | -19.5 | -41.9 | -41.9 | ||
| Share of other comprehensive income | ||||||
of associates and joint ventures | -1.8 | -1.8 | -0.5 | -0.5 | ||
Cash flow hedge revaluation | -38.8 | 7.8 | -31.0 | 32.8 | -6.6 | 26.2 |
Total | -67.0 | 9.1 | -57.9 | 28.6 | -14.2 | 14.3 |
\u20ac million | 2024 | 2025 | 2026 | 2027 | 2028 | 2029\u2013 | Total |
- | - | - | - | - | 149.2 | 149.2 |
2023 | 2022 | |
| Net profit for the period attributable to equity holders of | ||
the parent, \u20ac million | 495.6 | 609.9 |
| Number of shares | ||
Weighted average number of shares outstanding | 397,705,620 | 397,383,187 |
Diluted weighted average number of shares outstanding | 397,705,620 | 397,383,187 |
Earnings per share from net profit attributable to equity holders of the parent | ||
Basic and diluted, Group total, \u20ac | 1.25 | 1.53 |
\u20ac million | 2023 | 2022 |
| Adjustment of non-cash transactions in the income statement | ||
| and items presented elsewhere in the statement of cash flows: | ||
Change in provisions | -2.4 | -7.5 |
Share of results of associates and joint ventures | -21.0 | -24.1 |
Credit losses | 5.1 | 4.0 |
| Gains on disposal of property, plant, equipment | ||
and intangible assets and business operations | -1.6 | 3.5 |
| Losses on disposal of property, plant, equipment | ||
and intangible assets and business operations | 5.5 | 0.4 |
Share-based compensation | -2.3 | -9.2 |
Defined benefit pensions | 0.5 | 5.5 |
Others | 5.5 | 7.3 |
Total | -10.8 | -20.2 |
\u20ac million | 2023 | 2022 |
| Total acquisitions of property, plant, equipment | ||
and intangible assets | 550.0 | 399.1 |
| Total acquisitions of subsidiaries and investments in associates | ||
and other investments | 129.0 | 50.1 |
Total capital expenditure | 678.9 | 449.2 |
of which cash payments | 643.5 | 386.4 |
| Loans relating to acquired companies and cash | ||
and cash equivalents | 40.3 | 19.9 |
Payments arising from prior period investing activities | -39.0 | -21.9 |
Capital expenditure financed with liabilities | 34.2 | 24.4 |
Pension Fund return of surplus assets | - | 40.3 |
Total | 678.9 | 449.2 |
| 2023 | |||
| Zenitec | Elektroskandia | Geitanger | |
| \u20ac million | Sweden AB | Norge AS | Bygg AS |
Acquisition price | 4.9 | 120.8 | 8.0 |
| Fair values of assets acquired and liabilities | |||
| assumed at the date of acquisition | |||
Intangible assets | 0.6 | 15.6 | 0.6 |
Property, plant, equipment, right-of-use assets and investments | 0.3 | 15.1 | 1.8 |
Inventories | 2.8 | 38.6 | 3.0 |
Receivables | 2.3 | 45.8 | 1.9 |
Deferred tax asset | - | 1.3 | - |
Cash and cash equivalents | -0.0 | 5.3 | 2.4 |
Total assets | 6.0 | 121.6 | 9.6 |
| Trade payables, other payables, provisions, lease | |||
liabilities | 4.5 | 81.6 | 2.9 |
Deferred tax liability | 0.1 | 3.8 | 0.2 |
Total liabilities | 4.6 | 85.4 | 3.1 |
Net assets acquired, total | 1.4 | 36.2 | 6.5 |
Goodwill | 3.5 | 84.7 | 1.5 |
| Cash flow impact of acquisition | |||
Consideration paid | -4.9 | -120.8 | -8.0 |
Cash and cash equivalents acquired | -0.0 | 5.3 | 2.4 |
Cash flow impact of acquisition | -5.0 | -115.5 | -5.6 |
| 2022 | ||
| Acquisitions | Acquisitions | |
| \u20ac million | in Sweden | in Norway |
Acquisition price | 38.3 | 12.5 |
| Fair values of assets acquired and liabilities assumed | ||
| at the date of acquisition\" | ||
Intangible assets | 4.0 | 1.1 |
Property, plant, equipment, right-of-use assets and investments | 14.5 | 2.5 |
Inventories | 10.2 | 2.8 |
Receivables | 8.5 | 1.4 |
Deferred tax asset | 0.0 | 0.1 |
Cash and cash equivalents | 5.9 | 1.3 |
Total assets | 43.1 | 9.2 |
Trade payables, other payables, provisions, lease liabilities | 22.2 | 3.7 |
Deferred tax liability | 1.6 | 0.3 |
Total liabilities | 23.8 | 4.0 |
Net assets acquired, total | 19.3 | 5.2 |
Goodwill | 19.0 | 7.3 |
| Cash flow impact of acquisition | ||
Consideration paid | -38.3 | -12.5 |
Cash and cash equivalents acquired | 5.9 | 1.3 |
Cash flow impact of acquisition | -32.4 | -11.2 |
| Prepay- | ||||||
| Machinery | Other | ments and | ||||
| 2023 | Land and | and | tangible | construction | Total | |
| \u20ac million | waters | Buildings | equipment | assets | in progress | 2023 |
| Cost | ||||||
Cost as at 1 January | 352.5 | 1,647.8 | 665.8 | 33.4 | 113.8 | 2,813.3 |
Exchange differences | -0.7 | 0.0 | -1.3 | 0.3 | 0.2 | -1.5 |
Additions | 38.8 | 173.7 | 100.1 | 2.0 | 196.6 | 511.2 |
Acquisitions | - | 1.5 | 1.9 | - | 0.3 | 3.7 |
Deductions | -1.0 | -1.5 | -74.9 | -0.9 | -2.0 | -80.3 |
Transfers between items | 1.6 | 44.8 | 9.0 | 2.6 | -76.6 | -18.7 |
Cost as at 31 December | 391.2 | 1,866.2 | 700.6 | 37.4 | 232.3 | 3,227.7 |
| Accumulated depreciation | ||||||
| and impairment charges | ||||||
| Accumulated depreciation | ||||||
and impairment charges as at 1 January | -7.3 | -658.5 | -380.5 | -21.6 | -1,067.8 | |
Exchange differences | 0.1 | 0.2 | 0.9 | -0.1 | 1.1 | |
| Accumulated depreciation | ||||||
on deductions | 0.3 | -3.1 | 43.1 | 0.9 | 41.2 | |
| Accumulated depreciation | ||||||
on transfers | - | 1.5 | -0.6 | -1.0 | 0.0 | |
| Depreciation and impairment | ||||||
charges for the year | -0.3 | -80.8 | -63.3 | -2.1 | -146.5 | |
| Accumulated depreciation | ||||||
and impairment charges as at 31 December | -7.2 | -740.7 | -400.3 | -23.9 | -1,172.0 | |
Carrying amount as at 1 January | 345.3 | 989.3 | 285.3 | 11.8 | 113.8 | 1,745.5 |
Carrying amount as at 31 December | 384.1 | 1,125.5 | 300.3 | 13.5 | 232.3 | 2,055.6 |
| Prepay- | ||||||
| Machinery | Other | ments and | ||||
| 2022 | Land and | and | tangible | construction | Total | |
| \u20ac million | waters | Buildings | equipment | assets | in progress | 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 |
| Prepay- | ||||||
| Machinery | Other | ments and | ||||
| 2023 | Land and | and | tangible | construction | Total | |
| \u20ac million | waters | Buildings | equipment | assets | in progress | 2023 |
| Cost | ||||||
Cost as at 1 January | 352.5 | 1,647.8 | 665.8 | 33.4 | 113.8 | 2,813.3 |
Exchange differences | -0.7 | 0.0 | -1.3 | 0.3 | 0.2 | -1.5 |
Additions | 38.8 | 173.7 | 100.1 | 2.0 | 196.6 | 511.2 |
Acquisitions | - | 1.5 | 1.9 | - | 0.3 | 3.7 |
Deductions | -1.0 | -1.5 | -74.9 | -0.9 | -2.0 | -80.3 |
Transfers between items | 1.6 | 44.8 | 9.0 | 2.6 | -76.6 | -18.7 |
Cost as at 31 December | 391.2 | 1,866.2 | 700.6 | 37.4 | 232.3 | 3,227.7 |
| Accumulated depreciation | ||||||
| and impairment charges | ||||||
| Accumulated depreciation | ||||||
and impairment charges as at 1 January | -7.3 | -658.5 | -380.5 | -21.6 | -1,067.8 | |
Exchange differences | 0.1 | 0.2 | 0.9 | -0.1 | 1.1 | |
| Accumulated depreciation | ||||||
on deductions | 0.3 | -3.1 | 43.1 | 0.9 | 41.2 | |
| Accumulated depreciation | ||||||
on transfers | - | 1.5 | -0.6 | -1.0 | 0.0 | |
| Depreciation and impairment | ||||||
charges for the year | -0.3 | -80.8 | -63.3 | -2.1 | -146.5 | |
| Accumulated depreciation | ||||||
and impairment charges as at 31 December | -7.2 | -740.7 | -400.3 | -23.9 | -1,172.0 | |
Carrying amount as at 1 January | 345.3 | 989.3 | 285.3 | 11.8 | 113.8 | 1,745.5 |
Carrying amount as at 31 December | 384.1 | 1,125.5 | 300.3 | 13.5 | 232.3 | 2,055.6 |
| Prepay- | ||||||
| Machinery | Other | ments and | ||||
| 2022 | Land and | and | tangible | construction | Total | |
| \u20ac million | waters | Buildings | equipment | assets | in progress | 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 |
| Other | |||||
| 2023 | intangible | Prepay- | Total | ||
\u20ac million | Goodwill | Trademarks | assets | ments | 2023 |
| Cost | |||||
Cost as at 1 January | 635.1 | 96.1 | 249.4 | 9.1 | 989.7 |
Exchange differences | -15.0 | -2.0 | -3.1 | - | -20.1 |
Additions | - | 0.0 | 19.7 | 2.2 | 21.9 |
Acquisitions | 90.0 | 2.0 | 14.3 | - | 106.4 |
Deductions | - | - | -10.0 | -0.0 | -10.0 |
Transfers between items | - | -0.1 | 28.0 | -7.2 | 20.7 |
Cost as at 31 December | 710.1 | 96.0 | 298.2 | 4.2 | 1,108.5 |
| Accumulated amortisation | |||||
| and impairment charges | |||||
| Accumulated amortisation | |||||
and impairment charges as at 1 January | -46.2 | -9.3 | -155.1 | -210.6 | |
Exchange differences | -0.2 | 0.5 | 2.2 | 2.5 | |
| Accumulated amortisation | |||||
and impairment charges on disposals | - | 14.5 | 14.5 | ||
| Accumulated amortisation | |||||
and impairment on transfers | 0.0 | -2.1 | -2.1 | ||
Amortisation and impairment charges for the year | - | -1.3 | -36.6 | -37.8 | |
| Accumulated amortisation | |||||
and impairment charges as at 31 December | -46.4 | -10.0 | -177.0 | -233.5 | |
Carrying amount as at 1 January | 588.9 | 86.8 | 94.2 | 9.1 | 779.1 |
Carrying amount as at 31 December | 663.7 | 86.0 | 121.2 | 4.2 | 875.1 |
| Other | |||||
| 2022 | intangible | Prepay- | Total | ||
\u20ac million | Goodwill | Trademarks | assets | ments | 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 | |||||
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 | -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 |
| 2023 | Land and | Machinery and | |
| \u20ac million | buildings | equipment | Total |
Carrying amount as at 1 January | 1,718.9 | 18.6 | 1,737.6 |
Additions | 431.0 | 6.2 | 437.3 |
Acquisitions | 14.8 | 0.9 | 15.7 |
Depreciation | -339.3 | -8.0 | -347.3 |
Impairment charges | -5.9 | - | -5.9 |
Deductions | -10.2 | -0.4 | -10.6 |
Exchange differences | -9.5 | -0.3 | -9.8 |
Carrying amount as at 31 December | 1,799.9 | 17.0 | 1,816.9 |
| 2022 | Land and | Machinery and | |
| \u20ac million | buildings | 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 |
| Other | |||||
| 2023 | intangible | Prepay- | Total | ||
\u20ac million | Goodwill | Trademarks | assets | ments | 2023 |
| Cost | |||||
Cost as at 1 January | 635.1 | 96.1 | 249.4 | 9.1 | 989.7 |
Exchange differences | -15.0 | -2.0 | -3.1 | - | -20.1 |
Additions | - | 0.0 | 19.7 | 2.2 | 21.9 |
Acquisitions | 90.0 | 2.0 | 14.3 | - | 106.4 |
Deductions | - | - | -10.0 | -0.0 | -10.0 |
Transfers between items | - | -0.1 | 28.0 | -7.2 | 20.7 |
Cost as at 31 December | 710.1 | 96.0 | 298.2 | 4.2 | 1,108.5 |
| Accumulated amortisation | |||||
| and impairment charges | |||||
| Accumulated amortisation | |||||
and impairment charges as at 1 January | -46.2 | -9.3 | -155.1 | -210.6 | |
Exchange differences | -0.2 | 0.5 | 2.2 | 2.5 | |
| Accumulated amortisation | |||||
and impairment charges on disposals | - | 14.5 | 14.5 | ||
| Accumulated amortisation | |||||
and impairment on transfers | 0.0 | -2.1 | -2.1 | ||
Amortisation and impairment charges for the year | - | -1.3 | -36.6 | -37.8 | |
| Accumulated amortisation | |||||
and impairment charges as at 31 December | -46.4 | -10.0 | -177.0 | -233.5 | |
Carrying amount as at 1 January | 588.9 | 86.8 | 94.2 | 9.1 | 779.1 |
Carrying amount as at 31 December | 663.7 | 86.0 | 121.2 | 4.2 | 875.1 |
| Other | |||||
| 2022 | intangible | Prepay- | Total | ||
\u20ac million | Goodwill | Trademarks | assets | ments | 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 | |||||
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 | -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 |
| Trademarks | Goodwill | Trademarks | Goodwill | |
| \u20ac million | 2023 | 2023 | 2022 | 2022 |
| 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 | ||||
Technical trade | 58.3 | 152.2 | 58.3 | 66.0 |
Byggmakker, Norway | 20.8 | 199.3 | 22.3 | 211.5 |
K-Bygg, Sweden | - | 191.0 | - | 190.3 |
Car trade | - | 43.1 | - | 43.1 |
Total | 84.4 | 663.7 | 85.9 | 588.9 |
| Pre-tax | Terminal | Pre-tax | Terminal | |
| discount rate | growth rate | discount rate | growth rate | |
| \u20ac million | 2023 | 2023 | 2022 | 2022 |
| Grocery trade | ||||
Grocery trade, chain operations | 6.8% | 0.5% | 6.8% | 0.5% |
Grocery trade, Kespro | 6.5% | 1.5% | 6.5% | 1.5% |
| Building and technical trade | ||||
Technical trade | 7.6% | 2.0% | 7.8% | 2.0% |
Byggmakker, Norway | 7.2% | 2.0% | 7.2% | 2.0% |
K-Bygg, Sweden | 7.1% | 2.0% | 7.1% | 2.0% |
Car trade | 7.2% | 1.5% | 7.2% | 1.5% |
| Other | |||||
| 2023 | intangible | Prepay- | Total | ||
\u20ac million | Goodwill | Trademarks | assets | ments | 2023 |
| Cost | |||||
Cost as at 1 January | 635.1 | 96.1 | 249.4 | 9.1 | 989.7 |
Exchange differences | -15.0 | -2.0 | -3.1 | - | -20.1 |
Additions | - | 0.0 | 19.7 | 2.2 | 21.9 |
Acquisitions | 90.0 | 2.0 | 14.3 | - | 106.4 |
Deductions | - | - | -10.0 | -0.0 | -10.0 |
Transfers between items | - | -0.1 | 28.0 | -7.2 | 20.7 |
Cost as at 31 December | 710.1 | 96.0 | 298.2 | 4.2 | 1,108.5 |
| Accumulated amortisation | |||||
| and impairment charges | |||||
| Accumulated amortisation | |||||
and impairment charges as at 1 January | -46.2 | -9.3 | -155.1 | -210.6 | |
Exchange differences | -0.2 | 0.5 | 2.2 | 2.5 | |
| Accumulated amortisation | |||||
and impairment charges on disposals | - | 14.5 | 14.5 | ||
| Accumulated amortisation | |||||
and impairment on transfers | 0.0 | -2.1 | -2.1 | ||
Amortisation and impairment charges for the year | - | -1.3 | -36.6 | -37.8 | |
| Accumulated amortisation | |||||
and impairment charges as at 31 December | -46.4 | -10.0 | -177.0 | -233.5 | |
Carrying amount as at 1 January | 588.9 | 86.8 | 94.2 | 9.1 | 779.1 |
Carrying amount as at 31 December | 663.7 | 86.0 | 121.2 | 4.2 | 875.1 |
| Other | |||||
| 2022 | intangible | Prepay- | Total | ||
\u20ac million | Goodwill | Trademarks | assets | ments | 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 | |||||
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 | -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 |
| Other | |||||
| 2023 | intangible | Prepay- | Total | ||
\u20ac million | Goodwill | Trademarks | assets | ments | 2023 |
| Cost | |||||
Cost as at 1 January | 635.1 | 96.1 | 249.4 | 9.1 | 989.7 |
Exchange differences | -15.0 | -2.0 | -3.1 | - | -20.1 |
Additions | - | 0.0 | 19.7 | 2.2 | 21.9 |
Acquisitions | 90.0 | 2.0 | 14.3 | - | 106.4 |
Deductions | - | - | -10.0 | -0.0 | -10.0 |
Transfers between items | - | -0.1 | 28.0 | -7.2 | 20.7 |
Cost as at 31 December | 710.1 | 96.0 | 298.2 | 4.2 | 1,108.5 |
| Accumulated amortisation | |||||
| and impairment charges | |||||
| Accumulated amortisation | |||||
and impairment charges as at 1 January | -46.2 | -9.3 | -155.1 | -210.6 | |
Exchange differences | -0.2 | 0.5 | 2.2 | 2.5 | |
| Accumulated amortisation | |||||
and impairment charges on disposals | - | 14.5 | 14.5 | ||
| Accumulated amortisation | |||||
and impairment on transfers | 0.0 | -2.1 | -2.1 | ||
Amortisation and impairment charges for the year | - | -1.3 | -36.6 | -37.8 | |
| Accumulated amortisation | |||||
and impairment charges as at 31 December | -46.4 | -10.0 | -177.0 | -233.5 | |
Carrying amount as at 1 January | 588.9 | 86.8 | 94.2 | 9.1 | 779.1 |
Carrying amount as at 31 December | 663.7 | 86.0 | 121.2 | 4.2 | 875.1 |
| Other | |||||
| 2022 | intangible | Prepay- | Total | ||
\u20ac million | Goodwill | Trademarks | assets | ments | 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 | |||||
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 | -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 |
| Trademarks | Goodwill | Trademarks | Goodwill | |
| \u20ac million | 2023 | 2023 | 2022 | 2022 |
| 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 | ||||
Technical trade | 58.3 | 152.2 | 58.3 | 66.0 |
Byggmakker, Norway | 20.8 | 199.3 | 22.3 | 211.5 |
K-Bygg, Sweden | - | 191.0 | - | 190.3 |
Car trade | - | 43.1 | - | 43.1 |
Total | 84.4 | 663.7 | 85.9 | 588.9 |
| Trademarks | Goodwill | Trademarks | Goodwill | |
| \u20ac million | 2023 | 2023 | 2022 | 2022 |
| 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 | ||||
Technical trade | 58.3 | 152.2 | 58.3 | 66.0 |
Byggmakker, Norway | 20.8 | 199.3 | 22.3 | 211.5 |
K-Bygg, Sweden | - | 191.0 | - | 190.3 |
Car trade | - | 43.1 | - | 43.1 |
Total | 84.4 | 663.7 | 85.9 | 588.9 |
| Pre-tax | Terminal | Pre-tax | Terminal | |
| discount rate | growth rate | discount rate | growth rate | |
| \u20ac million | 2023 | 2023 | 2022 | 2022 |
| Grocery trade | ||||
Grocery trade, chain operations | 6.8% | 0.5% | 6.8% | 0.5% |
Grocery trade, Kespro | 6.5% | 1.5% | 6.5% | 1.5% |
| Building and technical trade | ||||
Technical trade | 7.6% | 2.0% | 7.8% | 2.0% |
Byggmakker, Norway | 7.2% | 2.0% | 7.2% | 2.0% |
K-Bygg, Sweden | 7.1% | 2.0% | 7.1% | 2.0% |
Car trade | 7.2% | 1.5% | 7.2% | 1.5% |
| 2023 | Land and | Machinery and | |
| \u20ac million | buildings | equipment | Total |
Carrying amount as at 1 January | 1,718.9 | 18.6 | 1,737.6 |
Additions | 431.0 | 6.2 | 437.3 |
Acquisitions | 14.8 | 0.9 | 15.7 |
Depreciation | -339.3 | -8.0 | -347.3 |
Impairment charges | -5.9 | - | -5.9 |
Deductions | -10.2 | -0.4 | -10.6 |
Exchange differences | -9.5 | -0.3 | -9.8 |
Carrying amount as at 31 December | 1,799.9 | 17.0 | 1,816.9 |
| 2022 | Land and | Machinery and | |
| \u20ac million | buildings | 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 |
\u20ac million | 2023 | 2022 |
| Operating profit | ||
Depreciation and impairment charges on right-of-use assets | -353.2 | -322.1 |
Lease payments for short-term leases | -3.2 | -3.0 |
Lease payments for low-value assets | -3.6 | -3.4 |
Variable lease payments | -1.0 | -1.0 |
| Financial expenses | ||
Interest expense for lease liabilities | -73.4 | -68.4 |
Total | -434.3 | -397.9 |
\u20ac million | 2023 | 2022 |
Interest expense for lease liabilities | -73.4 | -68.4 |
Repayments of lease liabilities | -354.3 | -332.7 |
Lease payments in the income statement | -7.7 | -7.4 |
Total | -435.4 | -408.5 |
\u20ac million | 2023 | 2022 |
Lease income for operating leases | 68.5 | 63.6 |
31 Dec. 2023 | 31 Dec. 2022 | |||||||
\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 | 650.6 | 0.8 | 651.6 | 0.2 | 200.6 | 0.9 | 201.7 |
finance costs | 29.6 | 17.3 | 0.1 | 47.0 | 4.5 | 9.2 | 0.1 | 13.9 |
Pension loans | 12.0 | 32.3 | - | 44.3 | 12.0 | 38.6 | 5.7 | 56.3 |
finance costs | 0.6 | 0.9 | - | 1.5 | 0.8 | 1.4 | 0.1 | 2.2 |
Lease liabilities | 350.6 | 1,064.2 | 583.0 | 1,997.9 | 328.1 | 1,012.4 | 579.7 | 1,920.1 |
finance costs | 69.6 | 164.5 | 68.4 | 302.5 | 61.6 | 144.2 | 52.1 | 257.9 |
Payables to K-retailers | 64.5 | - | - | 64.5 | 82.1 | - | - | 82.1 |
finance costs | - | - | - | - | 0.2 | - | - | 0.2 |
Other interest-bearing liabilities | 21.7 | 7.9 | 0.0 | 29.6 | 158.3 | - | 0.0 | 158.3 |
finance costs | 0.1 | 0.4 | - | 0.5 | 1.3 | - | - | 1.3 |
Non-current non-interest-bearing liabilities | 0.6 | 3.9 | 19.7 | 24.1 | 1.0 | 2.6 | 20.5 | 24.1 |
| Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,418.3 | 1,418.3 | 1,499.4 | 1,499.4 | ||||
Accrued expenses | 415.1 | 415.1 | 442.6 | 442.6 | ||||
Other non-interest-bearing liabilities | 193.4 | 193.4 | 195.5 | 195.5 |
\u20ac million | 2023 | 2022 |
| Collateral given for own commitments | ||
Pledges | 9.0 | 9.0 |
Mortgages | 181.2 | 179.6 |
Guarantees | 60.0 | 61.6 |
Other commitments and contingent liabilities | 64.0 | 58.4 |
| Collateral given for others | ||
Guarantees | - | - |
Other commitments and contingent liabilities | - | - |
\u20ac million | 2023 | 2022 |
Goods | 1,078.4 | 1,113.0 |
Prepayments | 5.5 | 2.3 |
Total | 1,083.9 | 1,115.4 |
Write-down of inventories to net realisable value | 72.3 | 56.7 |
\u20ac million | 2023 | 2022 |
| Interest-bearing receivables | ||
Interest-bearing loans and receivables | 4.3 | 4.4 |
Total interest-bearing receivables | 4.3 | 4.4 |
Trade receivables | 970.5 | 969.3 |
Income tax assets | 6.6 | 21.9 |
| Other non-interest-bearing receivables | ||
Non-interest-bearing loans and receivables | 44.6 | 80.2 |
Prepaid expenses and deferred income | 258.0 | 281.0 |
Total other non-interest-bearing receivables | 302.6 | 361.2 |
Total | 1,284.0 | 1,356.9 |
\u20ac million | 2023 | 2022 |
Trade receivables not due | 875.8 | 886.7 |
1\u22127 days past due trade receivables | 58.0 | 38.1 |
8\u221230 days past due trade receivables | 14.7 | 23.6 |
31\u221260 days past due trade receivables | 4.7 | 4.1 |
Over 60 days past due trade receivables | 17.1 | 16.8 |
Total | 970.5 | 969.3 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial assets | ||||||||
Other investments | 14.0 | - | 14.0 | 14.0 | 14.0 | |||
Non-current receivables | 64.1 | 64.1 | 64.1 | |||||
Non-current receivables, derivatives | 5.6 | 1.7 | 7.3 | 7.3 | 7.3 | |||
| Current financial assets | ||||||||
Trade receivables | 970.5 | 970.5 | 970.5 | |||||
Other receivables | 299.9 | 299.9 | 299.9 | |||||
Other receivables, derivatives | 1.2 | 5.8 | 7.0 | 7.0 | 7.0 | |||
Other financial assets | - | 15.4 | - | 15.4 | 15.5 | - | ||
Cash and cash equivalents | - | 211.9 | - | 211.9 | 211.9 | - | ||
Total financial assets | 20.8 | 1,561.7 | 7.5 | 1,590.1 | 1,590.2 | 14.3 | 14.0 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
\u20ac million | 2023 | 2022 |
| Interest-bearing receivables | ||
Interest-bearing loans and receivables | 4.3 | 4.4 |
Total interest-bearing receivables | 4.3 | 4.4 |
Trade receivables | 970.5 | 969.3 |
Income tax assets | 6.6 | 21.9 |
| Other non-interest-bearing receivables | ||
Non-interest-bearing loans and receivables | 44.6 | 80.2 |
Prepaid expenses and deferred income | 258.0 | 281.0 |
Total other non-interest-bearing receivables | 302.6 | 361.2 |
Total | 1,284.0 | 1,356.9 |
\u20ac million | 2023 | 2022 |
Trade receivables not due | 875.8 | 886.7 |
1\u22127 days past due trade receivables | 58.0 | 38.1 |
8\u221230 days past due trade receivables | 14.7 | 23.6 |
31\u221260 days past due trade receivables | 4.7 | 4.1 |
Over 60 days past due trade receivables | 17.1 | 16.8 |
Total | 970.5 | 969.3 |
| Group's translation exposure as at 31 Dec. 2023 | |||
\u20ac million | NOK | SEK | PLN |
Net investment | 487.2 | 297.5 | 85.2 |
| Group's translation exposure as at 31 Dec. 2022 | |||
\u20ac million | NOK | SEK | PLN |
Net investment | 381.6 | 263.4 | 71.0 |
| Sensitivity analysis, impact on equity as at 31 Dec. 2023 | |||
\u20ac million | NOK | SEK | PLN |
Weakening 10% | -44.3 | -27.0 | -7.7 |
Strengthening 10% | 54.1 | 33.1 | 9.5 |
| 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 |
| Group's transaction exposure | ||||
| as at 31 Dec. 2023 | ||||
\u20ac million | USD | SEK | NOK | PLN |
Group's transaction risk | -2.9 | 57.5 | 51.7 | -11.6 |
Hedging derivatives | 17.2 | -47.3 | -42.3 | 5.1 |
Open exposure | 14.3 | 10.2 | 9.5 | -6.6 |
| 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 |
| Sensitivity analysis, impact on pre-tax profit | ||||
| as at 31 Dec. 2023 | ||||
\u20ac million | USD | SEK | NOK | PLN |
Change +10% | -1.3 | -0.9 | -0.9 | 0.6 |
Change -10% | 1.6 | 1.1 | 1.1 | -0.7 |
| 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 |
31 Dec. 2023 | 31 Dec. 2022 | |||||||
\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 | 650.6 | 0.8 | 651.6 | 0.2 | 200.6 | 0.9 | 201.7 |
finance costs | 29.6 | 17.3 | 0.1 | 47.0 | 4.5 | 9.2 | 0.1 | 13.9 |
Pension loans | 12.0 | 32.3 | - | 44.3 | 12.0 | 38.6 | 5.7 | 56.3 |
finance costs | 0.6 | 0.9 | - | 1.5 | 0.8 | 1.4 | 0.1 | 2.2 |
Lease liabilities | 350.6 | 1,064.2 | 583.0 | 1,997.9 | 328.1 | 1,012.4 | 579.7 | 1,920.1 |
finance costs | 69.6 | 164.5 | 68.4 | 302.5 | 61.6 | 144.2 | 52.1 | 257.9 |
Payables to K-retailers | 64.5 | - | - | 64.5 | 82.1 | - | - | 82.1 |
finance costs | - | - | - | - | 0.2 | - | - | 0.2 |
Other interest-bearing liabilities | 21.7 | 7.9 | 0.0 | 29.6 | 158.3 | - | 0.0 | 158.3 |
finance costs | 0.1 | 0.4 | - | 0.5 | 1.3 | - | - | 1.3 |
Non-current non-interest-bearing liabilities | 0.6 | 3.9 | 19.7 | 24.1 | 1.0 | 2.6 | 20.5 | 24.1 |
| Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,418.3 | 1,418.3 | 1,499.4 | 1,499.4 | ||||
Accrued expenses | 415.1 | 415.1 | 442.6 | 442.6 | ||||
Other non-interest-bearing liabilities | 193.4 | 193.4 | 195.5 | 195.5 |
31 Dec. 2023 | 31 Dec. 2022 | |||||||
| \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 | 125.1 | - | - | 125.1 | 140.9 | - | - | 140.9 |
Interest rate derivatives | 3.9 | 4.8 | - | 8.7 | 1.0 | 3.0 | - | 4.0 |
of which derivatives under hedge accounting | 3.0 | 2.9 | - | 5.9 | ||||
Electricity derivatives | 0.5 | 1.3 | - | 1.9 | 0.6 | 0.1 | - | 0.7 |
| Receivables | ||||||||
Foreign currency derivatives | 123.5 | - | - | 123.5 | 142.8 | - | - | 142.8 |
Interest rate derivatives | 9.4 | 7.0 | - | 16.3 | 3.3 | 8.2 | - | 11.5 |
of which derivatives under hedge accounting | 3.6 | 2.1 | - | 5.6 | ||||
Electricity derivatives | 5.3 | 2.2 | 0.0 | 7.5 | 29.3 | 15.5 | - | 44.8 |
| Financial assets at amortised cost | ||
\u20ac million | 2023 | 2022 |
Carrying amount as at 1 January | 38.7 | 52.7 |
Changes | -23.3 | -14.1 |
Carrying amount as at 31 December | 15.4 | 38.7 |
| Maturity analysis of non-current | ||||||
| receivables as at 31 Dec. 2023 | ||||||
\u20ac million | 2025 | 2026 | 2027 | 2028 | 2029\u2013 | Total |
| Non-interest-bearing non-current | ||||||
receivables | 1.9 | 2.5 | 3.5 | 0.2 | 0.6 | 8.8 |
| Loans and receivables from associates | ||||||
and joint ventures | 3.4 | 0.5 | 1.5 | - | 56.0 | 61.4 |
Other non-current receivables | 1.1 | 0.0 | 0.0 | 0.0 | 0.0 | 1.3 |
Total | 6.4 | 3.0 | 5.1 | 0.2 | 56.6 | 71.4 |
| Maturity analysis of non-current | ||||||
| receivables as at 31 Dec. 2022 | ||||||
\u20ac million | 2024 | 2025 | 2026 | 2027 | 2028\u2013 | 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 | - | - | - | - | 0.2 |
Total | 13.4 | 8.6 | 4.7 | 7.4 | 56.7 | 90.8 |
| 31 Dec. 2023 | 31 Dec. 2023 | 31 Dec. 2022 | 31 Dec. 2022 | |
| Positive | Negative | Positive | Negative | |
| fair value | fair value | fair value | fair value | |
| Fair values of derivative contracts | (balance | (balance | (balance | (balance |
| \u20ac million | sheet value) | sheet value) | sheet value) | sheet value) |
Interest rate derivatives | 14.8 | -8.5 | 12.2 | -0.1 |
Foreign currency derivatives | 0.2 | -1.8 | 2.4 | -0.6 |
Electricity derivatives | 7.5 | -1.9 | 44.8 | -0.7 |
| Notional principal amounts of | ||
| derivative contracts | ||
\u20ac million | 31 Dec. 2023 | 31 Dec. 2022 |
Interest rate derivatives | 530.0 | 330.0 |
Foreign currency derivatives | 125.3 | 141.7 |
Electricity derivatives | 39.4 | 69.7 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial assets | ||||||||
Other investments | 14.0 | - | 14.0 | 14.0 | 14.0 | |||
Non-current receivables | 64.1 | 64.1 | 64.1 | |||||
Non-current receivables, derivatives | 5.6 | 1.7 | 7.3 | 7.3 | 7.3 | |||
| Current financial assets | ||||||||
Trade receivables | 970.5 | 970.5 | 970.5 | |||||
Other receivables | 299.9 | 299.9 | 299.9 | |||||
Other receivables, derivatives | 1.2 | 5.8 | 7.0 | 7.0 | 7.0 | |||
Other financial assets | - | 15.4 | - | 15.4 | 15.5 | - | ||
Cash and cash equivalents | - | 211.9 | - | 211.9 | 211.9 | - | ||
Total financial assets | 20.8 | 1,561.7 | 7.5 | 1,590.1 | 1,590.2 | 14.3 | 14.0 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 690.7 | 690.7 | 691.0 | |||||
Non-current lease liabilities | 1,647.2 | 1,647.2 | 1,647.2 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities | 22.6 | 22.6 | 22.6 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities, derivatives | - | 1.6 | 1.6 | 1.6 | 1.6 | |||
| Current financial liabilities | ||||||||
Current interest-bearing liabilities | 98.5 | 98.5 | 98.1 | |||||
Current lease liabilities | 350.6 | 350.6 | 350.6 | |||||
Trade payables | 1,418.3 | 1,418.3 | 1,418.3 | |||||
Other non-interest-bearing liabilities | 606.1 | 606.1 | 606.1 | |||||
Other non-interest-bearing liabilities, derivatives | 1.8 | 0.6 | 2.3 | 2.3 | 2.3 | |||
Total financial liabilities | 1.8 | 4,834.0 | 2.1 | 4,837.8 | 4,837.8 | 3.9 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
| Changes in level 3 instruments | ||
\u20ac million | 2023 | 2022 |
Private equity funds and other shares and interests as at 1 January | 13.2 | 15.5 |
Purchases | 1.3 | 0.3 |
Gains and losses through profit or loss | -0.5 | -0.4 |
Changes in fair value | 0.0 | -2.2 |
Private equity funds and other shares and interests as at 31 December | 14.0 | 13.2 |
\u20ac million | 2023 | 2022 |
Trade receivables not due | 875.8 | 886.7 |
1\u22127 days past due trade receivables | 58.0 | 38.1 |
8\u221230 days past due trade receivables | 14.7 | 23.6 |
31\u221260 days past due trade receivables | 4.7 | 4.1 |
Over 60 days past due trade receivables | 17.1 | 16.8 |
Total | 970.5 | 969.3 |
| Warranty | |||
| \u20ac million | provisions | Other provisions | Total |
Provisions as at 1 Jan. 2023 | 7.9 | 14.3 | 22.2 |
Foreign exchange effects | -0.0 | 0.1 | 0.1 |
Additional provisions | 4.3 | 6.8 | 11.0 |
Unused amounts reversed | -3.4 | -1.5 | -4.9 |
Amounts charged against provision | -2.1 | -7.3 | -9.4 |
Provisions as at 31 Dec. 2023 | 6.6 | 12.3 | 18.9 |
| Analysis of total provisions | |||
Non-current | 2.7 | 4.3 | 6.9 |
Current | 3.9 | 8.1 | 12.0 |
\u20ac million | 2023 | 2022 |
| Interest-bearing liabilities and lease liabilities in the consolidated | ||
statement of financial position | 2,787.0 | 2,418.3 |
- Lease liabilities | 1,997.9 | 1,920.1 |
- Other current financial assets | 15.4 | 68.6 |
- Cash and cash equivalents | 211.9 | 245.5 |
Interest-bearing net debt excluding lease liabilities | 561.9 | 184.1 |
Operating profit | 695.4 | 816.5 |
+ depreciation, amortisation and impairment | 184.0 | 169.0 |
+ depreciation and impairment charges for right-of-use-assets | 353.2 | 322.1 |
- lease payments for right-of-use-assets | 430.7 | 399.1 |
EBITDA excluding the impact of IFRS 16 | 801.8 | 908.5 |
| Interest bearing net debt/EBITDA excluding the impact of IFRS 16 | 0.7 | 0.2 |
\u20ac million | 2023 | 2022 |
| Financial assets at amortised cost | ||
(maturing in less than 3 months) | 3.3 | 17.0 |
Cash and cash equivalents | 208.6 | 228.5 |
Other current financial assets | 15.4 | 68.6 |
Borrowings - repayable within one year (including overdraft) | -98.5 | -252.6 |
Lease liabilities - repayable within one year | -350.6 | -328.1 |
Borrowings - repayable after one year | -690.7 | -245.5 |
Lease liabilities - repayable after one year | -1,647.2 | -1,592.0 |
Cash and debt, net | -2,559.8 | -2,104.2 |
| Carrying amount | Business acquisitions | Net changes of | Foreign exchange | Carrying amount | ||
| \u20ac million | as at 1 Jan. 2023 | Cash flows | and divestments | lease liabilities | adjustments | as at 31 Dec. 2023 |
Lease liabilities due within 1 year | -328.1 | 354.3 | -3.4 | -374.8 | 1.4 | -350.6 |
Lease liabilities due after 1 year | -1,592.0 | -12.1 | -51.6 | 8.4 | -1,647.2 | |
Borrowings due within 1 year | -252.6 | 154.2 | - | 0.0 | -98.5 | |
Borrowings due after 1 year | -245.5 | -445.2 | - | - | -690.7 | |
Other current financial assets | 68.6 | -53.2 | - | - | 15.4 | |
Cash and overdraft | 228.5 | -28.1 | 8.2 | -0.1 | 208.6 | |
Financial assets at amortised cost | 17.0 | -13.7 | - | - | 3.3 | |
Net debt | -2,104.2 | -31.7 | -7.3 | -426.4 | 9.8 | -2,559.8 |
| Carrying amount | Business acquisitions | Net changes of | Foreign exchange | Carrying amount | ||
| \u20ac million | as at 1 Jan. 2022 | Cash flows | and divestments | lease liabilities | adjustments | 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 |
| Number of shares | |||||||
| Reserve of invested | |||||||
| Share capital | non-restricted equity | Share premium | Total | ||||
Share capital | A | B | Total | \u20ac million | \u20ac million | \u20ac million | \u20ac million |
1 January 2022 | 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 |
Transfer of treasury shares | 310,864 | 310,864 | |||||
31 December 2023 | 126,948,028 | 270,821,483* | 397,769,511* | 197.3 | 197.8 | 266.9 | 662.0 |
Number of votes | 1,269,480,280 | 270,821,483 | 1,540,301,763 |
B shares held by the Company as at 31 Dec. 2022 | 2,620,361 |
Transfer, share-based compensation plan | -310,864 |
Returned during the period | - |
B shares held by the Company as at 31 Dec. 2023 | 2,309,497 |
| Number of shares | |||||||
| Reserve of invested | |||||||
| Share capital | non-restricted equity | Share premium | Total | ||||
Share capital | A | B | Total | \u20ac million | \u20ac million | \u20ac million | \u20ac million |
1 January 2022 | 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 |
Transfer of treasury shares | 310,864 | 310,864 | |||||
31 December 2023 | 126,948,028 | 270,821,483* | 397,769,511* | 197.3 | 197.8 | 266.9 | 662.0 |
Number of votes | 1,269,480,280 | 270,821,483 | 1,540,301,763 |
B shares held by the Company as at 31 Dec. 2022 | 2,620,361 |
Transfer, share-based compensation plan | -310,864 |
Returned during the period | - |
B shares held by the Company as at 31 Dec. 2023 | 2,309,497 |
| Group's translation exposure as at 31 Dec. 2023 | |||
\u20ac million | NOK | SEK | PLN |
Net investment | 487.2 | 297.5 | 85.2 |
| Group's translation exposure as at 31 Dec. 2022 | |||
\u20ac million | NOK | SEK | PLN |
Net investment | 381.6 | 263.4 | 71.0 |
| Sensitivity analysis, impact on equity as at 31 Dec. 2023 | |||
\u20ac million | NOK | SEK | PLN |
Weakening 10% | -44.3 | -27.0 | -7.7 |
Strengthening 10% | 54.1 | 33.1 | 9.5 |
| 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 |
| Group's transaction exposure | ||||
| as at 31 Dec. 2023 | ||||
\u20ac million | USD | SEK | NOK | PLN |
Group's transaction risk | -2.9 | 57.5 | 51.7 | -11.6 |
Hedging derivatives | 17.2 | -47.3 | -42.3 | 5.1 |
Open exposure | 14.3 | 10.2 | 9.5 | -6.6 |
| 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 |
| Sensitivity analysis, impact on pre-tax profit | ||||
| as at 31 Dec. 2023 | ||||
\u20ac million | USD | SEK | NOK | PLN |
Change +10% | -1.3 | -0.9 | -0.9 | 0.6 |
Change -10% | 1.6 | 1.1 | 1.1 | -0.7 |
| 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 |
31 Dec. 2023 | 31 Dec. 2022 | |||||||
\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 | 650.6 | 0.8 | 651.6 | 0.2 | 200.6 | 0.9 | 201.7 |
finance costs | 29.6 | 17.3 | 0.1 | 47.0 | 4.5 | 9.2 | 0.1 | 13.9 |
Pension loans | 12.0 | 32.3 | - | 44.3 | 12.0 | 38.6 | 5.7 | 56.3 |
finance costs | 0.6 | 0.9 | - | 1.5 | 0.8 | 1.4 | 0.1 | 2.2 |
Lease liabilities | 350.6 | 1,064.2 | 583.0 | 1,997.9 | 328.1 | 1,012.4 | 579.7 | 1,920.1 |
finance costs | 69.6 | 164.5 | 68.4 | 302.5 | 61.6 | 144.2 | 52.1 | 257.9 |
Payables to K-retailers | 64.5 | - | - | 64.5 | 82.1 | - | - | 82.1 |
finance costs | - | - | - | - | 0.2 | - | - | 0.2 |
Other interest-bearing liabilities | 21.7 | 7.9 | 0.0 | 29.6 | 158.3 | - | 0.0 | 158.3 |
finance costs | 0.1 | 0.4 | - | 0.5 | 1.3 | - | - | 1.3 |
Non-current non-interest-bearing liabilities | 0.6 | 3.9 | 19.7 | 24.1 | 1.0 | 2.6 | 20.5 | 24.1 |
| Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,418.3 | 1,418.3 | 1,499.4 | 1,499.4 | ||||
Accrued expenses | 415.1 | 415.1 | 442.6 | 442.6 | ||||
Other non-interest-bearing liabilities | 193.4 | 193.4 | 195.5 | 195.5 |
31 Dec. 2023 | 31 Dec. 2022 | |||||||
| \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 | 125.1 | - | - | 125.1 | 140.9 | - | - | 140.9 |
Interest rate derivatives | 3.9 | 4.8 | - | 8.7 | 1.0 | 3.0 | - | 4.0 |
of which derivatives under hedge accounting | 3.0 | 2.9 | - | 5.9 | ||||
Electricity derivatives | 0.5 | 1.3 | - | 1.9 | 0.6 | 0.1 | - | 0.7 |
| Receivables | ||||||||
Foreign currency derivatives | 123.5 | - | - | 123.5 | 142.8 | - | - | 142.8 |
Interest rate derivatives | 9.4 | 7.0 | - | 16.3 | 3.3 | 8.2 | - | 11.5 |
of which derivatives under hedge accounting | 3.6 | 2.1 | - | 5.6 | ||||
Electricity derivatives | 5.3 | 2.2 | 0.0 | 7.5 | 29.3 | 15.5 | - | 44.8 |
| Financial assets at amortised cost | ||
\u20ac million | 2023 | 2022 |
Carrying amount as at 1 January | 38.7 | 52.7 |
Changes | -23.3 | -14.1 |
Carrying amount as at 31 December | 15.4 | 38.7 |
| Maturity analysis of non-current | ||||||
| receivables as at 31 Dec. 2023 | ||||||
\u20ac million | 2025 | 2026 | 2027 | 2028 | 2029\u2013 | Total |
| Non-interest-bearing non-current | ||||||
receivables | 1.9 | 2.5 | 3.5 | 0.2 | 0.6 | 8.8 |
| Loans and receivables from associates | ||||||
and joint ventures | 3.4 | 0.5 | 1.5 | - | 56.0 | 61.4 |
Other non-current receivables | 1.1 | 0.0 | 0.0 | 0.0 | 0.0 | 1.3 |
Total | 6.4 | 3.0 | 5.1 | 0.2 | 56.6 | 71.4 |
| Maturity analysis of non-current | ||||||
| receivables as at 31 Dec. 2022 | ||||||
\u20ac million | 2024 | 2025 | 2026 | 2027 | 2028\u2013 | 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 | - | - | - | - | 0.2 |
Total | 13.4 | 8.6 | 4.7 | 7.4 | 56.7 | 90.8 |
| 31 Dec. 2023 | 31 Dec. 2023 | 31 Dec. 2022 | 31 Dec. 2022 | |
| Positive | Negative | Positive | Negative | |
| fair value | fair value | fair value | fair value | |
| Fair values of derivative contracts | (balance | (balance | (balance | (balance |
| \u20ac million | sheet value) | sheet value) | sheet value) | sheet value) |
Interest rate derivatives | 14.8 | -8.5 | 12.2 | -0.1 |
Foreign currency derivatives | 0.2 | -1.8 | 2.4 | -0.6 |
Electricity derivatives | 7.5 | -1.9 | 44.8 | -0.7 |
| Notional principal amounts of | ||
| derivative contracts | ||
\u20ac million | 31 Dec. 2023 | 31 Dec. 2022 |
Interest rate derivatives | 530.0 | 330.0 |
Foreign currency derivatives | 125.3 | 141.7 |
Electricity derivatives | 39.4 | 69.7 |
| Group's translation exposure as at 31 Dec. 2023 | |||
\u20ac million | NOK | SEK | PLN |
Net investment | 487.2 | 297.5 | 85.2 |
| Group's translation exposure as at 31 Dec. 2022 | |||
\u20ac million | NOK | SEK | PLN |
Net investment | 381.6 | 263.4 | 71.0 |
| Sensitivity analysis, impact on equity as at 31 Dec. 2023 | |||
\u20ac million | NOK | SEK | PLN |
Weakening 10% | -44.3 | -27.0 | -7.7 |
Strengthening 10% | 54.1 | 33.1 | 9.5 |
| 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 |
| Group's transaction exposure | ||||
| as at 31 Dec. 2023 | ||||
\u20ac million | USD | SEK | NOK | PLN |
Group's transaction risk | -2.9 | 57.5 | 51.7 | -11.6 |
Hedging derivatives | 17.2 | -47.3 | -42.3 | 5.1 |
Open exposure | 14.3 | 10.2 | 9.5 | -6.6 |
| 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 |
| Sensitivity analysis, impact on pre-tax profit | ||||
| as at 31 Dec. 2023 | ||||
\u20ac million | USD | SEK | NOK | PLN |
Change +10% | -1.3 | -0.9 | -0.9 | 0.6 |
Change -10% | 1.6 | 1.1 | 1.1 | -0.7 |
| 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 |
| 31 Dec. 2023 | 31 Dec. 2023 | 31 Dec. 2022 | 31 Dec. 2022 | |
| Positive | Negative | Positive | Negative | |
| fair value | fair value | fair value | fair value | |
| Fair values of derivative contracts | (balance | (balance | (balance | (balance |
| \u20ac million | sheet value) | sheet value) | sheet value) | sheet value) |
Interest rate derivatives | 14.8 | -8.5 | 12.2 | -0.1 |
Foreign currency derivatives | 0.2 | -1.8 | 2.4 | -0.6 |
Electricity derivatives | 7.5 | -1.9 | 44.8 | -0.7 |
| Notional principal amounts of | ||
| derivative contracts | ||
\u20ac million | 31 Dec. 2023 | 31 Dec. 2022 |
Interest rate derivatives | 530.0 | 330.0 |
Foreign currency derivatives | 125.3 | 141.7 |
Electricity derivatives | 39.4 | 69.7 |
31 Dec. 2023 | 31 Dec. 2022 | |||||||
\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 | 650.6 | 0.8 | 651.6 | 0.2 | 200.6 | 0.9 | 201.7 |
finance costs | 29.6 | 17.3 | 0.1 | 47.0 | 4.5 | 9.2 | 0.1 | 13.9 |
Pension loans | 12.0 | 32.3 | - | 44.3 | 12.0 | 38.6 | 5.7 | 56.3 |
finance costs | 0.6 | 0.9 | - | 1.5 | 0.8 | 1.4 | 0.1 | 2.2 |
Lease liabilities | 350.6 | 1,064.2 | 583.0 | 1,997.9 | 328.1 | 1,012.4 | 579.7 | 1,920.1 |
finance costs | 69.6 | 164.5 | 68.4 | 302.5 | 61.6 | 144.2 | 52.1 | 257.9 |
Payables to K-retailers | 64.5 | - | - | 64.5 | 82.1 | - | - | 82.1 |
finance costs | - | - | - | - | 0.2 | - | - | 0.2 |
Other interest-bearing liabilities | 21.7 | 7.9 | 0.0 | 29.6 | 158.3 | - | 0.0 | 158.3 |
finance costs | 0.1 | 0.4 | - | 0.5 | 1.3 | - | - | 1.3 |
Non-current non-interest-bearing liabilities | 0.6 | 3.9 | 19.7 | 24.1 | 1.0 | 2.6 | 20.5 | 24.1 |
| Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,418.3 | 1,418.3 | 1,499.4 | 1,499.4 | ||||
Accrued expenses | 415.1 | 415.1 | 442.6 | 442.6 | ||||
Other non-interest-bearing liabilities | 193.4 | 193.4 | 195.5 | 195.5 |
31 Dec. 2023 | 31 Dec. 2022 | |||||||
| \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 | 125.1 | - | - | 125.1 | 140.9 | - | - | 140.9 |
Interest rate derivatives | 3.9 | 4.8 | - | 8.7 | 1.0 | 3.0 | - | 4.0 |
of which derivatives under hedge accounting | 3.0 | 2.9 | - | 5.9 | ||||
Electricity derivatives | 0.5 | 1.3 | - | 1.9 | 0.6 | 0.1 | - | 0.7 |
| Receivables | ||||||||
Foreign currency derivatives | 123.5 | - | - | 123.5 | 142.8 | - | - | 142.8 |
Interest rate derivatives | 9.4 | 7.0 | - | 16.3 | 3.3 | 8.2 | - | 11.5 |
of which derivatives under hedge accounting | 3.6 | 2.1 | - | 5.6 | ||||
Electricity derivatives | 5.3 | 2.2 | 0.0 | 7.5 | 29.3 | 15.5 | - | 44.8 |
31 Dec. 2023 | 31 Dec. 2022 | |||||||
\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 | 650.6 | 0.8 | 651.6 | 0.2 | 200.6 | 0.9 | 201.7 |
finance costs | 29.6 | 17.3 | 0.1 | 47.0 | 4.5 | 9.2 | 0.1 | 13.9 |
Pension loans | 12.0 | 32.3 | - | 44.3 | 12.0 | 38.6 | 5.7 | 56.3 |
finance costs | 0.6 | 0.9 | - | 1.5 | 0.8 | 1.4 | 0.1 | 2.2 |
Lease liabilities | 350.6 | 1,064.2 | 583.0 | 1,997.9 | 328.1 | 1,012.4 | 579.7 | 1,920.1 |
finance costs | 69.6 | 164.5 | 68.4 | 302.5 | 61.6 | 144.2 | 52.1 | 257.9 |
Payables to K-retailers | 64.5 | - | - | 64.5 | 82.1 | - | - | 82.1 |
finance costs | - | - | - | - | 0.2 | - | - | 0.2 |
Other interest-bearing liabilities | 21.7 | 7.9 | 0.0 | 29.6 | 158.3 | - | 0.0 | 158.3 |
finance costs | 0.1 | 0.4 | - | 0.5 | 1.3 | - | - | 1.3 |
Non-current non-interest-bearing liabilities | 0.6 | 3.9 | 19.7 | 24.1 | 1.0 | 2.6 | 20.5 | 24.1 |
| Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,418.3 | 1,418.3 | 1,499.4 | 1,499.4 | ||||
Accrued expenses | 415.1 | 415.1 | 442.6 | 442.6 | ||||
Other non-interest-bearing liabilities | 193.4 | 193.4 | 195.5 | 195.5 |
31 Dec. 2023 | 31 Dec. 2022 | |||||||
\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 | 650.6 | 0.8 | 651.6 | 0.2 | 200.6 | 0.9 | 201.7 |
finance costs | 29.6 | 17.3 | 0.1 | 47.0 | 4.5 | 9.2 | 0.1 | 13.9 |
Pension loans | 12.0 | 32.3 | - | 44.3 | 12.0 | 38.6 | 5.7 | 56.3 |
finance costs | 0.6 | 0.9 | - | 1.5 | 0.8 | 1.4 | 0.1 | 2.2 |
Lease liabilities | 350.6 | 1,064.2 | 583.0 | 1,997.9 | 328.1 | 1,012.4 | 579.7 | 1,920.1 |
finance costs | 69.6 | 164.5 | 68.4 | 302.5 | 61.6 | 144.2 | 52.1 | 257.9 |
Payables to K-retailers | 64.5 | - | - | 64.5 | 82.1 | - | - | 82.1 |
finance costs | - | - | - | - | 0.2 | - | - | 0.2 |
Other interest-bearing liabilities | 21.7 | 7.9 | 0.0 | 29.6 | 158.3 | - | 0.0 | 158.3 |
finance costs | 0.1 | 0.4 | - | 0.5 | 1.3 | - | - | 1.3 |
Non-current non-interest-bearing liabilities | 0.6 | 3.9 | 19.7 | 24.1 | 1.0 | 2.6 | 20.5 | 24.1 |
| Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,418.3 | 1,418.3 | 1,499.4 | 1,499.4 | ||||
Accrued expenses | 415.1 | 415.1 | 442.6 | 442.6 | ||||
Other non-interest-bearing liabilities | 193.4 | 193.4 | 195.5 | 195.5 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 690.7 | 690.7 | 691.0 | |||||
Non-current lease liabilities | 1,647.2 | 1,647.2 | 1,647.2 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities | 22.6 | 22.6 | 22.6 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities, derivatives | - | 1.6 | 1.6 | 1.6 | 1.6 | |||
| Current financial liabilities | ||||||||
Current interest-bearing liabilities | 98.5 | 98.5 | 98.1 | |||||
Current lease liabilities | 350.6 | 350.6 | 350.6 | |||||
Trade payables | 1,418.3 | 1,418.3 | 1,418.3 | |||||
Other non-interest-bearing liabilities | 606.1 | 606.1 | 606.1 | |||||
Other non-interest-bearing liabilities, derivatives | 1.8 | 0.6 | 2.3 | 2.3 | 2.3 | |||
Total financial liabilities | 1.8 | 4,834.0 | 2.1 | 4,837.8 | 4,837.8 | 3.9 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
31 Dec. 2023 | 31 Dec. 2022 | |||||||
\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 | 650.6 | 0.8 | 651.6 | 0.2 | 200.6 | 0.9 | 201.7 |
finance costs | 29.6 | 17.3 | 0.1 | 47.0 | 4.5 | 9.2 | 0.1 | 13.9 |
Pension loans | 12.0 | 32.3 | - | 44.3 | 12.0 | 38.6 | 5.7 | 56.3 |
finance costs | 0.6 | 0.9 | - | 1.5 | 0.8 | 1.4 | 0.1 | 2.2 |
Lease liabilities | 350.6 | 1,064.2 | 583.0 | 1,997.9 | 328.1 | 1,012.4 | 579.7 | 1,920.1 |
finance costs | 69.6 | 164.5 | 68.4 | 302.5 | 61.6 | 144.2 | 52.1 | 257.9 |
Payables to K-retailers | 64.5 | - | - | 64.5 | 82.1 | - | - | 82.1 |
finance costs | - | - | - | - | 0.2 | - | - | 0.2 |
Other interest-bearing liabilities | 21.7 | 7.9 | 0.0 | 29.6 | 158.3 | - | 0.0 | 158.3 |
finance costs | 0.1 | 0.4 | - | 0.5 | 1.3 | - | - | 1.3 |
Non-current non-interest-bearing liabilities | 0.6 | 3.9 | 19.7 | 24.1 | 1.0 | 2.6 | 20.5 | 24.1 |
| Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,418.3 | 1,418.3 | 1,499.4 | 1,499.4 | ||||
Accrued expenses | 415.1 | 415.1 | 442.6 | 442.6 | ||||
Other non-interest-bearing liabilities | 193.4 | 193.4 | 195.5 | 195.5 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 690.7 | 690.7 | 691.0 | |||||
Non-current lease liabilities | 1,647.2 | 1,647.2 | 1,647.2 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities | 22.6 | 22.6 | 22.6 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities, derivatives | - | 1.6 | 1.6 | 1.6 | 1.6 | |||
| Current financial liabilities | ||||||||
Current interest-bearing liabilities | 98.5 | 98.5 | 98.1 | |||||
Current lease liabilities | 350.6 | 350.6 | 350.6 | |||||
Trade payables | 1,418.3 | 1,418.3 | 1,418.3 | |||||
Other non-interest-bearing liabilities | 606.1 | 606.1 | 606.1 | |||||
Other non-interest-bearing liabilities, derivatives | 1.8 | 0.6 | 2.3 | 2.3 | 2.3 | |||
Total financial liabilities | 1.8 | 4,834.0 | 2.1 | 4,837.8 | 4,837.8 | 3.9 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
31 Dec. 2023 | 31 Dec. 2022 | |||||||
| \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 | 125.1 | - | - | 125.1 | 140.9 | - | - | 140.9 |
Interest rate derivatives | 3.9 | 4.8 | - | 8.7 | 1.0 | 3.0 | - | 4.0 |
of which derivatives under hedge accounting | 3.0 | 2.9 | - | 5.9 | ||||
Electricity derivatives | 0.5 | 1.3 | - | 1.9 | 0.6 | 0.1 | - | 0.7 |
| Receivables | ||||||||
Foreign currency derivatives | 123.5 | - | - | 123.5 | 142.8 | - | - | 142.8 |
Interest rate derivatives | 9.4 | 7.0 | - | 16.3 | 3.3 | 8.2 | - | 11.5 |
of which derivatives under hedge accounting | 3.6 | 2.1 | - | 5.6 | ||||
Electricity derivatives | 5.3 | 2.2 | 0.0 | 7.5 | 29.3 | 15.5 | - | 44.8 |
| 31 Dec. 2023 | 31 Dec. 2023 | 31 Dec. 2022 | 31 Dec. 2022 | |
| Positive | Negative | Positive | Negative | |
| fair value | fair value | fair value | fair value | |
| Fair values of derivative contracts | (balance | (balance | (balance | (balance |
| \u20ac million | sheet value) | sheet value) | sheet value) | sheet value) |
Interest rate derivatives | 14.8 | -8.5 | 12.2 | -0.1 |
Foreign currency derivatives | 0.2 | -1.8 | 2.4 | -0.6 |
Electricity derivatives | 7.5 | -1.9 | 44.8 | -0.7 |
| Notional principal amounts of | ||
| derivative contracts | ||
\u20ac million | 31 Dec. 2023 | 31 Dec. 2022 |
Interest rate derivatives | 530.0 | 330.0 |
Foreign currency derivatives | 125.3 | 141.7 |
Electricity derivatives | 39.4 | 69.7 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial assets | ||||||||
Other investments | 14.0 | - | 14.0 | 14.0 | 14.0 | |||
Non-current receivables | 64.1 | 64.1 | 64.1 | |||||
Non-current receivables, derivatives | 5.6 | 1.7 | 7.3 | 7.3 | 7.3 | |||
| Current financial assets | ||||||||
Trade receivables | 970.5 | 970.5 | 970.5 | |||||
Other receivables | 299.9 | 299.9 | 299.9 | |||||
Other receivables, derivatives | 1.2 | 5.8 | 7.0 | 7.0 | 7.0 | |||
Other financial assets | - | 15.4 | - | 15.4 | 15.5 | - | ||
Cash and cash equivalents | - | 211.9 | - | 211.9 | 211.9 | - | ||
Total financial assets | 20.8 | 1,561.7 | 7.5 | 1,590.1 | 1,590.2 | 14.3 | 14.0 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 690.7 | 690.7 | 691.0 | |||||
Non-current lease liabilities | 1,647.2 | 1,647.2 | 1,647.2 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities | 22.6 | 22.6 | 22.6 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities, derivatives | - | 1.6 | 1.6 | 1.6 | 1.6 | |||
| Current financial liabilities | ||||||||
Current interest-bearing liabilities | 98.5 | 98.5 | 98.1 | |||||
Current lease liabilities | 350.6 | 350.6 | 350.6 | |||||
Trade payables | 1,418.3 | 1,418.3 | 1,418.3 | |||||
Other non-interest-bearing liabilities | 606.1 | 606.1 | 606.1 | |||||
Other non-interest-bearing liabilities, derivatives | 1.8 | 0.6 | 2.3 | 2.3 | 2.3 | |||
Total financial liabilities | 1.8 | 4,834.0 | 2.1 | 4,837.8 | 4,837.8 | 3.9 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 690.7 | 690.7 | 691.0 | |||||
Non-current lease liabilities | 1,647.2 | 1,647.2 | 1,647.2 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities | 22.6 | 22.6 | 22.6 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities, derivatives | - | 1.6 | 1.6 | 1.6 | 1.6 | |||
| Current financial liabilities | ||||||||
Current interest-bearing liabilities | 98.5 | 98.5 | 98.1 | |||||
Current lease liabilities | 350.6 | 350.6 | 350.6 | |||||
Trade payables | 1,418.3 | 1,418.3 | 1,418.3 | |||||
Other non-interest-bearing liabilities | 606.1 | 606.1 | 606.1 | |||||
Other non-interest-bearing liabilities, derivatives | 1.8 | 0.6 | 2.3 | 2.3 | 2.3 | |||
Total financial liabilities | 1.8 | 4,834.0 | 2.1 | 4,837.8 | 4,837.8 | 3.9 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
| 31 Dec. 2023 | 31 Dec. 2023 | 31 Dec. 2022 | 31 Dec. 2022 | |
| Positive | Negative | Positive | Negative | |
| fair value | fair value | fair value | fair value | |
| Fair values of derivative contracts | (balance | (balance | (balance | (balance |
| \u20ac million | sheet value) | sheet value) | sheet value) | sheet value) |
Interest rate derivatives | 14.8 | -8.5 | 12.2 | -0.1 |
Foreign currency derivatives | 0.2 | -1.8 | 2.4 | -0.6 |
Electricity derivatives | 7.5 | -1.9 | 44.8 | -0.7 |
| Notional principal amounts of | ||
| derivative contracts | ||
\u20ac million | 31 Dec. 2023 | 31 Dec. 2022 |
Interest rate derivatives | 530.0 | 330.0 |
Foreign currency derivatives | 125.3 | 141.7 |
Electricity derivatives | 39.4 | 69.7 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial assets | ||||||||
Other investments | 14.0 | - | 14.0 | 14.0 | 14.0 | |||
Non-current receivables | 64.1 | 64.1 | 64.1 | |||||
Non-current receivables, derivatives | 5.6 | 1.7 | 7.3 | 7.3 | 7.3 | |||
| Current financial assets | ||||||||
Trade receivables | 970.5 | 970.5 | 970.5 | |||||
Other receivables | 299.9 | 299.9 | 299.9 | |||||
Other receivables, derivatives | 1.2 | 5.8 | 7.0 | 7.0 | 7.0 | |||
Other financial assets | - | 15.4 | - | 15.4 | 15.5 | - | ||
Cash and cash equivalents | - | 211.9 | - | 211.9 | 211.9 | - | ||
Total financial assets | 20.8 | 1,561.7 | 7.5 | 1,590.1 | 1,590.2 | 14.3 | 14.0 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 690.7 | 690.7 | 691.0 | |||||
Non-current lease liabilities | 1,647.2 | 1,647.2 | 1,647.2 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities | 22.6 | 22.6 | 22.6 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities, derivatives | - | 1.6 | 1.6 | 1.6 | 1.6 | |||
| Current financial liabilities | ||||||||
Current interest-bearing liabilities | 98.5 | 98.5 | 98.1 | |||||
Current lease liabilities | 350.6 | 350.6 | 350.6 | |||||
Trade payables | 1,418.3 | 1,418.3 | 1,418.3 | |||||
Other non-interest-bearing liabilities | 606.1 | 606.1 | 606.1 | |||||
Other non-interest-bearing liabilities, derivatives | 1.8 | 0.6 | 2.3 | 2.3 | 2.3 | |||
Total financial liabilities | 1.8 | 4,834.0 | 2.1 | 4,837.8 | 4,837.8 | 3.9 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
| Changes in level 3 instruments | ||
\u20ac million | 2023 | 2022 |
Private equity funds and other shares and interests as at 1 January | 13.2 | 15.5 |
Purchases | 1.3 | 0.3 |
Gains and losses through profit or loss | -0.5 | -0.4 |
Changes in fair value | 0.0 | -2.2 |
Private equity funds and other shares and interests as at 31 December | 14.0 | 13.2 |
| 31 Dec. 2023 | 31 Dec. 2023 | 31 Dec. 2022 | 31 Dec. 2022 | |
| Positive | Negative | Positive | Negative | |
| fair value | fair value | fair value | fair value | |
| Fair values of derivative contracts | (balance | (balance | (balance | (balance |
| \u20ac million | sheet value) | sheet value) | sheet value) | sheet value) |
Interest rate derivatives | 14.8 | -8.5 | 12.2 | -0.1 |
Foreign currency derivatives | 0.2 | -1.8 | 2.4 | -0.6 |
Electricity derivatives | 7.5 | -1.9 | 44.8 | -0.7 |
| Notional principal amounts of | ||
| derivative contracts | ||
\u20ac million | 31 Dec. 2023 | 31 Dec. 2022 |
Interest rate derivatives | 530.0 | 330.0 |
Foreign currency derivatives | 125.3 | 141.7 |
Electricity derivatives | 39.4 | 69.7 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial assets | ||||||||
Other investments | 14.0 | - | 14.0 | 14.0 | 14.0 | |||
Non-current receivables | 64.1 | 64.1 | 64.1 | |||||
Non-current receivables, derivatives | 5.6 | 1.7 | 7.3 | 7.3 | 7.3 | |||
| Current financial assets | ||||||||
Trade receivables | 970.5 | 970.5 | 970.5 | |||||
Other receivables | 299.9 | 299.9 | 299.9 | |||||
Other receivables, derivatives | 1.2 | 5.8 | 7.0 | 7.0 | 7.0 | |||
Other financial assets | - | 15.4 | - | 15.4 | 15.5 | - | ||
Cash and cash equivalents | - | 211.9 | - | 211.9 | 211.9 | - | ||
Total financial assets | 20.8 | 1,561.7 | 7.5 | 1,590.1 | 1,590.2 | 14.3 | 14.0 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 690.7 | 690.7 | 691.0 | |||||
Non-current lease liabilities | 1,647.2 | 1,647.2 | 1,647.2 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities | 22.6 | 22.6 | 22.6 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities, derivatives | - | 1.6 | 1.6 | 1.6 | 1.6 | |||
| Current financial liabilities | ||||||||
Current interest-bearing liabilities | 98.5 | 98.5 | 98.1 | |||||
Current lease liabilities | 350.6 | 350.6 | 350.6 | |||||
Trade payables | 1,418.3 | 1,418.3 | 1,418.3 | |||||
Other non-interest-bearing liabilities | 606.1 | 606.1 | 606.1 | |||||
Other non-interest-bearing liabilities, derivatives | 1.8 | 0.6 | 2.3 | 2.3 | 2.3 | |||
Total financial liabilities | 1.8 | 4,834.0 | 2.1 | 4,837.8 | 4,837.8 | 3.9 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
| Changes in level 3 instruments | ||
\u20ac million | 2023 | 2022 |
Private equity funds and other shares and interests as at 1 January | 13.2 | 15.5 |
Purchases | 1.3 | 0.3 |
Gains and losses through profit or loss | -0.5 | -0.4 |
Changes in fair value | 0.0 | -2.2 |
Private equity funds and other shares and interests as at 31 December | 14.0 | 13.2 |
\u20ac million | 2023 | 2022 |
| Interest income and other finance income | ||
Income on investments at amortised cost | 0.6 | 1.0 |
Interest income on loans and receivables | 13.4 | 9.7 |
Income on investments at fair value through profit or loss | 0.6 | 1.0 |
Other finance income | 2.4 | 1.3 |
Total interest income and other finance income | 16.9 | 13.0 |
| Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -24.9 | -4.0 |
Losses on investments at amortised cost | 1.2 | -2.2 |
Losses on investments at fair value through profit or loss | -0.3 | -3.5 |
Other finance costs | -2.2 | 12.7 |
Total interest expense and other finance costs | -26.3 | 2.9 |
Interest expense for lease liabilities | -73.4 | -68.4 |
| 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 | -1.1 | -3.5 |
Total exchange differences | -1.1 | -3.5 |
Total finance income and costs | -83.9 | -56.0 |
\u20ac million | 2023 | 2022 |
| Interest income and other finance income | ||
Income on investments at amortised cost | 0.6 | 1.0 |
Interest income on loans and receivables | 13.4 | 9.7 |
Income on investments at fair value through profit or loss | 0.6 | 1.0 |
Other finance income | 2.4 | 1.3 |
Total interest income and other finance income | 16.9 | 13.0 |
| Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -24.9 | -4.0 |
Losses on investments at amortised cost | 1.2 | -2.2 |
Losses on investments at fair value through profit or loss | -0.3 | -3.5 |
Other finance costs | -2.2 | 12.7 |
Total interest expense and other finance costs | -26.3 | 2.9 |
Interest expense for lease liabilities | -73.4 | -68.4 |
| 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 | -1.1 | -3.5 |
Total exchange differences | -1.1 | -3.5 |
Total finance income and costs | -83.9 | -56.0 |
\u20ac million | 2023 | 2022 |
| Interest income and other finance income | ||
Income on investments at amortised cost | 0.6 | 1.0 |
Interest income on loans and receivables | 13.4 | 9.7 |
Income on investments at fair value through profit or loss | 0.6 | 1.0 |
Other finance income | 2.4 | 1.3 |
Total interest income and other finance income | 16.9 | 13.0 |
| Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -24.9 | -4.0 |
Losses on investments at amortised cost | 1.2 | -2.2 |
Losses on investments at fair value through profit or loss | -0.3 | -3.5 |
Other finance costs | -2.2 | 12.7 |
Total interest expense and other finance costs | -26.3 | 2.9 |
Interest expense for lease liabilities | -73.4 | -68.4 |
| 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 | -1.1 | -3.5 |
Total exchange differences | -1.1 | -3.5 |
Total finance income and costs | -83.9 | -56.0 |
\u20ac million | 2023 | 2022 |
| Interest income and other finance income | ||
Income on investments at amortised cost | 0.6 | 1.0 |
Interest income on loans and receivables | 13.4 | 9.7 |
Income on investments at fair value through profit or loss | 0.6 | 1.0 |
Other finance income | 2.4 | 1.3 |
Total interest income and other finance income | 16.9 | 13.0 |
| Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -24.9 | -4.0 |
Losses on investments at amortised cost | 1.2 | -2.2 |
Losses on investments at fair value through profit or loss | -0.3 | -3.5 |
Other finance costs | -2.2 | 12.7 |
Total interest expense and other finance costs | -26.3 | 2.9 |
Interest expense for lease liabilities | -73.4 | -68.4 |
| 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 | -1.1 | -3.5 |
Total exchange differences | -1.1 | -3.5 |
Total finance income and costs | -83.9 | -56.0 |
\u20ac million | 2023 | 2022 |
| Interest income and other finance income | ||
Income on investments at amortised cost | 0.6 | 1.0 |
Interest income on loans and receivables | 13.4 | 9.7 |
Income on investments at fair value through profit or loss | 0.6 | 1.0 |
Other finance income | 2.4 | 1.3 |
Total interest income and other finance income | 16.9 | 13.0 |
| Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -24.9 | -4.0 |
Losses on investments at amortised cost | 1.2 | -2.2 |
Losses on investments at fair value through profit or loss | -0.3 | -3.5 |
Other finance costs | -2.2 | 12.7 |
Total interest expense and other finance costs | -26.3 | 2.9 |
Interest expense for lease liabilities | -73.4 | -68.4 |
| 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 | -1.1 | -3.5 |
Total exchange differences | -1.1 | -3.5 |
Total finance income and costs | -83.9 | -56.0 |
\u20ac million | 2023 | 2022 |
| Interest income and other finance income | ||
Income on investments at amortised cost | 0.6 | 1.0 |
Interest income on loans and receivables | 13.4 | 9.7 |
Income on investments at fair value through profit or loss | 0.6 | 1.0 |
Other finance income | 2.4 | 1.3 |
Total interest income and other finance income | 16.9 | 13.0 |
| Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -24.9 | -4.0 |
Losses on investments at amortised cost | 1.2 | -2.2 |
Losses on investments at fair value through profit or loss | -0.3 | -3.5 |
Other finance costs | -2.2 | 12.7 |
Total interest expense and other finance costs | -26.3 | 2.9 |
Interest expense for lease liabilities | -73.4 | -68.4 |
| 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 | -1.1 | -3.5 |
Total exchange differences | -1.1 | -3.5 |
Total finance income and costs | -83.9 | -56.0 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial assets | ||||||||
Other investments | 14.0 | - | 14.0 | 14.0 | 14.0 | |||
Non-current receivables | 64.1 | 64.1 | 64.1 | |||||
Non-current receivables, derivatives | 5.6 | 1.7 | 7.3 | 7.3 | 7.3 | |||
| Current financial assets | ||||||||
Trade receivables | 970.5 | 970.5 | 970.5 | |||||
Other receivables | 299.9 | 299.9 | 299.9 | |||||
Other receivables, derivatives | 1.2 | 5.8 | 7.0 | 7.0 | 7.0 | |||
Other financial assets | - | 15.4 | - | 15.4 | 15.5 | - | ||
Cash and cash equivalents | - | 211.9 | - | 211.9 | 211.9 | - | ||
Total financial assets | 20.8 | 1,561.7 | 7.5 | 1,590.1 | 1,590.2 | 14.3 | 14.0 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 690.7 | 690.7 | 691.0 | |||||
Non-current lease liabilities | 1,647.2 | 1,647.2 | 1,647.2 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities | 22.6 | 22.6 | 22.6 | |||||
| Non-current non-interest-bearing | ||||||||
liabilities, derivatives | - | 1.6 | 1.6 | 1.6 | 1.6 | |||
| Current financial liabilities | ||||||||
Current interest-bearing liabilities | 98.5 | 98.5 | 98.1 | |||||
Current lease liabilities | 350.6 | 350.6 | 350.6 | |||||
Trade payables | 1,418.3 | 1,418.3 | 1,418.3 | |||||
Other non-interest-bearing liabilities | 606.1 | 606.1 | 606.1 | |||||
Other non-interest-bearing liabilities, derivatives | 1.8 | 0.6 | 2.3 | 2.3 | 2.3 | |||
Total financial liabilities | 1.8 | 4,834.0 | 2.1 | 4,837.8 | 4,837.8 | 3.9 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
| Non-current financial assets | ||||||||
Other investments | 14.0 | - | 14.0 | 14.0 | 14.0 | |||
Non-current receivables | 64.1 | 64.1 | 64.1 | |||||
Non-current receivables, derivatives | 5.6 | 1.7 | 7.3 | 7.3 | 7.3 | |||
| Current financial assets | ||||||||
Trade receivables | 970.5 | 970.5 | 970.5 | |||||
Other receivables | 299.9 | 299.9 | 299.9 | |||||
Other receivables, derivatives | 1.2 | 5.8 | 7.0 | 7.0 | 7.0 | |||
Other financial assets | - | 15.4 | - | 15.4 | 15.5 | - | ||
Cash and cash equivalents | - | 211.9 | - | 211.9 | 211.9 | - | ||
Total financial assets | 20.8 | 1,561.7 | 7.5 | 1,590.1 | 1,590.2 | 14.3 | 14.0 |
| Fair value through | ||||||||
| Fair value through | other comprehensive | |||||||
| Balance, \u20ac million | profit or loss | Amortised cost | 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 |
\u20ac million | 2023 | 2022 |
| Collateral given for own commitments | ||
Pledges | 9.0 | 9.0 |
Mortgages | 181.2 | 179.6 |
Guarantees | 60.0 | 61.6 |
Other commitments and contingent liabilities | 64.0 | 58.4 |
| Collateral given for others | ||
Guarantees | - | - |
Other commitments and contingent liabilities | - | - |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by the parent | Domicile | interest, % | interest, % |
Ankkuri-Energia Oy | Helsinki, Finland | 100.00 | 100.00 |
Asunto Oy Kirkkonummen V\u00e4steruddintie 33 | Kirkkonummi, Finland | 100.00 | 100.00 |
Asunto Oy Porvoon Taiteilija | Porvoo, 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 |
JK-Kiinteist\u00f6t Oy | Hyvink\u00e4\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 |
Kiinteist\u00f6osakeyhti\u00f6 Varkauden Kauppakatu 29 | Varkaus, Finland | 52.29 | 52.29 |
Kiinteist\u00f6 Oy Espoontori | Espoo, Finland | 66.60 | 66.60 |
Kiinteist\u00f6 Oy Espoon Asemakuja 2 | Espoo, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Espoon Asematori | Espoo, Finland | 54.10 | 54.10 |
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 |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by the parent | Domicile | interest, % | interest, % |
Kiinteist\u00f6 Oy Hyvink\u00e4\u00e4n Onnela | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Kittil\u00e4n S\u00e4\u00e4st\u00f6kulma | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Kuopion Tulliportinkatu 33 | Kuopio, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Lappeenrannan Oksasenkatu 4 | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Mariannen Liiketila | 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 |
Kiinteist\u00f6 Oy Sarviniitynkatu 4 | Kerava, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Sunan Hallitalo | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Tarkkaiikka | Oulu, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Voisalmen Liiketalo | Helsinki, Finland | 100.00 | 100.00 |
Klintcenter Ab | Mariehamn, \u00c5land | 100.00 | 100.00 |
Kompass Invest Oy | Kemi\u00f6nsaari, Finland | 100.00 | 100.00 |
K-Market Oy | Helsinki, Finland | 100.00 | 100.00 |
Koskelan Ostokeskus Oy | Oulu, Finland | 58.64 | 29.32 |
ML 84 Dormant Oy | Helsinki, Finland | 100.00 | 100.00 |
Onninen Oy | Helsinki, Finland | 100.00 | 100.00 |
Rake Eiendom AS | Oppeg\u00e5rd, Norway | 100.00 | 100.00 |
Reinin Liha Oy | Helsinki, Finland | 100.00 | 100.00 |
Tampereen L\u00e4nsikeskus Oy | Tampere, Finland | 100.00 | 100.00 |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by other Group companies | Domicile | interest, % | interest, % |
Arn Eiendom AS | Vefsn, Norway | 100.00 | |
Djurbergs J\u00e4rnhandel Aktiebolag | \u00d6stersund, Sweden | 100.00 | |
Elektroskandia Norge AS | Langhus, Norway | 100.00 | |
Espoontorin Pys\u00e4k\u00f6intitalo Oy | Espoo, Finland | 68.80 | |
Geitanger Bygg AS | Bergen, Norway | 100.00 | |
Hasti-Ari AS | Oppeg\u00e5rd, Norway | 100.00 | |
| V\u00e4stra Fr\u00f6lunda, | |||
| H\u00f6gsbo Tr\u00e4 Aktiebolag | 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 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 | |
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-Bygg Bergslagen AB | Sollentuna, Sweden | 100.00 | |
K-Bygg F\u00f6rs\u00e4ljning AB | Segeltorp, Sweden | 100.00 | |
K-Bygg Sverige AB | \u00d6stersund, 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 SIA | Riga, Latvia | 100.00 | |
Onninen Sp. z o.o. | Warsaw, Poland | 100.00 | |
Onninen UAB | Vilnius, Lithuania | 100.00 |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by other Group companies | Domicile | interest, % | interest, % |
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 | |
| Skedsmokorset, | |||
| S\u00f8rb\u00f8 AS | 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 | |
Zenitec Sweden AB | H\u00e4stvdeda, Sweden | 100.00 | |
\u00d6vik L\u00e5steknik AB | \u00d6rnsk\u00f6ldsvik, Sweden | 100.00 |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by the parent | Domicile | interest, % | 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 |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by other Group companies | Domicile | interest, % | interest, % |
EDISON Data AS | Oslo, Norway | 40.00 | |
Proffsenteret AS | Ringerike, Norway | 34.11 | |
KS Holding UAB | Vilnius, Lithuania | 50.01 |
| Group's | Parent's | ||
| ownership | ownership | ||
Owned by the parent and others | Domicile | interest, % | interest, % |
Asunto Oy Harjutie | Espoo, Finland | 46.22 | 46.22 |
Asunto Oy Helsingin Strorken | Helsinki, Finland | 25.42 | 25.42 |
Asunto Oy Kajaanin Louhikatu 2 | Kajaani, Finland | 42.96 | 42.96 |
Asunto Oy Naantalin Tullinkulma | Naantali, Finland | 24.45 | |
Asunto Oy Soukan It\u00e4inentorni | Espoo, Finland | 46.60 | 46.60 |
Asunto-Oy Punkalaitumen Pankkitalo | Punkalaidun, Finland | 33.82 | |
It\u00e4keskuksen Pys\u00e4k\u00f6intitalo Oy | Helsinki, Finland | 36.16 | 36.16 |
Kiinteist\u00f6 Oy Iso Roobertinkatu 20\u201322 | Helsinki, Finland | 25.64 | 25.64 |
Kiinteist\u00f6 Oy Lahden Lyhytkatu 1 | Lahti, Finland | 50.00 | 50.00 |
Kiinteist\u00f6 Oy Lukonm\u00e4en Palvelukeskus | Tampere, Finland | 34.54 | |
Kiinteist\u00f6 Oy Taidetehtaanparkki | Porvoo, Finland | 24.06 | 24.06 |
Kiinteist\u00f6 Oy Ulvilan Hansa | Ulvila, Finland | 43.47 | 43.47 |
Kiinteist\u00f6 Oy Vantaanportin Liikekeskus | Vantaa, Finland | 27.81 | 27.81 |
Lapin Tehdastalo Oy | Tampere, Finland | 21.24 | 21.24 |
Munkkivuoren Ostoskeskus Oy | Helsinki, Finland | 39.20 | 39.20 |
Raksilan Paikoitus Oy | Oulu, Finland | 33.33 | 33.33 |
Talo Oy Kalevanpuisto | Kuopio, Finland | 47.60 | 47.60 |
Voisalmen Ostoskeskus Oy | Lappeenranta, Finland | 50.00 |
| Associates | Board | |||||
| Income statement | and joint ventures | and management | Pension Fund | |||
\u20ac million | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Sales of goods | 7.2 | 9.9 | 87.8 | 88.2 | ||
Sales of services | 4.7 | 5.2 | 0.9 | 1.0 | 0.0 | 0.2 |
Purchases of goods | 0.0 | -0.6 | -10.7 | -13.1 | ||
Purchases of services | 0.0 | -0.1 | 0.0 | 0.0 | ||
Other operating income | 0.8 | 0.8 | 19.1 | 19.1 | - | - |
Other operating costs | -4.4 | -3.9 | -0.0 | -0.0 | -0.1 | -0.2 |
Finance income | 6.1 | 6.0 | - | - | ||
Finance expenses | -0.2 | -0.3 | - | - | -0.2 |
| Associates | Board | |||||
| Balance sheet | and joint ventures | and management | Pension Fund | |||
\u20ac million | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Current receivables | 9.9 | 25.8 | 7.6 | 7.2 | - | 0.0 |
Non-current receivables | 61.4 | 64.7 | - | - | ||
Current liabilities | 5.8 | 10.1 | 3.8 | 2.3 | 2.8 | 4.8 |
| Items related | Associates | Board | ||||
| to leases | and joint ventures | and management | Pension Fund | |||
\u20ac million | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Cash flow from leases | 38.7 | 35.9 | - | - | 6.0 | 6.2 |
Lease liabilities | 222.7 | 231.9 | - | - | 40.5 | 41.7 |
| Monetary salaries, fees, fringe benefits | |||
| and share-based compensation | |||
\u20ac1,000 | 2023 | 2022 | |
Mikko Helander | President and CEO | 3,370.1 | 4,866.4 |
| Group Management | |||
Board | other members | 8,232.9 | 9,801.4 |
Esa Kiiskinen | Board Chairman | 114.6 | 117.0 |
Peter Fagern\u00e4s | Board Deputy Chairman | 70.2 | 71.4 |
Jannica Fagerholm | Board member | 74.4 | 75.6 |
Piia Karhu | Board member | 55.9 | 57.1 |
Jussi Per\u00e4l\u00e4 | Board member | 52.9 | 54.1 |
Toni Pokela | Board member | 52.9 | 54.1 |
Timo Ritakallio | Board member | 57.7 | 58.9 |
Total | 12,081.6 | 15,156.0 |
| Monetary salaries, fees, fringe benefits | |||
| and share-based compensation | |||
\u20ac1,000 | 2023 | 2022 | |
Mikko Helander | President and CEO | 3,370.1 | 4,866.4 |
| Group Management | |||
Board | other members | 8,232.9 | 9,801.4 |
Esa Kiiskinen | Board Chairman | 114.6 | 117.0 |
Peter Fagern\u00e4s | Board Deputy Chairman | 70.2 | 71.4 |
Jannica Fagerholm | Board member | 74.4 | 75.6 |
Piia Karhu | Board member | 55.9 | 57.1 |
Jussi Per\u00e4l\u00e4 | Board member | 52.9 | 54.1 |
Toni Pokela | Board member | 52.9 | 54.1 |
Timo Ritakallio | Board member | 57.7 | 58.9 |
Total | 12,081.6 | 15,156.0 |
| PSP | PSP | PSP | PSP | |
| Assumptions for share award calculations | 2023\u20132026 | 2022\u20132025 | 2021\u20132024 | 2020\u20132023 |
Grant dates | 1.2.2023 | 2.2.2022 | 2.2.2021 | 4.2.2020 |
Grant date fair value of share award, \u20ac | 20.56 | 27.71 | 21.01 | 14.85 |
Share price at grant date, \u20ac | 21.64 | 28.77 | 21.76 | 15.48 |
Shares transferred in Number of share awards granted, | 2025 | 2024 | 2023 | 2022 |
maximum, pcs* | 651,430 | 517,350 | 646,970 | 842,850 |
Changes in the number of shares granted, pcs | -121,890 | -31,725 | -100,950 | -116,200 |
Actual amount of share award, pcs* | - | - | 409,515 | 655,729 |
Number of plan participants at end of financial year | 59 | 60 | 49 | 46 |
Share price at balance sheet date, \u20ac | 17.93 | 20.62 | 29.34 | 21.04 |
Fulfilment of performance criteria, % | - | - | 75.0 | 90.0 |
| Estimated number of share awards returned | ||||
prior to the end of commitment period, % | 2.5 | 2.5 | 2.5 | 2.5 |
| KPSP and | KPSP and | KPSP and | KPSP and | |
| Assumptions for share award calculations | RSP 2023 | RSP 2022 | RSP 2021 | RSP 2020 |
Grant dates | 1.2.2023 | 2.2.2022 | 2.2.2021 | 4.2.2020 |
Grant date fair value of share award, \u20ac | 20.56 | 27.71 | 21.01 | 14.85 |
Share price at grant date, \u20ac | 21.64 | 28.77 | 21.76 | 15.48 |
Shares transferred in Number of share awards granted, | 2026 | 2025 | 2024 | 2023 |
maximum, pcs* | 293,850 | 214,980 | 256,769 | 291,700 |
Changes in the number of shares granted, pcs | -8,500 | -14,610 | -23,612 | -54,370 |
Actual amount of share award, pcs* | - | 88,246 | 191,450 | 209,320 |
Number of plan participants at end of financial year | 161 | 139 | 126 | 83 |
Share price at balance sheet date, \u20ac | 17.93 | 20.62 | 29.34 | 21.04 |
Fulfilment of performance criteria, % | - | 21.9 | 89.3 | 82.0 |
| Estimated number of share awards returned | ||||
prior to the end of commitment period, % | 2.5 | 2.5 | 2.5 | 2.5 |